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QUARTERLY FINANCIAL REPORT
December 31, 2011
Quarterly Financial Report March 31, 2013
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
2nd Fiscal Quarter Report assumptions pertaining throughout the document:
•
•
•
•
Revenues
•
a.
b.
c.
d.
•
Expenditures
•
•
•
•
•
•
•
QUARTERLY FINANCIAL REPORT - ASSUMPTIONS
March 31, 2013
Variances between actual and expected in excess of 25% for operating revenues and expenses are explained on the
major variance pages, where applicable.
Expectations for capital projects are not included due to many facets involved with a capital project (i.e.. Scope
development, RFP process and review, design and engineering, etc.). Overall, projects are expected to be 100% upon
completion. All projects are projected to be expensed by the end of the fiscal year with the exception of Gateway Park
where $10 million is expected to rollover to the following fiscal year.
Year to Date represents the period from October 1, 2012 to March 31, 2013.
Operating Funds include the General Fund, Building Fund, and Streets Construction and Maintenance Fund
General Fund revenue expectation percentages are valued at 50% for the 6 months with the following exceptions
based on timing of revenues received:
The majority of property tax revenues are collected in November and December
One month lag in collections
Two month lag in collections
Seasonal trend in collections
2nd Quarter represents the period from January 1, 2013 to March 31, 2013.
The expenditures for Risk Management is adjusted based on the payment structure of the various insurance policies
which are renewable every October. Payment structure for the policies require large initial payments followed by the
remaining amount due in installments.
Local Business License billing occurs in August of each year. Approximately 70% is collected in the year of billing and
approximately 30% is collected in the 1st fiscal quarter of the year directly following the date of the billing. Residual
fees come in during the year as a result of new business which are not budgeted.
Personnel services expectations for the quarter were developed based on number of pay periods actually paid to date.
A total of 12 pay periods out of 26 pay periods in a year or 46.2% have occurred up to March 31, 2013.
Operating expectations for the quarter are based on a 1 month lag in invoicing and remittance to vendors. As a result
41.7% or 5 months out of 12 months have elapsed through March 31, 2013.
The expenditures for the Cultural and Community Services Department (572) are incurred on demand. As a result,
50% of budget is expected for the period.
Significant costs for the Summer Camp program are not expected to be incurred until the 3rd and 4th quarter of each
fiscal year. As a result, operating expectations for the Pelican Community Park Department (573) are adjusted for the
period to 30.6%.
Operating expectations for the City Commission Department (511) reflect Commissioners' stipend payments paid
prior to the following quarter where 75% of the $30,000 budgeted on account is expected through March 31, 2013.
The remaining cost expectations reflect a 1 month lag in invoicing or 41.7%.
ASSUMPTIONS1
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
9/30/2013
Amended Jan 1, 2013 - Year Projected Projected /
Budget Mar 31, 2013 to Date* Amount Budget
OPERATING FUNDS (pages 5-16)
FUND BALANCE, BEGINNING - October 1, 2012 4,441,969 4,441,969 4,441,969
TOTAL REVENUES 32,862,940 10,236,603 21,242,448 33,537,500 102.1%
TOTAL EXPENDITURES (27,824,948) (5,381,515) (10,853,204) (26,772,501) 96.2%
OTHER FINANCING SOURCES (USES) (7,867,170) (1,000,000) (4,214,770) (7,867,170) 100.0%
NET CHANGE IN FUND BALANCE (2,829,178) 3,855,088 6,174,473 (1,102,171)
FUND BALANCE, ENDING 1,612,791 10,616,443 3,339,798
CAPITAL PROJECTS FUNDS (page 17-19)
FUND BALANCE, BEGINNING - October 1, 2012 18,666,216 18,666,216 18,666,216
TOTAL REVENUES 10,512,600 8,981,567 9,501,493 13,862,700 131.9%
TOTAL EXPENDITURES (30,236,695) (1,187,963) (5,455,150) (16,236,700) 53.7%
OTHER FINANCING SOURCES (USES) 4,000,000 1,000,000 2,000,000 4,000,000 100.0%
NET CHANGE IN FUND BALANCE (15,724,095) 8,793,604 6,046,342 1,626,000
FUND BALANCE, ENDING 2,942,121 24,712,558 20,292,216
LAW ENFORCEMENT TRUST FUND
FUND BALANCE, BEGINNING - October 1, 2012 7,916,025 7,916,025
TOTAL REVENUES - 52,890 63,777
TOTAL EXPENDITURES - (121,397) (193,763)
NET CHANGE IN FUND BALANCE - (68,507) (129,986)
FUND BALANCE, ENDING 7,916,025 7,786,039
STORMWATER FUND (page 20-21)
NET CURRENT ASSETS, BEGINNING - October 1, 2012 488,107 488,107 488,107
TOTAL REVENUES 1,037,800 266,225 443,472 1,064,300 102.6%
TOTAL EXPENSES (743,257) (58,536) (91,877) (702,361) 94.5%
NET CHANGE IN FUND BALANCE (230,457) 129,813 126,310 (163,061)
NET CURRENT ASSETS, ENDING 257,650 614,417 325,046
TOTAL FUNDS
FUND BALANCE, BEGINNING - October 1, 2012 31,512,316 31,512,316
TOTAL REVENUES 44,413,340 19,537,286 31,251,190
TOTAL EXPENDITURES (58,804,899) (6,749,412) (16,593,995)
OTHER FINANCING SOURCES (USES) (4,392,170) (77,876) (2,440,055)
NET CHANGE IN FUND BALANCE (18,783,729) 12,709,998 12,217,140
FUND BALANCE, ENDING 12,728,587 43,729,457
Projected
March 31, 2013
QUARTERLY FINANCIAL REPORT
Actual
s Refer to assumptions detailed on Page 1 for quarterly assumptions established
throughout the report. SUMMARY2
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
13,614,431
GENERAL FUND
Year to Date Revenues by Source
19,110,385
Year to Date Expenditures by Category
Property Taxes, 73.9%
Fines and Forfeitures, 0.7% Franchise Fees, 0.9%
Miscellaneous, 1.0%
Utility Taxes, 8.9%
Licenses/Permits, 0.8%
Intergovernmental, 4.7%
Charges for Services, 8.8%
Interest & Other Earnings, 0.3%
Property Taxes Fines and Forfeitures Franchise Fees
