LTC 182-2017 FY 201617 First Quarter AnalysisMIAMI BEACH
OFFICE OF THE CITY MANAGER
NO. LTC# 182 -2017
LETTER TO COMMISSION
TO: Mayor Philip Levine and Members of he City Commi':sion
FROM: Jimmy L. Morales, City Manager
DATE: April 5, 2017
SUBJECT: FY 2016/17 First Quarter Analysis
The purpose of this LTC is to provide the Mayor and Commission with the status of the FY
2016/17 budget to actual revenue and expenses reflected at the end of the first quarter with
projections through September 30, 2017. The City's Charter requires that "the City Manager
shall make public a quarterly report showing the actual expenditures during the quarter just
ended against one quarter of the proposed annual expenditures set forth in the budget."
The first quarter of any fiscal year is not necessarily the most reliable indication of the
experience for the remainder of the fiscal year, but does provide a first glance in identifying any
potential issues. Certain assumptions for both revenue and expenditures were made that are
still developing and will be adjusted for in later projections. These assumptions, along with our
continued effort at managing the City's resources and ongoing adjustments to line item
revenues and expenditures throughout the year will affect our projections going forward.
The First FY 2016/17 budget amendment adopted by the City Commission on November 18,
2016, recognized a preliminary year -end surplus of $4.558 million. Of this surplus, $2,230,250
was allocated to the 11 percent Emergency reserves, $1,092,000 funded rollover requests and
the remainder, $1,235,750, was set aside to supplement the 6 percent optional Emergency
Reserves. The Second Budget Amendment approved on February 8, 2017, added $445,740
from other sources to the General Fund, $733,260 from General Fund Balance, realigned
$491,000 within the General Fund and appropriated $1,218,000 to Special Revenue Funds.
GENERAL FUND
Based upon this first quarter analysis, it is projected that General Fund revenues will exceed
expenditures by $627,000.
General Fund Overview
An analysis of the actual three -month operating revenues and expenditures for the period
October 1, 2016 through December 31, 2016, reveals an operating budget surplus of $111.2
million. While the surplus as of December 31, 2016 seems unusual as compared to the
projection for the fiscal year ending on September 30, 2017, it should be noted that the City
receives a greater percentage of ad valorem taxes during the first quarter, (historically 60
percent). Ad valorem tax revenues represent approximately 51 percent of total budgeted
revenues and represent 79 percent of the revenues received in the first quarter of the fiscal
year.
As of December 31, 2016, revenues collected were approximately 57 percent of the amended
LTC — FY 2016/17 First Quarter Analysis
Page 2 of 9
budget or $182.8 million. Expenditures are approximately 22 percent of the amended budget or
$71.6 million; however, there are often delays in expenditures in the first quarter of the fiscal
year.
General Fund
Adopted Budget
FY 2016/17 Budget
Amended Budget 1/4 of Amended Budget
Revenues
Expenditures
$ 317,252,000
$ 317,252,000
$ 319,523,000
$ 319,523,000
79, 880, 749, 96
79,880,749.96
Actuals as of
12/10/2016
$ 182,778,134
$ 71,567,326
Variance from 1/4
Amended Budget
Over / (Under)
102,897,384
(8,313,424)
Surplus/ (Deficit) $
111,210,808
General Fund Year -End Projections
The projected year -end operating revenues and expenditures through September 30, 2017,
provide a more realistic snapshot of anticipated year -end shortfalls or surpluses at this point in
time. Further, while the actual revenues and expenditures presented are as of December 31,
2016, some of the projections have incorporated more recent information, if available.
A summary of preliminary projected General Fund Revenues and Expenditures through
September 30, 2017, reflects a surplus totaling $627,000. It should be noted that this analysis is
a preliminary projection based on the experience in the first quarter, which is not necessarily the
most reliable indication of the experience for the remainder of the fiscal year, but does provide a
first glance in identifying any potential issues.
FY 2016/17 Budget
General Fund
Adopted Budget
Amended Budget
Protected
Variance
Projected v Amended
Budget
% Over / (Under)
Revenues
Expenditures
$ 317,252,000
317,252,000
319,523,000
319,523,000
319,205,000
318,578,000
(318, 000)
(945,000)
-0,1%
-0.3%
Surplus / (Deficit) $ 627,000
General Fund Operating Revenues
For a detail of General Fund Revenues by category, see attached Schedule A.
