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Home My WebLink AboutItem #03 Quarterly Financial Report - 3rd Quarter FY 2006 - AGENDA ITEM COVER SHEET Meeting Date: 09/19/06 Item # 3 Contact Name: Contact Number: Ed Bishop 1518 Reviewed By: ~. r /J'#____ Department Director: ~_ City Manager: Subject: Quarterly Financial Report - Third Quarter FY 2006 Background Summary: Revenues are being collected as anticipated for all funds. Expenditures are being closely monitored and are within expected ranges. Staff continues to look for new ways to increase revenues and/or reduce expenditures without compromising the levels of service to the community. Issue: Attached is the Quarterly Financial Report for the third quarter of fiscal year 2006. The report summarizes financial activity for the period April 2006 through June 2006. Recommendations None Attachments: Quarterly Report - Third Quarter FY 2006 Financial Impact: None Type of Item: D Public Hearing D Ordinance First Reading D Ordinance First Reading D Resolution D Commission Approval D Discussion & Direction For Clerk's Deoi Use: [gI Consent Agenda D Public Hearing D Regular Agenda D Original DocumenUContract Attached for Execution by City Clerk D Original DocumenUContract Held by Department for Execution Reviewed by City Attorney Reviewed by Finance Dept. Reviewed by ( ) o N/A o N/A o N/A City Manag-er Robert Frank Commissioners Danny Howell. District 1 Scott Anderson. District 2 Rusty Johnson. District 3 Nancy J. Parker. District 4 Mayor S. Scott Vanderg-rift ST AFF REPORT TO: The Honorable Mayor and City Commissioners FROM: Ed Bishop, Accountant {c, THROUGH: Wanda Horton, Finance Director di.J-(j- DATE: September 12, 2006 RE: Quarterly Financial Report - Third Quarter FY 2006 ISSUE Attached is the QUaI1erly Financial Report for the third quarter of fiscal year 2006. The report summarizes financial activity for the period April 2006 through June 2006. BACKGROUND/DISCUSSION Revenues are being collected overall as anticipated for all funds. Expenditures are within expected ranges. Staff continues to monitor revenues closely to minimize any possible shortfalls in revenue by containing expenditures. center of Good L . ~~e - l~j'W City Manager Rob Frank Commissioners Gary Hood, District 1 Scott Anderson, District 2 Rusty Johnson, District 3 Joel Keller, District 4 Mayor S. Scott Vandergrift Quarterly Financial Report Fiscal Year 2005/2006 Third Quarter The City ofOcoee is a municipal corporation of the State of Florida operating under a commission/manager form of government. The City of Ocoee is primarily a residential and retail area with a small amount of light industry and commercial business. Ocoee is home to approximately 30,000 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 eighteen developed parks and an 18-hole public golf course. The City has three fire stations located strategically throughout the city. The City provides water and wastewater services, garbage collection, stormwater management, and police and fire protection to its residents. Ocoee continues a growth pattern that began in 1987. There are many factors that have influenced and continue to influence the growth of the City. Ocoee's proximity to Orlando and its location at the juncture of State Road 50, Florida's Turnpike, the East West Expressway, and the Western Expressway make it convenient for people to live and work in the City. State Road 50 is a major east- west arterial that spans the State; Florida's Turnpike provides a limited-access highway for north-south traffic and has an exit in Ocoee; the East-West Expressway provides a 15 minute travel route from Ocoee to downtown Orlando and