HomeMy WebLinkAbout06/07/2011 14A 1st Quarter 2011 Revenue and Expenditure Report 0 BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 3( )1 4 A
For Meeting Of June 7, 2011
ITEM TITLE: 1st Quarter 2011 Revenue and Expenditure Report
SUBMITTED BY: Dick Zais, City Manager
Rita DeBord, Finance Director
Cindy Epperson, Deputy Director of Accounting && Budgeting
CONTACT PERSON/TELEPHONE: Cindy Epperson, 575 -6070 C./ .�
SUMMARY EXPLANATION:
The attached report provides a comprehensive summary of the City of Yakima's 2011 budget
and expenditure status through March 31, 2011. Overall, the 1st quarter activity reflects a stable,
but guarded fiscal position within the context of the national recession. General Government (i.e.
tax supported) expenses are within budget estimates at 23.9% through March 31 and General
Government revenues are at 21.0% through this period, which is expected through the first
quarter, as the major property tax distribution is received in April. The City's other operating and
enterprise funds have generated revenues of 20.2% and expenditures of 20.9% of budget
estimates through the first quarter of 2011.
0 The national recession is continuing to restrict revenues. The 2011 budget was developed with
lower levels of revenue contemplated. A preliminary look at the revenues and expenses indicate
that total revenues may be slightly below budget, while expenditures may end up slightly more
than budget, primarily because of increasing jail and fuel costs. As comprehensive budget
estimates are developed, we will have a clearer picture of the need for an appropriation.
The 2011 beginning balances used in this report are preliminary and may be affected by final
year -end and /or audit adjustments; however, no material changes to these amounts are
anticipated.
Resolution Ordinance Other (Specify) Report
Contract Mail to (name and address)
Phone
Funding Source Not Applicable
APPROVED FOR SUBMITTAL k-'-� �> City Manager
STAFF RECOMMENDATION: Accept Report
W BOARD /COMMISSION /COMMITTEE RECOMMENDATION:
COUNCIL A TION: C
MEMORANDUM
O
JUNE 2, 2011
TO: The Honorable Mayor and Members of the City Council
FROM: Dick Zais, City Manager
Rita DeBord, Finance Director
Cindy Epperson, Deputy Director of Accounting & Budgeting
SUBJECT: First Quarter 2011 Budget Revenue and Expenditure Report
This report provides a comprehensive summary of the City's financial status from January
1.through March 31, 2011. This summary information is provided by fund in the
following categories:
0
• General Government Resources
• General Government Expenditures
• Other Operating and Enterprise Funds
• Capital Funds
• Reserve Funds
Overall, the City's first quarter budget status reflects a stable, but guarded fiscal position
within the context of the national recession.
As of this date, the 2011 amended City of Yakima Budget is $199,544,436 or $6,384,914
greater than the adopted 2011 Budget. The increase is due primarily to carry -over 2010
encumbrances of $3.6 million, and non - lapsing appropriations for Arterial Street
Construction, Water, and Wastewater construction projects of $2.6 million.
Additional appropriations have either already been presented or are tentatively scheduled
for Council action. Typically, appropriation requests are brought forward if:
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1) There has been a significant escalation in a cost that the operating funds are not able
to absorb (i.e. jail), or
2) The City has received additional revenue, either through grant awards or program
fees, which obligates the City to expend additional funds.
The following is a partial list of appropriations that will likely affect the total City budget
presented in this report:
> Outside Jail Costs
> Fuel
The table presented below is a summary of the total city budget, summarized by fund
types.
CITYWIDE EXPENDITURE SUMMARY
2011 2011
Amended Actual as of Variance Variance
Funds Budget 3/31/11 Amount Percent
General $48,638,886 $11,602,649 $37,036,237 76.1%
Parks and Recreation 4,032,938 852,063 3,180,875 78.9%
Street and Traffic Operations 5,074,091 1,330,357 3,743,734 73.8 ° /
General Government Subtotal $57,745,915 $13,785,069 $43,960,846 76.1 °
Community Development $3,881,080 $426,367 $3,454,713 89.0%
Utilities / Other Operating 60,610,039 13,082,613 47,527,426 78.4%
Capital Improvement 46,861,050 3,502,332 43,358,718 92.5%
G.O. Bonds / Notes 3,635,077 0 3,635,077 100.0%
Water / Wastewater Revenue Bonds 2,862,054 102,117 2,759,937 96.4%
Employee Benefit Reserves 14,041,113 3,535,210 10,505,903 74.8%
Operating Reserves 9,902,608 808,314 9,094,294 91.8%
Trust and Agency Funds 5,500 0 5,500 100.0%
Total $199,544,436 $35,242,022 $164,302,414 82.3%
•
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•
GENERAL GOVERNMENT RESOURCES
Table I identifies and compares General Government resources by major source through the first
quarter for 2009, 2010 and 2011. As of March 31, 2011, total General Government resources which
include actual beginning balances, are at $17,960,481 or 28.5% of the total 2011 budget. (This
compares to a level of 28.9% for the same period in 2010.)
GENERAL FUND `RESOURCES
Property Tax receipts for the first three months of 2011 are $669,563 or 7.1% of this year's budget
compared to $647,456 or 7.6% of last year's budget for the same period. The flow of receipts to
date depends on collection activity. The first half assessment is due to the County by April 30.
Yakima County Treasurer's Office estimates that we should collect between 96% and 97% of the
current year levy, and 50% of the delinquent tax balance. 2010 actual results were within this
range. Collections appear to be on target to meet this estimate.
Local Criminal Justice Sales Tax (General Fund) receipts through the first quarter are $409,926 or
25.6% compared to $397,206 or 23.6% at this time last year for the 0.3% Criminal Justice Sales Tax.
The City's portion of the 0.1% sales tax is $227,669 or 25.2% of estimates to date, versus $224,136 or
23.3% at the same time last year. (See discussion on General Sales Tax below.)
0 Sales tax receipts through March 31 are $3,147,821 or 25.5% of budget estimates compared to
$3,080,041 or 24.2% at this time last year, representing an increase in revenues of 2.2% through the
first quarter. The 2011 budget was set assuming a continuing decline of about 2.0% in sales tax
revenue, as the economy continued to flounder. The 1St quarter demonstrated a slight increase,
although the year to date total through April is virtually the same as the first 4 months of 2006. It
should be noted that there is a two -month lag from the point of sale to our receipt of sales tax
revenues.
Franchise tax receipts of $2,718 through the first quarter are at 6.5% of budget estimates. The
Water franchise fee is paid monthly, and picks up through the summer months as water usage
increases for irrigation.
Utility tax receipts through the first quarter are $3,151,988 or 26.4% for 2011 compared to
$3,222,627 or 26.1% for the first three months of 2010. Much of this decrease is in the area of phone
taxes, because of the trend of reduction in landlines, coupled with the cellular providers
reallocating fixed monthly charges from phone to data, thereby reducing the phone tax. This is
also an area affected by the underlying economy, as consumers practice water and energy
conservation to save money. These taxes are functions of usage (which is heavily impacted by
weather), rates, and the timing of billings.