Miscellaneous Utility Taxes Licenses/Permits
Intergovernmental Charges for Services Interest & Other Earnings
Personnel Services 43.4%
Operating Expenses 19.2%
Operating Transfers 12.7%
Debt Service 23.5%
Capital Outlay 1.1%
Personnel Services Operating Expenses Operating Transfers Debt Service
Other Disbursements Contingency & Reserves Capital Outlay
s Refer to assumptions detailed on Page 1 for quarterly assumptions established
throughout the report. GENERAL FUND ANALYSIS3
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
Oct 1, 2012 - Projected
OPERATING REVENUES Mar 31, 2013 FY 2013
General Fund
PROPERTY TAXES 13,533 14,358 15,022 15,085 15,315 15,960 14,116 16,700
CITIZENS INDEPENDENT TRANSPORTATION
TRUST 557 577 551 625 614 - - -
FRANCHISE - ELECTRIC 1,529 1,627 1,426 1,565 1,099 1,285 - 1,360
FRANCHISE - REFUSE 180 203 446 444 392 379 168 384
UTILITY TAX - ELECTRIC 1,513 1,721 1,864 2,063 2,108 2,147 908 2,250
UTILITY TAX - WATER 443 563 692 666 763 767 316 752
COMMUNICATIONS TAX 886 1,076 1,088 1,125 1,143 1,041 456 1,110
BUILDING PERMITS & FEES 3,042 1,887 1,843 1,865 2,673 - - -
STATE REVENUE SHARING 357 349 305 299 342 270 139 285
LOCAL GOVT 1/2 CENT SALES 1,114 1,154 1,073 1,103 1,208 1,353 599 1,360
FINES & FORFEITURES 422 376 322 419 395 419 134 402
PARKING AGREEMENTS 488 528 582 587 760 902 461 835
RENTAL PROPERTY 375 384 457 474 572 483 181 425
AFTERSCHOOL PROGRAM - - 73 404 437 457 246 455
Building Fund
BUILDING PERMITS & FEES - - - - - 1,793 1,736 3,204
Streets Construction & Maint. Fund
CITIZENS INDEPENDENT TRANSPORTATION
TRUST - - - - - 699 258 695
STATE REVENUE SHARING - - - - - 103 51 120
TOTAL MAJOR REVENUES 24,438 24,805 25,745 26,723 27,820 28,057 19,768 30,337
TOTAL OPERATING
REVENUES 26,726 27,419 27,982 28,412 29,321 30,696 21,242 33,538 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 Projected
Major Revenues 24.44 24.80 25.75 26.72 27.82 28.06 19.77 30.34 Total Operating Revenues 2.29 2.61 2.24 1.69 1.50 2.64 1.47 3.20
FY 2011
OPERATING FUNDS MAJOR REVENUE FIVE YEAR TREND(in thousands)
OPERATING FUNDS REVENUE FIVE YEAR TREND(in millions)
FY 2007 FY 2008 FY 2009 FY 2010 FY 2012
24.44 24.80 25.75 26.72 27.82 28.06 30.34 26.73 27.42 27.98 28.41 29.32
30.70 33.54
$-
$5
$10
$15
$20
$25
$30
$35
$40
FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Projected FY 2013
Major Revenues Total Operating Revenues
OPERATING FUNDS TREND ANALYSIS4
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
9/30/2013
Amended Jan 1, 2013 - Year Actual / Projected Projected /
Budget Mar 31, 2013 to Date* Budget Amount Budget
Revenues
a Property Taxes 16,682,030 6,265,012 14,116,168 84.6% 80.0% 5.8% 16,700,000 100.1%
d Franchise - Electric 1,350,000 - - 0.0% 0.0% 0.0% 1,360,000 100.7%
c Franchise- Gas 24,000 3,539 6,181 25.8% 33.3% -22.7% 12,000 50.0%
b Franchise - Refuse 360,000 104,166 167,972 46.7% 41.7% 12.0% 384,000 106.7%
b Utility Tax - Electric 2,200,000 518,618 907,519 41.3% 41.7% -1.0% 2,250,000 102.3%
b Communications Service Tax 1,100,000 275,372 455,532 41.4% 41.7% -0.6% 1,110,000 100.9%
b Utility Tax - Water 700,000 184,958 316,384 45.2% 41.7% 8.5% 752,000 107.4%
b Utility Tax - Gas 18,000 9,772 12,665 70.4% 41.7% 68.9% [1] 24,000 133.3%
d Local Business Licenses 190,000 22,459 84,148 44.3% 45.0% -1.6% 220,000 115.8%
Zoning Hearing/Plans Review 60,000 41,748 76,324 127.2% 50.0% 154.4% [2] 95,000 158.3%
Code Enforcement 197,950 76,503 153,673 77.6% 50.0% 55.3% [3] 250,000 126.3%
State Revenue Sharing 284,080 69,675 139,349 49.1% 50.0% -1.9% 285,000 100.3%
d Alcoholic Beverage License 18,000 1,083 1,183 6.6% 0.0% 0.0% 19,000 105.6%
b Local Govt 1/2 Cent Sales 1,357,760 383,038 598,663 44.1% 41.7% 5.8% 1,360,000 100.2%
c Gas Tax Rebate 10,000 3,241 3,241 32.4% 33.3% -2.8% - 0.0%
Grants 90,020 - - 0.0% 0.0% 0.0% 90,000 100.0%
Administrative Fees 894,000 223,500 447,000 50.0% 50.0% 0.0% 894,000 100.0%
b Special Duty Officer 62,500 80,872 151,972 243.2% 41.7% 483.6% [4] 310,000 496.0%
c Fines and Forfeitures 401,450 91,646 134,237 33.4% 33.3% 0.3% 402,000 100.1%
Interest & Other Earnings 200,000 38,396 59,816 29.9% 50.0% -40.2% [5] 190,000 95.0%
Sale of Property 5,000 - 10,468 209.4% 25.0% 737.5% [6] 30,000 600.0%
Other Miscellaneous Revenue 190,900 78,743 196,770 103.1% 50.0% 106.1% [7] 220,000 115.2%
Visitor's Center 2,960 848 1,640 55.4% 50.0% 10.8% 3,000 101.4%
Parking Meters/Agreements 834,300 262,613 460,813 55.2% 50.0% 10.5% 835,000 100.1%
Rental Property 415,400 106,301 180,551 43.5% 50.0% -13.1% 425,000 102.3%
d Cultural/Special Events 23,000 5,810 19,285 83.8% 63.0% 33.1% [8] 30,000 130.4%
Concession and Rentals 8,300 3,056 4,729 57.0% 50.0% 14.0% 9,500 114.5%
d Afterschool Program 450,000 151,893 246,468 54.8% 60.0% -8.7% 455,000 101.1%
d Summer Program Fees 270,000 - 10 0.0% 0.0% 0.0% 270,000 100.0%
d Athletics/Leagues Programs 130,000 36,323 47,107 36.2% 50.0% -27.5% [9] 107,000 82.3%
PCP Programs/Activities 60,000 33,777 46,031 76.7% 50.0% 53.4% [10] 70,000 116.7%
Fitness Program 20,000 10,897 18,929 94.6% 50.0% 89.3% [11] 30,000 150.0%
Other CHS/PCP Revenues 101,130 15,200 45,556 45.0% 50.0% -9.9% 106,000 104.8%
Total Revenues 28,710,780 9,099,059 19,110,385 29,297,500
Note: Expectation percentages are valued at 50% for the 6 months with the following exceptions based on timing of revenues received:
a. The majority of property tax revenues are collected in November and December c. Two month lag in collections
b. One month lag in collections d. Seasonal trend in collections
GENERAL FUND
Projected
Expected*
%
Diff
%
Actual
s Refer to assumptions detailed on Page 1 for quarterly assumptions established
throughout the report. GENERAL FUND ANALYSIS5
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
9/30/2013
Amended Jan 1, 2013 - Year Actual / Projected Projected /