continues to the eastern limits of Orange County; and the western Expressway provides a similar highway to Walt Disney World and other points south to Osceola County. The City's total assessed valuation for real and personal property increased over 202% since 1995. The City's population has increased more than 57% from that of ten years ago. Local indicators still point to a continued trend of growth for both commercial and residential development. This increased growth helps the City maintain a moderate property tax rate, which is 4.8018 for the current fiscal year. With such continuing economic growth, the financial position of the City remains sound. ............................ 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 and June 2006. Revenues and receipts are presented for the General, StormWater, Water/Wastewater, and Solid Waste funds. Actual receipts (revenues) and payments (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 supplemental information. 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. Table 1 shows revenues currently exceed expenditures for all funds. Cash carryforward amounts have been posted to the accounts.. TABLE 1 Revenue vs. Expenditures by Fund Fund Revenues Expenditures General Fund $24,786,997 $18,228,303 Storm Water Utility $1,382,212 $943,437 W ater/W astewater Utility $5,926,588 $4,365,500 Solid Waste Utility $2,243,206 $1,693,885 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. The following pages present a financial picture of the general and enterprise funds through the third quarter. 11 The General Fund is the principal operating fund of the City. The revised General Fund budget for FY 05/06 is $29,161,695. 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. Revenue Analvsis A comparison of revenue receipts in dollars for third quarter fiscal years 2004/2005 and 2005/2006 is presented on page 3. Revenues are up in most categories with property tax receipts indicating the largest increase. Current year revenue receipts are detailed by categories on page 4 and charted on pages 5-7. As a basis for measurement, revenues are anticipated to be 75% collected at the end of the third quarter. Overall, General Fund revenue receipts at the end of this quarter are above anticipated with 85.00% realized compared to 80.62% at the end of third quarter last year. This is due primarily to the strong collection of property taxes and interest earmngs. Receipts for Property Taxes are $7,414,503 (96.85%) collected compared with $6,016,611 (97.56%) this time last year. Franchise Tax receipts consisting of revenues from electric, gas, and solid waste are above anticipated at 82.15% realized. Revenue for Utility Taxes ($1,864,028) is slightly above anticipated with 77.89% of budgeted realized. Licenses and Permits are above anticipated. Building Permit revenue is more than anticipated with 157 residential and 1 commercial building permits issued for third quarter FY 2006 compared with 101 Residential and 3 Commercial at this time for FY2005. 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 FY2006 are above anticipated with 76.16% realized. Operating Revenue for Windermere Fire protection is due in two installments- February and May, with the capital charge due in October and March. 1 The General Fund is the principal operating fund of the City. The revised General Fund budget for FY 05/06 is $29,161,695. 