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LTC 042-2008 Analysis of Budget FY Ending September 2007
~~ )fit ~ : i ~ F ~ ~5 ff 2 OFFICE OF THE CITY MANAGER NO. LTC #042-2008 LETTER TO COMMISSION TO: Mayor Matti H. Bower and Members of the City Commission /~j~~,., FROM: Jorge M. Gonzalez, City Manager %~ ~ c, / / 4'J ~ Ca "' DATE: February 8, 2008 n rn iTl r- ~ SUBJECT: ANALYSIS OF BUDGET TO PRELIMINARY ACTUAL REVENUES AND EXPENSES FOR THE ~CP~ ;S't YEAR ENDING SEPTEMBER 30, 2007, FOR GENERAL, ENTERPRISE, AND INTERNAL SERVICE FUNDS ~ ~ ~ The Purpose of this LTC is to provide the preliminary actual revenue and expenses~mr thra ~ Fiscal Year ending September 30, 2007. The year-end budget to preliminary~ctu~y ~ comparisons for General, Enterprise, and Internal Service Funds are presentedrim the following pages. It shows that, overall, there will be an operating budget surplus of $15,504,725 (6.5%) in the General Fund. While this year-end surplus is significantly higher than in prior years, it is riot entirely unanticipated. As you will recall, due to Property Tax Reform discussions that were on- goingduring FY 2006/07, the City implemented pro-active cost-saving measures very early in the Fiscal Year. These measures resulted in cost-savings in almost every City department, for a total savings of approximately $4.6 million Citywide. These expenditure savings were anticipated in the FY 2006/07 third quarter projections thatwere included in the FY 2007/08 Proposed Budget book distributed last August. The only Department whose expenditures significantly exceeded its budget was the Fire Department, where actual expenditures exceeded the budget by over $1.3 million. In addition, on the revenue side, approximately $4.4 million in additional revenues were anticipated in the FY 2006/07 third quarter projections that were included in the FY 2007/08 Proposed Budget book primarily due to increased electrical franchise fees, police and fire off-duty fees, Miami Beach Golf Course revenues, as well as increased interest earnings due to higher than budgeted interest rates and fund balances, increased rent and lease revenues due primarily to the new Live Nation agreement, and increased building permit revenues. These increases were partially offset by reduced ad-valorem property taxes primarily due to higher than anticipated property value appeals approved by Miami-Dade County. As you are aware, the City last year initiated a comprehensive review of certain inconsistencies inthe application of building permit fees in the City. Approximately $3 million in increased building permit fee revenue was included in the FY 2006/07 third quarter projections that were included in the FY 2007/08 Proposed Budget book, an increase of 33%, based on conservative estimates available at that time. Actual building permit revenues for FY 2006107 exceeded the budgeted revenues by over $6 