At this time, we are projecting property tax collections for FY 2016/17 at 95 percent of total
property taxes assessed and consistent with the original adopted budget, thereby, allowing
adjustments for discounts, as well as, a level of adjustments due to appeals similar to long -term
historical levels. It is important to note, that in the last few years, property tax collections have
been below prior year levels due to higher levels of appeals and adjustments. The impact of
appeals and adjustments for the FY 2016/17 budget will be provided by the Miami -Dade County
Property Appraiser in July.
Overall, revenues are projected to be $318,000 below the amended budget. As in prior years,
significant variances to budget in excess of $300,000 or 10 percent by revenue category are
explained below:
Other Taxes — This category includes franchise tax revenues such as electricity, gas,
waste contractors, and cable TV and is projected to be lower than budget by $525,000,
primarily due to a decrease in projected electricity revenues.
Fines & Forfeits — This category includes traffic and parking fines, building code violations,
code enforcement violations, and other items. The revenue projection for Fines & Forfeits
is higher than amended budget by 17.7% or $319,000, primarily due to Code Enforcement
Violations ($130,000) and Public Works elevator violations that were previously
unbudgeted ($200,000).
LTC — FY 2016/17 First Quarter Analysis
Page 3 of 9
Rents and Leases This category includes revenue from various rentals and leases
realized from city properties. Projected collections are $483,000 lower than amended
budget primarily due to changes in contract terms for Colony Theater ($190,000) and Live
Nation ($142,000).
Miscellaneous — This category includes revenue from various categories such as
concessions, reimbursements and miscellaneous revenue categories like beach access
fees and sale of city property. Projected collections are $761,000 higher than amended
budget primarily due to previously unbudgeted fee collections for Concessions ($401,000)
and an increased projection in Design Review fees ($265,000).
General Fund Operating Expenditures
As of December 31, 2016, actual expenditures were approximately 22 percent of budget or
$71.6 million. Year -end projections through September 30, 2017, indicate that expenditures will
be $318.6 million, approximately $945,000 (0.3 percent) below the amended budget. The
expenditure projections are based on the first quarter analysis and will be continually monitored
and updated.
A comparison of actual and projected expenditures to budget by Department is provided in the
attached Schedule A. As in prior years, Departments projected to exceed budget or with
significant variances to budget in excess of $300,000 or 10 percent are explained below:
Building — The department is preliminarily estimated to be below the amended budget by
3.3 percent or $494,000. The variance is due primarily to projected savings in professional
services.
Building
Expenditures
Amended Budget
15,153, 000
Projected
$
14, 659, 000
Variance
Projected v Amended
Budget
$
(494, 000)
% Over / (Under)
-3.3%
Communications — The department is preliminarily estimated to be above the amended
budget by 6.6 percent or $131,000. The variance is due primarily to personnel changes
including reclassifications and promotions.
Amended Budget
Communications
Projected
Expenditures
1,995,000
$
2,126, 000
Variance
Projected v Amended
Budget
$
131,000
% Over / (Under)
6.6%
Emergency Management — The department is preliminarily estimated to be above the
amended budget by 2 percent or $211,000. The variance is due primarily to increases in
the usage of contracted services, specifically security services citywide to enhance public
safety and emergency call taker services due to staffing shortages in the E -911 call center
managed by the department's Public Safety Communications Unit (PSCU), The PSCU is
responsible for operating the City's centralized emergency call center where all emergency
calls are received and routed to the appropriate first responders.
