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08/21/2012 04B 2nd Quarter 2012 Revenue and Expenditure Report Ark L BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON • AGENDA STATEMENT f' Item No. For Meeting of: August 21, 2012 ITEM TITLE: 2nd Quarter 2012 Revenue and Expenditure Report SUBMITTED BY: Tony O'Rourke, City Manager Cindy Epperson, Director of Finance and Budget CONTACT PERSON /TELEPHONE: Cindy Epperson, 575 - 6771 SUMMARY EXPLANATION: The attached report provides a comprehensive summary of the City of Yakima's 2012 budget and expenditure status through June 30, 2012. Overall, the 2nd quarter activity reflects a stable fiscal position. Staff has started the development of the 2013 preliminary budget. The trends included in the attached report will be taken into consideration as these estimates are made. Resolution Ordinance Other Report (specify) Contract: Mail to: Contract Term: Amount: Expiration Date: Insurance Required? No Funding Phone: Source: APPROVED FOR SUBMITTAL: AI City Manager STAFF RECOMMENDATION: Accept Report BOARD /COMMISSION RECOMMENDATION: ATTACHMENTS: Click to download ❑ 2012 2nd Qtr Revenue & Expenditure Report MEMORANDUM AUGUST 16, 2012 TO: The Honorable Mayor and Members of the City Council FROM: Tony O'Rourke, City Manager Cindy Epperson, Director of Finance & Budget SUBJECT: Second Quarter 2012 Budget Revenue and Expenditure Report This report provides a comprehensive summary of the City's financial status from January 1 , through June 30, 2012. This summary information is provided by fund in the following categories: ➢ General Government Resources > General Government Expenditures > Other Operating and Enterprise Funds ➢ Capital Funds > Reserve Funds Overall, the City's second quarter budget status reflects a stable, but still guarded fiscal position within the context of the national recession. As of this date, the 2012 amended City of Yakima Budget is $208,240,551 or $15,902,515 greater than the adopted 2012 Budget. The increase is due primarily to carry -over 2011 encumbrances of $3.2 million, and non - lapsing appropriations of $10.3 million for Wastewater capital projects. Other appropriations that have been approved by Council include: ➢ Costs associated with the new City Manager contract and cash -out of Interim ➢ Election Costs ➢ Study for potential Jail expansion /other options ➢ Negotiated Labor Settlements Typically, appropriation requests are brought forward if: 1) There has been a significant escalation in a cost that the operating funds are not able to absorb (i.e. election costs), or 2) The City has received additional revenue, either through grant awards or program fees, which obligates the City to expend additional funds. Page 1 CJE /Finance Rev /Exp 2nd QtrReportOB /10/12 As the 2013 budget is developed, additional needs for appropriations may be identified. For instance, the Street Department will likely need an appropriation for snow and ice control before winter arrives. The table presented below is a summary of the total city budget, summarized by fund types. All categories have similar ratios to the same quarter of the prior year. Chart I CITYWIDE EXPENDITURE SUMMARY 2012 Variance Amended Actual as of Budget 6/30/2012 Amount Percent General $50,640,538 $24,358,431 $26,282,107 51.9% Parks and Recreation 4,000,697 1,902,372 2,098,325 52.4% Street & Traffic Operations 4,969,157 2,730,221 2,238,936 45.1% General Government Subtotal 59,610,392 28,991,024 30,619,368 51.4% Community Development 3,590,419 1,044,394 2,546,025 70 9% Utilities /Other Operating 62,840,183 30,847,550 31,992,633 50.9% Capital Improvement 50,903,402 8,402,255 42,501,147 83.5% G.O. Bonds/Notes 3,634,336 1,170,641 2,463,695 67.8% Water /Sewer Revenue Bonds 2,636,124 515,561 2,120,563 80.4% Employee Benefit Reserves 14,337,284 6,779,882 7,557,402 