million due to the implementation of new processes and an audit of existing open permits. Approximately four million dollars of this increase alone was attributable to just a handful of projects such as: Fontainebleau II ($3.805 million); Canyon Ranch ($401,470); and Mondrian ($241,935). ATTACHMENT A FY 2006/07 General Fund Operating Summary Projection Adopted FY 2006/07 Prelim Actual/Enc Prelim-Adptd FY 2006/07 3rd Qtr Projection 06/07 as of 01/18 Over/ Under REVENUES Ad Valorem Taxes Ad Valorem Taxes-S Pte Costs Ad Valorem Cap.Renewal & Replace. Ad Valorem S Pte Cap.Ren & Repl Other Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeits Interest Rents and Leases Miscellaneous Other -Resort Tax contribution Other -Non Operating revenues City Manager Communications City Clerk Finance Office of Budget & Perf Improve. Human Resources/Labor Relations Procurement City Attorney Economic Development Building Planning Tourism & Cultural Development Neighborhood Services Parks and Recreation Public Works Capital Improvement Program Fire Police Citywide Accounts Citywide Accounts-Normandy Shore Citywide Accounts-Transfers Citywide Accounts-11 % Emergency $ 129,152,566 $ 127,815,271 $ 127,421,844 7, 718,251 7, 718, 251 7, 718,251 3,266,096 3,266,096 3,266,096 258,990 258,990 258,990 22,153,300 22,974,800 23,236,517 13, 02 5, 335 15, 825, 000 19, 912, 093 11,160,640 11,202,540 11,325,192 7,490,350 7,902,000 8,484,426 1,826,000 2,066,500 1,607,179 5,300,000 6,200,000 8,061,952 2,934,251 3,451,990 4,034,504 6,013,515 6,059,905 5,936,844 19,571,309 19,571,309 19,571,309 7,802,493 7,802,493 7,710,888 0 0 0 $ 237,673,096 $ 242,115,145 $ 248,546,085 $ 1,418,860 $ 1,298,860 $ 1,312,443 2,328,805 2,323,805 2,313,663 1,188,552 1,128,552 1,023,334 1,683,647 1,623,647 1,510,096 4,559,048 4,335,283 4,361,322 1,985,126 1,925,126 1,886,824 1,895,510 1,841,510 1,878,681 902,160 857,160 842,046 4,319,400 4,119,400 3,825,681 915,191 945,191 978,739 8,268,849 8,168,849 7,802,946 3,173,702 3,043,702 2,989,553 3,212,468 3,012,468 3,060,261 5,646,042 5,346,042 5,248,725 28,068,400 26,988,400 26,328,369 7,033,709 6,159,081 6,416,887 3,126,464 2,842,241 3,198,032 43,303,018 43,553,018 44,622,962 75,252,774 74,270,441 74,663,186 13, 092, 612 13,075, 612 12, 982, 975 135, 254 135,254 135,254 19,300,000 19,300,000 18,795,876 3,338,419 3,338,419 3,338,419 3,525,086 3,525,086 3,525,086 $ 237,673,096 $ 233,157,147 $ 233,041,360 730,722' 0 0 1,083,217 6,886,758 164,552 994,076 (218,821) 2,761,952 1,100,253 (76,671) 0 (91,605) 0 (106,417) (15,142) (165,218) (173,551) (197,726) (16,829) (60,114) (493,719) 63,548 (184,149) (152,207) (397,317) (1,740,031) 71,568 1,319,944 (589,588) (109,637) 0 (504,124) 0 EXCESS OF REVENUES OVER/ UNDER) EXPENDITURES $ 0 $ 8,957,998 $ 15,504,725 $ 15,504,725 ATTACHMENT B FY 2006/07 Enterprise Funds Summary Projection r Adopted FY 2006107 Prelim Actual/Enc Prelim - Adptd