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Home My WebLink AboutIII (E) Quarterly Financial Report - First Quarter FY 2003 Agenda 3-18-2003 Mayor ,S�e Center of Good Lfvfllg Commissioners m III E S. Scott Vandergrift Danny Howell,District 1 Scott Anderson,District 2 City Manager . `COE , RstyJohnsonDitt3 Jim Gleason ` f• • t. 1-1.<1 Nancy J. Parker, District 4 STAFF REPORT TO: The Honorable Mayor and City Commissioners FROM: ' Wanda Horton, Finance Director DATE: March 10, 2003 RE: Quarterly Financial Report—First Quarter FY 2003 Attached is the Quarterly Financial Report for the first quarter of fiscal year 2003. The report summarizes financial activity for the period October 2002 through December 2002. The City remains in a positive financial position overall at a time when other municipalities are realizing budget deficits. Revenues are being collected as anticipated for all funds. Expenditures are being closely monitored and are within expected ranges. Staff initially proposed a conservative budget for FY 2001 and immediately after September 11, 2001 took aggressive measure,' to further reduce expenditures in anticipation of a negative impact to the economy, which could affect the City's budget. The measures taken by staff and carried over to the current budget year proved to be beneficial in that the City has already taken the measures other municipalities are now forced to deal with. While many municipalities are finding the need to utilize substantial amounts from their fund balances to minimize the financial impact to operations, the City of Ocoee was able to reduce the amount of fund balance included in the current budget. Staff continues to look for new ways to increase revenues and/or reduce expenditures without compromising the levels of service to the community. • The City of Ocoee• 150 N Lakeshore Drive•Ocoee,Florida 34761 phone:(407)905-3100•fax: (407)656-8504•www.ci.ocoee.fl.us CITY OF OCOEE QUARTERLY REPORT FIRST QUARTER FISCAL YEAR 2002 -2003 CenteT of Good j Mayor Co•nmissinnera S. Scott Vandergrift •.w _de , . .aw ltl® �._.� • I);'any Howell,District 1 ' w• Set.tt Anderson,District 2 City Manager � i `.�,, '4„�r hu.;ty Johnson,District 3 Jim Gleason ' -` N.uicy J. Parker,District 4 Quarterly Financial Report Fiscal Year 2002/2003 First Quarter The City of Ocoee is a municipal corporation'of the State of Florida operating under a commission/manager form of government. A residential community, the City has a land area of approximately 20 square miles. Ocoee is home to approximately 27,250 residents ranking third in population of the cities*in Orange County. Ocoee has twelve developed parks and an I 8-hole public golf course. Recreational facilities include a multi-purpose recreational complex, tennis courts, outdoor basketball courts, baseball fields and a football field. The City provides water and wastewater services, garbage collection, and police and fire protection to its residents. In 1987 Ocoee began a growth pattern that continues today. To meet the increasing demandsof travel within Ocoee city limits, the City built Clarke Road, which begins at the East-West Expressway and State Road 50 and runs:north to the City's current limits. Plans are underway for future expansion to lengthen the road further north. Clarke Road spawned the development of residential neighborhoods and commercial centers, and the West Oaks Mall. The City secured funding for design, construction and improvements to Maguire Road, Professional Parkway and other roadways. Maguire Road is being expanded to four lanes in the southern portion of the community that will initiate further land development. Ad Valorem taxes are levied at the rate of 4.6564 mils. The city currently employs 335 individuals. • • The Quarterly Financial Report presents the results of financial activity of the City for a three-month period. This first quarter report summarizes the activity for the months .of October,-November and December 2002. Revenues and receipts are presented for the General, StormWater, Water/Wastewater, and Solid Waste funds. Actual receipts (revenues) and expenditures are compared to the adopted budget to assess potential