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09-09-2008 CC Rpt A05 COUNCIL AGENDA STAFF REPORT CITY CLE3K,l.1SE onlL-y ' �_ -_1 is .. . 4 0 :, ' / , Meeting Date: September 9,2008 1008 SEP —3 PM 4 56 `_ Public Hearing: 0 OFFICL Cn. ,:! ; : CLERK - Discussion Item: V�:.�._. ,�,� CHINO HILLS i co-m..o Consent Item: SEPTEMBER 2, 2008 TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS FROM: CITY MANAGER SUBJECT: MONTHLY FINANCIAL REPORT RECOMMENDATION: Receive and file the Financial Report for July 2008. BACKGROUND/ANALYSIS: e Financial Report for July 2008 is attached for your review. The purpose of the monthly ancial Report is to inform the City Council, the City's citizens, and the City's staff about the fin progress of the City in meeting its service mission. The information includes the budgetary information for the City's annual financial plan as well as the actual resources received and the use of these resources in fulfilling the financial plan. The monthly Financial Report format was designed to present comparative information for the current fiscal year as well as the prior fiscal year: Current Fiscal Year: This section reports the original budget, the revised budget which includes any approved changes made during the fiscal year, and a proration of the reviewed budget based on the number of months that have lapsed during the fiscal year. Following the budget presentation columns, the year-to-date actual expenditures for the fiscal year are reported and the dollar and percentage amounts that the year-to-date actual expenditures varied from the pro-rated (year-to-date) revised budget. Any variance of 10 percent or more is explained in the footnotes that are attached to the Financial Report. The footnote legend appears at the right of the column that reports the percentage variance. Prior Fiscal Year: This section reports the year-to-date prior fiscal year actual expenditures and the dollar and percentage amounts that the year-to-date prior year actual expenditures varied from the year-to-date current year actual expenditures. Please note that the percentage variance footnotes relate only to the variance of the current year actual expenditures vs. the current year budget; the footnotes do not explain the prior year Ilf percentage variances. SAGENDA DATE: SEPTEMBER 9, 2008 SUBJECT: MONTHLY FINANCIAL REPORT PAGE TWO Another design feature of the report is the schedule of revenues and expenditures by major fund types that are listed down the left margin of the report. The principal discretionary resource fund, the General Fund, is listed first and discloses its major revenue categories and the City functions for which these revenues are a financing resource. Following the General Fund, the non-discretionary enterprise and non-enterprise funds are reported showing their respective revenue and expenditures in a consolidated format. The report also will show each fund's "bottom line". That is, the net revenues and expenditures for the governmental type funds (such as the General Fund, Development Fee Funds, and Lighting and Landscaping District Funds), and the net profit for the enterprise funds (such as the Water Fund and Sewer Fund). All accruals are made at the end of the fiscal year. Therefore, the amounts reported could be subject to significant adjustments, upward or downward, at the end of the fiscal year. FISCAL IMPACT: Refer to the financial information presented in the report. 