HomeMy WebLinkAboutItem 05 Quarterly Financial Report–First Quarter Fiscal Year 2005
AGENDA ITEM COVER SHEET
Meeting Date: 03/01/05
Item # 5'
Contact Name:
Contact Number:
Donald Carter
Reviewed By:
Department Director:
I
City Manager: / ' ;
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Subject:
Background Summary:
FY 04/05 First Quarter Report
Issue:
N/A
Recommendations
N/A
Attachments:
FY 04/05 First Quarter Report
Financial Impact:
Report gives status of finances for the first quarter.
Type of Item: (please mark with an "x')
Public Hearing
_ Ordinance First Reading
Resolution
_ Commission Approval
Discussion & Direction
For Clerk's DeDf Use:
_____ Consent Agenda
_____ Public Hearing
_____ Regular Agenda
_ Original Document/Contract Attached for Execution by City Clerk
_ Original Document/Contract Held by Department for Execution
Reviewed by City Attorney
Reviewed by Finance Dept.
Reviewed by ( )
N/A
N/A
N/A
Commissioners
Danny Howell, District 1
Scott Anderson. District 2
Rustv Johnson. District 3
Nancy J. Parker, District 4
Mayor
S. Scott Vandergrift
City Manager
Robert Frank
STAFF REPORT
TO:
The Honorable Mayor and City Commissioners
FROM: Donald Carter, Finance Manager
DATE: February 7, 2005
RE: Quarterly Financial Report-First Quarter FY 2005
Attached is the Quarterly Financial Report for the first quarter of fiscal year 2005. The report summarizes
financial activity for the period October 2004 through December 2004.
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.
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'c T)l1Of OCOEE " n
..~
QUARTERLY REPORT
8T QUARTER
tAL YEAR
"'_,w,..~~'_ ,.'JpJ
"~~-. 5
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City Manager
Rob Frank
Commissioners
Danny Howell, District 1
Scott Anderson, District 2
Rusty Johnson, District 3
Nancy Parker, District 4
Mayor
S. Scott Vandergrift
Quarterly Financial Report
Fiscal Year 2004/2005 First Quarter
The City of Ocoee is a municipal corporation of the State of Florida operating under a commission/manager form of government. A
residential community, the City has a land area of approximately 20 square miles. Ocoee is home to approximately 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 twelve developed parks and an 18.hole public golf
course. The City has three fire stations located strategically throughout the city, including the recently completed construction of a
new fire station/administration building at the comer of Bluford A venue and Columbus Street to replace the existing Fire Station One.
In addition the City has completed the beautification of McKey Street and the downtown area funded by an $850,000 grant from the
State. 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 West Oaks Mall and Super Wal-Mart are two of the largest retailers
in the city. The city currently employs 312 individuals.
............................
City ofOcoee. 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 fIrst quarter report
summarizes the activity for the months of October, November and December 2004. Reyenues and receipts are presented for the
General, Storm Water, 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, sin~e 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. Table 1 shows
revenues currently exceed expenditures for all funds except Solid Waste fund. Cash carryforward amounts have, not been posted to
the accounts. These amounts are typically recognized in the second quarter.
TABLE 1
Storm Water Utility
Water/Wastewater Utility
Solid Waste Utility
$8,015,685
$336,219
$1,698,742
$461,619
. . ~ ....', .,,; - ,',:
Revenue vs. Expenditures by Fund
Fund
Revenues
General Fund
$277,762
$1,472,478
$456,260
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.
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General Fund
The General Fund is the principal operating fund of the City. The General Fund budget for FY 04/05 is $25,435,100. 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-four departments and divisions.
Revenue Analvsis
The graph on page 3 provides a comparison of revenue receipts in dollars for first quarter fiscal years 2003/2004alld 2004/2005. Current year
revenue receipts are detailed on page 4 and charted on pages 5-7. As a basis for measurement, revenues are anticipated to be 25% collected at the
end of the quarter. Overall, General Fund revenue receipts at the end of this quarter are above anticipated with 31.5% realized compared to 32% at
the end of first quarter last year. This is due primarily to the strong collection of property taxes.