52.7% Operating Reserves 10,185,186 1,165,479 9,019,707 88.6% Trust and Agency Funds 503,225 51,695 451,530 89.7% Total $208,240,551 $78,968,481 $129,272,070 62.1% General Government is slightly less than 50% spent in total, although the Street and Traffic Operations fund is 55% spent because of the large snow event in January. Overall, the Operating and Employee Benefit Reserve funds are slightly under 50% spent at mid -year, which is expected at this point in the year. Capital funds are only about 17% spent, because entire projects are budgeted and many will not be completed in 2012 —these will require carry - forwarding the budget. Bond funds are well below the 50% mark because most principal payments are due in the last quarter of the year. Operating Reserves budget include a $7 million project for environmental clean-up in the Risk Management fund which has not yet begun. If this is excluded, this category is about 37% spent, which is reasonable for this time of year. The total City budget is about 38% spent at the half -way mark of the year. This is typical because of the timing of capital projects and debt service payments -2011 was 39% spent at this same time. Page 2 CJE /Fsiance Rev /Exp 2nd Q ff Report 08 /10/12 GENERAL GOVERNMENT RESOURCES The following chart identifies and compares General Government resources by major source through the second quarter for 2011 and 2012. As of June 30, 2012, total General Government resources, which include actual beginning balances, are at $37,537,885 or 57.4% of the total 2012 budget. (This compares to $35,61.0,051 or 56.4% for the same period in 2011.) About half of this $1.9 million increase has been generated by an additional 6% utility tax in Water, Wastewater, Refuse and Stormwater approved by Council for Public Safety at the beginning of 2012. The balance of the increase has been other growth in revenue. Summary Overall, revenue performance has remained flat for the past 3 years as the City struggles with the negative forces in the national economy. However, sales tax has finally shown some improvement, so that the year -end estimate is slightly above the budgeted level. As we develop the 2013 Preliminary Budget, the revenue estimates for 2012 will continue to be revised to take into account latest trends. Chart II GENERAL GOVERNMENT RESOURCES 2 YEAR COMPARISON 2011 2012 , Percent Amended Actual Percent Actual Received Budget To -Date Received General Fund Taxes Property Tax $5,422,392 57.7% $9,934,000 $5,729,907 57.7% Criminal Justice Sales Tax Inc .3% 823,597 51.4% 1,645,500 765,314 46.5% Criminal Justice Sales Tax 1% 466,249 51.5% 930,000 418,815 45.0% Retail Sales and Use Tax 6,231,953 50.5% 12,550,000 6,380,538 50.8% Franchise Fees 7,680 18.3% 42,000 6,355 15 1% Utility Tax 5,865,845 49.2% 13,944,000 7,097,163 50.9% Business License Tax 474,230 93.0% 510,000 471,937 92.5% Gambling Tax 434,611 49.9% 871,000 434,440 49.9% Dangerous Bldg Tax Assessment 4,766 95.3% 7,000 12,096 172.8% Leasehold Excise Tax 4,080 102.0% 4,000 4,249 106.2% Total Taxes 19,735,403 52.5% 40,437,500 21,320,814 52.7% Intergovernmental Police Federal Grants 8,334 12.8% 20,000 0 0.0% Criminal Justice Funds 168,036 49.4% 425,000 - - 279,463 65.8% Liquor Excise Tax 219,670 51.4% 231,500 226,512 97.8% Liquor Profits 356,988 56.6% 585,000 498,991 85.3% School Resource Officers 155,834 55.7% 419,898 114,691 27.3% Other Intergovernmental 418,822 60.0% 634,832 388,132 61.1% Total Intergovernmental 1,327,684 54.4% 2,316,230 1,507,789 65 1% Page 3 CJE /Finance Rev /Exp 2nd QtrReport08 /10/12 2011 2012 Percent Amended Actual Percent Actual Received Budget To -Date Received Licenses and Permits 321,251 41.9% 616,700 423,979 68.7% Charges for Service 2,673,076 52.4% 5,079,930 2,540,573 50.0% Fines and Forfeitures 802,842 46.6% 1,645,700 789,983 48.0% Misc. Revenue 164,677 