1111 -espectfully submitted, Recommended by, ........2., 0. :s N. La -Belle, City Manager tilld r i i d , tiOWeeec9A , ud r. a caster, Finance Director DLB:JRL:jlw Att. 111 Al0City of5 Revenues,Expenditur ransfers Budget and Actual Comparative Analysis for the Month Ending July 31,2008 CURRENT YEAR PRIOR YEAR Year to Date Prior Year Month: 1 Year Revised Budget Actual vs Onginal Revised to Date Year vs - Year Current Year Annual Annual Revised to Date Actual Percentage to Date Actual Percentage Budget Budget Budget Actual Variance Vanance Actual Variance Variance GENERAL FUND REVENUES Property taxes 3,969,100 3,969,100 330,758 - - Property taxes-Triple Flip - (330,758) (100.00%) (1) - - N/A 1,593,200 1,593,200 132,767 (132,767) (10000%) (1) N/A Property taxes-VLF Swap 6,335,800 6,335,800 527,983 - (527,983) (100 00%) (I) - - N/A Sales taxes 4,779,500 4,779,500 398,292 10 (398,282) (100.00%) (2) 7 3 37 57% Other taxes 1,030,600 1,030,600 85,883 16,238 (69,645) (81 09%) (2) 13,955 2,283 16 36% Total taxes 17,708,200 17,708,200 1,475,683 16,248 (1,459,436) (98 90%) 13,962 2,286 16 37% Motor vehicle in-lieu fees 475,800 475,800 39,650 - (39,650) (100 00%) (2) - - N/A Fines and Penalties 652,400 652,400 54,367 27,658 (26,709) (49.13%) (2) 31,933 (4,275) (13 39%) Interest income and franchise fees 4,326,700 4,326,700 360,558 79,555 (281,003) (77.94%) (3) 85,813 (6,258) (7 29%) Community Development fees 4,596,700 4,596,700 383,058 198,774 (184,285) (48 11%) (4) 373,524 (174,750) (46 78%) Cost reimbursements 316,300 316,300 26,358 56,204 29,845 113 23% (5) 56,723 (519) (0 92%) Other revenues 7,238,500 7,238,500 603,208 443,392 (159,816) (26 49%) (5) 156,926 286,466 182.55% Operating transfers 1,057,400 1,057,400 88,117 (88,117) (10000%) (6) 22,085,765 (22,085,765) N/A Total revenues 36,372,000 36,372,000 3,031,000 821,830 (2,209,170) (72.89%) 22,804,645 (21,982,816) (96 40%) i•.XP1NAr►RES Legislative City Council 282,100 282,100 23,508 20,221 3,287 13.98% (7) 3,576 16,645 46546% . City Attorney 450,000 450,000 37,500 - 37,500 10000% (8) (1,401) 1,401 (10000%) City Clerk 832,600 832,600 69,383 38,338 31,045 44 74% (7) 14,094 24,244 172 02% City Manager Administration 1,350,800 1,350,800 112,567 59,485 53,081 47 16% (7) 29,643 29,842 100 67% Contract Services 185,900 185,900 15,492 - 15,492 100.00% (7) 27,501 (27,501) (100 00%) Community Relations 494,100 494,100 41,175 20,554 20,621 50 08% (7) 4,834 15,720 325 19% Human Resources 375,100 375,100 31,258 13,047 18,211 58.26% (7) 7,415 5,632 75 96% Risk Management 825,400 825,400 68,783 670,266 (601,483) (874.46%) (7) 657,737 12,529 1.90% CnmflunitY PIWeloPment Administration 1,152,100 1,152,100 96,008 51,437 44,572 4642% (7) 21,836 29,601 135 56% Building Services 1,278,900 1,278,900 106,575 46,130 60,445 56.72% (8) 20,859 25,271 121.15% Development Services 1,572,200 1,572,200 131,017 27,508 103,509 79.00% (7) 10,352 17,156 165 72% Economic Development 101,300 101,300 8,442 684 7,758 91.90% (7) - 684 N/A (OmmunitY Stlryice3 Administrative 890,400 890,400 74,200 41,183 33,017 44.50% (7) 29,127 12,056 41 39% Neighborhood Services and Code Enforcement 1,290,500 1,290,500 107,542 38,852 68,689 63 87% (7) 13,987 24,865 177 77% Public Safety 10,292,600 10,292,600 857,717 824,031 33,686 3 93% 793,590 30,441 3.84% Recreation Services 2,979,100 2,979,100 248,258 184,911 63,348 25.52% (7) 75,721 109,190 144.20% Page 1ot3 11111111 ill" YEAR PRIOR YEA, Year to Date Prior Year Month: 1 Year Revised Budget Actual vs Original Revised to Date Year vs Year Current Year Annual Annual Revised to Date Actual Percentage to Date Actual Percentage Budget Budget Budget Actual Vanance Variance Actual Variance Variance GENERAL FUND(continued) EXPENDITURES(continued) Engineenng Administrative 919,700 919,700 76,642 39,558 37,084 48 39% (7) 16,539 23,019 139 18% Engineering Services 1,510,500 1,510,500 125,875 53,032 72,843 57 