Receipts for Property Taxes are $3,803,320 (61.67%) collected compared with $2,637,501 (48.33%) this time last year. Franchise Tax receipts
consisting of revenues from electric, gas, and solid waste are above anticipated at 27.23% realized. Revenue for Utility Taxes ($602,734) are
slightly above anticipated with 26.68% of budgeted realized. Licenses and Permits are slightly below anticipated, but is expected to pick up as the
year continues. Building Permit reyenue is well below anticipated with 107 residential and 8 commercial building permits issued for first quarter
FY2005 compared with 173 Residential and 1 Commercial at this time for FY2004. Three years of building permit activity are graphed on pages
8-9.
Intergovernmental Revenues are funds received from other governmental agencies. Receipts for first quarter FY2005 are below anticipated with
21.51 % realized. Operating Reyenue for Windermere Fire protection is due in two installments- February and May, with the capital charge due in
October and March. Installments are current.
1
County Six Cent Gas Tax (Local Option Gas Tax), Telecommunications Service Tax, and Half-Cent Sales Tax have been received slightly below
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 5 digital in-vehicle camera systems, while the Byrne Grant is used for a DUI Officer. 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 20.7%
realized. Fines and Forfeitures are being received below anticipated with 21.23% collected ($48,614). Miscellaneous Revenue consisting of
returned check charges, special street lighting fees, interest earnings, and administrative fees for police security is 9% realized. The city property
on Enterprise Street (old Public Woks facility) has not been sold, thus reflecting a low percentage of revenue realized for this category. Interest
earnings are 58% realized with $49,665 earned.
Expenditure Analvsis
Page 10 contains pie charts indicating the composition of expenditures for first quarter 2003/2004 and 2004/2005 for the General Fund. The
Budget versus Expenditure report (page 11) shows for eac~}epartment, 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 21% of budgeted.
Capital Outlay expenditures for General Fund are detailed on page 12. The use of Purchasing Cards was implemented to help expedite receipt of
goods and services necessary for the day-to-day operations of the City. Budget transfers authorized by the City Commission from contingency
appear on page 13 for the quarter. Staff continues to closely monitor expenditures in relation to revenues to track any indicators of a downturn in
the receipt of revenues.
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CITY OF OCOEE
FIRST QUARTER
REVENUE COMPARISON
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o
UTILrrYTAX LICENSE & PERMITS INTER- CHAA.GES FOR FINES & FORFEITURES MISCELLANEOUS TRANSFERS IN
GOVERNMENTAL SERVICES REVENUE
REVENUE
10 Fiscal Year 03-04 I!!I Fiscal Year 04-05
3
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FRANCHISE TAX
PROPERTY TAX
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
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CITY OF OCOEE
REVENUE ANALYSIS REPORT
GENERAL FUND
ARST QUARTER 2004-2005
REVENUE BUDGET RECEIVED PERCENTAGE
DESCRIPTION ;'/
AMOUNT FIRST QUARTER REALIZED
BEGINNING CASH BALANCE $315.000 $0 0.00%
PROPERTY TAXES 6,167,205 3,803,320 61.67%
FRANCHISE TAXES 1,855,000 505,068 27.23%
UTILITY TAXES 2,259,500 602.734 26.68%
LICENSES AND PERMITS 2,368,910 532,307 22.47%
INTERGOVERNMENTAL REVENUE 7,615,210 1,637,927 21.51 %
CHARGES FOR SERVICE 443,300 91,743 20.70%
FINES AND FORFEITURES 229,000 48,614 21.23%
MISCELLANEOUS REVENUE 827,500 74,121 8.96%
TRANSFERS IN 3,354,475 719,851 21.46%
GENERAL FUND TOTALS $25,435,100 $8,015,685 31.51 %
4
City of Ocoee
General Fund Revenue Graphs
First Quarter 2004-2005
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I
Property Taxes
I
Franchise Taxes
27.2%
.7%
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Franchise Fees are being received slightly above anticipated
with 27.2% received. This is up from the 24.1 % collected at
this time last year.
to
been received compared
61.7% of Property Tax revenue has
48.3% for the first quarter last year.
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Licenses & Permits
Utility Taxes
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22.5%
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22.5% of the revenue from Licenses and Permits has been
received. This is down from the 52.3% relized during the
first quarter last year.
Utility Taxes are slightly above anticipated, with 26.7%
received. This is up from the 23.3% received last year
at this time
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City of Ocoee
Fund Revenue Graphs
Quarter 2004-2005
I
Genera
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First
Charges for Services
Intergovernmental Revenues
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20.7%
,:~'f.rf'0 W---~
~- ....' ;,~-':;A~::,,~"~pj:.:~-_. . _~~t_-
- .~----
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21.5%
78.5%
I
Charges for Services are being realized below anticipated, with
20.7% received compared with 20.9% last year at this time.
