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HomeMy WebLinkAboutAgenda BOC 022610AGENDA CITY OF PALM BEACH GARDENS BUDGET OVERSIGHT COMMITTEE Friday February 26, 2010, 8:30 AM CITY COUNCIL CHAMBERS I. CALL TO ORDER II. PLEDGE OF ALLEGIANCE III. ROLL CALL: Regular Members L. Marc Cohn Chair Kenneth Menard Vice Chair Bernard Pettingill Regular Member Phillip Woodall Regular Member Brandon Dorsey Regular Member IV. ADDITIONS, DELETIONS, MODIFICATIONS: V. APPROVAL OF MINUTES VI. ITEMS BY COUNCIL LIAISON VII. ITEMS BY STAFF LIAISON VIII. OLD BUSINESS IX. NEW BUSINESS 1. Review Budget Document 2. Review December 31, 2009 Quarterly Financials X. COMMENTS BY PUBLIC XI. COMMENTS BY THE BOARD XII. ADJORNMENT , - The City has to satisfy nationally recognized guidelines for effective budget presentation and meet four major tests: The budget should serve as a POLICY DOCUMENT. 2. The budget should present a clear FINANCIAL PLAN. 3. The budget should serve as an OPERATING GUIDE. 4. The budget should serve as a COMMUNICATION DEVICE. tLOWNWE Financial Management Policies (Continued) Reserve Policies: The City will maintain an undesignated fund balance of 5-15% of total budgeted operating expenditures to accommodate unanticipated expenditures, expenditures of a non - recurring nature, or unanticipated revenue declines. Investment Policies: Disbursement, collection and deposit of all funds will be appropriately scheduled to ensure the timely payment of expenditures and investment of funds. The accounting system will provide regular information concerning cash positions and investment performance. Accountings, Auditing and Financial Reporting Policies: The accounting system will maintain records on a basis consistent with Generally Accepted Accounting Principles applicable to local government. Monthly and annual financial reports will present a summary of financial activity by major types of funds. In accordance with state law, an independent accounting firm will perform an annual audit of the financial statements of the City and will publicly issue an opinion thereon. Pwchnsino Policies: Purchases will be made in accordance with all federal, state, and municipal requirements. If there are no specific requirements, purchases will be made in the best interest of the City. Purchases will be made in an impartial, economical, competitive, and efficient manner. Purchases will be made from the lowest priced and most responsible vendor. Qualitative factors such as vendor reputation, financial condition, and quality of product. and timeliness of delivery wd. be considered as much as price when making purchasing decisions. Preference will be given to purchases of like quality to vendors who maintain a place of business within the City of Palm Beach Gardens. 90"WAVW POLICY INITIATIVES The City Council's Policy Agenda and related goals are presented below. These goals were established by the Council as a result of an extensive visioning process and are found in the document, 'Our Vision — A Strategic Plan.` With the establishment of the Policy Agenda, staff has developed a series of action plans to accomplish the goals identified by Council and incorporated it into this years budget. Staffs accomplishment in meeting these goals is reviewed on a continual basis throughout the fiscal year. The following is a breakdown by major policy area of the Council's Policy Agenda, followed by a brief listing by department of some of the more significant coming year's objectives to address this agenda. A detailed listing of all departmental objectives and performance measurements can be found in the various departmental sections of this document. CITY COUNCIL GOAL #1 — TO CREATE LINKAGES WHICH CONNECT OR GATHER RESIDENTS AND BUSINESS OWNERS OF DIFFERENT NEIGHBORHOODS AND DEVELOPMENTS INTO A SINGLE COMMUNITY AND WHICH PROVIDE A SENSE OF COMMUNITY. General Government Adminktuitinn • Inform the City's residents of the City Council and Departments' ongoing initiatives and activities • Increase communication with the City Council and partnerships with Intergovernmental agencies Information Technology • Improve City website offering additional online services and ensuring a quality visitor experience POLICY DOCUMENT (cont ,,ued, Impacts of Tax Reform Legislation and 'Current Economic Conditions Earpkenc tare impacts To illustrate the total impacts of tax reform and the slowdown in the economy over the three year period, please see the tables below Mich surnmarize the cumulative changes in personnel and changes in some of the more significant categories of expenditures. in the General Fund: Table 1— Cumuretive Changes in Number ofPersonner FY 2008 FY 2009 FY 2010 Cumulative Change Reductions Reductions Reductions Full -time -15 -15 -20 -50 positions eliminated Part-time -7 -17 -2 -26 positions eliminated Part-time -7,198 - 17,804 -2,000 - 27,002 hours eliminated � POLICY DOCUMENT �,.. -...�� FINANCE DEPARTMENT FY 2010 GOALS, OBJECTIVES AND OUTCOME INDICATORS Actual Estimated Projected FY 2008 FY 2009 FY 2010 City Council Goal: To increase the levels of service for City- provided services and facilities within the urban area, while maintaining fiscal responsibility. Service Level Objective Maintain the City's financial systems in conformance with all state and federal laws, General Accepted Accounting Principles (GAAP), standards of the Governmental Accounting Standards Boards (GASB) and the Government Finance Officers Association (GFOA). Outputs: Annual audit and single audit opinions are unqualified with an opinion date of 3131 or prior 3/23/2009 3/01/2010 3131/2011 Complete City wide Purchasing and Procurement Manual 0% 0% 25% Effectiveness Measures: Number of years awarded the 'Certificate of Achievement for Excellence in Financial Reporting" by GFOA 13 14 15 Number of Management Comments in the audit 0 0 0 Service Level Objective: Manage the City's investment portfolio to provide safety, liquidity and an appropriate rate of return Outputs: % available funds invested 100% 100% 100% Effectiveness Measures: Investment benchmark — 1 year treasury note at 9130109 042% Weighted average yield on investments at 9130109 to exceed benchmark of 1 year treasury 1 .17% RevellUes ources Local Option Taxes 45.4% Prior Year Balance 54.3% Expenditures/ Reserves Capital 20.7% Operating 1 33.9% Reserves 45.4% i Other Revenue .3% ANALYSES OF REVENUES/ SOURCES AND EXPENDITURES/ USES GAS TAX FUND FUND NUMBER 103 BEGINNING BALANCE REVENUES/ SOURCES Other Taxes Intergovernmental Interest Miscellaneous Transfers In TOTAL EXPENDITURES /USES Public Facilities Operating Capital Outlay Operating Transfers TOTAL ENDING BALANCES Reserved for Encumbrances Designated for Projects Undesignated TOTAL Actual FY 2007 Actual FY 2008 Estimated FY 2009 Amended Budget FY 2009 Budget FY 2010 $ 901,752 $ 998,309 $ 1,284,525 $ 1,284,525 $ 784,441 q 669,504 686,664 691,287 702,000 656,305 49,734 21,222 419 16,192 4,886 91,022 93,753 - - - 558,264 510,830 632,790 770,436 490,000 155,439 4,593 598,000 299,000 713,703 515 423 632,790 1,368,436 789,000 - 164,436 - - - - - 559,000 - - 998 309 1,120,089 784 441 634,281 656,632 $ 998,309 $ 1,284,525 $ 1,343,441 $ 634,281 $ 656,632 NANCI A N �c�ntinu�di �� COMBINED FUNDS BUDGET FISCAL YEAR 2010 I- REVENUES Property Taxes S 46,847.492 Utility Taxes 1,069.216 Franchise Fees 5,875,999 Other Taxes 658,305 Licenses & Perm is $3,344,648 Intergovernmental $4,587,028 Charges for Service 14,743,304 Impact Fees 500.600 Fines & Forfeitures 458,281 Interest 958,887 Miscel aneous 1,258.394 TOTAL REVENUES 80,298,134 EXPENDITURES Salaries 34, 357, 844 Retirement 8,821,274 FICA 2,628.512 Health Insurance 5,841,277 Workers Compensation 891.664 Trash Collection 2,756,598 Other Operating Expenditures 19,488.793 Capital Outlay 2,825,576 Debt Service 4,253,023 TOTAL EXPENDITURES 81,864.561 TRANSFERS Transfers to other funds 1,316,677 Transfers from other funds 1,316,678 REVENUE OVER (UNDER) EXPENDITURES (1,566.426) BEGINNING FUND BALANCE 28,603.591 ENDING FUND BALANCE S 27,037.165 F I NIANCIAL ANALYSIS OF REVENUES/ SOURCES AND EXPENDITURES/ USES ALL FUNDS COMBINED BEGHWM BA LA NC REVENUES /SOURCES Property Taxes Franchise Fees Other Taxes Licenses & Penrrts lntergovermKntal Charges for Seances Ries & Forteltures Impact Fees Werest Miscellaneous Transfers In Other Sources TOTAL EXPENDITURES /USES City Council City Clerk Administration Engineering PL9* Relations klf mason TecMo" Legal Hunan Resources F'kmance General Services Poke Fire Growth Management Parks/ Grounds Recreatici/GOr Communty Services Admn/ Public Works Coruuuctlon Services Neighborhood Services Ser kmrance Debt Service Capital Outlay Other Uses Ope rat ng Transfers TOTAL ENDING BALANCES Reserved For Debt Service - Gewal Fund Reserved Net Assets - Fleet Find Reserved far Encumbrances - All Furids Reserved far Projects - Impact Fees Designated for Projects -GF & Special Rev. Designated for Econ. Dev. - General Fund Designated for OPES - General Find Unoesignated - Al Finds TOTAL Amended Actual Actual Estimated Budget Budget FY 2007 FY 2008 Pf 2009 FY 2009 FY 2010 37,511.297 1 37,961,297 S 41,144,476 S 41,144,476 S 28,603,591 50,541,564 50,362,460 49,474,752 49,849,809 46,847,492 5,380,778 5,516,091 5,465,827 6,079,603 5,875,999 1,529,556 1,643,583 1,969,361 1,640,737 1,725,521 3,718,104 4,473,036 3,446,260 3,934,732 3,344,648 6,088,258 6,111,037 4,706,067 5,079,499 4,587,028 7,876,679 8,297,859 14,012,737 14,630,150 14,743,304 266,168 320,944 443,553 241,650 458,281 2,045,891 1,199,937 420,636 1,419,473 500,600 3,131,569 1,726,314 1,208,433 1,544,421 958,867 1,464,752 2,428,100 983,475 783,957 1,256,394 1,846,832 1,373,773 4,030,134 4,030,135 1,316,678 3,642.218 $87,532,369 83,453,134 S 86,161,235 89,234.1 81,614,812 2%,961 287,088 309,752 332,852 274,835 518,309 579,471 508,177 563,232 486,190 595,620 625,022 521,231 554,337 551,868 - - 100,918 399,335 381,719 109,470 117,103 98,275 146,086 121,425 1,066,564 1,128,874 1,125,816 1,228,128 1,124,705 4 96,699 564,493 297,896 657,370 333,359 857,794 803,279 664,524 762,524 697,61S 883,259 893,579 915,387 925,758 961,234 5,035,026 5,378,072 5,259,144 5,809,803 6,054,074 18,322,946 19,730,502 19,825,042 19,947,764 21,S73,269 16,156,270 17,431,189 16,963,963 16,929,043 17,418,098 4,883,586 1,467,177 1,468,189 1,739,333 1,447,268 3,276,218 3,342,224 3,010,593 3,286,474 3,132,437 5,483,807 5,328,186 5,165,874 6,001,769 S,797,611 8,094,286 7,847,756 7,117,966 7,709,699 6,375,669 2,070,442 2,089,084 1,923,833 2,135,136 1,537,147 530,029 680,023 672,495 737,901 752,978 - - 5,184,566 5,321,843 5,703,022 4,361,704 4,336,642 4,114,219 4,325,853 4,253,023 8,976,550 6,308,966 3,346,195 15,068,366 2,825,576 3,376,495 57,445 - 240,760 41,438 1,670,332 1 273 777 4,0 30 135 4,030,135 1 316 677 87,062,367 80,269,952 82,624,230 98,853,501 S 83,181,237 - - 2,395,707 2,395,707 1,732,155 1,943,851 2,127,175 1,715,003 ?,238rW 2,158,259 1,192,676 1,973,468 - - 11,957,719 10,221,117 7,706,996 3,762,620 4,150,119 2,362,472 - - 1,332,247 1,332,247 1,332,247 - 307,000 307,000 307,000 18 350 544 21,997,466 26,476,416 25,775,183 24,796,831 ;37, %1,297 $ 41,144,476 S 44,681,481 S 31,525,140 $ 27,037,167 ALPLAN' cnntinued ) GAS TAX SPECIAL REVENUE FUND - 103 Amended Ftevenuearsourcea Actual Actual Estimated Budget Budget Account FY 2007 FY 2008 FY 2009 FY 2009 FY 2010 Local Option Gas -ax 889.504 688,884 691.287 '2,13CD 85 ?,30F Taxes 669,504 686,664 691.287 702,000 656,305 Palm Beach CounryGrant - - - - - Intergovernmental - - - IntestEarnings re 49734 21,222 419 18,192 4,8a8 Interest 49,734 21,222 419 16,192 4,886 blscelaneous Revenue 91 222 93,753 - - - PBC Reimbursement Bus Shelter - PBC Reimbursement Pa m Tran - - Miscellaneous 91,022 93,753 Transfers in - - Other Financing Sources TOTAL REVENUES $ 810.260 S 801,639 $ 691,706 S 718.192 $ 661.191 Beginning Fund Balanoe 90175-1 998,30.2 1 �164_E25 t 284,525 784.441 TOTAL. REVENUESISOURCES $ 1,712,012 $ 1,799,948 $ 1,976,231 S 2,002,717 $ 1,445.632 Taxes County Gas Tax Revenue: This revenue is administered by the Department of Revenue and distributed to each municipality in accordance with interlocal agreements between counties and municipalities. Currently, Palm Beach County and its municipalities have separate distribution factors for the "new` 5 -cent local option tax. Based on the estimated actual revenue for FY 2008109, $656,305 is projected for FY 2009110. Interest Earnings: Based on estimated available balances and protected interest rates, revenue is estimated for FY 2009110 at $4.886. IN FINANCIAL PLAN. Continued) IIIW� SUMMARY OF ALL FUNDS REVENUES/ SOURCES AND EXPENDITURES/ USES FISCAL YEAR 2010 FUND BEGINNING