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LTC 213-2012 Analysis of Budget to Actual Revenues and Expenses June 30 - September 30, 2012i MIAMIBEACH IX _.. OFFICE OF THE CITY MANAGER 2012 AUG 15 PF1 1: 35 NO. LTC# 213-2012 C Y ,fFF ��,TO COMMISSION TO: Mayor Matti Herrera Bower and Members of the City Commission FROM: Kathie G. Brooks, Interim City Manager DATE: August 15, 2012 SUBJECT: ANALYSIS OF BUDGET TO ACTUAL REVENUES AND EXPENSES FOR THE NINE MONTHS ENDED JUNE 30, 2012, WITH OPERATING BUDGET PROJECTIONS THROUGH SEPTEMBER 30, 2012 FOR CITY DEPARTMENTS The purpose of this LTC is to provide the Mayor and Commission with the status of the FY 2011/12 budget to actual revenue and expenses at the end of the third quarter with projections through September 30,2012. While projections do not provide a definitive indication of where we will be at the end of the year, with nine full months of data we have a better idea of year end results. Certain assumptions are still developing and may vary from our projections, particularly related to property tax collections. Those assumptions, as well as our continued effort at managing the City's resources will affect our final results. GENERALFUND Based on the review, it is projected that overall, General Fund revenues will exceed General Fund expenditures by$3.5 million if the City expends one quarter of the remaining city wide operating contingency amount of $192,000. The excess revenue over expenditures represents a 1.4 percent surplus from the amended budget of$245.6 million. The expected surplus is due both to revenue exceeding budget and expenditures expected to come in under budget. On the revenue side,actual revenue is exceeding budgeted revenue in:Other Taxes based on current trends in electricity franchise fees; in licenses and permits based on increases in building activity; in fines&forfeits due to increased collection of code violations and in rents& leases due to the Meridian Building, bus shelter rents, Old City Hall rentals and Penrod's Pier Park rentals. The projections reflect decreased local option gas taxes(Intergovernmental)based on trends; Fire Rescue transport revenues that are trending below budget and golf course revenues below budget although offset by decreased expenditures (Charges for Services); small decreases in Parking Fines (Fines and Forfeits); and continued de_creases in Interest Earnings. Expenditures are under budget in virtually all departments, except the Building Department, due to continued cost cutting and streamlining efforts by administration and staff. An analysis of the actual nine months of operating revenues and expenditures for the period October 1,2011 through June 30,2012, reveals an operating budget surplus of$19,930,933. While the surplus as of June 30th seems high compared to the projection for the year ending on September 30th, it should be noted that the City receives a greater percentage, historically more than 95 percent, of its ad valorem taxes in the first three quarters.Also, it is common to LTC ANALYSIS OF BUDGET TO ACTUAL REVENUES AND EXPENSES FOR THE NINE MONTHS ENDEDJUNE 30, 2012, WITH OPERATING BUDGET PROJECTIONS THROUGH SEPTEMBER 30, 2012 FOR THE GENERAL FUND Page 2 incur extra operating expenses in the last quarter as departments complete purchases before the fiscal year expires. Results at June 30th indicate that revenue is more than 80 percent of the budget and expenditures are approximately 73 percent of budget. FY 2011/12 Budget Adopted Budget as Original Adopted amended through Variance Over/ General Fund Budget 2012 February 8,2012* 3/4 of Budget Actual as of 6/30/12 (Under) Revenues $ 244,336,740 $ 245,651,521 $ 184,238,641 $ 197,884,190 $ 13,645,549 Expenditures 244,336,740 245,651,521 184,238,641 177,953,257 (6,285,384) Surplus/(Deficit) $ - $ - $ - $ 19,930,933 $ 19,930,933 A summary of preliminary projected General Fund Revenues and Expenditures as of September 30, 2012 is provided in the following table, reflecting an estimated surplus of$3.5 million at year end. FY 2011/12 Budget Adopted Budget as Projected Through Original Adopted amended through 9/30/12 As Of General Fund Budget 2012 February 8,2012* Quarter 3 Budget/Projected Revenues $ 244,336,740 $ 245,651,521 $ 246,728,000 $ 1,076,479 Expenditures* 244,336,740 245,651,521 243,081,000 (2,570,521) Surplus/(Deficit) $ - $ - $ 3,647,000 $ 3,647,000 Operating Contingency $ 192,000 Net surplus(Deficit) $ 3,455,000 *Prior to Expenditure of Operating Contingency Key drivers impacting the year end projections are property tax revenues and health insurance costs. Property tax revenues were significantly reduced in FY 2008/09, FY 2009/10 and FY 2010/11 (2.3 percent, 1.6 percent and 1.5 percent below budget at year-end,respectively)primarily due to final taxable values that have been substantially lower in the last several years than the certified values used when determining property taxes for the adopted budget. This results in receiving less property tax revenue than expected.At this time we are projecting collections for FY 2011/12 to be $108.2 million, which is a 6.95 percent total discount compared to the 5 percent discount built into the budget,as a result of normal appeals and discounts as well as a $1.2 billion drop in properly values between the July 1 certified value and final value. During the 4th calendar quarter of 2011, the employee health insurance plan had a deficit of $1.2 million caused by extraordinarily high claims, largely driven by a number of very high cost individual claimants. For the quarter, paid claims were over $5.3 million, compared to an average of$4.3 million per quarter over the first three quarters of 2011. Through May, 2012 claims have moderated,with an average of under$1.4 million per month,or slightly below the $4.3 million quarterly average we saw for the first nine months of 2011. We are continuing to monitor these costs however, the projections include an additional transfer to thehealth insurance fund of$1.2 million, allocated across all departments. Based on our discussions with our Benefits Consultant, Gallagher Benefit Services, their review of other municipal LTC ANALYSIS OF BUDGET TO ACTUAL REVENUES AND EXPENSES FOR THE NINE MONTHS ENDED JUNE 30, 2012, WITH OPERATING BUDGET PROJECTIONS THROUGH SEPTEMBER 30, 2012 FOR THE GENERAL FUND Page 3 employer plan costs suggest that the increases and average per capita costs being experienced by the City are not dissimilar to what other South Florida employers are seeing. In addition, beginning in FY 2010/11, the State Division of Retirement began monitoring employer contribution payments based on percent of payroll, and is now requiring that City's adjust their annual required contributions(ARC)at year-end based on this calculation. In the Fire and Police Pension Plan, this resulted in a credit at year-end of $1.7 million that was applied to FY 2011/12 ARC payment. The MBERP pension plan has a similar credit of$0.8 million applied to the FY 2011/12 ARC payment. At this time the credit is reflected in the City account into which payments are made by departments and from which the City's payment to each of the pension plans is made,thereby reflecting a surplus in this account. This surplus is recommended for application toward reducing the FY 2012/13 required ARC