21.5% of Intergovemmental Revenues has been received. This is
slightly down from the 22.6% collected first quarter last year.
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Miscellaneous Revenue
Fines & Forfeitures
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9.0%
21.2%
~
. . .. . .
78.8%
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6
9.0%
91.0%
Miscellaneous Revenues are well below anticipated at
realized.
Fines and Forfeitures are being realized below anticipated, with
21.2% received compared to 32.4% collected in the first quarter
last year
City of Ocoee
General Fund Revenue Graphs
First Quarter 2004-2005
Fund Transfers
7
21.5%
Fund Transfers are made on a monthly basis and are below
expected.
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CITY OF OCOEE
RESIDENTIAL BUILDING PERMIT ACTIVITY
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80
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8
70
60
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50
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November December January February March April May June July August September
- - - - - -
GI Fiscal Year 02-03 o Fiscal Year 03-04 o Fiscal Year 04-05
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30
20
10
October
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CITY OF OCOEE
COMMERCIAL BUILDING PERMIT ACTIVITY
---,
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September
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9
August
July
June
o Fiscal Year 04-05
.,
May
April
EJ Fiscal Year 03-04
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November
March
February
iii Fiscal Year 02-03
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5
3
2
1
January
December
October
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CITY OF OCOEE
FIRST QUARTER EXPENDITURE COMPARISON
GENERAL FUND
FY03/04-FY04/05
Fiscal Year 03-04 Fiscal Year 04-05
First Quarter Expenditures First Quarter Expenditure
Capital Transfers Capital
Outlay Out Operating Transfers
1.5% 9.4% Expenses Outlay Out
t 20.3% 2.2% 8.0%
1
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Personal Personal
Services Services
71.5% 69.6%
CITY OF OCOEE
EXPENDITURE ANALYSIS REPORT
GENERAL FUND
FIRST QUARTER 2004/2005
,. '.......,-
DEPAR,
511-00 Legislative
512-00 City Manager
512-01 Community Relations
512-10 City Clerk
513-00 Finance
513-20 Information Systems
513-30 Human Resources
514-00 Legal
515-00 Planning
516-00 General Government Services
517-00 Public Works Administration
519-00 Facilities Maintenance
521-00 Police
522-00 Fire
524-00 Building
529-00 Communications
539-00 Cemetery
541-10 Streets/T rafflc
541-20 Right of Way Maintenance
541-40 Fleet Maintenance
546-00 Engineering
572-00 Recreation
572-10 Park Maintenance
SED.~ ~, ""'"
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$49,587
72,661
67,824
52,199
157,937
78,222
92,030
14,353
133,061
606,951
46,578
87,799
1,445,360
1,148,907
251,670
149,633
85
200,247
105,639
41,842
130,048
194,829
273,853
$178,350
283,395
380,835
283,980
759,695
342,215
416,735
279,500
624,420
3,818,325
197,050
464,560
6,261,375
4,445,380
1,271,185
741,670
3,700
1,309,610
661,425
153,140
561,865
1,035,865
960,855
TOTAL GENERAL FUND
$25,435,130
$5,401,315
liB'
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28%
26%
18%
18%
21%
23%
22%
5%
21%
16%
24%
19%
23%
23%
26%
20%
20%
2%
15%
16%
23%
19%
29%
21%
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CITY OF OCOEE
CAPITAL PURCHASE REPORT
FISCAL YEAR 2004-2005
FIRST QUARTER
DEPARTMENT ITEM PURCHASED BUDGETED ACTUAL DIFFERENCE
AMOUNT COST
CITY MANAGER LAPTOP COMPUTER (1) $4,200.00 $3,088.22 $1,111.78
CITY CLERK DESKTOP COMPUTER (1) $2,000.00 $1,875.00 $125.00
GENERAL GOVERNMENT KVM SWITCH $3,800.00 $3,094.87 $705.13
.
FIRE CONTROL STATION ALERTING SYSTEM $37,000.00 $29,016.23 $7,983.77
BUILDING DESKTOP COMPUTER (1) $2,200.00 $1,875.00 $325.00
PUBLIC WORKS-STREETS ICE MACHINE $3,500.00 $1,873.95 $1,626.05
PLANNING DESKTOP COMPUTER (1) $2,100.00 $1,843.02 $256.98
PUBLIC WORKS-ROW MAINTENANCE SINGLE DRUM ROLLER $8,500.00 $7,650.00 $850.00
RECREATION-PARK MAINTENANCE LIGHTS-SORENSEN FIELDS $44,395.00 $44,392.00 $3.00
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DEPARTMEtIT~L., ,..
