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Home My WebLink AboutV(C) Approval and Acceptance of Quarterly Financial Report – Third Quarter. Agenda 9-02-2003 center of GoodLI Item V C Mayor ,S�e n te� 11,0e Commissioners S. Scott VandergriftDanny Howell, District 1 Scott Anderson, District 2 City Manager i. ,O z% Rusty Johnson, District 3 Jim GleasonNancy J. Parker, District 4 STAFF REPORT TO: The Honorable Mayor and City Commissioners FROM: Wanda Horton, Finance Director DATE: August 26, 2003 RE: Quarterly Financial Report—Third Quarter FY 2003 Attached is the Quarterly Financial Report for the third quarter of fiscal year 2003. The report summarizes financial activity for the period April 2003 through June 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 general fund 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 general fund 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 THIRD QUARTER FISCAL YEAR 2002-2003 ...._ 41.,, .14, 7: yv ZAIlr, I T ► AI 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 e Center of Good I�v. Mayor ��,,,� Ind, Commissioners S. Scott VandergriftQ,,,, nWri4�II ,,,,,,,i_ _ Danny Howell, District 1 � `i;p Scott Anderson, District 2 City Manager � ORR Rusty Johnson, District 3 • Jim Gleason 12.X LL Nancy J.Parker, District 4 Quarterly Financial Report Fiscal Year 2002/2003 Third 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 raaking 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 newest park, Freedom Park opened in June. 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. The Groundbreaking for Fire Station One as held in June. This facility will replace the existing Fire Station One and house administrative offices. Ad Valorem taxes are le ied 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 first quarter of next fiscal year. The Mobility 2020 Plan proposed by the county will provide over $30,000.000 for roadway improvements, sidewalks and intersections if approved this year. The West Oaks Mall and Super Wal- Mart are two of the larger retailers in the City. The city currently employs 331 individuals. ............................ City of Ocoee• 150 N Lakeshore Drive•Ocoee, Florida 34761 phone: (407)905-3100• fax: (407)656-8504•www.ci.ocoee.fl.us The Quarterly Financial Report presents the results of financial activity of the City for a three-month period. This third quarter report summarizes the activity for the months of April, May, June 2003. Revenues and receipts are presented for the General, StormWater, F \ ater/Wastewater, and Solid Waste funds. Actual receipts (revenues) and expenditures are compared to the adopted budget to assess potential overages/shortages in budgeted line items. Comparisons with figures for last fiscal year are included to indicate the differences by year in the adopted versus actual, since budgeting techniques remained relatively uniform from one fiscal year to the next. The Capital Projects Report, Debt Statement, Impact Fee Reports, and Investment Schedule are included as part of the Quarterly I.mancial Report. Revenues are compared to expenditures to determine how daily operations may be affected by shifts in income-producing sources. Ti difference is important in cash flow management to ensure monies are available for budgeted expenditures. The economic impact of the September 11th tragedy continues to negatively affect interest earnings in all funds. Table 1 shows revenues currently exceed expenditures for all funds. It is important to note that the budgeted cash carry forward for the funds has been posted to the revenue accounts. TABLE 1 ✓ P4az4.5t *wrarhi", 44,r • ,� ��,'�*.a'ppr�p„� "� y:�"�"� v� ..i' (. iMi�F