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LTC 048-2009 Analysis of Budget to Preliminary Actual Revenues & Expenses for FY ending 9/30/08m MIAMIBEACH ~'~'.~: OFFICE OF THE CITY MANAGER FEB 2r~ ~~ ~, k' NO. LTC #048-2009 LETTER TO COMMISSf~~I CITY CL~_I~;l.i=~ C. I"!CE TO: Mayor Matti H. Bower and Members of the City Commission FROM: Jorge M. Gonzalez, City Manager DATE: February 20, 2009 SUBJECT: ANALYSIS OF BUDGET TO PRELIMINARY ACTUAL REVENUES AND EXPENSES FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2008, FOR GENERAL, ENTERPRISE, AND INTERNAL SERVICE FUNDS The Purpose of this LTC is to provide the preliminary actual revenue and expenses for the Fiscal Year ending September 30, 2008. The year-end budget to preliminary actual comparisons for General, Enterprise, and Internal Service Funds are presented in the following pages. It shows that, overall, there will be an operating budget surplus of $6,746,568 (2.9%) in the General Fund. While this year-end surplus is lower than in prior years, it is not entirely unanticipated. The FY 2007/08 Adopted Budget included over $20 million and 93 positions in reductions made by the City as compared to the FY 2006/07 Adopted Budget to address state-mandated reductions in the City's millage. The City implemented pro-active cost-saving measures very early in the Fiscal Year. These measures resulted in cost-savings in almost every City department. These expenditure savings were anticipated in the FY 2007/08 third quarter projections that were included in the FY 2008/09 Proposed Workplan and Operating Budget distributed last August. The only departments whose expenditures significantly exceeded their budget were the Police and Fire Departments, where actual expenditures exceeded the budget by over $0.652 and $1.186 million, respectively. This resulted in total savings of approximately $2 million in the General Fund. In addition, on the revenue side, approximately $4.8 million in additional revenues were realized primarily due to increased electrical and telephone taxes (Other Taxes), increased interest earnings due to higher than budgeted interest rates for longer term investments and fund balances, and increased building permit revenues (Licenses and Permits). These increases were partially offset by reduced ad-valorem property taxes, intergovernmental, charges for services, miscellaneous revenue, and increased rent/lease and fines and forfeit revenues. With the exception of increased interest earnings and utility taxes, these were anticipated in the FY 2007/08 third quarter projections that were included in the Proposed FY 2008/09 Work Plan and Operating Budget. The City's financial policies adopted pursuant to Resolution 2006-26341 and Resolution 2002-24764 require one time revenues (such as the year-end surplus) mustbe used for non-recurring expenses, and that at least half of each annual year-end surplus must be allocated to the City's Capital Reserve Fund. However, the City's Capital Reserve was established in FY 2005/06 at a time when the industry was at a peak, and project bids were often coming in significantly higher than budgeted. Today is a very different market, with construction bids being received significantly under project budgets, and at the same time, the Capital Reserve has accumulated approximately $10 million in funding. ANALYSIS OF BUDGET TO PRELIMINARY ACTUAL REVENUES AND EXPENSES FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2008, FOR GENERAL, ENTERPRISE, AND INTERNAL SERVICE FUNDS Page 2 Further, pursuant to the Governmental Accounting Standards Board (GASB) standards established in 2004, related to reporting of liabilities for benefits paid to retirees other than pensions (OPEB), the City of Miami Beach has determined that it is in the best interest of the City to establish an OPEB trust as it reduces the City's OPEB liability. Although, GASB standards require the City to recognize the liability for OBEP benefits as incurred, it does not