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HomeMy WebLinkAboutV (J) Quarterly Financial Report for Second Quarter Scott Anderson,District 2 Agenda 6-17-2003 Mayor ,She Centel of Good Lip- Commissionersem V J S. Scott Vandergrift Danny Howell, District 1 City Manxggr -.,� � �-+ i 4 - Rusty Johnson, District 3 Jim Gleason > :E4590_ 1 Nancy J. Parker, District 4 STAFF REPORT TO: The Honorable Mayor and City Commissioners FROM: Wanda Horton, Finance Directorca DATE: June 5, 2003 RE: Quarterly Financial Report—Second Quarter FY 2003 Attached is the Quarterly Financial Report for the second quarter of fiscal year 2003. The report summarizes financial activity for the period January 2003 through March 2003. 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 measures 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 SECOND QUARTER FISCAL YEAR 2002 -2003 ,..if `.:. p ... .mm as • {y Ia. a. � R .. -44 71 .: a44 Prepared by the /�� Finance Department June, 2003 TABLE OF CONTENTS Quarterly Overview General Fund 1-2 Revenue Comparison Graph 3 Revenue Analysis Report 4 Revenue Graphs 5-7 Residential Building Permit Graph 8 Commercial Building Permit Graph 9 Expenditure Comparison Graphs 10 Expenditures Analysis Report 11 Capital Purchase Report 12 Budget Transfers 13 Stormwater Fund 14 Revenue Analysis Report 15 Revenue Graph 16 Expenditure Comparison Graphs 17 Expenditure Analysis Report 18 Water/Waste Water Fund 19 Revenue Analysis Report 20 Revenue Graph 21 Expenditure Comparison Graphs 22 Expenditure Analysis Report 23 Solid Waste Fund 24 Revenue Analysis Report 25 Revenue Graph 26 Expenditure Comparison Graphs 27 Expenditure Analysis Report 28 Supplemental Information 29 General Capital Projects 30 Transportation Projects 31 Stormwater Capital Improvements 32 Water/Wastewater Capital Improvements 33 Debt Statement 34 Investments 35 Road Impact Fee Status Report 36 Fire Impact Fee Status Report 37 Police Impact Fee Status Report 38 Recreational Impact Fee Status Report 39 the Center of Good Livr t Ivor 17 . Commissioners h Seal 6mtha grin w..11l® y•, `� Danny Howell, District 1 Ova. Scott Anderson, District 2 ( its VI i ,;,I .O 1ER Rusty Johnson, District 3 in ( Ir sun 'r ' q�� f Nancy J. Parker, District 4 Quarterly Financial Report Fiscal Year 2002/2003 Second 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. Recreational facilities include a multi-purpose recreational complex, tennis courts, outdoor basketball courts, baseball fields and a football field. Ocoee has twelve developed parks and an 18-hole public golf course. The grand opening for the latest developed park, Freedom Park, is scheduled for June 2003. This park is the result of combined resources of the City and Orange County Public Schools. The City has three fires stations located strategically throughout the City. Groundbreaking for Fire Station One is also scheduled for June 2003. This facility will replace the existing Fire Station One and house administrative offices. Ad Valorem taxes are levied at the rate of 4.5789 mils. The City provides water and wastewater services, garbage collection, stormwater management, and police and fire protection to its residents. In 1987 Ocoee began a growth pattern that continues today. The City secured funding for design, construction and improvements to Maguire Road, Professional Parkway and other roadways. Maguire Road has been expanded to four lanes in the southern portion of the