CONVENTION CENTERITOPA FY 2006107 3rd Qtr Pro'ection 06/07 as of 01/75/08 Overl Under REVENUES $ 5,145,460 $ 5,231,555 $ 5,593,725 1,481,384 1,607,670 1,912,126 248,875 287,981 298,706 1,052,500 1,139,993 1,309,551 216,558 562,916 645,288 427,590 275,456 250,880 $ 8,572,367 $ 9,105,571 $ 10,010,276 $ 4,500,000 $ 4,500,000 $ 4,500,000 0 451,610 415,027 132,750 415,027 480,513 3,425,000 4,000,000 4,000,000 $ 8,057,750 $ 9,366,637 $ 9,395,540 $ 16,630,117 $ 18,472,208 $ 19,405,816 $ 448,265 430,742 49,831 257,051 428,730 176, 710 $ 1,437,909 $0 415,027 347,763 575,000 $ 1,337,790 $ 2,775,699 CHARGES FOR SERVICES Rents and Leases Concessions Telephones Electrical Income Services Miscellaneous and Other Subtotal OTHER Convention Development Tax Hurricane Reimbursement Interest Earnings Retained Earnin s Subtotal TOTAL REVENUES Fees to GF $ 4,241,917 $ 4,640,270 $ 4,788,385 $ 546,468 5,801,936 5,933,450 5,243,528 (558,408) 1,854,438 1,854,438 2,018,328 163,890 740,600 740,600 740,600 0 3,425,000 4,000,000 4,000,000 575,000 566,226 566,226 566,226 0 $ 16,630,117 $ 17,734,984 $ 17,357,067 $ 726,950 EXCESS OF REVENUES OVER/ UNDER EXPENSES $ 0 $ 737,224 $ 2,048,749 $ 2,048,749 FY 2006/07 Enterprise Funds Summary Projection Adopted FY 2008/07 Prelim ActuallEnc Prelim - Adptd PARKING ~ FY 2006/07 3rd Qtr Pro'ection 06/07 as of 01/15/08 Over/ Under REVENUES CHARGES FOR SERVICES Meters Parking Citations Attended Parking Permits Preferred Lot Garages Space Rental Valet Towin Fees Subtotal OTHER Interest Earnings Hurricane Reimbursement Miscellaneous Subtotal TOTAL REVENUES Management Fees to GF Depreciation Debt Service $ 11,319,412 $ 12,119,030 $ 13,152,671 $ 1,833,259 3,262,000 2,000,000 3,004,025 (257,975) 2,544,300 2,400,000 2,762,429 218,129 762,600 824,900 862,236 99,636 1,000,000 1,500,000 1,282,252 282,252 4,654,400 4,800,000 4,796,556 142,156 400,000 300,000 309,900 (90,100) 360,000 400,000 463,162 103,162 150,000 200,000 238,881 88,881 $ 24,452,712 $ 24,543,930 $ 26,872,112 $ 2,419,400 $ 775,000 $ 1,862,201 $ 2,092,916 $1,317,916 0 0 12,759 12,759 102,800 102,800 353,089 250,289 $ 877,800 $ 1,965,001 $ 2,458,764 $1,580,964 $ 25,330,512 $ 26,508,931 $ 29,330,876 $ 4,000,364 $ 7,594,182 $ 7,377,427 $ 7,419,867 $ (174,315) 11,035,090 10,607,800 10,645,010 (390,080) 2,433,400 2,433,400 2,433,400 0 1,633,409 1,655,409 1,210,200 (423,209) 2,184,901 2,184,901 2,184,901 0 449,530 898,178 522,285 72,755 $ 25,330,512 $ 25,157,115 $ 24,415,663 $ (914,849) EXCESS OF REVENUES OVER/ UNDER EXPENSES $ 0 $ 1,351,816 $ 4,915,213 $ 4,915,213 FY 2006/07 Enterprise Funds Summary Projection Adopted FY 2006/07 Prelim Actual/Enc Prelim - Adptd SANITATION FY 2006107 3rd Qtr Pro'ection 08/07 as of 01/15/08 Over/ Under REVENUES $ 3,222,602 $ 3,156,627 $ 3,146,334 2,546, 421 2 , 634, 831 2 , 715, 2 74 320,375 333,424 345,492 50,000 92,234 35,159 831,771 992,173 1,033,525 750,000 981,085 