prescribe that these must be funded or how. The City has the options of never funding the liability; funding when and if funds become available; or funding pursuant to a plan that will provide full funding over a reasonable timeframe. None-the-less, unfunded liabilities typically affect the financial rating of the City. The Net Obligations for the City for FY 2007/08 range from $6.901 million with a Trust that is funded over time to $11.057 million without a Trust. The General Fund component of the Net Pension Obligation for FY 2007/08 is $6.29 million, of which $4 million has been set aside from prior year-end surpluses. As importantly, the City has performed an updated analysis of building permit fee revenues and building department expenses. Pursuant to Florida Statute, it is required that unexpended building fee revenues be carried forward to future years to fund allowable activities in enforcing the Florida Building Code. This analysis has shown the carry forward balance to be $10.475 million through September 30, 2008. This is primarily due to the ongoing review of the application of building permit fee ordinance, and the implementation of new processes which required upfront and back-end disclosure of the actual cost of remodeling and square footage of new facilities, over the last two years, which resulted in $6 million above revenue budget in FY 2006/07 and an additional $4.6 million above revenue budget for FY 2007/08. The City expects to fund this carry forward over time, as current recurring revenues are not sufficient to cover the fully-burdened cost of expenditures of the Building Department. None-the less, the City recognizes that it is prudent to put some funds aside now, that may be needed later, since the Department has several improvement initiatives underway that will require funding in the near-term. In addition, the expenditures associated with building inspections will lag years behind as compared to when the building permit fee revenues were collected, and the recent downturn in the economy is expected to result in reduced building permit fee revenues in the upcoming years. As a result, it is recommended that the Commission waive the requirement that at least half of the FY 2007/08 year-end surplus be used to fund the City's Capital Reserve. Rather, it is recommended that the General Fund budget be increased by using the $6.75 million surplus as follows: • $2.25 million to fund the City's FY 2007/08 accrued liability for post-employment (retiree health) benefits pursuant to new requirements of GASB 45; and • $4.5 million to a reserve for future Building Department needs. It should be noted that this actual is preliminary in nature due to the fact that the City's financial records will not be closed until after the external auditors complete their review. Historically, this occurs in April, with the City's Comprehensive Annual Financial Report (CAFR) For the Year Ended September 30, 2008, usually available in May. However, this analysis has considered all year-end closing entries to date and typically, any additional changes are minor in nature. ANALYSIS OF BUDGET TO PRELIMINARY ACTUAL REVENUES AND EXPENSES FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2008, FOR GENERAL, ENTERPRISE, AND INTERNAL SERVICE FUNDS Page 3 I. GENERAL FUND OVERVIEW At this writing, operating revenues received from all sources by the General Fund total $235,399,950, which is $4,775,413 more than the adopted budget of $230,624,537. This surplus is primarily due to higher than anticipated revenues from building and trade permits, tax revenue from utility and franchise fees, and an increase in interest earnings. Operating expenditures incurred by all departments in the General Fund total $228,653,382, which is $1,971,155 less than the adopted budget of $230,624,537. Since Florida Statutes prohibit the overexpenditure of departmental budgets and funds, a budget amendment will be necessary for those functions which projections indicate