payments, partially offsetting the pension expense included in the FY 2012/13 proposed budget. Finally, as in the last few years since the economic decline, the expenditure projection continues to reflect the impact of pro-active initiatives by the City to reduce expenses below the adopted budget. These initiatives include close scrutiny of major purchases, and continuous evaluation of opportunities to reduce costs in all departments. For a detail of General Fund Revenues by category and Expenditures by Department,see the attached schedule. General Fund Operating Revenues As of June 30, 2012, revenues collected were approximately 80 percent of the amended budget or$197,884,190. Historically,the City receives more than 95 percent of its ad valorem taxes in the first three quarters, which must be considered when analyzing actual revenues and formulating year-end revenue projections. Year-end projections through September 30, 2012 which total$246,728,000 indicate that actual revenues will be above budgeted revenues by approximately$2.4 million or approximately 1 percent. Significant variances to budget in excess of$300,000 or 10 percent by revenue category are explained below: 1. Ad Valorem Tax—Property taxes are expected to be under budget by$2 million due to the difference between the certified taxable value used for calculations of property tax revenue in the adopted budget and the final taxable value after value adjustments. The difference for FY 2011/12 was a decline of$1.2 billion between the certified values used for budget and the final values. 2. Other Taxes—This category is projected to be over budget due to higher than budgeted revenue for electricity utility taxes and Communications Services Tax. 3. Licenses and Permits - This category includes business tax receipts, licenses and building and special use permits, and sidewalk cafe fee revenues and is projected to be in excess of budget by$3.7 million (21 percent of budget) primarily due to increases in building development process permits, reflecting continuing improvement in the economy. 4. Charges for Service—Excluding Golf Courses-This category includes Fire Rescue Transport Fees, Off Duty administration fees, Parks and Recreations fees and advertising revenues and other miscellaneous charges for service such as photocopies, passports, etc. Projections indicate that year-end collections will be below budget by approximately $0.4 million(7.4 percent).This is primarily due to Fire Rescue Transport Fees,which are LTC ANALYSIS OF BUDGET TO ACTUAL REVENUES AND EXPENSES FOR THE NINE MONTHS ENDED JUNE 30, 2012, WITH OPERATING BUDGET PROJECTIONS THROUGH SEPTEMBER 30, 2012 FOR THE GENERAL FUND Page 4 running 20 percent under budget due to Medicare credits, a scheduled increase in the collection fee, and a lower percentage of patients covered by either Medicare, Medicaid or private insurance. 5. Charges for Services—Golf Courses—Revenue is projected to be under budget by$.4 million in this category due primarily to a wet spring and summer which resulted in lower greens fees and cart fees. 6. Fines&Forfeits-This category includes traffic fines, local ordinance violation fees,and red light camera revenue. Projections indicate revenue will be over budget by$.5 million, despite a decline in red light camera revenue. This is primarily due to increases in building and code violation revenue. 7. Interest - Projections indicate that year-end collections will be below budget by 15 percent or$511,000 as interest earnings continue to decline. 