LTC 142-2011 Analysis of Budget 1;
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OFFICE OF THE CITY MANAGER
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NO. LTC # 1 142 -201 - -- LETTEMU IV"LISI`N
TO: Mayor Matti Herrera Bower and Members of the City Commission
FROM: Jorge M. Gonzalez, City Manager
DATE: June 9, 201 1 1 _
SUBJECT: ANALYSIS OF BUDGET TO ACTUAL REVENUES AND EXPENSES FOR THE
SIX MONTHS ENDED MARCH 31, 2011, WITH OPERATING BUDGET
PROJECTIONS THROUGH SEPTEMBER 30, 2011 FOR THE GENERAL FUND,
ENTERPRISE FUNDS, INTERNAL SERVICE FUNDS, AND RESORT TAX FUND.
GENERALFUND
The purpose of this LTC is to provide the Mayor and Commission with the status of the FY
2010/11 budget to actual revenue and expenses at the end of the second quarter with
projections through September 30, 2011. Based on the review, it is projected that, overall,
there will be an operating budget surplus in the General Fund if the City does not expend its
operating contingency. While the operating contingency is typically only minimally spent by
the end of the fiscal year, at this stage of budget projections half way through the fiscal year,
we take a more conservative approach and assume that the contingency will be half
expended. If the operating contingency is spent at this level, there will be an 'operating
budget shortfall of $0.4 million (0.2 %) in the General Fund. It is important to note that this is
despite a projected revenue shortfall of $1.7 million and pension contributions in excess of
budget by approximately $665;000 as explained further below. This represents already the
absorption of nearly $2.4 million in deviations from budget, once again reflecting the pro -
active initiatives taken by the City to reduce expenses below the adopted budget.
As explained in the first quarter report, the expenditure for pension contributions is expected
to be approximately $665,000 above budget for the following reasons:
a
• The 2% pension contribution from FY 2009/10 for AFSCME, GSA, Unclassified and
"Other" employees, previously anticipated to reduce the ARC payment for FY
2010/11, is now anticipated to accrue to FY 2011/12.
• Further, other than the pension plan savings resulting from no cost -of living
adjustments to the FOP and IAFF bargaining units, other Fire and Police- pension
plan savings anticipated for FY 2010/11 are pending the outcome of the litigation
between the City and the Fire and Police Pension Board.
As we are now mid -way through the fiscal year, our projections become more firm, however,
there are still issues related to both revenue and expenditures that continue to develop and
maybe adjusted in later projections, the following:
• The beverage sponsorship agreement is scheduled to be considered by the City
Commission in July and, therefore, the associated revenues are not yet included in the
projection. To the extent that the agreement is approved in-July, it is anticipated to
- I
LTC ANALYSIS OF BUDGET TO ACTUAL REVENUES AND EXPENSES FOR THE SIX MONTHS ENDED
' MARCH 31, 201 1, WITH OPERATING BUDGET PROJECTIONS THROUGH SEPTEMBER 30, 201:1 FOR THE
'GENERAL FUND, ENTERPRISE FUNDS, INTERNAL SERVICE FUNDS; - AND RESORT TAX FUND
Page 2
generate approximately $800,000 in this fiscal year, which would reduce the projected
budget shortfall of $0.4 million if the operating contingency is.expended-.
• While property tax revenues were significantly reduced in' FY 2008/09 and FY 2009/10
(2.3% and.-1.6% below budget at year -end, respectively), the FY 2008/09 and FY
2009/10 property tax revenues were impacted by appeals that continued into the current
fiscal year. These outcomes from these. appeals are therefore accruing to the :FY
_ 2010/11 fiscal year and are anticipated to result in an increase in current property year
tax revenues, as evidenced by the year to date collections being above ~prior years. On
the other hand, there may be an. impact from FY 2009/10 appeals that will result in
revenues that will not be collected until FY 2011/12, however, at this point the extent and
amount of the impact is unknown, the year -to -date trend..would result in revenues`,
approximately one percent `above budget, or approximately $1 million in additional
revenues. Because of the uncertainty described above, the additional revenues have
not yet been incorporated in -the projection. We will continue to monitor and provide an
update with the 3rd quarter FY 1.1 projection.