BALANCE REVENUES EXPENDITURES ENDING BALANCE GENERAL FUND S 20,255.733 S 65.443.620 S 67.200,345 S 18,499,008 SPECIAL REVENUE FUNDS Gas Tax 784.441 651.191 789,000 65e,632 Recreation 838.650 2.912.781 2.890,340 861,071 Golf 256.101 1.504.360 1.489,634 270,827 ` Po ice Trainine�Grants 36,012 25.000 14.000 47,012 I TOTAL $ 1.915.204 S 5.103.312 S 5.182.974 S 1,835,542 INTERNAL SERVICE FUNDS F eet Maintenance 2,127.175 2.280.138 2.168,978 2.238,335 Sef- Insurance Fund 878.048 8,258.277 5.703,022 1,431,303 TOTAL $ 3,005.223 S 8.538.415 S 7.872,000 S 3.869,838 CAPITAL PROJECT FUNDS Recreation mpact Fee 381.688 442.807 800,000 4,475 Po ice Impact Fee 401,845 39.698 - 441,543 F re Impact Fee 129.017 115.746 120,000 124,763 Road Impact Fee 2.029.213 330.349 691,677 1,667,885 PGA Flyover Capital Project 223.835 911.187 622,563 512,459 Bums Road Capital Project 281.853 691.678 691,678 281,853 TOTAL S 3.427.431 S 2,531.485 S 2.925,918 $ 3,032,978 GRAND TOTAL S 28.603.591 6 81.614,812 S 83,181,237 $ 27,037,166 Information Technology 1 1 Printer Replacement $ 14,000 • _ • • • . ID Card Printer Replacement Laptop Replacement 3,200 40,000 General Government $ 119,600 Network Switching Equipment Replacement Kodak Scanner Replacement 12,000 5,000 Culture & Recreation 987,000 Video Projector Replacement 5,000 BioMetric Timeclocks 2,600 Physical Environment 1,049,000 Server Replacement 10,000 Large Format Printer Replacement - Public Safety 669,976 Council Chambers AV Equipment Upgrade 25,000 SANS Network Backup and Storage Solution Webs ite Content Management Software Data Center Racks - - 2,800 Total Capital Appropriations $ 2,825,576 • • • Low Voltage Re -Wire at City Hall & Police Dept. - Mircrosoft Enterprise License Agreement - General Fund $ 1,156,576 Total Information Technology $119,600 Total General Government $119,600 Impact Fees 520,000 Special Revenue 299,000 Funding Source Internal Service Fees 450,000 General Fund $119,600 Grant(s) 400,000 Capital Projects (Impact Fees) Special Revenue - (Z) Internal Service Fees - (3) Total All Funding Sources $ 2,825,576 Grant(s) - Total All Funding Sources $119.600 Capital Improvement Project Self - loading Grapple Truck Priority -ill Department Corrm6nRV SeMce6 Drvlelon Parks and Graeae Pro &e Manager Operations Drecio - Pubilc Works. marks and Gra.nM ' Proled Location Manterance =acll _ �i Funding Source General Fend Prior ears - - ear TC ealgn (EnginearinW ttectura ndt Right of Way cguleltion elructlon E ent 1`U 000 150,000 4dministratlon 1-c-13al Fen Pudic Art other S otal $ = 150.000 17 7 S ALL. S I S - S $ 150.000 -M umently, the parks and grounds ab putrc warts crews utilize two pieces at egr.rprrert to load and haul away debris generallea at wort sites: a 19e7 Fora Pamer Truck and a 1994 Bobcat. The equipment Is aglrg and becomng more 0060 to maintain Also, crew members re required to load and urload the Bobcat on to a trader before proceecing -c a wok site The Seff4oading Grapple Trust WII ellmnate the need for two pieces of equipfrlent as well as the ex=a mar. noirs needed to trailer the bcat Personnel S Woe of equ�grt will eltninati the need for aold1ronal start to operale two peraUng 5 s of equipment on average, It le estimated trial tells Oil refecl a savings of U5.200 aprhll Outlay 5 womawo $5.200 annually. Also, mw piece of equi lerl Is racer r.naer er $ ry. and equlppea with a more fuel enlclerl engrre. Tne savings on repair . S uel o o6ts Is estimated to be around $10,CUC NANCIAL PLAN( continued ) DEBT SERVICE The City of Palm Beach Gardens is committed to consistent capital planning through the adoption and periodic amendments to a Comprehensive Plan. The City's Comprehensive Plan provides that its total debt service expenditures shall not exceed 20% of total annual revenues and that total outstanding debt is limited to no more ttlan 10% of the Cr Ws property tax base. These calculations of the City's legal debt limits are shown below: Fiscal Year 2010 budgeted revenues (excluding Transfers and Internal Service Fund Charges) S71,761,719 Debt service Imitation - 20% S14,352,343 Debt service payments for FY 2010 S 4,257,016 Debt payments as % of revenues 5.9% Gross taxable value of property Debt limitation — 10% Outstanding Debt as of September 30, 2009 Debt as % of taxable value C, N OB i .ATION DEBT PER CAPIETA The graph to the right represents general s500 obligation debt per City resident. s4so Subsequent to the issuance of bonded debt ssca through fiscal year 2000, the per capita debt s35o shows a gradual decrease due to the 200 sea amortization of the debt, coupled with an S2 cc increase in population. s1e0 ssca S_`40 SA $8,900,377,246 $ 890,037,724 $ 32,216,511 .36% 2001 2002 2003 2004 2005 2006 2007 200a 2008 2003 EXPLANATION OF BUDGETARY BASIS This budget is adopted on a basis consistent with Generally Accepted Accounting Principles (GAAP) with the following exceptions: • Depreciation is not budgeted in the Proprietary Funds • Principal payments on long -term debt and capital outlay purchases in the Proprietary Funds are presented as expenses The GAAP basis of accounting for governmental funds is the modified accrual method. Revenue and other governmental fund financing resource increments are recognized in the accounting period when they become susceptible to accrual - that is, when they become both 'measurable" and "available' to finance expenditures of the fiscal period. The following funds are budgeted using the modified accrual basis of accounting: General, Special revenue, and Capital Projects Funds_ POLICE DEPARTMENT Wr The Palm Beach Gardens Police Department provides profess,onal law enforcement, comprehensive crime prevention and crime solution services to the residents of the City. The Chief of Police oversees the operation of the department, which is organized into three bureaus: Administrative Operations, Uniformed Operations, and Special Operations. The primary functions of the Administrative Operations Bureau are to provide administrative support to all Police Department personnel and work in cooperation with other City departments, provide emergency communications dispatching, and provide record keeping and budgetary services for the department. The primary functions of the Uniformed Operations Bureau are to provide traffic enforcement and road patrol, respond to all calls for service, and enforce the laws of the State of Florida and the City of Palm Beach Gardens. The primary functions of the Special Operations Bureau are to conduct investigations and crime prevention /youth program activities; provide specialized tactical support with S.W_A.T. and task force units: and maintain the professionalism of the department and its members through recruiting and selection activities, accreditation, training, internal affairs, and planning & research. Also housed within the Special Operations Bureau are personnel and FDLE compliance records, public information functions, including media relations and public outreach programs. Uniform Op_ 66% Division /Fund Approved Budget FY 2010 Administration $3,570,057 Uniform Operations 14,297,695 Special O erations 3,879,931 Subtotal General Fund 21, 747, 683 Police Impact 0 Police Training 14,000 Total $21,761,683 Special Ops 18% Training \ no/ administration 16% Impact 0% OPERATING GUIDE (Con. FIRE RESCUE DEPARTMENT Fiscal 2009 Service Level Accomplishments Maintained Accredited Agency status from the Commission of Fire Accreditation International_ Transitioned Annual Fire Inspections into Eden to create a paperless inspection tracking and records storage system. Updated the Departments Strategic Plan using a community based approach by inviting members of the public and other city departments to participate. Received (4) EMS Grants that were used to upgrade and enhance the EMS lab at Fire Station 5. Began an established training program in the EMS lab at Fire Station 5 to provided medical skills training to Fire Rescue personnel. Established a program for intubation training for our personnel at a local hospital. Conducted awareness training on the H1 N1 virus for all city employees - All Fire Rescue fine officers completed training through the National Fire Academy as a Certified Safety Officer. Participated in the establishment of the Community Assistance Support team through Code Enforcement. FY 2010 GOALS, OBJECTIVES AND OUTCOME INDICATORS City Council Goal: To create linkages in the City which connect or gather residents and business owners of different neighborhoods and developments into a single community and which provide a sense of community. Service Level Objective: Improve relationships with citizens, City Council and staff by providing additional meetings, workshops, and departmental functions to facilitate opportunities for communicating. Outputs: Provide training to educate city staff to handle emergency situations Number of participants: CPR 100 170 100 AED 1100 170 100 Actual FY 2008 Estimated 1 FY 2009 Projected FY 2010 City Council Goal: To create linkages in the City which connect or gather residents and business owners of different neighborhoods and developments into a single community and which provide a sense of community. Service Level Objective: Improve relationships with citizens, City Council and staff by providing additional meetings, workshops, and departmental functions to facilitate opportunities for communicating. Outputs: Provide training to educate city staff to handle emergency situations Number of participants: CPR 100 170 100 AED 1100 170 100 OPERATI GUIDE mm Admini C I TY OF PALM BEACH GARDENS ORGAN I ZAT I ON CHART Construction Golf Neighborhood Parks & Grounds Public Facilites Recreation Services Services APPENDIX OPERATING GUIDE( c o n t i n u e ) PERSONNEL FY 2010 BUDGET Comparison of Staffing Adopted Department Budget Budget Budget Inc/ FY 2008 FY 2009 FY 2010 (Derr) GENERAL GOVERNMENT Council _ 5 5 Administration c 4 4 City Clerk 8 8 4 (2) The budget Operating Finance 9 10 10 Human Resources I 8 5 (1) Information Technology 8 9 6 shall provide schedule • Legal 2 2 1 (1) Engineering 0 3 3 Growth Management 18 18 14 (4) summary table of personnel • PUBLIC SAFETY F,re Rescue 125 122 122 position counts • prior, Police 157 150 150 COMMUNITY SERVICES and budgeted • Public Facilities 52 49 45 (4) Parks and Grounds 31 30 28 (2) Construction Services 24 20 15 (5) . • 259) Neighborhood Services 8 8 8 • Recreation 32 32 31 (1) Golf 14 13 13 TOTAL 501 484 464 (20) OAK Growth Management Administrative Specialist II (1) Adopted Ado P Position New Adopted P Planning technician (1) Sr. Planner (1) Human Resources FY 2009 Transfer In Transfer Out Reclass Eliminated Request FY 2010 Planning Manager (1) Human Resources HR Technician (1) Legal City Attorney (1) Human Resources Administrator 1 0 0 0 0 0 1 City clerk Public Information Coordinator (1) Administrative Specialist III (1) Human Resources Generalist 3 0 0 0 0 0 3 Public Facilities Superintendent (1) Human Resources Technician 1 0 0 0 (1) 0 0 Construction Services Accountant (1) Chief Building Plans Examiner (1) HR Special Projects Coordinator 1 0 0 0 0 0 1 Building Inspector) (1) Building Inspector)) (1) Deputy Building Official (1) Total Human Resources 6 0 0 0 (1) 0 5 Community Services Admin Special projects Coordinator (1) Administrative Specialist III (1) Parks Administrative Specialist II (1) Recreation Lead Lifeguard (1) Fleet Maintenance Superintendent (1) Golf Purchasing Inventory Control Coordinator (1) Total (20) (1 II►14-t11110aII7 The &',t' of Palm Beach Gardens, alorig with all government entities in the State of Florida, has been smuggling with legislature and voter mandated tax cuts and revenue limitations for two years. In ad diton to these recent tax reform mandaL-s, the City has had to face many difficult issues brought about by+the recent mortgage crisis and dawnturn in the economy. Some of these issues include: • Depreciating residential property market values • Slowdown in residential construction • Significant reductions in investrn,ent returns • Reductions in State shared revenues • Rapidly escalating Fuel costs • Rapidly escalating public safety penision costs • Downgrade of municipal bond insurer by rating agencies Many of the above issues have had substantial effects on the budgets of the Ctj of Palm Beach Gardens for fiscal years 2808 through 2010_ Unfortunately, it a ppears that th a curre nt do -ontu m i n the economy and real estate market will also have a substantial impact on the a4t is budget in fiscal years 2t}11 and possibly Beyond. The possible future effects will be discussed in more detai` =n the Strategic Management and Long- Ranee Plan section of this