8. Rents & Leases —Year end revenue will be over budget primarily due to the Meridian Building, bus shelter rentals, Old City Hall rentals &other rental income. General Fund Operating Expenditures As of June 30, 2012, actual expenditures were approximately 72 percent of budget or $177,953,257. Year-end projections through September 30, 2012 indicate that expenditures will be $243.3 million, approximately$2.4 million or 1 percent under-budget, assuming that one quarter of the remaining operating contingency is not expended. Significant variances to budget in excess of $300,000 or 10 percent by department are explained below: 1. Parks and Recreation - Projected to be under budget by$.4 million or 2 percent in all areas other than Golf Courses. Savings are due to salaries and various operating expense accounts in Recreation and Greenspace. 2. Building department-Projected to be over by$.3 million(which is covered by additional revenue)as a result of hiring additional contracted staff in response to increased activity in the department. 3. Fire Department-Expected to be under by$.6 million due to savings in wages, benefits and operating cost in all divisions except Fire Suppression. Of this amount, $383,000 is due to savings in operating costs as a result of moving the cost of maintenance for beach restrooms and showers to the citywide budget. 4. Police Department- Projected to be under budget by$.3 million due to continuing cost reduction efforts resulting in lower salaries and wages and lower shift differential, offset however by overtime in excess of budget.Various operating expense categories are also expected to be under budget. 5. Citywide Accounts—These accounts are over budget by$.7 million due to accumulated leave payouts, 415 excess pension plan payments, and costs for cleaning and repair of beach restrooms and showers which were formerly charged to Ocean Rescue but are now being charged to citywide accounts. LTC ANALYSIS OF BUDGET TO ACTUAL REVENUES AND EXPENSES FOR THE NINE MONTHS ENDED JUNE 30, 2012, WITH OPERATING BUDGET PROJECTIONS THROUGH SEPTEMBER 30, 2012 FOR THE GENERAL FUND Page 5 A comparison of actual and projected expenditures to budget by department is provided in the attached schedule. ENTERPRISE FUNDS The City accounts for proprietary type operations as Enterprise Funds, including the Convention Center, Parking, Sanitation,Sewer,Stormwater,and Water.The expenditures for these funds are budgeted to be fully offset by charges for services. An analysis of the actual nine month operating expenditures for the period October 1, 2011 through June 30, 2012, reveals that all funds have expenditures less than three-quarters of their budget. However, this is not representative as there is often a lag in expenditures, particularly related to those billed by outside entities. Convention ENTERPRISE FUNDS Sanitation Sewer Stormwater Water Parking Center Adopted Budget 15,929,943 ` 34,458,433 14,586,215 33,519,573 44,720,629 13,478,680 Adopted Budget Amended 1.11-12 15,936,393 34,478,643 14,588,982 33,549,062 44,739,057 13,478,680 3/4 of Budget 11,952,295 25,858,982 10,941,737 25,161,797 33,554,293 10,109,010 Expenditures as of 6/30/12 10,980,278 23,273,663 4,801,965 22,139,245 24,724,532 9,951,399 Expenditures Above 314 of Budget/(Expenditures Below 3/4 of Budget) $ (972,017) $ (2,585,319) $ (6,139,772) $ (3,022,552) $ (8,829,761), $ (157,611) The projected year-end operating revenues and expenditures through September 30,2012,is, however, a more realistic snapshot of anticipated surplus or shortfall at this point in time. All Enterprise Funds are anticipated to have a surplus at year-end. In Sanitation the surplus is due to a FEMA reimbursement for costs associated with Hurricane Wilma. In all other Enterprise Funds the surplus