community, which will initiate further land development. The City anticipates receiving bids for Old Winter Garden Road/Professional Parkway during the third quarter of this fiscal year. The Mobility 2020 Plan proposed by the county will provide over $30,000.000 for roadway improvements, sidewalks and intersections if approved this year. The West Oaks Mall and Super Wal- Mart are two of the larger retailers in the City. The city currently employs 328 individuals. CIn al tiaace • 150 N Lakeshore Urive• Ocoee, Florida 34761 phone: (t07)905 3I(ln• fax: (107)656-8504 •www.ei-ocone.tl.us The Quarterly Financial Report presents the results of financial activity of the City for a three-month period. This second quarter report summarizes the activity for the months of January, February, and March 2003. 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. 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 11th tragedy continues to negatively affect interest earnings in all funds. Table 1 shows revenues currently exceed expenditures for all funds. It is important to note that the budgeted cash carry forward for the funds has been posted to the revenue accounts. TABLE 1 "x. �, rn,ReYeliu�yvqt�.s#B&�!l�.klf!{e�;�l'a��[!a a Fund 7.t.7 ,jRg enues�E�us e�� ` ' k:t' 9 ' l General Fund $12,872,674 $9,388,045. StormWater Utility $615,868 $466,150 Water/Wastewater Utility $2,935,717 $2,455,977 Solid Waste Utility $874,147 $783,614 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. U GENERAL FUND NMI t•i11.-'.®'11111 General Fund The General Fund is the principal operating fund of the City.The General Fund budget for FY 02/03 is $21,254,030. 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 second 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 60 57 is realized compared to 61.38% at the end of second quarter last year. Receipts for Property Taxes are 54,658,747 (91%) collected compared with $4,366,400 this time last year. Franchise Tax receipts consisting of revenues from electric, gas, and solid waste are below anticipated at 45% realized. Revenue for Utility Taxes ($897,180) is slightly below budget with 47% of budgeted realized. Licenses and Permits are significantly above anticipated primarily due to the receipt of Occupational Licenses, Building Permits, and Fire Plan Review Fees. Building Permit revenue is above anticipated with 84 residential and 8 commercial building permits issued for second quarter FY2003 compared with 49 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 second quarter FY2003 are at anticipated with 49.5% 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 to offset designated salaries for law enforcement officers. The salary is absorbed 100% by the City three to five years after the officer is hired. The second quarter reimbursement request of$44,886 has not been received yet. 1 County Six Cent Gas Tax tLocal 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) used to fund computers and a Byrne Grant used to partially fund the crime analysis position 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 34% realized. Fines and Forfeitures at 51 ck collected ($109,284) and Code Enforcement Violations at 67% collected ($4,159) are as anticipated. Miscellaneous Revenue (S42,089) consisting of returned check charges, special street lighting fees, interest earnings, and administrative fees for police security is 49% realized with. Interest earnings are 37% realized