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HomeMy WebLinkAbout4.8 Financial Report 10-31-1991 CITY OF DUBLIN AGENDA STATEMENT MEETING DATE: November 12, 1991 SUBJECT :Financial reports for the month of October 1991 Prepared by Phillip S. Molina EXHIBITS :Balance Sheets and Income Statements RECOMMENDATION Accept and file the financial reports FINANCIAL STATEMENT: (See reports) DESCRIPTION: This report covers the first four months of fiscal year 1991-92. The first item to notice is that the General Fund revenues are flat when compared to last year at this time: Prior year revenues $2,963,766 Current period revenues $2,924,836 Dollar change in revenues -$ 38,930 Percent change - 1.3% This position would have been reversed if two pending transactions had cleared in October: 1. a late payment by the Local Agency Investment Fund (LAIF) of interest totalling $174,732.40 and 2. a late payment by the State for Federal Aid Urban reimbursements to Dublin totalling $570,324.39. The reason for the late payment by LAIF is due to the procedural changes made by LAIF Executive Board . The interest earnings were wired to Dublin on November 12, 1991. The amount due for FAU funds should, according to the State, be received in November. Still , there are six revenue accounts that generated more earnings this year than last. The revenue accounts with an upward movement are: CURRENT PRIOR Property taxes 266,307.00 70,395.00 Transient Occup. 51,515.00 28,279.00 Franchise Taxes 33,365.00 22,768.00 License & Permits 114,295.00 90,618.00 State Subvent. 337,008.00 334,081 .00 Fines & Forfeitures 7,236.00 5,197.00 Other 207,454.00 4,626.00 TOTALS 1,017, 180.00 555,964.00 The reason for the increase in Property taxes is due to an early advance payment from the County on unsecured taxes. Whereas the increase in License & Permits is due almost entirely to the Business License revenues that total $42,888, which is double the amount received by this time last year. The increase in `Other' was due primarily to sales of City property for $108,766 and the collection of money from litigation totalling $74,784. There are four revenue types that produced the overall decrease in total General Fund revenue: Unadjusted data Sales Taxes 1,473,329.00 1,700,290.00 Real Prop Transfers 24,960.00 26,639.00 Uses of Assets 171,878.00 400,694.00 Charges for Services 237,483.00 280,175.00 TOTALS 1,907,650.00 2,407,798.00 CITY CLERK FILE O Sales tax revenues are down and a trend seems to be developing. The cumulative amount of sales tax revenue is very close to the amount of sales tax revenues earned at this time two years ago. If this trend continues and does not falter, the total sales tax revenue for the General Fund may be off of the budgeted amount by $600,000. The speed at which the current economic conditions change will certainly affect the final outcome in this revenue source. Except