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12-09-2008 CC Rpt A05COUNCIL AGENDA STAFF REPORT ,yp Meeting Date: December 9. 2008 Public Hearing: ❑ Discussion Item: ❑ Consent Item: ❑ DECEMBER 2, 2008 crr?'IGEE�,f2KusEoNV y 2[iD jai C —2 Pil 1,: 33 CirIrtO }!ILLS `RY\ TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS FROM: CITY MANAGER SUBJECT: MONTHLY FINANCIAL REPORT RECOMMENDATION: Receive and file the Financial Report for October 2008. BACKGROUND/ANALYSIS: The Financial Report for October 2008 is attached for your review. The purpose of the monthly Financial Report is to inform the City Council, the City's citizens, and the City's staff about the financial 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 forthe 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 percentage variances. AGENDA DATE: DECEMBER 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. Respectfully submitted, DouglaeN. La Belle, City Manager Attachment Recommended by, 4t��4 'i /,"� Jup R. Lcaster, Finance Director Month: 4 GENERAL FI1ND REVENUES Property taxes Property taxes -Triple Flip Property taxes -VLF Swap Sales taxes Other taxes Total taxes Motor vehicle in -lieu fees Fines and Penalties Interest income and franchise fees Community Development fees Cost reimbursements Other revenues Operating transfers Total revenues EXPENDITURES Legislative City Council City Attorney City Clerk City Manager Administration Contract Services Community Relations Human Resources Risk Management Commumtv Development Administration Building Services Development Services Economic Development Commumty Serviceg Administrative Neighborhood Services and Code Enforcement Public Safety Recreation Services City of Chino Hills Revenues, Expenditures, and Transfers Budget and Actual Comparative Analysis for the Month Ending October 30, 2008 CURRENT YEAR PRIOR YEAR Year to Date Prior Year 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 Variance Variance Actual Variance Variance 3,969,100 3,969,100 1,323,033 - (1,323,033) (100.00%) (1) 141,687 (141,687) (100.00%) 1,593,200 1,593,200 531,067 - (531,067) (100.00%) (1) - - N/A 6,335,800 6,335,800 2,111,933 - (2,111,933) (100.00%) (1) - - N/A 4,779,500 4,779,500 1,593,167 687,948 (905,219) (56.820/6) (2) 714,379 (26,431) (3.70%) 1,030,600 1,030,600 343,533 196,262 (147,271) 142.870/.) (2) 149,645 46,617 31.15% 17,708,200 17,708,200 5,902,733 884,210 (5,018,523) (85.02%) 1,005,711 (121,501) (12.08%) 475,800 475,800 158,600 99,144 (59,456) (37.49%) (2) 120,885 (21,741) (IT99%) 652,400 652,400 217,467 161,992 (55,474) (25.51%) (2) 189,820 (27,828) (14.66%) 4,326,700 4,326,700 1,442,233 719,237 (722,997) (50.13%) (3) 1,073,189 (353,952) (32.98%) 4,596,700 4,636,800 1,545,600 913,615 (631,985) (40.890/.) (4) 1,243,484 (329,869) (26.53%) 316,300 316,300 105,433 114,393 8,960 8.50% 327,528 (213,135) (65.07%) 7,238,500 7,238,500 2,412,833 1,967,272 (445,561) (18.47%) (5) 1,470,362 496,910 33.80% 1,052400 1,114,900 371,633 - (371,633) (100.00%) (6) - - N/A 36,372,000 36,469,600 12,156,533 4,859,863 (7,296,670) (60.02%) 5,430,979 (571,116) (10.52%) 282,100 282,100 94,033 67,079 26,954 28.66% (7) 72,609 (5,530) (7,62%) 450,000 465,900 155,300 70,825 84,475 54.39% (8) 68,341 2,484 3.63% 832,600 832,600 277,533 218,199 59,335 21,38% (7) 205,282 12,917 6,29% 1,350,800 1,514,800 504,933 454,616 50,318 9,97% 454,985 (369) (0.08%) 185,900 185,900 61,967 52,283 9,684 15.63% (7) 50,502 1,781 3.53% 494,100 496,400 165,467 111,782 53,685 32.44% (7) 88,350 23,432 2652% 375,100 376,700 125,567 97,498 28,069 22.35% (7) 89,975 7,523 8.36% 825,400 869,100 289,700 758,657 (468,957) (161.88%) (7) 706,508 52,149 7.38% 1,152,100 1,152,100 384,033 297,611 86,422 22,50% (7) 255,284 42,327 16.58% 1,278,900 