Fund - �R �'enue$� �s £�a N g r pei '1 p t aa f '� 'v General Fund $16,633,752 $14,218,615 StormWater Utility $ 35,926 $734,788 Water/Wastewater Utility $4,25,782 $3,720,509 Solid Waste Utility $1,315,598 $1,205,484 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 LU 1.11r EMI MI MIEN 11111111111111111 MIMI MI Sol '! i 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 third 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 78.26%realized compared to 80.29% at the end of third quarter last year. Receipts for Property Taxes are $4,932,818 (96.73%) collected compared with $4,682,048 this time last year. Franchise Tax receipts consisting of revenues from electric, gas, and solid waste are below anticipated at 66.65% realized. Revenue for Utility Taxes ($1,302,292) is below budget with 68.6% 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 111 residential and 3 commercial building permits issued for third quarter FY2003 compared with 78 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 third quarter FY2003 are below anticipated with 70.23% 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 1 grant to offset designated salaries for law enforcement officers. The salary is absorbed 100% by the City three to five years after the ollicer is hired. The third quarter reimbursement request of$54,233 has not been received yet. County Six Cent Gas Tax (Local Option Gas Tax) and Telecommunications Service 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 53% realized. The required 25% match foi 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 aie 68.56% realized. Fines and Forfeitures at 79 % collected ($169,600) and Code Enforcement Violations at 84% collected ($5,180) are as anticipated. Miscellaneous Revenue ($69,864) consisting of returned check charges, special street lighting fees, and administrative fees for police security is 82% realized. Interest earnings are 62%realized with $71,404 earned. F\penditure Analysis Page 10 contains pie charts indicating the composition of expenditures for third quarter 2001/2002 and 2002/2003 for the General Fund. The Budget versus Expenditure report (page 11) 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 67% 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 Staff 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 THIRD QUARTER REVENUE COMPARISON $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 — 11-1111111— 1-1111 $0 t 1 f t 4 1 I I 1 PROPERTY TAX FRANCHISE TAX UTILITY TAX LICENSE&PERMITS INTER- CHARGES FOR FINES&FORFEITURES MISCELLANEOUS TRANSFERS IN GOVERNMENTAL SERVICES REVENUE ❑Fiscal Year 01-02 Fiscal Year 02-03 3 CITY OF OCOEE REVENUE ANALYSIS REPORT GENERAL FUND THIRD QUARTER 2002-2003 REVENUE: DESCRIPTION AMOUNT =THIRD':QOA TER = RE 1: f • '` BEGINNING CASH BALANCE $500,000 $500,000 100.00% PROPERTY TAXES 5,099,405 4,932,818 96.73% FRANCHISE TAXES 1,641,700 1,094,266 66.65% UTILITY TAXES 1,897,565 1,302,292 68.63% LICENSES AND PERMITS 1,201,800 1,055,972 87.87% INTERGOVERNMENTAL REVENUE 6,703,335 4,707,533 70.23% CHARGES FOR SERVICE 294,500 201,915 68.56% FINES AND FORFEITURES 236,200 176,580 74.76% MISCELLANEOUS REVENUE 240,000 223,677 93.20% TRANSFERS IN 3,439,525 2,438,699 70.90% GENERAL FUND TOTALS $21,254,030 $16,633,752 78.26% 4 City of Ocoee General Fund Revenue Graphs Third Quarter 2002-2003 Property Taxes Franchise Taxes 3.3% IND 33.3% 68.7°x6 96.7% 96.7% of Property Tax revenue has been received compared to Franchise Fees are being received below anticipated,with 97.6% through the third quarter last year. 66.7% received. This is down from the 79.4%collected at this time last year. Utility Taxes