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
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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