LTC 447-2016 3rd Quarter Budget Analysis to Actual Revenues and Expenses MIAMI BEACH
OFFICE OF THE CITY MANAGER
NO. LTC# 447-2016 LETTER TO COMMISSION
TO: Mayor Philip Levine and Members of the City S!ommis- o+I--►-
No-
FROM: Jimmy L. Morales, City Manager �I
DATE: October 21, 2016
SUBJECT: THIRD QUARTER ANALYSIS Ii OF BUDGET TO ACTUAL REVENUES AND
EXPENSES FOR THE NINE MO HS ENDING JUNE 30, 2015, WITH OPERATING
BUDGET PROJECTIONS THROUGH SEPTEMBER 30, 2016
The purpose of this LTC is to provide the Mayor and Commission with the status of the FY
2015/16 budget to actual revenue and expenses reflected at the end of the third quarter with
projections through September 30, 2016. 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."
At this stage of projecting the fiscal year end there are items that remain unposted in the
financial management system. However, with nine full months of data, we have more clarity of
what the issues could be. It should be noted that this analysis is a preliminary projection that will
be updated after year-end numbers are available in November.
The First FY 2015/16 budget amendment adopted by the City Commission on December 9,
2015, recognized an additional $5.5 million in revenue from the projected surplus from closing
out FY 2014/15. This revenue funded the appropriation of $680,000 in encumbrances, $1.8
million in set asides for projects budgeted in FY 2014/15 that will instead be spent in FY
2015/16, $2.0 million to the Capital Improvements Reserve Account, and an additional $993,000
of additional Contingency funds. The Second Budget Amendment approved on January 13,
2016 realigned $3.3 million of funding for an Environmental Review of the Miami Beach portion
of Light Rail/Modern Street Car capital project and realigned $35,000 of funding for an additional
boat for Marine Patrol in the Police department from Confiscated Trust funds, added an
appropriation of $142,000 for additional resources to support the Energov project
implementation in the IT department to be paid from the IT Fund, $196,000 of funding for year
one of principal and interest payments for the Sunset Islands 3 and 4 Undergrounding Project
that will be eventually reimbursed to the General Fund, and $150,000 for Body-Worn Cameras
in the Police department from Federal Confiscated Trust funds. The Third Budget Amendment
approved on March 9, 2016 added one-time funds of $200,000 for a Mobility Fee Study and
$120,000 of funding to refurbish a new Marine Patrol boat in the Police Department to be paid
from State Confiscated Trust funds. The Fourth Budget Amendment approved on May 11, 2016
added one-time funds of $190,000 for the 2066 Miami Beach Rising Above and Time Capsule
project from the General Fund. The Fifth Budget Amendment approved on July 13, 2016 added
on-time funds of $750,000 for increased contract maintenance and contracted services
expenses in the Property Management department.
Accordingly, the projections presented below are compared to the amended budget including
the five budget amendments to date.
LTC - Analysis Of Budget To Actual Revenues And Expenses For The Nine Months Ending June 30,
2016, With Operating Budget Projections Through September 30, 2016
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GENERAL FUND
Based upon this third quarter analysis, it is projected that General Fund revenues will exceed
expenditures by $3,172,000, which is $2,276,000 higher than the $896,000 surplus projected in
the second quarter analysis.
General Fund Overview
An analysis of the actual nine-month operating revenues and expenditures for the period
October 1, 2015 through June 30, 2016, reveals an operating budget surplus of $82.1 million.
While the surplus as of June 30th seems unusual as compared to the projection for the fiscal
year ending on September 30th, it should be noted that the City receives a greater percentage of
ad valorem taxes during the first three quarters (historically 90-100 percent). Ad valorem tax
revenues represent approximately 46 percent of total budgeted revenues and represent 53
percent of the revenues received through the second quarter of the fiscal year.