48.5% 333,550 184,887 55.4% Transfers From Other Funds 40,000 100.0% 40,000 40,000 100.0% Total General Fund Revenue 25,064,933 52.2% 50,469,610 26,808,025 53.1% Plus. Beginning Balance 4,480,899 4,602,311 4,602,311 Total General Fund Resources $29,545,832 56.3% $55,071,921 $31,410,336 57.0% Parks & Recreation Fund Property Tax $817,547 52.9% $1,578,000 $833,946 52.8% ' Intergovernmental 43,331 40.2% 92,000 46,109 50.1% Charges for Services 521,610 54 1% 945,965 432,293 45.7% Misc. Revenue/Non- Revenue 131,506 55.2% 279,800 109,694 39.2% Transfers From Other Funds 460,215 39.0% 1,154,000 692,149 60.0% Total Parks/Rec. Fund Revenue 1,974,209 48.9% 4,049,765 2,114,191 52.2% Beginning Balance 385,681 296,800 296,800 Total Parks/Rec. Fund Resources $2,359,890 53.4% $4,346,565 $2,410,991 55.5% Streets & Traffic Funds Property Tax $1,855,081 52.8% $3,456,000 $1,826,436 52.8% County Road Tax 180 0.0% 0 0 n/a Fuel Tax - Street 617,660 47.9% 1,300,000 602,629 46 4% Other Intergovernmental 2,555 0.0% 500 113 22.6% Charges for Services 109,014 50.5% 215,760 101,300 47.0% Misc. Revenue/Non- Revenue 31,516 50.0% 83,050 77,120 92.9% Total Street/Traffic Fund Revenue 2,616,006 51.4% 5,055,310 2,607,598 ' 51.6% Beginning Balance 1,088,323 1,008,960 1,008,960 Total Street/Traffic Fund Resources $3,704,329 60 4% $6,064,270 $3,616,558 59.6% Total General Government Resources $35,610,051 56 4% $65,482,756 $37,437,885 57.2% Sales Tax receipts are 50.8% of budget estimate compared to 50.5% at this time last year. This major revenue source is about 2.4% ahead of 2011 through the first 6 months. The 2012 budget was set assuming a flattening of sales tax revenue (i.e. no growth), as the economy continued to flounder. The agricultural component of our economy is experiencing a relatively good year, so that through July, the year to date total is 4.6% better than the first seven months of 2012. The Criminal Justice Sales Tax are ahead of prior year by over 5 %, however this chart does not depict that because these revenues are also allocated to Law and Justice Capital and Public Safety Page 4 C JE /Finance Rev /Exp 2nd Q trReport 08/10/12 Communications funds. We are estimating these revenues to exceed the budget in total. It should be noted that there is a two month lag from the point of sale to our receipt of sales tax revenues. Criminal Justice funds are performing as expected, although substantially above prior year actual because of Yakima's status in relation to the High Crime funding. This is recalculated each year to be effective in the 3rd quarter, and in 2011 the City's allocation was increased in July -- this increase was extended into the 2012 budget, but only for the first 2 quarters, as we did fall below the funding threshold when the formula was recalculated for 2012 -2013. These distributions are, therefore, being received as expected. State Shared Revenue such as Liquor Excise and Liquor Profits numbers reflect the fact that when the city's budget was being developed the state was working at balancing their own budget. One of the components that appeared to have legislative support was the elimination of these tax distributions for the last 2 quarters of 2012. This proposal was not approved in its entirety —the excise tax is being eliminated, however the profits will continue for the full year (with a slight change in the distribution formula). Even though we reinstated the $300,000 originally deducted from the budget, there are windfall profits from the state closing the liquor stores, so this revenue will likely still exceed the amended budget. Licenses and Permits revenue indicates an increase in construction activity. This category can fluctuate depending on the timing of permitting of large projects (such as the school improvement projects). Overall, General Government revenue is performing