LTC — FY 2016/17 First Quarter Analysis
Page 4 of 9
Emergency Management
Amended Budget
Projected
Variance
Projected v Amended
Budget
% Over / (Under)
Expenditures
10, 370, 000
10,581,000
$ 211,000
2.0%
Environment & Sustainability — The department is preliminarily estimated to be below the
amended budget by 10.5 percent or $121,000. The variance is due primarily to salary
savings,
Environment & Sustainability
Amended Budget
Expenditures
Projected
$ 1,153, 000
Variance
Projected v Amended
Budget
1,032,000
% Over / (Under)
(121,000)
- 10.5%
Planning — The department is preliminarily estimated to be above the amended budget by
1.9 percent or $81,000. The variance is due primarily to salary increases for various
personnel in the department, as well as an increase in overtime expenditures resulting from
increased demand for expedited plans review services provided. Overtime expenditures
resulting from expedited plans review services are, however, offset by revenues.
Planning
Amended Budget
Projected
Variance
Projected v Amended
Budget
% Over / (Under)
Expenditures
4,306,000
4,387,000
81,000
1.9%
Citywide Accounts — The Citywide Accounts are projected to be above the amended
budget primarily due to conservatively maintaining contingency funds at budgeted amounts.
Citywide Accounts
Amended Budget
Projected
Variance
Projected v Amended
Budget
% Over / (Under)
Expenditures
$ 18,237,260
18, 822, 000
584,740
3.2%
ENTERPRISE FUNDS
The City accounts for proprietary operations in Enterprise Funds. Convention Center, Parking,
Sanitation, Sewer, Stormwater, and Water are included in this grouping. The expenditures for
these funds are budgeted to be fully offset by charges for services.
An analysis of the actual three -month operating expenditures for the period October 1, 2016
through December 31, 2016, reveals that Sanitation, Sewer, Stormwater, Parking, and
Convention Center have expenditures less than one - quarter of their budget. However, this is
not representative of trends for a full fiscal year, as there is often a lag in expenditures,
particularly related to those billed by outside entities.
fin
LTC — FY 2016/17 First Quarter Analysis
Page 5 of 9
ENTERPRISE FUNDS
Itafiol
In
wentot
center
FY 2016/17 Adopted Budget
Budget Amendment - 11/18/16
Budget Amendment - 02/08/17
FY 2016 /17 Amended Budget
20,624,000
262,000
54,156,000 28,334,000 34,402,000
516,000 198,000 393,000
60, 815, 000 11, 038, 000
553,000 -
20,886,000 54,672,000 28,532,000 34,795,000 61,368,000 11,038,000
1/4 Adopted Budget
1/4 Amended Budget
Expenditures as of 12/31/2016
5,156,000 13,539,000 7,083,500 8,600,500 15,203,750 2,759,500
5,221,500 13,668,000 7,133,000 8,698,750 15,342,000 2,759,500
4,026,905 15,628,213 3,311,749 9,746,549 9,134,409 2,704,061
Expenditures Above /(Below) Amended Budget
% Variance
(1,194,595) 1,960,213 (3,821,251) 1,047,799 (6,207,591) (55,439)
-5.7 % 3,6% - 13.4% 3.0% - 10.1% -0.5%
The projected year -end operating revenues and expenditures through September 30, 2017, is,
however, a more realistic snapshot of any anticipated surplus or shortfall at this point in time. In
addition, while the actual revenues and expenditures presented are as of December 31, 2016,
the projections have incorporated more recent information, as available.
As represented below, Sewer, Parking and Convention Center revenues are projected to be
equivalent to expenditures. All other funds are projected to net a surplus at the end of the fiscal
year.
ENTERPRISE FUNDS
FY 2016/17 PROJECTED REVENUES
Charges for Services
Other
15,375,000 49,654,000 28,856,000 34,410,000 50,129,000 7,343,000
5,302,000 1,211,000 550,000 1,254,000 7,733,000 2,413,000
FY 2016/17 Revenue Projection
FY 2016/17 Expenditure Projection
Surplus /(Shortfall)
20,677,000
50,865,000
29,406,000
35,664,000
57,862,000 9,756,000
20,599,000 50,865,000 27,380,000 34,604,000 57,862,000 9,756,000
78,000 0 2,026,000 1,060,000
0 0
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, Medical and Dental, and Risk Management
(Self Insurance) are included in this grouping.
An analysis of the actual three -month operating expenditures for the period October 1, 2016
through December 31, 2016, reveals that all funds have expenditures less than one - quarter of
the FY 2016/17 Amended Budget. These variances are primarily due to expenditures that will
be incurred later in the fiscal year.