will overexpend their appropriation. A Resolution to adopt the first amendment to the General, Enterprise and Internal Service Fund Budgets for Fiscal Year 2007/08 will be presented at the February 25~' City Commission meeting. Summing the revenue surplus of $4,775,413 and the underexpenditures of $1,971,155 equals a budget surplus of $6,746,568 (including encumbrances). A summary of preliminary General Fund Revenues and Expenditures as of September 30, 2008 is as follows: Adopted 3~d Quarter Preliminary* Budget/ Budget Projection Actual/Enc Actual General Fund FY 07/08 as of 06/30/08 as of 1/31/09 Over/(Under) Revenues $230,624,537 $233,107,327 $235,399,950 $ 4,775,413 Expenditures 230,624,537 226,981.724 228,653.382 (1,971.155) Surplus/(Deficit) $ 0 $ 6,125,603 $ 6,746,568 $ 6,746,568 Note: * Includes encumbrances. As of September 30, 2008, revenues collected equal $235,399,950 and represent an excess of $4,775,413 or 2.1 % of the adopted budget. Actual expenditures of $228,653,382 were 0.9% under budget or $1,971,155. "Attachment A" provides a detail of General Fund Revenues and Expenditures by revenue category and department expenditure, Shown below are detailed comments on revenue categories and for those departments with expenditures with significant variances over $300,000. GENERAL FUND OPERATING REVENUES Significant revenue variances are as follows: Ad Valorem Property Taxes -Year-end collections of $123,786,473 are 1.3% under the budget creating a net shortfall of $1,695,325. This is primarily due to higher than anticipated property value appeals approved by Miami-Dade County. 2. Other Taxes -This category includes franchise and utility taxes on services which are sensitive to local economic indicators. Based on actual collections of $24,045,664, an excess of $1,212,364, or 5.3%, resulted at year-end. This is primarily due to an increase in revenues from taxes on electricity, cable, and phone service. ANALYSIS OF BUDGET TO PRELIMINARY ACTUAL REVENUES AND EXPENSES FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2008, FOR GENERAL, ENTERPRISE, AND INTERNAL SERVICE FUNDS Page 4 3. Licenses and Permits -This category includes licenses and building and special use permits. Based on actual collections of $19,327,819, an excess of $4,386,394, or 29.4%, resulted at year-end. This is primarily due to the ongoing review of the application of building permit fee ordinance, and the implementation of new processes which required upfront and back-end disclosure of the actual cost of remodeling and square footage of new facilities. 4. Intergovernmental -This category includes state-shared revenues such as cigarette, gas and sales taxes. Based on actual collections of $10,330,062, a shortfall of $383,878, or 3.6%, resulted at year-end. This is mainly due to a decrease in collections of taxes on sales due to the overall downturn in the economy. 5. Charges for Services -This category includes fees for copies, passports, fire rescue, and recreational services. Based on actual collections of $7,996,660, a shortfall of $245,690, or 3.0%, resulted at year-end. This is due primarily to lower than expected revenues from Fire Rescue and Off-Duty Police Administrative Fees which reflect the decline in tourism and related events. 6. Fines and Forfeits -This category includes traffic citations, and code and fire violation fees. Based on actual collections of $2,341,561 a surplus of $366,561, or 18.6%, resulted at year-end. This is due to higher than anticipated revenues from code violation revenues. 7. Interest -This category includes interest income from City investments. Based on actual collections of $7,837,849, an excess of $1,637,849, or 26.4%, resulted at year-end. This is primarily due to higher than budgeted interest rates for long term investments and fund balances. 