1,278,900 426,300 303,349 122,951 28.84% (8) 276,686 26,663 9.64% 1,572,200 1,665,100 555,033 319,804 235,229 42,38% (7) 221,332 98,472 44.49% 101,300 129,300 43,100 11,344 31,756 73.68% (7) 15,379 (4,035) (26.24%) 890,400 917,600 305,867 216,145 89,722 29.33% (7) 281,528 (65,383) (23.22%) 1,290,500 1,290,500 430,167 306,225 123,941 28.81% (7) 268,275 37,950 14.15% 10,292,600 10,369,500 3,456,500 3,345,240 111,260 3.22% 3,036,849 308,391 10,15% 2,979,100 3,057,600 1,019,200 827,363 191,837 18.82% (7) 715,335 112,028 15.66% Page 1 of 3 CURRENTYEAR PRIOR YEAR Year to Date Prior Year Month: 4 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 Variance Variance Actual Variance Variance GENERAL FUND (continued) EXPENDITURES (continued) En me eerme Administrative 919,700 960,000 320,000 265,740 54,260 16.96% (7) 229,137 36,603 15.97% Engineering Services 1,510,500 1,484,700 494,900 239,130 255,770 51.68% (7) 208,892 30,238 14.48% Finance Administrative 2,019,300 2,071,400 690,467 536,093 154,374 22.36% (7) 491,269 44,824 9.12% Non -Departmental 75,900 242,100 80,700 31,385 49,315 6L11% (7) 9,003 22,382 248.61% Development Program 9,761,800 10,314,800 3,438,267 1,028,140 2,410,127 70.10% (7) 807,928 220,212 2726% Public Facilities and Onerations Administrative 825,200 825,200 275,067 216,124 58,943 21.43% (7) 197,860 18,264 9.23% Facility and Equipment Maintenance 1,390,300 1,230,500 410,167 298,914 111,253 27,12% (7) 313,103 (14,189) (4.53%) Other Maintenance 985,300 1,017,900 339,300 285,518 53,782 15.85% (7) 202,003 83,515 41.34% Interfund Transfers Capital Improvement Projects 17,593,000 18,148,800 6,049,600 5,993,091 56,509 0.93% 1,083,612 4,909,479 453.07% Operation Transfers 646,700 646,700 215,567 73,000 142,567 66. 14% (6) 25,400 47,600 187,40% Total expenditures 60,080,800 61,826,200 20,608,733 16,425,155 4,183,578 20.30% 10,375,427 6,049,728 58.31% Net revenues over/(under) expenditures (23,708,800) (25,356,600) (8,452,200) (11,565,292) (3,113,092) (36.83%) (4,944,448j (6,620,844) (I33.90%} WATER FUND REVENUES Water sales 17,245,100 17,245,100 5,748,367 5,834,378 86,011 1.50% 5,640,206 194,172 3.44% Other revenue 708300 708,700 236,233 510,603 274,370 116.14% (5) 515,027 (k,124) (0.86%) Total revenues 17,953,800 17,953,800 5,984,600 6,344,981 360,381 6.02% 6,155,233 189,748 3.08% EXPENDITURES Water costs 8,033,300 8,033,300 2,677,767 3,801,840 (1,124,073) (4198%) (8) 3,049,277 752,563 24.68% Power costs 786,900 786,900 262,300 343,529 (81,229) (30.97%) (8) 231,800 111,729 48.20% Interfund Transfers 3,153,100 3,153,100 1,051,033 410,923 640,111 60.90% (6) 65,289 345,634 529.39% Other costs 13,100,300 13,601,600 4,533,867 1,977,748 2,556,118 56.38% (9) 1,352,047 625,701 46.28% Total expenditures 25,073,600 25,574,900 8,524,967 6,534,039 1,990,927 23.35% 4,698,413 1,835,626 39.070/. Netprofit(loss) (7,119,800) _ (7,621,100) (2,540,367) (189,059) 2,351,308 92.56% 1,456,819 (1,645,879) (112.98%) SEWERFUND Revenues 10,875,200 11,197,200 3,732,400 3,368,670 (363,730) (9.75%) 1,662,363 1,706,307 102.64% Expenditures 6,075,600 6,387,200 2,129,067 1,129,008 1,000,059 46.97% (9) 780,058 348,950 44.73% Net profit (loss) 4799,600 4,810,000 1,603,333 2,239,662 636,329 39.69% 882,305 1,357,357 153.84% SOLID WASTE FUND Revenues 3,800,000 3,800,000 1,266,667 1,135,832 (130,834) (10.33%) (10) 1,063,299 72,533 6.82% Expenditures 3,800,000 3,800,000 1,266,667 447,036 819,631 64.71% (10) 523,597 (76,561) (14.62%) Net revenues and expenditures 0 0 0 688,796 688,796 N/A 539,702 _ 149,094 2T63 % Page 2 of 3 Mouth: 4 DEVELOPMENT FUNDS (12) Revenues Expenditures Net revenues and expenditures CONSTRUCTION FUNDS Revenues Expenditures Net revenues and expenditures LANDSCAPE AND LIGHTING DISTRICT FINDS Revenues