overages/shortages in budgeted line items. Comparisons with figures for last fiscal year are included to indicate the differences by year in the adopted versus actual, since budgeting techniques remained relatively uniform from one fiscal year to the next. The Capital Projects Report, Debt Statement, Impact Fee Reports, and Investment Schedule are included as part of the Quarterly Financial Report. City of Ocoee • 150 N Lakeshore Drive•Ocoee,Florida 34761 phonc:'(407)905-31(X)• fax: (407)65648504 •www.ci.ocoee.fl.us .1 • Revenues are compared.to.expenditures to determine how daily operations may be affected by shifts in income-producing sources. This difference is important in cash flow management to ensure monies are available for budgeted expenditures. The economic impact of the September 11`h tragedy continues to negatively affect interest earnings in all funds. Table l shows revenues currently exceed expenditures for the general and StormWater funds. It is important to note that the budgeted cash carry forward for the funds has not been posted to the revenue accounts. • TABLE 1 Revenue vs. Expenditures by Fund , I x; Fund I Revenues enditures General Fund $6,772,668 S4.735,800 StormWater Utility $296,828 $225,358 Water/Wastewater Utility $1,358,770 $1,196,422 Solid Waste Utility $423,809 $379,709 • Expenditures are grouped into four categories: Personal Services, Operating Expenses, Capital Outlay, and Transfers Out. Funds are earmarked for expenditures either through the budget process, the capital improvements element of the Comprehensive Plan, bond indebtedness, impact fee restrictions, water deposit repayments, or loan restrictions. • II ..,.. .!,••'.%:•'..;•:%)••'-•,'•....k:!;,,i-os..*..--- 4:.;••..,.--.••. -••••••,,,i'',v,-`1-''.• 'Y.l''.k"'ert''Z'''. ''.4'.•'''''''S"Ar"...4=•'...".1.,..,..!e..'12,..4,'%).'..."..e.,.,,,-„,,ikr .. ,11,• •,-,.:. :< ,,,....,, .... 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All general tax revenues and other receipts that are not allocated by law or contractual agreement to another fund are reported in this fund with the related expenditures. General Fund accounts for the activity of twenty-three departments. Revenue Analysis The graph on page 3 provides a comparison of revenue receipts in dollars for first quarter fiscal years 2001/2002and 2002/2003. Current year revenue receipts are detailed on page 4 and charted on pages 5-7. Overall, General Fund revenue receipts at the end of this quarter are above anticipated with 32% realized compared to 34% at the end of first quarter last year. Receipts for Property Taxes are $2,833,827 (55.6%) collected compared with $3,216,614 this time last year. Franchise Tax receipts consisting of revenues from electric, gas, and solid waste are slightly below anticipated at 23.5% realized. Revenue for Utility Taxes.($475,700) is as anticipated with 25% of budgeted realized. Licenses and Permits are significantly above anticipated primarily due to the receipt of Occupational Licenses and Building Permits. Building Permit revenue is above'anticipated with 89 residential and 5 commercial building permits issued for first quarter FY2003 compared with 69 Residential and 5 Commercial at this time for FY2002. Three years-of building permit activity are graphed on pages 8-9. Intergovernmental Revenues are funds received from other governmental agencies. Receipts for first quarter FY2003 are below anticipated with 23.4% realized. Operating Revenue for Windermere Fire protection is due in two installments- February and May, with the capital charge due in October and March. Installments are current. The COPS FAST Grant is a quarterly reimbursement grant. The first quarter reimbursement request of$60,773.93 has not been received yet. • • • • County Six Cent Gas Tax (Local Option Gas Tax), Telecommunications Service Tax, and Half-Cent Sales Tax have been received as anticipated. Other Governmental Revenue consists of the Local Law Enforcement Block Grant (LLEBG) and a Byrne Grant for the police department. This revenue is 42% realized. The required 25% match for the Byrne Grant is reflected in the department expenditures. Charges for Services