8. Rents and Leases -This category includes rents and leases on City-owned facilities such as the Miami Beach Marina, Historic City Hall, and others. Projections indicate that year-end revenues will exceed budget by $53,442 or 1.2%. This is primarily due to an increase in revenues from the rental of the Miami Beach Marina, and revenues from bus shelters. 9. Miscellaneous -This category includes concessions, planning fees, and other reimbursements. Projections indicate that year-end revenues will be 7.1 % below budget or $529,996 due primarily to lower than anticipated revenues as a result of savings in the CIP Department and therefore lower cost allocations to capital improvement projects. ANALYSIS OF BUDGET TO PRELIMINARY ACTUAL REVENUES AND EXPENSES FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2008, FOR GENERAL, ENTERPRISE, AND INTERNAL SERVICE FUNDS Page 5 GENERAL FUND OPERATING EXPENDITURES Significant department savings and overexpenditures in excess of $300,000 by General Fund department are explained in the following pages. Significant Savings 1. Tourism & Cultural Development Adopted 3`d Quarter Preliminary Budget/ Budget Projection Actual/Enc Actual FY 07/08 as of 6/30/08 as of 1/31/09 Over/(Under) $ 3,147,135 $ 2,937,616 $ 2,833,764 $ (313,371) This department underspent its budget by $313,371 or 10% due primarily to salary savings from vacant positions and operating expenses. 2. Neighborhood Services Adopted 3`d Quarter Preliminary Budget/ Budget Projection Actual/Enc Actual FY 07/08 as of 6/30/08 as of 1/31/09 Over/(Under) $ 5,532,938 $ 5,189,534 $ 5,152,696 $ (380,242) This department underspent its budget by $384,479 or 6.9% due primarily to savings in operating costs as well as unfilled vacant positions throughout the year. 3. Parks and Recreation Adopted 3`d Quarter Preliminary Budget/ Budget Projection Actual/Enc Actual FY 07/08 as of 6/30/08 as of 1/31/09 Over/(Under) $28,142,606 $27,342,473 $27,044,841 $(1,097,765) The Parks and Recreation Department underspent its budget by $1,097,765 or 3.9% due primarily to savings in personnel costs from vacant positions and operating costs. 4. Capital Improvement Program Adopted 3~' Quarter Preliminary Budget/ Budget Projection Actual/Enc Actual FY 07/08 as of 6/30/08 as of 1/31/09 Over!(Under) $ 3,376,245 $ 3,076,245 $ 2,871,316 $ (504,929) This department underspent its budget by $504,929 or 15% due primarily to salary savings from vacant positions. ANALYSIS OF BUDGET TO PRELIMINARY ACTUAL REVENUES AND EXPENSES FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2008, FOR GENERAL, ENTERPRISE, AND INTERNAL SERVICE FUNDS Page 6 5. Citywide Accounts-Other Adopted 3~d Quarter Preliminary* Budget/ Budget Projection Actual/Enc Actual FY 07/08 as of 6/30/08 as of 1/31/09 Over/(Under) $12,570,893 $10,676,264 $11,727,838 $ (843,055) The Citywide Accounts-Other underspent its budget by $843,055 or 6.7% due primarily to lower than anticipated Accumulated Leave Settlement payouts as well as not having to use various funds that were set aside for contingencies. Significant overexpenditures 6. Fire Adopted 3~d Quarter Budget Projection FY 07/08 as of 6/30/08 $45,744,552 $46,725,166 Preliminary Budget/ Actual/Enc Actual as of 1/31/09 Over/(Under) $46,930,564 $ 1,186,012 The Fire Department exceeded its budget by $1,186,012 or 2.6%. The majority, or $737,388, of the over expenditure in the Fire Department can be primarily attributed to underestimating benefit needs for the budget year for items such as holiday pay and health insurance. However, this was partially offset by savings in health insurance contingency in the Citywide Accounts. The remaining over expenditure can be attributed mainly to $304,050 from internal service costs in Fleet Management (due to higher fuel costs) and $83,524 from Property Management (due to renovations for Beach Patrol facilities and stands). The remaining $61,050 represents prior year encumbrances that must be brought forward as stated above. 