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. Revenue Analvsis A comparison of revenue receipts in dollars for third quarter fiscal years 2004/2005 and 2005/2006 is presented on page 3. Revenues are up in most categories with property tax receipts indicating the largest increase. Current year revenue receipts are detailed by categories on page 4 and charted on pages 5-7. As a basis for measurement, revenues are anticipated to be 75% collected at the end of the third quarter. Overall, General Fund revenue receipts at the end of this quarter are above anticipated with 85% realized compared to 80.62% at the end of third quarter last year. This is due primarily to the strong collection of property taxes and interest earnings. Receipts for Property Taxes are $7,414,503 (96.85%) collected compared with $6,016,611 (97.56%) this time last year. Franchise Tax receipts consisting of revenues from electric, gas, and solid waste are above anticipated at 82.15% realized. Revenue for Utility Taxes ($1,864,028) is slightly above anticipated with 77.89% of budgeted realized. Licenses and Permits are above anticipated. Building Permit revenue is more than anticipated with 157 residential and 1 commercial building permits issued for third quarter FY 2006 compared with 101 Residential and 3 Commercial at this time for FY2005. 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 FY2006 are above anticipated with 76.16% realized. Operating Revenue for Windermere Fire protection is due in two installments- February and May, with the capital charge due in October and March. 1 County Six Cent Gas Tax (Local Option Gas Tax) is slightly above anticipated (78%). Half Cent Sale Tax is 80% realized while Telecommunication Tax is at 79% anticipated. Other Governmental Revenue consists of the Local Law Enforcement Block Grant (LLEBG) and a Byrne Grant for the police department. The LLEBG is funding the purchase of 2 motorcycles, while the Byrne Grant is used for a Dill Officer. The required 25% match for the Byrne Grant is reflected in the department expenditures. A new grant with Florida Department of Transportations provides for a police officer as well as a vehicle and ticket writing system. Charges for Services consisting of zoning, annexation, development review, program activity and sale of maps and publication fees are 61.26% realized. Fines and Forfeitures are being received below anticipated with 71.393% collected ($163,849). Miscellaneous Revenue consisting of returned check charges, interest earnings, and administrative fees for police security is 63.78% realized. Interest earnings are 136% realized with $340,593 earned. This reflects the continuing increase in interest rates. Expenditure Analvsis Pie charts indicating the composition of expenditures by category for third quarter 2004/2005 and 2005/2006 for the General Fund. Personal Services and Operating Expense have the largest deviation when compared to the prior year. 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 62.51 % of budgeted. Capital Outlay expenditures for General Fund are detailed on page 12. Purchasing Cards are used 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 an affect on operations. 2 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 CITY OF OCOEE THIRD QUARTER REVENUE COMPARISON $0 PROPERTY TAX UTILITY TAX LICENSE & PERMITS INTER- CHARGES FOR FINES & FORFEITURES MISCELLANEOUS GOVERNMENTAL SERVICES REVENUE REVENUE 10 Fiscal Year 04-05 I!I Fiscal Year 05-061 TRANSFERS IN FRANCHISE TAX 3 CITY OF OCOEE REVENUE ANALYSIS REPORT GENERAL FUND THIRD QUARTER 2005-2006 REVENUE DESCRIPTION BUDGET RECEIVED PERCENT AGEl . AMOUNT THIRD QUARTER REALIZED I , $2,800,000 $2,800,000 100.00% 7,655,895 7,414,503 96.85% 2,001,830 1,644,475 82.15% 2,393,030 1,864,028 77 .89% 1,761,205 1,720,973 97.72% 7,890,320 6,009,085 76.16% 455,800 279,236 61.26% 229,500 163,848 71.39% 911,700 581,526 63.78% 3,062,415 2,309,323 75.41% $29,161,695 $24,786,997 85.00% BEGINNING CASH BALANCE PROPERTY TAXES FRANCHISE TAXES UTILITY TAXES LICENSES AND PERMITS INTERGOVERNMENTAL REVENUE CHARGES FOR SERVICE FINES AND FORFEITURES MISCELLANEOUS REVENUE TRANSFERS IN GENERAL FUND TOTALS 4 City of Ocoee General Fund Revenue Graphs Third Quarter 2005-2006 Property Taxes Franchise Taxes 3.2% 17.9% 96.8% 82.1% 96.8% of Property Tax revenue has been received compared to 97.6% for the third quarter last year. Franchise Fees are being received above anticipated, with 82.1 % received. This is up from the 76.7% collecte this time last year. Utility Taxes Licenses & Permits 22.1% 2.3% 77.9% 97.7% Utility Taxes are slightly more than anticipated, with 77.9% received. This is up from the 72.6% received last year at this time. 97.7 % of Licenses & Permits have been received. This is up from the 60.2% realized during the third quarter last year. 5 City of Ocoee General Fund Revenue Graphs Th i rd Quarter 2005-2006 Intergovernmental Revenues Charges for Services 76.2% of Intergovernmental Revenues has been received. This is slightly up from the 72.6% collected through the third quarter last year. Charges for Services are being realized below anticipated, with 61.3% received compared with 70.2% last year at this time. Fines & Forfeitures Miscellaneous Revenue Fines and Forfeitures are being realized below anticipated, with 71.4% received compared to 70.0% collected through the third quarter last year. Miscellaneous Revenues are below anticipated with 63.8% realized. 6 Fund Transfers City of Ocoee General Fund Revenue Graphs Third Quarter 2005-2006 Fund Transfers are made on a monthly basis and are slightly above anticipated. 7 CITY OF OCOEE RESIDENTIAL BUILDING PERMIT ACTIVITY 80 70 60 50 40 30 20 10 o October November December January February March July May June August September April I . Fiscal Year 03-04 0 Fiscal Year 04-05 II Fiscal Year 05-06 8 CITY OF OCOEE COMMERCIAL BUILDING PERMIT ACTIVITY 6 1 5 4 3 2 o October November December January February March April May June July August September I B Fiscal Year 03-04 III Fiscal Year 04-05 o Fiscal Year 05-06 I 9 CITY OF OCOEE THIRD QUARTER EXPENDITURE COMPARISON GENERAL FUND FY04/05-FY05/06 Fiscal Year 04-05 Third Quarter Expenditures Fiscal Year 05-06 Third Quarter Expenditure Operating Expenses 19.4% Capital Outlay 2.4% Transfers Out 8.0% Operating Expenses 25.2% Capital Outlay 2.2% Personal Services 70.2% Personal Services 65.3% 10 CITY OF OCOEE EXPENDITURE ANAL YSIS REPORT GENERAL FUND THIRD QUARTER 2005/2006 BUDGET EXPENSED PERCENT DEPARTMENT AMOUNT THIRD QUARTER USED 511-00 Legislative $181,040 $119,573 66.05% 512-00 City Manager 407,345 253,004 62.11 % 512-01 Community Relations 268,950 143,490 53.35% 512-10 City Clerk 330,239 177,238 53.67% 513-00 Finance 830,840 560,017 67.40% 513-20 Information Systems 341 ,715 223,192 65.32% 513-30 Human Resources 486,815 334,624 68.74% 514-00 Legal 304,500 81 ,365 26.72% 515-00 Planning 657,015 409,619 62.35% 516-00 General Government Services 3,999,136 2,656,607 66.43% 517 -00 Public Works Administration 395,490 220,602 55.78% 519-00 Facilities Maintenance 994,185 492,745 49.56% 521-00 Police 6,792,569 4,592,660 67.61% - 522-00 Fire 4,635,116 3,296,313 71.12% 524-00 Building 1,408,755 904,822 64.23% 529-00 Communications 721,520 484,826 67.20% 539-00 Cemetery 25,700 4,108 15.98% 541-10 Streetsrrraffic 2,640,615 925,318 35.04% 541-20 Right of Way Maintenance 493,275 352,586 71.48% 541-40 Fleet Maintenance 350,700 231,902 66.13% 546-00 Engineering 687,680 428,657 62.33% 572-00 Recreation 1,163,550 687,562 59.09% 572-10 Park Maintenance 1,044,945 647,473 61.96% TOTAL GENERAL FUND $29,161,695 $18,228,303 62.51 % 11 CITY OF OCOEE CAPITAL PURCHASE REPORT FISCAL YEAR 2005-2006 THIRD QUARTER DEPARTMENT ITEM PURCHASED BUDGETED ACTUAL DIFFERENCE AMOUNT COST CITY MANAGER DESKTOP COMPUTERS (2) $4,200.00 $4,139.79 $60.21 COMMUNITY RELATIONS DVD PLAYBACK SYSTEM $10,155.00 $10,155.00 $0.00 CITY CLERK DESKTOP COMPUTERS (3) $6,120.00 $6,037.19 $82.81 FINANCE DESKTOP COMPUTERS (5) $10,500.00 $10,155.80 $344.20 PUBLIC WORKS-STREETS STREET LIGHT-MAGUIRE ROAD $50,000.00 $48,797.15 $1,202.85 SIDEWALK CONSTRUCTION $12,000.00 $11,800.00 $200.00 PUBLIC WORKS-FLEET MAINT. LIFT GATE FOR SERVICE TRUCK $1,700.00 $1,650.00 $50.00 FLEET MAINTENANCE SOFTWARE $14,515.00 $14,515.00 $0.00 RECREATION EXERCISE EQUIPMENT $10,000.00 $9,810.00 $190.00 12 CITY OF OCOEE GENERAL FUND BUDGET TRANSFERS FISCAL YEAR 2005-2006 THIRD QUARTER DEPARTMENTAL ACCOUNT NUMBER ACCOUNT NUMBER AMOUNT OF BUDGET TRANSFER TRANSFERRED FROM TRANSFERRED TO TRANSFER EXPLANA nON LEGISLATIVE 001-516-00-4900 001-511-00-8200 $400.00 LIONS CLUB GOLF TOURNAMENT CONTINGENCY COMMUNITY PROMOTION LEGISLATIVE 001-516-00-4900 001-511-00-8200 $440.00 GOLF TOURNAMENT FOR AUTISM CONTINGENCY COMMUNITY PROMOTION LEGISLATIVE 001-516-00-4900 001-511-00-8200 $250.00 W. ORANGE FOOTBALL PROGRAM CONTINGENCY COMMUNITY PROMOTION LEGISLATIVE 001-516-00-4900 001-511-00-8200 $250.00 OCOEE HS FOOTBALL PROGRAM CONTINGENCY COMMUNITY PROMOTION POLICE 001-516-00-4900 001-521-00-4950 $500.00 POLICE & FIRE PENSION BOARD CONTINGENCY ADVISORY BOARD FIRE 001-516-00-4900 001-522-00-4950 $500.00 POLICE & FIRE PENSION BOARD CONTINGENCY ADVISORY BOARD LEGISLATIVE 001-516-00-4900 001-511-00-8200 $250.00 OCOEE MIDDLE -SPELLING BEE CONTINGENCY COMMUNITY PROMOTION CITY CLERK 001-516-00-4900 001-512-10-5600 $6,189.19 ADDITIONAL ELECTION COSTS CONTINGENCY ELECTION EXPENSE 13 v g)ijffiITDl]WffiaCBIT GS[[]rn((] 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 based upon category type and square footage of the dwelling. 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 6 employees in this fund. As of June 30, 2006 there were 10,862 Stormwater accounts compared to 10,327 accounts at June 30, 2005 representing a 5.2% increase in the customer base. The Stormwater fund revised budget for fiscal year 2005-2006 is $1,990,500. Revenue Analvsis Current year revenue receipts are detailed on page 15 and charted on page 16. Stormwater Fund revenues are 69.44% realized overall compared to 82.98% for third quarter last year. Charges for Services ($1,119,964) are 68.15% realized. This is a result of the change in the rate structure. The revenues are expected to increase monthly for the last quarter. Interest Earnings are above anticipated with 193% realized. Expenditure Analvsis Pie charts indicating the composition of expenditures by category for third quarter 2004/2005 and 2005/2006 for the Stormwater Fund are on page 18. 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 47.40% of budgeted overall. Transfers are made monthly for the debt service payments on the 1996 StormWater Utility Promissory Note that was restructured in November of2002. The annual debt service for this fiscal year is $192,085. 