Further, given the increase in tourism activity and related resort tax revenues, we are
evaluating charging the expenditures related to Memorial Day, spring break and .other
special event activities directly to the resort tax fund. It is anticipated that this will result in
over $2 million in related expenditures which are currently charged to.the General Fund
General Fund Overview
An analysis of the actual six month operating revenues and expenditures for_the period
October 1, 2010 through March 31, 2011, reveals an 'operating budget surplus of
$34,041,014. While the surplus as of March 31s seems unusual as compared to the shortfall
projected for the year ending on September 30 th , it should be_noted that the City receives a
greater percentage, historically approximately ,80 %, of its ad valorem taxes in the first six
..months. Ad valorem tax revenues representing approximately 47% of budgeted revenues
have been more than 80% received as of the first six months of the fiscal year, a level
slightly. higher. than the same period last year. The remaining 53% of revenues are.,
approximately at the 44 % level as of March 31s as compared to 43 % as of the first six
months of last fiscal year.
Expenditures are at approximately 47% of.the.FY 201.0/11 budget, similar to this time last
fiscal year.
FY 2010/1.1 Budget
Actual as of., Variance Over/
General Fund' Amended Budget* 1/2 of Budget 03/31/11 (Under)
Revenues $ 239,468,664' $ 1 °19,734,332 $ 145,798,576 $ 26,064,244
Expenditures 239,468,664 119,734,332 111,757,562 (7,976,770)
Surplus /(Deficit) $ - : $ $ 34,041,014 $ 34,041,01.4
Note *: The amended budget reflected above includes the budget amendment that was adopted in. February,
2011. This amendment- authorized the use , of $1.95 million in reserves to be set aside for the FY 2011/12
budget, and has no impact on the net of revenues versus expenditures.
LTGANALYSIS OF BUDGET TO;ACTUAL REVENUES AND EXPENSES FOR THE SIX MONTHS ENDED
MARCH 31, 2011, WITH OPERATING. BUDGET PROJECTIONS THROUGH SEPTEMBER 30, 201 1 FOR THE
GENERAL FUND, ENTERPRISE FUNDS,`INTERNAL SERVICE FUNDS, AND RESORT TAX FUND
Page 3
The projected year -end operating revenues and expenditures through September 30, 2011,
-is, therefore, a more realistic snapshot of anticipated shortfall at this,point in time. 'Further,
while the actual revenues and expenditures presented are as of . March 31, 2011, the
projections have incorporated more recent information, as available:
A summary of preliminary projected General Fund Revenues: and Expenditures as of
September 30, 2011 is as follows:
FY 2010 /1i1- Budget
% Over /
General Fund Amended Budget Projected Budget/ Projected (Under)
Revenues $ 239,468,664 $ 237,725,040 $ (1,743,624) -0.7%
Expenditures* 239,468,664 237,552,756 (1,915,908) -0.8%
Surplus /(Deficit) $ $. 172,284 $ 1.72,284
Operating Contingency $ 550,000
Net surplus (Deficit) $ (377,716)
* Prior to Expenditure of Operating Contingency
As noted in the first quarter report, the. projections assume decreased telephone and
electricity franchise taxes (Other Taxes) primarily due to the expiration of an additional fuel
surcharge on electrical bills, decreased interest earning, and decreased revenues previously
: anticipated from the Commercial Pole Banner Program and, corporate sponsorships which .
are still being pursued and negotiated. In addition, fines and forfeit revenues are projected
to be below budget primarily due.to. red light camera revenues not. performing at the level
previously anticipated as reported to you at the March; 2011 Commission meeting. These
are partially offset by increased -sales tax revenues (Intergovernmental - - Revenues),
increased Business Tax Receipts and Building' Permits (Licenses and Permits), and
increased Rents and Leases based on year -to -date collections.
However,' 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 included 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
attached schedule. Detailed comments on those revenue.and expenditure categories with
significant variances over $300,000 are shown below.