BUDGET TRANSFER ,.1
GENERAL GOVERNMENT
GENERAL GOVERNMENT
GENERAL GOVERNMENT
LEGISLATIVE
GENERAL GOVERNMENT
CITY OF OCOEE
GENERAL FUND
BUDGET TRANSFERS
FISCAL YEAR 2004-2005
FIRST QUARTER
001-516-00-4900
CONTINGENCY
001-516-00-4905
SENIOR PROGRAM-WATER TAX
001-516-00-4900
CONTINGENCY
001-516-00-4906
SENIOR PROGRAM-WATER FEES
001-516-00-4900
CONTINGENCY
001-516-00-4907
SENIOR PROGRAM-SOLID WASTE
001-516-00-4900
CONTINGENCY
001-511-00-8200
COMMUNITY PROMOTION
001-516-00-4900
CONTINGENCY
001-516-00-3400
CONTRACTUAL SERVICES
Q~.QF, ".;j('\;::~:
SFERt'~'*'~'.h,,':o"1
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"~ttON
$3,660.00 SENIOR CITIZENS PROGRAM
$36,590.00 SENIOR CITIZENS PROGRAM
$45,590.00 SENIOR CITIZENS PROGRAM
$500.00 WEST ORANGE H. S.-HORSE
$10,000.00 DESIGN-ORIGINAL FIRE STATION #1/
MUNICIPAL COMPLEX
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80
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100
60
StormWater Utility Fund
The Storm water 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 6 employees in this fund. As of December 31, 2004 there
were 10,095 Stormwater accounts compared to 9,522 accounts at December 31, 2003 representing a 6% increase in the customer base.
The Stormwater fund budget for fiscal year 2004-2005 is $1,615,000.
Revenue Analysis
Current year revenue receipts are detailed on page 15 and charted on page 16. Stormwater Fund revenues are 20.82% realized overall
compared to 25.8% for first quarter last year. Charges for Services ($332,517) are 25.5% realized. Interest Earnings are above
anticipated with 46.3% realized.
Expenditure Analysis
Page 18 contains pie charts indicating the composition of expenditures for first quarter 2003/2004 and 2004/2005 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 17% overall. Transfers are made monthly for the debt service payments on the 1996
Storm Water Utility Promissory Note that was restructured in November of 2002. The annual debt service for this fiscal year is
$191,890.
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CITY OF OCOEE
REVENUE ANALYSIS
STORMWA TER UTILITY FUND
FIRST QUARTER 2004-2005
"'. , RECEIVED:':,. ..,:,.
. ~,.,;,-~",. .'- ~...:i"';
. ,'.'RI~S~~I!b\R~~~::
BEGINNING CASH BALANCE
305,000
CHARGES FOR SERVICES
1,302,000
332,517
MISCELLANEOUS REVENUE
8,000
3,702
STORMWATER UTILITY FUND TOTALS
$1,615,000
$336,219
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0.00%
25.54%
46.28%
20.82%
15
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Stormwater Fund Revenues
First Quarter
20.8%
16
79.2%
Stormwater Fund Revenues are
currently being received below
anticipated, with 20.8% realized
as compared to 25.8 % for the same
quarter last year.
CITY OF OCOEE
FIRST QUARTER EXPENDITURE COMPARISON
STORMWATER UTILITY FUND
FY03/04-FY04/05
Fiscal Year 03-04 Fiscal Year 04-05
First Quarter Expenditures First Quarter Expenditures
Personal
Transfers Services
Out 30.2%
53.5% - ---.L.
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Operating
Cap~al Capital Expenses
Outlay Outlay 22.5%
2.3% 2.4%
17
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538-20 Utility Operating
CITY OF OCOEE
EXPENDITURE ANALYSIS REPORT
STORMWATER FUND
FIRST QUARTER 2004/2005
$1,615,000
$277,762
$1,615,000
TOTAL STORMWATER FUND
$277,762
. /.