14 CITY OF OCOEE REVENUE ANALYSIS STORMWATER UTILITY FUND THIRD QUARTER 2005-2006 REVENUE BUDGET RECEIVED PERCENT AGEl DESCRIPTION AMOUNT THIRD QUARTER REALIZED BEGINNING CASH BALANCE 235,000 235,000 100.00% CHARGES FOR SERVICES 1,643,500 1,119,964 68.15% MISCELLANEOUS REVENUE 12,000 27,248 227.07% TRANSFERS IN 100,000 0 0.00% STORMWATER UTILITY FUND TOTALS $1,990,500 $1,382,212 69.44% 15 Stormwater Fund Revenues Third Quarter 30.60/0 69.40/0 Stormwater Fund Revenues are currently being received below anticipated, with 69.4% realized as compared to 83.0 % for the same quarter last year. 16 CITY OF OCOEE THIRD QUARTER EXPENDITURE COMPARISON STORMWATER UTILITY FUND FY04/05-FY05/06 Fiscal Year 04-05 Third Quarter Expenditures Fiscal Year 05-06 Third Quarter Expenditures Transfers Out 42.8% Transfers Out 34.0% Personal Services 24.8% Capital Outlay 13.9% Operating Expenses 27.3% 17 CITY OF OCOEE EXPENDITURE ANALYSIS REPORT STORMWATER FUND THIRD QUARTER 2005/2006 DEPARTMENT BUDGET AMOUNT EXPENSED THIRD QUARTER PERCENT USED 538-20 Utility Operating $1,990,500 $943,437 TOTAL STORMWATER FUND $1,990,500 $943,437 47.40% 47.40% 18 ~ ~ffil1ffiITUWlffi~(BIT (ffiJ~~ ffiIDrnru 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 (potable and reclaim) and wastewater collection and treatment plant. All activities necessary to provide these services are financed in this fund. There were 11,225 and 6,602 water and wastewater customers at June 30, 2006 respectively compared to 11,093 and 6,559 customers at June 30, 2005. The 2005/2006 revised budget for this fund is $7,022,430. This represents a 1% increase in both services. Revenue Analvsis Current year revenue receipts are detailed on page 20 and charted on page 21. Revenue for the Water/Wastewater Fund is 84.40% realized compared to 79.05% for third quarter last year. Water Utility Fees ($2,969,239) are 93% realized while Wastewater Utility Fees ($2,179,455) are 71% realized. Revenue and Maintenance Fees are 31% realized and include annual and monthly billings for reserved but unused Water and Wastewater capacity. Receipts for Water Connection Fees and Other Water Charges (cut-off/cut-on activity and late fees) are 136% and 102% respectively. Interest earnings are 201% realized, due primarily to rising interest rates. Transfers In reflects the monies from the General Fund for the leased site of the Beech Center Recreation facility. Expenditure Analvsis Page 22 contains pie charts indicating the composition of expenditures by category for third quarter 2004/2005 and 2005/2006. 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 62.17% of budgeted overall. The public relations campaign (POWR) is funded in the Water Operating division. A portion of the annual debt service payment for the 1997 and 2003 bond issues is funded in the Water Operating and Wastewater Operating divisions. 19 CITY OF OCOEE REVENUE ANALYSIS REPORT WATERlWASTE WATER UTILITY FUND THIRD QUARTER 2005-2006 REVENUE BUDGET RECEIVED PERCENT AGEl DESCRIPTION AMOUNT THIRD QUARTER REALIZED BEGINNING CASH BALANCE 50,600 50,600 100.00% CHARGES FOR SERVICES 6,879,330 5,725,527 83.23% MISCELLANEOUS REVENUE 87,000 146,336 168.20% TRANSFERS IN 5,500 4,125 75.00% WATER UTILITY FUND TOTALS $7,022,430 $5,926,588 84.40% 20 WaterlWastewater Fund Revenues Third Quarter 15.6% 84.4% Water and Wastewater revenues are being received above anticipated with 84.4% realized as compared to 79.1% for the same quarter last year. 21 CITY OF OCOEE THIRD QUARTER EXPENDITURE COMPARISON WATERlWASTEWATER UTILITY FUND FY04/05-FY05/06 Fiscal Year 04-05 Third Quarter Expenditures Fiscal Year 05-06 Third Quarter Expenditures Transfers Out 43.1% Transfers Out 43.2% Personal Services 24.8% 22 CITY OF OCOEE EXPENDITURE ANALYSIS REPORT WATERANASTEWATERFUND THIRD QUARTER 2005/2006 DEPARTMENT BUDGET AMOUNT EXPENSED THIRD QUARTER PERCENT USED 533-00 Water Operating 535-00 Wastewater Operating $3,504,280 3,518,150 $2,005,718 2,359,782 TOTAL WATERlWASTEWATER FUND $7,022,430 $4,365,500 57.24% 67.07% 62.17% 23 ~ g)mDDoJ. ~[)~arn [JOlJ.mLl] 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 continues to contracts out the collection of solid waste services for commercial. Residential