with $42,717 earned. . Expenditure Analysis Page 10 contains pie charts indicating the composition of expenditures for second quarter 2001/2002 and 2002/2003 for the General Fund. The Budget versus Expenditure report (page II) 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 44% of the $21,254,030 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 Stall immediately after the September 11th 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 SECOND QUARTER REVENUE COMPARISON $5,000,000 $4,500,000 - - --- $4,000,000 — - ----- $3,500,000 $3,000,000 $2,500,000 - - — — --- $2,000,000 $1,500,000 ------- -- $1,000,000 - - $500,0so - - u� $0 PROPERTY TAX FRANCHISE TAX VIILITY TAX L':CENSE B PERMITS INTER- CHARGES FOR FINES fl FORFHLURES 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 SECOND QUARTER 2002-2003 REVENUE BUDGET ' : {RECEIVED PEEK, "GF DESCRIPTION AMOUNT SECOND QUARTER. . REALIZEDx{• BEGINNING CASH BALANCE $500,000 $500,000 100.00% PROPERTY TAXES 5,099,405 4,658,747 91.36% FRANCHISE TAXES 1,641,700 743,293 45.28% UTILITY TAXES 1,897,565 897,180 47.28% LICENSES AND PERMITS 1,201,800 793,940 66.06% INTERGOVERNMENTAL REVENUE 6,703,335 3,317,131 49.48% CHARGES FOR SERVICE 294,500 100,231 34.03% FINES AND FORFEITURES 236,200 115,624 48.95% MISCELLANEOUS REVENUE 240,000 105,090 43.79% TRANSFERS IN 3,439,525 1,641,438 47.72% GENERAL FUND TOTALS $21,254,030 $12,872,674 60.57% 4 City of Ocoee General Fund Revenue Graphs Second Quarter 2002-2003 Property Taxes . Franchise Taxes 8.6% • • dia • 54.7% .45.3 • 91.4% 91.4% of Property Tax revenue has been received compared to Franchise Fees are being received below anticipated, with 91% through the second quarter last year. 45,3% received. This is down from the 56.1% collected at this time last year. Utility Taxes Licenses & Permits • 33.9% 47.30/ 52.7% 66.1% • Utility Taxes are being received less than anticipated, with 47.3% 66.1% of the revenue from Licenses and Permits has been received. This is virtually the same as last year's 47.4%. received. This is down from the 80.7% relized through the second quarter last year. 5 City of Ocoee General Fund Revenue Graphs Second Quarter 2002-2003 Intergovernmental Revenues Charges for Services • • • • 34.0% 49.5% 50.5% 66.0% 49.5% of Intergovernmental Revenues has been received. This is Charges for Services are being realized below anticipated, with up from the 43.1% collected through the second quarter last year. 34.0% received compared with 36.5% last year at this time. Fines & Forfeitures • Miscellaneous Revenue • • • • 51.0% 49.0% 43.8% 56.2% • • Fines and Forfeitures are being realized below anticipated, with Miscellaneous Revenues are below anticipated with 43.8% 49.0% received compared to 49.5% collected through the second realized. quarter last year 6 City of Ocoee General Fund Revenue Graphs Second Quarter 2002-2003 Fund Transfers 47.7% III 52.3% 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 10 0 October November December January February March April May June July August September •Fiscal Year 00-01 ■Fiscal Year 01-02 ❑Fiscal Year 02-03 8 CITY OF OCOEE COMMERCIAL BUILDING PERMIT ACTIVITY a - 5 4 - - - 3 —_ Hu_ ..