. '.PERCENT
USED
17%
,17%
18
WATBWWAST ~WAT
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100
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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 financed in this fund. The 2004/2005 budget for this fund is $6,581,760. There
were 10,009 and 6,502 water and wastewater customers at December 31, 2004 respectively compared to 9,858 and 6,374 customers at
December 31,2003. This represents a 1.5% increase for Water and a 2% increase for Wastewater customer base.
Revenue Analysis
Current year revenue receipts are detailed on page 20 and charted on page 21. Revenue for the Water/Wastewater Fund is 25.8%
realized compared to 31 % for first quarter last year. Water Utility Fees ($850,937) are 30% realized while Wastewater Utility Fees
($672,295) are 21 % realized. Revenue and Maintenance Fees include annual and monthly billings for Water (176% realized) and
Wastewater (6% realized). Receipts for Water Connection Fees and Other Water Charges (cut-off/cut-on activity and late fees) are
5% and 29% respectively. Interest earnings are 69% realized. Transfers In reflects the monies from the General Fund for the leased
site of the recreation facility.
Expenditure Analvsis
Page 22 contains pie charts indicating the composition of expenditures for first quarter 2003/2004 and 2004/2005. The Budget versus
Expenditure report (page 23) shows the amount spent and percentage of the budget the amount represents for the quarter. Actual
expenditures for the first quarter are 22% overall. The public relations campaign (POWR) is funded in the Water Operating division.
A portion of the annual debt service payment for the 1997 and 2003 bond issues is funded in the Water Operating and Wastewater
Operating divisions.
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CITY OF OCOEE
REVENUE ANALYSIS REPORT
WATERlWASTE WATER UTILITY FUND
FIRST QUARTER 2004-2005
NUE BUDGET RECEIVED PERCENTAGE
PTlON AMOUNT FIRST QUARTER ~~LIZED
CHARGES FOR SERVICES 6,558,260 1,681,165 25.63%
MISCELLANEOUS REVENUE 18,000 16,202 90.01%
TRANSFERS IN 5,500 1,375 25.00%
WATER UTILITY FUND TOTALS $6,581 ,760 $1,698,742 25.81 %
20
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WaterIWastewater
Fund Revenues
First Quarter
~ ~25.8%
74.2% .. """,> ..,..
Water and Wastewater revenues are
being received slightly above
anticipated.
CITY OF OCOEE
FIRST QUARTER EXPENDITURE COMPARISON
WA TER/WASTEWA TER UTILITY FUND
FY03/04-FY04/05
Fiscal Year 04-05
First Quarter Expenditures
Fiscal Year 03-04
First Quarter Expenditures
Personal
Services
25.4%
Transfers
Out
41.6%
Personal
Services
25.5%
22
\ Operating
lExpenses
32.9%
"i....
Capital
Outlay
0.1%
Transfers
Out
48.1%
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CITY OF OCOEE
EXPENDITURE ANALYSIS REPORT
WATERnNASTEWATERFUND
FIRST QUARTER 2004/2005
. ~. ',~", "': t~ I" . '"'
DEPARTMENTr": :<
'tPERCENT
',;,-},:,~;/~:~"" '"'!(1; .:
.', ..- ..U' S.ED' .
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533-00 Water Operating
535-00 Wastewater Operating
$3,234,665
3,347,095
$727,856
744,622
23%
22%
$6,581,760
$1,472,478
22%
TOTAL WATERlWASTEWATER FUND
. ~.
23
SOLID W AS'TB f
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so
100
so
'84 '95 'liB '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 9,119 solid waste residential accounts at December 31,2004 compared with 8,663 accounts at December 31,2003 representing a
5.3% increase. The budget for fiscal year 2004/2005 is $1,740,000.
Revenue Analvsis
Current year revenue receipts are detailed on page 25 and charted on page 26. Solid Waste Fund revenues are 26.5% realized
compared with 17% for first quarter last year. Solid Waste Fees ($435,8855) are 25.2% realized just as anticipated. Interest earnings
at $1,789 are only 14.9% realized.
Expenditure Analysis
Page 27 contains pie charts indicating the composition of expenditures for first quarter 2003/2004 and 2004/2005. 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 first quarter are 26% of budgeted.
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CHARGES FOR SERVICES
MISCELLANEOUS REVENUE
SOUD WASTE FUND TOTALS
CITY OF OCOEE
REVENUE ANALYSIS REPORT
SOLID WASTE UTILITY FUND
FIRST QUARTER 2004-2005
BUDGET RECEIVED PERCENTAGE
AMOUNT FIRST QUARTER REALIZED
$1,728,000 $435,855 25.2%
12,000 25,764 214.7%
$1,740,000 $461,619 26.5%
25
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Solid Waste Fund Revenues
First Quarter
,
,
26.5%
26
Solid Waste revenues are being
received above anticipated.