is due to revenues in excess of budget, primarily due to budgeted revenues at 95 percent. In Parking the surplus is anticipated to be $2.3 million. Together with the$5.25 million budgeted as reserves,this should provide sufficient year-end available cash balance for the annual transfer of $7.2 million to the General Fund in FY 2012/13. In Water,Sewer,and Stormwater the surplus funds will be used to augment the Rate Stabilization Fund or for funding of future capital projects. As shown in the following table, in all funds revenues are projected to be equal to or exceed expenditures,despite all absorbing anticipated increases in the funding of the actuarial liability for post retirement health insurance and additional transfers to the medical and dental self insurance fund. However,the Sanitation Fund,Sewer Fund and Parking fund are anticipated to be in excess of budget, although only the Sewer Fund is anticipated to be in excess of budget by more than $300,000 or 10 percent. LTC ANALYSIS OF BUDGET TO ACTUAL REVENUES AND EXPENSES FOR THE NINE MONTHS ENDED JUNE 30, 2012, WITH OPERATING BUDGET PROJECTIONS THROUGH SEPTEMBER 30, 2012 FOR THE GENERAL FUND Page 6 Convention ENTERPRISE FUNDS Sanitation Sewer Stormwater Water Parking _Center Adopted Budget $ 15,936,393 :$ 34,478,643 $ 14,588,982 $ 33,549,062 $ 44,739,057 $ 13,478,680 Projected Revenues Charges for Service $ 11,688,124 $ 35,179,031 $ 11,615,250 $ 33,095,593 34,967,530 9,307,000 Other $ 5,187,518 $ 1,141,787 254,760'$ 939,872 $ 12,264,091 4,645,000 Projected Revenues $ 16,875,642 $ 36,320,818'$ 11,870,010 $ 34,035,465 $ 47,231,621 $ 13,952,000 Projected Expenditures $ 16,091,000 $ 35,676,000 $ 11,660,000 $ 34,018,000 $ 44,916,000 1$ 13,692,000 Surplus/(Shortfall) $ 784,642 $ 644,818 $ 210,010 $ 17,465 $ 2,315,621 $ 260,000 Variance from Expenditure Budget $ 154,607 $ 1,197,357 $ (2,928,982) $ 468,938 $ 176,943 $ 213,320 Significant variances to budget in excess of $300,000 or 10 percent by department are explained below: 1. Sewer expenditures are expected to be over budget primarily due to absorbing increases in sewer treatment expense due to flows in excess of budgeted amounts, which is offset by increased revenues. 2. The St®rmwater Fund expense is projected to be$2.9 below budget consistent with the projection in the first quarter report, due to the timing and structuring of the sale of the stormwater bonds, and refinancing of existing bonds, resulting in lower debt service in the first year than previously anticipated. 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. An analysis of the actual nine month operating expenditures for the period October 1, 2011 through June 30, 2012, reveals that all funds have expenditures less than three-quarters of their budget. However, as with Enterprise Funds,this is not representative as there is often a lag in expenditures, particularly related to those billed by outside entities. CENTRAL INFORMATION PROPERTY INTERNAL SERVICE FUNDS SERVICES FLEET MGT TECHNOLOGY MGT RISKMGT Adopted Budget $ 886,490 $ 8,179,436 : $ 15,229,854 $ 8,234,369 ; $ 21,750,296 Adopted Budget Amended 1-11-12 $ 886,850 $ 8,180,390 ' $ 15,535,011 $ 8,234,967 $ 21,750,296 3/4 of Budget 665,138 6,135,293 11,651,258 6,176,225 16,312,722 Expenditures as of 6/30/12 611,200 6,089,671 10,075,443 ! 