Business License receipts through the first quarter of 2011 are $443,691 or 87.0% compared to
0 $448,271 or 86.2% for the first three months of 2010. Most of this revenue is collected at the
beginning of the budget year, as this is an annual fee.
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General Government Resources (Continued )
The Police Federal Grants have not yet been collected in 2011, as this is a function of the timing of
program expenditures and the related billing.
Criminal Justice funds are performing as expected at $81,384 or 23.9% of budget. This area is
substantially below prior year actual of $166,938 because of Yakima's status in relation to the High
Crime funding. This is recalculated each year to be effective in the 3 quarter, and in 2010 the
City's allocation was greatly reduced in July- - this drop was included in the 2011 budget. The state
budget proposes a 3.4% reduction in state shared revenue beginning in the 3 quarter, as well.
State Shared Revenue such as Liquor Excise of $103,224 or 24.1% is close to budget estimates for
this period, as are Liquor Profits of $168,678 or 26.8 %. As these are per capita, allocations, they are
expected to approximate budget by year -end. As mentioned above, these revenues are also
proposed to be reduced 3.4% for the last half of the year.
Overall, Total Intergovernmental revenues are on target with $706,492 or 28.9% received through
March 31, 2011.
Licenses and Permits revenue is $154,925 or 20.2% of budget through the first quarter of 2011,
compared with $242,320 or 35.2% of budget received in the same time in 2010, indicating a
decrease in construction activity. The 2011 level is similar to the 2009 through the first quarter.
2009 ended the year with a total of $711,835, so it is possible that this revenue will be below
budgeted levels, although it is difficult to anticipate construction activity. Because permits are the
precursor to construction spending, this trend will be monitored for possible effects on future sales
tax receipts.
Miscellaneous Revenue consists primarily of interest earnings. Receipts of $12,898 are 3.8% of
budget. This category is affected both by interest rates which are at historic lows, and the timing of
payments.
All other significant General Fund revenue sources are performing as expected.
Beginning Balance
The actual 2011 General. Fund Beginning Balance is currently estimated to be $4,505,563; $107,303
less than the 2010 final amended Beginning Balance of $4,612,886. Of the total 2011 Beginning
Balance, $628,221 is presently obligated to balance the amended General Fund budget, as
compared to $1,660,224 of Beginning Balance which was used to balance the 2010 amended
General Fund budget at this point in time.
Total General Fund Resources equal $15,373,743 or 29.3% of budget through March 31, 2010. This
compares with $15,625,068 or 29.4% of last year's budget resources through the first quarter of the year.
Summary
Overall, General Government revenue is erf
p ormmg reasonably well in light of the national
economic condition and is within budget tolerance.
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General Government Resources (Continued )
• PARKS AND RECREATION FUND RESOURCES
Parks and Recreation revenues of $546,476 are at 13.5% of budget estimates through the first
quarter of 2011. This compares with last year's resources to budget for three months of $676,757 or
15.9 %. Utility Tax receipts on City owned utilities amounting to $225,120 (19.1% of the 2010
estimate) have been transferred, to date, to the Parks Fund from the General Fund. The total
revenue is below 25% because of the timing of Parks program activities (such as swimming, golf ,
and softball) coupled with the Property Tax receipts, which aren't collected from the County until
the second quarter.
STREET AND TRAFFIC OPERATIONS FUND RESOURCES
Total Street Fund revenues are $566,258 or 11.2 %. Fuel tax receipts are $298,049 or 23.8% - as this is
a per gallon tax, higher fuel costs and statewide unemployment continue to push down
consumption. As of March 31, 2011 Property Tax, the major revenue category in the Street Fund, is
$197,228 or 5.6% of the total 2011 (as compared to 6.0% for the same period last year) because of
the timing of receipts.
TABLE I
GENERAL GOVERNMENT RESOURCES
3 YEAR COMPARISON
• 2009 2010 2011
To % To % Amended To %
Date Rec'd Date Rec'd Budget Date Rec'd
General Fund Resources
Taxes
Property Tax $586,646 7.6% $647,456 7.6% $9,398,000 $669,563 7.1%
Criminal Justice Sales Tax Inc .3% 412,416 24.0% 397,206 23.6% 1,602,000 409,926 25.6%
Criminal Justice Sales Tax 231,800 23.6% 224,136 23.3% 905,000 227,669 25.2%
Sales Tax 3,279,773 23.5% 3,080,041 24.2% 12,333,000 3,147,821 25.5%
Franchise Tax
Nob Hill Water Assn. - -2.0% 5,537 11.6% 2,441 5.8% 42,000 2,718 6.5%
Utility Tax
Pacific Power -- 6.0% 1,145,237 31.4% 1,150,364 30.1% 3,816,000 1,196,785 31.4%
Nob Hill Water Assn. -- 14.0% 38,915 11.8% 17,322 5.3% 330,000 25,557 7.7%
Natural Gas -- 6.0% 811,977 60.6% 592,175 34.6% 1,245,000 571,951 45.'9%
Yakima Waste Systems =10.0% 52,040 16.8% 78,595 24.6% 330,000 75,800 23.0%
Cellular Telephone -- 6.0% 401,856 26.0% 381,967 24.3% 1,655,000 368,464 22.3%
Telephone -- 6.0% 276,885 24.3% 256,024 23.9% 900,000 199,169 22.1%
Water -- 14.0% 184,580 20.4% 173,882 17.7% 1,015,000. 172,119 17.0% •
Wastewater -- 14.0% 477,345 24.1% 472,239 22.2% 2,203,500 443,965 20.1%
Refuse -- 9.0% 91,615 22.1% 100,059 23.8% 440,000 98,178 22.3%
Total Utility Tax 3,480,450 30.0% 3,222,627 26.1% 11,934,500 3,151,988 26.4%
Business License Tax 465,891 89.6% 448,271 86.2% 510,000 443,691 87.0%
Gambling Tax 248,128 26.6% 226,657 24.4% 871,000 219,766 25.2%
Dangerous Bldg Tax Assessment 2,524 n/a 0 n/a 5,000 0 0.0%
Leasehold Excise Tax 1,145 572.5% 2,156 53.9% 4,000 (355) -8.9%
Total Taxes 8,714,310 23.2% 8,250,991 21.9% 37,604,500 8,272,787 22.0%
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2009 -2010 2011
To % To % Amended To % •
Date Rec'd Date Rec'd Budget Date Rec'd
Intergovernmental
Police Federal Grants 21,945 6.3% 0 0.0% 65,000 0 0.0%