FY 2015/1.6 Budget
Variance from 3/4
Actuals as of Amended Budget
General Fund _ Adopted Budget Amended Budget 3/4 of Amended Budget 6/30/2016 Over 1(Under)
Revenues $ 300,354,000 $ 306,411,000 $ 229,808,250 $ 292,203,173 $ 62,394,923
Expenditures $ 300,354,000 $ 306,411,000 $ 229,808,250 $ 210,089,964 $ (19,718,286)
Surplus/(Deficit) $ 82,113,210
As of June 30, 2016, revenues collected were approximately 95.4 percent of budget or $292.2
million. Expenditures are approximately 68.6 percent of budget or $210.1 million; however,
there are often delays in expenditures until the close-out of the fiscal year.
General Fund Year-End Projections
The projected year-end operating revenues and expenditures through September 30, 2016
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 June 30, 2016,
some of the projections have incorporated more recent information, if available.
A summary of preliminary projected General Fund Revenues and Expenditures as of June 30,
2016, reflects a surplus of revenues over expenses totaling $3,172,000, which is $2,276,000
higher than the $896,000 surplus projected in the second quarter analysis. It should be noted
that this analysis is a preliminary projection that will be updated after year-end numbers are
available in November.
FY'2015/16 Budget
Variance
Projected vAmended
General Fund Adopted Budet Amended Budget Projected _ Budget %Over/(Under)
Revenues $ 300,354,000 $ 306,411,000 $ 303,865,000 $ (2,546,000) -0.8%
Expenditures $ 300,354,000 $ 306,411,000 $ 300,693,000 $ (5,718,000) -1.9%
Surplus/(Deficit) $ 3,172,000
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 2015/16 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
LTC - Analysis Of Budget To Actual Revenues And Expenses For The Nine Months Ending June 30,
2016, With Operating Budget Projections Through September 30, 2016
Page 3 of 10
been below prior year levels due to higher levels of appeals and adjustments.
Overall revenues are projected to be 0.8 percent or $2,546,000 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:
Licenses and Permits — This category includes business tax receipts, licenses/
building/special use permits, and sidewalk café fee revenues and is projected to be in
excess of budget by 8.7 percent or $2.6 million primarily due to increases in Business Tax
Receipts.
Charges for Services — This category includes ambulance fees, off duty charges for fire
and police, Golf Course fees, and various parks and recreation fees. Actual collections for
Charges for Services are projected to be higher than budget by 10.6 percent or $609,000,
primarily due to higher than projected Lot Clearing Lien Satisfaction Fees of $148,000 and
Off-Duty Fire Watch fees of$459,000.
Fines & Forfeits —This category includes traffic and parking fines, building code violations,
code enforcement violations, and other items. Actual collections for Fines & Forfeits are
lower than budget by 17.5% or $527,000, primarily due to a reduction in County Court
Fines for Traffic and Parking of $125,000 and a reduction in building code violations of
$199,000.
Interest — This category includes interest earnings on investments in the General Fund.
Collections are projected to be 12.9 percent or$396,000 below budget due to lower interest
rates.
Rents and Leases — This category includes revenue from various rentals and leases
realized from city properties. Collections are projected to be 9.5 percent or $604,000
higher than budget due primarily to increases in rental revenue for Jackie Gleason Theater
from Live Nation of $95,000, additional rental revenue in the Historic City Hall Building of
$77,000 and the 777 Building of $79,000, additional revenue from the Marina rental in the
RDA, and additional revenue from rental of miscellaneous properties of$125,000.
General Fund Operating Expenditures
As of June 30, 2016, actual expenditures were approximately 70 percent of budget or $210.1
million. Year-end projections through September 30, 2016, indicate that expenditures will be
$300.7 million, approximately 1.9 percent or $5.7 million below the amended budget. The
expenditure projections are based through the third quarter and will be updated once the year-
end transactions are posted.
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:
Environmental & Sustainability — The department is projected to be under budget by
$278,000 or 32.9%. This is attributed to savings in Personnel Services from three
vacancies, totaling a projected savings of approximately $102,000. Additionally there are
projected savings in the operating expenses of approximately $175,000.
LTC - Analysis Of Budget To Actual Revenues And Expenses For The Nine Months Ending June 30,
2016, With Operating Budget Projections Through September 30, 2016
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Enviornme n'ta l'&Susta'ina bility
Variance
Projected v Amended
Amended Budget Projected Budget % Over/(Under)
Expenditures $ 844,000 $ 566,000 $ (278,000) -32.9%
Human Resources — The department is projected to be $301,000 under the amended
budget primarily due to Personnel Services being $282,000 below budget as a result of
various vacancies within the department.