General Fund Operating Revenues
As of March 31, 2011, revenues collected were ° approximately. 61 % of budget.' or
$145,798,576. Historically, the City receives. approximately 80% of its ad valorem taxes in
the first six months, which *must be 'considered when analyzing actual revenues and
formulating year -end revenue projections. Year -end projections through September 30, 201
which total. $237,725,040 indicate that revenues will be below budget by $1.7 million or.
approximately 0.7 %. Significant variances to budget -in excess of $300,000 by revenue
category are explained below:
LTC ANALYSIS OF BUDGET TO ACTUAL REVENUES AND EXPENSES FOR THE SIX MONTHS ENDED
MARCH 31, 2011, WITH OPERATING BUDGET PROJECTIONS THROUGH SEPTEMBER 30, 2011 FOR THE
GENERAL FUND, ENTERPRISE FUNDS INTERNAL SERVICE FUNDS, AND RESORT TAX FUND
Page 4
1. Other Taxes - This: category includes franchise and utility taxes on services:
Projections indicate that year -end collections will be. below budget by over $1.5 million
(6 %), an* improvement from the , first quarter projection which was $2 million below
budget. This is :primarily due to a decrease. of approximately $1 million in electrical
franchise, as well as more than $500 decrease in telephone utility taxes based on
trends for the first six months .of the fiscal year.
2. Licenses and Permits - This category includes, licenses and :building and special use .
permits and is projected to be above budget by approximately $900,000, primarily. due
to continued increases ,in revenues from Business Tax Receipts as a result of
increased compliance with Business Tax Receipt requirements estimated to be due to
increased outreach and enforcement that.was initiated in 2010, as well as increases in
revenues related to Certificate of Use, continuing trends from FY 2009/10.
3. Intergovernmental Revenues -- This category includes sales tax revenues, including .
local option sales taxes and is projected to be in excess of budget by over $340,000
and in excess of prior intergovernmental revenues by over $600,000, reflecting
continuing improvement in the economy.
4: Fines a`nd Forfeits - Projections indicate that year -end collections will be below budget
by 22% or $725,000. This is mainly due to lower than expected revenues from red light
cameras as reported to you at the March, 201.1 Commission meeting:
- 5. Rents and Leases -,Projections. indicate that year =end collections will be above budget
by 7.8 % or $380,000. This is mainly due to increased revenues for various leases.
6. Miscellaneous — This category includes concessions, planning -fees, and other
reimbursements. Projections indicate that year -end revenues will be 7.5% below
budget or $854,000. This is due primarily to lower than anticipated revenues from the
Commercial Pole Banner Program and corporate sponsorships which are still being
pursued and negotiated as well as decreased reimbursement from capital projects for
the Capital Improvement Office due to vacancies. This decrease in revenues is offset
by a decrease in expenditures in the Capital Improvements Office.
General Fund Operating Expenditures
As of March 31, 2011, actual expenditures were approximately 47% of the original budget or
.$111,757,562. Year -end projections through September 30, 2011 indicate that expenditures
will be $237.6 million, approximately $1.9, or 0.8% under budget without additional
expenditures from- contingency, of $1.4 million under budget assuming $550,000 in
operating contingency is expended in the next six months.
It:is important to note that the budgets at the time, of adoption, the was at, impasse with the Communication Workers of America (CWA) bargaining unit, and the budget included the
impact of several initiatives that would have significantly reduced expenditures related to
CWA employees through contracting, conversion to part -time schedules for more efficient
scheduling., etc. (Plan, B). The first -year savings from these initiatives amounted over
$200,000 in the ; General Fund across various departments. Not being able to anticipate the
outcome of these negotiations at the.time of adopting the budget, an increased operating
i
LTC ANALYSIS OF BUDGET TO ACTUAL REVENUES AND EXPENSES FOR THE SIX MONTHS ENDED
MARCH 31, 2011, WITH OPERATING BUDGET PROJECTIONS THROUGH SEPTEMBER 30, 2011 FOR THE
GENERAL FUND, ENTERPRISE FUNDS, INTERNAL SERVICE FUNDS., AND RESORT TAX FUND
Page .5
contingency was budgeted under the Citywide Accounts. Subsequent to the adoption, an
agreement was reached with CWA that included several employee give -backs that fully met
ourbudgeted savings in exchange fora no -layoff provision. Therefore the proposed plan B
initiatives will not be implemented and some departments could -see variations in their.
budget.