Criminal Justice Funds 154,941 35.9% 166,938 26.1% 340,000 81,384 23.9%
Liquor Excise Tax 100,077 23.8% 103,707 25.6% 427,700 103,224 24.1%
Liquor Profits 139,786 22.6% 196,900 28.3% 630,500 168,678 26.8%
School Dist. #7 Resource Officers 90,853 24.5% 0 0.0% 280,000 78,252 27.9%
Other Intergovernmental 219,605 31.9% 314,774 44.0% 698,330 274,924 39.4%
Total Intergovernmental 727,207 25.2% 782,319 26.4% 2,441,530 706,462 28.9%
Licenses and Permits $155,008 19.0% $242,320 35.2% $765,800 $154,925 20.2%
Charges for Service 1,168,684 23.9% 1,219,239 24.8% 5,096,985 1,285,591 25.2%
Fines and Forfeitures 464,397 28.4% 450,681 25.9% 1,721,400 435,497 25.3%
Misc. Revenue 256,061 27.7% 66,632 13.0% 339,450 12,898 3.8%
Non - Revenue 0 0.0% 0 0.0% 1,000 0 0.0%
Transfers From Other Funds 0 0.0% 0 0.0% 40,000 0 0.0%
Total General Fund Revenue $11,485,667 23.6% $11,012,182 22.7% $48,010,665 $10,868,160 22.6%
Beginning Balance 6,798,731 100.0% 4,612,886 100.0% 4,505,583 4,505,583 100.0%
Total General Fund Resources $18,284,398 33.0% $15,625,068 29.4% $52,516,248 $15,373,743 29.3%
Parks & Recreation Fund Resources
Property Tax 109,222 6.1% 106,475 6.0% 1,546,000 86,920 5.6%
Intergovernmental 32,836 18.2% 37,128 25.1% 107,700 18,678 17.3%
Charges for Services 163,615 17.5% 272,641 28.8% 963,365 172,858 17.9%
Misc. Revenue /Non- Revenue 28,773 11.2% 28,232 11.4% 238,420 42,900 18.0%
Transfers From Other Funds 229,052 21.3% 232281 20.8% 1,179,000 225,120 19.1%
Total Parks/Rec. Fund Revenue $563,498 13.3% $676,757 15.9% $4,034,485 $546,476 13.5%
Beginning Balance 451,356 100.0% 339,555 100.0% 385,681 385,681 100.0%
Total Parks /Rec. Fund Resources $1,014,854 21.6% $1,016,312 22.2% $4,420,166 $932,157 21.1%
Street/Traffic Fund Resources
Property Tax 261,768 6.1% 220,748 6.0% 3,508,000 197,228 5.6%
County Road Tax 0 0.0% 0 0.0% 5,000 0 0.0%
Fuel Tax - Street 285,068 21.1% 297,172 24.8% 1,250,000 298,049 23.8%
Other Intergovernmental 0 0.0% 0 0.0% 0 2,314 0.0%
Charges for Services 11,160 70.8% 6,581 3.1% 215,760 56,128 26.0%
Misc. Revenue /Non- Revenue 448 0.5% 547 0.5% 63,050 12,539 19.9%
Total Street/Traffic Fund Revenue $558,444 9.7% $525,048 10.0% $5,041,810 $566,258 11.2%
Beginning Balance 1,372,651 100.0% 1,461,266 100.0% 1,088,323 1,088,323 100.0%
Total Street/Traffic Fund Resources $1,931,095 27.1% $1,986,314 29.7% $6,130,133 $1,654,581 27.0%
Total General Government Resources $21,230,347 31.5% $18,627,694 28.9% $63,066,547 $17,960,481 28.5%
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• Table II identifies the beginning balance, revenues and expenditures to date, and the ending
balance for each of the three General Government Funds. For 2011, at the end of the first quarter, the
ill Cumulative General Government Revenue is $11,980,894 or 21.0% of budget compared to
, $12,213,987 or 21.0% at March 31, 2010.
TABLE II
GENERAL GOVERNMENT SUMMARY OF OPERATIONS
3 YEAR COMPARISON
2009 2010 2011
To % To % Amended To
Date Rec'd Date Rec'd Budget Date Rec'd
General Fund
Beginning Balance $6,798,731 $4,612,886 $4,505,583 $4,505,583 •
Revenues 11,485,667 23.6% 11,012,182 22.7% 48,010,665 10,868,160 22.6%
Expenditures 12,203,751 23.5% 12,126,242 24.1% 48,638,886 11,602,649 23.9%
Ending Balance $6,080,647 $3,498,826 $3,877,362 $3,771,094
Parks and Recreation Fund
Beginning Balance $451,356 $339,555 $385,681 $385,681
Revenues 563,498 13.3% 676,757 15.9% 4,034,485 546,476 13.5%
Expenditures 947,883 21.7% 929,840 22.0% 4,032,938 852,063 21.1%
0 Ending Balance $66,971 $86,472 $387,228 $80,094
•
Street/Traffic Fund
Beginning Balance $1,372,651 $1,461,266 $1,088,323 $1,088,323
Revenues 558,444 9.7% 525,048 10.0% 5,041,810 566,258 11.2%
Expenditures 1,576,979 26.0% 1,458,056 26.9% 5,074,091 1,330,357 26.2%
Ending Balance $354,116 $528,258 $1,056,042 $324,224
Total General Government
Beginning Balance $8,622,738 $6,413,707 $5,979,587 $5,979,587
Revenues 12,607,609 21.5% 12,213,987 21.0% 57,086,960 11,980,894 21.0%
Expenditures 14,728,613 23.6% 14,514,138 24.2% 57,745,915 13,785,069 23.9%
Net General Government Balance $6,501,734 $4,113,556 $5,320,632 $4,175,412
Even though revenues were less than prior year by $233,093 or 1.9 %, expenditures have been
constrained below 2010 levels, and are $729,069 or 5% less than prior year. Therefore, at March 31,
2011, the net General Government Balance (beginning reserves plus current revenues less current
expenditures) is slightly ahead, coming in at $4,175,412 compared to $4,113,556 in 2010.
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GENERAL GOVERNMENT EXPENDITURES
Table III summarizes expenditure activity on a departmental basis for General Government
budgets.
GENERAL FUND EXPENDITURES
General Fund budget data of interest include:
Police expenditures, $5,256,663 or 23.9% are below first quarter averages, due primarily to position
vacancies, including the Chief. These savings are being offset somewhat by increased outside jail
costs and the escalation in fuel costs. The entire budget for insurance /risk management is
transferred to the Risk Management Fund in the first quarter, as the annual insurance premiums
are due in this period.
Fire expenditures of $2,102,146 are 23.5% of the 2011 budget through the first quarter. This saving
is the result of the vacancy of the Chief, also offset partially by the full payment for risk
management (as described above in the Police narrative.)
Information Systems expenditures are at $594,651 or 23.2% because of the timing of contract
payments and project implementation.
Financial Services, Municipal Court and Legal are respectively 22.2% P g p y at 23.4 / °, 22.4 /° and 22.2 /° of
budget, due primarily to position vacancies and the timing of outside professional services.
City Manager expenditures amount to $104,468 or 20.5% are below first quarter averages because
of the vacancy of the Assistant City Manager. Some of these savings are being targeted to fund the
search for the next City Manager when the incumbent retires in July.
Human Resources are at 19.5% of its 2011 budget, which is both a function of the timing of supply
purchases and outside professional services, along with position vacancies.