1,006,519 800,250 656,935 667,879 1,018,015 916,214 1,458,906 3,750,475 3,375,428 2,977,962 75,000 74,910 56,721 $ 13,364,909 $ 13,213,860 $ 13,443,771 $ 55,200 $ 388,988 $ 361,714 0 572,071 729,436 0 0 0 322,624 322,624 0 467,172 335,017 336,671 584,000 584,000 584,000 $ 1,428,996 $ 2,202,700 $ 2,011,821 $ 14,793,905 $ 15,416,560 $ 15,455,592 $ (76,268) 168,853 25,117 (14,841) 201,754 256,519 (132,371) 440,891 (772,513) 18,279 $ 78,862 $ 306,514 729,436 0 (322,624) (130,501) 0 $ 582,825 $ 661,687 CHARGES FOR SERVICES Sanitation Fees Franchise Tax-Waste Contractors Franchise Tax-Right of Way Trash Removal Roll Off Impact Fee-Construction Impact Fee-Commercial City Center RDA-Reimbursement Amended CDT Interlocal Agreement Violations/Fines Subtotal OTHER Interest Earnings/Other Hurricane Reimbursement Retained Earnings Loan Proceeds Parking Fund Contribution Stormwater Fund Contribution Subtotal TOTAL REVENUES EXPENSES Payroll & Fringes Operating Garbage Contracts Management Fees to GF Hurricane Expenses Depreciation Debt Service -Loan Program $ 7,940,152 $ 5,747,289 $ 5,714,520 $ (2,225,632) 3,112,142 3,424,524 3,452,682 340,540 2,397,065 2,397,065 2,292,930 (104,135) 264,500 264,500 264,500 0 0 106,112 106,112 106,112 255,378 255,378 314,590 59,212 236,424 236,424 236,424 0 588,244 1,086,805 613,977 25,733 $ 14,793,905 $ 13,518,097 $ 12,995,735 $ (1,798,170 EXCESS OF REVENUES OVER/ (UNDER) EXPENSES $ 0 $ 1,898,463 $ 2,459,857 $ 2,459,857 FY 2006/07 Enterprise Funds Summary Projection Adopted FY 2006107 Prelim Actual/Enc Prelim - Adptd WATER OPERATIONS FY 2006/07 3rd Qtr Pro'ection O6I07 as of 01/15/08 Over/ Under REVENUES CHARGES FOR SERVICES Water Sales Firelines Water Connection Fees WaterTa in Subtotal OTHER Interest Earnings Miscellaneous Retained Earnings-Carry forward Retained Earnin s-Capital Subtotal TOTAL REVENUES $ 21,005,200 $ 19,862,184 $ 20,985,835 100,000 100,000 58,900 3,000 3,000 (1,079) 220,000 160,000 159,156 $ 21,328,200 $ 20,125,184 $ 21,202,812 $ 40,000 $ 70,000 $ 93,714 600,000 650,000 500,380 1,880,136 1,880,136 1,880,136 774,675 774,675 832,238 $ 3,294,811 $ 3,374,811 $ 3,306,468 $ 24,623,011 $ 23,499,995 $ 24,509,280 $ (19,365) (41,100) (4,079) 60,844 $ 125,388 $ 53,714 (99,620) 0 57,563 $ 11,657 $ 113,731 EXPENSES Payroll & Fringes Operating Water Purchase Management Fees to GF DERM Fee Depreciation Debt Service Ca ital TOTAL EXPENSES $ 4,058,084 $ 3,358,686 $ 3,411,722 2,698,556 2,432,154 2,278,710 8,833,100 8,833,100 8,723,741 1,673,843 1,673,843 1,673,843 1,434,497 1,434,497 1,458,880 680,000 680,000 617,685 4,470,256 3,985,818 4,470,256 774,675 774,675 832,238 $ 24,623,011 $ 23,172,773 $ 23,467,075 $ (646,362) (419,846) (109,359) 0 24,383 (62,315) 0 57,563 $ (1,155,936) EXCESS OF REVENUES OVER/ (UNDER) EXPENSES $ 0 $ 327,222 $ 1,042,205 $ 1,042,205 FY 2006/07 Enterprise Funds Summary Projection Adopted FY 2006107 Prelim Actual/Enc