Expenditures for all General Fund Departments are shown in the attached schedule. At this
time, only the Building Department has .a significant variance to budget in excess of
$300,000, despite, all departments absorbing the pension expenditure impacts and the
- impacts from no lay -offs of CWA employees as described above. The Building department
variance is explained below:
1, Building
% Over /
Amended Budget Projected Budget/ Projected (Under)
Expenditures' $ 9, 316, 891 . , $ 9,764,746 $ 447,855 4.8%
In- addition to the impacts from.the pension contribution impact .(approximately $35,000)
and not implementing "Plan B" ($35,000), the Building Department is projected to exceed
its budget by $378,000 primarily in professional fees offset by salary and benefits
-savings
$270,000 , and operating ca $154,558 offset b other operating savings.
( ) P 9 ital p( ) Y P 9 s. 9
Professional services charges increased primarily due to filling vacancies with contracted
positions which have a higher cost and various studies in the department including the
re- review of building development process fees. Operating capital costs are related to
the ongoing space reconfiguration - initiative as recommendations by Watson Rice as part
of their performance and organizational review of the Building Department between 2008
and 2009. The space configuration project includes reconfiguration for electronic plan
review on the second floor, records management, and reconfiguration of the. lobby to be
more customer- friendly. These renovation expenditures reflect an encumbrance from
FY 2009/10.
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.
LTC ANALYSTS OF BUDGET TO ACTUAL REVENUES AND EXPENSES FOR THE SIX MONTHS ENDED
MARCH 3 -1, 201 1, WITH OPERATING BUDGET PROJECTIONS THROUGH SEPTEMBER 30,,201 1 FOR THE
GENERAL FUND, ENTERPRISE FUNDS, INTERNAL SERVICE AND RESORT TAX FUND
Page 6
An analysis of the actual six month operating expenditures for the period October. 1, 2010
through March 31, 2011, reveals that all funds have expenditures less than one -half 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 $ 16,562,258 $ 40,024,931 $ 16,893,083 . $ 31,030,070 $ 38,446,850. 12,832,911
1/2 of Budget 8,281,129 20,012,466' 8,446,542 15,515,035 19,223,425 6,416,456
Expenditures as of 3/31/11 7,041,538 13,255,892 1,735,318 • 12,063,894 10,794,741 3,972,387 _
Expenditures Above 1/2 of
Budget/(Expenditures Below
1/2 of Budget) $ (1.,239,59 $ (6,756,574) $ (6,711,224)'$ (3,451,141) $ (8,428,684) .$ (2
The projected year -.end operating revenues and expenditures through September 30, 2011,
` is,.however, a more realistic snapshot of anticipated surplus or shortfall at this point in time.
In addition, while the actual revenues and expenditures presented are as of March 31, 2011,
the projections have incorporated more recent information, as available:
As shown , below, -in all funds except Sanitation, revenues are projected to be -equal to or in
excess of expenditures. While Sanitation expenditures are expected to be under budget a
shortfall of approximately $1.1 million is projected as of the second quarter. This is primarily
due to decreased revenues from construction roll -offs and sanitation impact fees. We are
evaluating further methods to reduce expenditures and will continue to monitor'revenues..
Further, all Enterprise Funds expenditures, 'except for Water and Stormwater. are..
anticipated to be under budget, despite absorbing the increases of the pension impacts
described above. Water.is projected to be $1.5 million over budget primarily due to
increased wholesale water expenditures to Miami- Dade County which are offset by projected
increases in associated revenues. Stormwater is'. projected to be in excess.of budget due to
an increased intensity of efforts - related to Stormwater system outfall and catch basin'
cleaning and maintenance.