reasonably well in light of the national economic condition and is anticipated to slightly exceed the budget. The following table identifies the beginning balance, revenues and expenditures to date, and the ending balance for each of the three General Government Funds. For 2012, at the end of the second quarter, the Cumulative General Government Revenue is $31,529,814, compared to $29,655,148 at June 30, 2011. The increase of $1,874,666 or 6.3% is due primarily to the new utility tax collection (about $1 million), and modest growth in other categories. Expenditures of $28,950,162 are above prior year actual of $28,077,870 by $872,292 or 4.8% principally due to capital purchases for new police officers, the January snow event, and increased medical premiums. Total revenues are exceeding expenditures by $2.8 million, which is a stronger position than the City has been in at the mid -year mark since the recession started in 2008. All of these trends are being used to estimate both the 2012 and 2013 results, as budget development is currently in process. Page 5 C JE /Finance Rev /Exp 2nd Qtr Report08 /10/12 Chart III GENERAL GOVERNMENT SUMMARY OF OPERATIONS 2 YEAR COMPARISON 2011 2012 Percent Amended Actual Percent Actual Received Budget To -Date Received General Fund Beginning Balance $4,480,899 $4,602,311 $4,602,311 Revenues 25,064,933 52.2% 50,469,610 26,808,025 53.1% Expenditures 23,484,092 48.3% 49,966,968 24,317,569 48.7% Ending Balance $6,061,740 $5,104,953 $7,092,767 Parks and Recreation Fund Beginning Balance $385,681 $296,800 $296,800 Revenues 1,974,209 48.9% 4,049,765 2,114,191 52.2% Expenditures 2,045,222 50.7% 4,000,697 1,902,372 47.6% Ending Balance $314,668 $345,868 $508,619 Street/Traffic Fund Beginning Balance $1,088,323 $1,008,960 $1,008,960 Revenues 2,616,006 51.4% 5,055,310 2,607,598 51.6% Expenditures 2,548,556 50.2% 4,969,157 2,730,221 54.9% Ending Balance $1,155,773 $1,095,113 $886,337 Total General Government Beginning Balance $5,954,903 $5,908,071 $5,908,071 Revenues 29,655,148 51.9% 59,574,685 31,529,814 52.9% Expenditures 28,077,870 48.6% 58,936,822 28,950,162 49.1% Ending Balance $7,532,181 $6,545,934 $8,487,723 As explained above, both revenue and expenditures through mid -year 2012 are greater than the prior year. The calculated net General Government balance (beginning reserves plus current revenues less current expenditures) is coming in at $8,487,723 compared to $7,532,181 in 2011. Page 6 CJE /Fsiance Rev /Exp 2nd Q tr Report 08/10 /12 GENERAL GOVERNMENT EXPENDITURES The following chart summarizes expenditure activity on a departmental basis for General Government budgets. Chart IV GENERAL GOVERNMENT EXPENDITURES 2012 BUDGET VS. ACTUAL 2012 2012 Amended Expenditures Unexpended Percent Budget To 6/30/12 Balance Spent Police $24,303,966 $11,505,648 $12,798,318 47.3% Fire 9,380,495 4,373,731 5,006,764 46.6% Information Systems 2,510,845 1,064,820 1,446,025 42.4% Transfers To Other Funds 2,331,275 1,281,328 1,049,947 55.0% Financial Services 1,359,619 705,809 653,810 51.9% Utility Services 1,342,110 683,834 658,276 51.0% Municipal Court 1,256,587 570,184 686,403 45.4% Code Administration 1,208,765 584,700 624,065 48.4% Police Pension 1,186,350 643,700 542,650 54.3% Legal 1,127,361 523,119 604,242 46.4% Engineering 702,274 332,958 369,316 47 4% Planning 622,102 290,114 331,988 46.6% Purchasing 527,535 243,995 283,540 46.3% Records 513,172 380,771 132,401 74.2% Indigent Defense 481,000 241,363 239,637 50.2% Human Resources 449,628 235,639 213,989 52.4% City Manager 367,925 187,936 179,989 51.1% City Hall Maintenance 357,016 201,109 155,907 56.3% Intergovernmental 240,299 155,213 85,086 64.6% City Council 235,214 134,147 101,067 57.0% State Examiner 106,000 2,884 103,116 2.7% Urban Area Hearings Exam. 31,000 15,429 15,571 49.8% Total General Fund 50,640,538 