consisting of zoning, annexation, development review, program activity and sale of maps and publication fees are 12% realized. Fines and Forfeitures at 22 % collected ($50,670)and False Alarm Fees at 13% collected ($1,920) are below anticipated. Miscellaneous Revenue consisting of returned check charges, special street lighting fees, interest earnings, and administrative fees for police security. Interest earnings are 15% realized with $17,090 earned. Expenditure Analysis Page 10 contains pie charts indicating the composition of expenditures for first quarter 2001/2002 and 2002/2003 for the General Fund. The Budget versus Expenditure report (page I I) shows for each department, the amount spent and percentage of the budget the amount represents for the quarter. The variation in the percentages represents the timing and types of expenditures for the departments, i.e - dues. contracts and capital items. Overall, expenditures for General Fund are 22%of budgeted. Capital Outlay expenditures for General Fund are detailed on page 12. The use of Purchasing Cards was implemented to help expedite receipt of goods and services necessary for the day-to-day operations of the City. Budget transfers authorized by the City Commission from contingency appear on page 13 for the quarter. Staff continues to closely monitor expenditures in relation to revenues to track any indicators of a downturn in the receipt of revenues. The pro- active measures taken by Staff immediately after the September 11`h tragedy and the conservative position taken for the current year budget has enabled the City to continue business "as usual"and remain in a positive financial position. 2 CITY OF OCOEE FIRST QUARTER REVENUE COMPARISON $3,500,000 $3,000,000 — — $2,500,000 — r --— $2,000,000 — $1,500,000 $1,000,000 $500,000 — —11 , so PROPERTY TAX FRANCHISE TAX UTILITY TAX LICENSE&PERMITS INTER- CHARGES FOR FINES&FORFEITURES MISCELLANEOUS TRANSFERS IN GOVERNMENTAL SERVICES REVENUE REVENUE 0 Fiscal Year 01-02■Fiscal Year 02-03 3 CITY OF OCOEE REVENUE ANALYSIS REPORT GENERAL FUND FIRST QUARTER 2002-2003 REVENUE BUDGET RECEIVED PERCENTAGE DESCRIPTION AMOUNT FIRST QUARTER REALIZED BEGINNING CASH BALANCE $500,000 $0 0.00% PROPERTY TAXES 5,099,405 2,833,827 55.57% FRANCHISE TAXES 1,641,700 387,101 23.58% UTILITY TAXES 1,897,565 475,700 25.07% LICENSES AND PERMITS 1,201,800 568,103 47.27% INTERGOVERNMENTAL REVENUE 6,703,335 1,567,671 23.39% CHARGES FOR SERVICE 294,500 35,762 • 12.14% FINES AND FORFEITURES 236,200 50,670 21.45% MISCELLANEOUS REVENUE 240,000 41,375 17.24% TRANSFERS IN 3,439,525 812,459 23.62% GENERAL FUND TOTALS $21,254,030 $6,772,668 31.87% 4 City of Ocoee General Fund Revenue Graphs First Quarter 2002-2003 • Property Taxes Franchise Taxes 23.6% 44.4%fil !,. ., ' 17 Nair _, 76.4% 55.6% of Property Tax revenue has been received compared to Franchise Fees are being received slightly below anticipated, 67.1% for the first quarter last year. with 23.6% received. This is down from the 31.9% collected at this time last year. Utility Taxes Licenses & Permits 25.1 o Mill • 52.7% f-r: 47.3/o 74.9% Utility Taxes are being received as anticipated, with 25.1% 47.3% of the revenue from Licenses and Permits has been received. This is slightly down from the 25.7% received last year received. This is less than the 64.8% relized during the first at this time. quarter last year. 5 City of Ocoee General Fund Revenue Graphs First Quarter 2002-2003 Intergovernmental Revenues Charges for Services 23.4% 12 1 76.6% 87.9% • 23.4% of Intergovernmental Revenues has been received. This is Charges for Services are being realized below anticipated. with up from the 19.5% collected first quarter last year. 12.1% received compared with 14.8% last year at this time. Fines & Forfeitures Miscellaneous Revenue 21.5% 17.2% air rims, 78.5% 82.8% Fines and Forfeitures are being realized below anticipated, with Miscellaneous Revenues are well below anticipated at 17.2% 21.5% received compared to 26% collected in the first quarter realized. last year 6 City of Ocoee General Fund Revenue Graphs First Quarter 2002-2003 Fund Transfers 23.6% 76.4% Fund Transfers are made on a monthly basis and are close to expected. 