Budget Mar 31, 2013 to Date* Budget Amount Budget
GENERAL FUND
Projected
Expected*
%
Diff
%
Actual
Expenditures
General Government:
City Commission (511)
Personnel Services 153,680 33,094 67,444 43.9% 46.2% -4.9% 153,680 100.0%
Operating Expenses 82,800 32,255 51,067 61.7% 54.0% 14.2% 82,600 99.8%
Other Disbursements 24,000 1,500 8,500 35.4% 40.0% -11.5% 24,000 100.0%
260,480 66,849 127,011 260,280
City Manager (512)
Personnel Services 449,180 72,157 133,138 29.6% 46.2% -35.8% [12] 357,800 79.7%
Operating Expenses 69,217 1,532 12,926 18.7% 41.7% -55.2% [12] 65,000 93.9%
518,397 73,689 146,064 422,800
Finance (513)
Personnel Services 543,380 108,674 221,549 40.8% 46.2% -11.7% 523,960 96.4%
Operating Expenses 232,857 55,625 85,044 36.5% 41.7% -12.3% 220,000 94.5%
776,237 164,299 306,593 743,960
City Attorney (514)
Personnel Services 523,960 114,757 238,505 45.5% 46.2% -1.4% 520,960 99.4%
Operating Expenses 103,660 15,502 18,798 18.1% 41.7% -56.5% [13] 100,000 96.5%
627,620 130,258 257,303 620,960
City Clerk (516)
Personnel Services 222,900 49,517 101,252 45.4% 46.2% -1.6% 222,900 100.0%
Operating Expenses 161,080 5,898 12,867 8.0% 41.7% -80.8% [14] 150,000 93.1%
383,980 55,415 114,119 372,900
Human Resources (518)
Personnel Services 610,080 82,918 278,739 45.7% 46.2% -1.0% 604,600 99.1%
Operating Expenses 150,630 34,161 72,389 48.1% 41.7% 15.3% 150,000 99.6%
Other Disbursements 500 400 500 100.0% 100.0% 0.0% 500 100.0%
761,210 117,478 351,629 755,100
Planning and Zoning (523)
Personnel Services 134,790 34,394 60,664 45.0% 46.2% -2.5% 134,790 100.0%
Operating Expenses 19,520 2,161 4,150 21.3% 41.7% -49.0% [15] 19,000 97.3%
154,310 36,555 64,815 153,790
Risk Management (533)
Operating Expenses 788,000 148,352 576,481 73.2% 75.0% -2.5% 630,000 79.9%
788,000 148,352 576,481 630,000
s Refer to assumptions detailed on Page 1 for quarterly assumptions established
throughout the report. GENERAL FUND ANALYSIS6
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
9/30/2013
Amended Jan 1, 2013 - Year Actual / Projected Projected /
Budget Mar 31, 2013 to Date* Budget Amount Budget
GENERAL FUND
Projected
Expected*
%
Diff
%
Actual
Information Technology (559)
Personnel Services 417,570 83,859 173,502 41.6% 46.2% -10.0% 417,690 100.0%
Operating Expenses 610,620 94,022 214,553 35.1% 41.7% -15.7% 570,000 93.3%
Capital Outlay 941,355 9,163 18,057 1.9% 0.0% 0.0% 940,000 99.9%
1,969,545 187,043 406,111 1,927,690
Total General
Government 6,239,779 979,939 2,350,126 5,887,480
Public Safety:
Police (521)
Personnel Services 6,149,230 1,492,321 3,110,496 50.6% 46.2% 9.6% 6,400,000 104.1%
Operating Expenses 443,830 103,859 174,912 39.4% 41.7% -5.4% 380,000 85.6%
Capital Outlay 86,810 - 4,782 5.5% 0.0% 0.0% 86,810 100.0%
6,679,870 1,596,181 3,290,190 6,866,810
Code Enforcement (524)
Personnel Services 373,430 84,572 173,919 46.6% 46.2% 0.9% 373,430 100.0%
Operating Expenses 32,860 5,852 12,091 36.8% 41.7% -11.7% 30,000 91.3%
406,290 90,425 186,011 403,430
Ocean Rescue (575)
Personnel Services 1,589,240 319,115 637,017 40.1% 46.2% -13.2% 1,573,570 99.0%
Operating Expenses 60,350 9,309 12,047 20.0% 41.7% -52.1% [16] 60,000 99.4%
Capital Outlay 60,000 30,797 30,797 51.3% 0.0% 0.0% 60,000 100.0%
1,709,590 359,222 679,860 1,693,570
Total Public Safety 8,795,750 2,045,827 4,156,061 8,963,810
Physical Environment:
Facilities Maintenance (534)
Personnel Services 152,790 31,457 66,161 43.3% 46.2% -6.2% 152,790 100.0%
Operating Expenses 758,000 229,132 322,022 42.5% 41.7% 2.0% 755,000 99.6%
Capital Outlay 166,260 35,070 35,070 21.1% 0.0% 0.0% 166,260 100.0%
1,077,050 295,659 423,254 1,074,050
Fleet Maintenance (535)
Personnel Services 57,580 12,959 25,984 45.1% 46.2% -2.2% 57,580 100.0%
Operating Expenses 324,280 86,909 144,398 44.5% 41.7% 6.9% 320,000 98.7%
Capital Outlay 453,460 17,189 17,189 3.8% 0.0% 0.0% 453,460 100.0%
835,320 117,057 187,571 831,040
Construction (537)
Personnel Services 164,860 34,819 74,356 45.1% 46.2% -2.3% 164,860 100.0%
Operating Expenses 106,569 4,255 7,346 6.9% 41.7% -83.5% [17] 80,000 75.1%
Capital Outlay 50,000 - 20,172 40.3% 0.0% 0.0% 50,000 100.0%
321,429 39,075 101,874 294,860
s Refer to assumptions detailed on Page 1 for quarterly assumptions established
throughout the report. GENERAL FUND ANALYSIS7
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
9/30/2013
Amended Jan 1, 2013 - Year Actual / Projected Projected /
Budget Mar 31, 2013 to Date* Budget Amount Budget
GENERAL FUND
Projected
Expected*
%
Diff
%
Actual
Public Works Administration (539)
Personnel Services 526,790 108,699 200,759 38.1% 46.2% -17.4% 525,730 99.8%
Operating Expenses 37,570 2,993 3,691 9.8% 41.7% -76.4% [18] 37,000 98.5%
564,360 111,692 204,450 562,730
Total Physical
Environment 2,798,159 563,482 917,148 2,762,680
Culture & Recreation:
Cultural & Community Services (572)
Personnel Services 585,360 133,728 260,644 44.5% 46.2% -3.5% 585,280 100.0%
Operating Expenses 875,325 141,286 343,261 39.2% 50.0% -21.6% 850,000 97.1%
Capital Outlay 126,300 - 539 0.4% 0.0% 0.0% 126,300 100.0%
1,586,985 275,014 604,444 1,561,580
Pelican Community Park (573)
Personnel Services 914,420 164,057 352,402 38.5% 46.2% -16.5% 913,690 99.9%
Operating Expenses 701,176 112,663 183,705 26.2% 30.6% -14.4% 600,000 85.6%
Capital Outlay 58,750 - - 0.0% 0.0% 0.0% 58,750 100.0%
1,674,346 276,720 536,107 1,572,440
Athletics (576)
Personnel Services 210,680 29,890 60,243 28.6% 46.2% -38.0% [19] 180,000 85.4%
Operating Expenses 59,450 12,900 27,219 45.8% 41.7% 9.9% 47,000 79.1%
270,130 42,791 87,462 227,000
Parks Maintenance (577)
Personnel Services 333,480 57,317 121,114 36.3% 46.2% -21.3% 313,480 94.0%
Operating Expenses 883,425 175,814 275,602 31.2% 41.7% -25.1% [20] 860,000 97.3%
Capital Outlay 58,380 103 1,123 1.9% 0.0% 0.0% 58,380 100.0%