document, on page 35. COMMUNI DEVICE( c o n t i n 7 MIL FRATEGIC MANAGEMENT AND LONG -RANGE PLAN To provide a framework upon which to guide management in the allocation of resources and to address the needs of our residents, both present and future, the City embarked upon an intensive visioning process several years ago. The process included input from and hard work by many: the City Council, the Blue Ribbon Visioning Committee, City Staff and many citizens of Palm Beach Gardens. The resultant document, 'Our Vision — A Strategic Plan." presents a preferred vision of the future of the City of Palm Beach Gardens. It was through this process that goals and objectives were identified and strategies developed to translate that vision into reality. For a complete listing of those goals identified by the City Council, please refer to the Policy and Initiatives section of this document. The Florida Growth Management Act, adopted by the State of Fkxida in 1985, provides for 67 Counties and 410 municipalities, including the City of Palm Beach Gardens to adopt a Local Government Comprehensive Plan. This plan provides the foundation to guide future growth and development and the building blocks to ensure the quality of life to the residents of Palm Beach Gardens as outlined in the City's visioning document. Under the guidelines in Section 163.3191, F.S. local governments shall adopt an Evaluation and Appraisal Report every seven (7) years. This evaluation allows the Council to assess the progress of the City's strategic plan and make revisions to address current and future needs including community objectives, changing conditions, trends affecting the community and changes in state requirements. During the City's most recent evaluation process, the City Council and staff identified seven (7) major areas of concerns along with proposed recommendations to address each area with target dates ranging from 2009 thru 2013. It is interesting to note that these seven areas are consistent with the previously adopted Visioning plan's stated goals; they merely focus attention on today s more relevant issues. Plan for Western Growth Proposed Studies;Action Plan Embrace sustainable development principles in 2009 the City -wide vision update Update City's'-)ision Plan Coordinate with Seacoast Utility Authority (SUA) and South Florida Water Management District (SFWMD) Support a balance between response to incidents and proactive patrols 2009 Update 10 year Water Supply Study 2011 Assess impact of western development, redevelopment, and future annexations for Fire rescue and Police Levels of Service OMMUNICATIO SUMMARY OF BUDGET PREPARATION PROCESS J Budgeting System The fiscal year for the City of Palm Beach Gardens begins on October 1 of each year and ends September 30 of the following year. This is mandated by Florida Statutes. Therefore, City Code requires the Council to adopt, by ordinance, the budget on or before the thirtieth day of September of each year for the coming fiscal year. The budget may be amended in four ways. An intradepartmental or interdepartmental transfer within the same operating or capital fund may be authorized by the city manager. A transfer between different operating or capital funds may be authorized initially by the city manager, subject to approval within 30 days by resolution adopted by the City Council. A third way is a transfer from the contingency account of the City Council, which may be authorized only by resolution adopted by the Council; except that, in the event of an emergency declared by the manager, such a transfer may be made initially upon authorization of the manager, subject to approval within 30 days by resolution adopted by the Council. Any increase in the total appropriations for a fund must be approved by ordinance of the Council. The budget process itself begins in the month of February prior to the coming fiscal year. During this time the Finance Department collects information on expected revenue, personnel costs, as we!I as uncontrollable changes in expenditures. This information is put into the format of budget instructions and assists departments with their budget requests. The budget requests are submitted on forms developed by the finance department to maintain consistency. The forms contain two prior years' actual data. current year budget, requested amount for the coming year, dollar amount increase/ decrease and percentage increase/ decrease over the prior year budget_ This information is presented to council each July in the proposed budget. The departments describe the expenditures on the line item justification form which follows the departmental breakdown of the line items. In addition to requesting dollars, the departments must submit departmental objectives that provide a strategy linked to the Cityrs overall goals and policy agenda. The departments must also provide current year achievements and organization charts that identify changes from the previous year. This additional information is included in the final budget document. 1 r w L A Licenses and Permits Licenses and permits account for 5% of General Fund revenues. Included in this category are City occupational licenses and ss,a00 oao building permits. The City saw a significant s5,00o oao increase in activity in fiscal year 2005- Fiscal years 2006 through 2009 reflect the slowdown $s,a0a.000 in the real estate market, with 2010 i3,s00.00o conservatively estimated approximately 2% below the estimated actual amount for 2009. tz,aoo oao Years 2011 through 2014 are projected at a x1,000 oao modest average annual growth of so approximately 3%, in hopes of a gradual recovery of the construction and real estate market. Projected 2005 2006 2007 2008 2003 2010 2011 2012 2013 2014 Asti BUDGET COMPARISON BY FUND FOR FISCAL YEARS 2006 - 2010 (MAJOR FUNDS) GENERAL R!D F�REATiQI WPACT RMD IMPACT ACRIAL @iTT WTED 9lJDGEr ACTUAL EnWIED BUDGET ACTUAL ES'TWM BUDGET voome FY W98 FY DOM FY 09r1D FY VW FY BaQ9 FY D9V10 FY 07008 FY oaa9 FY 04'10 em Tam 966,919 1,278,W4 1,069,216 Fees 5,516.D91 5,465.8¢7 5,875,999 Tme6 _ I and I�mt s 4,364.095 3.446 260 3,314,648 vermwial Fevenue 6,153.203 4,219,286 4,177,028 66,772 470.398 4CQ000 3"argE-6TorServloe6 1,826390 1.841.005 1,970,768 - - - frpac' -e6 - - 428,693 121,493 4487 580,405 221,525 314349 ne6 and FafeDrE6 307.933 430.369 413,261 - - - Wc8avoi6 Res --lie 630,151 631.831 792,794 20,000 451,0W - htere6l 1,3323.'9 1,201,477 972,394 65,959 1D84 270 232724 4,108 24000 'ers h 178,762 102.762 - - Souroes 918,418 - - - - Batancm&Fisme6 21,144,202 25,126,354 20,255,731 2997,687 25D1,160 361,668 7,711,978 6,749,57 2029213 nathres Governer[ 14,613.265 13,865,637 14,744,417 Safety 37.172905 36,776.025 39,018,805 st+al9wrorrarr. 5,648.499 4,148.139 3,829,089 n - 23.216 ure a1i Recre3rcr 3,788.262 4,540,409 4,550,74 252.0 ana} 3,374,645 1,121,474 1,156,576 1.052,717 701.994 8W = 1,501,D11 937,358 Ice 3,272400 3,299,159 3,776,3E2 - - - er6 Qt 492642 2625,DID 625,000 702 373 702 373 691.677 Bat— es 8Fvefime6 25,128,354 26,644.158 18,499,006 2501,160 2,3925dl 4,475 6,749,507 5.335,409 1.667,885 ORAL nC90,973 93,220,002 85,699,551 4579,111 3,084,135 804,475 8,976,107 6775,110 Z355.562 GLOSSARY AFL A term used to identify an individual asset, liability, encumbrance control, or fund balance. Accounting Procedures: All processes which identify, record, classify and summarize financial information to produce financial records. Accounting System: The total structure of records and procedures which discover, record, classify, summarize, and report information on the financial position and results of operations of a government or any of its funds, fund types, balanced account groups, organizational components. Accrual Basis: The basis of accounting under which transactions are recognized when they occur, regardless of the timing of related cash flows. Activqtvo Represents a sectioNunit of a department. Ad Valorem Tax Rate: Property tax assessed in proportion to the value of the property. COMMUNICATION Service Statistics t i n u e d) Police Sworn Personnel 117 .6 Civilian employees 33 Recreation & Open Space Number of service calls 39.233 8.2 Number of 911 calls 30.761 Agriculture Avg. emergency response time 4.22 min evice Fire Rescue 94.9% tistical FullUme employees 122 100% Number of fire stations 5 dataNumber of service calls 7.410 3 Avg. response time: 5.41 min. Land Use & Building Activity Land area E,66 09 sq- miles % of Total Area Residential 23.6 Commercial 2.5 Professional Office .3 14 Industrial .6 Conservation 41.5 Recreation & Open Space 1.0 Private Golf 8.2 Public/institutional 2.4 Agriculture 13.7 Water (Canals & Waterways) 1.1 Developed 94.9% Undeveloped 5.1% Skate Park 100% Building Department Permits issued 5,272 Total construction value $189,340,190 For FY ending 9/30/09 Public Facilities Miles of City owned roadway 46.6 Miles of roadway overlay 2.5 Sq ft. of swales repairs 134,000 Miles of sidewalk repaired 1.50 Miles of storm drains cleaned 2.5 Parks & Recreation Number of parks 11 Parks acreage, developed 168 Golf courses 1 Gorf course acreage 140 Soccertfootball fields 10 Roller hockey rinks 2 BasebalUsoftball fields 15 Basketball courts 12 RacquetbalUhandball courts 6 Skate Park 1 Tennis courts 19 Playgrounds 9 Swimming pools 3 THE CITY OF PALM BEACH GARDENS, FLORIDA QUARTERLY FINANCIAL REPORT FOR THE QUARTER ENDED DECEMBER 31, 2009 CITY OF PALM BEACH GARDENS MEMORANDUM TO: Mayor and Council APPROVED: Ron Ferris, City Manager DATE: February 22, 2010 FROM: Allan Owens, Finance Administrator CC: Department Heads Budget Oversight Committee SUBJECT: Quarterly Financial Report Ended December 31, 2009 Attached for your review please find a copy of the Quarterly Financial Report for the Quarter Ended December 31, 2009. If you have any questions concerning this report, please do not hesitate to contact me. City of Palm Beach Gardens Quarterly Financial Statement for Quarter Ended December 31, 2009 Table of Contents PAGE Quarterly Overview 1 Analysis: General Fund Sources of Funds 3 Uses of Funds 8 Expenditure Comparison 11 Investment Report 14 Impact Fee Analysis 20 Grant Status Report 22 Capital Project Update Report 23 Budgetary Comparison Schedules 27 Financial Statements Governmental Funds Balance Sheet 43 Statement of Revenues, Expenditures, and Changes in Fund Balances 44 Proprietary Funds Statement of Net Assets 45 Statement of Revenues, Expenses, and Changes in Fund Net Assets 46 City of Palm Beach Gardens Quarterly Overview I am pleased to present the financial report for the City of Palm Beach Gardens for the first quarter of fiscal year 2010 ending December 31, 2009. Listed below are significant events that occurred during the first quarter along with financial highlights. The intent of these reports is to inform Council and the public of our financial position by comparing actual results with the adopted budget and analyzing results to help make corrective actions as appropriate. The following is a list of significant events that occurred during the 1St quarter of fiscal year 2010: ❖ Council approved Resolutions 105 and 106, 2009 authorizing an additional 1% of bargaining unit member's wages to be re- directed to the Police Voluntary Employee Beneficiary Associations (VEBA). ❖ Council approved Resolution 96, 2009 approving the purchase of a new fire engine from Ten -8 Fire Equipment, Inc. ❖ Council approved Resolution 101, 2009 approving a 9/11 Memorial Art Piece and authorized funding for the project out of the Art Impact Fund. ❖ Staff presented to Council various alternative revenue options, including solid waste assessment, utility tax, electric franchise renewal, and communication service tax. ❖ Finance provided purchasing training to Recreation and coordinated RFP selection committee training to all departments. ❖ The City celebrated its 50th birthday with the unveiling of the John D. MacArthur statue, which was paid for by a portion of the $250,000 grant from the MacArthur Foundation. ❖ Council approved Ordinances 38 and 39, 2009, amending the FY 2010 budget by recording carry forwards and adjusting fund balances to actual. Financial Highlights ❖ The City's general fund ended the quarter with a combined fund balance of approximately $56 million. Of this amount, $49.6 million is unreserved, undesignated, which is available to meet the City's ongoing commitments. ❖ The general fund generated $45.3 million in revenue with $16.3 million in expenditures to date. ❖ The City's general fund revenues decreased by approximately $270,000 or less than 1 % compared to the same quarter in the prior year. Although the City is projected to collect $3 million less