7. Police Adopted 3`d Quarter Budget Projection FY 07/08 as of 6/30/08 $76,957,768 $77,784,035 Preliminary Budget/ Actual/Enc Actual as of 1/31/09 Over/(Under) $77,609,519. $ 651,751 The Police Department exceeded its budget by $651,751 or 0.8% due primarily to higher than anticipated internal service costs in Fleet Management as a result of higher fuel costs and overtime. ANALYSIS OF BUDGET TO PRELIMINARY ACTUAL REVENUES AND EXPENSES FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2008, FOR GENERAL, ENTERPRISE, AND INTERNAL SERVICE FUNDS Page 7 II. ENTERPRISE FUNDS The City accounts for proprietary operations in Enterprise Funds. Convention Center, Parking, Sanitation, Water, Sewer, and Stormwater are included in this grouping. Based upon our review, the Parking, Sanitation, and Water and Sewer Funds are projected to be under budget. However, it is necessary to amend the appropriation for the Stormwater Fund which our year-end expenditure projections indicate will exceed its budget appropriation by $353,368 or 4.3%. This was primarily due to prior year encumbrances for capital items and higher than anticipated depreciation costs. We do not have preliminary numbers for the Convention Center Fund due to the recent turnover in management. This information will be provided at a later date. For a detail of Enterprise Fund Revenues and Expenses by department, see "Attachment B". 111. INTERNAL SERVICE FUNDS The City accounts for those goods and services provided by one department to other departments citywide on a cost reimbursement basis. Central Services, Fleet Management, Information Technology, Property Management, and Risk Management (Self Insurance) are included in this grouping. Based upon our review, the Information Technology, Property Management and Risk Management Funds are projected to be under budget. However, it is necessary to amend the appropriations for the Central Services and Fleet Management Funds which our year-end expenditure projections indicate will exceed their budget appropriation. The Central Services Fund exceeded its budget by $74,203 or 8.9% primarily due to higher than anticipated operating costs. The Fleet Management Fund exceeded its budget by $1,172,510 or 15.4% primarily due to higher than anticipated operating costs arising from higher prices for fuel. For a detail of Internal Service Funds Revenues and Expenses by department, see "Attachment C". CONCLUSION This analysis of preliminary operating revenues and expenses for General, Enterprise, and Internal Service Funds for the year ended September 30, 2008, is presented as part of our on-going efforts to keep the Commission informed of the status of the FY 2007/08 Budget. A Resolution to adopt the first amendment to the General, Enterprise and Internal Service Funds Budgets for FY 2007/08 will be presented at the February 25th City Commission meeting. JMG/KGB Attachments -C ATTACHMENT A REVENUES FY 2007/08 General Fund Operating Summary Projection Ad Valorem Taxes Ad Valorem Taxes-S Pte Costs Ad Valorem Cap.Renewal & Replace. Ad Valorem S Pte Cap.Ren & Repl Ad Valorem Taxes-Norm Shores .Other Taxes 'Licenses and Permits 'i Intergovernmental Charges for Services Fines and Forfeits Interest Rents and Leases Miscellaneous Other -Resort Tax contribution Other -Non Operating revenues Fund Balance TOTAL REVENUES EXPENDITURES Mayor and Commission City Manager Communications City Clerk Finance Office of Budget & Pert Improve. Human Resources Procurement City Attorney Economic Development Building Planning Tourism & Cultural Development Neighborhood Services Parks and Recreation Public Works Capital Improvement Projects Fire Police Citywide Accounts-Other Citywide Accounts-Normandy Shore Citywide Accounts-Transfers Ca ital Renewal & Replacement ~ TOTAL EXPENDITURES ~ EXCESS OF REVENUES OVER/ (UNDER) EXPENDITURES Adopted FY 2007/08 Prelim Actual/Enc FY 2007/08 3rd Qtr Projection 07/08 (as of 1/31/09) $ 114,114,196 $ 112,684,695 $ 112,418,871 7,718,251 7,718,251 7,718,251 3,266,096 3,266,096 3,266,096 234,435 234,435 234,435 148,820 148,820 148,820 22,833,300 23,492,654 24,045,664 14,941,425 19,193,500 19,327,819 