for the late interest payment from LAIF the decrease in the revenues from Uses of Assets is due entirely to the change in the rates, the amounts and the composition of Dublin's investment portfolio. (Note that $20,731 of current Uses of Assets revenue was from Property rents, and did not play a significant part in the current decrease in this revenue type) : Current interest earnings: $151,147.34 Late interest LAIF: 174,732.40 Adjusted current interest earnings $325,879.74 Prior year's interest earnings 376,928.46 loss due to rates, size, composition $ 51,048.72 COMPARISON OF INVESTMENT PORTFOLIO BETWEEN TWO YEARS Oct 90 rates Oct 91 rates Local Agency Investment pool $9,465,000.00 8.32%$12,690,000.00 6.72% Other investments $6,701,878.00 $2,486,000.00 Total Portfolio $16, 166,878.00 8.40%$15,176,000.00 6.86% Dollar change in portfolio ($990,878.00) Rate change in portfolio -1 .54% At the end of October the Treasurer had invested all the City's idle cash except for approximately $15,000, which remained in the interest bearing checking account with Security Pacific National Bank to pay for current bills due. Expenditures, on the other hand, are greater in the General Fund during this reporting period than last year at this time by $342,000. The greatest contributions to this difference are the payments for Federal Aid Urban (FAU) funds. These were payments made to Foster City for FAU funds that will be received by Dublin from the State. All other expenditure activities exhibit the similar tendencies as last year. NOTE: Due to the impact of the recession on the City revenues, the City Manager is presently reviewing the 1991-92 budget and Capital Improvement Projects to identify potential expenditures that can be deferred. The report will be prepared and presented to the City Council after the City receives its December sales tax report. CITY OF DUBLIN'S FINANCIAL STATEMENTS FOR THE MONTH OF OCTOBER 1991 Prepared by The Finance Department BGL102 CITY OF DUBLIN PAGE 1 11/04/91 BALANCE SHEET 15.24.04 FOR THE PERIOD 7/91 THROUGH 10/91 GENERAL SPECIAL SPECIAL CAPITAL REVENUE REVENUE ASSESSMENT IMPROVEMENT FUNDS FUNDS FUNDS FUNDS ASSETS CASH 345940.98 801031.42- 942297.44 101469.36- CASH WITH FISCAL AGENT UNAMORTIZED BOND DISCOUNT 1250.00 INVESTMENTS AT COST 15175999.00 RECEIVABLES:TAXES 230898.13- ACCOUNTS (NET) 89360.01- 497800.15- INTEREST 199249.44- ASSESSMENTS 270572.83 RENTS NOTES DUE FROM OTHERS 250696.49 INVENTORY AT COST PREPAID ITEMS 4685.50 FIXED ASSETS AMOUNTS TO BE PROVIDED TOTAL ASSETS 15259064.39 1298831.57- 1212870.27 101469.36- LIAB, FND BzL, RETND EARNINGS DEPOSITS FOR PRIVATE DEVELPMNT 262121.50- DEPOSITS FOR AB1600 FEES 148316.40- DEPOSITS OTHERS 133218.13- 3125.00- PAYABLES:A000UNTS 1178394.28 124672.47 26048.58 925.00 INTEREST P.'