1,275,285 233,233 397,839 1,173,480
Total Culture &
Recreation 4,806,746 827,758 1,625,852 4,534,500
Transportation:
Parking (525)
Personnel Services 138,220 31,257 64,018 46.3% 46.2% 0.4% 138,220 100.0%
Operating Expenses 457,230 45,006 89,821 19.6% 41.7% -52.9% [21] 455,000 99.5%
Capital Outlay 2,000 - - 0.0% 0.0% 0.0% 2,000 100.0%
597,450 76,263 153,839 595,220
Total Transportation 597,450 76,263 153,839 595,220
s Refer to assumptions detailed on Page 1 for quarterly assumptions established
throughout the report. GENERAL FUND ANALYSIS8
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
9/30/2013
Amended Jan 1, 2013 - Year Actual / Projected Projected /
Budget Mar 31, 2013 to Date* Budget Amount Budget
GENERAL FUND
Projected
Expected*
%
Diff
%
Actual
Non Departmental:
Contingency (900)
Non Departmental 400,000 - - 0.0% 0.0% 0.0% - 0.0%
400,000 - - -
Total Non Departmental 400,000 - - -
Expenditures 23,637,884 4,493,270 9,203,026 22,743,690
Excess (Deficiency) of
Revenues over Expenditures 5,072,896 4,605,789 9,907,359 6,553,810
Other Financing Sources (Uses):
Transfers & Debt Service (800)
Debt Services (3,867,170) - (2,214,770) 57.3% 50.0% 14.5% (3,867,170) 100.0%
Transfers Out (4,393,270) (1,098,318) (2,196,635) 50.0% 50.0% 0.0% (4,393,270) 100.0%
(8,260,440) (1,098,318) (4,411,405) (8,260,440)
Total Other Financing
Sources (Uses) (8,260,440) (1,098,318) (4,411,405) (8,260,440)
Net Change in
Fund Balance (3,187,544) 3,507,471 5,495,954 (1,706,630)
Fund Balance, 10/1/12 3,998,260 3,998,260 3,998,260
Fund Balance, Ending 810,716 9,494,214 2,291,630
s Refer to assumptions detailed on Page 1 for quarterly assumptions established
throughout the report. GENERAL FUND ANALYSIS9
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
[1]
[2]
[3]
[4]
[5]
[6]
[7]
Note: Significant variances between actual and expected are explained herein.
• Positive Variance (overage) - a positive variance or overage indicates the actual balance is greater than expected.
• Negative Variance - a negative variance indicates the actual balance is less than expected.
GENERAL FUNDMAJOR VARIANCES - REVENUES
The overage is a result of the increase in lien searches and extended hours
applications. Budgeted amounts were exceeded as a result of a greater number of
lien searches performed (703 compared to 314 budgeted for the 6 months) and an
increase in extended hours by Regalia ($20,225), The Mansions at Acqualina
($11,700) and Bank of America ($1,075). As more high rise development
construction begins, we anticipate more extended hours fee collections.
Zoning Hearing/Plans Review Revenue is based on staff time charged to zoning review/hearings on new
construction projects. Revenues reflect staff's time billed for Chateau Beach, St
Tropez, 400 Sunny Isles Beach Marina, the Jewish Community Center, and Jade
Signature. Staff is currently working on the Beachwalk Development hearing
zoning requirement. This will equate to approximately $11,800 in billable staff time
for the year.
Utility Taxes- Gas The overage is a result of a new natural gas provider. Utility taxes are based on
consumption multiplied by a base rate established in 1973. New providers who
have not been in business in 1973 must pay on current rates. As such, overall
consumption can go down, but utility tax revenue can increase. For reference, the
1973 rate is $.0702 per Therm compared to a current rate of approximately $.91 per
Therm.
Interest & Other Earnings Interest earnings is driven by cash balances, interest rates, and timing of interest
payments (since this is cash basis reporting). Currently, the average rate of return is
.85%, which is lower than the anticipated 1.5%. Based on current investments,
interest will project out for the year to $190,000 which is within the budget
expectations.
Sale of Property The overage is related to the sale of surplus vehicles in November 2012. A total of
5 Crown Victorias previously utilized by the Police Department were sold for a total
of $10,468 net of online auction fees.
Code Enforcement
The City received $20,638 in refunded Red Light Camera litigation costs. In
addition, the overage is related to a total refund of $62,149 from Miami-Dade
County for 2011 property taxes paid by the City for property at 16200 Collins
Avenue and 2010 and 2011 property taxes paid for 215 Sunny Isles Boulevard.
Finally, in addition to permit search fees recorded for the period, the City has
collected $25,000 from Sunny Isles Beach Associates, LLC in funds donated to the
City and approximately $5,300 in insurance recoveries.
Special Duty Officer The positive variance is primarily related to off-duty presence for new construction
projects. The increase is a result of off-duty presence for new construction by
Regalia ($84,672), Chateau Beach ($19,368), The Mansions at Acqualina ($8,080),
and sidewalk improvements by Tenex ($8,472). This amount will continue to
increase as additional projects come on board.
Other Miscellaneous Revenue
GENERAL FUND ANALYSIS10
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
Note: Significant variances between actual and expected are explained herein.
• Positive Variance (overage) - a positive variance or overage indicates the actual balance is greater than expected.
• Negative Variance - a negative variance indicates the actual balance is less than expected.
GENERAL FUNDMAJOR VARIANCES - REVENUES
Utility Taxes- Gas The overage is a result of a new natural gas provider. Utility taxes are based on
consumption multiplied by a base rate established in 1973. New providers who
have not been in business in 1973 must pay on current rates. As such, overall
consumption can go down, but utility tax revenue can increase. For reference, the
1973 rate is $.0702 per Therm compared to a current rate of approximately $.91 per
Therm.