87% (7) 14,115 38,917 275 72% Finance Administrative 2,019,300 2,019,300 168,275 90,572 77,703 46 18% (7)• 280,664 (190,092) (67 73%) Non-Departmental 75,900 75,900 6,325 206 6,119 96.74% (7) - 206 N/A Development Program 9,761,800 9,761,800 813,483 - 813,483 100 00% (7) 229 (229) (100 00%) Puhllc Facllitirs and Operations Administrative 825,200 825,200 68,767 39,344 29,422 42 79% (7) 18,381 20,963 114 05% Facility and Equipment Maintenance 1,390,300 1,390,300 115,858 28,642 87,217 75 28% (7) 18,396 10,246 55 70% Other Maintenance 985,300 985,300 82,108 30,170 51,939 63 26% (7) 12,989 17,181 132.27% Interfund Transfers Capital Improvement Projects 17,593,000 17,593,000 1,466,083 - 1,466,083 100 00% (6) 3,663 (3,663) (100 00%) Operation Transfers 646,700 646,700 53,892 18,250 35,642 66.14% (6) - 18,250 N/A Total expenditures 60,080,800 60,080,800 5,006,733 2,336,420 2,670,313 53 33% 2,073,846 244,323 11 78% Net revenues over/(under) expenditures (23,708,800) (23,708,800) (1,975,733) (1,514,590) 461,143 23 34% 20,730,799 (22,227,139) (107.22%) .. WATER FUND REVENUES Water sales 17,245,100 17,245,100 1,437,092 815,107 (621,985) (43 28%)(10) 816,591 (1,484) (0 18%) Other revenue 708,700 708,700 59,058 43,395 (15,663) (26 52%)(10) 35,141 8,254 23 49% Total revenues 17,953,800 17,953,800 1,496,150 858,502 (637,648) (42 62%) 851,732 6,770 0 79% FXPF,NDITURF$ Water costs 8,033,300 8,033,300 669,442 - 669,442 100 00% (8) - - N/A Power costs 786,900 786,900 65,575 - 65,575 100 00% (8) - - N/A Interfund Transfers 3,153,100 3,153,100 262,758 - - 262,758 100 00% (6) 1,323 (1,323) (10000%) Other costs 13,100,300 13,100,300 1,091,692 276,813 814,879 74.64% (9) 80,685 , 196,128 24308% Total expenditures 25,073,600 25,073,600 2,089,467 276,813 1,812,654 86 75% 82,008 194,805 237.54% Net profit(loss) (7,119,800) (7,119,800) (593,317) 581,689 1,175,005 (19804%) 769,723 (188,035) (24 43%) SEWER FUND _ Revenues 10,875,200 10,875,200 906,267 212,291 (693,976) (76 58%)(10) 183,770 28,521 15 52% Expenditures 6,075,600 6,075,600 506,300 101,103 405,197 80 03% (9) 23,702 77,401 326 56% Net profit(loss) 4,799,600 4,799,600 399,967 111,188 (288779) 72 20% 160,068 (48,880) (30 54%) SOLID WASTF FUND Revenues 3,800,000 3,800,000 316,667 138,896 (177,770) (56 14%)(11) 139,606 (710) (0.51%) Expenditures 3,800,000 3,800,000 316,667 - 316,667 100 00%(11) - - N/A Net revenues and expenditures 0 0 0 138,896 138,8% N/A 139,606 (710) (0 51%) Page 2 of 3 416 SEAR PRIOR YEAR Year to Date Prior Year Month; 1 Year Revised Budget Actual vs Onginal Revised to Date Year vs Year Current Year Annual Annual Revised to Date Actual Percentage to Date Actual Percentage Budget Budget Budget Actual Variance Variance Actual Variance Vanance DEVELOPMENT FUNDS(1 3) Revenues 11,812,400 11,812,400 984,367 81,853 (902,514) (91 68%)(12) 1,060,451 (978,598) (92 28%) Expenditures 13,779,100 13,779,100 1,148,258 21,342 1,126,917 98 14%(12) 87,600 (66,258) (75 64%) Net revenues and expenditures (1,966,700) (1,966,700) (163,892) 60,511 224,403 136.92% ) (93 78%) 972,852 (912,340 CONSTRUCTION FUNDS Revenues 95,685,900 95,685,900 7,973,825 629 (7,973,196) (94 99%) (6) 21,364 (20,735) (97 05%) Expenditures 96,639,500 96,639,500 8,053,292 36,520 8,016,771 99 55% (6) 21,364 15,156 70 94% Net revenues and expenditures (953,600) (953,600) (79,467) (35,891) 43,576 N/A (35,891) N/A LANDSCAPE AND LIGHTING DISTR1ci Fl INDS Revenues 12,465,200 12,465,200 1,038,767 253,883 (784,884) 52% Expenditures (7556%) (I) 500 253,383 50676 10,869,900 10,869,900 905,825 411,268 494,557 54 60% (6) 104,906 306,362 292 03% Net revenues and expenditure 1,595,300 1,595,300 132,942 (157,385) (290,327) 218 