7 CITY OF OCOEE RESIDENTIAL BUILDING PERMIT ACTIVITY 60 — — -- 50 - 40 - 30 20 .: -L 10 - i 0 1 r r r i October November December January February March April May June July August September ■Fiscal Year 00-01 ■Fiscal Year 01-02 D Fiscal Year 02-03 8 CITY OF OCOEE COMMERCIAL BUILDING PERMIT ACTIVITY 4.5 4 3.5 3 2.5 - 2 1.5 1-11- 1 0.5 0 October November December January February March April May June duty August September j ■Fiscal Year 00-01 ■Fiscal Year 01-02 ID Fiscal Year 02-03 9 CITY OF OCOEE FIRST QUARTER EXPENDITURE COMPARISON GENERAL FUND FY01/02-FY02/03 Fiscal Year 01-02 Fiscal Year 02-03 First Quarter Expenditures First Quarter Expenditure Transfers Out Capital Capital Outlay 'r�nsfers Operating Outlay 11% Operating P 9 1% P 9 Out Expenses Expenses 0% z' 11% 16% 16% s ` Personal Personal Services Services 72% 73% 10 CITY OF OCOEE EXPENDITURE ANALYSIS REPORT GENERAL FUND FIRST QUARTER 2002/2003 BUDGET EXPENSED PERCENT DEPARTMENT AMOUNT FIRST QUARTER USED 511-00 Legislative $167,860 $51,172 30% 512-00 City Manager 230,305 54,169 24% 512-01 Community Relations 345,225 60,282 17% 512-10 City Clerk 261 ,695 62,802 24% 513-00 Finance Administration 634,975 148,962 23% 513-20 Information Systems 317,915 69,907 22% 513-30 Human Resources 352,575 81,204 23% 514-00 Legal 329,500 55,600 17% 515-00 Planning 556,315 114,916 21% 516-00 General Government Services 2,992,895 603,070 20% 517-00 Public Works Administration 354,335 58,066 16% 519-00 Facilities Maintenance 273,610 58;875 22% 519-10 Facilities Maintenance-Janitorial 55,185 12,028 22% 521-00 Law Enforcement 5,588,630 1,276,891 23% 522-00 Fire Control 3,709,590 886,696 24% 524-00 Protective Inspections 896,475 221,690 25% 529-00 Communications 691 ,580 167,481 24% 539-00 Cemetery 3,000 70 2% 541-10 Public Works-Traffic Operations 152,045 35,196 23% 541-20 Public Works-Street Maintenance 1 ,032,565 240,332 23% 546-00 Engineering 509,220 113;154 22% 572-00 Recreation 963,500 165,560 17% 572-10 Park Maintenance 835,035 197,677 24% TOTAL GENERAL FUND S21,254,030 S4,735,800 22% 11 CITY OF OCOEE CAPITAL PURCHASE REPORT FISCAL YEAR 2002-2003 FIRST QUARTER DEPARTMENT ITEM PURCHASED BUDGETED ACTUAL DIFFERENCE AMOUNT COST FIRE CONTROL DESKTOP COMPUTER (3) $7,200.00 S5,997.72 $1,202.28 PROTECTIVE INSPECTIONS DESKTOP COMPUTER (3) $7,200.00 S5,997.72 $1,202.28 RECREATION DESKTOP COMPUTER (1) $2,400.00 S1,999.24 $400.76 12 CITY OF OCOEE GENERAL FUND BUDGET TRANSFERS FISCAL YEAR 2002-2003 FIRST QUARTER DEPARTMENTAL ACCOUNT NUMBER ACCOUNT NUMBER AMOUNT OF BUDGET TRANSFER TRANSFERRED FROM TRANSFERRED TO TRANSFER EXPLANATION GENERAL GOVERNMENT 001-516-00-4900 001-516-00-4905 $3,550.00 SENIOR CITIZENS PROGRAM CONTINGENCY SENIOR PROGRAM-WATER TAX GENERAL GOVERNMENT 001-516-00-4900 001-516-00-4906 $35,500.00 SENIOR CITIZENS PROGRAM CONTINGENCY SENIOR PROGRAM-WATER FEES GENERAL GOVERNMENT 001-516-00-4900 001-516-00-4907 $51,325.00 SENIOR CITIZENS PROGRAM CONTINGENCY SENIOR PROGRAM-SOLID WASTE FIRE 001-516-00-4900 001-522-00-6400 $8,450.00 EMERGENCY LIGHTS CONTINGENCY EQUIPMENT • 13 4 i�Y t;LA u i. ` sn:('.•fi's x .? i r -.'4'S��> Ti:•) 'tr.)+:y z u:,'/,,. r 91w ✓::y }} d r;S s,; Jr<< art N 4rt.:: r rf1 ! ,fir. 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Pi . • ' .. i t'.�+-•,.. .�. ,, ,,, T' • f.., ... .. . .. .�. :. .. v.. .:',.4Neret.fM4WWW..**...!tIV:1...°14 Jy!fsV, t= 1HVt9.,�)24* .. PZj . r .. . ._ ♦`..c....-",-.,:i ,,..i...' __, a .., . -,.F>V- .....,64.9. Yein}{.yFra..p:"»..,....,•••.'. .c' ..i,...•a:-w' w..:44)w..•=4,.. tr .<yF'rr �r•Zt',.:,:,,:,,,,ii..,y. ,I....y,•.-S+l -ti..o0?w+yi,�.`..).. s,f: "--I .I«.�...._.' _..-. 1. r', '7 )=• , sn1✓-r 1 r F • ..^-r -s'�. .`•1 t :'� y 9 _. • • '.-r%uiixi..iht•,:oh,nr..wsut • ......,,..3x.w..St..... - • r. .I . . .,..�e....1 a..' 1-7'd .......... • ..Jormonimpo... `" ..K1 1= ' 3 ,l„, .-._ , 1 'i tYfe^_'.4 sF.'Acarr'.. r14•St...