10,713,940 10,349,700 10,330,062 8,242,350 8,047,100 7,996,660 1,975,000 2,044,000 2,341,561 6,200,000 6,200,000 7,837,849 4,371,150 4,283,053 4,424,592 7,479,914 7,052,254 6,949,918 20,696,309 20,696,309 20,696,309 7,689,351 7,696,460 7,663,043 0 0 0 $ 230,624,537 $ 233,107,327 $ 235,399,950 $ 1,403,877 $ 1,359,911 $ 1,372,732 2,289,042 2,235,451 2,282,177 1,224,962 1,139,629 1,101,622 1,669,012 1,640,603 1,631,115 4,274,374 4,094,293 4,064,907 1,904,001 1,875,189 1,728,166 1,802,168 1,846,466 1,832,892 926,568 907,028 900,245 4,213,126 3,906,043 4,006,960 933,299 931,062 959,962 8,689,391 8,406,271 8,489,364 3,215,399 2,881,250 2,951,761 3,147,135 2,937,616 2,833,764 5,532,938 5,189,534 5,152,696 28,142,606 27,342,473 27,044,841 6,222,817 6,097,831 6,411,794 3,376,245 3,076,245 2,871,316 45,744,552 46,725,166 46,930,564 76,957,768 77,784,035 77,609,519 12,570,893 10,676,264 11,727,838 203,833 203,833 203,833 12,680,000 12,225,000 12,785,793 3,500,531 3,500,531 3,759,521 $ 230,624,537 $ 226,981,724 $ 228,653,382 $ 0 $ 6,125,603 $ 6,746,568 Prelim - Adptd Over/ Under (1,695,325) 0 0 0 0 1,212,364 4,386,394 (383,878) (245,690) 366, 561 1,637,849 53,442 (529,996) 0 (26,308) 0 $ 4,775,413 $ (31,145) (6,865) (123,340) (37,897) (209,467) (175,835) 30,724 (26,323) (206,166) 26,663 (200,027) (263,638) (313,371) (380,242) (1,097,765) 188,977 (504,929) 1,186,012 651,751 (843,055) 0 105,793 258,990 $ 1,971,155) $ 6,746,568 ATTACHMENT B FY 2007/08 Enterprise Funds Summary Projection Adopted FY 2007/08 Prelim Actual/Enc Prelim - Adptd PARKING FY 2007108 3rd Qtr Projection 07/08 as of 1/31/09 Over/(Under REVENUES CHARGES FOR SERVICES Meters Parking Citations Attended Parking Permits Preferred Lot Garages Space Rental Valet Towin Fees Subtotal OTHER Interest Earnings Retained Earnings Miscellaneous Subtotal TOTAL REVENUES $ 12,143,283 $ 12,406,225 $ 13,555,858 2,800,000 3,000,000 3,155,245 825,000 1,656,000 1,552,672 1,101,000 858,000 813,493 1,500,000 1,600,000 1,436,378 6,101,000 6,402,400 5,733,299 380,000 300,000 266,932 360,000 410,000 458,027 150,000 217,000 207,556 $ 25,360,283 $ 26,849,625 $ 27,179,460 $ 1,000,000 $ 1,850,000 $ 1,517,866 414,700 399,942 465,363 100,410 117,500 349,267 $ 1,515,110 $ 2,367,442 $ 2,332,496 $ 26,875,393 $ 29,217,067 $ 29,511,956 $ 1,412,575 355,245 727,672 (287,507) (63,622) (367,701) (113,068) 98,027 57,556 $ 1,819,177 $517,866 50,663 248,857 $817,386 $ 2,636,563 EXPENSES Payroll & Fringes Operating Management Fees to GF Depreciation Debt Service Capital $ 8,386,223 $ 8,330,349 $ 8,380,921 11,822,760 10,874,443 11,180,774 2,433,400 2,433,400 2,433,400 1,633,409 1,633,409 1,167,140 2,184,901 2,177,026 1,546,676 414,700 487,710 465,363 $ 26,875,393 $ 25,936,337 $ 25,174,274 (641,986) 0 (466,269) (638,225) 50,663 $ 1,701,119 EXCESS OF REVENUES OVER/ (UNDER) EXPENSES $ 0 $ 3,280,730 $ 4,337,682 $ 4,337,682 ATTACHMENT B FY 2007/08 Enterprise Funds Summary Projection Adopted FY 2007/08 Prelim Actual/Enc Prelim - Adptd SANITATION FY 2007/08 3rd Qtr Projection 07/08 as of 1131/09 Over/ Under REVENUES CHARGES FOR SERVICES Sanitation Fees Franchise Tax-Waste Contractors Franchise Tax-Right of Way Trash Removal Roll Off Impact Fee-Construction Impact Fee-Commercial City Center RDA-Reimbursement Amended CDT Interlocal Agreement Violations/Fines Subtotal OTHER Interest EarningslOther Parking Fund Contribution Stormwater Fund Contribution Subtotal TOTAL REVENUES $ 3,333,321 $ 3,333,321 $ 3,223,597 3,197,370 3,080,315 3,236,291 356,594 355,200 374,382 100,000 200,000 60,630 869,223 750,000 1,117,381 1,016,531 1,200,000 1,081,331 668,717 680,000 664,749 1,069,477 1,069,477 1,573,929 2,970,674 2,970,674 2,357,697 75,000 120,000 51,773 $ 13,656,907 $ 13,758,987 $ 13,741,760 $ 182,200 $ 410,000 $ 593,889 351,125 351,125 351,125 584,000 584,000 584,000 $ 1,117,325 $ 1,345,125 $ 1,529,014 $ 14,774,232 $ 15,104,112 $ 15,270,774 $ (109,724) 38,921 17,788 (39,370) 248,158 64,800 (3,968) 504,452 (612,977) (23,227 $ 84,853 $ 411,689 0 0 $ 411,689 $ 496,542 EXPENSES Payroll & Fringes Operating Garbage Contracts Management Fees to GF Depreciation Debt Service -Loan Program Capital TOTAL $ 8,198,767 $ 7,055,634 $ 6,546,289 2,482,302 2,959,875 3,877,307 2,503,861. 