INTERNAL SERVICE FUNDS
FY 2016/17 Adopted Budget
Budget Amendment - 11/18/16
Budget Amendment - 02/08/17
1,015,000 9,547,000 16,828,000 8,409,000 17,580,000
5,000
50,000 202,000
30,532,000
Amended Budget
1,015,000 9,597,000 17,030,000 8,409,000 17,585,000 30,532,000
1/4 Adopted Budget
1/4 Amended Budget
253,750 2,386,750 4,207,000 2,102,250 4,395,000 7,633,000
253,750 2,399,250 4,257,500 2,102,250 4,396,250 7,633,000
Expenditures as of 12/31/2016
249,938 1,163,413 1,923,089 1,428,867 1,728,219 6,309,770
Expenditures Above /(Below) Amended Budget
% Variance
(3,812) (1,235,837) (2,334,411) (673,383) (2,668,031) (1,323,230)
-0.4% -12.9% - 13,7% -8.0% - 15.2% -4.3%
Based on the more realistic projection of year -end operating revenues and expenditures through
September 30, 2017, and incorporating more recent information as available, all Internal Service
LTC — FY 2016/17 First Quarter Analysis
Page 6 of 9
Funds are expected to have revenues equal to or in excess of expenditures.
INTERNAL SERVICE FUNDS
in
ins
FY 2016/17 PROJECTED REVENUES
Charges for Services
Other
616,000 9,524,000 15,815,000 7,972,000 15,948,000 30,558,000
497,000 73,000 1,208,000 204,000 672,000 536,000
FY 2016/17 Revenue Projection
FY2016/17 Expenditure Projection 1,015,000 9,175,000 17,023,000 8,176,000 16,620,000 30,532,000
Surplus /(Shortfall)
1,113,000 9,597,000 17,023,000 8,176,000 16,620,000 31,094,000
98,000
422,000
0
0
0 562,000
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for revenues and expenditures that are legally
restricted or committed for specific purposes other than debt or capital projects. Special
Revenue Funds include the Resort Tax Fund as well as 7th Street Garage Operations; 5th &
Alton Garage Operations; Art in Public Places; Tourism and Hospitality Scholarship Program;
Green /Sustainability Fund; Waste Hauler Additional Services and Public Benefit Contribution
Fund; Education Compact Fund; Red Light Camera Fund; Emergency 911 Fund; Information
and Communications Technology Fund; People's Transportation Plan Fund; Concurrency
Mitigation Fund; Miami Beach Cultural Arts Council; Police Special Revenue Account; Police
Confiscation Trust Funds (Federal and State); and Police Training and School Resources Fund.
All special revenue funds are projected to be at or under the amended budget. More detailed
information is provided for the Resort Tax fund below.
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 tourist 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 /Enforcement provided to respond to evening entertainment
area violations and staffing of special events
• Other Code Compliance /Enforcement activities in tourism and visitor related
facilities /areas
• Tourism and Cultural Development Department and the Cultural Arts Council
• Museums and Theatres (Garden Center, Bass Museum, Colony and Byron Carlyle
Theatres)
• Golf courses (net of revenues)
LTC — FY 2016/17 First Quarter Analysis
Page 7 of 9
• 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 tourism related activities, such as special events,
Art Basel, and various concerts.
The 2 percent Resort Tax Fund operating revenues are projected to be below budget by
approximately by 6.4 percent or $3.8 million and, as a result, the contribution to the Visitor's
Convention Authority (VCA) which is based on a percent of revenues, is projected to be below
budget.
The proceeds of the additional one percent (1 percent) bed tax are used as follows; 45% is
allocated for Transportation initiatives in tourist - related areas; 15% is allocated equally among
North Beach, Middle Beach and South Beach for capital projects that enhance Miami Beach's
tourist related areas, and 10% is allocated to various arts and cultural programs. The 1 percent
Resort Tax Fund operating revenues are projected to be lower than budget by approximately
2.5 percent or $357,000.
The proceeds of the additional 1% bed tax for the Convention Center debt service are also
projected to be lower than budget by approximately 2.5 percent or $357,000.