-a,.t1444101004N, - ,,:/,, INMS) . -. .. .. ...N.,. ..... �.fir. • • 100 I' .11l I 80 Y • 60 zio 'oa '05 'UO 'U StormWater Utility Fund • The Stormwater fund accounts for the stormwater utility fee revenues and the related expenditures for drai :age, stormwater, and other related projects. Monthly fees are assessed at $5.00 per Equivalent Residential Unit (ERU). This department maintains over fifty retention ponds and is responsible for vegetation control in and around the ponds, swales and wet areas. l'his department repairs the pipes, inlets and fencing that surrounds these areas. Currently there are 41/2 employees in this fund. As or December 31, 2002 there were 9,137 Stormwater accounts compared to 8,897 accounts at December 31, 2001 representing a 3% ink :.ease in the customer base. The Stormwater fund budget for fiscal year 2002-2003 is $1,196,000. Revenue Analysis Current year revenue receipts are detailed on page 15 and charted on pages 16. Stormwater Fund revenues are 25% realized overall compared to 24.6% for first quarter last year. Charges for Services ($294,582) are 24.8% realized. Interest Earnings are below anticipated with 20% realized. Expenditure Analysis Page 18 contains pie charts indicating the composition of expenditures for first quarter 2001/2002 and 20()2/2003 for the Stormwater Fund. The Budget versus Expenditure report (page 18) shows the amount spent and percentage of the budget for the quarter. Expenditures for the Stormwater Fund are 19% overall. Transfers are made monthly for the debt service payments on the 1996 StormWater Utility Promissory Note that was restructured in November of 2002. The annual debt service for this fiscal year is S195,040. Funds are also transferred to the Engineering/Inspections department to cover the cost of the Dr.linage Inspector. 14 CITY OF OCOEE REVENUE ANALYSIS STORMWATER UTILITY FUND FIRST QUARTER 2002-2003 REVENUE BUDGET RECEIVED PERCENTAGE DESCRIPTION AMOUNT FIRST QUARTER REALIZED CHARGES FOR SERVICES 1,185,000 294,582 24.86% MISCELLANEOUS REVENUE 11,000 2,246 20.42% STORMWATER UTILITY FUND TOTALS $1,196,000 $296,828 24.82% 15 Stormwater Fund Revenues First Quarter 24.8% 75.2% Stormwater Fund Revenues are currently being received slightly below anticipated. with 24.8% realized. 16 CITY OF OCOEE FIRST QUARTER EXPENDITURE COMPARISON STORMWATER UTILITY FUND FY01/02-FY02/03 Fiscal Year 01-02 Fiscal Year 02-03 First Quarter Expenditures First Quarter Expenditures Transfers Personal Personal Out Services Transfers Services 55% 28% Out 30% 59% {� °'° S; D ,_ I ::,: .. ..a. ... yr is - t, �' Operating Expenses Operating 17% Expenses 11% 17 CITY OF OCOEE EXPENDITURE ANALYSIS REPORT STORMWATER FUND FIRST QUARTER 2002/2003 BUDGET EXPENSED PERCENT DEPARTMENT AMOUNT FIRST QUARTER USED 538-20 Utility Operating $1 ,196,000 $225,358 19% TOTAL STORMWATER FUND $1,196,000 $225,358 19% • 18 't r ,.. t • „ , , : =1 i r A t n r 1 rF' 7ro``,��.> - s -- { •; �.,vg [> K> t u,, , t�wl tv ,/j Y•' �.r;. .`- >y, hFN k !. ..• -" ! 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'$er r`C �9� f ,,y,:f•-y S S,y ��,r/q • 'y r ::rti kif, c��wf rr[}'Y�f�• t'1 • a�ry.,l ta+• �pp.��ft n� � rria y�y�� as i 1 ,,• + mimi • • CI.) • .,..«. •.'v„r.r.yf-'•:iMP?'-,Q ++.a'fr.iyxRh t+o - •• s.-r c x e� IMMpdrMtr � ;. y e • • llEra/GYYav1d.Y..a4.+'... .. ... ,.•1r�w, �.Y..,..�,KMuJ.,ii.aM.iM1'+W.GYP/.w^Wil'J.,.i�IA.l14'tV '� ..a. •4.41.••• is �, „ Ar.'V 9L .i.•`A.;6004.w..• ,an weww. ,• ,..t.#.44.4 .. ' ...,.w4tAiA`,NM.i.' •....7.`y.•__ ..... ,44�+4 ..}:Y,wA:'v.a•:aa fux'..,..,,. i3O •LT"�.; r'!+•xw .,r.vtzv .'"voc:•: s,ohn'.+tw5'Mn':•.14 • *•••" :� s r °¢" ".: t'+tuh fi(c rr ", tt4 .>''... >. `94°`�'A`4:.' 3' 4t— +i,4Wk1zF 1,�.4 +41. ;., •. - ...4'' ,' e •-1.. a rrt''.MY.=r t •'4.' . - �+++.eh ... .._.eMvrtr ,-•,�{w-.. ;ikl+'.n.�.vt•F>�yi, ..?. A..�A:r:-...w.,. ' • X4Ya'14:P ''' fi.%' V44x 04 .•dam .,, - ;-r .:' 04- - R. .......:f...s...L'e:d.wwe�_-...i <.... 44:4:- r+ 64,, -v,-< w • FS l:....:K.. •c=i's"ft - i4if#`1V..:4 !.- r..... .. ^-7„ . . - :'1KV•4,.4 r... ..wr.w. •.arrareptt,S*eIRAJ,!TSMan,io.r:{rcwxYaeK,ZP•r'n1Pgr'' ‘-x.....WMr, L •_..yx.^t.::^T'_.n"TYYYi:*a'.J.