-- October November December January February March April May June July August September ■Fiscal Year 00-01 ■Fiscal Year 01-02 ❑Fiscal Year 02-03 9 CITY OF OCOEE SECOND QUARTER EXPENDITURE COMPARISON GENERAL FUND FY01/02-FY02/03 Fiscal Year 01-02 Fiscal Year 02-03 Second Quarter Expenditures Second Quarter Expenditure Transfers Capital — Out Outlay9.1% Capital Transfers Operating 1.4% Operating Outlay Out ExpensesExpenses 0.3% 11.0% 17.1% 16.7% • Personal I Personal • Services 1, Services • 72.4% • 72.0% • 10 CITY OF OCOEE EXPENDITURE ANALYSIS REPORT GENERAL FUND SECOND QUARTER 2002/2003 BUDGET EXPESED .,e, 1 DEPARTMENT AMOUNT SECOND] BARTER , ,4 4 PEP - 511-00 Legislative $169,150 $99,724 59% 512-00 City Manager 230,305 106,970 46% 512-01 Community Relations 345,225 140,971 41% 512-10 City Clerk 261,695 120,015 46% 513-00 Finance Administration 634,975 306,925 48% 513-20 Information Systems 317,915 133,414 42% 513-30 Human Resources 352,575 159,272 45% 514-00 Legal 335,114 126,821 38% 515-00 Planning 556,315 240,974 43% 516-00 General Government Services 2,977,541 1,227,943 41% 517-00 Public Works Administration 354,335 120,851 34% 519-00 Facilities Maintenance 273,610 117,271 43% 519-10 Facilities Maintenance-Janitorial 55,185 21,621 39% 521-00 Law Enforcement 5,588,630 2,530,656 45% 522-00 Fire Control 3,718,040 1,741 ,856 47% 524-00 Protective Inspections 896,475 418,094 47% 529-00 Communications 691 ,580 328,893 48% 539-00 Cemetery 3,000 154 5% 541-10 Public Works-Traffic Operations 152,045 62,509 41% 541-20 Public Works-Street Maintenance 1,032,565 441,066 43% 546-00 Engineering 509,220 196,872 39% 572-00 Recreation 963,500 350,530 36% 572-10 Park Maintenance 835,035 394,643 47% TOTAL GENERAL FUND $21,254,030 $9,388,045 44% 11 CITY OF OCOEE CAPITAL PURCHASE REPORT FISCAL YEAR 2002-2003 SECOND QUARTER DEPARTMENT ITEM PURCHASED BUDGETED ACTUAL DIFFERENCE AMOUNT COST LEGISLATIVE LAPTOP COMPUTER (1) $3,780.00 $3,775.40 $4.60 COMMUNITY RELATIONS DESKTOP COMPUTER (1) $2,600.00 $2,228.13 $371.87 RECREATION ICE MACHINE $2,335.00 $2,331.25 $3.75 STORMWATER PORTABLE LIGHT TOWER $8,000.00 $6,689.00 $1,311.00 WATER OPERATING ELECTRONIC LEAK DETECTOR $3,000.00 $2,840.00 $160.00 WATER OPERATING DESKTOP COMPUTER (2) $4,800.00 $3,998.48 $801.52 WASTEWATER OPERATING SPARE MOTOR (25 HP) $2,200.00 $2,191.10 $8.90 WASTEWATER OPERATING ICE MACHINE $3,200.00 $2,560.00 $640.00 SOLID WASTE-RESIDENTIAL DESKTOP COMPUTER (1) $2,400.00 $1,999.24 $400.76 12 CITY OF OCOEE GENERAL FUND BUDGET TRANSFERS FISCAL YEAR 2002-2003 SECOND QUARTER DEPARTMENTAL ACCOUNT NUMBER ACCOUNT NUMBER ` < AMQU,NTOF BUDGET TRANSFER TRANSFERRED FROM TRANSFERRED TO , TRANSFER +.w .EXPIANATIO LEGAL 001-516-00-4900 001-514-00-3101 $5,614.24 LEGAL FEES-INVESTIGATION CONTINGENCY LEGAL EXPENSE LEGISLATIVE 001-516-00-4900 001-511-00-8200 $290.00 BIG ORANGE GOLF TOURNAMENT CONTINGENCY COMMUNITY PROMOTION LEGISLATIVE 001-516-00-4900 001-511-00-8200 $1,000.00 CHRISTIAN SERVICE CENTER CONTINGENCY COMMUNITY PROMOTION 13 STORMWATER FUND 1p0, 1 60 BO , StormWater Utility Fund The Stormwater fund accounts for the stormwater utility fee revenues and the related expenditures for drainage, 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. This department repairs the pipes, inlets and fencing that surrounds these areas. Currently there are 4'/2 employees in this fund. As of March 31, 2003 there were 9232 Stormwater accounts compared to 8,897 accounts at March 31, 2002 representing a 3% increase 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 52% realized overall compared to 53% for second quarter last year. Charges for Services ($611,080) are 52% realized. Interest Earnings are below anticipated with 44% realized. Expenditure Analysis Page 18 contains pie charts indicating the composition of expenditures for second quarter 2001/2002 and 2002/2003 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 39% overall. Transfers are made monthly for the debt service payments on the 2002 Stormwater Utility Promissory Note that was restructured in November of 2002. The annual debt service for this fiscal year is $195,040. Funds are also transferred to the Engineering/Inspections department to cover the cost of the Drainage Inspector. 