-YROLL 74466.46 DUE TO OTHERS 23884.01- 240536.49- 1500.00- DEBT INSTRUMENTS PAYABLE 605000.00- TOTAL LIABILTIES 833637.10 115864.02- 583576.42- 147391.40- FUND BALANCES 16092701.49- 1414695.59 629293.85- 248860.76 TOTAL FUND EQUITY 16092701.49- 1414695.59 629293.85- 248860.76 TOTAL LIAB,FND BAL, RETD EARNS 15259064.39- 1298831.57 1212870.27- 101469.36 BGL102 CITY OF DUBLIN PAGE 1 11/04/91 BALANCE SHEET 15.26.22 FOR THE PERIOD 7/91 THROUGH 10/91 INTERNAL ENTERPRISE FIXED ASSETS SERVICE FUNDS GROUP OF FUND ACCOUNTS ASSETS CASH 242900.41 542061.50- CASH WITH FISCAL AGENT 1714537.60 UNA.MORTIZED BOND DISCOUNT INVESTMENTS AT COST RECEIVABLES:TAXES ACCOUNTS (NET) 768.68- INTEREST 44632.03 ASSESSMENTS RENTS NOTES DUE FROM OTHERS INVENTORY AT COST PREPAID ITEMS 8616.00 1724.03 FIXED ASSETS 190856.57 22364521.57 379709.98 AMOUNTS TO BE PROVIDED TOTAL ASSETS 441604.30 23583353.73 379709.98 LIAB, FND BAL, RETND EARNINGS DEPOSITS FOR PRIVATE DEVELPMNT DEPOSITS OTHERS PAYABLES:A000UNTS 104847.90- INTEREST PAYROLL DUE TO OTHERS DEBT INSTRUMENTS PAYABLE 17320767.00- TOTAL LIABILITIES 17425614.90- FUND BALANCE 347326.30- 1054615.83- CONTRIBUTIONS 94278.00- 5103123.00- INVESTMENTS IN FIXED ASSETS 379709.98- RETAINED EARNINGS TOTAL FUND EQUITY 441604.30- 6157738.83- 379709.98- TOTAL LIAB,FND BAL, RETD EARNS 441604.30- 23583353.73- 379709.98- BGL104 B CITY OF DUBLIN STATEMENT SHOWING PAGE 1 11/05/91 REVENUES VERSUS EXPENDITURE 9.19.44 FOR THE PERIOD 7/91 THROUGH 10/91 GENERAL REVENUE FUND CURRENT PERIOD BUDGET ACTUAL PERCENT VARIANCE ********REVENUES******* PROPERTY TAXES 4034100.00- 266307.72- 6.6 3767792.28- SALES TAX 6300000.00- 1473329.94- 23.4 4826670.06- REAL PROPERTY TRANSFERS 76000.00- 24960.53- 32.8 51039.47- TRANSIENT OCCUPANCY TAX 100000.00- 51515.00- 51.5 48485.00- FRANCHISE TAXES 434500.00- 33365.12- 7.7 401134.88- LICENSES & PERMITS 474700.00- 114295.77- 24.1 360404.23- FINES & FORFEITURES 19500.00- 7236.42- 37.1 12263.58- USES OF MONEY AND PROPERTY 1091100.00- 171878.96- 15.8 919221.04- INTERNGOVERNMENTAL FROM STATE 939366.00- 337008.84- 35.9 602357.16- CHARGES FOR SERVICES 1209905.00- 237483.62- 19.6 972421.38- OTHER SOURCES OF REVENUE 54600.00- 207454.67- 380.0 152854.67 TOTAL REVENUE 14733771.00- 2924836.59- 19.9 11808934.41- *******EXPENDITURES******* GENERAL GOVERNMENT ACTIVITIES: NON-DEPARTMENTAL 388913.00 244903.05 63.0 144009.95 CITY COUNCIL 1010 160669.00 28235.58 17.6 132433.42 CITY MANAGER 1020 506645.00 126039.42 24.9 380605.58 CITY ATTORNEY 1030 128250.00 41809.23 32.6 86440.77 FINANCE DEPARTMENT 1040 247049.00 64091.49 25.9 182957.51 DATA PROCESSING (FIN) 1045 35500.00 .00 35500.00 BUILDING MANAGEMENT 1050 2083890.00 95501.43 4.6 1988388.57 INSURANCE COST CENTER 1060 166600.00 143111.43 85.9 23488.57 ELECTIONS COST CENTER 1070 .00 .00 .00 ACTIVITY TOTAL 3717516.00 743691.63 20.0 2973824.37 PUBLIC SAFETY: POLICE 2010 2794073.00 31492.68 1.1 2762580.32 CROSSING GUARDS COST 2020 33120.00 .00 33120.00 ANIMAL CONTROL 2030 56000.00 