25.0% of solid waste fees have been
collected compared to 17.0% for first
quarter last year.
CITY OF OCOEE
FIRST QUARTER EXPENDITURE COMPARISON
SOLID WASTE UTILITY FUND
FY03/04-FY04/05
Fiscal Year 04-05
First Quarter Expenditures
Fiscal Year 03.Q4
First Quarter Expenditures
Personal
Services
8%
Capital
Outlay
8%
Personal
Services
43.5%
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27
Operating
Expenses
84%
Operating
Expenses
56.5%
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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 $57,825,079 in outstanding debt.
The investment portfolio contained $28,739,367 at December 31, 2004 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 (Clarke Road and the 1998 Transportation Bond Issue), police impact fees (police building-current), fire impact fees (fire
stations), and recreation impact fees (recreation facility).
...........................
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CITY OF OCOEE
GENERAL CAPITAL PROJECTS
FIRST QUARTER
FY 2004-2005
SAWMILL RETAINING WALL
$125,000
$16,876
CONSTRUCTION
13.5% PHASE
COCA COLA PROPERTY
$5,800,000
$5,416,887
CONSTRUCTION
93.4% PHASE
,~" ~,f:
~_, .;,' , 'iJ!.'1
.'iiST_rDArEl
'tOMPLETION
2003-05
99-2005
30
CITY OF OCOEE
TRANSPORTATION CAPITAL PROJECTS
FIRST QUARTER
FY 2004-2005
PROFESSIONAL PKWY PROJECT
$4,474,852
$3,581,970
CONSTRUCTION
80.0% PHASE
98-2005
~ .~.
OLD WINTER GARDEN ROAD
$2,723,825
$1,582,463
CONSTRUCTION
58.1 % PHASE
99-2005
31
CITY OF OCOEE
STORMWATER CAPITAL PROJECTS
FIRST QUARTER
FY 2004-2005
::~~~t~:~, '" - -~7-==~=-_~_3~--~-~~3~~6;
LOG RUN COURT
$50,000
$25,040
CONSTRUCTION
50.1 % PHASE
2004-05
CENTER STREET DITCH
$650,000
$13,236
2.0% DESIGN PHASE
2004-06
32
CITY OF OCOEE
WATERJWASTEWATER CAPITAL PROJECTS
FIRST QUARTER
FY 2004-2005
;& :.~~. ~j~~~~r'~~,"""~~?:~?T::~~~'-- :.;;~f;\i~uJf;;Z~~t~~ ~~~~'_.7~.~ _. ~--__ =- c-~:." ~~ . -, ...~"'~.~..~ ~~.,'~'~~G.~~:;~~
'l~l;;.'i"''''''i.'..". ':',: ,.;:.,' ," .[Q\ ,'l,:ii@~'~ -'l ~'~"l~I{"'{UI;..",. . ., ,~1";~ ...' ' . - .~", Z'1' "1"\ ,,'\=;'"
~, ~!~~:,..! l' ;-., . ~ . <", ~. ,'. . ~ ~,.,..~ . j~ ~ _" ....Ie...: ""'-- ~ t=J" ~>' ,,-~'j..-L<.,,-,:,\ rr'o....- f, \... \'--- h '":' I. "~I ~"'..""\"I ~~
:~:~'~c1.~ ~~~~"f't3'~t
OLD WINTER GARDEN RD. CONSTRUCTION
UTILITY LINE RELOCATION $1,000,000 $305,949 30.6% PHASE 2004-06
. .