Convention
ENTERPRISE FUNDS Sanitation Sewer' Stormwater Water Parking Center
Adopted Budget $ $ 40,024,931 $` 16,893,083 $ 31,030,070 $ 38,446,850 12,832,911
Projected Revenues $ 15,151,090 $ . 41,120,988 $ 17,157,789 $ 33,852,656 $ 39,075,718 $ . 11,950,517
Projected Expenditures $ 16,265,808 $, 39,281,450 $ 16,998,104 $ 32,592,341- $ 36,431,603 $ 11,950,517
Surplus /(Shortfall) $ (1,114,718) $ 1,839,538 $ 159,685 $ 1,260,315 $ 2,644,115 $
Variance from Expenditure
Budget $ (296,450) $ (743,481) $ 105,021 $ 1,562,271 $ : (2,015,247) $ (882,394)
r
LTC ANALYSTS OF BUDGET TO ACTUAL REVENUES AND EXPENSES FOR THE SIX MONTHS ENDED
MARCH 31 2011, WITH OPERATING BUDGET PROJECTIONS THROUGH SEPTEMBER 30, 2011 FOR THE
GENERAL FUND, ENTERPRISE FUNDS, INTERNAL SERVICE FUNDS, AND RESORT TAX FUND
Page 7
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 six month operating .expenditures for the period October 1, 2010
through.March 31, 2011, reveals that all funds have expenditures less than one -half 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 RISK MGT
Adopted Budget $ 856,355 $ 8,375 $ 14,427,730 $ 8,233,171 $ 20,542,249
1/2 of Budget 428,178 4,187,686 7,213,865 4,116,586 10,271,125
Expenditures as of 3/31/11 41 4,078,821 5,644;182 3,365,001 8,092,920
Expenditures Above 1/2 of
Budget/(Expenditures Below
1/2 of Budget) $ . (15,267) $ (108,865) $ ..(1,569,683) $ (751,585) $ (2,178,205)
Based on the more realistic projection, of year -end operating revenues and expenditures
through September 30, 2011, and incorporating more recent information, as "available, all
Internal Service Funds are to have revenues in excess Of expenditures, despite absorbing
the pension contribution increases as described above.
Further, ' all Internal Service Funds are anticipated to . be under budget, except Central
Services and Risk Management. Central Services' is anticipated to have expenditures in
excess of budget by $23,047 of which $1,625 is due to additional pension contributions.
The balance is due to health and life insurance increases to more accurately reflect current
costs, and increases in contributions for "Other Post Employment Benefits" (OPEB) based
on prior year actuarial requirements. Risk Management is anticipated to have expenditures
in excess of budget by $257,141 primarily due to payments for Police claims projected to be
higher than budget and General Liability °legal fees projected to be higher than budget.
• CENTRAL INFORMATION PROPERTY "
INTERNAL SERVICE FUNDS SERVICES FLEET MGT TECHNOLOGY MGT RISK MGT
Adopted Budget $ 856,355 $ . 8,375,372 $ 14,427,730 $ 8,233,171 $ 20,542,249
Projected'Revenues $ 942,778 $ 8 $ 14,379,266 $ 8,276,444 $ 21,167,719
Projected Expenditures $ 879,402 $ 8,244,364 $ 14,169,156 $ 7,933,866 $ 20,799,390
Surplus /(Shortfall) $ 63,376 $. 69,008 $ 210,110 $ 342,578 $ 368,329
Variance from Expenditure Budget. $ 23,047 ' $ (131,008) $ (258,574):.$ (299,305) $ 257,141
LTC ANALYSIS OF BUDGET TO ACTUAL REVENUES AND EXPENSES FOR.THE SIX MONTHS ENDED
MARCH 31; -2011, WITH OPERATING BUDGET PROJECTIONS THROUGH SEPTEMBER 30, 2011 FOR THE
GENERAL FUND, ENTERPRISE FUNDS, INTERNAL SERVICE FUNDS, AND RESORT TAX FUND
Page 8
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, :capit* I
improvements and the maintenance of all physical assets i,n 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 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 4 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.
The 2% Resort Tax Fund operating revenues are projected to be in excess of budget by
approximately $4 million and, as a result, certain expenditures which are based on a percent
of revenues are projected to exceed budget.
In addition to the uses listed above, the proceeds of the additional one percent (1 %) 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 % Resort Tax Fund operating revenues are projected to be in
excess of budget by approximately $1 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.
LTC ANALYSIS OF BUDGETTO ACTUAL REVENUE&AND EXPENSES FOR THE SIX MONTHS ENDED
MARCH 31, 201 1, WITH OPERATING BUDGET PROJECTIONS THROUGH SEPTEMBER'30, 201 FOR THE
GENERAL FUND, ENTERPRISE FUNDS, INTERNAL SERVICE FUNDS, AND RESORT.TAX FUND.