Licenses & Permits 12.1% 31.4% 68.6% 87.9% Utility Taxes are being received less than anticipated,with 68.6% 87.9% of the revenue from Licenses and Permits has been received. This is virtually the same as last year's 69.5%. received. This is down from the 94.4% relized through the third quarter last year. 5 City of Ocoee General Fund Revenue Graphs Third Quarter 2002-2003 Intergovernmental Revenues Charges for Services 29.8% 31.4% 70.2% 68.6% 70.2% of Intergovernmental Revenues has been received. This is Charges for Services are being realized below anticipated,with virtually the same as the 70.8% collected last year at this time. 68.6% received compared with 68.1% last year at this time. Fines & Forfeitures Miscellaneous Revenue 25.2% 6.8% 111110 74.8% 93.2% Fines and Forfeitures are being realized as anticipated,with Miscellaneous Revenues are above anticipated with 93.2% 74.8% received compared to 67.9% collected through the third realized. quarter last year 6 City of Ocoee General Fund Revenue Graphs Third Quarter 2002-2003 Fund Transfers 29.1% 70.9% Fund Transfers are made on a monthly basis and are Gose to expected. 7 CITY OF OCOEE RESIDENTIAL BUILDING PERMIT ACTIVITY 60 50 40 30 20 10 October November December January February March April May June July August September ■Fiscal Year 00-01 "'Fiscal Year 01-02 O Fiscal Year 02-03 8 CITY OF OCOEE COMMERCIAL BUILDING PERMIT ACTIVITY 6 - 5 4 - 3 1 October November December January February March April May June Juy August September ■Fiscal Year 00-01 IN Fiscal Year 01-02 0 Fiscal Year 02-03 9 CITY OF OCOEE THIRD QUARTER EXPENDITURE COMPARISON GENERAL FUND FY01102-FY02103 Fiscal Year 01-02 Fiscal Year 02-03 Third Quarter Expenditures Third Quarter Expenditure Transfers Capital — Out Capital Transfers Operating Outlay 8.3% Operating Outlay Out Expenses 1.7% Expenses 0.7% 10.9% 17.2% 16.5% Personal Personal Services Services 72.8% 72.0% 10 CITY OF OCOEE EXPENDITURE ANALYSIS REPORT GENERAL FUND THIRD QUARTER 2002/2003 BUDGET EXPENSED PERCENT DEPARTMENT AMOUNT THIRD QUARTER USED 511-00 Legislative $178,125 $137,532 77% 512-00 City Manager 230,305 164,338 71% 512-01 Community Relations 345,225 221,931 64% 512-10 City Clerk 261,695 175,376 67% • 513-00 Finance Administration 634,975 454,253 72% 513-20 Information Systems 317,915 206,931 65% 513-30 Human Resources 352,575 251,020 71% 514-00 Legal 335,114 210,284 63% 515-00 Planning 556,315 372,946 67% 516-00 General Government Services 2,871,566 1,793,017 62% 517-00 Public Works Administration 354,335 189,199 53% 519-00 Facilities Maintenance 315,610 181,270 57% 519-10 Facilities Maintenance-Janitorial 55,185 35,410 64% 521-00 Law Enforcement 5,588,630 3,840,230 69% 522-00 Fire Control 3,718,040 2,637,573 71% 524-00 Protective Inspections 951,475 647,727 68% 529-00 Communications 691,580 491,606 71% 539-00 Cemetery 3,000 268 9% 541-10 Public Works-Traffic Operations 152,045 98,735 65% 541-20 Public Works-Street Maintenance 1,032,565 680,043 66% 546-00 Engineering 509,220 278,598 55% 572-00 Recreation 963,500 570,526 59% 572-10 Park Maintenance 835,035 579,802 69% TOTAL GENERAL FUND $21,254,030 $14,218,615 67% 11 CITY OF OCOEE CAPITAL PURCHASE REPORT FISCAL YEAR 2002-2003 THIRD QUARTER DEPARTMENT ITEM PURCHASED BUDGETED ACTUAL DIFFERENCE AMOUNT COST COMMUNITY RELATIONS CAMERA $3,500.00 $3,294.00 $206.00 COMMUNITY RELATIONS WAVEFORM MONITOR $4,500.00 $3,102.00 $1,398.00 COMMUNITY RELATIONS CHARACTER GENERATOR $2,500.00 $2,229.00 $271.00 INFORMATION SYSTEMS MONITOR SWITCH $4,000.00 $3,310.00 $690.00 LAW ENFORCEMENT LAPTOP COMPUTER (10) $32,000.00 $24,827.00 $7,173.00 FIRE CONTROL FLASHING LIGHTS $8,450.00 $8,351.00 $99.00 STREET MAINTENANCE DIXIE CHOPPER $8,500.00 $8,095.00 $405.00 RECREATION PARK IMPROVEMENTS (ONGOING) $30,000.00 $18,463.00 $11,537.00 RECREATION LIFE FITNESS UPRIGHT $1,780.00 $1,780.00 $0.00 12 CITY OF OCOEE GENERAL FUND BUDGET TRANSFERS FISCAL YEAR 2002-2003 THIRD QUARTER DEPARTMENTAL ACCOUNT NUMBER ACCOUNT NU1U.M8ER AMQUNT'QF I. BUDGET TRANSFER TRANSFERRED FROM ' TRANSFERRED TO ''*TRANSFER ` EXPL"ANA'TLQhr: LEGISLATIVE 001-516-00-4900 001-511-00-5230 $1,475.00 AUDIO UPGRADE-CHAMBERS CONTINGENCY SMALL EQUIPMENT LEGISLATIVE 001-516-00-4900 001-511-00-3128 $7,500.00 CITIZEN SURVEY-ICMA CONTINGENCY PROFESSIONAL SERVICES BUILDING 001-516-00-4900 001-524-00-3400 $55,000.00 TEMPORARY POSITIONS CONTINGENCY CONTRACTUAL SERVICES FACILITIES MAINT. 001-516-00-4900 001-519-00-6400 $42,000.00 AIR CONDITIONERS-CITY HALL CONTINGENCY EQUIPMENT 13 O 7� 1.0 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 surround these areas. Currently there are 4'/z employees in this fund. As of June 30, 2003 there were 9322 Stormwater accounts compared to 9,122 accounts at June 30, 2002 representing a 2% increase in the customer base. The S t ormwater fund budget for fiscal year 2002-2003 is $1,196,000. R L venue Analysis Current year revenue receipts are detailed on page 15 and charted on pages 16. Stormwater Fund revenues are 78.25%realized overall compared to 78.1% for third quarter last year. Charges for Services ($928,555) are 78.36%realized. Interest Earnings are below anticipated with 59% realized. Expenditure Analysis Page 17 contains pie charts indicating the composition of expenditures for third 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 61% 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 THIRD QUARTER 2002-2003 REVENUE BUDGgI Rpcpygp,: DESCRIPTION AMOUNT THIRD QUARTER : REA4ZED CHARGES FOR SERVICES 1,185,000 928,555 78.36% MISCELLANEOUS REVENUE 11,000 7,371 67.01% STORMWATER UTILITY FUND TOTALS $1,196,000 $935,926 78.25% 15 Stormwater Fund Revenues Third Quarter 21.7% gft 78.3% Stormwater Fund Revenues are currently being received slightly above anticipated, with 78.3% realized. 16 CITY OF OCOEE THIRD QUARTER EXPENDITURE COMPARISON STORMWATER UTILITY FUND FY01/02-FY02/03 Fiscal Year 01-02 Fiscal Year 02-03 Third Quarter Expenditures Third Quarter Expenditures Transfers Personal Transfers Personal Out Services Out Services 52.7% 24.8% 54 26% < i rcy "Is rte"o f♦% Operating Operating Expenses Capital Expenses 20% 21.6% 0.9% 17 CITY OF OCOEE EXPENDITURE ANALYSIS REPORT STORMWATER FUND THIRD QUARTER 2002/2003 BUDGET EXPENSED 0:00¢ENT DEPARTMENT AMOUNT - THIRD QUARTER USED 538-20 Utility Operating $1,196,000 $734,788 61% TOTAL STORMWATER FUND $1,196,000 $734,788 61% 18 y t7ic;)*LU y ISM OIIIIIIIIIIIIIINIIIIIIMNMI IIIMIIIN IN 100 .....rr.........,..ur. i .. SQ IPYAI 60 'n�, ,, mmi 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 NA ere 10,412 and 6,158 water and wastewater customers at June 30, 2003 respectively compared to 9,916 and 5,900 customers at June 30, 2002. 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 77.26% realized compared to 77.38% for third quarter last year. Water Utility Fees ($1,552,330) are 72% realized while Wastewater Utility Fees ($1,713,295) are 74% realized. Revenue and Maintenance Fees include annual and monthly billings for Water (45% realized) and Wastewater (72% realized). Receipts for Water Connection Fees and Other Water Charges (cut-off/cut-on activity and late fees) are 55% and 186% respectively. The increase in Other Water Charges reflects the increase in the late fee. Interest earnings are 55% 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 third 