In total, the projected revenues are estimated to be below budget by 5 percent or $4.5 million
and expenditures to be below budget by 1.8 percent or approximately $1.6 million. This results
in a net operating deficit of approximately $2.9 million for the Resort Tax revenues and
expenditures, combined.
RESORT TAX FUND
FAY 20 / '
_t�p£Yt�r
} nded
tuatsr o
'2016/ (
Ove1 t Eder)
�tdget<ast
ended z
Revenues
2% Resort Tax
59;657,000
59,657,000
10,997,671
55,866,000
(3,791,000)
-6.4%
1% Resort Tax
14,065,000
14,065,000
2,539,085
13,708,000
(357,000)
-2.5%
Additional 1 %for Convention Center
13,000,000
14,065,000
2,539,085
13,708,000
(357,000)
-2.5%
Transfer in from Fund Balance
0
1,731,000
0
1,731,000
(0)
0.0%
Total Revenues
86,722,000
89,518,000
16,075,842
85,013,000
(4,505,000)
-5.0%
Expenditures
General Fund Contribution
37,609,000
37,609,000
18,804,500
37,609,000
-
0.0%
Contributions to VCA and GMCVB
9,332,000
9,332,000
1,900,937
8,866,000
(466,000)
-5.0%
Contribution to Mt. Sinai
1,000,000
1,000,000
0
1,000,000
-
0.0%
Other Operating /Other Uses
11,336,000
13,067,000
1,636,542
12,747,000
(320,000)
-2.4%
Marketing
350,000
350,000
88,448
305,000
(45,000)
- 12,9%
Contingency
30,000
30,000
0
-
(30,000)
- 100%
Additional 1 %Debt Service for Convention Center
13,000,000
14,065,000
0
13,708,000
(357,000)
-2,5%
Transfer to Capital, Transp, and Arts
14,065,000
14,065,000
2,539,085
13,708,000
(357,000)
-2,5%
Total Expenditures
86,722,000
89,518,000
24,969,513
87,943,000
(1,575,000)
-1.8%
Surplus /(Deficit)
0
0
(8,893,671)
(2,930,000)
CONCLUSION
This analysis of budget to actual operating revenues and expenses with projections through
September 30, 2017, provides the status of the FY 2016/17 Budget for the first three months of
the fiscal year. Although the first quarter of any fiscal year is not necessarily the most reliable
indication of the experience for the remainder of the fiscal year, it does provide a first glance in
identifying any potential issues.
LTC — FY 2016/17 First Quarter Analysis
Page 8 of 9
Based on preliminary projections, the General Fund is anticipated to have a $667,000 surplus at
year -end. We will continue to monitor these funds on an ongoing basis.
JLM /CGR
LTC - FY 2016/17 First Quarter Analysis
Page 9 of 9
SCHEDULE A
CITY OF MIAMI BEACH
FY 2016/17 GENERAL FUND
1st QUARTER
FY 2016/17
Adopted
Budget
Amended
FY2016/17
Budget
AcfUeIS as of -
December 3l,
2016
6Y 2016/17
Year End
Projections(rd)
a a
a
e
.