[8]
[9]
[10]
[11]
Although the category consists of 2 separate accounts, the Special Events account
with $8,000 budgeted for the fiscal year has already experienced a greater amount of
revenues than anticipated. The $10,454 collected to date consists primarily of
Booogie by the Beach wristband sales to non-residents totaling $6,950. The
remaining amount reflects receipts for non-resident sales for the Spring Fling and
Holiday Ball events. The City anticipates the remaining fiscal year collections for
the Four Seasons Cultural Series, Golden Era Movies, and City Anniversary
wristband sales to be nominal based on last year's activity.
Athletics/Leagues Programs
Cultural/Special Events
The negative variance to Athletics Program revenues is related to a decline in
revenues from the travelling soccer program and the drop in prices for programs to
draw interest during the Fall and Winter schedules. The youth soccer programs
held by the City and the facilitation of the Northeast Miami Soccer League
tournament continue to draw the greatest interest during the 1st and 2nd fiscal
quarters. Revenues are expected to increase in the 3rd and 4th quarters with
summer camp activities.
PCP Programs/Activities The budgeted amount for fiscal year 2013 represents a decrease from the prior year
as a result of projected declining interest of City sponsored community center
activities due to the removal of ballroom dancing which historically generated the
greatest amount of revenue for the category (the contracted instructor opened their
own studio nearby and the students followed, minimizing the demand for the class
at the Community Center). The gymnastics class which was selected to replace
Youth Ballroom Dancing has experienced a greater reception than anticipated with
101 enrollments for the 6 months. The major activities (Karate, Gymnastics, Yoga,
and Theatre) leading to the overage represent 64.8% of total revenues for the
period.
Fitness Program Although the fiscal year 2013 budget was reduced compared to prior year as a result
of concerns in declining membership, the City has actually experienced an increase
in total membership renewals and new sales of 305 for the 6 months ending March
31, 2013 from 248 recorded in the first 6 months of fiscal year 2012. Additionally,
the City has a total of 245 memberships expiring in the 3rd and 4th quarters of
fiscal year 2013, of which only 30% or 74 memberships are projected to be renewed
and adding to the overage currently observed in the revenue category.
GENERAL FUND ANALYSIS11
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
City-wide Capital Outlay -
[12]
[13]
[14]
[15]
[16]
[17]
Note: Significant variances between actual and expected are explained herein.
• Positive Variance (overage) - a positive variance or overage indicates the actual balance is greater than expected.
• Negative Variance - a negative variance indicates the actual balance is less than expected.
GENERAL FUNDMAJOR VARIANCES - EXPENDITURES
City Manager (512)-
Personnel and Operating Expenses
The negative personnel variance is related to the vacancies in the City Manager's
Department in the beginning of the fiscal year. The two administrative support
staff members began late into the 2nd quarter of fiscal year 2013.
City Clerk (516) -
Operating Expenses
The majority of the negative variance is a result of budgeted costs for digitizing City
records and web based services for public access to City documents (ordinances,
resolutions, etc.). These projects are expected to begin late into the 3rd quarter.
Additionally, invoices from Miami-Dade County for costs related to the
Presidential/Commission elections that were held in November have not been
received. Finally, costs for training, supplies, and other related expenses are
sensitive to the timing of conferences, trainings, and the needs of the department.
Planning & Zoning (523) -
Operating Expenses
The negative variance experienced in the Planning and Zoning department
operating budget is primarily related to the costs for professional services
contracted. The City utilizes the professional services of City consultants
contracted for plans review and support to the City Planner. The City expects up to
6 reviews in the fiscal year for landscaping plans for developments already reviewed
and approved by the City Commission and at least 2 more zoning related items
requiring the use of the City's consultant. The remaining variance includes special
supplies, travel, and education as a result of timing. These costs are generally
incurred in the 3rd and 4th quarter of the fiscal year.
Construction (537) -
Operating Expenses
The negative variance is related to budgeted costs of materials for projects
scheduled to be completed later in the fiscal year. As of March 31, 2013, the City
has completed the installation of showers at Samson Park and begun the
construction of two lifeguard towers and the Pier Park restroom. Sidewalk repairs
for Town Center Park are scheduled to begin in May 2013. Additional repairs and
maintenance costs for public areas and accesses are incurred on an as needed basis
and do not historically occur on a consistent basis.
Ocean Rescue (575) -
Operating Expenses
The negative variance in operating expenses relates to the timing of purchases of
special supplies and repairs and maintenance costs for Ocean Rescue vehicles and
lifeguard stands. Repairs and maintenance costs continue to be minimal which is
primarily attributed to the addition of new ATVs and lifeguard stations. Special
supply purchases typically occur during the final quarter of the fiscal year whereas
R&M costs are incurred as needed from breakdown or servicing as required.
City Attorney (514) -
Operating Expenses
The majority of the decrease in expense is reflected in the need/use of outside
council. To date, only $6,938 of $80,000 budgeted has been expensed. Not
considering outside legal services, budget to actual is 50.1%, which is within the
expected range.
All capital outlay items are expected to be ordered by the end of May 2013 with the
exception of the Government Center waterproofing project budgeted for $136,000
and the purchase and installation of audio and visual equipment for $110,000. The
two outstanding capital outlay items are expected to go out for bid in May 2013.
GENERAL FUND ANALYSIS12
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
Note: Significant variances between actual and expected are explained herein.
• Positive Variance (overage) - a positive variance or overage indicates the actual balance is greater than expected.
• Negative Variance - a negative variance indicates the actual balance is less than expected.
GENERAL FUNDMAJOR VARIANCES - EXPENDITURES
All capital outlay items are expected to be ordered by the end of May 2013 with the
exception of the Government Center waterproofing project budgeted for $136,000
and the purchase and installation of audio and visual equipment for $110,000. The
two outstanding capital outlay items are expected to go out for bid in May 2013.
[18]
[19]
[20]
[21] Parking (525) -
Operating Expenses
The significant negative variance is related to the timing of insurance billing and
property taxes on the parking lots which will be recognized at the end of the fiscal
year. In addition, repairs and maintenance costs are low due to recent addition of
the Heritage Park Garage and parking meters.
Parks Maintenance (577) -
Operating Expenses
The negative variance is a result of less staff hours required to effectively operate
programs and events during the Fall, Winter, and Spring seasons. Personnel costs
are expected to increase in the 3rd and 4th quarter as a result of an increase in staff
hours required for Summer Athletic programs.
The negative variance is related to the timing of costs for uniforms, travel, and
training which are generally incurred during the 3rd and 4th quarter of the fiscal
year. Equipment rental and repairs and maintenance costs which are expensed as
incurred, also contribute to the negative variance in operating expenses.