Human Resources
Variance
Projected vAmended
Amended Budget Projected Budget % Over/(Under)
Expenditures $ 2,721,000 $ 2,420,000 $ (301,000) -11.1%
Building — The department is projected to be $609,000 under the amended budget
primarily due to projected savings in salaries and wages resulting from various vacancies.
Inspectors are required to meet strict criteria and qualifications to be employed with the
City's Building Department. For this reason, as employees have separated or retired, the
process by which these positions are filled is extensive thereby yielding salary savings
during the current fiscal year. The Building department also has several demolition projects
that were anticipated to be completed before the end of the fiscal year; however, due to
ongoing negotiations and setbacks with some of the projects expected to be demolished,
additional savings will result from some projects carrying over into the 2016/17 fiscal year.
Building
Variance
Projected v Amended
Amended Budget Projected Budget % Over/(Under)
Expenditures $ 13,799,000 $ 13,190,000 $ (609,000) -4.4%
Parks and Recreation — The department is projected to be $464,000 under the amended
budget primarily due to salary savings of $330,000 from vacancies. There are significant
budget savings of $885,000 in operating expenditures that were offset by internal charges
that were projected to be over budget by $684,000.
Parks and Recreation _
Variance
Projected vAmended
Amended Budget Projected Budget % Over/(Under)
Expenditures $ 30,812,000 $ 30,348,000 $ (464,000) -1.5%
Public Works — The department is projected to be $347,000 below the amended budget
primary due to Personnel Services being $299,000 under budget which is a result of
various vacancies within the department. Additionally, operating expenditures are
projected to be $158,000 under the amended budget due to contract maintenance
expenses in the greenspace division being lower than anticipated. This was partially offset
by internal service charges which are anticipated to be $118,000 over the amended budget.
Public Works
Variance
Projected v Amended
Amended Budget Projected Budget % Over/(Under)
Expenditures $ 14,143,000 $ 13,796,000 $ (347,000) -2.5%
LTC - Analysis Of Budget To Actual Revenues And Expenses For The Nine Months Ending June 30,
2016, With Operating Budget Projections Through September 30, 2016
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Police — The department is projected to be $1.4 million above the amended budget
primarily due to increased usage of Police overtime. The Department currently has several
sworn personnel vacancies that it is currently in the process of filling, which is a long and
thorough process. As a result, while these vacancies are being filled, the department has
relied on increased overtime usage to maintain proper coverage and police visibility
citywide.
Police
Variance
Projected v Amended
Amended Budget Projected Budget % Over/(Under)
Expenditures $ 99,989,000 $ 101,404,000 $ 1,415,000 1.4%
Fire — The department is projected to be $2.8 million above the amended budget primarily
due to personnel services costs being under budgeted for the fiscal year 2015/16. During
the budget development process, a salary projection model in the Eden financial system
was utilized to project personnel services costs, which included salaries and benefits for
both classified and unclassified personnel. The department is projecting to be below budget
on most other line items. This, combined with savings from other departments in the
General Fund is projected to be available and additional revenues over and above what
was budgeted can be recognized at year-end as well, if needed.
Fire
Variance
Projected v Amended
Amended Budget Projected Budget % Over/(Under)
Expenditures $ 62,844,000 $ 65,641,000 $ 2,797,000 4.5%
Emergency Management — The department is projected to be $139,000 above the
amended budget primarily due to increases in professional services resulting from
augmentation of the E-911 call center in the Department's Public Safety Communications
Unit (PSCU), as well as increased overtime usage for training of call takers and dispatchers
driven by filling positions that have been vacant for an extended period of time.
Emergency Management
Variance
Projected v Amended
Amended Budget Projected Budget %Over/(Under)
Expenditures $ 9,218,000 $ 9,357,000 $ 139,000 1.5%
Citywide Accounts — The department is projected to be under the amended budget by
$6,096,000 primarily due to savings in employee costs in tuition reimbursements and
accumulated leave, projected payouts, and savings in operating contingency. Additionally,
the Capital Investment Upkeep account is projected to be $143,000 below the amended
budget.