Prelim -Adptd SEWER OPERATIONS FY 2006107 3rd Qtr Pro'ection 06/07 as of 01115/08 Over/ Under REVENUES CHARGES FOR SERVICES Sewer User Fees Sewer Connection Fees Sewer Fees-Cities Subtotal OTHER Interest Earnings Miscellaneous Retained Earnings-Carry forward Retained Earnin s-Ca ital Subtotal TOTAL REVENUES EXPENSES Droll 8 Fringes crating ver Treatment ~agement Fees to GF RM Fee xeciation ~t Service $ 25,393,300 $ 22,648,802 $ 22,741,441 65,000 35,000 31,456 2,589,680 2,477,700 2,470,039 $ 28,047,980 $ 25,161,502 $ 25,242,936 $ 125,000 $ 215,000 $ 281,143 630,000 675,000 547,014 1,293,771 1,293,771 1,293,771 490,090 490,090 597,200 $ 2,538,861 $ 2,673,861 $ 2,719,128 $ 30,586,841 $ 27,835,363 $ 27,962,064 $ 2,688,961 $ 2,177,701 $ 2,201,566 3,165,638 2,714,521 2,616,886 15,475, 700 15,475,700 15, 030,075 1,388,957 1,388,957 1,388,957 1,886,250 1,886,250 1,836,506 1,080,000 1,180,000 1,122,159 4,411,245 4,772,902 4,411,245 490,090 490,090 597,200 $ 30,586,841 $ 30,086,121 $ 29,204,594 $ (2,651,859) (33,544) 119,641 $ 2,805,044) $ 156,143 (82,986) 107,110 $ 180,267 $ 2,624,777) (548,752) (445,625) 0 (49,744) 42,159 0 EXCESS OF REVENUES OVER/ UNDER) EXPENSES $ 0 $ 2,250,758 $ (1,242,530) $ (1,242,530) FY 2006107 Enterprise Funds Summary Projection Adopted FY 2006107 Prelim Actual/Enc Prelim - Adptd ~S_TORMWATER FY 2008/07 3rd Qtr Pro'ection O6/07 as of 01/18) Overl Under REVENUES Stormwater Fees $ 8,150,000 $ 7,600,000 $ 7,355,009 $ (794,991) Interest Earnings 218,000 400,000 446,133 228,133 Other 0 25,000 38,938 38,938 TOTAL REVENUES $ 8,368,000 $ 8,025,000 $ 7,840,080 $ 527,920 Operating Contribution to Sanitation Management Fees to GF Depreciation Debt Service $ 1,485,897 $ 1,313,168 $ 1,352,703 1,793,903 1,069,566 1,157,917 584,000 584,000 584,000 264,500 264,500 264,500 130,000 130,000 283,840 3,575,000 3,575,000 3,303,912 534,700 841,375 695,776 $ 8,368,000 $ 7,777,609 $ 7,642,648 0 0 153,840 (271,088) EXCESS OF REVENUES OVER/ UNDER EXPENSES $ 0 $ 247,391 $ 197,432 $ 197,432 ATTACHMENT C FY 2006/07 Internal Service Funds Summary Projection Adopted FY 2006/07 Prelim ActuallEnc Prelim - Adptd CENTRAL SERVICES FY 2006/07 3rd Qtr Pro'ection 06107 as of 01118 Overl Under REVENUES Inter-departmental Charges $806,485 $793,000 $777,102 ($29,383) InteresVOther 4,000 2,000 (628) (4,628) Retained Earnin s 50,682 45,785 42,963 7,719 TOTAL REVENUES $861,167 $840,785 $819,437 $41,730 EXPENSES Operating Postage Depreciation $358,711 $354,480 $360,806 268,461 259,870 312,090 178, 94 5 178, 945 177, 748 4,368 4,368 4,755 50,682 43,122 42,963 $861,167 $840,785 $898,362 43,629 (1,197) 387 (7.7191 EXCESS OF REVENUES OVER/ UNDER EXPENSES $0 $0 ($78,925 ($78,925 ATTACHMENT C FY 2006/07 Internal Service Funds Summary Projection Adopted FY 2006/07 Prelim ActuallEnc Prelim - Adptd PROPERTY MANAGEMENT FY 2008107 3rd Qtr Pro'ection 06/07 as of 01/18 Over/ Under REVENUES