Athletics (576) -
Personnel Services
Public Works Administration (539) -
Operating Expenses
The negative variance in operating expenditures is primarily related to costs for
professional services, hurricane preparedness, and mileage. A new Assistant City
Manager for Capital Projects/Public Works was hired in the second quarter
resulting in the negative variance for mileage or 18% of total mileage budgeted for
fiscal year 2013. The former 2 expenditures are incurred on an as needed basis.
The remaining costs for uniforms, dues, travel, and trainings are typically realized
during the 3rd and 4th quarter of the fiscal year.
GENERAL FUND ANALYSIS13
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
9/30/2013
Amended Jan 1, 2013 - Year Actual / Projected Projected /
Budget Mar 31, 2013 to Date* Budget Amount Budget
Revenues
Local Option Gas Tax 216,330 51,377 84,943 39.3% 41.7% -5.8% 220,000 101.7%
CITT 680,000 193,588 258,229 38.0% 33.3% 13.9% 695,000 102.2%
State Revenue Sharing 116,930 25,276 50,551 43.2% 50.0% -13.5% 120,000 102.6%
Interest & Other Earnings 500 257 386 77.1% 50.0% 54.3% [1] 1,000 200.0%
Total Revenues 1,013,760 270,498 394,109 1,036,000
Expenditures
Streets Maintenance (541)
Personnel Services 231,190 56,376 109,633 47.4% 46.2% 2.7% 231,140 100.0%
Operating Expenses 586,000 185,768 248,821 42.5% 41.7% 1.9% 575,000 98.1%
817,190 242,144 358,454 806,140
Transportation Trust (574)
Personnel Services 369,500 84,266 167,448 45.3% 46.2% -1.8% 369,460 100.0%
Operating Expenses 205,930 42,156 83,690 40.6% 41.7% -2.5% 200,000 97.1%
Capital Outlay 156,453 11,343 11,343 7.3% 0.0% 0.0% 156,000 99.7%
731,883 137,765 262,481 725,460
Capital Improvements (600)
182 & 183 Collins Ave 60,864 5,820 5,820 9.6% [2] 60,864 100.0%
60,864 5,820 5,820 60,864
Total Expenditures 1,609,937 385,729 626,756 1,592,464
Excess (Deficiency) of
Revenues over Expenditures (596,177) (115,231) (232,647) (556,464)
Other Financing Sources (Uses)
Transfers and Debt Service (800)
Transfer In-General Fund 393,270 98,318 196,635 50.0% 50.0% 0.0% 393,270 100.0%
Total Other Financing
Sources (Uses) 393,270 98,318 196,635 393,270
Net Change in
Fund Balance (202,907) (16,913) (36,012) (163,194)
Fund Balance, 10/1/12 202,907 202,907 202,907
Fund Balance, Ending - 166,895 39,713
Expected*
%
Diff
%
Projected
STREETS CONSTRUCTION AND MAINTENANCE FUND
ACTUAL
s Refer to assumptions detailed on Page 1 for quarterly assumptions established
throughout the report..
STREETS CONSTRUCTION AND MAINTENANCE FUND ANALYSIS
14
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
Revenues
[1]
Expenditures
[2]
STREETS CONSTRUCTION AND MAINTENANCE FUNDMAJOR VARIANCES
Note: Significant variances between actual and expected are explained herein.
• Positive Variance (overage) - a positive variance or overage indicates the actual balance is greater than expected.
• Negative Variance - a negative variance indicates the actual balance is less than expected.
Interest & Other Earnings As a result of timing between revenue receipts and costs incurred, in addition to the
quarterly transfers of residual equity, the Streets Construction and Maintenance
Fund has been able to maintain a greater cash balance for the period resulting in
higher interest earnings allocable to the Fund.
Capital Improvements (600)-
182 and 183 Collins Ave
The driveway cut at 18256 Collins Avenue is currently underway with a projected
completion date by the end of April 2013.
STREETS CONSTRUCTION AND MAINTENANCE FUND ANALYSIS
15
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
9/30/2013
Amended Jan 1, 2013 - Year Actual / Projected Projected /
Budget Mar 31, 2013 to Date* Budget Amount Budget
Revenues
Building Permits & Fees 3,136,900 865,821 1,735,963 55.3% 50.0% 10.7% 3,200,000 102.0%
Interest & Other Earnings 1,500 1,225 1,991 132.7% 50.0% 165.5% [1] 4,000 0.0%
Total Revenues 3,138,400 867,046 1,737,954 3,204,000
Expenditures
Personnel Services 1,260,280 270,184 575,154 45.6% 46.2% -1.1% 1,250,280 99.2%
Operating Expenses 330,780 23,332 30,269 9.2% 41.7% -78.0% [2] 200,000 60.5%
Administrative Chargeback 836,000 209,000 418,000 50.0% 50.0% 0.0% 836,000 100.0%
Capital Outlay 150,067 - - 0.0% 0.0% 0.0% 150,067 100.0%
Total Expenditures 2,577,127 502,516 1,023,423 2,436,347
Excess (Deficiency) of
Revenues over Expenditures 561,273 364,530 714,531 767,653
Fund Balance, 10/1/12 240,802 240,802 240,802
Fund Balance, Ending 802,075 955,333 1,008,455
Revenues
[1]
Expenditures
[2] Building (515) -
Operating
The negative variance in the operating accounts is primarily related to the timing of
the implementation of digitization of historic building records/plans. The work is
expected to commence in the 3rd quarter with approximately $80,000 of the $223,000
budgeted to be completed by fiscal year end. The remaining balance is expected to be
completed in the following fiscal year. The remaining negative variance is a result of
timing of other operating expenses occurring. Timing is driven based on the needs of
the department and is not typically incurred consistently throughout the year.
Examples of these costs include fuel, special supplies, printing, travel, and training.
Projected
BUILDING FUND
The overage is a result of a greater cash balance maintained for the 6 months ending
March 31, 2013 due to the timing between revenues and expenses incurred.
BUILDING FUND - MAJOR VARIANCES
Note: Significant variances between actual and expected are explained herein.
• Positive Variance (overage) - a positive variance or overage indicates the actual balance is greater than expected.
• Negative Variance - a negative variance indicates the actual balance is less than expected.