14 CITY OF OCOEE REVENUE ANALYSIS STORMWATER UTILITY FUND SECOND QUARTER 2002-2003 REVENUE SU46ET, RkcEa.VEri • r. DESCRIPTION AMOUNT SECOND QUARTS R ZE CHARGES FOR SERVICES 1,185,000 611,080 51.57% MISCELLANEOUS REVENUE 11,000 4,788 43.53% STORMWATER UTILITY FUND TOTALS 51,196,000 $615,868 51.49% 15 Stormwater Fund Revenues Second Quarter 48.5%-. 51 .5% Stormwater Fund Revenues are currently being received slightly above anticipated, with 51.5% realized. 16 CITY OF OCOEE SECOND QUARTER EXPENDITURE COMPARISON STORMWATER UTILITY FUND FY01/02-FY02/03 Fiscal Year 01-02 Fiscal Year 02-03 Second Quarter Expenditures Second Quarter Expenditures Transfers Personal Transfers Personal Out Services Out Services 54.7% 26.0% 55.7% 26.7% Operating 1110 Expenses capital Operating Expenses 19.3% Expenditures 16.1 1.5% 17 CITY OF OCOEE EXPENDITURE ANALYSIS REPORT STORMWATER FUND SECOND QUARTER 2002/2003 BUDGET,d " a SE __ DEPARTMENT AMOUNT ' SECOND QUARTER . z S R 538-20 Utility Operating $1,196,000 $466,150 39% TOTAL STORMWATER FUND $1,196,000 $466,150 39% 18 WV. WATER/WASTEWATER FUND 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 10,530 and 6,109 water and wastewater customers at March 31, 2003 respectively compared to 9,699 and 5,830 customers at March 31, 2002. This represents a 9% increase for Water and a 5% 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 52.8% realized compared to 53.5% for second quarter last year. Water Utility Fees ($1,003,884) are 47% realized while Wastewater Utility Fees (S1,159,893) are 50% realized. Revenue and Maintenance Fees include annual and monthly billings for Water (30% realized) and Wastewater (48% realized). Receipts for Water Connection Fees and Other Water Charges (cut-off/cut-on activity and late fees) are 35% and 125% respectively. The increase in Other Water Charges reflects the increase in the late fee. Interest earnings are 39% 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 second 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 second quarter are 44% 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 SECOND QUARTER 2002-2003 REVENUE . BUDGET- , RECEIVED,5 f RFC , DESCRIPTION AMOUNT SECOND QUARTER REA IZED,.., BEGINNING CASH BALANCE 300,000 300,000 100.00% TAXES 208,550 97,170 46.59% CHARGES FOR SERVICES 5,008,250 2,519,240 50.30% MISCELLANEOUS REVENUE 34,200 16,557 48.41% TRANSFERS IN 5,500 2,750 50.00% WATER UTILITY FUND TOTALS $5,556,500 $2,935,717 52.83% 20 Water/Wastewater Fund Revenues Second Quarter 47.2% 52.8/0 Water and Wastewater revenues are being received slightly above anticipated. 