24,358,431 26,282,107 48.1% Parks & Recreation Fund 4,000,697 1,902,372 2,098,325 47.6% Street & Traffic Ops. 4,969,157 2,730,221 2,238,936 54.9% Total General Government $59,610,392 $28,991,024 $30,619,368 48.6% Records expenditures include one -time payment of election costs of $186,750 and the cash -out of a long -term employee. The cash -out is planned to be covered by leaving a position vacant for as long as necessary. Page 7 CJE /Finance Rev /Exp 2nd Qtr Report 08/10/12 State Examiner only incurred incidental expenditures of $2,884 in this quarter as the 2011 financial statement audit is just in planning stages. For most of the General Fund divisions, positive variances are the result of position vacancies, and negative variances are tied to timing of certain expenditures at this time of the year. As already noted above, Street and Traffic operations will likely require an appropriation for snow and ice control. All other divisions have similar ratios to the same quarter of the prior year. P age 8 CJE /Finance Rev /Exp 2nd Q trReport 08 /10/12 OTHER OPERATING AND ENTERPRISE FUNDS The following chart represents the status of the Operating and Enterprise Funds. In total, Other Operating and Enterprise Funds have generated revenues of $32,420,205 or 50.2%, while expenditures are at $31,891,944 or 48.0% of budget estimates through the first six months of 2012. Overall, revenues and expenditures are performing as expecting through this time frame. Chart V OTHER OPERATING / ENTERPRISE FUNDS 2012 BUDGET VS. ACTUAL Actual Revenue Appropriations Ending Beg Bal Amended Actual % Amended Actual % Balance Fund' 1/1/2012 Budget Revenue Rec'd Budget Exp Exp'd 6/30/2012 Economic Development $224,342 $272,000 $157,139 57.8% $351,636 $131,678 37.4% $249,803 Neighborhood Development 269,747 3,559,555 777,053 21.8% 3,590,419 1,044,394 29.1% 2,406 Community Relations 848,564 494,950 266,157 53.8% 594,554 257,668 43.3% 857,053 Cemetery 44,671 243,550 91,547 37.6% 265,699 138,128 52.0% (1,910) Emergency Services 78,012 1,196,026 668,933 55.9% 1,222,030 513,574 42.0% 233,371 Public Safety Comm 595,530 3,402,343 1,747,842 51.4% 3,558,224 1,635,737 46.0% 707,635 Police Grants 269,417 1,226,030 435,970 35.6% 1,174,399 527,016 44.9% 178,371 PBIA (Parking & Bus Impr) 19,134 251,340 109,092 43 4% 235,962 45,576 19.3% 82,650 Trolley 16,360 65,229 3,498 5.4% 75,021 895 1.2% 18,963 Front Street Bus Impr Area 6,922 3,535 1,851 52.4% 6,298 18 0.3% 8,755 Cony Center (Tourist Promo) 231,222 1,443,450 702,897 48.7% 1,447,373 723,753 50.0% 210,366 PFD- Convention Center 214,099 645,750 333,222 51.6% 719,000 357,635 49.7% 189,686 Tourism Promotion Area 414 586,000 240,377 41.0% 586,000 240,377 41.0% 414 Capitol Theatre 97,690 324,177 156,614 48.3% 346,200 196,587 56.8% • 57,717 PFD - Capitol Theatre 43,113 500,500 252,125 50 4% 517,000 257,635 49.8% 37,603 Recovery Grants Program 0 73,905 4,191 5.7% 73,905 4,191 5.7% 0 Stormwater Operating Fund 1,052,283 2,035,000 1,621,181 79.7% 2,243,246 996,655 44.4% 1,676,809 Transit 895,787 7,302,972 3,940,910 54.0% 7,697,953 4,112,872 53 4% 723,825 Refuse 475,146 5,280,524 2,656,543 50.3% 5,410,763 2,592,635 47.9% 539,054 Wastewater Operating 374,850 19,015,988 9,950,969 52.3% 19,437,140 9,429,602 48.5% 896,217 Water Operating 2,015,979 8,138,769 4,064,855 49.9% 8,226,296 3,942,322 47.9% 2,138,012 Irrigation 357,765 1,618,700 861,822 53.2% 1,444,937 839,878 58.1% 379,709 Equipment Rental 4,619,613 5,547,333 2,783,262 50.2% 5,743,730 3,310,687 57.6% 4,092,188 Environmental 431,611 150,000 0 0.0% 277,339 4,054 - 1.5% 427,557 Public Works Admin. 