Expected*
%
Diff
%
Interest & Other Earnings
Actual
s Refer to assumptions detailed on Page 1 for quarterly assumptions established
throughout the report. BUILDING FUND ANALYSIS16
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
Amended Jan 1, 2012 - Year Actual /
Budget Mar 31, 2012 to Date* Budget
Revenues
Federal Grants
FDEP - LWCF Grant 200,000 - - 0.0% [1]
Donations 1,400,000 1,000,000 1,000,000 71.4% [2]
Interest & Other Earnings 524,600 119,785 131,368 25.0% [3]
Impact Fees 560,000 513,052 599,475 107.0% [4]
Transfer Development Rights/Bonus 7,828,000 7,348,730 7,770,650 99.3% [5]
Total Revenues 10,512,600 8,981,567 9,501,493
Expenditures
Capital Improvements
Public Works Compound 224,995 171,289 184,315 81.9% [6]
PCP Improvements 960,000 - - 0.0% [7]
Senator Gwen Margolis Park Upgrades 1,065,000 - - 0.0% [7]
Collins Ave Street Improvements 253,799 1,870 152,471 60.1% [8]
Golden Shores Park 31,493 - - 0.0%
Sunny Isles Blvd Street Improvements 16,000 - - 0.0%
Emergency Bridge 1,276,747 45,351 138,984 10.9% [9]
FP&L Undergrounding 417,483 19,363 19,363 4.6% [10]
Bella Vista Bay Park 443,825 11,932 23,329 5.3% [11]
Heritage Park and Garage 757,628 133,468 8,968 1.2% [12]
Newport Pier 2,878,220 716,494 1,045,968 36.3% [13]
Town Center Park 348,000 - - 0.0% [14]
Beach Access Widening 270,000 - - 0.0% [15]
Intracoastal Park - 16200 224,549 2,086 70,098 31.2% [16]
Intracoastal Park - 16050 299,613 70,098 70,098 23.4% [16]
Intracoastal Park - 16100 216,453 12,213 14,613 6.8% [16]
Intracoastal Park - 16000 288,291 - - 0.0% [16]
Intracoastal Park - Arlen House 500,000 - - 0.0% [17]
Gateway Park 16,164,600 3,800 726,944 4.5% [18]
School Expansion 3,600,000 - 3,000,000 83.3% [19]
Total Expenditures 30,236,695 1,187,963 5,455,150
Excess (Deficiency) of Revenues over Expenditures (19,724,095) 7,793,604 4,046,342
Other Financing Sources (Uses)
Transfers & Debt Service (800)
Transfer In from General Fund 4,000,000 1,000,000 2,000,000 50.0%
Total Other Financing Sources (Uses) 4,000,000 1,000,000 2,000,000
Net Change in Fund Balance (15,724,095) 8,793,604 6,046,342
Fund Balance, 10/1/12 18,666,216 18,666,216
Fund Balance, Ending 2,942,121 24,712,558
CAPITAL PROJECTS FUNDS
Actual
s Refer to assumptions detailed on Page 1 for quarterly assumptions established
throughout the report. CAPITAL PROJECTS FUNDS ANALYSIS17
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
Revenues
[1]
[2]
[3]
[4]
[5]
Expenditures
[6]
[7]
[8]
[9]
[10]
[11]
CAPITAL PROJECTS FUNDSMAJOR VARIANCES
Note: Variances between budget and actual are explained herein.
• Positive Variance (overage) - a positive variance or overage indicates the actual balance is greater than expected.
• Negative Variance - a negative variance indicates the actual balance is less than expected.
Impact fees Fees are collected based on the timing of when new construction developers pull
the associated permits.
Donations The $1 million contribution, which was contingent on expenditures incurred for the
project, was received and recorded in January 2013. The remaining $400,000 due
from Chateau Beach was received and recorded in April 2013.
Federal Grants
Transfer Development Rights/Bonus Collection is based on conditions set forth in the zoning resolutions for each
development project. To date, 10% deposits have been collected for the
development of St. Tropez, Unique, and Jade Signature. Approximately $6.7
million received during the 2nd quarter represents TDR bonuses received for the
development of The Mansions of Acqualina.
The budgeted federal grants for a total of $200,000 is specific to the Bella Vista Bay
Park project. See Bella Vista Bay Park expenditure variance explanation for details
on the status. Grant funds eligible for reimbursement upon completion of project.
Collins Avenue Street Improvements The streetscape project is substantially complete with minor items to be resolved by
May 2013.
Interest & Other Earnings The negative variance is a result of the early payoff of the TDR bonus payment by
The Mansions of Acqualina in February 2013. This was originally budgeted to
produce $335,000 annually in interest revenues, but only $88,000 was collected.
However, since additional cash has been collected, the funds have been invested
and earning interest.
Public Works Compound The facility became operational and housing staff in early March 2013. Expenses
incurred for the construction of the facility are expected to continue into the 3rd
quarter of fiscal year 2013.
Pelican Community Park and Senator Gwen
Margolis Park Upgrades
Plans for the installation of artificial turf have been received by the City for review
and approval. Installation at Senator Gwen Margolis Park is expected to be
completed in June 2013 and the installation of the surface at Pelican Community
Park is expected to be completed by August 16, 2013.
Emergency Bridge The Emergency Bridge design and permitting is expected to be completed in late
2013 closely followed by the advertisement for construction bids.
FP&L Undergrounding Design and engineering services are currently underway including a review of the
persistent street lighting problems experienced corridor-wide. In addition,
discussions with FDOT have been initiated to include the installation of the conduit
in the upcoming resurfacing project of Collins Avenue as part of a Joint
Participation Agreement.
Bella Vista Bay Park The project is currently under evaluation and consideration of future improvements
for water based activities. The contract with the original design consultant and
project contractor has been terminated by the City.
CAPITAL PROJECTS FUNDS ANALYSIS18
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
CAPITAL PROJECTS FUNDSMAJOR VARIANCES
Note: Variances between budget and actual are explained herein.
• Positive Variance (overage) - a positive variance or overage indicates the actual balance is greater than expected.
• Negative Variance - a negative variance indicates the actual balance is less than expected.
[12]
[13]
[14]
[15]
[16]
[17]
[18]
[19]
Intracoastal Park
The current construction completion date for the Pier and the shell of the
restaurant building is May 28, 2013.
Construction drawing services have been contracted with 30% drawings of park
plans due in early-May 2013. The construction of the project is expected to be
advertised by July 2013.
The play surface at Town Center Park will be replaced with artificial turf. The
anticipated completion date for the installation is September 2013.
School Expansion The City entered into an Interlocal Agreement with the School Board of Miami-
Dade County to contribute $2 million and finance $2 million towards the Norman
S. Edelcup Sunny Isles Beach K-8 school expansion. Per the payment agreement,
the City funded $3.4 million through November 2012 with a remaining $600,000
due on May 31, 2013.
Beach Access Widening The City's staff has identified and prioritized beach access sites in need of
improvement for emergency access. The existing access at 158th Street was
identified as the highest priority project. The remaining points of entry in need of
improvement are being evaluated to determine if the work can be performed by the
City.
Intracoastal Park - Arlen House Construction drawing services have been contracted with 30% drawings of project
plans due in April 2013. The construction of the project is expected to be
advertised by August 2013.
Town Center Park
Heritage Park and Garage The concrete wall project between the Lehman property and the Oceanview/Ocean
Reserve property is currently in the design stage with 60% of drawings for City
review and approval due in late May 2013. Advertisement for bids for the project
are expected to occur in the summer. Construction of bocce ball courts are
planned immediately after the completion of the concrete wall project.
Gateway Park Currently, the City incurred approximately $1.4 million in planning and design costs
for the project. As a result of scope changes, the City negotiated a contract price
with 4M Investors, LLC to a not-to-exceed $18.7 million contract for design and
construction. The overhead pedestrian crosswalk has been removed from the
contract and is currently planned to be taken on as a separate project by the City.