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 third quarter are 67% 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 THIRD QUARTER 2002-2003 REVENUE ' :' BUDGET ° RECEIVED PERCENTAGE DESCRIPTION AMOUNT - THIRD QUARTER. REALVZED BEGINNING CASH BALANCE 300,000 300,000 100.00% TAXES 208,550 150,420 72.13% CHARGES FOR SERVICES 5,008,250 3,811,122 76.10% MISCELLANEOUS REVENUE 38,200 30,115 78.84% TRANSFERS IN 5,500 4,125 75.00% WATER UTILITY FUND TOTALS $5,560,500 $4,295,782 77.26% 20 Water/Wastewater Fund Revenues Third Quarter 22.7% 77.3% Water and Wastewater revenues are being received slightly above anticipated. 21 CITY OF OCOEE THIRD QUARTER EXPENDITURE COMPARISON WATER/WASTEWATER UTILITY FUND FY01/02-FY02/03 Fiscal Year 01-02 Fiscal Year 02-03 Third Quarter Expenditures Third Quarter Expenditures Personal Personal Transfers Transfers Services Out Services Out 35.4% 44.5% 28.2% 34.8% , ° ;>e.;4', £ ' : ,I,,vi l'y Capital OutlayCapital Operating 1.2% Operating Outlay Expenses Expenses 1.4% 25.8% 28.8% 22 CITY OF OCOEE EXPENDITURE ANALYSIS REPORT WATER/WASTEWATER FUND THIRD QUARTER 2002/2003 BUDGET DEPARTMENT AMOUNT - : THlFM.QUARTER ` : U�EQ 533-00 Water Operating $3,163,755 $2,120,399 67% 535-00 Wastewater Operating 2,396,745 1,600,110 67% TOTAL WATER/WASTEWATER FUND $5,560,500 $3,720,509 67% 23 cA O d a cAy r71 -TI d WPM 11111111111111 0 pi iv am, 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 8,638 solid waste residential accounts at June 30, 2003 compared with 8,397 accounts at June 30, 2002 representing a 3% increase. The budget for fiscal year 2002/2003 is $1,952,370. Revenue Analysis Current year revenue receipts are detailed on page 25 and charted on pages 26. Solid Waste Fund revenues are 75.5% realized compared with 70.9% for third quarter last year. Solid Waste Fees ($1,304,196) are 76% realized. Interest earnings at $9,801 are 61% realized. Expenditure Analysis Page 27 contains pie charts indicating the composition of expenditures for third 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 third quarter are 69% 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 THIRD QUARTER 2002-2003 REVENUE BUDGET'` _' RECEIVED PERCENVOE DESCRIPTION AMOUNT; , THIRD QUARTER IEAt.i :':,' CHARGES FOR SERVICES $1,726,500 $1,304,496 75.6% MISCELLANEOUS REVENUE 16,000 11,102 69.4% SOLID WASTE FUND TOTALS $1,742,500 $1,315,598 75.5% 25 Solid Waste Fund Revenues Third Quarter 24.5% qadb 75.5% Solid Waste revenues are being received slightly above anticipated. 75.6 of solid waste fees have been collected compared to 69.7% through the third quarter last year. 26 CITY OF OCOEE THIRD QUARTER EXPENDITURE COMPARISON SOLID WASTE UTILITY FUND FY01/02-FY02/03 Fiscal Year 01-02 Fiscal Year 02-03 Third Quarter Expenditures Third Quarter Expenditures Capital Transfers Transfers Personal Outlay Out Personal Out 0.2% 24% Services 17.7% Services 33% 37.7% e e. Fs Operating Operating Expenses Expenses 43% 44.4% 27 CITY OF OCOEE EXPENDITURE ANALYSIS REPORT SOLID WASTE FUND THIRD QUARTER 2002/2003 BUDGET , - EXPENSE•D 2Y..r,r P;E1 ENT DEPARTMENT AMOUNT THIRD QUARTER -FUSED"' 534-10 Solid Waste-Residential $1,113,435 $779,551 70% 534-20 Solid Waste-Recycling 326,375 235,674 72% 534-30 Solid Waste-Yard Waste 172,000 111,329 65% 534-40 Solid Waste-Fleet Maintenance 130,690 78,930 60% TOTAL SOLID WASTE UTILITY FUND $1,742,500 $1,205,484 69% 28 SUPPLEMENTAL INFORMATION EMI MIIIIIIIIIMINIIIMIN MIMI MI 00 ...... iso . - so p ��1 ...,,............... -. mom`' 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 $16,617,409 at June 30, 2003 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 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 