21 CITY OF OCOEE SECOND QUARTER EXPENDITURE COMPARISON WATER/WASTEWATER UTILITY FUND FY01/02-FY02/03 Fiscal Year 01-02 i Fiscal Year 02-03 Second Quarter Expenditures Second Quarter Expenditures • Personal Transfers Personal Transfers services Services Out 34 5 Out % 28.5% 34 9% 45.6% Capital III Outlay Capital Operating t 7% Operating Outlay Expenses Expenses n 25.4% 28.9% � 0.5/o 22 CITY OF OCOEE EXPENDITURE ANALYSIS REPORT WATER/WASTEWATER FUND SECOND QUARTER 2002/2003 BUDGET EXPENSED --„"a„ .,.. DEPARTMENT AMOUNT SECOND QUARTER BED 533-00 Water Operating $3,163,755 $1,403,768 44% 535-00 Wastewater Operating 2,396,745 1,052,209 44% TOTAL WATER/WASTEWATER FUND $5,560,500 $2,455,977 44% 23 Q z w w H (4:) 0 100 BO 44; :04 Bb''£ 'BB :87 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 8,548 solid waste residential accounts at March 31, 2003 compared with 8184 accounts at March 31,2002 representing a 4% increase. The budget for fiscal year 2002/2003 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 50% realized compared with 46% for second quarter last year. Solid Waste Fees ($866,093) are 50% realized. Interest earnings at$7,395 are 46% realized. Expenditure Analysis Page 27 contains pie charts indicating the composition of expenditures for second quarter 2001/2002 and 2002/2003. The Budget versus Expenditure report (page 28) shows the amount spent and percentage of the budget the amount represents for the quarter. Expenditures for the second quarter are 45% 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 SECOND QUARTER 2002-2003 REVENUE ,A- ;, . BUDGETPYc 2,REP"„JVE 1 e [`e�' DESCRIPTION AMOUNTr '-SECONDQUARTER R4 C4H4 CHARGES FOR SERVICES $1,726,500 5866,268 50.2% MISCELLANEOUS REVENUE 16,000 7,879 49.2% SOLID WASTE FUND TOTALS $1,742,500 $874,147 50.2% 25 Solid Waste Fund Revenues Second Quarter 49.8% . .50.2% Solid Waste revenues are being received slightly above anticipated. 50.2% of solid waste fees have been collected compared to 46.5% through the second quarter last year. 26 CITY OF OCOEE SECOND QUARTER EXPENDITURE COMPARISON SOLID WASTE UTILITY FUND FY01/02-FY02/03 Fiscal Year 01-02 Fiscal Year 02-03 Second Quarter Expenditures Second Quarter Expenditures Capital • Outlay Personal 0.3% Transfers Personal Transfers Cut Services Out Services 23.3% 31.9% 18.2% 39.9% ', Operating Operating III Expenses Expenses • 44.8% 1, 41.7% 27 CITY OF OCOEE EXPENDITURE ANALYSIS REPORT SOLID WASTE FUND SECOND QUARTER 2002/2003 DEPARTMENT -AMOUNT SECOND4 ,ARTS m 534-10 Solid Waste-Residential S1,113,435 $503,741 45% 534-20 Solid Waste-Recycling 326,375 158,635 49% 534-30 Solid Waste-Yard Waste 172,000 69,337 40% 534-40 Solid Waste-Fleet Maintenance 130,690 51,901 40% TOTAL SOLID WASTE UTILITY FUND $1,742,500 $783,614 45% 28 SUPPLEMENTAL INFORMATION 100 60 64 tbB9 ))os BBB . 1 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 S51,450,000 in outstanding debt. The investment portfolio contained $17,991,262 at March 31, 2003 and is detailed on pages 35. Funds are invested in government kicked 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 currently paid out of road impact fees (Clarke Road and the 1998 and 2002 Transportation Bond Issues), police impact fees (police building-current/future), fire impact fees (fire stations), and recreation impact fees (recreation facility). 29 CITY OF OCOEE GENERAL CAPITAL PROJECTS SECOND QUARTER FY 2002-2003 '':?*..' CUMULATNE i` , x" . `A BUDGETED EXPENSES PERCENT 4 .y i. PROJECT NAME FUNDS AS OF 03-31-03 USED r.. STATUS i _ .0 PLES10: FIRE STATION 41 $3,476,513 $872,260 25.1% ACTIVE 99-2003 PARK LAND-SOUTH $1,381,821 $971,036 70.3% ACTIVE 99-2003 COCA COLA PROPERTY $4,000,000 $2,552,965 63.8% ACTIVE 99-2003 30 CITY OF OCOEE TRANSPORTATION CAPITAL PROJECTS SECOND QUARTER FY 2002-2003 • T x x ' 'CUMUt,ATI � ' -. €, •-.