in ad valorem taxes, the amount collected through the end of the first quarter exceeds prior year collections at this point. This trend will not continue in the next quarter. ❖ The City's general fund expenditures increased 3% or approximately $466,000 compared to the same quarter in the prior year. The increase is a net result of an increase to public safety expenditures of 9% or $765,000 and a decrease of 4% or $300,000 to the remaining general fund expenditures. City of Palm Beach Gardens Quarterly Overview Capital Assets During the 1St quarter, the City made payments of $568,711 in capital purchases for all funds. The most significant capital projects during the 1 st quarter were as follows: ❖ MacArthur Foundation Statue — Totaled $131,000 or 24% of the total CIP payments during the quarter. ❖ Traffic Siqnal at Gardens Parkway and Fairchild Gardens —Totaled approximately $225,000 or 41 % of the total CIP payments during the quarter. ❖ Traffic Signal at Hiatt Drive and Northlake Blvd. —Totaled approximately $71,000 or 13% of the total CIP payments during the quarter. Citywide, there are currently 23 CIP projects ongoing in various stages. Please see the Capital Project Update Report on pages 19 — 22 for more detail. Economic Outlook As a result of the slowdown in the economy and housing market, the City's revenue streams will be constrained throughout the fiscal year. Management will continue to be proactive to the situation by monitoring and reducing expenditures where possible, and will strive to prevent an excess of expenditures over revenues collected throughout the year. In order to achieve this goal, department heads will attempt to minimize the impacts on the level of services required to residents. Sources of Funds General Fund Quarter Ended December 31, 2009 Ad Valorem Taxes Current Year to Current Year Date Actual Budget % Received 39,530,181 46,847,492 84.38% 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 Current Yearto Date Current Year Budget Actual Local Business Taxes Current Year to Current Year Date Actual Budget % Received 1,391,930 1,569,469 88.69% 2,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 Current Yearto Date Current Year Budget Actual .i7 Budgeted Ad Valorem taxes were 84% collected through the first quarter of fiscal year 2010. Collected amounts appear to be in line with the budgeted amount. Local Business taxes are currently 89% collected at the end of the first quarter. Additional revenue collected throughout the fiscal year will be related to businesses opening. The majority of current year balance relates to business license renewals. (Continued) Utility Taxes Sources of Funds General Fund Quarter Ended December 31, 2009 Current Year to Current Year Date Actual Budget % Received 257,608 1,069,216 24.09% 1,200,000 1,000,000 800,000 600,000 400,000 200,000 Current Yearto Date Current Year Budget Actual Franchise Fees Current Year to Current Year Date Actual Budget % Received 1,316,661 5,875,999 22.41% 2,800,000 2,400,000 2,000,000 1,600,000 1,200,000 800,000 400,000 Current Yearto Date Current Year Budget Actual 4 Utility taxes are in line with the budgeted amount with 24% collected in the first quarter of FY 2010. Franchise Fees are currently 22% collected at the end of the first quarter. Revenues in this category receive the largest payment during the third quarter, which includes the true up adjustment. Revenues included in this category include both electric and solid waste franchise fees. (Continued) Sources of Funds General Fund Quarter Ended December 31, 2009 Licenses and Permits Current Year to Current Year Date Actual Budget % Received 501,195 1,611,107 31.11% 2,800,000 2,400,000 2,000,000 1,600,000 1,200,000 800,000 400,000 j I. Current Yearto Date Current Year Budget Actual Intergovernmental Revenue Current Year to Current Year Date Actual Budget % Received 1,091,345 4,341,100 25.14% 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 Current Yearto Date Current Year Budget Actual Currently 31% of the budgeted revenues for this category have been received. The largest portion of revenues relates to building permits which represent approx. $456,000 or 91% of total license and permit revenue collected. Building permits are currently exceeding quarterly budgeted figures with approximately 33% of budgeted amounts collected. Intergovernmental Revenue appears to be in line with budgeted revenues through the end of the first quarter Revenues included in this category include federal and state grants, 1/2 cent sales tax, and state shared revenues. (Continued) Sources of Funds General Fund Quarter Ended December 31, 2009 Charges for Services Current Year to Current Year Date Actual Budget % Received 562,235 1,970,768 28.53% 2,400,000 2,000,000 1,600,000 1,200,000 800,000 400,000 Current Yearto Date Current Year Budget Actual Fines and Forfeitures Current Year to Current Year Date Actual Budget % Received 104,521 443,281 23.58% 500,000 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 Current Year to Date Current Year Budget Actual 6 Charges for Services exceeded budgeted amounts through the end of the 1st quarter. Revenues included in this category are EMS fees and fire inspection fees. Fines and Forfeitures are slightly below budgeted figures for the first quarter of FY 2010. The largest revenues included in this category are court fines which consist of parking violations, a portion of traffic fines paid to Palm Beach County and code enforcement fines. Code enforcement fines totaled approximately $74,000 compared to the annual budget amount of $136,000. (Continued) Sources of Funds General Fund Quarter Ended December 31, 2009 Investment Income Current Year to Current Year Date Actual Budget % Received 122,803 922,394 13.31% 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 Current Yearto Date Current Year Budget Actual Miscellaneous Current Year to Current Year Date Actual Budget % Received 407,508 792,794 51.40% 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 Current Year toDate Current Year Budget Actual 7 Investment Income is significantly lower than budgeted figures through the end of the first quarter. Interest rates continue to decline as a result of current economic conditions. Miscellaneous revenue exceeds budgeted figures through the end of the 1st quarter as a result of donations received from the MacArthur Foundation for $140,000 and reimbursement of City services totaling approximately $150,000, which already exceeds the annual budgeted amount. This line item records payments to the City for median maintenance. Uses of Funds General Fund Quarter Ended December 31, 2009 General Government Current Year to Current Year Date Actual Budget %Spent 3,602,391 14, 828, 568 24.29% 18,000,000 15,000,000 12,000,000 9,000,000 6,000,000 3,000,000 C u rrent Year to Date Current Year Budget Actual Public Safety Current Year to Current Year Date Actual Budget %Spent 9,375,591 39,233,558 23.90% 45,000,000 40,000,000 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 Current Year to Date Current Year Budget Actual 8 General Government expenditures excluding capital outlay appear to be in line with budgeted amounts through the end of the 1st quarter. Public Safety expenditures excluding capital outlay are below the budget through the end of the 1st quarter with 23.90% spent to date. (Continued) Uses of Funds General Fund Quarter Ended December 31, 2009 Culture and Recreation Current Year to Current Year Date Actual Budget %Spent 945,434 4,575,525 20.66% 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 Culture and Recreation expenditures excluding capital 2,500,000 outlay are significantly lower than budgeted numbers 2,000,000 through the end of the 1st quarter. Actual 1,500,000 expenditures are below quarterly budgeted amounts 1,000,000 by 4.34 %. 500,000 C u rrent Year to Date Current Year Budget Actual Physical Environment Current Year to Current Year Date Actual Budget %Spent 861,434 3,884,637 22.18% 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 Physical Environment expenditures excluding capital 1,500,000 outlay are lower than budgeted numbers through the 1,000,000 end of the 1 st quarter by 2.82 %. 500,000 Current Yearto Date Current Year Budget Actual 7 (Continued) Capital Outlay Uses of Funds General Fund Quarter Ended December 31, 2009 Current Year to Current Year Date Actual Budget %Spent 220,844 2,496,922 8.84% 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 Current Year to Date Actual Debt Service Current Year Budget Current Year to Current Year Date Actual Budget %Spent 1,322,612 3,276,382 40.37% 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 Current Yearto Date Current Year Budget Actual ID Capital Outlay expenditures which represent only 4% of total budgeted general fund expenditures during the current fiscal year are currently 8.84% spent through the end of the 1st quarter. Debt Service payments are based on scheduled payments from amortization schedules. Amounts will be in line with budget at the end of the year. To date, actual debt service expenditures totaled approximately 40% of the budgeted amount. Current Year vs. Prior Year Analysis General Fund Quarter Ended December 31, 2009 General Government Prior Year to Date Current Year to Increase/ Actual Date Actual (Decrease) %Change 3,644,078 3,602,391 (41,687) -1.14% 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 Prior Year to Date Actual Current Yearto Date Actual Public Safety Prior Year to Date Current Year to Increase/ Actual Date Actual (Decrease) %Change 8,609,747 9,375,591 765,844 8.90% 10,000,000 9,500,000 9,000,000 8,500,000 8,000,000 7,500,000 7,000,000 6,500,000 6,000,000 Prior Year to Date Actual Current Year to Date Actual 11 General Government expenditures excluding capital outlay appear reasonable with prior year expenditures. Current year figures are $41K or 1.14% lower than the prior year. The decrease is a result of budget cuts in personnel, offset by increases in solid waste disposal and insurance costs. Public Safety expenditures excluding capital outlay have increased over the prior year by 9% or $766K as a result of an increase in personnel related expenditures. Salaries increased per approved union contracts of 6% for police and 3% for fire. Also, retirement contributions increased based on the latest actuarial reports with police contribution rates increasing by 2.5% to 38.28% of covered wages and fire contributions increasing by 2.55% to 33.73% of covered wages. (Continued) Current Year vs. Prior Year Analysis General Fund Quarter Ended December 31, 2009 Culture and Recreation Prior Year to Date Current Year to Increase/ Actual Date Actual (Decrease) %Change 821,221 945,434 124,213 15.13% 1,000,000 800,000 600,000 400,000 200,000 PriorYear to Date Actual Current Yearto Date Actual Physical Environment Prior Year to Date Current Year to Increase/ Actual Date Actual (Decrease) %Change 1,302,078 861,434 (440,644) - 33.84% 1,600,000 1,200,000 800,000 400,000 Prior Year to Date Actual Current Yearto Date Actual If±, Culture and Recreation expenditures excluding capital outlay have increased by approximately $124K or 15% as a result of departmental changes. During the current year, the grounds maintenance division is grouped as part of the parks division under culture and recreation. In the prior year, the grounds division was recorded as part of physical environment. Physical Environment expenditures excluding capital outlay are $441K or 34% lower than prior year expenditures through the end of the first quarter. The decrease is a result of departmental changes and budget cuts. During the current year, the grounds maintenance division is grouped as part of the parks division under culture and recreation. In the prior year, the grounds division was recorded as part of physical environment. (Continued) Current Year vs. Prior Year Analysis General Fund Quarter Ended December 31, 2009 Capital Outlay Prior Year to Date Current Year to Increase/ Actual Date Actual (Decrease) %Change 166,409 220,844 54,435 32.71% 250,000 200,000 150,000 100,000 50,000 Prior Year to Date Actual Current Year to Date Actual Debt Service Prior Year to Date Current Year to Increase/ Actual Date Actual (Decrease) %Change 1,318,688 1,322,612 3,924 0.30% 2,000,000 1,600,000 1,200,000 800,000 400,000 PriorYear to Date Actual Current Yearto Date Actual 13 Capital Outlay expenditures increased by $54K or 33% compared to the prior year mostly as a result of project timing. During the prior year, only 15% of total capital outlay expenditures were spent during the first quarter. The majority of expenditures were accounted for later in the fiscal year. Debt Service payments are based on scheduled payments from amortization schedules. Amounts appear reasonable compared with prior year expenditures. Investment Report For the Quarter ended December 31, 2009 The following pages provide information on the City's managed investment portfolio provided by PFM Asset Management, LLC for the quarter ended December 31, 2009. Information provided includes security type and description, rating, trade and settlement date, original cost, yield to maturity (YTM) at cost, accrued interest, amortized cost and market value. Some of the more notable items for the quarter include: • The City's Investment Portfolio is of high credit quality and maintains adequate liquidity. • At its December meeting, the FOMC reaffirmed that "economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period" and left the target rate unchanged at the range of 0% - 0.25 %. • Yield to maturity at cost for the period ending 12/31/2009 of 1.19% is 72 basis points above the one -year Treasury bill rate of .47 %. 