REVENUES
Ad Valorem Taxes
159,950,000
159,950,000
144,135,775
159,950,000
-
0.0%
Ad Valorem Taxes - Capital Renewal & Replacement
662,000
662,000
662,000
662,000
-
0.0%
Ad Valorem Taxes - Normandy Shores
169,000
169,000
169,000
169,000
-
0.0%
Other Taxes
23,732,000
23,732,000
6,265,766
23,207,000
(525,000)
-2.2%
Licenses and Permits
30,348,000
30,348,000
8,128,327
30,596,000
248,000
0.8%
Intergovernmental
11,439,000
11,439,000
2,678,864
11,430,000
(9,000)
-0.1%
Charges for Services
6,167,000
6,167,000
1,153,991
5,900,000
(267,000)
-4.3%
Golf Courses
6,007,000
6,007,000
1,291,880
5,760,000
(247,000)
-4.1%
Fines and Forfeitures
1,799,000
1,799,000
391,640
2,118,000
319,000
17.7%
Interest
2,500,000
2,500,000
(45,031)
2,500,000
-
0,0%
Rents and Leases
6,426,000
6,426,000
1,432,491
5,943,000
(483,000)
-7.5%
Miscellaneous
12,575,000
12,575,000
1,673,429
13 ,336,000
761,000
6.1%
Other - Resort Tax Contribution
37,609,000
37,609,000
9,402,250
37,609,000
-
0,0%
Other - Non - Operating Revenues
11,469,000
11,469,000
3,837,750
11,353,000
(116,000)
-1,0%
Fund Balance /Retained Earnings
0
1,825,260
1,826,000
740
0.0%
Transfer in from South Pointe RDA
370,000
370,000
-
0%
Transfer in from Proceeds from Segafredo Colony Cafe
75,740
76,000
260
0%
Lease
PrlorYearSurplusfrom Parking Fund
6,400,000
6,400,000
1,600,000
6,400,000
-
0%
TOTAL REVENUES
317,252,000
319,523,000
182,778,134
319,205,000
(318,000)
-01%
EXPENDITURES
Building
15,146,000
15,153,000
3,141,469
14,659,000
(494,000)
-3.3%
Capital Improvement Projects
5,051,000
5,051,000
1,150,431
4,949,000
(102,000)
-2.0%
City Attorney
5,370,000
5,370,000
1,160,833
5,299,000
(71,000)
-1,3%
City Clerk
1,560,000
1,622,000
311,175
1,622,000
-
0,0%
City Manager
3,625,000
3,630,000
900,110
3,628,000
(2,000)
-0.1%
Code Compliance
5,845,000
5,947,000
1,344,972
5,947,000
-
0.0%
Communications
1,995,000
1,995,000
417,325
2,126,000
131,000
6.6%
Emergency Management
9,509,000
10,370,000
2,254,802
10,581,000
211,000
2.0%
Environment &Sustainability
1,064,000
1,153,000
220,688
1,032,000
(121,000)
-10.5%
Finance
5,746,000
5,816,000
1,233,226
5,712,000
(104,000)
-1.8%
Fire
71,938,000
71,938,000
17,607,268
71,674,000
(264,000)
-0.4%
Housing & Comm Services
2,798,000
2,798,000
555,357
2,754,000
(44,000)
-1.6%
Human Resources /Labor Relations
2,780,000
2,780,000
605,923
2,755,000
(25,000)
-0.9%
Mayor and Commission
2,093,000
2,283,000
513,027
2,251,000
(32,000)
-1.4%
Office of Budget & Performance Improv
2,499,000
2,658,000
516,599
2,545,000
(113,000)
-4.3%
Organizational Development & Perf Initiatives
629,000
629,000
131,691
629,000
-
0.0%
Parks and Recreation
31,934,000
31,934,000
7,434,513
31,643,000
(291,000)
-0.9%
Planning
4,156,000
4,306,000
992,291
4,387,000
81,000
1.9%
Police
104,470,000
104,401,000
25,582,934
104,311,000
(90,000)
-0.1%
Procurement
2,258,000
2,288,000
517,315
2,272,000
(16,000)
-0.7%
Public Works
14,698,000
14,746,000
2,659,597
14,574,000
(172,000)
-1,2%
Tourism, Cultural, & Economic Development
3,680,000
3,755,740
650,791
3,744,000
(11,740)
-0.3%
Citywide Accounts & Operating Contingency
14,694,000
15,185,260
1,664,990
15,770,000
584,740
3.9%
Citywide - Normandy Shores
257,000
257,000
-
257,000
-
0,0%
Citywide- Transfers - Info &Comm Technology Fund
395,000
395,000
-
395,000
-
0.0%
Citywide- Transfers - Pay -As -You Go Capital Fund
2,400,000
2,400,000
-
2,400,000
-
0.0%
Capital Renewal & Replacement
662,000
662,000
-
662,000
-
0.0%
TOTAL EXPENDITURES
317,252,000
319,523,000
71,567,326
318,578,000
(945,000)
-0.3%
EXCESS OF REVENUES OVER /(UNDER) EXPENDITURES
0
0
111,210,808
627,000