Page 9
In total, the projection results in a net surplus of approximately $4 million for the
1 % and 2% Resort Tax revenues and expenditures, combined. Further, as stated above,
we are evaluating charging the expenditures related to Memorial Day' spring break and
other special event activities directly to the resort tax fund. It is anticipated that this will result
in over $2 million in related expenditures which are currently charged to the General Fund,
Which would, reduce this Resort Tax surplus to approximately $2 million.
RESORT TAX FUND
Budget Actual as of :Projected
Revenues FY 2010/11 3/31/11 9/30/11 Variance
2% Resort Tax $ 33,323,146 $ 18,427,677 $ 37,382,874 $ 4,059,728
1 % Resort Tax 7,156,134 4,047,190 8,427,304 1,271,170
Other Revenues 799,701 723,841 831,052 31,351
Total Revenue - $ .41,278,981 $ 23,198,708 $ 46,641,230 $ 5,362,249
Expenditures
General , Fund Contribution $ 24,465,440 $ 12,232 $ 24,465,440. $
Other Operating /Other Uses 1,100,766 479,032 1,100,456 (310)
Contributions to VCA and GMCVB 6,734;511 4,605,199 6,929,378 194,867
Marketing.* 200,000 1,137. - 200,000 .
Contingency 400,730. 200,365 '(200,365)
2% Debt. Service 1,221,400 1,221,400
1 % Debt Service 3,578,067 - 4,21,3,652 635,585'
Transfer to Capital and the Arts (1 %) 3,578,067 2,023,595 4,213,652 635,585
Total Expenditure $ 41,278,981 $ 19,341,683 $ 42,544,343 $. 1,265,362
Surplus /(Deficit) $ = $ 3,857,025 $ 4,096,887 $ 4,096,887'
CONCLUSION
--This analysis provides the status of budget to actual'operating revenues and expenses as of
the first six months of the Fiscal Year with projections through September 30, 2011, for the.
General Fund, Enterprise Funds, Internal Service Funds, and Resort Tax Fund budgets. 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.
JMG /KGB /JC
FY 2010/11 General Fund Operating Summary Projection
Adopted Amended 1Q Projected Actual as of 2Q Projected 2Q Proj -Amnd
FY 2010/11 FY 2610/11 FY 2010/11 Mar. 31, 2011 FY 2010/11 Over/ Under
REVENUES
Ad Valorem Taxes $ 100,222,022 $ 100,222,022 $ 100,222,022 $ 80,608,182 $ - 100,222,022 $ 0.
Ad Valorem Taxes -S Pte Costs 10,145,339 10,145,339 10,145,339 8 10,145,339 D
Ad Valorem Cap.Renewal & Replace. 1,777,254 1,777,254 1,777,254 1,444,268 1,777,254 0
Ad. Valorem Taxes -Norm Shores. 100,517 100,517 100,517 90,267 100,517 0
Other Taxes 25,417,600 25,41.7,600 23,368,256 9,902,606 23,904,329 (1,513,271)
Licenses and Permits 15,506,204 15,506,204 16,679,129- 11,264,410,- 1,6,400,924 894,720
Intergovernmental 9;618,140 9,618,140 10,166,424 4,225;346 - 9,960,695 . 342,555
Charges for Services 4,843,895 4,843;895 4,851,439 2,027,538 4,767,187 (76,708)
Golf Courses 5,504,155 5,504,155 5,533,155 3,141,749 5,586;504 82,349
Fines and Forfeits 3,211,263 3,211,263 - 2,364,126 969;145,. 2,486,747 (724,516)
Interest 3,552,000 3,552,000 3,459,000 1,637,769 3,278,000 (274,000)
Rents and teases 4,892,352 4,892,352 5,084,188 2,812,251 5,272,309 379,957
Miscellaneous 11,392,781 11,392,781 10,815,329 3,359,173 10,538,071 (854,710)
Other - Resort Tax contribution 24,465,440 24,465,440 24,465,440 12,232,720 24,465,440 0 .