2,443,273 2,573,656 264,500 264,500 264,500 555,378 255,378 331,561 236,424 3,526 236,424 533,000 532,200 241,378 $ 14,774,232 $ 13,514,386 $ 14,071,115 $ (1,652,478) 1,395,005 69,795 0 (223,817) 0 11 EXCESS OF REVENUES OVER/ (UNDER) EXPENSES $ 0 $ 1,589,726 $ 1,199,659 $ 1,199,659 ATTACHMENT B FY 2007/08 Enterprise Funds Summary Projection Adopted FY 2007/08 Prelim Actual/Enc Prelim - Adptd WATER OPERATIONS FY 2007/08 3rd Qtr Projection 07/08 as of 1/31/09) Over/ Under) REVENUES CHARGES FOR SERVICES Water Sales Firelines Water Connection Fees Water Tapping Subtotal OTHER Interest Earnings Miscellaneous Retained Earnin s-Capital Subtotal TOTAL REVENUES EXPENSES Payroll & Fringes Operating Water Purchase Management Fees to GF DERM Fee Depreciation Debt Service Capital ~ TOTAL EXPENSES ~ $ 22,407,566 $ 22,784,402 $ 22,209,362 100,000 75,000 73,500 3,000 3,000 0 160,000 160,000 163,386 $ 22,670,566 $ 23,022,402 $ 22,446,248 $ 70,000 $ 123,000 $ 135,220 650,000 650,000 852,683 586,000 586,000 393,332 $ 1,306,000 $ 1,359,000 $ 1,381,235 $ 23,976,566 $ 24,381,402 $ 23,827,483 $ 4,193,197 $ 3,665,867 $ 3,762,105 2,731,932 2,597,838 2,683,600 8,532,261 7,744,833 7,531,798 1,673,843 1,673,843 1,673,843 1,489,664 1,539,086 1,539,086 680,000 680,000 1,239,732 4,089,669 4,089,669 4,071,665 586,000 586,000 393,332 $ 23,976,566 $ 22,577,136 $ 22,895,161 $ (198,204) (26,500) (3,000) 3,386 $ 224,318) $ 65,220 202,683 (192,668 $ 75,235 $ (149,083) $ (431,092) (48,332) (1,000,463) 0 49,422 559,732 (18,004) 192,668 $ (1,081,405) EXCESS OF REVENUES OVER/ (UNDER) EXPENSES $ 0 $ 1,804,266 $ 932,322 $ 932,322 ATTACHMENT B FY 2007/08 Enterprise Funds Summary Projection Adopted FY 2007/08 Prelim Actual/Enc Prelim - Adptd SEWER OPERATIONS FY 2007108 3rd Qtr Pro'ection 07/08 as of 1/31/09 Over/ Under REVENUES CHARGES FOR SERVICES Sewer User Fees Sewer Connection Fees Sewer Fees-Cities Subtotal OTHER Interest Earnings Miscellaneous Retained Earnin s-Capital Subtotal TOTAL REVENUES EXPENSES Payroll & Fringes Operating Sewer Treatment Management Fees to GF DERM Fee Depreciation Debt Service ~ TOTAL EXPENSES ~ $ 26,292,385 $ 26,233,218 $ 25,932,053 35,000 37,000 69,304 2,874,132 2,031,100 2,159,388 $ 29,201,517 $ 28,301,318 $ 28,160,745 $ 215,000 $ 377,000 $ 405,659 675,000 675,000 830,337 176,600 279,796 364,070 $ 1,066,600 $ 1,331,796 $ 1,600,066 $ 30,268,117 $ 29,633,114 $ 29,760,811 $ 2,766,633 $ 2,411,799 $ 2,324,788 3,021,202 2,897,469 2,993,171 15,112,175 14,994,932 15,296,882 1,388,957 1,388,957 1,388,957 1,698,660 1,698,569 1,698,569 1,180,000 1,180,000 1,280,419 4,923,890 4,923,890 4,896,761 176,600 279,796 364,070 $ 30,268,117 $ 29,775,412 $ 30,243,617 $ (360,332) 34,304 714,744 $ (1,040,772) $ 190,659 155,337 187,470 $ 533,466 $ 507,306) $ (441,845) (28,031) 184,707 0 (91) 100,419 (27,129) 187,470 EXCESS OF REVENUES OVER/ (UNDER) EXPENSES $ 0 $ (142,298) $ (482,806) $ (482,806) ATTACHMENT B FY 2007/08 Enterprise Funds Summary Projection Adopted FY 2007108 Prelim Actual/Enc Prelim - Adptd STORMWATER ~ FY 2007/08 3rd Qtr Projection 07/08 as of 1/31/09) Over/(Under REVENUES Stormwater Fees $ 7,750,000 $ 7,750,000 $ 7,109,411 $ (640,589) Interest Earnings 400,000 300,000 297,247 (102,753) Other 0 0 2,905) (2,905) TOTAL REVENUES $ 8,150,000 $ 8,050,000 $ 7,403,753 $ 746,247 EXPENSES Payroll & Fringes Operating Contribution to Sanitation Management Fees to GF Depreciation Debt Service Ca ital TOTAL EXPENSES $ 1,710,498 $ 1,544,368 $ 1,617,568 1,484,002 1,467,116 1,633,180 584,000 584,000 584,000 264,500 264,500 264,500 130,000 130,000 320,536 3,575,000 3,575,000 3,523,339 402,000 402,000 560,245 $ 8,150,000 $ 7,966,984 $ 8,503,368 (92,930) 149,178 0 0 190,536 (51,661) 158.245 EXCESS OF REVENUES OVER/ (UNDER) EXPENSES $ 0 $ 