•t. ITtR1.V.Pitel•trypemp,mrQRRt".,....,... -. .. • • 100 80 '94 '05 '90 '07 • • Water/Wastewater Utility Fund • The Water/Wastewater fund is an enterprise fund. Operations of this fund are financed and managed in a manner similar to private business enterprise. This fund accounts for the operations of the City's water system and wastewater collection and treatment plant. All activities necessary to provide these services are reported in this fund. The 2002/2003 budget for this fund is $5,560,500. There were 10,166 and 6,049 water and wastewater customers at December 31, 2002 respectively compared to 9.699 and 5,830.customers at December 31, 2001. This represents a 5% increase for Water and a 4% increase for Wastewater customer base. Revenue Analysis • • Current year revenue receipts are detailed on page 20 and charted on pages 21. Revenue for the Water/Wastewater Fund is 24.4% realized compared to 21.7% for first quarter last year. Water Utility Fees ($521,140) are 24% realized while Wastewater Utility Fees ($583,215) are 25% realized. Revenue and Maintenance Fees include annual and monthly billings for Water (15% realized) and Wastewater (24% realized). Receipts for Water Connection Fees and Other Water Charges (cut-off/cut-on activity and late fees) are 20% and 76% respectively. The increase in Other Water Charges reflects the increase in the late fee. Interest earnings are 26% realized. Transfers In reflects the monies from the General Fund for the leased site of the recreation facility. Expenditure Analysis Page 22 contains pie charts indicating the composition of expenditures for first quarter 2001/2002 and 2002/2003. The Budget versus Expenditure report (page 23) shows the amount spent and percentage of the budget the amount represents for the quarter. Actual expenditures for the first quarter are 22% overall. The public relations campaign (POWR) is funded in the Water Operating division.. A portion of the annual debt service payment for.the 1997 bond issue is funded in the Water Operating and Wastewater Operating divisions. • 19 CITY OF OCOEE REVENUE ANALYSIS REPORT WATER/WASTE WATER UTILITY FUND FIRST QUARTER 2002-2003 REVENUE BUDGET RECEIVED PERCENTAGE DESCRIPTION AMOUNT FIRST QUARTER REALIZED BEGINNING CASH BALANCE 300,000 0 0.00% TAXES 208,550 50,469 24.20% CHARGES FOR SERVICES 5,008,250 1,298,384 25.92% MISCELLANEOUS REVENUE 38,200 8,542 22.36% TRANSFERS IN 5,500 1,375 25.00% WATER UTILITY FUND TOTALS $5,560,500 S1,358,770 24.44°7. 20 Water/Wastewater Fund Revenues First Quarter 24.4% 75.6% Water and Wastewater revenues are being received slightly below anticipated. 21 CITY OF OCOEE FIRST QUARTER EXPENDITURE COMPARISON WATER/WASTEWATER UTILITY FUND FY01/02-FY02/03 Fiscal Year 01-02 Fiscal Year 02-03 First Quarter Expenditures First Quarter Expenditures Transfers Personal Transfers Personal Services Services Out 38% OU�/0 t r 30% 36% 47 4 t i. Ili i 7 i Capital i i Outlay Operating Capital Operating 0% Expenses Outlay Expenses 26% 1% 22% 22 CITY OF OCOEE EXPENDITURE ANALYSIS REPORT WATER/WASTEWATER FUND FIRST QUARTER 2002/2003 BUDGET EXPENSED PERCENT DEPARTMENT AMOUNT FIRST QUARTER USED 533-00 Water Operating $3,163,755 $686,806 22% 535-00 Wastewater Operating 2,396,745 509,616 21 TOTAL WATER/WASTEWATER FUND $5,560,500 $1,196,422 22% 23 r j • ',},'. ` h ..tLJ✓c corn:. Y z3rr^'x' �`i A.Zxv..w%+Lr'� 9L f'S.'"atps `� �rT x� �� s.s':, t.`m- ark;ts.1' Y+•i , nc:.::_. 0 • • • • ti Aa • . ?a. - <•^NN7ot_'•rtJ'a+!'ty.:' .'�t`txf`P_%A',� `, -- _:If, ,'.• .�.�.^.._WJryry_t�. ' -K:i.'i.V ..:.x..N t....v....a. r .. ..'[:mi 1.Cn.,ylq .p -.:• :'t i.. �.. - •rf:':i-«LI.i.M�.1�twii. .,.� NYL� .. _ - .. .. w.N...':... ,r1n.•Yc4r+RlwcrsAM•t1�-S:M!•1M'f1M"1RP2'+Is'OYM'24.�I.t'A�'Kl7i .V.-n,-..•.w..+q.l,"fw�••.-.,ry?tl�.!V/bMN'1F'^PlR�^' , ,..e. ,... - .,.rn :.ww - .. ri:. •+r-ki.rt ».y rte+r,]#lyt,...: r.,.r a a,, x"F'• _, ,. -- .. .., - ".- ., .,, .. i - .- ...— -.t: ,f•,YJ7.{ ;044";:414.1%., a:Si;::n7GrhYi..wv:_...,.,.a rb.sT°^.cc.. ....'1a:S.J: • ••. • .., •A':ri'+.r,3'P;t l'•TdTr:.t ice's.it,°alty. ,'sM-"Lrowtok .41Y'�• **/4 /44 ,41 V5:..,- • .. • :t1401M ,1=Pagli* • • tiY ` .�N�.ae.,.,•+�ry'�{%�.:.,wey�Vr .'JA.c s.rsi[gKM17�i7W71�`4tO�Ms'.