Other = Non Operating revenues 8,065,443 8,065,443 8,065,443 3,959,147 8,065,443 0,
Reserve- Building Department Ops. 1,546,709 1,546,709 1,546,709 0 1,546;709 .0
FY 09 Year -End Surplus Set Aside 3,657,000 3,657,000 3,657,000 0 3,657,000 0
Prior Yr Surplus from Parking Oper Fd 3,600,000 3,600,000 3,600,000 0 3,600;000 0
Fund Bat -Resry Future Budget Shortfalls 0 1,950,550 0 0 1,950,550 0. .
TOTAL REVENUES $ 237,518,114 $ 239,468,664 $ 235,900,770 $ 145,798,576 $ 237 $ 1,743,624
EXPENDITURES
Mayor and Commission $ 1,534,322 $ 1,534,322 $ 1,487,824 $ 733,956 $1,515,380 ($18,942)
City Manager 2,350,894. 2,350,894 2,198,611 - 994,440 2,163,760 (187,134)
Communications 878,482 878,482 889,716 411,568 885,955 7,473
City Clerk . 1,500,597 1,500,597 1,460,187 667 1,484,044 (16,553)
Finance 4,124,205 4,124,205 4,085,703 1,960,227 4,080,871 (43,334)
Office of Budget & Perf Improve: 1,820,829 1,820,829 1,750,219 856,447 1,788,372 (32,457)
Human Resources /Labor Relations 1,697,128 1,697,128 1,710,945, 817,479 1,713,020 15,892
Procurement 969,238 969,238 979,794 484,198 975,244 6,006
City Attorney 4,002,642 4,002,642 4,038,783 1;921,554 3,902,638 (100,004).
_ Real Estate, Housing & Comm Dev 776,768 776,768 784,458 408,487 770,943 (5,825)
Community Services 430,093 430,093 430,093 213,725 433,039 -2,946
Homeless Services 759,337 759,337 759,337 382,877 762,943 3,606
Building . 9,31.6,891 9,316,891 9;355;014 4,302,638 9,764,746 447,855;
Code Compliance 4,146,931 4,146,931 4,311,791 2,022,605 4,228,173 81,242,
Planning 3,113,588 3,113,588 3,186,731 1,452,070 3,105,864 (7,724)
Tourism & Cultural Development 2,643,624 2,643,624 2,584,534 1,195,165 2;450,294 (193,330)
Parks and, Recreation 21 °,648,891 21,648,891 21,479,374 9,449,468 21,245,543 (403,348)
Golf Courses 6,123,820 6 5,994,386 3,197,949 6,092,172 (31,648)
Public Works 6,372,884 6,372,884 6,268,714 2,749,185 6,331,860 (41,024)
Capital Improvement Program 4,520,748 4,520,748 4,325,000: 1,920,387 4,131,666 (389,082)
Fire 56,115,331 56,115,331 56,013,814 28,049,908 55,723,445 (391,886)
Police 88,920,529 88,920,529 1 89,100,548 43 89,032,431 111,902
Citywide Accounts 9,578,508 9,578,508 9,914,561 3,578,864 10,169,873 591,365
Citywide Acc- Operating Contingency 1,321,902 1,321,902 0 0 0 (1,321,902)
,Ci'tywide Accounts - Normandy Shore 157,678 157,678 157,678 0 157,678 0
Citywide Accounts- Transfers 915,000 915,000 915,000' 6,475: 915,000 0
Reserve- Future Budget Shortfalls 0 1,950,550 .0 0 1,950,550 0
Capital Renewal & Replacement 1,777,254 1,777,254 1,777,254 0 1,777,254 0.
TOTAL EXPENDITURES $ 237,518 $ 239,468,664,,.$ 235,960,069 $ 111,757,562 $ 237,552,756 $ 1,915,908
EXCESS OF REVENUES OVER/
L UNDER EXPENDITURES $ 0 $ . 0 $ 59,299 $ 34,041,014 $ 172,284 $ 172,284'
Cit ide Acc -O eratin Contingency 0 0 1,100,000 0 550,000 550,000
EXCESS OF REVENUES-OVER/
(UNDER) EXPENDITURES (NET OF
OPERATING CONTINGENCY ) $ 0 $ 0 $ ( 1,159,299) $ 34,041,014 $ 377,716 $ 377,716