83,016 $ (1,099,615 $ (1,099,615) ATTACHMENT C FY 2007/08 Internal Service Funds Summary Projection CENTRAL SERVICES REVENUES Inter-departmental Charges Interest/Other Retained Earnin s TOTAL REVENUES EXPENSES Payroll & Fringes Operating Postage Depreciation Ca ital TOTAL EXPENSES EXCESS REVENUES OVER/ UNDER)EXPENSES Adopted FY 2007/08 Prelim Actual/Enc FY 2007/08 3rd Qtr Pro'ection 07108 as of 1/31/09 $826,544 $829,375 $905,216 4,000 4,000 593 0 0 0 $830,544 $833,375 $905,809 $378,524 $375,380 $398,157 268,707 269,807 321,675 178,945 181,945 178,531 4,368 4,368 6,384 0 0 0 $830,544 $831,500 $904,747 $0 $1,875 $1,062 Prelim - Adptd Over/(Under $78,672 (3,407) 0 $75,265 $19,633 52,968 (414) 2,016 0 $1,062 ATTACHMENT C FY 2007/08 Internal Service Funds Summary Projection FLEET MANAGEMENT REVENUES Inter-departmental Charges Sale of City Property Interest/Other Motor Fuel Tax Refund Retained Earnin s TOTAL REVENUES EXPENSES Payroll & Fringes Operating Fuel Debt Service Ca ital TOTAL EXPENSES EXCESS REVENUES OVER/ (UNDER)EXPENSES Adopted FY 2007/08 Prelim Actual/Enc FY 2007/08 3rd Qtr Pro"ection 07/08 as of 1/31/09 $6,977,820 $7,377,264 $8,196,432 140,000 225,000 264,292 309,000 304,324 275,869 92,000 93,500 94,270 110,000 110,000 242,753 $7,628,820 $8,110,088 $9,073,616 $1,579,929 $1,591,330 $1,651,824 2,052,343 2,067,263 2,091,347 2,200,000 2,652,814 3,128,858 1,686,548 1,686,548 1,686,548 110,000 110,000 242,753 $7,628,820 $8,107,955 $8,801,330 $0 $2,133 $272,286 Prelim - Adptd Over/ Under) $1,218,612 124,292 (33,131) 2,270 132,753 $1,444,796 $71,895 39,004 928,858 0 132,753 $1,172,510 $272,286 ATTACHMENT C FY 2007/08 Internal Service Funds Summary Projection INFORMATION TECHNOLOGY REVENUES Inter-departmental Charges Other/Interest Retained Earnin s TOTAL REVENUES EXPENSES Payroll & Fringes Operating Telephone Depreciation Debt Service ~ TOTAL EXPENSES ~ EXCESS REVENUES OVER/ (UNDER EXPENSES Adopted FY 2007/08 Prelim Actual/Enc FY 2007/08 3rd Qtr Pro'ection 07/08 as of 1/31/09 $11,917,318 $11,917,318 $11,964,440 182,928 190,000 140,238 1,511,500 1,511,500 1,556,440 $13,611,746 $13,618,818 $13,661,118 $4,537,892 $4,384,408 $4,698,963 4,369,337 4,417,961 3,816,673 1,080,674 1,029,050 1,411,337 1,514,000 1,514,000 1,514,000 598,343 598,343 598,343 1, 511, 500 1, 511, 500 1, 556,440 $13,611,746 $13,455,262 $13,595,756 $0 $163,556 $65,362 Prelim - Adptd Over/(Under $47,122 (42,690) 44,940 $49,372 $161,071 (552,664) 330,663 0 0 44.940 $65,362 ATTACHMENT C FY 2007/08 Internal Service Funds Summary Projection PROPERTY MANAGEMENT REVENUES Inter-departmental Charges Other/Interest Construction Projects Retained Earnin s TOTAL REVENUES EXPENSES Payroll & Fringes Operating Depreciation Ca ital TOTAL EXPENSES EXCESS REVENUES OVER/ UNDER)EXPENSES Adopted FY 2007/08 Prelim Actual/Enc FY 2007/08 3rd Qtr Projection 07/08 (as of 1/31/09) $8,865,581 $8,629,969 $8,650,209 44,368 25,000 95,803 259,500 305,947 166,158 589,550 589,550 221,953 $9,758,999 $9,550,466 $9,134,123 $4,607,145 $4,163,967 $4,189,661 4,317,304 4,467,304 4,519,330 245,000 329,645 274,388 589,550 589,550 221,953 $9,758,999 $9,550,466 $9,205,332 $0 $0 ($71,209) Prelim - Adptd Over/ Under ($215,372) 51,435 (93,342) 367,597 ($624,876 ($417,484) 202,026 29,388 367,597) $553,667) ($71,209) ATTACHMENT C FY 2007/08 Internal Service Funds Summary Projection RISK MANAGEMENT REVENUES Inter-departmental Charges Other/Interest Retained Earnings TOTAL REVENUES EXPENSES Operating Administrative Fees Non-Operatin TOTAL EXPENSES EXCESS REVENUES OVER/ (UNDER EXPENSES Adopted FY 2007/08 Prelim Actual/Enc FY 2007/08 3rd Qtr Projection 07/08 (as of 1/31/09) $16,031,691 $15,536,141 $15,926,277 340,000 1,686,266 1,633,259 546,000 0 0 $16,917,691 $17,222,407 $17,559,536 $822,090 $621,094 $832,097 674,481 674,481 674,481 15,421,120 15,363,847 15,405,321 $16,917,691 $16,659,422 $16,911,899 $0 $562,985 $647,637 Prelim - Adptd Over/ Under ($105,414) 1,293,259 546,000) $641,845 $10,007 0 15,799) ($5,792 $647,637