407,489 1,185,331 592,155 50.0% 1,185,478 588,377 49.6% 411,267 Total Other Operating Funds $13,589,260 $64,562,957 $32,420,205 50.2% $66,430,602 $31,891,944 48.0% $14,117,521 Cemetery Fund revenues are at 37.6% of budget, as lot and niche sales have dropped significantly in the first half of the year. Conversely, the expenditures are at 52% of budget because of the timing of certain annual payments (such as stormwater fees and insurance). The fund balance at mid -year is ($1,910). It appears that this fund will need an additional allocation from Parks and Recreation unless operating revenues pick up. PBIA (Parking and Business Improvement) expenditures are 19.3% of budget due to timing of an expiring 2011 contract and the award of the new contract. All other funds are similar ratios to the same quarter of the prior year, and performing as expected. Page 9 CJE /Finance Rev /Exp 2nd Q trReport OB/10/12 CAPITAL FUNDS The following chart 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 quarterly percentage comparison to total budget is not expected to reflect the percentage of the year completed. Chart VI CAPITAL IMPROVEMENT FUNDS 2012 BUDGET VS. ACTUAL Actual Revenue Appropriations Ending Beg Bal Amended Actual % Amended Actual % Balance Fund 1/1/2012 Budget Revenue Recd Budget Exp Exp'd 6/30/2012 Arterial Street $496,057 $4,437,351 $697,982 15.7% $4,554,478 $631,843 13.9% $562,196 Central Bus District Capital 359,114 39,200 18,941 48.3% 132,277 20,768 15.7% 357,287 Capitol Theatre Construction 1,820 0 0 n/a 0 496 n/a 1,324 Yakima Redevelopment Area 754,876 850,000 186,849 22.0% 850,000 520,092 61.2% 421,633 Parks and Recreation Capital 77,274 710,000 521,331 73 4% 764,816 608;989 79.6% (10,384) Fire Capital 409,661 126,072 14,356 11 4% 347,722 160,476 46.2% 263,541 Law and Justice Capital 254,340 737,125 193,014 26.2% 962,915 417,965 43 4% 29,389 Public Works Trust Constr 753,127 548,906 226,243 41.2% 718,382 370,003 51.5% 609,367 REEF2 Capital 372,975 452,000 226,243 50.1% 506,822 128,411 25.3% 470,807 Transit Capital Reserve 1,102,129 595,000 20,260 3 4% 685,000 40,946 6.0% 1,081,443 Stormwater Capita] Fund 1,101,747 244,794 160,110 65 4% 633,000 33,503 53% 1,228,354 Convention Center Cap Impr 419,440 226,500 159,151 70.3% 216,934 95,744 44.1% 482,847 Reserve for Capital Impr 3,308,925 6,067,166 377,937 6.2% 9,432,249 1,550,782 16.4% 2,136,080 Wastewater Facilities Cap Res 738,547 150,500 140,553 93.4% 50,000 6,728 13.5% 872,372 Sewer Construction 5,387,653 2,850,000 1,250,000 43.9% 6,418,253 289,201 4.5% 6,348,452 Domestic Water Improvement 3,374,809 4,600,000 412,860 9.0% 4,660,000 142,406 3.1% 3,645,263 Wastewater Facility Project 3,466,727 6,121,000 303,854 5.0% 15,855,000 2,266,784 14.3% 1,503,797 Irrigation System Impr (408,465) 2,708,500 1,616,147 59.7% 4,115,554 1,117,118 27.1% 90,564 Total Capital lmpr Funds $21,970,756 $31,464,114 $6,525,831 20.7% $50,903,402 $8,402,255 16.5% $20,094,332 Parks and Recreation Capital Fund expenditures are at 79.6% of budget, while the revenue is at 73.4 %. The major project included in the 2012 budget is the development of upper Kiwanis Park. The balance is ($10,384), pending a final draw on an interfund loan, as the project draws to a close. All other funds are performing as expected. Page 10 CJE /Finance Rev /Exp End QtrReport 08 /10/12 RESERVE FUNDS The following chart illustrates the position of the City's Employee Benefit Reserves, Operating Reserves, and Other funds. Chart VII RESERVE FUNDS 2012 BUDGET VS. ACTUAL Actual Revenue Appropriations Ending Beg Bal Amended Actual % Amended Actual % Balance Fund 1/1/2012 Budget Revenue Rec'd Budget Exp Exp'd 6/30/2012 Employee Benefit Reserves Unemployment Comp Res $327,790 $173,000 $88,558 51.2% $318,064 $60,004 18.9% $356,344 Employees Health Ben Res 1,908,168 11,243,185 5,248,008 46.7% 11,219,378 5,646,306 50.3% 1,509,870 Worker's Compensation Res 1,054,247 1,114,600 511,937 45.9% 1,363,785 407,818 29:9% 1,158,366 Wellness/EAP 122,646 60,000 0 0.0% 92,000 '21;674 23.6% 100,972 Firemens' Relief and Pension 793,181 1,387,500 761,530 