collection is performed in-house being phased in beginning this third quarter. There were 9,951 solid waste residential accounts at June 30, 2006 compared with 9,365 accounts at June 30, 2005 representing a 6.2% increase. The revised budget for fiscal year 2005/2006 is $2,966,600. Revenue Analysis Current year revenue receipts are detailed on page 25 and charted on page 26. Solid Waste Fund revenues are 75.62% realized compared with 78.5% for third quarter last year. Charges For Services ($1,550,713) are 74.1% realized Interest earnings are at $27,330 with 297.0% realized. Expenditure Analvsis Page 27 contains pie charts indicating the composition of expenditures by category for third quarter 2004/2005 and 2005/2006. 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 57.10% of budgeted. This is due, in part, to the decision to continue out sourcing commercial collections. 24 CITY OF OCOEE REVENUE ANALYSIS REPORT SOLID WASTE UTILITY FUND THIRD QUARTER 2005-2006 REVENUE DESCRIPTION BUDGET RECEIVED PERCENT AGEl AMOUNT THIRD QUARTER REALIZED I $665,000 $665,000 100.00% $2,092,400 $1,550,713 74.11 % $9,200 $27,493 298.84% 200,000 0 0.00% $2,966,600 $2,243,206 75.62% BEGINNING CASH BALANCE CHARGES FOR SERVICES MISCELLANEOUS REVENUE TRANSFERS IN SOLID WASTE FUND TOTALS 25 Solid Waste Fund Revenues Third Quarter 24.4% 75.60/0 Solid Waste revenues are being received above anticipated. 75.6% of solid waste fees have been collected compared to 78.5% for third quarter last year. 26 CITY OF OCOEE THIRD QUARTER EXPENDITURE COMPARISON SOLID WASTE UTILITY FUND FY04/05-FY05/06 Fiscal Year 04-05 Third Quarter Expenditures Fiscal Year 05/06 Third Quarter Expenditures Operating Expenses 83.2% Transfers Out 11.1% Personal Services 5.4% Personal Services 7.7% 27 CITY OF OCOEE EXPENDITURE ANALYSIS REPORT SOLID WASTE FUND THIRD QUARTER 2005/2006 DEPARTMENT BUDGET AMOUNT EXPENSED THIRD QUARTER PERCENT USED 57.10% 534-10 Solid Waste-Residential $2,966,600 $1,693,885 $1,693,885 $2,966,600 TOTAL SOLID WASTE UTILITY FUND 57.10% 28 g)oornmDCB[]]DCBrnOOO DOOf][)[fOOOffi([JOO[J Capital projects are assigned a job number and are tracked by phase and expenditures versus budget. 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 $56,200,000 in outstanding debt. The investment portfolio contained $29,869,027 at June 30, 2006 and is detailed on pages 35. Funds are invested in government backed notes. 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 for the 1998 and 2002 Transportation Bond Issue. Police impact fees (police building-current), Fire impact fees (fire stations), and Recreation impact fees (recreation facility) pay a portion of the Capital Improvement Revenue Bond Issue. ........................... 29 PROJECT NAME VETERANS/SENIOR CENTER COCA COLA PROPERTY PUBLIC WORKS FACILITY CITY OF OCOEE GENERAL CAPITAL PROJECTS THIRD QUARTER FY 2005-2006 CUMULATIVE I BUDGETED EXPENSES PERCENT START DA TEl I FUNDS AS OF 6-30-06 USED STATUS COMPLETION I CONSTRUCTION $882,634 * $634,363 71.9% PHASE 2003-06 CONSTRUCTION $6,473,356 ** $6,517,121 100.7% PHASE 99-2006 CONSTRUCTION $1,004,605 $623,813 62.1% PHASE 2005-06 * INCLUDES $250,000 TENTATIVE 4TH YEAR FUNDING FROM HUD 30 CITY OF OCOEE TRANSPORTATION CAPITAL PROJECTS THIRD QUARTER FY 2005-2006 CUMULATIVE BUDGETED EXPENSES PERCENT START DA TEl I PROJECT NAME FUNDS AS OF 6-30-06 USED STATUS COMPLETION I CONSTRUCTION PROFESSIONAL PKWY PROJECT $7,398,872 $6,605,649 89.3% PHASE 98-2005 CONSTRUCTION OLD WINTER GARDEN ROAD $4,620,978 $3,578,066 77.4% PHASE 99-2005 MAGUIRE ROAD-PHASE 5 $3,750,000 $341 ,235 9.1% DESIGN PHASE 2002-06 ORLANDO A VElBLUFORD $511,500 $52,995 10.4% DESIGN PHASE 2005-06 31 