THIRD QUARTER FY 2002-2003 CUMULATIVE BUDGETED EXPENSES PERCENT - - START DATE/7 PROJECT NAME FUNDS AS OF 06-30-03 USED STATUS - - ,,colviiwtoN, FIRE STATION #1 $3,476,513 $921,901 26.5% ACTIVE 99-2003 PARK LAND-SOUTH $1,381,821 $1,263,760 91.5% ACTIVE 99-2003 COCA COLA PROPERTY $4,000,000 $2,618,366 65.5% ACTIVE 99-2003 30 CITY OF OCOEE TRANSPORTATION CAPITAL PROJECTS THIRD QUARTER FY 2002-2003 CUMULATIVE . :,- : .: BUDGETED EXPENSES PERCENT START PROJECT NAME FUNDS AS OF 06-30-03 USED STATUS COMPLETION' MAGUIRE ROAD - PHASES 1-5 $13,421,275 $12,074,314 90.0% ACTIVE 97-2003 PROFESSIONAL PKWY PROJECT $4,474,852 $2,657,789 59.4% ACTIVE 98-2003 OLD WINTER GARDEN ROAD $2,723,825 $651,504 23.9% ACTIVE 99-2003 31 CITY OF OCOEE STORMWATER CAPITAL PROJECTS THIRD QUARTER FY 2002-2003 CUMULATIVE BUDGETED EXPENSES PERCENT START DATE! PROJECT NAME FUNDS AS OF 06-30-03 USED STATUS COMPLETION 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 THIRD QUARTER FY 2002-2003 CUMULATIVE :. BUDGETED EXPENSES PERCENT S T;DAT.E/ PROJECT NAME FUNDS AS OF 06-30-03 USED STATUS COMPLETION MAGUIRE ROAD UTILITY LINE $825,000 $830,270 100.6% ACTIVE 2000-03 MAGUIRE RD PUMPING STATION $1,000,000 $332,837 33.3% ACTIVE 2002-03 RECLAIMED -ORCHARD PARK $10,000 $6,561 65.6% ACTIVE 2002-03 33 CITY OF OCOEE DEBT STATEMENT AS OF JUNE 30, 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 JUNE 30, 2003 BOOK INCOME MARKET CURRENT INVESTED PORTFOLIO VALUE EARNED VALUE YEILD MERRIL LYNCH MUTUAL FUNDS $3,366,273 $21,462 $3,366,273 2.55% ACCOUNT 64A-04183 MERRIL LYNCH MUTUAL FUNDS 2,051,419 15,722 2,051,419 3.07% ACCOUNT 64A-04184 MERRIL LYNCH MUTUAL FUNDS 321,355 516 321,355 0.64% ACCOUNT 64A-04186 MERRIL LYNCH MUTUAL FUNDS 193,018 309 193,018 0.64% ACCOUNT 64A-04187 MERRIL LYNCH MUTUAL FUNDS 56,220 90 56,220 0.64% ACCOUNT 64A-04188 STI CLASSIC FUNDS MUTUAL FUNDS 11,902 14 11,902 0.47% RAYMOND JAMES SECURITIES 587,132 632 587,132 0.43% ACCOUNT 10041873 RAYMOND JAMES SECURITIES 6,022,589 42,515 6,022,589 2.82% ACCOUNT 11129676 SUNTRUST SECURITIES 4,007,501 26,390 4,007,501 2.63% ACCOUNT 4444 $16,617,409 $107,650 $16,617,409 2.59% 35 CITY OF OCOEE IMPACT FEE STATUS REPORT THIRD QUARTER - FISCAL YEAR 2002-2003 FUND 106 ROAD IMPACT FEES BALANCE FORWARD $6,122,203 CURRENT QUARTER REVENUE $185,263 CURRENT QUARTER EXPENDITURE ($513,628) ENCUMBERED ($13,038) INTEREST EARNED $42,187 ENDING BALANCE AT 06/30/03 $5,822,987 Note: Funds have been designated for debt service and road projects. 36 CITY OF OCOEE IMPACT FEE STATUS REPORT THIRD QUARTER-FISCAL YEAR 2002-2003 FUND 107 FIRE IMPACT FEES RESTRICTED BALANCE FORWARD $1,906,797 $38,269 CURRENT QUARTER REVENUE RESIDENTIAL $56,650 $0 NON RESIDENTIAL $13,352 $0 TOTAL CURRENT QUARTER REVENUE $70,002 $0 CURRENT QUARTER EXPENDITURE RESIDENTIAL ($1,389) ($2,553) NON RESIDENTIAL $0 $0 TOTAL CURRENT QUARTER EXPENDITURE ($1,389) ($2,553) ENCUMBERED $0 $0 INTEREST EARNED $8,828 $121 ENDING BALANCE AT 06/30/03 $1,984,238 $35,837 ** Restricted funds are comprised of Windermere R & R 37 CITY OF OCOEE IMPACT FEE STATUS REPORT THIRD QUARTER - FISCAL YEAR 2002-2003 FUND 108 POLICE IMPACT FEES BALANCE FORWARD $430,006 CURRENT QUARTER REVENUE RESIDENTIAL $26,769 NON RESIDENTIAL $4,560 TOTAL CURRENT QUARTER REVENUE $31,329 CURRENT QUARTER EXPENDITURE ($16,692) ENCUMBERED $0 INTEREST EARNED $1,417 ENDING BALANCE AT 06/30/03 $446,060 38 CITY OF OCOEE IMPACT FEE STATUS REPORT THIRD QUARTER - FISCAL YEAR 2002-2003 FUND 110 RECREATIONAL IMPACT FEE BALANCE FORWARD $682,445 CURRENT QUARTER REVENUE $42,000 CURRENT QUARTER EXPENDITURE $0 ENCUMBERED $0 INTEREST EARNED $2,898 ENDING BALANCE AT 06/30/03 $727,343 39