Citywide Accounts
Variance
Projected v Amended
Amended Budget Projected Budget % Over/(Under)
Expenditures $ 25,014,000 $ 18,918,000 $ (6,096,000) -24.4%
LTC - Analysis Of Budget To Actual Revenues And Expenses For The Nine Months Ending June 30,
2016, With Operating Budget Projections Through September 30, 2016
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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 nine-month operating expenditures for the period October 1, 2015
through June 30, 2016, reveals that all enterprise funds have expenditures less than three-
quarters of their budget. However, this may not be fully representative of expenditure trends, as
there is often a lag in expenditures, particularly related to those billed by outside entities.
ENTERPRISE FUNDS
Convention
Sanitation Sewer Stormwater Water Parking Center
FY 2015/16 Adopted Budget 21,104,000 46,996,000 20,985,000 34,787,000 77,584,000 10,737,000
Budget Amendment 12/9/15 73,000 1,073,000 2,472,000 230,000 1,868,000 -
FY 2015/16 Amended Budget 21,177,000 48,069,000 23,457,000 35,017,000 79,452,000 10,737,000
3/4 of Adopted Budget 15,828,000 35,247,000 15,738,750 26,090,250 58,188,000 8,052,750
3/4 of Amended Budget 15,882,750 36,051,750 17,592,750 26,262,750 59,589,000 8,052,750
Expenditures as of Third Quarter 13,351,911 32,374,126 10,603,909 18,227,400 35,640,149 7,932,340
Expenditures Above/(Below)3/4 of Amended Budget (2,530,839) (3,677,624) (6,988,841) (8,035,350) (23,948,851) (120,410)
%Variance -12.0% -7.7% -29.8% -22.9% -30.1% -1.1%
The projected year-end operating revenues and expenditures through September 30, 2016, 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 June 30, 2016, the
projections have incorporated more recent information, as available.
As represented below, revenues are projected to be equivalent to or in excess of expenditures
for all funds.
ENTERPRISE FUN DS
Convention
Sanitation Sewer Stormwater Water Parking Center
FY 2015/16 PROJECTED REVENUES
Charges for Services 15,633,000 45,719,000 21,320,000 33,551,000 50,813,000 5,519,000
Other 4,383,000 2,189,000 31,000 404,000 8,589,000 9,259,000
FY 2015116 Revenue Projection 20,016,000 47,908,000 21,351,000 33,955,000 59,402,000 14,778,000
FY 2015/16 Expenditure Projection 19,947,000 47,867,000 20,984,000 29,698,000 58,360,400 14,778,000
Surplus/(Shortfall) 69,000 41,000 367,000 4,257,000 1,041,600 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, and Risk Management (Self Insurance) are
included in this grouping.
An analysis of the actual nine-month operating expenditures for the period October 1, 2015
through June 30, 2016 reveals that all funds have expenditures less than three-quarters of the
FY 2015/16 Amended Budget except for Central Services.
LTC - Analysis Of Budget To Actual Revenues And Expenses For The Nine Months Ending June 30,
2016, With Operating Budget Projections Through September 30, 2016
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INTERNAL SERVICE FUNDS
Central Fleet Information Property Risk Medical&Dental
Services Management Technology Management Management Insurance
FY 2015/16 Adopted Budget 967,000 10,447,000 15,758,000 8,621,000 15,616,000 28,961,000
Budget Amendment 12/9/15 23,000 377,000 186,000 83,000
Budget Amendment 1/13/16 - - 142,000 - - -
Budget Amendment 7/13/16 - - - 750,000 - -
Amended Budget 967,000 10,470,000. 16,277,000 9,557,000 15,699,000 28,961,000
3/4 of Adopted Budget 725,250 7,835,250 11,818,500 6,465,750 11,712,000 21,720,750
3/4 of Amended Budget 725,250 7,852,500 12,207,750 7,167,750 11,774,250 21,720,750
Expenditures as of Third Quarter 731,445 6,487,661 10,237,457 5,574,652; 7,921,905' 19,507,835
Expenditures Above/(Below)3/4 of Amended Budget 6,195 (1,364,839) (1,970,293) (1,593,098) (3,852,345) (2,212,915)
%Variance 0.6% -13.0% -12.1% -16.7% -24.5% -7.6%
Fleet Management, Information Technology, Property Management, Risk Management, and
Medical & Dental are all more than $300,000 lower than one-half of the amended budget for the
following reasons:
• Fleet Management - debt service and capital costs that will be incurred later in the
fiscal year.