2010 will continue to provide challenges during a protracted recovery. PFM will continue to follow the prudent investment strategies that have safely provided the City with favorable long -term performance during this period of significant market and economic turmoil. PFM will closely monitor the markets for opportunities to safely enhance the portfolio's long -term performance by taking advantage of pricing differences that develop between different sectors, maturities and issuers. In addition to the Managed Account Summary information attached the City also holds the following investments: PFM Money Market account $9,503,697, SunTrust Certificate of Deposit $3,212,297 and Wachovia Government Money Market $70,578. 14 CPFN1' quManaged Account Summary Statement For the Month Ending December 31, 2009 PALM BEACH GARDENS' INVESTMENT PORTFOLIO - 68890500 Transaction Summary - Managed Account Cash Transactions Summary - Managed Account Opening Market Value $23,218,297.26 Maturities /Calls 2,490,000.00 Maturities /Calls (2,490,000.00) Sale Proceeds 4,517,194.89 Principal Dispositions (4,511,277.16) Coupon /Interest Income 36,479.57 Principal Acquisitions 5,465,556.82 Principal Payments 0.00 Unsettled Trades 0.00 Security Purchases (5,466,594.15) Net Cash Contribution 0.00 Change in Current Value (166,775.04) Reconciling Transactions 0.00 Closing Market Value $21,515,801.88 Interest/Coupons Received 42,397.30 Closing Cash Balance $1,710,383.36 Less Purchased Interest Related to Interest/Coupons (1,037.33) Plus Net Realized Gains /Losses 26,010.85 Total Cash Basis Earnings $67,370.82 Earnings Reconciliation (Accrual Basis) Ending Amortized Value of Securities Total 21,520,626.25 Ending Accrued Interest 83,498.08 Plus Proceeds from Sales 4,517,194.89 Plus Proceeds of Maturities /Calls /Principal Payments 2,490,000.00 Plus Coupons Received 36,479.57 Less Cost of New Purchases (5,466,594.15) Less Beginning Amortized Value of Securities (23,047,085.13) Less Beginning Accrued Interest (90,239.08) Total Accrual Basis Earnings $43,880.43 PFM Asset Management LLC 15 Account 68890500 Page 1 ri Portfolio Summary and Statistics For the Month Ending December 31, 2009 PALKBEACH GARDENS INVESTMENT PORTFOLIO - 68890500 Account Summary Sector Allocation Description Par Value Market Value Percent U.S. Treasury Bond / Note 6,510,000.00 6,478,376.32 30.11 Federal Agency Bond / Note 14,780,000.00 15,037,425.56 US TSY Bond / 69.89 30. Managed Account Sub -Total 21,290,000.00 21,515,801.88 100.00016 Accrued Interest 83,498.08 Total Portfolio 21,290,000.00 21,599,299.96 Unsettled Trades Maturity Distribution 0.00 0.00 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years PFM Asset Management LLC R. Fed Agy Bond / Note 69.89% Yield to Maturity at Cost 1.19% Yield to Maturity at Market 1.17% Duration to Worst 1.83 Weighted Average Days to Maturity 684 Account 68890500 Page 2 Managed Account Issuer Summary PALM! -BEACH GARDENS INVESTMENT PORTFOLIO - 68890500 Total $21,515,801.88 100.000/0 TSY 30.11% For the Month Ending December 31, 2009 Credit Quality (S &P Ratings) 69.89% Account 68890500 Page 3 PFM Asset Management LLC 17 Market Value Issuer of Holdings Percent FANNIE MAE 3,016,437.50 14.02 FEDERAL HOME LOAN BANKS 5,006,003.13 23.27 FREDDIE MAC 7,014,984.93 32.60 UNITED STATES TREASURY 6,478,376.32 30.11 Total $21,515,801.88 100.000/0 TSY 30.11% For the Month Ending December 31, 2009 Credit Quality (S &P Ratings) 69.89% Account 68890500 Page 3 PFM Asset Management LLC 17 Mir— Managed Account Detail of Securities Held For the Month Ending December 31, 2009 PALM BEACH GARDENS INVESTMENT PORTFOLIO - 68890500 Security Type/ Description 2,000,000.00 AAA S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity U.S. Treasury :, Note CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value US TREASURY NOTES 9128281Y7 990,000.00 TSY TSY 11/24/09 11/25/09 995,839.45 0.37 3,625.07 995,339.31 993,093.75 DTD 01/31/2009 0.875% 01/31/2011 07/08/09 07/09/09 1,422,506.70 1.19 9,801.46 1,419,563.95 1,423,659.38 3133XS4S4 2,000,000.00 AAA Aaa US TREASURY NOTES 912828KH2 1,000,000.00 TSY TSY 04 /21/09 04/24/09 998,750.00 0.94 2,235.58 999,196.18 1,001,835.94 DTD 03/31/2009 0.875% 03/31/2011 500,200.00 1.48 1,083.33 500,185.48 499,531.25 3133XVRS2 1,000,000.00 AAA Aaa 11/13/09 11116109 US TREASURY NOTES 912828MM9 1,990,000.00 TSY TSY 12/04/09 12/08/09 1,986,346.48 0.84 1,312.09 1,986,467.93 1,977,019.23 DTD 11/30/2009 0.750% 11/30/2011 35.03 969,903.26 963,422.43 US TREASURY NOTES 912828KK5 1,000,000.00 TSY TSY 04/21/09 04/24/09 1,001,796.88 1.31 2,946.43 1,001,380.31 1,000,938.00 DTD 04/15/2009 1.375% 04/15/2012 US TREASURY NOTES 912828MB3 1,530,000.00 TSY TSY 12/28/09 12/30/09 1,510,277.34 1.57 803.88 1,510,313.83 1,505,489.40 DTD 12/15/2009 1.125% 12/15/2012 Security Type Sub -Total FHLMC GLOBAL NOTES DTD 04/04/2008 2.750% 04/11/2011 FHLMC GLOBAL NOTES DTD 03/27/2009 1.625% 04/26/2011 FNMA GLOBAL NOTES DTD 04/09/2009 1.375% 04/28/2011 FHLB NOTES DTD 06/12/2009 1.625% 07/27/2011 FHLB GLOBAL BONDS DTD 08/27/2008 3.625% 09/16/2011 FHLB NOTES (CALLABLE) DTD 11/09/2009 1.500% 11/09/2011 FHLB NOTES DTD 11/16/2009 1.000% 12/28/2011 FHLMC NOTES (CALLABLE) DTD 12/30/2009 1.300% 12/30/2011 6,510,000.00 6,493,010.15 1.03 10,923.05 6,492,697.56 6,478,376.32 3137EABK4 2,000,000.00 AAA Aaa 09/30/09 09/30/09 2,058,748.00 0.81 12,222.22 2,048,956.66 2,049,375.00 3137EABZ1 1,000,000.00 AAA Aaa 04/21/09 04/24/09 1,004,700.00 1.39 2,934.03 1,003,081.97 1,010,625.00 31398AW01 1,900,000.00 AAA Aaa 05/29/09 06/01/09 1,911,939.60 1.04 4,571.88 1,908,268.52 1,914,250.00 3133XTXH4 1,410,000.00 AAA Aaa 07/08/09 07/09/09 1,422,506.70 1.19 9,801.46 1,419,563.95 1,423,659.38 3133XS4S4 2,000,000.00 AAA Aaa 09/30/09 09/30/09 2,097,534.00 1.10 21,145.83 2,084,865.48 2,086,875.00 3133XVF09 500,000.00 AAA Aaa 11/04/09 11/09/09 500,200.00 1.48 1,083.33 500,185.48 499,531.25 3133XVRS2 1,000,000.00 AAA Aaa 11/13/09 11116109 997,670.00 1.11 83.33 997,808.83 995,937.50 3128X9RA0 970,000.00 AAA Aaa 12/21/09 12/30/09 969,903.00 1.31 35.03 969,903.26 963,422.43 CPi S PFM Asset Managelnent LLC in Account 68890500 Page 4 �r Managed Account Detail of Securities Held For the Month Ending December 31, 2009 PALM BEACH GARDENS INVESTMENT PORTFOLIO - 68890500 Security Type/ Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity Federal Agency Bond / Note CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value I FNMA GLOBAL BENCHMARK NOTES 31359MM03 1,000,000.00 AAA Aaa 04/21/09 04/24/09 1,125,500.00 1.66 18,034.72 1,095,551.14 1,102,187.50 DTD 03/26/2002 6.125% 03/15/2012 FHLMC GLOBAL NOTES 3137EACC1 2,000,000.00 AAA Aaa 05/29/09 06/01/09 2,000,852.00 1.74 1,555.56 2,000,687.74 2,008,750.00 DTD 05/21/2009 1.750% 06/15/2012 FHLMC NOTES 3137EACG2 1,000,000.00 AAA Aaa 12/01/09 12/02/09 999.030.00 1.41 1,107.64 999,055.66 982,812.50 DTD 12/02/2009 1.375% 01/09/2013 Security Type Sub -Total 14,780,000.00 15,088,583.30 1.25 72,575.03 15,027,928.69 15,037,425.56 Managed Account Sub -Total 21,290,000.00 21,581,593.45 1.19 83,498.08 21,520,626.25 21,515,801.88 Securities Sub -Total $21,290,000.00 $21,581,593.45 1.19% $83,498.08 $21,520,626.25 $21,515,801.88 Accrued Interest $83,498.08 Total Investments t PFM Asset Management LLC 19 $21,599,299.96 Account 68890500 Page 5 Impact Fee Analysis for Quarter Ended December 31, 2009 Impact fees are collected in five capital program areas within the City, including Recreation, Police, Fire, Art, and Roads. An analysis showing the impact fee balances available for spending is included in this section on the following page. The analysis presents information for each separate fund showing beginning fund balances, impact fees collected during the fiscal year, funds spent or earmarked, current project balances, and the amount available for future projects. The analysis in this section will be used to assist project managers in the timing of their projects. As part of the City's Land Development Code, impact fees are required to be expended or encumbered within six years of collection. Fee payers are entitled to refunds if their fees are not spent or encumbered within those time frames. As of the first quarter, 79% of the total budgeted impact fee revenues have been collected. Since the economic down turn, impact fee budgets have been reduced significantly. During the first quarter, Frenchman's Reserve, Mirasol and Paloma obtained residential building permits. Also during the first quarter, Frenchman's Crossing obtained commercial building permits. The City continues to closely monitor related projects and expenditures. The remainder of this page is intentionally left blank. 20 Impact Fees Available Fund Balance Analysis Quarter Ended December 31, 2009 Recreation Police Fire Art Road Impact Impact Impact Impact Impact Beginning Fund Balance - 10/1/2009 $ 1,862,326 $3,849,799 $141,764 $891,262 $4,052,133 Impact Fee Collections 94,056 17,663 34,026 - 249,591 Other Revenue - - - (400, 000) - (Transfers, Grants, Interest income) 291 35,603 395 45,607 5,617 Amount Spent (38,926) (6,057) (34,378) (7,400) (468,910) Amount Encumbered (Earmarked) (35,798) (27,997) - - (253,237) Ending Fund Balance 1,881,949 3,869,010 141,808 929,469 3,585,194 Add: Uncollected Grant Revenue Outstanding Transfer from Fire Impact Outstanding Transfer to Police Impact Less: Current Project Balances to Complete: PGA Park Improvements Aquatic Complex Deck Expansion /Restroom Lilac Park Phase III PGA Park Phase III City Park Phase III Lilac Park Phase IV EOC Building Founders Garden Pavilion Artistic Bus Shelters 9/11 Memorial Art Maintenance Kyoto Gardens Drive Extension Railroad Crossing Improvements Traffic Signal- Gardens Pkwy & Fairchild Traffic Signal - Hiatt Dr. and Northlake Blvd. Traffic Signal - PBGHS Lilac & Military 870,398 - - - - - 103,133 - - - - (103,133) - - (1,235,768) - - - - (130,427) - - - - (325,783) - - - - (7,578) - - - - (400, 000) - (400, 000) - - (3,967,618) - - - - - - (45,000) - - - - (495,000) - - - - (60,000) - - - - (147,600) - - - - - (66, 935) - - - - (996,308) - - - - (1,727) - - - - (110,272) Trail - - - - (357,000) Available for Spending - 12/31/2009 $ 252,791 $ 4,525 $ 38,675 $181,869 $2,052,951 21 Grant Status Report Project Grant Grant City Status Source Amount Match 22 Site work has begun. Playground delivered and awaiting installation. Fill for Lilac Park Phase III FRDAP $135,611 $135,611 trail base delivered. Trail equipment delivered and awaiting installation. Picnic facility ordered. PGA Park Phase III FRDAP $135,611 $135,611 Baseball field and softball field dugout construction underway. City received notice from FRDAP that there is no funding available for 2009/ City Park Phase III FRDAP $200,000 $200,000 2010 application cycle. Application will roll over as scored. City received ranking of 24. Project will be placed on hold. PGA Park Linear Passive Department $200,000 $200,000 Project is complete. Staff developing grant Area of Interior close -out documents. Received $250,000 to date. Grant MacArthur approved for costs relating to statue and City's 50t" Anniversary Foundation $250,000 - 50th anniversary events. Statue delivered. Statue base will be installed in mid February. City Park Natural Area Grant applied for greenway Educational & Interactive FDOT $699,985 - improvements. Currently awaiting Greenway approval letter. Grant approved. Chiller equipment Municipal Complex Chiller/ US ordered. Contracted with Hill -York for Technical Consultant Department $244,800 - installation. Awaiting response from DEP Services of Energy regarding comments on RFP to hire energy consultant. BJA Recovery Act Edward US Department Grant for two (2) LP readers and for Byrne of Justice remaining amount for SatCom system that Office of $54,112 - is partially funded by another grant. Grant #2009 -SB -B9 -1766 Justice Grant application submitted May 14, 2009. Grant awarded July 09, 2009. Programs Edward Byrne Justice US Department Grant for TracStar SATCOM System Assist. Grant of Justice Satellite System for Command Post. Office of $13,150 $17,982 Grant application submitted June 23, Grant #2009- H1688 -FL -DJ Justice 2009. Grant awarded August 24, 2009. Programs US Department Bulletproof Vest of Justice $23,380 _ Grant application submitted June 24, Partnership (2009) Office of 2009. Justice Programs Office of Grant to hire new police officers. Community Grant application submitted on April 14, COPS Hiring Recovery Oriented $482,378 _ 2009. Program (CHRP) Policing Grant application denied on first attempt Services but application will be reconsidered in the event more money becomes available. 