Expenditures Net revenues and expenditure ASSESSMENT DISTRICT FUNDS Revenues Expenditures Net revenues and expenditures COMMUNITY FACILITIES DISTRICTS FUNDS Revenues Expenditures Net revenues and expenditures MISCELLANEOUS FUNDS f13) Revenues Expenditures Net revenues and expenditures CURRENT YEAR PRIOR YEAR Year to Date Prior Year 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 Variance Variance Actual Variance Variance 11,812,400 11,812,400 3,937,467 987,513 (2,949,954) (74.92%) (11) 2,940,662 (1,953,149) (66.42%) 13379,100 13,829,600 4,609,867 928,243 3,681,624 79.860/.(il) 2,031,756 (1,103,513) (54.31%) (1,966,700) (2,017,200) _ (672,400) 59,270 731,670 108.81% 908,906 _(849,636) 95,685,900 96,414,000 32,138,000 14,102,633 (18,035,367) (56.12%) (6) 12,884,004 1,218,629 9.46% 96,639,500 97,367,600 32,455,867 I4,143,357 18.312.509 56.42% (6) 12,914,552 1,228,805 9.51% (953,600) (953,600) (317,867) (40,724) 277,143 87.19% (X548) (10,176) _ (33.31%) 12,465,200 12,696,200 4,232,067 1,069,055 (3,163,012) (74.74%) (1) 895,822 173,233 19.34% 10,869,900 10,871,700 3,623,900 2,835,204 798,696 21.76% (6) 2,526,418 308,786 12.22% 1,595,300 1,824,500 608,167 (1,766,149) (2,374316) 390.41% (1,630,596) (135,553) I,121,500 1,121,500 373,833 398,372 24,539 6.56% 1,187,600 1,187,600 395,867 1,059,357 (663,491) (167.60%) (6) (66,100) (66,100) f22,033) (660,936) (638.952) (28_99.93n 11,288,500 11,288,500 3,762,833 557,597 (3,205,236) (85.18%) (1) 47,659,800 47,659,800 15,886.600 14,456,706 1,429,894 9.00% (36,371300) (36,371,300) 02,123,767) (13,899,109) (1,775.342) (14.64%) 17,728,000 17,977,100 5,992,367 1,792,219 20,805,500 21,213,400 7,071,133 2,286,249 (3,077,500) (3,236,300) (1,078.767) (494,029) (4,200,148) (70.09%) (14) 4,784,885 6767% f6) 584,737 54.20% 91,446 306,926 335.64% 745,496 313,861 42.10E (654,050) (6,936) (1.06%L 10,152,933 (9,595,336) (94.51°7°) 23,740,728 (9,284,022) (39A M (13,587,795) _ (311.314) (2 29%) 1,739,368 52,851 3.04% 2,379,788 (93,539) (3.93%) (640,420) 146,391 22.86E Page 3 of 3 FOOTNOTES: 1. Due to the cyclical nature of the collection of property and special assessments taxes, less are received at the beginning of the fiscal year; there is an increase from December through April when the two property tax installments become due. 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 in nature and are not expended evenly throughout the fiscal year. Examples include the audit and data processing costs (Finance), insurance premiums (Risk Management), etc. & 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. The City collects the solid waste fees on behalf of the contractor. It appears that the variance is caused by the lag time between when the City collects the fees and when it pays the contractor. 11. The principal reason for this variance is that the collection of the facilities development fees is cyclical in nature and depends on when the developers obtain permits for construction. 12, Consists of the following: Park & Rec Facilities Fee, Quimby in Lieu, Traffic Signal Fee, Existing Infrastructure, General City Facilities, Traffic Facilities Fee, Storm Drain Facilities, Sewer Facilities Fee, Water Facilities Fee Funds. 13. Consists of the following: Special Gas Tax, Air Quality Project, Measure I Trans Sales Tax, Comm Dev Block Grants, Citizens Optn Public Safety, Local Law Enf Block Grant, CDBG Entitlement, Street Sweeping, Sleepy Hollow Road Improv, Misc. Grant, Equipment Maintenance, Data Processing, Tres Hermanos Authority, Federal Emerg Mgmt Agency, CH Corp Debt Service Funds. 14. The principle reason for this variance is due to the timing when the City is eligible to draw down various Federal Grants related to several capital improvement projects. Page i of 1