• Information Technology - due to funded renewal and replacement that will be
recorded later this fiscal year
• Property Management- due to contract maintenance and repair costs that will be
incurred later in the fiscal year
• Risk Management - due to property insurance premium costs that will be incurred
later in the fiscal year
• Medical & Dental - due to a time lag in paid claim expenditures
Based on the more realistic projection of year-end operating revenues and expenditures through
September 30, 2016, and incorporating more recent information as available, all Internal Service
Funds are expected to have revenues equal to or in excess of expenditures.
INTERNAL SERVICE FUNDS
Central Fleet Information Property Risk Medical&Dental
Services Management Technology Management Management Insurance
FY 2015/16 PROJECTED REVENUES
Charges for Services 1,191,000 9,981,000 14,666,000 8,693,000 14,226,000 28,711,000
Other 7,000 448,000 1,387,000 53,000 1,715,000 148,000
FY 2015/16 Revenue Projection 1,198,000 10,429,000 16,053,000 8,746,000 15,941,000 28,859,000
FY 2015/16 Expenditure Projection 951,000 10,429,000 16,053,000 8,746,000 14,395,000 27,512,000
Surplusl(Shortfall) 247,000 0 0 0 1,546,000 1,347,000
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, except for the
Resort Tax Fund which will have additional revenue to offset expenditures higher than amended
budget. More detailed information is provided for the Resort Tax fund below.
LTC - Analysis Of Budget To Actual Revenues And Expenses For The Nine Months Ending June 30,
2016, With Operating Budget Projections Through September 30, 2016
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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)
• 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% Resort Tax Fund operating revenues are projected to be in excess of budget by
approximately 2.7 percent or $1.5 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.
The proceeds of the first 1% Resort Tax Fund operating revenues 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 higher than budget by approximately
6.8 percent or$869,000.
The proceeds of the additional 1% Resort Tax Fund operating revenues are used for the
Convention Center renovation debt service payments. The revenues and expenditures relating
to this project are projected to be 13.7 percent or$1.3 million higher than the amended budget.
LTC - Analysis Of Budget To Actual Revenues And Expenses For The Nine Months Ending June 30,
2016, With Operating Budget Projections Through September 30, 2016
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RESORT TAX FUND
FY 2015/16 Over/(Under)
Amended Year-End Amended %Over/(Under)
FY 2015/16 FY 2015/16 Actuals as of Projection as of Budget as of Amended
Adopted Budget 1st Amendment Budget June 30,2016 3rd Quarter Year-End Budget
Revenues
2%Resort Tax 56,231,000 1,303,000 57,534,000 47,342,397 $59,060,000 1,526,000 2.7%
1%Resort Tax 12,800,000 12,800,000 9,930,859 13,669,000 869,000 6.8%
Additional 1%for Convention Center 9,600,000 9,600,000 8,327,332 10,912,000 1,312,000 13.7%
Total Revenues 78,631,000 1,303,000 79,934,000 65,600,588 83,641,000 3,707,000 4.6%
Expenditures
General Fund Contribution 36,609,000 36,609,000 27,456,750 36,609,000 - 0.0%
Contributions to VCA and GMCVB 8,042,000 8,042,000 6,323,441 8,123,000 81,000 1.0%
Contribution to Mt.Sinai 1,000,000 1,000,000 2,000,000 1,000,000 2,000,000 - 0.0%
Other Operating/Other Uses 5,858,000 303,000 6,161,000 3,429,008 5,800,500 (360,500) -5.9%
Marketing 350,000 350,000 72,496 200,000 (150,000) -42.9%
Contingency 3,156,000 3,156,000 - - (3,156,000) -100.0%
2%Debt Service 1,216,000 1,216,000 1,216,000 1,216,000 - 0.0%
Additional 1%Debt Service for Convention Center 9,600,000 9,600,000 1,993,133 10,541,000 941,000 9.8%
Transfer to Capital,Transp,and Arts 12,800,000 12,800,000 7,934,017 13,669,000 869,000 6.8%
Total Expenditures 78,631,000 1,303,000 79,934,000 49,424,845 78,158,500 (1,775,500) -2.2%
Surplus/(Deficit) 0 0 0 16,175,743 5,482,500
In total, the projected revenues are estimated to be in excess of budget 4.6 percent or $3.7
million and expenditures to be below budget by approximately 2.2 percent or $1.8 million. This
results in a net operating surplus of approximately $5.5 million for Resort Tax revenues and
expenditures, combined.