22 Capital Project Update As of December 31, 2009 Project Project Expended Balance to Project Description Project Update Name Budget as of Complete 12/31/2009 This project includes the replacement of the existing soccer Feld fencing and renovation Replacement of the of the existing playground. The following soccer field fencing is Klock Field items make up the elements list for this complete. The City is Renovations $174,000 $143,174.19 $30,825.81 project: fence repairs, installation of new awaiting the gate gates, installation of batting cage security installation. New fence, refurbishment of the existing playground equipment playground equipment and installation of has been installed. additional new pieces. Currently, the Police Training Room is used as the City's EOC during a hurricane event. A careful evaluation of the Police building revealed the building has structural limitations that could be reached in a storm with sustained winds of 110 mph. The City City Council awarded Emergency will create a hardened building with the Design -Build contract to Operations $4,128.378 $132,763 $3,995,615 ability to protect vital operational services Pirtle Construction Center such as Police Dispatch, IT Services and Company in December certain public records; as well as provide a 2009, through Resolution protected area that can act as an EOC 114, 2009. when necessary but also be used for other purposes when no emergency exists. Current activities include alternatives analysis and development of possible floor plans. This project includes the design and construction of a railroad crossing at Kyoto Gardens Drive and the FEC tracks just west of A1A, which includes a proposed traffic light at the Kyoto /A1A intersection, and Roadway is complete and Kyoto Gardens construction of a 4 -lane roadway by open. Low level lighting Drive $3,705,842 $3,638,906.60 $66,935.40 Catalfumo. and additional intersection Extension lighting will be installed by 4 Lane Roadway - $4,838,301: Catalfumo Spring 2010. $3,304,970; City $1,533,331 FEC Settlement - $1,182,000 Winchester Courts Mitigation- $500,000 Engineering /Contingency - $385,820 Due to the excessive cost of connection fees and construction of an actual sewer connection, the This project consists of disconnecting scope of work has changed to rehabilitation Golf Course piping leading into the leaching field and of the existing drainage Sewer $100,000 $30,045 $69,955 installing new piping from the club house to field. To date, a Connection Northlake Blvd., to interconnect to the contractor has been hired existing force main sewer line. to try and refurbish the field. The City will continue to monitor the existing system for performance. Awaiting more information Stormwater and drawings from System $396,693.74 $195,595.73 $201,098.01 FEC Ditch Seacoast regarding their Improvements (C -17 to RCA Boulevard) new water line extension. Ph V This extension overlaps this project. 23 Capital Project Update As of December 31, 2009 Project Name Project Expended Balance to Project Description Project Update Budget as of Complete 12/31/2009 For "Quiet Zone" designation, this project includes design and This project is on hold until Railroad Crossing installation of 4- quadrant the FRA and the FEC Improvements $1,012,504.77 $15,196.62 $996,308.15 gates at each crossing as resolve their lawsuit well as crossing equipment regarding the allowance of upgrades to include other "Quiet Zones" in Florida. supplemental safety measures. Remove and replace existing Roof replacement is BRCRC Lobby & Art roofing system for BRCRC complete. Skylight Room Roof $150,000 $101,460.80 $48,529.20 lobby and art room roof replacement is anticipated Replacement replacement. to be complete by February 2010. Traffic signal has been Installation of a traffic signal installed and intersection Traffic Signal - Gardens $500000 $28511988 $214 at the intersection of alignment is being Pkwy & Fairchild ,,.,880.12 Gardens Parkway and complete. Project is Fairchild Gardens Drive. estimated to be complete by March 2010. Expansion of City Hall Municipal Complex $255000 - $255000 parking lot to include surface construction in areas This project is currently on Parking Lot Expansion , , adjacent to Gardens Park hold. and Fire Station #1. This project includes the rehabilitation of seven bridges within the city limits: Mock Roos has completed - Lighthouse Drive a study for Allamanda and Bridge Refurbishment $897,000 $39,000 $858,000 -Holly Drive Lighthouse Drive to - MacArthur Boulevard determine scope of work. - Hickory Drive (2) The design is underway. - Allamanda Drive - Avenue of the PGA This project includes the Traffic Signal -Hiatt Dr $451,000 $300,643.46 $150,356.54 design and installation of mast arm signals for the Intersection improvements & Northlake Blvd. intersection of Hiatt Drive are complete. and Northlake Blvd. This project includes the construction of intersection improvements and the Traffic signal is not installation of mast arm warranted via an analysis Traffic Signal - Gardens $400,000 - $400,000 signals at Gardens Pkwy and conducted by McMahon Pkwy & Kew Gardens Kew Gardens Dr. This will and Associates. Currently improve traffic circulation looking into stop sign as an around the mall and adjacent alternative. businesses and communities. This project includes construction of civic related Phase I and Phase II are improvements at the complete. Phase III of this Municipal Complex $818,000 $317,314.08 $500,685.92 Municipal Complex. project is currently on hold Civic Enhancement $808,000 was received from pending the completed Menin Development as part construction of the EOC of a Development Order for building. Downtown at the Gardens. 24 Capital Project Update As of December 31, 2009 Project Name Project Expended Balance to Project Description Project Update Budget as of Complete 12/31/2009 This project includes intersection improvements at Lilac St. and Military Trail and the installation of mast arms and signals. As part of the high school Staff has reviewed 60% reconstruction, all staff and plans from the School student parking have been Board, and is obtaining Traffic Signal - PBGHS $357,000 $357,000 transferred to Lilac Street. permits from the FDOT and Lilac & Military Trail The School Board is the County. Construction of responsible for the design signal and roadway and purchase of the mast construction is scheduled arms and the City will for summer 2010. construct the intersection modifications. Construction and maintenance of the signal will be the responsibility of the County. The master plan has been approved. Sports lighting has been installed. Tennis fencing and court renovations are complete as well as installation of the boundless playground & surfacing, putting green, Expansion of PGA Park to picnic facility, kayak launch include multi - purpose fields, and fishing pier. Field field lighting, expanded renovation construction is playground area and complete. Disc golf and equipment, pavilion and landscaping installation are PGA Park 509 $2,,260 273366 $1,,.75 23589325 $1,,. other amenities to meet the in progress. Staff is putting Improvements needs of a growing together a phasing plan to community. Project will also complete the remaining include parking, security items of the master plan. lighting, site enhancements, The tin roof overlay on and sports turf restrooms, soccer field, enhancements. parking and security lighting are complete. The remaining phase of the project, which will begin after football season, includes a clubhouse, two (2) pavilions, additional parking, and security lighting. Restrooms are complete. Expansion of the aquatic Deck surfacing is currently complex to include fitness under design. Equipment Aquatic Complex Deck $250000 $11957277 $130 stations, added water has been delivered for the Expansion /Restroom ,,.,427.23 features, expanded party aquatic spray play area. enclosures, and increase Currently, looking into an restroom capacities. alternative site for splash ad. Phase III of the project will include the construction of a FRDAP application 2 to 5 year old playground, a submitted 9/29/2008. shuffle board court, a bike No funding is available for City Park Phase III $400,000 - $400,000 trail to extend to an already 2009/ 2010 application existing trail, additional cycle. Application will roll tennis court, picnic shelter, over as scored. City parking, lighting and received ranking of 24. landscaping. 25 Capital Project Update As of December 31, 2009 Project Name Project Expended Balance to Project Description Project Update Budget as of Complete 12/31/2009 Phase IV elements of this project include a fishing pier, kayak launch, bridge Staff will be applying for a Lilac Park Phase IV $400,000 - $400,000 crossing the Thompson FRDAP grant. River, nature trail, parking, security lighting and landscaping. Grant application score of 4/180. Staff received a grant award of $135,611. This project includes RAB is working on the installation of a new master plan. Survey is Lilac Park Phase III $400,000 $43,169.15 $356,830.85 playground, basketball court, currently underway. Play exercise trail, restrooms, ground equipment and a parking and picnic facilities. picnic shelter have been ordered. Grant expiration date 04/30/2011. Grant application score of 22/180. Staff received a This project includes grant award of $135,611. installation of a new Items included in grant playground, basketball court, application are included in PGA Park Phase III $350,000 $337,672.20 $12,327.80 soccer field, football field, the overall master plan. picnic facilities and the Playground equipment and renovation of the existing surfacing have been baseball and softball fields. installed. Grant expiration date 04/30/2011. The City has received the statue from Frudakis The purpose of this project is Studio. The statue was to purchase and install an unveiled at the City's 50th MacArthur Foundation $140,000 $130,914.33 $9,085.67 over life size bronze birthday celebration in Statue sculpture of John D. November 2009. MacArthur. Preparation is currently underway to install the statue at its permanent location. MacArthur This project includes the The AIPP and RA Boards Foundation — installation of a gazebo or met to discuss preliminary Founders Garden $45,000 TBD pergola to be located at the plans to bring art into the Pavilion Lake Catherine Passive project. Both boards are AIPP Fund - Park. currently developing jointly TBD a Call To Artist RFP. The City of Palm Beach Gardens is in search of two (2) artists to work with their own general contractors and Oral presentations by the engineers to design, five (5) short listed fabricate, construct and proposals were held on install outdoor bus shelters to January 19 and 20th. The be placed at up to four (4) Selection Committee chose Artistic Bus Shelters $500,000 $5,000 $495,000 separate locations along to reject all five (5) of the PGA Boulevard and up to proposals. This suggestion four (4) separate locations will be heard by the AIPP along Military Trail within the board on February 16, City of Palm Beach Gardens. 2010. The City is interested in creating a corridor /series of artistic bus shelters along these roadways. 