Records expenditures of $145,930 or 35.5% include one -time payment of election costs of $71,069:
The budget for elections is $100,000. This budget savings is currently planned to be used to pay for
the legal advertising necessary for the special election, along with the replacement of the office
copy machine. Note: the special election bill from the County Auditor was paid from the
Contingency Fund.
City Hall Maintenance expenditures are $151,240 or 43.0% of budget, primarily because the entire
insurance payment of about $91,000 was made to the Risk Management fund to purchase
property /boiler insurance in the first quarter.
Intergovernmental expenditures of $97,491 are 37.9% because the City pays all of the Yakima
County Emergency Management assessment in the first quarter.
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General Government Expenditures (Continued )
Non- Recurring expense is a new category added by the Council Budget Committee in the 2011
ill budget process to account for major one -time use of reserves outside of the Priorities of
Government model. Through the first quarter, no expenses have been made from this category.
City Council pays the City's annual dues to the Association of Washington Cities in the first
quarter. Therefore, expenditures of $87,432 are 43.1% of budget at March 31, 2011.
State Examiner only incurred incidental expenditures of $6,020 in the first quarter as the 2011
financial statement audit is just in planning stages.
Urban Area Hearings Examiner expenditures to date are $6,399 or 16.2 %, reflecting the number of
cases heard and paid for as of March 31, 2011.
All other General Fund Departments are close to the first quarter average of 25 %.
Summary:
In total, the General Fund is 23.9% expended through the first quarter, and is within authorized
budget levels. The 2011 General Fund budgeted ending balance is projected to be $3,877,362 or
about 8.0% of the budget.
PARKS AND STREETS EXPENDITURES
Parks expenditures are at $852,063 or 21.1 %, and Street and Traffic Operations expenditures are
at $1,330,357 or 26.2% to date. In both areas, many costs are seasonal in nature, and as the impact
of summer recreation and parks maintenance programs is accounted for, the associated program
costs should bring actual expenditure levels closer to budget by year -end. The first quarter results
for Streets and Traffic includes the full year of insurance charges along with the increased cost of
fuel.
Summary:
Overall, General Government expenditures are within budget estimates - 23.9% through March
31, 2011. Even though this is within budget levels for a quarter of the year, an early estimate of
year -end expenses suggests that escalating jail and fuel costs may exceed the total budget, and
require an additional appropriation and related use of reserves. As comprehensive budget
estimates are developed, we will have a clearer picture of the need for an appropriation.
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TABLE III
GENERAL GOVERNMENT EXPENDITURES
2011 BUDGET VS. ACTUAL
al
2011 2011
Amended Expenditures Unexpended Percent
Budget to 3/31111 Balance Spent
General Fund
Police $22,028,620 $5,256,663 $16,771,957 23.9%
Fire 8,929,340 2,102,146 6,827,194 23.5%
Information Systems 2,568,136 594,651 1,973,485 23.2%
Transfers To Other Funds 2,412,275 454,780 1,957,495 18.9%
Police Pension 1,404,590 397,573 1,007,017 28.3%
Financial Services 1,386,046 324,960 1,061,086 23.4%
Code Administration 1,330,361 323,906 1,006,455 24.3%
Utility Services 1,305,084 355,942 949,142 27.3%
Municipal Court 1,234,194 276,536 957,658 22.4%
Legal 1,139,157 252,441 886,716 22.2%
Engineering 757,250 187,064 570,186 24.7%
Planning 678,679 170,873 507,806 25.2%
City Manager 509,913 104,468 405,445 20.5%
Indigent Defense 480,000 116,924 363,076 24.4%
Purchasing , 452,835 101,972 350,863 22.5%
Human Resources 447,436 87,238 360,198 19.5%
•
Records 411,556 145,930 265,626 35.5%
City Hall Maintenance 352,127 151,240 200,887 43.0%
Intergovernmental 257,439 97,491 159,948 37.9%
Non- Recurring 208,287 0 208,287 . 0.0%
City Council 203,061 87,432 115,629 43.1%
State Examiner 103,000 6,020 96,980 5.8%
Urban Area Hearings Exam. 39,500 6,399 33,101 16.2%
Total General Fund 48,638,886 11,602,649 37,036,237 23.9%
Parks & Recreation Fund 4,032,938 852,063 3,180,875 21.1%
Street & Traffic Ops. 5,074,091 1,330,357 3,743,734 26.2%
Total General Government $57,745,915 $13,785,069 $43,960,846 23.9
III
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OTHER OPERATING AND ENTERPRISE FUNDS
Table IV represents the status of the Operatin g r and Enterprise Funds.
The Economic Development Fund has a fund balance of $650,720 at March 31. Revenues amount
to $511,400 or 88.9 %, as the City has received the full amount of the SIED loan for the mill site
redevelopment area; while expenditures are at $59,200 or 8.8% of budget. The savings are a result
of the timing of the deployment of professional services (i.e. studies related to the redevelopment
area, etc.)
The Community Development Fund shows a fund balance of $67,633 at the end of the first
quarter. Revenues are at $342,011 or 7.7% of budget, while expenditures are $426,367 or 11.0% of
budget. The budget includes about $1.9 million of program carryover from the prior year
(primarily for single family home rehabilitation programs). The 2011 HUD grants have not yet
been awarded (even though estimates were included in the 2011 budget), so program expenses are
still using primarily the carried forward funds.
Community Relations Fund revenues are $89,175 or 18.8% of budget through the first quarter.
This is less than expected because the March franchise payment wasn't received until early April,
so the revenue represents only 2 months of franchise revenue. Expenditures are $107,053 or 19.1 %,
a function of the timing of capital purchases; resulting in a fund balance of $884,081 at March 31
representing primarily an accumulation of capital grant proceeds.
0 The Community Services Fund consisting of the Healthy Families Yakima program experienced
revenues of $19,452 or 18.0 %, and expenditures of $19,452 or 18.0% of the 2010 budget. The
program is transitioning into the final phase /year of the grant. The fund balance is $15,560 at the
end of the first quarter.
Growth Management Fund had no activity in the first quarter, and a fund balance of $23,116 at
March 31. This budget contemplates grants to update portions of the Comprehensive Plan in
compliance with the Growth Management Act.
Cemetery Fund revenues are $56,301 or 23.7% of budget through the first quarter, as the transfers
of interest earnings from the Cemetery Trust fund has not yet been made. Expenditures are
$59,680 or 22.7 %. The fund balance at March 31 is $78,387.
Emergency Services Fund revenues are $85,907 or 7.7% of budget and expenditures are $210,271
or 19.6% of budget through the first quarter. The fund balance at March 31, 2011 is ($59,853). The
revenue source is a special voter - approved property tax, with the first half due in the second .
quarter, so that the balance is currently negative pending the April tax receipts.
Public Safety Communications Fund revenues are $937,012 or 28.9% of budget and expenditures
are $658,006 or 20.7 %, slightly below the first quarter target because . of position vacancies and
timing of equipment purchases. The March 31 fund balance is $527,826.