12554.75 22.4 43445.25 TRAFFIC SIGNALS 2040 72550.00 11621.90 16.0 60928.10 DISASTER PREAPREDNESS 2050 42085.00 6782.33 16.1 35302.67 FIRE SERVICES JPA 2060 2578993.00 825276.00 32.0 1753717.00 ACTIVITY TOTAL 5576821.00 887727.66 15.9 4689093.34 TRANSPORTATION: PUBLIC WORKS 3010 ,282015.00 74310.88 26.3 207704.12 STREET MAINTENANCE 3020 328100.00 17275.00 5.3 310825.00 STREET SWEEPING 3030 62000.00 14499.50 23.4 47500.50 STREET TREE MAINTENANCE 3040 66500.00 8732.49 13.1 57767.51 STREET LANDSCAPE MAINT. 3050 208850.00 42375.57 20.3 166474.43 PARATRANSIT SERVICES 3060 1500.00 1500.00 100.0 .00 ACTIVITY TOTAL 948965.00 158693.44 16.7 790271.56 HEALTH & WELFARE: VECTOR CONTROL 5010 28296.00 .00 28296.00 WASTE MANAGEMENT 5020 33255.00 4023.00 12.1 29232.00 ACTIVITY TOTAL 61551.00 4023.00 6.5 57528.00 CULTURE & LEISURE SERVICES: LIBRARY SERVICES 8010 156007.00 39001.75 25.0 117005.25 CULTURAL ACTIVITIES 8011 44140.00 8402.05 19.0 35737.95 GL1O4 .E CITY OF DUBLIN STATEMENT SHOWING PAGE 2 11/05./91 REVENUES VERSUS EXPENDITURE 9.19.44 FOR THE PERIOD 7/91 THROUGH 10/91 GENERAL REVENUE FUND CURRENT PERIOD BUDGET ACTUAL PERCENT VARIANCE PARK MAINTENANCE 8020 545270.00 152901.75 28.0 392368.25 COMMUNITY CABLE TV 8030 49000.00 24000.00 49.0 25000.00 RECREATION ADMIN. 8040 171625.00 47477.88 27.7 124147.12 PLAYGROUNDS 8045 66924.00 22298.49 33.3 44625.51 SHANNON CENTER 8050 105787.00 33240.04 31.4 72546.96 PRESCHOOL 8055 32057.00 6970.81 21.7 25086.19 TEENS PROGRAM 8060 47185.00 10841.98 23.0 36343.02 FIELD SCHEDULING 8065 133395.00 41300.68 31.0 92094.32 YOUTH SPORTS 8066 31739.00 4937.66 15.6 26801.34 SPECIAL EVENTS 8070 27791.00 4972.20 17.9 22818.80 SENIOR CENTER 8080 104120.00 26522.88 25.5 77597.12 RECREATION INSTRUCTION 8090 76921.00 17516.29 22.8 59404.71 AQUATICS 8100 192225.00 77253.14 40.2 114971.86 ACTIVITY TOTAL 1784186.00 517637.60 29.0 1266548.40 COMMUNITY DEVELOPMENT: PLANNING 9010 1050075.00 274154.10 26.1 775920.90 BUILDING SAFETY 9020 326796.00 65020.39 19.9 261775.61 ENGINEERING 9030 429791.00 75980.69 17.7 353810.31 ECONOMIC DEVELOPMENT 9040 57250.00 776.67 1.4 56473.33 ACTIVITY TOTAL 1863912.00 - 415931.85 22.3 1447980.15 CAPITAL IMPROVEMENT PROJECTS: GENERAL CIP PROJECTS 93NN 88850.00 313.41 .4 88536.59 COMMUNITY IMPROVEMENTS 94NN 66300.00 11973.53 18.1 54326.47 PARKS 95NN 213216.00 27948.13 13.1 185267.87 STREET CONSTRC/IMPROVMT 96NN 266458.00 3302.21 1.2 263155.79 ACTIVITY TOTAL 634824.00 43537.28 6.9 591286.72 T 0 T A L EXPENDITURES 14587775.00 2771242.46 19.0 11816532.54 EXCESS <REVENUE>EXPENDITURES 145996.00- 153594.13- 105.2 7598.13 EXCESS <REVENUE> EXPENDITURE 145996.00- 153594.13- 105.2 7598.13 BGL104 E CITY OF DUBLIN STATEMENT SHOWING PAGE 1 11/05/91 REVENUES VERSUS EXPENDITURE 9.21.42 FOR THE PERIOD 7/91 THROUGH 10/91 SPECIAL REVENUE FUNDS CURRENT PERIOD BUDGET ACTUAL PERCENT VARIANCE ********REVENUES******* SALES TAX 114000.00- 