CONSTRUCTION
MAGUIRE RD PUMPING STATION $1 ,SOD, 000 $9SS,S63 63.7% PHASE 2002-oS
DESIGN
JAMELA ELEVATED TANK $650,000 $301,420 46.4% COMPLETE 2002-05
SR 50 FORCE MAIN RELOCATION $1,SOO,000 $9,110 0.6% DESIGN PHASE 2004-06
33
Direct City Debt
Transportation Refunding and
Improvement Revenue Bonds,
Series 2002 due 10/1/2015
Stormwater Utility Bonds, Series 2002
Capital Improvement Revenue Bond
Series 1999, due 10/01/2028
Transportation Refunding and
Improvement Revenue Bonds,
Series 1998, due 10/01/2017
Water and Sewer System Refunding
and Improvement Bonds, Series
2003 due 10/1/2033
Water and Sewer System Improvement
Revenue Bonds, Series 1997
due 10/1/2027
Non-Advalorem Revenue Notes 2000
due 12/1/2010
Total Direct Debt
CITY OF OCOEE
DEBT STATEMENT
AS OF DECEMBER 31, 2004
General
Obligation
Debt
$
General Fund
Revenue
Debt
Utility Fund
Revenue
Debt
Source
of
Security
Local Option Gas Tax and
Public Service Taxes
$1,205,000
$ 1,190,000 Stormwater Utility Fees
Covenant to budget and
10,135,000 appropriate annually from
non-ad valorem revenues
and impact fees
Local Option Gas Tax and
Public Service Taxes
17,475,000
Net Revenues and Impact
Fees
13,740,000
Net Revenues and Impact
Fees
8,735,000
5,345,079 Budget and Appropriate
-0- $ 34,160,079 $ 23,665,000
34
CITY OF OCOEE
INVESTMENTS
AS OF DECEMBER 31, 2004
INVESTED
.;i;",.
. ';:;j':;i,:i:t\Jf'
. PORTFOLIO
STI CLASSIC FUNDS
MUTUAL FUNDS
34
11,990
RAYMOND JAMES
ACCOUNT 10041873
SECURITIES
2,620
515,028
RAYMOND JAMES
ACCOUNT 11129676
SECURITIES
34,726
10.620,394
SUNTRUST
ACCOUNT 4444
SECURITIES
48,730
13,735,950
. /.
SUNTRUST
ACCOUNT 4494
SECURITIES
21,849
$28,739,367
3,856,005
$28,739,367
$107,959
MARKET
VALUE
11,990
515,028
,
10,620,394
13,735.950
3,856,005
CURRENT
YEILD
1.13%
2.03%
1.31%
1.42%
2.27%
35
CITY OF OCOEE
IMPACT FEE STATUS REPORT
FIRST QUARTER - FISCAL YEAR 2004-2005
FUND 106
ROAD IMPACT FEES
BALANCE FORWARD
$5,540,602
CURRENT QUARTER REVENUE
$455,002
CURRENT QUARTER EXPENDITURE
($628,965)
ENCUMBERED
($55,420)
INTEREST EARNED
$21,780
ENDING BALANCE AT 12/31/04
$5,332,999
36
CITY OF OCOEE
IMPACT FEE STATUS REPORT
FIRST QUARTER-FISCAL YEAR 2004-2005
FUND 107
FIRE IMPACT FEES
RESTRICTED
BALANCE FORWARD $991,073 $450
CURRENT QUARTER REVENUE
RESIDENTIAL $41,294 $0
NON RESIDENTIAL $214 $0
TOTAL CURRENT QUARTER REVENUE $41,508 $0
. j
CURRENT QUARTER EXPENDITURE
RESIDENTIAL ($267,000) $0
NON RESIDENTIAL $0 $0
TOTAL CURRENT QUARTER EXPENDITURE ($267,000) $0
ENCUMBERED $0 $0
INTEREST EARNED $1,378 $2
ENDING BALANCE AT 12/31/04 $766,959 $452
** Restricted funds are comprised of Windermere R & R
37
CITY OF OCOEE
IMPACT FEE STATUS REPORT
FIRST QUARTER - FISCAL YEAR 2004-2005
FUND 108
POLICE IMPACT FEES
BALANCE FORWARD $622,137
CURRENT QUARTER REVENUE
RESIDENTIAL $19,513
NON RESIDENTIAL $73
TOTAL CURRENT QUARTER REVENUE $19,586
CURRENT QUARTER EXPENDITURE ($15,894)
ENCUMBERED ($3,287)
INTEREST EARNED $2,435
ENDING BALANCE AT 12/31/04 $624,977
38
CITY OF OCOEE
IMPACT FEE STATUS REPORT
FIRST QUARTER - FISCAL YEAR 2004-2005
FUND 110
RECREATIONAL IMPACT FEE
BALANCE FORWARD
CURRENT QUARTER REVENUE
CURRENT QUARTER EXPENDITURE
ENCUMBERED
- /.
INTEREST EARNED
$1,027,105
$28,500
($50,000)
$0
$2,925
ENDING BALANCE AT 12/31/04
$1,008,530
39