CJE /Finance Page 11
Rev /Exp 1st Qtr Report 06/02/11
Other Operating and Enterprise Funds (Continued )
Police Grants fund was opened in 2009 in order to account for narcotics forfeitures upon the
dissolution of the City - County Narcotics Unit (CCNU), and the new federal ARRA police- related .
operating grants. Both of these programs have extensive tracking/reporting requirements, so that
isolating the programs outside of General Fund will assist in accounting for applicable
expenditures. Revenues in 2011 were $30,248, below estimates due to the timing of grant
reimbursements. Grant /program expenditures were $304,885 or 24.8% of budget, leaving $56,509
as a fund balance.
PBIA (Parking and Business Improvement) assessments and collections follow quarterly cycles.
Revenues are at $71,026 or 29.9% and expenditures are $76,951 or 32.5% of budget. The fund
balance at March 31 is $15,898.
Trolley (Yakima Interurban Lines) Operating Fund revenues are $1,576 and expenditures are
$3,853 or 2.8 %. The majority of the revenue and expense budgets are a grant to upgrade the trolley
facilities, and this project only incurred minor expenses in the first quarter. The balance at March
31 is $2,274.
Front Street Business Improvement Area revenues are $750 or 21.2 %, and no expenditures were
made in the first quarter; resulting in a balance of $8,368.
Convention Center (Tourist Promotion) Fund revenues of $242,548 are presently at 17.6% of
budget. Expenditures are $334,682 or 23.9% of budget. The balance at March 31 is $86,430.
Historically, the first quarter revenues are lower than the rest of the year, because of the slowdown
in convention business and Hotel/Motel tax generated during the winter months. However,
revenues are expected to steadily increase as the year progresses because of scheduled convention
center business.
Public Facilities District Fund- Convention Center realized revenues of $171,761 - 27.6% of the
2011 budget. Expenditures totaled $2,500 - 0.4% of budget, as the transfer to the related debt
service fund was not yet required. The ending fund balance is $339,179.
Tourism Promotion Area Fund receipts are $64,304 or 17.0% of the 2011 budget. Expenditures
total $64,304 or 17.0 %. Like hotel /motel tax, the tourism promotion fee is lowest in the first quarter
through the winter months. All fees collected are forwarded by contract to the Yakima Valley
Visitors' and Convention Bureau for promotion emphases. The ending balance at March 31, 2011
is $414.
Capitol Theatre Fund revenues are $65,899 or 23.5% of budget. Expenditures of $94,564 are at
33.1 %, a function of the timing of major maintenance projects and full insurance payments in the
first quarter. The fund balance at March 31 is $86,212.
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Other Operating and Enterprise Funds (Continued )
. Public Facilities District - Capitol Theatre experienced revenues of $129,902, or 27.8% of budget for
the first quarter of 2011. Expenditures are $116,500 or 24.9% of budget, leaving a fund balance of
$13,629 at March 31.
Recovery Grants Program Fund was reactivated to account for Federal ARRA grants that cross
fund /functional boundaries. The City was awarded a Department of Energy grant for
conservation efforts. For the first quarter of 2011, revenues are $72,302, or 16.9% of budget.
Expenditures are $69,691 or 16.3% of budget, leaving a fund balance of $2,611 at March 31.
Stormwater Operating Fund revenues are $276,912 or 13.2% of budget. As this is included on the
property tax bill, a majority of the revenue will be collected in the April/May timeframe.
Expenditures are $423,047 or 19.0% of budget, because the transfers for capital and program
repayment to Wastewater and Streets funds are being timed to occur after the revenue collection.
The fund balance at March 31 is $668,554.
Transit operations completed the first quarter of 2011 with revenues totaling $1,334,836 or 18.4% of
budget, which exclude the federal grant, and expenditures at $1,950,496 or 26.6 %. (As noted in
other narratives, the entire insurance transfer is made in the first quarter.) Transit is also the fund
that is hardest hit by the escalation in diesel fuel prices, and a future appropriation for fuel will
likely increase this budget by about $150,000. The operating fund balance at March 31 is $169,051.
• Refuse expenditures are $1,092,562 or 22.4% of the budget through March 31, 2011. This is below
scheduled levels because of the timing of payments for landfill charges (only two months are
included.) Total revenues are at $1,168,973 or 23.8 %, as the Yard Waste program is discontinued
through the winter months. The fund balance at March 31 is $271,677.
Wastewater Operating Fund revenues are $3,784,796 or 21.5% of estimated levels, while
expenditures are at $3,297,195 or 17.5% of budget due primarily to the timing of transfers to
capital /debt service funds. The fund balance at March 31 is $3,113,045.
Water Operating Fund revenues of $1,324,503 to date equal 17.3% of budget estimates, and reflect
the timing of billing cycles and historically lower water usage in the winter months. Expenditures
are at $1,934,199 or 24.5 %, also a function of the timing of capital /debt service transfers. The fund
balance at March 31 is $1,309,719.
Irrigation Fund revenues are at $427,816 or 27.5% of budget estimates. Expenditures are $586,241
or 38.0% through the first quarter — ditch charges and insurance contributions are paid in the first
quarter. The fund balance at March 31 is $166,630.
The Equipment Rental Fund shows revenues of $1,254,488 or 24.9% of budget estimates.
Expenditures are at $1,196,628 or 23.2 %, a function of the timing of capital purchases. The fund
balance at March 31 is $4,428,607.
III
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CJE /Finance
Rev /Exp 1st Qtr Report 06/02/11
1
Other Operating and Enterprise Funds (Continued )
Environmental Fund expenditures are $10,617 or 2.2% of budget. The fund balance at March 31 is
$591,404. This fund's revenue comes in primarily at the end of the year, while expenditure timing
is related to projects — clean-up projects at the airport funded by grants from the Dept of Ecology
are wrapping up, while the fuel capacity expansion project is starting..
Public Works Administration revenues are $296,067 or 25.0% of budget through the first quarter,
and expenditures are $333,625 or 28.5% of budget over the same time period. As mentioned in
other discussions, the insurance contribution is paid in the first quarter. The fund balance at
March 31 is $311,245.
Summary:
In total, Other Operating and Enterprise Funds have generated revenues of $12,683,554 or 20.2 %,
while expenditures are at $13,508,980 or 20.9% of budget estimates through the first three
months of 2011. These results are similar to the first quarter of the prior year.