• SY>'L"•Y,ikiWkV'Y1"Jw.LAxv. ..wwiK 4 .1++)tGotIRgew'44 • too 00 '04 'OS "00 '07 Solid Waste Fund • The Solid Waste fund is an enterprise fund. Operations of this fund are financed and managed in a manner similar to private business enterprise. This fund accounts for the collection and disposal of commercial and residential garbage. All activities necessary to provide such service are accounted for in this fund. The city contracts out the collection of commercial and yard waste refuse. There were 8200 solid waste residential accounts at December 31, 2002 compared with 8184 accounts at_December 31,2001 representing a 2% increase. The budget for fiscal year 2001/2002 is $1,742,500. Revenue Analysis Current year revenue receipts are detailed on page 25 and charted on pages 26. Solid Waste Fund revenues are 24.3% realized compared with 20.9% for first quarter last year. Solid Waste Fees ($419,575) are 24% realized which is below anticipated. Interest earnings at $4,134 are only 26% realized. Expenditure Analysis Page 27 contains pie charts indicating the composition of expenditures for first quarter 2001/2002 and 2002/2003. The Budget versus Expenditure report (page 28) shows the amount spent and percentage of the budget the amount : presents for the quarter. Expenditures for the first quarter are 22% of budgeted. Principal and interest payments for garbage trucks, and a pick up truck are budgeted in this fund. 24 CITY OF OCOEE REVENUE ANALYSIS REPORT SOLID WASTE UTILITY FUND FIRST QUARTER 2002-2003 REVENUE BUDGET RECEIVED PERCENTAGE DESCRIPTION AMOUNT FIRST QUARTER REALIZED CHARGES FOR SERVICES S1,726,500 3419,675 24.3% MISCELLANEOUS REVENUE 16,000 4,134 25.8% SOLID WASTE FUND TOTALS S1,742,500 S423,809 24.3% 25 Solid Waste Fund Revenues First Quarter 24.3% 75.7% Solid Waste revenues are being received slightly below anticipated. 26 CITY OF OCOEE FIRST QUARTER EXPENDITURE COMPARISON SOLID WASTE UTILITY FUND FY01/02-FY02/03 Fiscal Year 01-02 Fiscal Year 02-03 First Quarter Expenditures First Quarter Expenditures Personal Transfers Personal Transfers Out Services Out Services 18% 35% 19% 42% Operating Operating Expenses Expenses 47% 39% 27 CITY OF OCOEE EXPENDITURE ANALYSIS REPORT SOLID WASTE FUND FIRST QUARTER 2002/2003 BUDGET EXPENSED PERCENT DEPARTMENT AMOUNT FIRST QUARTER USED 534-10 Solid Waste-Residential S1,113,435 S232,413 21% 534-20 Solid Waste-Recycling 326,375 91,238 28% 534-30 Solid Waste-Yard Waste 172,000 27,418 16% 534-40 Solid Waste-Fleet Maintenance 130,690 28,640 22% TOTAL SOLID WASTE UTILITY FUND S1,742,500 S379,709 22% 28 Li] _ • - - Pri/ ,*Mr:r*r". ;11:.R•;:5:4: •. . • • • ,v1 ,..trtar • • . • J• "7. ,..tepaStrAmVaSZ WAROP. 14904114901Prr"0"Orff."214s'V'IF""ff " :,,40.11.1sa-•,....fpvr..414mtpozwintmleir • :weal • • , . . . • . • J-,•,A-• •• , . -.,,,,,,,.r.i.aim,,f4;.;a4.4,4,ts•do,gksuki,. .,ligmisimesxt," • • I{ BO 1• '04 '05 '06 '07 Supplemental Information Capital projects financed through bond issues are tracked by phase and expenditures; these have been listed on pages 30-33. The Debt Statement (page 34) details outstanding obligations of the City used to finance these projects and the source of security for the debt. Currently, the City has $51,450,000 in outstanding debt. The investment portfolio contained $16,030,567 at December 31, 2002 and is detailed on pages 35. Funds are invested in government backed notes and mutual funds. All investments are in accordance with the City's adopted,investment policy. Funds necessary for operations are taken from the investments in a timely manner. Impact Fee activity is detailed on pages 36-39 for Road, Fire, Police, and Recreation. Debt Service is ::urrently paid out of road impact fees (Clarke Road and the 1998 Transportation Bond Issue), police impact fees (police building-c urrent/future), fire impact fees (fire stations), and recreation impact fees (recreation facility). • • • 29 CITY OF OCOEE GENERAL CAPITAL PROJECTS FIRST QUARTER FY 2002-2003 CUMULATIVE BUDGETED EXPENSES PERCENT START DATE/ PROJECT NAME FUNDS AS OF 12-31-02 USED STATUS COMPLETION FIRE STATION 41 $3,476,513 $814,569 23.4°/o ACTIVE 99-2003 PARK LAND-SOUTH $1,381,821 $638,425 46.2°/o ACTIVE 99-2003 COCA COLA PROPERTY $4,000,000 $2,447,383 61.2% ACTIVE 99-2003 30 CITY OF OCOEE TRANSPORTATION CAPITAL PROJECTS FIRST QUARTER FY 2002-2003 CUMULATIVE BUDGETED EXPENSES PERCENT START DATE/ PROJECT NAME FUNDS AS OF 12-31-02 USED STATUS COMPLETION MAGUIRE ROAD - PHASES 1-5 $13,421,275 