31981.27- 28.1 82018.73- FINES & FORFEITURES 15250.00- 11129.48- 73.0 4120.52- USES OF MONEY AND PROPERTY 19360.00- .00 19360.00- INTERNGOVERNMENTAL FROM STATE 797071.00- 135944.88- 17.1 661126.12- INTERGOVERNMENTAL FROM FEDERAL 958558.00- .00 958558.00- CHARGES FOR SERVICES 132065.00- .00 132065.00- OTHER SOURCES OF REVENUE 1037300.00- 4050.00- .4 1033250.00- TOTAL REVENUE 3073604.00- 183105.63- 6.0 2890498.37- *******EXPENDITURES******* GENERAL GOVERNMENT ACTIVITIES: CITY COUNCIL 3142.00 .00 3142.00 ACTIVITY TOTAL 3142.00 .00 3142.00 PUBLIC SAFETY: POLICE 13295.00 2195.88 16.5 11099.12 CROSSING GUARDS COST .00 .00 .00 TRAFFIC SIGNALS 15250.00 5179.63 34.0 10070.37 ACTIVITY TOTAL 28545.00 7375.51 25.8 21169.49 TRANSPORTATION: STREET MAINTENANCE 151300.00 11325.29 7.5 139974.71 ACTIVITY TOTAL 151300.00 11325.29 7.5 139974.71 HEALTH & WELFARE: CULTURE & LEISURE SERVICES: COMMUNITY DEVELOPMENT: ENGINEERING 132365.00 2950.00 2.2 129415.00 ACTIVITY TOTAL 132365.00 2950.00 2.2 129415.00 CAPITAL IMPROVEMENT PROJECTS: COMMUNITY IMPROVEMENTS 35024.00 6251.65 17.8 28772.35 PARKS 412475.00 60848.47 14.8 351626.53 STREET CONSTRUCTION/IMPROVMT 4192510.00 699786.20 16.7 3492723.80 ACTIVITY TOTAL 4640009.00 766886.32 16.5 3873122.68 T 0 T A L EXPENDITURES 4955361.00 788537.12 15.9 4166823.88 EXCESS (REVENUE>EXPENDITURE 1881757.00 605431.49 32.2 1276325.51 EXCESS <REVENUE> EXPENDITURE 1881757.00 605431.49 32.2 1276325.51 BGL104 E CITY OF DUBLIN STATEMENT SHOWING PAGE 1 11/05/91 REVENUES VERSUS EXPENDITURE 9.26.35 FOR THE PERIOD 7/91 THROUGH 10/91 SPECIAL ASSESSMENT FUNDS CURRENT PERIOD BUDGET ACTUAL PERCENT VARIANCE ********REVENUES******* SPECIAL BENEFITS ASSESSMENTS 391430.00- 22282.12- 5.7 369147.88- USES OF MONEY AND PROPERTY 17400.00- .00 17400.00- OTHER SOURCES OF REVENUE 7000.00- 26187.80- 374.1 19187.80 TOTAL REVENUE 415830.00- 48469.92- 11.7 367360.08- *******EXPENDITURES******* GENERAL GOVERNMENT ACTIVITIES: NON-DEPARTMENTAL 103813.00 80575.00 77.6 23238.00 ACTIVITY TOTAL 103813.00 80575.00 77.6 23238.00 PUBLIC SAFETY: TRFC SIGS/STREET LIGHTING 173550.00 40081.11 23.1 133468.89 ACTIVITY TOTAL 173550.00 40081.11 23.1 133468.89 TRANSPORTATION: STREET TREE MAINTENANCE 13100.00 1412.70 10.8 11687.30 STREET LANDSCAPE MAINTENANCE 100880.00 36618.41 36.3 64261.59 ACTIVITY TOTAL 113980.00 38031.11 33.4 75948.89 HEALTH & WELFARE: CULTURE & LEISURE SERVICES: COMMUNITY DEVELOPMENT: ENGINEERING 11000.00 3750.59 34.1 7249.41 ACTIVITY TOTAL 11000.00 3750.59 34.1 7249.41 CAPITAL IMPROVEMENT PROJECTS: STREET CONSTRUCTION/IMPROVMT 1534400.00 .00 1534400.00 ACTIVITY TOTAL 1534400.00 .00 1534400.00 T O T A L EXPENDITURES 1936743.00 162437.81 8.4 1774305.19 EXCESS<REVENUE>EXPENDITURE 1520913.00 113967.89 7.5 1406945.11 EXCESS <REVENUE> EXPENDITURE 1520913.00 113967.89 7.5 1406945.11 BGL104 HE CITY OF DUBLIN STATEMENT SHOWING PAGE 1 11/04/91 REVENUES VERSUS EXPENDITURE 