5,252,763.00 14,848,798 Expenditures Above 3/4 of i Budget/(Expenditures Below 3/4 of Budget) $ (53,938) $ (45,621) $ (1,575,815). $ (923,462); $ (1,463,924) Based on the more realistic projection of year-end operating revenues and expenditures through September 30, 2012, expenditures are expected to exceed budget in five funds: Central Services due mainly to an increase in Other Post Employment Benefit (OPEB) charges; Fleet management due to increased costs for debt service and fuel; Information Technology as a result of an increase in OPEB and a Health Insurance adjustment, Property Management due to OPEB costs, and Risk management due to increased claims liability. In addition, Central Services, Property Management, Fleet Management and Information Technology are expected to have increased chargebacks to other departments to offset these LTC ANALYSIS OF BUDGET TO ACTUAL REVENUES AND EXPENSES FOR THE NINE MONTHS ENDED JUNE 30, 2012, WITH OPERATING BUDGET PROJECTIONS THROUGH SEPTEMBER 30, 2012 FOR THE GENERAL FUND Page 7 increased costs. CENTRAL INFORMATION PROPERTY INTERNAL SERVICE FUNDS SERVICES FLEET_ MGT TECHNOLOGY MGT RISK MGT Adopted Budget Amended 1-11-12 $ 886,850 $ 8,180,390 $ 15,535,011 $ 8,234,967 $ 21,750,296 Interdepartmetnal charges 906,000 7,957,000 13,804,000 7,940,000 20,750,000 Other Revenues 20,000 485,000 1,818,000 470,000 1,061,000 Projected Revenues $ 926,000 $ 8,442,000 $ 15,622,000 $ 8,410,000 $ 21,811,000 Projected Expenditures $ 926,000 $ 8,442,000 $ 15,622,000 $ 8,410,000 $ 21,811,000 Surplus/(Shortfall) $ - $ - $ - $ - $ - Variance from Expenditure Budget $ 39,150 $ 261,610 $ 86,989 $ 175,033 $ 60,704 Variance for interdepartmental Charges from Budget $ 49,510 $ - $ 363,000 : $ 53,003 ' $ 7,890 There are no Internal Service Fund variances to budget in excess of$300,000 or 10 percent. RESORT TAX FUND The City's Resort tax Fund is primarily supported by resort taxes collected pursuant to Chapter 67-930(Section 6)of the Laws of Florida, as amended, and Section 5.03 of the City of Miami Beach Charter, as amended. This legislation authorizes the use of resort taxes for the promotion of the tourism industry, which includes, but is not restricted to the following: publicity, advertising, news bureau, promotional events, convention bureau activities, capital improvements and the maintenance of all physical assets in connection therewith;and for the payment of the reasonable and necessary expenses of collecting, handling and processing of said tax. Typically,the City has considered the following services as"Services related to the promotion of tourism": • Police officers serving entertainment areas • A portion of Fire rescue services from Fire Stations 1&2 • Ocean Rescue services • Sidewalk pressure cleaning in south, middle and north beach visitor areas • South Beach sanitation • Enhanced code compliance provided to respond to evening entertainment area violations and staffing of special events • Other code compliance activities in tourism and visitor related facilities/areas • Tourism and p n Culture Department and the Cultural Arts Council • Museums and Theatres (Garden Center, Bass Museum, Colony and Byron Carlyle Theatres) • Golf courses (net of revenues) • Memorial Day and other special event costs • Homeless services • July 4th, Visitor Center funding, Holiday Lights, Festival of the Arts, Jewish Museum, MDPL, Orange Bowl, Monuments, etc. These allowable uses have led to increased tourist activities, such as special events, Art Basel, and various concerts. LTC ANALYSIS OF BUDGET TO ACTUAL REVENUES AND EXPENSES FOR THE NINE MONTHS ENDED JUNE 30, 2012,WITH OPERATING BUDGET PROJECTIONS THROUGH SEPTEMBER 30, 2012 FOR THE GENERAL FUND Page 8 The 2 percent Resort Tax Fund operating revenues are projected to be in excess of budget by approximately $5.7 million and, as a result, payments to the Visitor's Convention Authority (VCA)which are based on a percent of revenues are projected to exceed budget by$300,000. In addition,expenditures