CONCLUSION
This analysis of budget to actual operating revenues and expenses with projections through
September 30, 2016, provides the status of the FY 2015/16 Budget for the first nine months of
the fiscal year. Although the first nine months of any fiscal year do not provide a definitive
indication of where we will be at year-end we have more clarity of what the issues could be.
Based on preliminary projections, the General Fund is anticipated to have a $3.1 million surplus
at year-end, which is $2,276,000 higher than the $869,000 surplus projected in the second
quarter analysis. At this time, all other funds are projected to break even or have surpluses with
the exception of the Sewer Enterprise Fund which is projected to close the fiscal year with a
deficit of $1.7 million. It should be noted that this is analysis is a preliminary projection that will
be updated after year-end numbers are available in November.
JLM/CGR
LTC - Analysis Of Budget To Actual Revenues And Expenses For The Nine Months Ending June 30,
2016, With Operating Budget Projections Through September 30, 2016
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SCHEDULE A
%
Amended %Actual of FY 2015/16 Over/(Under) Over/(Under)
FY 2015/16 FY 2015/16 Actuals as of Amended 3rd'Quarter Amended Amended
Adopted Budget Budget June 30,2016 Budget ,Pro-ections(rd) Budget Budget
REVENUES
Ad Valorem Taxes 140,446,000 140,446,000 136,630,126 97.3% 140,446,000 - 0.0%
Ad Valorem Taxes-S Pte Costs - - - 0 - - 0.0%
Ad Valorem Cap Renewal&Replacement 2,716,000 2,716,000 2,716,000 100.0% 2,716,000 - 0.0%
Ad Valorem Taxes-Normandy Shores 147,000 147,000 147,000 100.0% 147,000 - 0.0%
Other Taxes 23,940,000 23,940,000 19,378,987 80.9% 23,766,000 (174,000) -0.7%
Licenses and Permits 29,558,000 29,558,000 33,424,504 113.1% 32,131,000 2,573,000 8.7%
Intergovernmental 11,037,000 11,037,000 9,679,630 87.7% 11,213,000 176,000 1.6%
Charges for Services 5,746,000 5,746,000 6,386,352 111.1% 6,355,000 609,000 10.6%
Golf Courses 6,300,000 6,300,000 5,576,767 88.5% 5,773,000 (527,000) -8.4%
Fines and Forfeitures 2,157,000 2,157,000 1,592,056 73.8% 1,779,000 (378,000) -17.5%
Interest 3,074,000 3,074,000 2,370,228 77.1% 2,678,000 (396,000) -12.9%
Rents and Leases 6,384,000 6,384,000 6,324,699 99.1% 6,988,000 604,000 9.5%
Miscellaneous 12,588,000 12,588,000 12,974,313 103.1% 13,762,000 1,174,000 9.3%
Other-Resort Tax Contribution 36,609,000 36,609,000 36,609,000 100.0% 36,609,000 - 0.0%
Other-Non-Operating Revenues 11,252,000 11,452,000 9,993,511 87.3% 5,245,000 (6,207,000) -54.2%
Fund Balance/Retained Earnings 386,000 386,000 - 0.0%
Prior Year-End Surplus Carryover 5,471,000 - 0.0% 5,471,000 - 0.0%
Prior Year Surplus from Parking Fund 8,400,000 8,400,000 8,400,000 100.0% 8,400,000 - 0.0%
TOTAL REVENUES 300,354,000 306,411,000 292,203,173 95.4% 303,865,000 (2,546,000) -0.8%