15.20.21 FOR THE PERIOD 7/91 THROUGH 10/91 CAPITAL IMPROVEMENT FUND CURRENT PERIOD BUDGET ACTUAL PERCENT VARIANCE *******=REVENUES******* USES OF MONEY AND PROPERTY 3200.00- .00 3200.00- OTHER SOURCES OF REVENUE 649442.00- .00 649442.00- TOTAL REVENUE 652642.00- .00 652642.00- *******EX.PENDITURES******* GENERAL GOVERNMENT ACTIVITIES: ACTIVITY TOTAL .00 .00 .00 PUBLIC SAFETY: TRANSPORT 1'TION: HEALTH & WELFARE: CULTURE & LEISURE SERVICES: COMMUNITY DEVELOPMENT: CAPITAL IMPROVEMENT PROJECTS: COMMUNITY IMPROVEMENTS .00 .00 .00 PARKS 49592.00 8050.67 16.2 41541.33 STREET CONSTRUCTION/IMPROVMT 723850.00 17220.29 2.4 706629.71 ACTIVITY TOTAL 773442.00 25270.96 3.3 748171.04 T 0 T A L EXPENDITURES 773442.00 25270.96 3.3 748171.04 EXCESS<REi'ENUE>EXPENDITURE 120800.00 25270.96 20.9 95529.04 EXCESS <REVENUE> EXPENDITURE 120800.00 25270.96 20.9 95529.04 BGL104 THE CITY OF DUBLIN STATEMENT SHOWING PAGE 1 11/04/91 REVENUES VERSUS EXPENDITURE 15.16.42 FOR THE PERIOD 7/91 THROUGH 10/91 ENTERPRISE FUNDS CURRENT PERIOD BUDGET ACTUAL PERCENT VARIANCE ********REVENUES******* USES OF MONEY AND PROPERTY 1862699.00- .00 1862699.00- TOTAL REVENUE 1862699.00- .00 1862699.00- *******EXPENDITURES******* GENERAL GOVERNMENT ACTIVITIES: NON-DEPARTMENTAL 1720770.00 520018.18 30.2 1200751.82 CITY MANAGER 19465.00 4696.46 24.1 14768.54 FINANCE DEPARTMENT 10151.00 3552.65 35.0 6598.35 ACTIVITY TOTAL 1750386.00 528267.29 30.2 1222118.71 PUBLIC SAFETY: DISASTER PREAPREDNESS 10900.00 .00 10900.00 ACTIVITY TOTAL 10900.00 .00 10900.00 TRANSPORTATION: HEALTH & WELFARE: CULTURE & LEISURE SERVICES: RECREATION ADMINISTRATION 13080.00 2999.69 22.9 10080.31 SENIOR CENTER 500.00 158.86 31.8 341.14 ACTIVITY TOTAL 13580.00 3158.55 23.3 10421.45 COMMUNITY DEVELOPMENT: CAPITAL IMPROVEMENT PROJECTS: T O T A L EXPENDITURES 1774866.00 531425.84 29.9 1243440.16 EXCESS<REVENUE>EXPENDITURES 87833.00- 531425.84 605.0- 619258.84- EXCESS <REVENUE> EXPENDITURE 87833.00- 531425.84 605.0- 619258.84- BGL104 THE CITY OF DUBLIN STATEMENT SHOWING PAGE 1 11/05/91 , REVENUES VERSUS EXPENDITURE 9.29.49 FOR THE PERIOD 7/91 THROUGH 10/91 INTERNAL SERVICE FUND CURRENT PERIOD BUDGET ACTUAL PERCENT VARIANCE ********REVENUES******* USES OF MONEY AND PROPERTY 15000.00- .00 15000.00- CHARGES FOR SERVICES 148354.00- 14796.00- 10.0 133558.00- TOTAL REVENUE 163354.00- 14796.00- 9.1 148558.00- *******EXPENDITURES******* GENERAL GOVERNMENT ACTIVITIES: NON-DEPARTMENTAL 161069.00 35220.68 21.9 125848.32 ACTIVITY TOTAL 161069.00 35220.68 21.9 125848.32 PUBLIC SAFETY: POLICE 16700.00 .00 16700.00 ACTIVITY TOTAL 16700.00 .00 16700.00 TRANSPORTATION: HEALTH & WELFARE: CULTURE & LEISURE SERVICES: COMMUNITY DEVELOPMENT: CAPITAL IMPROVEMENT PROJECTS: T O T A L EXPENDITURES 177769.00 35220.68 19.8 142548.32 EXCESS<REVENUE>EXPENDITURE 14415.00 20424.68 141.7 6009.68- EXCESS <REVENUE> EXPENDITURE 14415.00 20424.68 141.7 6009.68-