26 Budgetary Comparison Schedule General Fund Quarter Ended December 31, 2009 27 Actual to Received/ Budget Date Spent Revenues: Taxes: Ad valorem taxes $ 46,847,492 $ 39,530,181 84.38% Local business tax 1,569,469 1,391,930 88.69% Utility taxes 1,069,216 257,608 24.09% Franchise fees 5,875,999 1,316,661 22.41% Licenses and permits 1,611,107 501,195 31.11% Intergovernmental 4,341,100 1,091,345 25.14% Charges for services 1,970,768 562,235 28.53% Fines and forfeitures 443,281 104,521 23.58% Investment income 922,394 122,803 13.31% Miscellaneous 792,794 407,508 51.40% Total revenues 65,443,620 45,285,987 69.20% Expenditures: Current: General government: City Council $ 274,835 $ 69,834 25.41% Administrative services 551,868 136,604 24.75% Information services 1,124,705 242,944 21.60% City clerk 486,190 80,149 16.49% Legal services 333,359 70,984 21.29% Public relations 121,425 28,528 23.49% Engineering services 381,719 50,670 13.27% Human resources 697,615 136,683 19.59% Finance 987,941 212,354 21.49% Honda Classic 89,040 - 0.00% General services 5,965,034 1,747,481 29.30% Growth management: Administrative 545,413 100,911 18.50% Development compliance 264,418 57,816 21.87% Planning 558,013 119,674 21.45% GIS 156,868 35,257 22.48% Construction services - building 1,537,147 349,619 22.74% Code enforcement 752,978 162,883 21.63% Total general government 14,828,568 3,602,391 24.29% Public safety: Police 21,730,526 5,229,910 24.07% Fire and emergency services 17,503,032 4,145,681 23.69% Total public safety 39,233,558 9,375,591 23.90% 27 28 20.66% 18.01% 19.98% 21.32% 24.98% 15.40% 21.03% 20.66% 22.06% 22.07% 22.33% 22.18% 8.84% 40.03% 41.21% 40.37% 23.91% 0.00% 25.00% 25.00% Budgetary Comparison Schedule General Fund Quarter Ended December 31, 2009 Culture and recreation: Administrative services 422,749 87,335 Athletics 162,787 29,321 Seniors and wellness 42,273 8,445 Aquatics 362,945 77,395 Tennis 152,332 38,052 Programs division 300,002 46,200 Parks and grounds 3,132,437 658,686 Total culture and recreation 4,575,525 945,434 Physical environment: Administrative services 786,615 173,561 Facilities maintenance 1,520,116 335,561 Stormwater maintenance 1,577,906 352,312 Total physical environment 3,884,637 861,434 Capital outlay: 2,496,922 220,844 Debt service: Principal 2, 342, 058 937,575 Interest 934,324 385,037 Total debt service 3,276,382 1,322,612 Total expenditures 68,295,592 16,328,306 Excess (deficiency) of revenues over (under) expenditures (2,851,972) 28,957,681 Other financing sources (uses): Transfers in - - Transfers out (625,000) (156,250) Total other financing sources (uses) (625,000) (156,250) Net change in fund balance (3,476,972) 28,801,431 Fund balance, beginning of year 27,248,297 27,250,097 Fund balance, end of year $ 23,771,325 $ 56,051,528 28 20.66% 18.01% 19.98% 21.32% 24.98% 15.40% 21.03% 20.66% 22.06% 22.07% 22.33% 22.18% 8.84% 40.03% 41.21% 40.37% 23.91% 0.00% 25.00% 25.00% Revenues: Taxes: Ad valorem taxes Local business tax Utility taxes Franchise Fees Licenses and permits Intergovernmental Charges for services Fines and forfeitures Investment income Miscellaneous Total revenues Current Year vs. Prior Year Comparison Schedule General Fund $ 69,834 $ (14,189) Quarter Ended December 31, 2009 128,208 136,604 Prior Current Increase/ % Year Year (Decrease) Change $ 39,422,924 $ 39,530,181 $ 107,258 0.27% 1,469,133 1,391,930 (77, 203) -5.26% 476,313 257,608 (218,705) - 45.92% 1,340,794 1,316,661 (24,133) -1.80% 607,772 501,195 (106,577) - 17.54% 1,139, 328 1,091,345 (47, 983) -4.21% 551,501 562,235 10,734 1.95% 90,878 104,521 13,643 15.01% 208,258 122,803 (85,456) - 41.03% 7Gn Inn An7 cn4 'fGG 740 0-7 Ano/ Expenditures: Current: General government: City Council Administrative services Information services City clerk Legal services Public relations Engineering services Human resources Finance Honda Classic General services Growth management: Administrative Development compliance Planning GIS Construction services Code enforcement Total general government Public safety: Police Fire and emergency services Total public safety $ 84,023 $ 69,834 $ (14,189) - 16.89% 128,208 136,604 8,396 6.55% 219,765 242,944 23,179 10.55% 120,583 80,149 (40,434) - 33.53% 61,027 70,984 9,957 16.32% 23,123 28,528 5,405 23.38% 27,966 50,670 22,704 81.19% 165,006 136,683 (28,323) - 17.16% 207,537 212,354 4,817 2.32% 2,058 - (2,058) - 100.00% 1,640,131 1,747,481 107,350 6.55% 83,632 100,911 17,279 20.66% 47,287 57,816 10,529 22.27% 160,658 119,674 (40,984) - 25.51% 35,079 35,257 178 0.51% 476,814 349,619 (127,195) - 26.68% BFI 101 1F7 QQ� I 7m 9 nFO/_ 4,624,392 5,229,910 605,518 13.09% 1� OQr- Qr-cz n lAr- czQ1 lczn QOr, n r»oi 29 Current Year vs. Prior Year Comparison Schedule General Fund Quarter Ended December 31, 2009 Culture and recreation Administrative services 112,504 87,335 (25,169) Athletics 49,381 29,321 (20,059) Seniors and wellness 7,928 8,445 517 Aquatics 82,577 77,395 (5,182) Tennis 31,108 38,052 6,943 Programs division 79,364 46,200 (33,164) Special and cultural 48,253 - (48,253) Parks and grounds 410,106 658,686 248,580 Total culture and recreation 821,221 945,434 124,213 Physical environment Administrative services 204,461 173,561 (30,900) Grounds and facilities 313,266 - (313,266) Facilities maintenance 389,390 335,561 (53,829) Stormwater maintenance 209,364 352,312 142,947 Street maintenance 185,597 - (185,597) /A AID n A\ Total physical environment 1,302,078 861,434 Capital outlay: 166,409 220,844 Debt service: - 22.37% - 40.62% 6.52% -6.28% 22.32% - 41.79% - 100.00% 15.13% - 15.11% - 100.00% - 13.82% 68.28% - 100.00% - 33.84% 54,435 32.71% Principal 904,467 937,575 33,108 Interest 414,221 385,037 (29,184) Total debt service 1,318,688 1,322,612 3,924 Total expenditures 15,862,220 16,328,306 466,086 Excess (deficiency) of revenues 25,128,354 27,250,097 2,121,743 over (under) expenditures 29,695,471 28,957,681 (737,790) Other financing sources (uses): Transfers in 25,690 - (25,690) Transfers out (156,250) (156,250) - Total other financing sources (uses) (130,560) (156,250) (25,690) Net change in fund balance 29,564,910 28,801,431 (763,479) Fund balance, beginning of year 25,128,354 27,250,097 2,121,743 Fund balance, end of year $ 54,693,264 $ 56,051,528 $ 1,358,264 30 3.66% -7.05% - 100.00% 0.00% Revenues: Intergovernmental Impact fees Investment income Total revenues Expenditures: Current: Culture and recreation: Capital outlay: Total expenditures Net change in fund balance Fund balance, beginning of year Fund balance, end of year Budgetary Comparison Schedule Recreation Impact Fee Fund Quarter Ended December 31, 2009 Actual to Budget Date $ 670,398 $ - 40,807 94,056 2,000 291 713,205 94,347 2,574,280 38,926 2,574,280 38,926 (1,861,075) 55,421 1,862,326 1,862,326 $ 1,251 $ 1,917,747 31 Received/ Spent 0.00% 230.49% 14.54% 13.23% 0.00% 1.51% 1.51% Budgetary Comparison Schedule Road Impact Fee Fund Quarter Ended December 31, 2009 32 Received/ Spent 80.42% 28.09% 77.25% 0.00% 11.93% 11.93% 0.00% 25.00% 25.00% Actual to Budget Date Revenues: Impact fees $ 310,349 $ 249,591 Investment income 20,000 5,617 Total revenues 330,349 255,208 Expenditures: Current: Transportation - - Capital outlay 2,481,471 295,991 Total expenditures 21481,471 295,991 Excess (deficiency) of revenues over (under) expenditures (2,151,122) (40,783) Other financing sources (uses): Transfers in - - Transfers out (691,677) (172,919) Total other financing sources (uses) (691,677) (172,919) Net change in fund balance (2,842,799) (213,702) Fund balance, beginning of year 4,052,134 4,052,133 Fund balance, end of year $ 1,209,335 $ 3,838,431 32 Received/ Spent 80.42% 28.09% 77.25% 0.00% 11.93% 11.93% 0.00% 25.00% 25.00% Budgetary Comparison Schedule Police Training Fund Quarter Ended December 31, 2009 33 Actual to Received/ Budget Date Spent Revenues: Fines and forfeitures $ 15,000 $ 3,164 21.09% Total revenues 15,000 3,164 21.09% Expenditures: Current: Public safety: Police 14,000 5,361 38.29% Total public safety 14,000 5,361 38.29% Total expenditures 14,000 5,361 38.29% Net change in fund balance 1,000 (2,197) Fund balance, beginning of year 15,107 15,106 Fund balance, end of year $ 16,107 $ 12,909 33 Budgetary Comparison Schedule Recreation Programs Quarter Ended December 31, 2009 34 Actual to Received/ Budget Date Spent Revenues: Charges for services $ 2,903,573 $ 728,089 25.08% Investment income 2,909 462 15.88% Miscellaneous 6,279 1,562 24.88% Total revenues 2,912,761 730,113 25.07% Expenditures: Current: Culture and recreation: Administrative services 249,695 68,754 27.54% Athletics 237,546 27,659 11.64% Aquatics 171,186 9,521 5.56% Tennis 633,426 126,541 19.98% Programs division 686,628 179,336 26.12% Youth Enrichment 956,859 171,849 17.96% Total culture and recreation 2,935,340 583,659 19.88% Total expenditures 2,935,340 583,659 19.88% Net change in fund balance (22,579) 146,454 Fund balance, beginning of year 703,361 703,361 Fund balance, end of year $ 680,782 $ 849,815 34 Budgetary Comparison Schedule Golf Fund Quarter Ended December 31, 2009 35 Actual to Received/ Budget Date Spent Revenues: Charges for services $ 1,372,548 $ 332,055 24.19% Investment income 678 131 19.29% Miscellaneous 131,134 18,341 13.99% Total revenues 1,504,360 350,527 23.30% Expenditures: Current: Culture and recreation: Administrative services 224,936 37,047 16.47% Maintenance 771,465 167,907 21.76% Pro shop 493,233 100,766 20.43% Total culture and recreation 1,489,634 305,720 20.52% Total expenditures 1,489,634 305,720 20.52% Net change in fund balance 14,726 44,807 Fund balance, beginning of year 264,615 266,347 Fund balance, end of year $ 279,341 $ 311,154 35 Budgetary Comparison Schedule Local Option Gas Tax Quarter Ended December 31, 2009 36 Received/ Spent 24.15% 14.41% 24.08% 24.55% 0.45% 9.24% Actual to Budget Date Revenues: Intergovernmental $ 656,305 $ 158,486 Investment income 4,886 704 Total revenues 661,191 159,190 Expenditures: Current: Transportation 494,822 121,501 Capital outlay 861,900 3,900 Total expenditures 1,356,722 125,401 Net change in fund balance (695,531) 33,789 Fund balance, beginning of year 1,526,015 1,526,014 Fund balance, end of year $ 830,484 $ 1,559,803 36 Received/ Spent 24.15% 14.41% 24.08% 24.55% 0.45% 9.24% Revenues: Intergovernmental Total revenues Expenditures: Current: Public safety Capital outlay Total expenditures Net change in fund balance Fund balance, beginning of year Fund balance, end of year Budgetary Comparison Schedule Police Grant Fund Quarter Ended December 31, 2009 Budget $ 10,000 $ 10,000 10,000 $ 10,000 $ 37 Actual to Received/ Date Spent 0.00% 0.00% 0.00% 0.00% 0.00% Budgetary Comparison Schedule Police Impact Fee Fund Quarter Ended December 31, 2009 38 Actual to Received/ Budget Date Spent Revenues: Impact fees $ 35,698 $ 17,663 49.48% Investment income 4,000 1,225 30.62% Total revenues 39,698 18,888 47.58% Expenditures: Current: Public safety - 2,007 100.00% Capital outlay 3,999,665 4,050 0.10% Total expenditures 3,999,665 6,057 0.15% Excess (deficiency) of revenues over (under) expenditures (3,959,967) 12,831 Other financing sources (uses): Transfers in 137,510 34,378 25.00% Transfers out - - 0.00% Total other financing sources (uses) 137,510 34,378 25.00% Net change in fund balance (3,822,457) 47,209 Fund balance, beginning of year 3,849,799 3,849,799 Fund balance, end of year $ 27,342 $ 3,897,008 38 Budgetary Comparison Schedule Fire Impact Fee Fund Quarter Ended December 31, 2009 39 Received/ Spent 29.91% 19.77% 29.74% 0.00% 0.00% 0.00% 0.00% 25.00% 25.00% Actual to Budget Date Revenues: Impact fees $ 113,746 $ 34,026 Investment income 2,000 395 Total revenues 115,746 34,421 Expenditures: Current: Public safety - - Capital outlay 120,000 - Total expenditures 120,000 - Excess (deficiency) of revenues over (under) expenditures (4,254) 34,421 Other financing sources (uses): Transfers in - - Transfers out (137,510) (34,378) Total other financing sources (uses) (137,510) (34,378) Net change in fund balance (141,764) 44 Fund balance, beginning of year 141,764 141,764 Fund balance, end of year $ - $ 141,808 39 Received/ Spent 29.91% 19.77% 29.74% 0.00% 0.00% 0.00% 0.00% 25.00% 25.00% Budgetary Comparison Schedule Art Impact Fee Fund Quarter Ended December 31, 2009 40 Actual to Received/ Budget Date Spent Revenues: Investment income $ - $ 607 100.00% Miscellaneous - 45,000 100.00% Total revenues - 45,607 100.00% Expenditures: Current: Culture and recreation - 2,400 100.00% Capital outlay 605,000 5,000 0.83% Total expenditures 605,000 7,400 1.22% Net change in fund balance (605,000) 38,207 Fund balance, beginning of year 891,262 891,262 Fund balance, end of year $ 286,262 $ 929,469 40 Budgetary Comparison Schedule PGA Flyover Capital Project Fund Quarter Ended December 31, 2009 Revenues: Investment income Miscellaneous Total revenues Expenditures: Current: Transportation Debt service: Principal Interest Total debt service Total expenditures Excess (deficiency) of revenues over (under) expenditures Other financing sources (uses): Transfers in Transfers out Total other financing sources (uses) Net change in fund balance Fund