fa)
Page 14
CJE /Finance
Rev /Exp 1st Qtr Report 06/02/11
•
TABLE IV
OTHER OPERATING / ENTERPIISE FUNDS
• 2011 BUDGET VS. ACTUAL
Actual Revenue --- ---- -- - -- ---- Appropriations ---- -- Ending
Beg Bal Amended Actual % Amended Actual % Balance
Fund 1/1/11 Budget Revenue Rec'd Budget Exp Exp'd 3/31/11
Economic Development $198,520 $575,000 $511,400 88.9% $669,372 $59,200 8.8% $650,720
Community Development 151,989 4,418,685 342,011. 7.7% 3,881,080 426,367 11.0% 67,633
Community Relations 901,959 474,950 89,175 18.8% 561,954 107,053 19.1% 884,081
Community Services 15,560 108,215 19,452 18.0% 108,215 19,452 18.0% 15,560
Growth Management 23,116 3,485 0 0.0% 26,601 0 0.0% 23,116
Cemetery 81,766 237,550 56,301 23.7% 262,463 59,680 22.7% 78,387
Emergency Services 64,511 1,120,476 85,907 7.7% 1,071,904 210,271 19.6% (59,853)
Public Safety Comm. 248,820 3,245,860 937,012 28.9% 3,176,497 658,006 20.7% 527,826 •
Police Grants 331,146 1,227,879 30,248 2.5% 1,229,182 304,885 24.8% 56,509
P.B.I.A. (Parking & Bus Imp.) 21,823 237,170 71,026 29.9% 236,451 76,951 32.5% 15,898
Trolley 4,551. 135,598 1,576 1.2% 135,277 3,853 2.8% 2,274
Front Street Bus Imp. Area 7,618 3,535 750 21.2% 5,000 0 0.0% 8,368
Conv Center (Tourist Promo) 178,564 1,374,500 242,548 17.6% 1,400,148 334,682 23.9% . 86,430
PFD - Convention Center 169,918 621,750 171,761 27.6% 605,000 2,500 0.4% 339,179
Tourism Promotion Area 414 378,205 64,304 17.0% 378,205 64,304 17.0% 414
Capitol Theatre
• PFD Capitol Theatre 114,877 280,177 65,899 23.5% 285,527 94,564 33.1% 86,212
227 467,960 129,902 27.8% 468,000 116,500 24.9% 13,629
Recovery Grants Program 0 426,989 72,302 16.9% 426,989 69,691 16.3 % 2,611
Stormwater Operating Fund 814,689 2,101,200 276,912 13.2% 2,225,207. 423,047 19.0% 668,554
Transit 784,711 7,268,815 1,334,836 18.4% 7,342,066 1,950,496 26.6% 169,051
Refuse 348,088 4,869,500 1,092,562 22.4% 4,906,374 1,168,973 23.8% 271,677
Wastewater Operating 2,625,444 17,622,972 3,784,796 21.5% 18,830,905 3,297,195 17.5% 3,113,045
Water Operating 1,919,415 7,644,337 1,324,503 17.3% 7,895,628 1,934,199 24.5% 1,309,719
Irrigation 325,055 1,556,600 427,816 27.5% 1,541,669 586,241 38.0% 166,630
Equipment Rental 4,370,747 5,029,361 1,254,488 24.9% 5,166,318 1,196,628 23.2% 4,428,607
I
Environmental 602,021 135,000 0 0.0% 485,934 10,617 2.2% 591,404
Public Works Admin. 348,803 1,185,331 296,067 25.0% 1,169,153 333,625 28.5% 311,245
Total Other Operating Funds $14,654,352 $62,751,100 $12,683,554 20.2% $64,491,119 $13,508,980 20.9% $13,828,926 I
•
Page 15
CJE /Finance
Rev /Exp 1st Qtr Report 06/02/11
CAPITAL FUNDS
Table V represents the status of our Capital Construction and Capital Reserve Fund balance. The
activity in the Capital Funds is dependent on the scope and timing of capital projects; therefore,
the first quarter percentage comparison to total budget is not expected to reflect the percentage of
the year completed.
Several projects are approaching the construction phase in the Arterial Street Fund. $4,811,547 is
budgeted for construction projects during 2011 - the major ones being 16th and Washington
Avenue intersection reconstruction, and improvements on 64th Avenue between Nob Hill and
Tieton. Revenue through March is $199,304 or 4.5% of budget. Expenditures, which are based on
an approved project prospectus, are $63,424 or 1.3% of budget. The fund balance at March 31 is
$653,191.
The Central Business District (CBD) Capital Fund provides resources for CBD studies and capital
projects. The balance at March 31 is $388,192. Revenues of $12,309 represent 33.3% of budget,
consisting solely of monthly parking permits, while expenditures to date are $16,111 or 12.2 %.
The Capitol Theatre Construction Fund expenditures of $9,868 have been made to wrap -up the
expansion project. There are no revenues anticipated. The fund balance at March 31 is $114,359.
Parks and Recreation Capital Fund revenue to date is $12,500 or 0.9% of budget, while
expenditures are at $22,353 or 1.7 %. The major project included in the 2011 budget is the
development of upper Kiwanis Park. The balance at March 31 is $193,443.
Fire Capital Fund expenditures through the first quarter of 2011 are at $289,227 or 34.4%
consisting primarily of the first payment on new apparatus, and revenues of $299,440 or 37.8%
have been received consisting primarily of proceeds of the capital lease program related to the
apparatus. The balance at March 31 is $263,377.
Law and Justice Capital Fund revenues to date are $73,511 or 8.7% and expenditures are $234,773
or 24.5% of budget, the function of the timing of grant related expenditures and reimbursements.
The fund balance at March 31 is $169,295.
The Public Works Trust Construction Fund was created to accumulate revenue received and to
track capital projects, including those associated with the State Public Works Trust Loan Program.
Revenue of $70,708 or 12.2% of budget has been received through the first quarter, and include the
first quarter percent Real Estate Excise Tax. The softening of the real estate market has caused a
marked drop in this revenue from 2010 levels. The first quarter is the lowest since 2000, and staff
is reconsidering the expenditure list in light of the expected shortfall in current year revenue.
Expenditures of $62,595 or 8.4% of budget were made through the same period. The fund balance
at the end of the first quarter is $873,931. Loan payments and related transfers from other funds
are due in the second quarter.
t
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CJE/ Finance
Rev /Exp 1st Qtr Report 06/02/ 11
Capital Funds (Continued.....)
0 The Real Estate Excise Tax — Second quarter percent (REET 2) Capital Construction fund is used to
account for the second quarter percent Real Estate Excise Tax (REET 2). Through the first quarter,
$70,708 or 14.1% of the revenue budget has been received. Expenditures of $3,767, or 0.3% were
made through the same period. (See the discussion for the Public Works Trust Construction Fund
above.) The fund balance at March 31, 2011 is $906,889.
The Local Improvement District (LID) Construction Control Fund is used to account for
resources and costs associated with LID projects. Projects are paid for through interest bearing
warrants redeemable at the end of the project either by pay -off's by affected property owners or
proceeds of bond sales. Therefore, this fund typically carries a negative fund balance until active
projects and related financings are completed. There are no projects in process in 2011.
The Transit Capital Reserve Fund has a current fund balance of $1,015,903. This represents the
reserve that the City Council has directed be set aside to provide funds for capital projects and
equipment. Expenditures are at $260,231 or 49.9 %, consisting primarily of improvements to the
Public Works facility. There have been no revenues received. (All Transit sales tax goes into the
operating fund until the grant is drawn down.)
The Stormwater Capital Fund has a current fund balance of $685,416. The revenue budget of
$864,794 consists of a transfer from the operating fund, which isn't made until after the property
tax collection in May. The expenditure budget is $1,024,794 for the study and design of stormwater
• capital projects. As of March 31, there has been a total of $30,974, or 3.0 %, in expenditures.