54.9% 1,344,057 644,080 47.9% 910,631 Total Employee Ben Reserve $4,206,032 $13,978,285 $6,610,033 47.3% $14,337,284 $6,779,882 47.3% $4,036,183 Operating Reserves Contingency $242,751 $50,000 $25,000 50.0% $200,000 $0 0.0% $267,751 Capitol Theatre Reserve 313,849 500 0 0.0% 71,927 35,964 50.0% 277,885 Risk Management Reserve 848,892 9,961,000 2,627,303 26 4% 9,914,259 1,129,515 11.4% 2,346,680 Total Operating Reserve $1,405,492 $10,011,500 $2,652,303 265% $10,186,186 $1,165,479 11 4% $2,892,316 Other Funds Cemetery Trust $604,420 $16,500 $3,923 23.8% $5,500 $0 0.0% $608,343 Pass Through Grants 42,1.13 526,756 293,597 55.7% 497,725 51,695 10 4% 241,902 Total Other Funds $646,533 $543,256 $297,520 54.8% $503,225 $51,695 10.3% $850,245 Note: The Employees Health Benefit, Worker's Compensation and Risk Management Reserve fund balances exclude an accrual for incurred but not reported claims. The Unemployment Compensation Reserve is generally a quarter behind in expenditures as claims are paid to the State in the month after the quarter ends. The Employees' Health Benefit Reserve fund balance is slightly behind in revenues, because interest earnings and transfers resulting from position vacancies are recorded at year -end. The broker will be presenting a report on this program in the near future. The Wellness /Employee Assistance Program fund revenues are. recorded at the end of the year as medical insurance savings from vacant positions. The Risk Management 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. Expenditures cover payment of the City's annual premiums for liability, property and miscellaneous coverages, broker fees and legal services. The budget includes a $7 million project to abate potential environmental issues at a former City landfill. The scope of this project is still being defined /designed. Page 11 CJE /Finance Rev /Exp 2nd Q trReport 08 /10/12 BOND REDEMPTION FUNDS The following chart illustrates the financial position of the City's General Obligation and Revenue Bond 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. Chart VIII BOND REDEMPTION FUNDS 2012 BUDGET VS. ACTUAL Actual Revenue Appropriations Ending Beg Bal Amended Actual % Amended Actual % Balance Fund 1/1/2012 Budget Revenue Rec'd Budget Exp Exp'd 6/30/2012 G.O. Bond Redemption L.LD. Guaranty $80,089 $50 $0 0.0% $0 $0 $80,089 1994 G.O Ltd - Police & Streets 107,541 512,000 311,998 60.9% 515,175 15,088 2.9% 404,451 1995 G.O Street, Parks & Fire 190,513 293,000 159,727 54.5% 293,875 14,438 4.9% 335,802 G.O Line of Credit 0 114,000 0 0.0% 114,000 0 0.0% 0 1996 G.O. Ltd -Conv Center 66,435 428,750 172,399 40.2% 430,315 55,158 123% 183,676 2002 G.O. Convention Center 170,563 1,019,594 509,448 50.0% 1,018,253 541,803 532% 138,208 2005 G.O. Parks and Rec Bond 5,467 986,989 493,495 50.0% 977,718 413,450 423% 85,512 L.I.D. Debt Service Control 47,350 274,000 161,648 59.0% 285,000 130,704 45.9% 78,294 Total G.O. Bond Redemption $667,958 $3,628,383 $1,808,715 49.8% $3,634,336 $1,170,641 32.2% $1,306,032 Water /Sewer Revenue Bond Redemption 1997 Water Rev Bond Res $270,807 $400 $0 0.0% $0 $0 n/a $270,807 1996 Revenue Bond Reserve 146,763 700 0 0.0% 0 0 n/a 146,763 Water /Sewer Revenue Bonds 114,528 0 0 n/a 0 0 n/a 114,528 1997 Water Revenue Bonds 4,866 234,725 117,350 50.0% 234,700 29,850 12.7% 92,366 2008 Water /Sewer Rev Bond 0 413,413 206,707 50.0% 413,413 99,206 24.0% 107,501 2003 Wastewater Bond Red 4 1,347,457 673,729 50.0% 1,347,457 286,228 21.2% 387,505 2003 Irrigation Bond Red 35,436 640,554 160,277 25.0% 640,554 100,277 15.7% 95,436 Water /Sewer Rev Bond Res 971,200 1,000 0 0.0% 0 0 n/a 971,200 2003 Sewer Rev Bond Res 828,650 0 0 n/a 0 0 n/a 828,650 Total W/S Rev Bond Red $2,372,254 $2,638,249 $1,158,063 43.9% $2,636,124 $515,561 19.6% $3,014,756 Page 12 CJE /Faiance Rev /Exp 2nd Qtr Report OB /10/12