Inter-departmental Charges Construction Projects Interest Other Retained Earnings $8,462,996 $8,722,996 $8,591,437 400,000 0 171,261 5,000 18,344 19,532 0 11,000 27,088 214,500 214,500 190,853 $9,082,496 $8,966,840 $9,000,171 (228,739; 14,532 27,088 EXPENSES Payroll & Fringes Operating Depreciation Ca ital TOTAL EXPENSES $4,530,047 $4,086,044 $4,111,808 ($418,239) 4,092,949 4,092,949 4,425,951 333,002 245,000 245,000 329,645 84,645 214,500 214,500 190,853 23,647 $9,082,496 $8,638,493 $9,058,257 $24,239 EXCESS OF REVENUES OVER/ (UNDER) EXPENSES $0 $328,347 $58,086 $58,086 ATTACHMENT C FY 2006/07 Internal Service Funds Summary Projection Adopted FY 2008/07 Prelim Actual/Enc Prelim - Adptd INFORMATION TECHNOLOGY FY 2006/07 3rd Qtr Pro'ection 08107 as of 01/18 Over/ Under REVENUES Inter-departmental Charges Interest Other Retained Earnin s TOTAL REVENUES EXPENSES Depreciation Debt Service $11,806,118 $11,806,118 $11,463,147 ($342,971) 50,000 67,975 100,318 50,318 67,975 50,000 53,493 (14,482) 2,372,500 1,896,521 2,137,883 (234,617 $14,296,593 $13,820,614 $13,754,841 $541,752) $4,448,851 $4,210,170 $4,289,118 4,639,360 4,691,110 4,265,979 951,750 900,000 1,064,772 1,285, 789 1,285,789 1,285,789 598,343 598,343 598,343 2,372,500 1,896,521 2,137,883 $14,296,593 $13,581,933 $13,641,884 (373,381) 113,022 EXCESS OF REVENUES OVER/ (UNDER) EXPENSES $0 $238,681 $112,957 $112,957 ATTACHMENT C FY 2006/07 Internal Service Funds Summary Projection Adopted FY 2006/07 Prelim ActuallEnc Prelim - Adptd FLEET MANAGEMENT FY 2006/07 3rd Qtr Pro'ection 06/07 as of 01/18 Overl Under REVENUES Sale of City Property Motor Fuel Tax Refund Interest Other Retained Earnings Operating Fuel Debt Service $6,962,186 $6,962,186 $7,431,123 220,000 211,592 263,924 72,000 84,000 113,186 85,000 336,000 357,781 41,353 25,128 30,255 50,000 50,000 39,280 $7,430,539 $7,668,906 $8,235,549 $1,524,390 $1,462,669 $1,508,774 1,969,601 1,969,601 2,267,039 2,200,000 2,200,000 2,034,631 1,686, 548 1,686, 548 1,686,548 50,000 50,000 39,280 $7,430,539 $7,368,818 $7,536,272 43,924 41,186 272,781 (11,098) (10.7201 297,438 (165,369) 0 EXCESS OF REVENUES OVER! (UNDER EXPENSES $0 $300,088 $699,277 $699,277 ATTACHMENT C FY 2006/07 Internal Service Funds Summary Projection Adopted FY 2006/07 Prelim Actual/Enc Prelim - Adptd RISK MANAGEMENT FY 2006/07 3rd Qtr Projection 06/07 as of 01/18 Over/ Under REVENUES Inter-departmental Charges Interest Fund Transfer-Deficit reduction $16,185,677 $16,185,677 $16,883,909 100,000 100,000 421,946 1,000,000 1,000,000 1,000,000 0 0 185,125 2,279,000 375,000 0 $19,564,677 $17,660,677 $18,490,980 321,946 185,125 EXPENSES Operating $888,531 $888,531 $885,047 ($3,484) Administrative Fees 674,481 674,481 674,481 0 Non-O eratin 18,001,665 16,097,665 16,108,577 (1,893,088) TOTAL EXPENSES $19,564,677 $17,660,677 $17,668,105 $1,896,572 EXCESS OF REVENUES OVER/ UNDER) EXPENSES $0 $0 $822,875 $822,875