related to Memorial Day,Spring Break,and other special events are projected to exceed budget by approximately$600,000 due to significantly enhanced efforts during these events. In addition to the uses listed above,the proceeds of the additional one percent(1 percent)tax are used as follows. Fifty percent of the amount earned is committed to the payment of a portion of the debt service on the Miami Beach Redevelopment Agency City Center/Bonds. The remaining fifty percent is allocated equally among North Beach, Middle Beach,and South Beach for capital projects that enhance Miami Beach's tourist related areas and various arts and cultural programs. The 1 percent Resort Tax Fund operating revenues are projected to be in excess of budget by approximately $.8 million and, as a result, the debt service and transfers to North Beach, Middle Beach, and South Beach for capital projects and the transfers to the arts and cultural programs are projected to exceed budget as shown below. In total,the projection results in a net operating surplus of approximately$4.9 million for the 1 percent and 2 percent Resort Tax revenues and expenditures, combined. RESORT TAX FUND _ - _ - Expenditures Above 3/4 of Budget/ (Expenditures Projected Budget Actual as of Below 3/4 of 9/30/12 as of Revenues _ FY2011/12 3/4 Of Budget 06/30/12 Budget) Quarter 3 Variance 2%Resort Tax $ 38,369,362 $ 2.8,777,022 $ 3.2,268,214 $ 3,491,193 $44,110,000 $ 5,740,638 19/6 Resort Tax 8,596,953 6,447,715 7,405,090 957,375 9,360,000 763,047 Other Revenues 639,012 479,259 713,499 234,240 730,000 90,988 Total Revenue $ 47,605,327 $ 35,703,995 $ 40,386,803 $ 4,682,808 $ 54,200,000 $ 6,594,673 Expenditures General Fund Contribution $ 26,965,440 $ 20,224_,080 $ 19,849,080 $_ (375,000) $ 26,970,000;$_ 4,560 Other Operating/Other Uses 3,655,100 2,741,325 2,412,070 (329,255) 4,280,000 624,900 Contributions to VC A- and G_MCVB 7,070,834 5,303,126 5,943,803 640,678 7,370,000 299,166 Marketing 100,000 75,000 2,500 (72,500) 100,000 Contingency - _ - - - - 2%Debt Service 1,217,000 912,750 1,217,000 304,250 1,220,000 3,000 1%Debt Service 41298,477 3,223,858 3,320,522 96,664 4,680,000 381,523 Transfer to Capital and the Arts(1%) 4,298,476 3,223,857 3,889,894 666,037 4,6801000 381,524 Total Expenditure t$ 47,605,327 $ 35,703,995 $ 36,634,869 $ 930,874 $49,308,000 $ 1,694,673 Surplusl(Deficit) $ - $ - $ 3,751,934 $ 3,751,934:$ 4,892,000 :$ 4,900,000 CONCLUSION This analysis of budget to actual operating revenues and expenses with projections through September 30, 2012, provides the status of the FY 2011/12 Adopted Budget as Amended as of the first nine months of the Fiscal Year. The Administration will continue to monitor revenues and expenses to ensure that we close the fiscal year in a positive position with overall revenues exceeding overall expenses. KGB/TF FY 2011/12 FY 2011/12 FY 2011112 Actual as of % Proj.FY 2011112 3Q Proj-Amnd Amended Amended of Budget 1-11-12 2-08-12 30-Jun-12 budget As of Quarter 3 Over/(Under) REVENUES Ad Valorem Taxes 98,198,923 98,198,923 98,198,923 92,262,366 94% 96,152,000 $ (2,046,923) Ad Valorem Taxes-S Pte Costs 10,439,424 10,439,424 10,439,424 9,808,315 94% 10,222,000 (2171 424) Ad Valorem Cap.Renewal&Replace. 