EXPENDITURES
Mayor and Commission 2,009,000 2,199,000 1,472,780 67.0% 2,003,000 (196,000) -8.9%
City Manager 3,652,000 3,809,000 2,647,683 69.5% 3,657,000 (152,000) -4.0%
Communications 1,745,000 1,748,000 1,302,740 74.5% 1,738,000 (10,000) -0.6%
Environmental&Sustainability 261,000 844,000 390,155 46.2% 566,000 (278,000) -32.9%
Office of Budget&Performance Improv 2,435,000 2,435,000 1,634,505 67.1% 2,226,000 (209,000) -8.6%
Organizational Development&Perf Initiatives 603,000 603,000 381,323 63.2% 571,000 (32,000) -5.3%
Finance 5,385,000 5,435,000 3,672,345 67.6% 5,244,000 (191,000) -3.5%
Procurement 2,112,000 2,114,000 1,392,013 65.8% 2,012,000 (102,000) -4.8%
Human Resources/Labor Relations 2,685,000 2,721,000 1,527,251 56.1% 2,420,000 (301,000) -11.1%
City Clerk 1,455,000 1,455,000 1,046,754 71.9% 1,425,000 (30,000) -2.1%
City Attorney 5,282,000 5,282,000 3,678,935 69.7% 5,196,000 (86,000) -1.6%
Housing&Comm Services 2,674,000 2,674,000 1,716,226 64.2% 2,560,000 (114,000) -4.3%
Building 13,804,000 13,799,000 9,222,186 66.8% 13,190,000 (609,000) -4.4%
Planning 4,260,000 4,274,000 2,867,665 67.1% 4,064,000 (210,000) -4.9%
Tourism,Cultural,&Economic Development 3,936,000 3,936,000 2,329,435 59.2% 3,699,000 (237,000) -6.0%
Code Compliance 5,936,000 6,118,000 4,204,240 68.7% 5,951,000 (167,000) -2.7%
Parks and Recreation 30,761,000 30,812,000 20,872,852 67.7% 30,348,000 (464,000) -1.5%
Public Works 14,358,000 14,143,000 8,138,686 57.5% 13,796,000 (347,000) -2.5%
Capital Improvement Projects 4,945,000 4,945,000 3,381,207 68.4% 4,707,000 (238,000) -4.8%
Police 99,605,000 99,989,000 75,625,675 75.6% 101,404,000 1,415,000 1.4%
Fire 62,741,000 62,844,000 48,578,532 77.3% 65,641,000 2,797,000 4.5%
Emergency Management 8,957,000 9,218,000 6,844,142 74.2% 9,357,000 139,000 1.5%
Citywide Accounts&Operating Contingency 12,093,000 14,158,000 7,079,382 50.0% 10,313,000 (3,845,000) -27.2%
Citywide-Normandy Shores 226,000 226,000 - 0.0% 226,000 - 0.0%
Citywide-Transfers-Capital Investment Upkeep Fund 315,000 315,000 83,255 26.4% 172,000 (143,000) -45.4%
Citywide-Transfers-Info&Comm Technology Fund 395,000 395,000 - 0.0% 395,000 - 0.0%
Citywide-Transfers-Pay-As-You Go Capital Fund 2,400,000 2,400,000 - 0.0% 2,400,000 - 0.0%
Citywide-Transfer-Capital Reserve Fund 2,000,000 - 0.0% 2,000,000 - 0.0%
Capital Renewal&Replacement 2,716,000 2,716,000 - 0.0% 2,716,000 - 0.0%
Capital Projects Not Financed By Bonds - 196,000 - 0.0% 196,000 - 0.0%
Reserve-Public Safety Radio System 500,000 500,000 - 0.0% 500,000 -
Reserve-Future Building Dept Needs 2,108,000 2,108,000 - 0.0% - (2,108,000) 400.0%
TOTAL EXPENDITURES 300,354,000 306,411,000 210,089,964 68.6% 300,693,000 (5,718,000) -1.9%
EXCESS OF REVENUES OVER/(UN DER)EXPENDITURES - - 82,113,210 3,172,000 3,172,000