- -' IUD�, ED EXPENSES PE C � e • PROJECTNAME'x"1 r FUNDS, ' " w'AS flF 0931-03# ar a' S , _ -.-STATU °n � '' MAGUIRE ROAD - PHASES 1-5 $13,421,275 $12,039,378 89.7% ACTIVE 97-2003 PROFESSIONAL PKWY PROJECT $4,474,852 $2,413,271 53.9% ACTIVE 98-2003 OLD WINTER GARDEN ROAD $2,723,825 $453,494 16.6% ACTIVE 99-2003 31 CITY OF OCOEE STORMWATER CAPITAL PROJECTS SECOND QUARTER FY 2002-2003 air ., '= BUDGETED E?CPENS S, PE h FLQa, ,s . ', `` r#* s s:S PROJECT NAME FUNDS AS OF 03 31A3 " USEO444t,r , STAT S $.;© . PIONEER KEY II $150,000 $155,138 103.4% ACTIVE 2000-03 STARKE LAKE DRAIN WELLS $250,000 $197,666 79.1% ACTIVE 2000-03 REFLECTIONS SUBDIVISION $70,000 $78,553 112.2% ACTIVE 2000-03 LAKE OLYMPIA/STARKE LAKE $17,000 $11,338 66.7% ACTIVE 2001-03 32 CITY OF OCOEE WATER/WASTEWATER CAPITAL PROJECTS SECOND QUARTER FY 2002-2003 e-• BUDGETED EXPENSES PE tO ..„- "`; PROJECT NAME FUNDS ASOF03-31-03 -USED STATU . , ®MPLET10 'fi MAGUIRE ROAD UTILITY LINE $825,000 $830,270 100.6% ACTIVE 2000-03 MAGUIRE RD PUMPING STATION $1,000,000 $314,156 31.4% ACTIVE 2002-03 RECLAIMED -ORCHARD PARK $10,000 $6,561 65.6% ACTIVE 2002-03 33 CITY OF OCOEE DEBT STATEMENT AS OF MARCH 31 , 2003 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 MARCH 31 , 2003 INVESTED PORTFOLIO VALUE EARNED `. '$ VAL MERRIL LYNCH MUTUAL FUNDS S3,360,594 $31,305 $3,360,594 3.73% ACCOUNT 64A-04183 MERRIL LYNCH MUTUAL FUNDS 2,047,814 24,060 2,047,814 4.70% ACCOUNT 64A-04184 MERRIL LYNCH MUTUAL FUNDS 322,810 1,777 322,810 2.20% ACCOUNT 64A-04186 MERRIL LYNCH MUTUAL FUNDS 194,195 1,070 194,195 2.20% ACCOUNT 64A-04187 MERRIL LYNCH MUTUAL FUNDS 56,770 313 56,700 2.21% ACCOUNT 64A-04188 STI CLASSIC FUNDS MUTUAL FUNDS 11,893 23 11,893 0.77% RAYMOND JAMES SECURITIES 589,667 4,682 589,667 3.18% ACCOUNT 10041873 RAYMOND JAMES SECURITIES 6,007185 40,581 6,007,185 2.70% ACCOUNT 11129676 SUNTRUST SECURITIES 5,400,403 45,312 5,400.403 3.36% ACCOUNT 4444 $17,991,332 $149123 $17,991262 35 CITY OF OCOEE IMPACT FEE STATUS REPORT SECOND QUARTER - FISCAL YEAR 2002-2003 FUND 106 ROAD IMPACT FEES BALANCE FORWARD $6,606,722 CURRENT QUARTER REVENUE $153,033 CURRENT QUARTER EXPENDITURE ($666,362) ENCUMBERED $0 INTEREST EARNED $28,610 ENDING BALANCE AT 03/31/03 $6,122,203 36 CITY OF OCOEE IMPACT FEE STATUS REPORT SECOND QUARTER-FISCAL YEAR 2002-2003 FUND 107 FIRE IMPACT FEES RESTRICTED BALANCE FORWARD $2,049,008 $80,987 CURRENT QUARTER REVENUE RESIDENTIAL $46,305 $8,132 NON RESIDENTIAL $31,489 $0 TOTAL CURRENT QUARTER REVENUE $77,794 $8,132 CURRENT QUARTER EXPENDITURE RESIDENTIAL ($233,335) ($33,992) NON RESIDENTIAL $0 $0 TOTAL CURRENT QUARTER EXPENDITURE ($233,335) ($33,992) ENCUMBERED $0 ($16,996) INTEREST EARNED $13,330 $138 ENDING BALANCE AT 03/31/03 $1,906,797 $38,269 "' Restricted funds are comprised of Windermere R & R 37 CITY OF OCOEE IMPACT FEE STATUS REPORT SECOND QUARTER - FISCAL YEAR 2002-2003 FUND 108 POLICE IMPACT FEES BALANCE FORWARD $439,356 CURRENT QUARTER REVENUE RESIDENTIAL $21,783 NON RESIDENTIAL $134 TOTAL CURRENT QUARTER REVENUE $21,917 CURRENT QUARTER EXPENDITURE ($33,116) ENCUMBERED $0 INTEREST EARNED $1,849 ENDING BALANCE AT 03/31/03 $430,006 38 CITY OF OCOEE IMPACT FEE STATUS REPORT SECOND QUARTER - FISCAL YEAR 2002-2003 FUND 110 RECREATIONAL IMPACT FEE BALANCE FORWARD $691,440 CURRENT QUARTER REVENUE $36,778 CURRENT QUARTER EXPENDITURE ($50,000) ENCUMBERED $0 INTEREST EARNED $4,227 ENDING BALANCE AT 03/31/03 $682,445 39