S11,979,322 89.3% ACTIVE 97-2003 PROFESSIONAL PKWY PROJECT $4,474,852 $2,381,002 53.2% ACTIVE 98-2003 OLD WINTER GARDEN ROAD $2,723,825 $312,080 11.5% ACTIVE 99-2003 31 CITY OF OCOEE STORMWATER CAPITAL PROJECTS FIRST QUARTER FY 2002-2003 CUMULATIVE BUDGETED EXPENSES PERCENT START DATE/ PROJECT NAME FUNDS AS OF 12-31-02 USED STATUS COMPLETION PIONEER KEY II $150,000 $155,138 103.4% ACTIVE 2000-03 STARKE LAKE DRAIN WELLS $250,000 $201,344 80.5% ACTIVE 2000-03 REFLECTIONS SUBDIVISION $70,000 $70,549 100.8% ACTIVE 2000-03 LAKE OLYMPIA/STARKE LAKE $17,000 $11,338 66.7% ACTIVE 2001-03 32 CITY OF OCOEE WATER/WASTEWATER CAPITAL PROJECTS FIRST QUARTER FY 2002-2003 CUMULATIVE BUDGETED EXPENSES PERCENT START DATE/ PROJECT NAME FUNDS AS OF 12-31-02 USED STATUS COMPLETION MAGUIRE ROAD UTILITY LINE $825,000 $824,320 99.9% ACTIVE 2000-03 MAGUIRE RD PUMPING STATION $1,000,000 $309,216 30.9% ACTIVE 2002-03 • 33 CITY OF OCOEE DEBT STATEMENT AS OF DECEMBER 31 , 2002 General General Fund Utility Fund Source Obligation Revenue Revenue of Direct City Debt Debt Debt Debt Security Transportation Refunding and Local Option Gas Tax and Improvement Revenue Bonds, Public Service Taxes Series 2002 due 10/1/2015 $1,360,000 Stormwater Utility Bonds, Series 2002 $ 1,495,000 Stormwater Utility Fees Capital Improvement Revenue Bond Covenant to budget and Series 1999, due 10/01/2028 11,045,000 appropriate annually from non-ad valorem revenues • • and impact fees Transportation.Refunding and Local Option Gas Tax and Improvement Revenue Bonds, Public Service Taxes Series 1998, due 10/01/2017 18,800,000 Water and Sewer System Refunding Net Revenues and Impact and Improvement Bonds, Series Fees 1993 due 10/1/2017 6,930,000 Water and Sewer System Improvement Net Revenues and Impact Revenue Bonds, Series 1997 Fees due 10/1/2027 9,520,000 Non-Advalorem Revenue Notes 2000 $ 2,300,000 Budget and Appropriate due 12/1/2010 Total Direct Debt ' $ -0- $ 33,505,000 $ 17,945,000 34 CITY OF OCOEE INVESTMENTS AS OF DECEMBER 31 , 2002 BOOK INCOME MARKET CURRENT INVESTED PORTFOLIO VALUE EARNED VALUE YEILD MERRIL LYNCH MUTUAL FUNDS $3,346,087 $48,065 $3,346,087 5.75', ACCOUNT 64A-04183 MERRIL LYNCH MUTUAL FUNDS 2,037,314 37,372 2,037,314 7.34% ACCOUNT 64A-04184 MERRIL LYNCH MUTUAL FUNDS 323,593 3,173 323,593 3.92% ACCOUNT 64A-04186 MERRIL LYNCH MUTUAL FUNDS 194,486 1,907 194,486 3.92% ACCOUNT 64A-04187 MERRIL LYNCH MUTUAL FUNDS 56,855 557 56,855 3.92% ACCOUNT 64A-04188 STI CLASSIC FUNDS MUTUAL FUNDS 11,870 27 11,870 0.92% RAYMOND JAMES SECURITIES 593,743 3,325 593,743 2.24% ACCOUNT 10041873 RAYMOND JAMES SECURITIES 6,466,618 32,573 6,478,047 2.01% ACCOUNT 11129676 SUNTRUST SECURITIES 3,000,000 45,312 3,002,438 6.04% ACCOUNT 4444 $16,030,567 $172,311 $16,044,433 35 CITY OF OCOEE IMPACT FEE STATUS REPORT FIRST QUARTER - FISCAL YEAR 2002-2003 FUND 106 ROAD IMPACT FEES BALANCE FORWARD $6,107,028 CURRENT QUARTER REVENUE $495,606 CURRENT QUARTER EXPENDITURE ($7,695) ENCUMBERED $0 INTEREST EARNED $11,783 • ENDING BALANCE AT 12/31/02 $6,606,722 36 CITY OF OCOEE IMPACT FEE STATUS REPORT FIRST QUARTER-FISCAL YEAR 2002-2003 FUND 107 FIRE IMPACT FEES RESTRICTED BALANCE FORWARD $2,035,655 $80,776 CURRENT QUARTER REVENUE RESIDENTIAL $63,822 $0 NON RESIDENTIAL $20,367 $0 TOTAL CURRENT QUARTER REVENUE $84,189 $0 CURRENT QUARTER EXPENDITURE RESIDENTIAL ($36,825) $0 NON RESIDENTIAL $0 $0 TOTAL CURRENT QUARTER EXPENDITURE ($36,825) $0 ENCUMBERED ($35,775) $0 INTEREST EARNED $1,764 $211 ENDING BALANCE AT 12/31/02 $2,049,008 $80,987 ** Restricted funds are comprised of Windermere R & R 37 CITY OF OCOEE IMPACT FEE STATUS REPORT • FIRST QUARTER - FISCAL YEAR 2002-2003 FUND 108 POLICE IMPACT FEES BALANCE FORWARD $405,570 CURRENT QUARTER REVENUE RESIDENTIAL $26,315 NON RESIDENTIAL $6,957 TOTAL CURRENT QUARTER REVENUE $33,272 CURRENT QUARTER EXPENDITURE $0 ENCUMBERED $0 INTEREST EARNED $514 ENDING BALANCE AT 12/31/02 $439,356 38 CITY OF OCOEE IMPACT FEE STATUS REPORT FIRST QUARTER - FISCAL YEAR 2002-2003 FUND 110 RECREATIONAL IMPACT FEE BALANCE FORWARD $650,549 CURRENT QUARTER REVENUE $44,000 CURRENT QUARTER EXPENDITURE ($3,700) ENCUMBERED $0 INTEREST EARNED $591 ENDING BALANCE AT 12/31/02 $691,440 39