The Convention Center Capital Improvement Fund reflected a balance of $367,811 in the
Convention Center Reserve at the end of the first quarter of 2011. Revenues were $47,256 or 37.7%
of budget. Expenditures are $56,910 or 20.1% to date, as the capital projects are in various stages of
completion.
At the end of the first quarter the Cumulative Reserve for Capital Improvement Fund shows a
balance of $3,295,520. Expenditures are $1,399,339, 12.9% of budget, with revenues of $1,292,042 or
13.4% to date. The major project budgeted in this fund is the Railroad Grade Separation, which is
in the midst of construction. As this is a large project to be funded primarily by reimbursable
grants, a Public Works Trust Fund loan was obtained to provide cash flow during the interim
times between project payments and the receipt of grant reimbursements, as a portion of this
revenue source can be drawn in advance of actual cash disbursements.
The purpose of the Wastewater Facilities Capital Reserve Fund is to provide resources for
contingency modifications at the Wastewater Treatment Plant. Revenues of $136,387 are estimated
for 2011 and will be generated primarily from Sewer Operating Fund contributions, Sewer Service
Agreements with Union Gap and Terrace Heights, and investment income. To date, $136,387 or
90.6% of budgeted revenues have been received. Planned expenditures of $50,000 in 2011 are for
miscellaneous capital improvements -- there have been $6,619 in expenditures to date. The fund
balance at March 31 is $757,784.
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CJE/ Finance
Rev /Exp 1st Qtr Report 06/02/11
Capital Funds (Continued.....)
The Sewer Construction Fund provides principally for offsite system improvements such as new
interceptor and trunk line extensions. Revenue consisting primarily of capital transfers from the
operating fund is budgeted at $1,386,000 with no actual revenue to date. $4,768,500 is presently
budgeted for sewer system planning and improvement, with the major projects being the
Speedway/Race Street interceptor, implementing an automated meter reading system, and a sewer
trunk line in the Congdon annexation area. Actual expenditures at the end of the first quarter
amounted to $93,333 or 2.0 %. The fund balance at March 31 is $4,919,588.
Expenditures are $38,178 or 1.0% through the first quarter in the Domestic Water Improvement
Fund. The major projects in the 2011 budget of $3,702,000 are a new well at Gardner Park and an
automated meter reading system. Revenues are budgeted to be $800,000 and include a Public
Works Trust Fund loan, a transfer from the operating fund and interest earnings. As of March 31,
revenue was $403,447 or 50.4% because of the timing of the contribution from the operating fund,
therefore, the ending balance was $4,079,007.
The Wastewater Facility Project Fund ended first quarter 2011 with a fund balance of $2,950,043.
For 2011, budget expenditures of $13,800,879 are anticipated to continue construction of capital
improvements mandated by NPDES permit requirements. Actual expenditures through the first
quarter of 2011 are $192,517 or 1.4% and no revenues have been posted to date, the result of timing
of operating fund contributions, and other revenue such as proceeds from revenue bonds and /or
state loans.
The Irrigation System Improvement Fund revenues through y p gh the first quarter of 2011 amount to
$343,387 or 10.7 %, as a revenue bond is anticipated to be issued later in the year, prior to the
construction season. $722,113 or 43.5% has been expended for system repairs, leaving a fund
balance of $465,522, consisting mainly of accumulated capital contributions.
Page 18
CJE/ Finance
Rev /Exp 1st Qtr Report 06/02/11
TABLE V
CAPITAL IMPROVEMENT FUNDS
• 2011 BUDGET VS. ACTUAL
Actual ------ - ----- Revenue ---- _ ---- -- ----Appropriations - --- - -- Ending
Beg Bal Amended Actual % Amended Actual % Balance
Fund 111/11 Budget Revenue Rec'd Budget Exp Exp'd 3/31111
Arterial Street $517,311 $4,451,590 $199,304 4.5% $4,811,547 $63,424 1.3% $653,191
Transportation Improvement 0 0 0 0 0 0
Central Bus District Capital 391,994 37,000 12,309 33.3% 132,264 16,111 12.2% 388,192
Capitol Theatre Construction 124,227 0 0 120,000 9,868 n/a 114,359
Parks and Recreation Capital 203,296 1,400,000 12,500 0.9% 1,332,770 22,353 1.7% 193,443
Fire Capital 253,164 791,588 299,440 37.8% 841,500 289,227 34.4% 263,377
Law and Justice Capital 330,557 845,477 73,511 8.7% 960,066 234,773 24.5% 169,295
Public Works Trust Const 865,818 578,000 70,708 12.2% 744,411 62,595 8.4% 873,931
REET 2 Capital 839,948 502,000 70,708 14.1% 1,236,822 3,767 0.3% 906,889
LID Construction Control 0 0 0 0 0 0
Transit Capital Reserve . 1,276,134 50,000 0 0.0% 521,556 260,231 49.9% 1,015,903
Stormwater Capital Fund 716,390 864,794 0 0.0% 1,024,794 30,974 3.0% 685,416
Convention Center Cap Impr 377,465 125,500 47,256 37.7% 282,729 56,910 20.1% 367,811
Reserve for Capital Impr 3,402,817 9,635,658 1,292,042 13.4% 10,872,978 1,399,339 12.9% 3,295,520
Wastewater Facilities Cap Res 628,016 150,500 136,387 90.6% 50,000 6,619 13.2% 757,784
Sewer Construction 5,012,921 1,386,000 0 0.0% 4,768,500 93,333 2.0% 4,919,588
Domestic Water Improvement 3,713,738 . 800,000 403,447 50.4% 3,702,000 38,178 1.0% 4,079,007
Wastewater Facility Project 3,142,560 14,000,000 0 0.0% 13,800,879 192,517 1.4% 2,950,043
Irrigation System Impr 844,248 3,208,500 343,387 10.7% 1,658,234 722,113 43.5% 465,522
Total Capital Impr Funds $22,640,604 $38,826,552 $2,960,999 7.6% $46,861,050 $3,502,332 7.5% $22,099,271
•
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CJE/ Finance
Rev /Exp 1st Qtr Report 06/02/11
RESERVE FUNDS
Table VI illustrates the position of the City's Employee Benefit and Pension Reserve Funds.
The Unemployment Compensation Reserve is used to pay unemployment claims filed by former
employees. Through the first quarter, the City had actual expenditures amounting to $44,014 or
14.1% of the 2011 budget. Revenue, which is primarily from pro- rations to City operating
departments, is $42,389 or 24.5% through the first quarter. The current reserve balance is $353,839.
The City operates a self — insured program.
The Employees Health Benefit Reserve pays for group medical and dental claims for covered City
employees and eligible dependents. Revenues for this fund are primarily generated from monthly
charges for each covered employee which are paid by operating budgets through assessments, and
through payments from active and retired employees and other persons who are entitled to
participate in the City's health benefit plan. Actual revenues through the first quarter were
$2,529,836 or 24.1% while expenditures of $2,797,811 or 26.2% were experienced. The current fund
balance is $2,269,985, before considering the required 15% reserve of approximately $1.4 million.