1,755,752 1,755,752 1,755,752 1,649,609 94% 1,719,000 (36,752) Ad Valorem Taxes-Norm Shores 108,469 108,469 108,469 101,912 94% 107,000 (1,469) Other Taxes 24,278,385 24,278,385 24,278,385 15,820,414 65% 24,633,000 354,615 Licenses and Permits 17,074,053 17,074,053 17,686,553 17,804,317 101% 21,369,000 3,682,447 Intergovernmental 10,091,000 10,091,000 10,091,000 6,878,834 68% 9,888,000 (203,000) Charges for Services 4,879,252 4,879,252 4,879,252 3,662,291 75% 4,517,000 (362,252) Golf Courses 5,805,119 5,805,119 5,805,119 4,311,145 74% 5,390,000 (415,119) Fines and Forfeits 2,574,000 2,574,000 2,574,000 2,428,604 94% 3,107,000 533,000 Interest 3,430,000 3,430,000 3,430,000 945,492 28% 2,919,000 (511,000) Rents and Leases 6,034,143 6,034,143 6,034,143 4,680,249 78% 6,372,000 337,857 Miscellaneous 12,423,449 12,423,449 12,423,449 5,882,860 47% 12,361,000 (62,449) Other-Resort Tax contribution 26,965,440 26,965,440 26,965,440 25,661,580 95% 26,965,000 (440) Other-Non Operating revenues 7,981,502 7,981,502 7,981,502 5,986,202 75% 7,978,000 (3,502) Reserve-Building Department Ops. 1,546,709 1,546,709 1,546,709 - 0% 1,547,000 291 Prior Year-End Surplus Set Aside 3,551,120 4,253,401 4,253,401 - 0% 4,282,000 28,599 Prior Yr Surplus from Parking Oper Fd 7,200,000 7,200,000 7,200,000 - 0% 7,200,000 0 Fund Bal-Resry Future Budget Shortfalls - - - - - - 0 TOTAL REVENUES $244,336,740 $245,039,021 $ 245,651,521 $ 197,884,190 1 80%1 246,728,000 $ 1,076,479 EXPENDITURES Mayor and Commission 1,583,448 1,583,448 1,583,448 1,162,272.00 73% 1,564,000 $ (19,448) City Manager 2,335,776 2,335,776 2,335,776 1,602,117.00 69% 2,200,000 (135,776) Communications 909,730 909,730 909,730 623,866.00 69% 891,000 (18,730) City Clerk 1,560,178 1,566,868 1,566,868 998,978.00 64% 1,520,000 (46,868) Finance 4,275,284 4,275,479 4,275,479 3,094,461.00 72% 4,263,000 (12,479) Office of Budget&Perf Improve. 1,917,136 1,917,136 1,917,136 1,381,328.00 72% 1,863,000 (54,136) Human Resources/Labor Relations 1,772,358 1,772,358 1,772,358 1,242,970.00 70% 1,699,000 (73,358) Procurement 962,664 962,664 962,664 652,912.00 68% 932,000 (30,664) City Attorney 4,159,498 4,159,498 4,159,498 3,006,281.00 72% 4,143,000 (16,498) Real Estate,Housing&Comm Dev 815,091 815,091 815,091 619,151.00 76% 736,000 (79,091) Community Services 434,834 434,834 434,834 314,666.00 72% 433,000 (1,834) Homeless Services 921,844 921,844 921,844 550,097.00 60% 845,000 (76,844) Building 9,975,047 10,043,341 10,655,841 7,589,795.00 71% 10,958,000 302,159 Code Compliance 4,355,491 4,355,491 4,355,491 3,200,722.00 73% 4,342,000 (13,491) Planning 3,187,333 3,208,324 3,208,324 2,348,876.00 73% 3,205,000 (3,324) Tourism&Cultural Development 2,426,925 2,427,086 2,427,086 1,626,210.00 67% 2,378,000 (49,086) Parks and Recreation 21,894,546 21,894,546 21,894,546 14,624,951.00 67% 21,456,000 (438,546) Golf Courses 6,198,289 6,198,289 6,198,289 4,696,311.00 76% 5,956,000 (242,289) Public Works 6,378,093 6,557,821 6,557,821 4,180,041.00 64% 6,362,000 (195,821) Capital Improvement Program 4,744,094 4,777,185 4,777,185 2,970,098.00 62% 4,559,000 (218,185) Fire 58,942,391 59,001,680 59,001,680 43,832,850.00 74% 58,403,000 (598,680) Police 91,992,541 91,993,213 91,993,213 68,389,944.00 74% 91,659,000 (334,213) Citywide Accounts 8,922,525 9,255,695 9,255,695 6,657,968.00 72% 9,999,000 743,305 Citywide Acc-Operating Contingency 951,612 951,612 951,612 - - - (951,612) Citywide Accounts-Normandy Shore 166,875 166,875 166,875 166,875.00 100% 167,000 125 Citywide Accounts-Transfers 797,385 797,385 797,385 663,765.00 83% 792,000 (5,385) Reserve-Future Budget Shortfalls - - - 0 Capital Renewal&Replacement 1,755,752 1,755,752 1,755,752 1,755,752.00 100% 1,756,000 248 0 TOTAL EXPENDITURES $244,336,740 $245,039,021 $ 245,651,521 $ 177,953,257 72% $ 243,081,000 $ 2,570,521 EXCESS OF REVENUES OVER/ UNDER EXPENDITURES $ - $ - $ - $ 19,930,933 $ 3,647,000 $ 3,647,000 Citywide Acc-Operating Contingency - - - - 192,000 192,000 EXCESS OF REVENUES OVER/ (UNDER)EXPENDITURES(NET OF OPERATING CONTINGENCY $ - $ - $ - $ 19,930,933 $ 3,455,000 $ 3,455,000