balance, beginning of year Fund balance, end of year 41 Actual to Received/ Budget Date Spent $ - $ - 0.00% 286,187 112,272 39.23% 286,187 112,272 39.23% 337,600 57,833 17.13% 185,000 - 0.00% 99,963 49,846 49.86% 284,963 49,846 17.49% 622,563 107,679 17.30% (336, 376) 4,593 625,000 156,250 25.00% - - 0.00% 625,000 156,250 25.00% 288,624 160,843 130,253 130,253 $ 418,877 $ 291,096 41 Budgetary Comparison Schedule Burns Road Capital Project Fund Quarter Ended December 31, 2009 Revenues: Investment income Miscellaneous Total revenues Expenditures: Current: Transportation Debt service: Principal Interest Total debt service Total expenditures Excess (deficiency) of revenues over (under) expenditures Other financing sources (uses): Transfers in Transfers out Total other financing sources (uses) Net change in fund balance Fund balance, beginning of year Fund balance, end of year 42 Actual to Received/ Budget Date Spent $ - $ 38 100.00% - - 0.00% - 38 0.00% - - 0.00% 445,000 - 0.00% 246,678 123,339 50.00% 691,678 123,339 17.83% 691,678 123,339 17.83% (691, 678) (123, 301) 691,678 172,919 25.00% - - 0.00% 691,678 172,919 25.00% - 49,618 282,272 282,272 $ 282,272 $ 331,890 42 ASSETS Cash and cash equivalents Investments Receivables: Accounts Note Franchise fees Utililytaxes Interest Due from other funds Due from other governments Inventory Prepaid expenditures Total assets LIABILITIES AND FUND BALANCES Liabilities: Balance Sheet Governmental Funds December 31, 2009 Recreation Road Police Recreation Extra Duty Local Option Police Police Fire Art PGA Burns General Impact Fees Impact Fees Training Programs Golf Police Gas Tax Grant Fund Impact Impact Impact Flyover Road Total $36,068,609 $ 1,779,346 $ 5,619,183 $ 11,874 $ 882,940 $ 289,019 $ 52,109 $ 1,506,103 $ $ 3,862,630 $ 176,185 $ 942,469 $ 236,569 $ 331,890 $51,758,926 21,581,593 - - 21,581,593 260,018 26,760 54,527 341,305 350,000 350,000 863,496 863,496 71,667 71,667 93,002 93,002 - - - - - - - - - - - - - - - 297,674 138,401 1,035 53,700 ' 490,810 37,485 37,485 $59,586,059 $ 1,917,747 $ 5,619,183 $ 12,909 $ 882,940 $ 326,504 $ 78,869 $ 1,559,803 $ $ 3,862,630 $ 176,185 $ 942,469 '$ 291,096 $ 331,890 $ 75,588,284 Accounts payable $ 2,364,171 $ $ $ $ 248 $ - $ $ $ $ $ $ - $ $ 2,364,419 Accrued liabilities 1,170,160 2,371 8,641 13,000 1,194,172 Contracts and retainage payable Due to other funds Unearned revenue 200 1280152 30,506 6,709 1,818,167 Total liabilities 3,534,531 1,780,752 33,125 15,350 13,000 5,376,758 Fund balances: Reserved for: Encumbrances 1,207,672 35,798 253,237 2,965 161,544 83,825 27,997 - 185,307 1,958,345 Capital improvements - Debt service 2,395,707 2,395,707 Prepaid expenditures Long term loan 350,000 350,000 Law enforcement 304,685 304,685 Inventory - 37,485 - - 37,485 Unreserved, designated for: Capital projects 1,183,679 1,881,949 3,585,194 3,869,010 141,807 929,469 11,591,109 Subsequent year budget Economic development 982,247 982,247 Unreserved, undesignated, reported in: General fund 49,627,538 - - - - - 49,627,538 Special revenue funds - 12,909 846,850 112,125 78,869 1,475,978 2,526,731 Capital projects funds 105,789 331,890 437,679 Total fund balances 56,051,528 1,917,747 3,838,431 12,909 849,815 311,154 78,869 1,559,803 3,897,007 141,807 929,469 291,096 331,890 70,211,526 Total liabilities and fund balances 59 586 059 1 917 747 5 619183 L 12 909 882 940 326 504 L 78 869 LjJ59 803 $ LIL97 007 141 807 L 42 469 L 91096 L 31 890 75 588 284 43 Revenues: Taxes: Ad valorem taxes Franchise fees Utility taxes Franchise fees Licenses and permits Intergovernmental Impact fees Charges for services Fines and forfeitures Investment income Miscellaneous Total revenues Expenditures: Current: General government Public safety Culture and recreation Physical environment Transportation Capital outlay Debt service: Principal Interest Total expenditures Excess (deficiency) of revenues over (under) expenditures Other financing sources (uses): Transfers in Transfer out Total other financing sources (uses) Net change in fund balances Fund balances, beginning of year Fund balances, end of year Statement of Revenues, Expenditures and Changes in Fund Balance Governmental Funds December 31, 2009 Recreation Road Police Recreation Extra Duty Local Option Police Police Fire Art PGA Burns General Impact Fees Impact Fees Training Programs Golf Police Gas Tax Grant Fund Impact Impact Impact Flyover Road Total $ 39,530,181 $ $ $ $ $ $ $ $ 1,391,930 257,608 1,316,661 501,195 1,091,345 158,486 - 94,056 249,591 - - - 562,235 - - 728,089 332,055 104,521 - - 3,164 - 122,803 291 5,617 - 462 131 - 704 407,508 - - 1,562 18,341 88,102 - 45,285,987 94,347 255,208 3,164 730,113 350,527 88,102 159,190 3,602,391 - - 9,375,591 5,361 - - 87,558 945,434 - 583,659 305,720 - 861,434 - - - 121,501 220,844 38,926 295,991 3,900 937,575 - - - 385,037 - - - 16,328,306 38,926 295,991 5,361 583,659 305,720 87,558 125,401 $ $ $ $ $ $ 39,530,181 1,391,930 257,608 1,316,661 501,195 1,249,831 17,663 34,026 395,336 - - 1,622,379 - - 107,685 1,225 395 607 - 38 132,273 45,000 112,272 - 672,785 18,888 34,421 45,607 112,272 38 47,177,864 3,602,391 2,007 - 9,470,517 - 2,400 1,837,213 - - 861,434 - - 57,833 179,334 4,050 5,000 - 568,711 - - 937,575 - - 49,846 123,339 558,222 6,057 7,400 107,679 123,339 18,015,397 28,957,681 55,421 40,783 2,197 146,454 44,807 544 33,789 12,831 34,421 38,207 4,593 123,301 29,162,467 - - - - - - 34,378 - 156,250 172,919 363,547 156,250 172,919 34,378 363,547 156,250 172,919 34,378 34,378 - 156,250 172,919 - 28,801,431 55,421 (213,702) (2,197) 146,454 44,807 544 33,789 47,209 44 38,207 160,843 49,618 29,162,467 27,250,097 1,862,326 4,052,133 15,106 703,361 266,347 78,325 1,526,014 3,849,799 141,764 891,262 130,253 282,272 41,049,059 44 Statement of Net Assets Proprietary Funds December 31, 2009 Assets: Cash and cash equivalents Inventory Capital assets not being depreciated Capital assets being depreciated, net Total assets Liabilities: Current liabilities: Accounts payable Claims payable Total current liabilities Noncurrent liabilities: Compensated absences payable Total noncurrent liabilities Total liabilities Net Assets: Invested in capital assets, net of related debt (deficit) Unrestricted Total net assets (deficit) 45 Internal Service Funds Fleet Self Management Insurance $ 282,807 $ 2,108,115 198,978 - 1,644,876 - 2,126, 661 2,108,115 - 37,601 - 1,353,494 - 1,391,095 31,572 - 31,572 - 31,572 1,391,095 1,644,876 - 450,213 717,020 $ 2,095,089 $ 717,020 Statement of Revenues, Expenditures, and Changes in Fund Net Assets Proprietary Funds December 31, 2009 Operating revenues: Charges for services Employer contributions Employee contributions Miscellaneous Total revenues Operating expenses: Personnel expenses Claims expense Repair and maintenance Fuel and chemicals Operating supplies Other professional and contractual Other expenses Capital outlay Total operating expenses Operating income (loss) Non - operating revenues (expenses): Investment earnings Gain on sale of capital assets Interest expense Total non - operating revenues (expenses) Income (loss) before transfers Transfers in Transfers out Change in net assets Net assets (deficit), beginning Net assets (deficit), ending 46 Internal Service Funds Fleet Self Management Insurance $ 560,035 $ - - 1,404,069 - 150,015 143 4,170 $ 560,178 $ 1,558,254 154,137 - - 1,165, 624 52,603 - 114,683 15,994 - 1,965 140,816 272 - 339,654 1,306,440 220,523 251,814 - 310 - 310 220,523 252,124 220,523 252,124 1,874,566 464,896 $ 2,095,089 $ 717,020 General Fund Financial Highlights Over 80% of Ad Valorem Taxes are collected during the ist quarter go% of local business taxes are renewals and collected during the ist quarter Total General Fund revenue of $45.3 million compared to $16.3 million in expenditures Budgeted revenues were 69.20%collected Budgeted expenditures were 23-91% spent GENERAL FUND REVENUES Current"!" Date Actual $39,530,181 200'7 2008 2009 2010 YTD Budget $46,847,492 $50,541,564 $50,362,459 $50,314,207 $39,530,181 % Received 84.38% 5.655 5.254 5.399 5.539 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20.000,000 $10,000,000 Current Year to Date Actual Current Year Budget 2007 2008 2009 2010 Ad Valorem Taxes Millage Rate Current Year to Date Actual $1,391,930 _ 2007 2oo8 2009 2010 YTD Current Year Budget % Received $1,569,469 88.69% $17384,759 $1,531,977 $1,540,700 $1,391,930 $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 Current Year to Date Actual Saks Fifth Avenue Macy's Costco Wholesale Bloomingdales Nordstrom Current Year Budget $78584 $59942 $48370 $46,28o $31,692 �I Current Year Date Actual $257,608 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 .,urrent Tear Current Year to went Year Budget % Received Date Actual Budget % Received $1,069,216 24.09% $1,316,661 $5,875,999 22.41% Current Year to Date Current Year Budget Actual $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 - Current Year to Date Actual Current Year Budget Current Year Date Actual Current Ye,- Budget % Received $2,800,000 $2,400,000 $2,000,000 $1,600,000 !00,000 300,000 400,000 $0 - �1 Current Year to Date Current Year Budget ., - J,-J" Frenchman's Crossing Publix $51,754 Paloma -15 homes $48,961 Seacoast $33,100 Frenchman's Reserve-2 $117661 homes Current Year Date Actual $1,091,345 Zoo? 20o8 2009 2010 YTD Current Year Budget $4,341,100 % Received 25.14% $5,604,932 $5,000,000 $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 Current Year to Date Current Year Budget Actual $611537203 State Revenue $228,976 $4,525,422 Sharing 1/z Cent Sales $742,013 $1109 1345 Tax $259426 $768999 Curre Chit ear Date Actual Budget % Received $562,235 $1,970,768 28.53% Current Year to Curren—t Year Date Actual Budget % Received $104,521 $443,281 23.58% $2,400,000 $500,000 $450,000 $2,000,000 $400,000 $1,600,000 $350,000 $300,000 $1,200,000 $250,000 $200,000 $800,000 $150,000 $400,000 $100,000 $50,000 $0 $0 Current Year to Date Current Year Budget Actual Current Year to Date Current Year Budget Actual Current Ye677' Current Year Date Actual Budget % Received IL $122,803 � $922, 394 � 13.31% Zoo? 20o8 2009 2010 YTD $2,137,755 $1,332,349 $1,285,619 $1221803 $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 _ W-- Current Year to Date Actual Current Year Budget $208,258 Current Year to Date Actual $407,508 Zoo? 20o8 2009 2010 YTD Current YE Budget $792,794 % Received 51.40% $72$,493 $630,151 $817,735 $407,5o8 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 Current Year to Date Actual Current Year Budget GENERAL FUND EXPENDITURES Budget Actual ❖Capital Outlay expenditures are currently 8.84% spent through the end of the 1st quarter. Expenditures will depend on the timing of City projects. ❖Debt Service payments are based on scheduled payments. Amounts will be in line with budget at the end of the year. To date, actual debt service expenditures totaled approximately 40% of the budgeted amount. Current Year vs. Prior Year ❖General Government — Decrease is a result of budget cuts in personnel, offset by increases in solid waste disposal and insurance costs. ❖Public Safety - Increase in personnel related expenditures. Salaries increased per approved union contracts of 6% for police and 3% for fire. Retirement contributions increased based on the latest actuarial reports with police contribution rates increasing by 2.5% to 38.28% of covered wages and fire contributions increasing by 2.55% to 33.73% of covered wages. ❖Culture and Recreation /Physical Environment — Departmental changes resulted in the grounds department changing classifications to culture and recreation from physical environment in the prior year. Total combined decrease is due to budget cuts in personnel. Physical environment: Administrative services Prior Current Increase/ % 313,266 Year Year (Decrease) Change Culture and recreation: - 13.82% Stormwater maintenance 209,364 352,312 142,947 Administrative services 112,504 87,335 (25,169) - 22.37% Athletics 49,381 29,321 (20,059) - 40.62% Seniors and wellness 7,928 8,445 517 6.52% Aquatics 82,577 77,395 (5,182) - 6.28% Tennis 31,108 38,052 6,943 22.32% Programs division 79,364 46,200 (33,164) - 41.79% Special and cultural (48,253) - 100.00% Parks and grounds 410,106 658,686 248,580 60.61% Total culture and recreation 821,221 945,434 124,213 15.13% Physical environment: Administrative services 204,461 173,561 (30,900) - 15.11% Grounds and facilities 313,266 - (313,266) - 100.00% Facilities maintenance lion 111rz rzrli (53,829) - 13.82% Stormwater maintenance 209,364 352,312 142,947 68.28% Street maintenance 185,597 - (185,597) - 100.00% Total physical environment 1,302,078 861,434 (440,644) - 33.84% Questions?