The Worker's Compensation Reserve provides for payment by the City of industrial insurance
medical claims and time loss payments for City employees who are injured while performing their
assigned duties. Through the first quarter, expenditures were $273,443 or 20.2% of budget.
Revenues, billed on an interfund basis, are at $258,886 or 23.3 %. The March 31, 2011 fund balance
is $1,162,776 on a cash basis, without considering the claims reserve of about $0.7 million.
The Wellness/Employee Assistance Program fund expenditures during the first quarter $r' p g q arter were
$9,675 or 12.1% of budget, leaving a balance of $137,693 at March 31, 2011. Revenues are recorded
at the end of the year as medical insurance savings from vacant positions.
Firemen's' Relief and Pension expenditures are at $410,267 or 25.5% of budget through March 31,
2011. Revenue to date, which is largely dependent upon the flow of property tax receipts, is
$84,489 or 5.4 %. The first quarter balance is $448,571.
General Contingency Reserves
Table VI also illustrates the position of the Contingency Reserve Funds of the City.
The General Contingency Fund has a $192,751 balance at March 31, 2011.
The Capitol Theatre Reserve is programmed to transfer $71,927 consisting of interest income and
the cash reserve to the Capitol Theatre Operating Fund to help support the major capital
maintenance program of the theatre. The fund balance as of March 31 is $363,794.
Page 20
CJE/ Finance
Rev /Exp 1st Qtr Report 06/02/ 11
Reserve Funds (Continued )
The Risk Management Reserve provides for payment of liability insurance and litigation defense
il through an internal service fund. The Reserve is funded by allocations from the various operating
funds of the City transferred at the beginning of the year, and interest earned by the fund.
Revenue to date amounts to $2,409,134 or 25.3% of budget. Expenditures, which encompass
payment of the City's annual premiums for liability, property and miscellaneous coverages; broker
fees; and legal services are $747,719 or 7.8% of budget. The $7 million clean-up project at the mill
redevelopment site has not yet begun. The cash balance at March 31 is $2,562,514 without
considering the liability for incurred but unpaid claims of about $0.6 million.
•
TABLE VI
RESERVE AND OTHER FUNDS
2011 BUDGET VS. ACTUAL
Actual ------- ---- -- Revenue -------- -----Appropriations - - - ---- Ending
Beg Bal Amended Actual % Amended Actual % Balance
Fund 1/1/11 Budget Revenue Rec'd Budget Exp Exp'd 3/31/11
Employees Benefit Reserve
Unemployment Comp Res 355,464 173,000 42,389 24.5% 312,477 44,014 14.1% 353,839
Employees Health Benefit Res 2,537,960 10,489,085 2,529,836 24.1% 10,686,761 2,797,811 26.2% 2,269,985
Worker's Comp Reserve 1,177,333 1,109,008 258,886 23.3% 1,352,030 273,443 20.2% 1,162,776
el Wellness /EAP 147,368 60,000 0 0.0% 79,885 9,675 12.1% 137,693
Firemen's' Relief and Pension 774,349 1,572,265 84,489 5.4% 1,609,960 410,267 25.5% 448,571
Total Employees Benefit Res 4,992,474 13,403,358 2,915,600 21.8% 14,041,113 3,535,210 25.2% 4,372,864
Operating Reserves
Contingency 235,364 50,000 0 0.0% 200,000 42,613 21.3% 192,751
Capitol Theatre Reserve 381,765 500 11 2.2% 71,927 17,982 25.0% 363,794
Risk Management Reserve 901,099 9,540,000 2,409,134 25.3% 9,630,681 747,719 7.8% 2,562,514
Total Operating Reserve Funds 1,518,228 9,590,500 2,409,145 25.1% 9,902,608 808,314 8.2% 3,119,059
Other Funds
Cemetery Trust 592,099 13,500 3,165 23.4% 5,500 0 0.0% 595,264
Pass Through Grants 0 0 0 0 0 0
Note: The Employees Health Benefit, Worker's Compensation and Risk Management Reserve fund balances exclude an
accrual for incurred but not reported claims.
•
Page 21
CJE /Finance
Rev /Exp 1st Qtr Report 06/02/11
BOND REDEMPTION FUNDS
Table VII illustrates the financial position of the City's General Obligation and Revenue Bond
0
Funds. The timing of actual expenditures are a function of the terms of each bond and its related
repayment schedule -most bond principal payments are due in the last quarter of the year.
TABLE VII
BOND REDEMPTION FUNDS
2011 BUDGET VS. ACTUAL
Actual ------- -- - - -- Revenue - -- -- - ----- Appropriations - ---- -- Ending
Beg Bal Amended Actual % Amended Actual % Balance
Fund 1/1/11 Budget Revenue Rec'd Budget Exp Exp'd 3/31/11
G.O. Bond Redemption
L.I.D. Guaranty $79,987 $100 $11 11.0%
$0 $0 n/a $79,998
1994 G.O. Ltd. -PD & Streets 109,820 512,000 99,999 19.5% 514,275 0 0.0% 209,819
1995 G.O. Street, Parks & Fire 191,674 293,000 18,677 6.4% 292,800 0 0.0% 210,351
G.O. Line of Credit 0 114,000 0 0.0% 114,000 0 0.0% 0
1996 G.O. LTD -Cony Center 64,437 428,750 66,861 15.6% 426,753 0 0.0% 131,298
2002 G.O. Convention Center 165,804 1,018,896 114,000 11.2% 1,014,136 0 0.0% 279,804
2005 G.O. Parks & Rec Bond 6,191 986,989 0 0.0% 988,113 0 0.0% 6,191
L.I.D. Debt Service Control 25,243 274,000 53,024 19.4% 285,000 0 0.0% 78,267
Total G.O. Bond Red Funds 643,156 3,627,735 352,572 9.7% 3,635,077 0 0.0% 995,728 ID
Water /Sewer Rev Bond Redemption
1997 Water Rev Bond Res 270,407 400 0 0.0% 0 0 270,407
1996 Revenue Bond Reserve 146,063 700 0 0.0% 0 0 146,063
Water /Sewer Revenue Bonds 114,128 545,107 0 0.0% 544,707 0 0.0% 114,128
1997 Water Revenue Bonds 4,841 237,818 0 0.0% 237,793 0 0.0% 4,841
2008 Water /Sewer Rev Bond 0 411,614 0 0.0% 411,613 0 0.0% 0
2003 Wastewater Bond Red 3 1,348,707 0 0.0% 1,348,707 0 0.0% 3
2003 Irrigation Bond Red 35,436 319,234 102,117 32.0% 319,234 102,117 32.0% 35,436
Water /Sewer Rev Bond Res 970,200 1,000 0 0.0% 0 0 970,200
2003 Sewer Rev Bond Res 828,650 0 0 0 0 828,650
Total W/S Rev Bond Red Funds $2,369,728 $2,864,580 $102,117 3.6% $2,862,054 $102,117 3.6% $2,369,728
III
CJE /Finance Page 22
Rev /Exp 1st Qtr Report 06/02/11