Newport Pier
CAPITAL PROJECTS FUNDS ANALYSIS19
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
9/30/2013
Amended Jan 1, 2013 - Year Actual / Projected Projected /
Budget Mar 31, 2013 to Date* Budget Amount Budget
STORMWATER FUND
Revenues
Charges for Services 950,000 244,821 408,484 43.0% 41.7% 3.2% 974,000 102.5%
New Local Option Gas Tax 79,300 20,103 32,971 41.6% 41.7% -0.2% 82,000 103.4%
Interest & Other Earnings 8,500 1,301 2,018 23.7% 50.0% -52.5% [1] 8,300 97.6%
Total Revenues 1,037,800 266,225 443,472 1,064,300
Expenses
Personnel 133,740 26,407 55,252 41.3% 46.2% -10.5% 133,700 100.0%
Operating 194,340 32,129 36,625 18.8% 41.7% -54.8% [2] 157,000 80.8%
Administrative Chargeback 58,000 14,500 29,000 50.0% 50.0% 0.0% 58,000 100.0%
Capital Outlay
Bella Vista Bay Park 161,280 3,790 3,790 2.3% [3] 161,280 100.0%
North Bay Drainage 3,521 - - 0.0% - 0.0%
174th Street Drainage 192,376 1,709 1,709 0.9% [4] 192,376 100.0%
Total Expenses 743,257 58,536 91,877 702,361
Excess (Deficiency) of
Revenues over Expenses 294,543 207,689 351,596 361,939
Other Financing Sources (Uses)
Transfers & Debt Service (800)
Debt Services (525,000) (77,876) (225,285) 42.9% 50.0% -14.2% (525,000) 100.0%
Total Other Financing Sources
(Uses) (525,000) (77,876) (225,285) (525,000)
Net Change in Fund Balance (230,457) 129,813 126,310 (163,061)
Net Current Assets, 10/1/12 488,107 488,107 488,107
Net Current Assets, Ending 257,650 614,417 325,046
STORMWATER FUNDS
Actual
Projected
Expected*
%
Diff
%
STORMWATER FUNDS ANALYSIS20
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
Revenues
[1]
Expenses
[2]
[3]
[4]
Stormwater (538) -
Operating Expenses
The negative variance is primarily attributable to the timing of the start of the work on
the stormwater drain lines which will begin in April 2013 and is expected to be
completed by the end of June 2013 (weather permitting). The remaining negative
variance is attributed to unspent costs including office supplies, special supplies, and
tools and equipment which generally occur in the final quarter of the fiscal year.
Interest earnings is driven by cash balances, interest rates, and timing of interest
payments (since this is cash basis reporting). Currently, the average rate of return is
.85%, which is lower than the anticipated 1.5%. Based on current investments,
interest will project out for the year to $8,300 which is within the budget expectations.
Note: Significant variances between actual and expected are explained herein.
• Positive Variance (overage) - a positive variance or overage indicates the actual balance is greater than expected.
• Negative Variance - a negative variance indicates the actual balance is less than expected.
STORMWATER FUNDS
174th Street Drainage
The project is currently under evaluation and consideration of future improvements
for water based activities. The contract with the original design consultant and project
contractor has been terminated by the City.
The City has completed a field investigation by the Engineer of Record. As a result,
staff is preparing a recommendation to alleviate the drainage issues that are affecting
residents on 174th Street in front of Winston Towers 600.
Bella Vista Bay Park
Interest and Other Earnings
STORMWATER FUNDS ANALYSIS21
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
CUSTOMER NAME
Current
(< 30 days) 30 - 60 days 60 - 90 days Over 90 days
Other Receivables
RK Associates [1] - - - 7,340.47
Newport Hospitality LLC. [2] 1,500.00 - - -
Police Detail
Regalia [3] 23,406.00 4,512.00 17,874.00 7,296.00
Beach Bar [4] 456.00 - - -
Chateau Beach [5] 10,512.00 8,712.00 - -
Coastal Construction - The Mansions of
Acqualina [5] 384.00 1,272.00 - -
CCU-Comcast [6] 1,080.00 3,264.00 - -
Seashore Club [7] 144.00 - - -
Turnberry [7] 168.00 - - 144.00
AT&T [7] - 312.00 - -
Coastal Towers [7] - - 336.00 -
Cable Wiring [7] - - - 144.00
37,650.00 18,072.00 18,210.00 14,924.47
Total Receivables 88,856.47
Note:[1]
[2]
[3]
[4]
[5]
[6]
[7]
Chateau Beach and Coastal Construction fees are considered collectible. The developer is considered
responsive. In addition, the developer will continue to need off-duty services throughout the build-out phase of
the development and payment may be enforced in continuation of providing the services.
CCU-Comcast has paid the balance due. Payment was received in April 2013.
Remaining receivable balances are considered collectible.
STATUS OF RECEIVABLES
Charges to RK Associates represent half of the traffic study costs per Resolution 2011-1694. Payment is
expected upon completion of the 182nd and 183rd Collins Avenue capital project.
Receivable balance represents parking fees for March 2013 per the agreement with the City for use of the
parking lot at 287 Sunny Isles Boulevard.
Regalia fees are considered collectible. The developer has made payments subsequent to March 2013 and is
considered responsive. In addition, the developer will continue to need off-duty services throughout the build-
out phase of the development and payment may be enforced in continuation of providing the services.
Beach Bar has paid the balance due. Payment was received in April 2013.
STATUS OF RECEIVABLES22
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FY 2013 FINANCIAL ANALYSIS City of Sunny Isles Beach
Grantor Description Status Period Covered
Grant
Amount
Amount
Awarded
Received
to Date
Prior Years
Expenditures
Current
Expenditures
Total
Expenditures
FDEP - Land Water Conservation Fund Intracoastal ParkAwarded FY 2012/2013 - FY 2013/2014 200,000 200,000 - - - -
FDEP - Land Water Conservation Fund Bella Vista Bay ParkAwarded March 18, 2011 - March 16, 2014 200,000 200,000 - 126,663 23,329 149,992
Florida Recreation Development Assistance Program Gateway Park DevelopmentApp. Submitted FY 2013/2014 200,000 - - - - -
Florida Recreation Development Assistance Program Gwen Margolis Park - artificial turfApp. Submitted FY 2013/2014 200,000 - - - - -
Florida House Subcommittee on Agriculture and Natural
Resources
174th Street Drainage ImprovementsNot Funded FY 2013/2014 164,000 - - - - -
Florida House Subcommittee on Agriculture and Natural
Resources
Gateway Park Development Drainage
ImprovementsNot Funded FY 2013/2014 250,000 - - - - -
Florida Department of Cultural Affairs Gateway Park Development StagePreparing App. FY 2013/2014 500,000 - - - - -
Totals 1,714,000 400,000 0 126,663 23,329 149,992
GRANT PROGRAMS
State
GRANTS23