39% (104,406) (52,979) 50 74% ASSESSMENT DISTRICT FUNDS Revenues 1,121,500 (87,440)1,121,500 93,458 6,0180 Expenditures (93.Sb%) (I) 5,937 81 1.37/0 1,187,600 1,187,600 98,967 20,688 78,279 79 10% (6) 15,239 5,449 35 76% Net revenues and expenditures (66,100) (66,100) (5,508) (14,670) (9,162) (166 32%) (9,302) (5,368) 57 71 COMMUNITY FACILITIES DISTRICTS FUNDS Revenues 11,288,500 11,288,500 940,708 352,546 (588,162) (62 52%) (1) 806,153 (453,607) (56.27%) Expenditures 47,659,800 47,659,800 3,971,650 301,146 3,670,504 92 42% (6) 465,971 (164,825) (35 37%) Net revenues and expenditures (36,371,300) (36,371,300) (3,030,942) 51,400 3,082,342 101 70% 340,182 (288,782) (84 89%) MISCELLAP r QUS FUNDS(14) Revenues 17,728,000 17,728,000 1,477,333 227,384 (1,249,949) (84.61%)(15) 357,766 (130,382) (3644%) Expenditures 20,805,500 20,805,500 1,733,792 204,375 1,529,417 88 21% (6) 110,188 94,187 85 48% Net revenues and expenditures (3,077,500) (3,077,500) (256,458) 23,010 279,468 108 97% 247,578 (224,568) (90 71%) Page 3 of 3 FOOTNOTES: 4111 Due to the cyclical ure of the collection of property and specialeassessments xesless installments become are re due. t the beginning of the fisca year, 1. there is an increase from December through April when the property 2. Motor vehicle in-lieu fees,sales tax,business license tax,property transfer tax,and fines and forfeitures are collected at different intervals throughout the fiscal year 3. Investment interest is allocated and recorded after the end of each calendar quarter,and the franchise fees are recorded on an annual basis. 4.The collection of both building permits and engineering inspection fees are cyclical in nature. 5. These accounts include a variety of cost reimbursements from different sources; also,miscellaneous revenues such as donations which vary greatly from year to year. 6. The principal reason for this variance is that interfund transfers are generally made quarterly,semi-annually,or annually depending on the purpose of the transfer. 7. Selective budgeted expenditures are either one-time expenditures or cyclical inmnature iums an sk Management)e .evenly throughout the fiscalyear. (Finance),Examples include the audit and data processing costs(F ) 8. This variance is due to the timing difference between vendors presenting invoices for services rendered and the City sending out payments. 9. The depreciation and amortization expenses are recorded on an annual basis. 10 This variance is caused by the revenues accrued at June 30,2008 that were reversed in the beginning dof t by the lcae ltyeame between when the City collects the solid waste fees on behalf of the contractor. It appears that the variance 11. The C ty City collects the fees and when it pays the contractor. on when the 12. The principal reason for this variance is that the collection of the facilities development fees is cyclical in nature and depends developers obtain permits for construction. 13. Consists of the following:Park&Rec Facilities Fee,Quimby in Lieu, FacilitiesTraffic Fee,Existing Infrastructure,General City Facilities, Traffic Facilities Fee,Storm Drain Facilities,Sewer FacilitiesComm Dev Block Grants,Citizens Optn Public Safety, 14. Consists of the following:Special Gas Tax, Air Quality Project, Measure I Trans Sales Tax, Block Grant,CDBG Entitlement,Street Sweeping,Sleepy Hollow Road Improv,Misc.Grant,Equipment Maintenance, Local Law Enf Tres Hermanos Authority,Federal Emerg Mgmt Agency, CH Corp Debt Service Data Processing, 15. The principle reason fro this variance is due to the timing when the City is eligible to draw dwon various Federal Grants related to several capital improvement projects. Page 1 of 1