CITY OF OCOEE STORMWATER CAPITAL PROJECTS THIRD QUARTER FY 2005-2006 CUMULATIVE START DA TEll BUDGETED EXPENSES PERCENT PROJECT NAME FUNDS AS OF 6-30-06 USED STATUS COMPLETION I CONSTRUCTION CENTER STREET POND $782,859 $727,049 92.9% PHASE 2004-06 CENTER STREET DRAINAGE $422,510 $21,234 5.0% DESIGN PHASE 2005-06 PIONEER KEY REGIONAL POND $2,620,000 $37,062 1.4% DESIGN PHASE 2005-08 CONSTRUCTION BLUFORD SEDIMENT STATION $200,000 $227,230 113.6% PHASE 2005-06 32 CITY OF OCOEE WATERlWASTEWATER CAPITAL PROJECTS THIRD QUARTER FY 2005-2006 CUMULATIVE I BUDGETED EXPENSES PERCENT START DA TEl I I PROJECT NAME FUNDS AS OF 6-30-06 USED STATUS COMPLETION ~ OLD WINTER GARDEN RD. CONSTRUCTION UTILITY LINE RELOCATION $1,070,088 $1,044,361 97.6% PHASE 2004-06 CONSTRUCTION REUSE RETROFIT-GROUP 2 $1,272,106 $415,156 32.6% PHASE 2002-06 DESIGN WINDSOR LANDING REUSE $340,000 $19,719 5.8% COMPLETE 2005-06 CONSTRUCTION SR 50 FORCE MAIN RELOCATION $386,240 $275,296 71.3% PHASE 2004-06 33 CITY OF OCOEE DEBT STATEMENT AS OF JUNE 30, 2006 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 10/112015 $1,115,000 Stormwater Utility Bonds, Series 2002 $ 1 ,035,000 Stormwater Utility Fees Capital Improvement Revenue Bond Covenant to budget and Series 1999, due 10/0112028 9,885,000 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 10/0112017 17,110,000 Water and Sewer System Refunding Net Revenues and Impact and Improvement Bonds, Series Fees 2003 due 10/112033 13,575,000 Water and Sewer System Improvement Net Revenues and Impact Revenue Bonds, Series 1997 Fees due 10/1/2027 8,515,000 Non-Advalorem Revenue Notes 2000 4,965,000 Budget and Appropriate due 12/1/2010 Total Direct Debt $ -0- $ 33,075,000 $ 23,125,000 34 CITY OF OCOEE INVESTMENTS AS OF JUNE 30, 2006 BOOK INCOME MARKET CURRENT INVESTED PORTFOLIO VALUE EARNED VALUE YIELD STATE BOARD SECURITIES 1,613,843 52,551 1,613,843 5.17% ACCOUNT 241022 RAYMOND JAMES SECURITIES 321,280 11,309 321 ,280 4.69% ACCOUNT 10041873 RAYMOND JAMES SECURITIES 9,625,471 277,733 9,625,471 3.85% ACCOUNT 11129676 SUNTRUST SECURITIES 17,314,058 492,152 17,314,058 3.79% ACCOUNT 4444 SUNTRUST SECURITIES 994,375 28,002 994,375 3.75% ACCOUNT 4494 $29,869,027 $861,747 $29,869,027 35 CITY OF OCOEE IMPACT FEE STATUS REPORT THIRD QUARTER - FISCAL YEAR 2005-2006 FUND 106 ROAD IMPACT FEES BALANCE FORWARD $5,660,567 CURRENT QUARTER REVENUE $736,056 ($343,944) ($193,645) $82,903 CURRENT QUARTER EXPENDITURE ENCUMBERED INTEREST EARNED ENDING BALANCE AT 6/30/06 $5,941,937 36 CITY OF OCOEE IMPACT FEE STATUS REPORT THIRD QUARTER-FISCAL YEAR 2005-2006 FUND 107 FIRE IMPACT FEES RESTRICTED BALANCE FORWARD $998,889 $17,067 CURRENT QUARTER REVENUE RESIDENTIAL $124,020 $16,264 NON RESIDENTIAL $1,814 $0 TOTAL CURRENT QUARTER REVENUE $125,834 $16,264 CURRENT QUARTER EXPENDITURE RESIDENTIAL $0 $0 NON RESIDENTIAL $0 $0 TOTAL CURRENT QUARTER EXPENDITURE $0 $0 ENCUMBERED $0 $0 INTEREST EARNED $6,697 $384 ENDING BALANCE AT 6/30/06 $1 ,131 ,420 $33,715 ** Restricted funds are comprised of Windermere R & R 37 CITY OF OCOEE IMPACT FEE STATUS REPORT THIRD QUARTER - FISCAL YEAR 2005-2006 FUND 108 POLICE IMPACT FEES BALANCE FORWARD $643,527 CURRENT QUARTER REVENUE RESIDENTIAL $97,758 NON RESIDENTIAL $1,274 TOTAL CURRENT QUARTER REVENUE $99,032 CURRENT QUARTER EXPENDITURE ($15,964) ENCUMBERED ($12,628) INTEREST EARNED $7,555 ENDING BALANCE AT 6/30/06 $721,522 38 CITY OF OCOEE IMPACT FEE STATUS REPORT THIRD QUARTER - FISCAL YEAR 2005-2006 FUND 110 RECREATIONAL IMPACT FEE BALANCE FORWARD CURRENT QUARTER REVENUE CURRENT QUARTER EXPENDITURE ENCUMBERED INTEREST EARNED $1,455,648 $304,730 ($3,857) ($70,420) $11,613 $1,697,714 ENDING BALANCE AT 6/30/06 39