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Home My WebLink AboutReport - Mail Packet - 11/25/2014 - Memorandum From Chris Donegon Re: Quarterly Financial ReportQUARTERLY FINANCIAL REPORT THIRD QUARTER 2014 1 NOVEMBER 18, 2014 CURRENT QUARTER YEAR TO DATE PAGE Governmental Activity Revenue POSITIVE POSITIVE 2 Governmental Activity Expenditures POSITIVE POSITIVE 3 Major Activity Expenditures POSITIVE POSITIVE 4 General Fund Revenue POSITIVE POSITIVE 5 Governmental Capital Projects POSITIVE POSITIVE 6 Enterprise Activity Revenue POSITIVE POSITIVE 7 Enterprise Activity Expenditures POSITIVE POSITIVE 8 Enterprise Capital Projects POSITIVE POSITIVE 9 Activity Measures POSITIVE POSITIVE 10 POSITIVE = No concerns noted WARNING = Staff monitoring current variance NEGATIVE = Staff currently taking action on variance GOVERNMENTAL ACTIVITIES: –Activities that do not lend themselves to be fully funded by User Fees are wholly or partially tax supported – Transportation, Police, Fire, Parks, Natural Areas, etc. ENTERPRISE ACTIVITIES: – 100% funded by User Fees – Light & Power, Water, Wastewater, Storm Drainage, and Golf *A glossary of abbreviations used in this report can be found on page 10. PERFORMANCE AT-A-GLANCE PERFORMANCE INDICATORS ACTUALS vs. BUDGET 2 NOVEMBER 18, 2014 GOVERNMENT ACTIVITIES MONTHLY REVENUE COLLECTIONS VS. BUDGET (ALL $ IN THOUSANDS) 0 4,000 8,000 12,000 16,000 20,000 24,000 28,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 REVENUE 2014 BUDGET COMMENTS:  Economic and development activity is very strong in 2014 driving revenue above budget in sales tax by $3.0M, use tax by $6.8M and development revenues (street oversizing, capital expansion, building permits, etc) by $5.5M.  Staff anticipates growth to continue at a similar pace through the end of 2014 and into 2015. REVENUES CURRENT MONTH OVER/(UNDER) 2014 BUDGET YTD ACTUAL YTD OVER/(UNDER) 2014 BUDGET YTD INC/(DEC) 2013 Sales & Use Tax $ 11,485 $ 1,850 $ 91,995 $ 9,875 $ 9,456 Use Tax Incentives 0 (367) 191 (3,108) (511) Property Taxes 97 (112) 19,005 526 751 Intergovt. Shared Revenues 1,461 636 8,103 1,241 697 Culture, Parks, Rec & Env Fees 1,061 156 11,133 1,268 674 Payment in Lieu of Taxes 772 (158) 6,812 (261) (85) General Government Fees 3,864 (77) 32,744 782 2,361 Transportation Fees 745 386 5,800 1,987 1,160 Interest Revenue 147 90 1,198 562 227 Unrealized Invst. Gains/Losses (363) (363) 137 137 1,025 Other Miscellaneous 1,693 104 12,785 3,006 (1,194) TOTAL $ 20,963 $ 2,146 $ 189,903 $ 16,015 $ 14,561 3 NOVEMBER 18, 2014 47% 10% 16% 10% 8% General Fund Keep Fort Collins Great Other Funds Transportation Benefits Fund Natural Areas Recreation Self Insurance Fund Cultural Services Golf * URA - N. College District Less Than 10% MAJOR FUNDS ACTIVITIES SEPTEMBER 2014 EXPENSES BY MAJOR FUND (BEFORE TRANSFERS) (ALL $ IN THOUSANDS) EXPENSES BY MAJOR FUND CURRENT MONTH (OVER)/UNDER 2014 BUDGET YTD ACTUAL YTD (OVER)/UNDER 2014 BUDGET YTD (Inc)/Dec 2013 General Fund $ 9,495 $ (623) $ 87,994 $ 5,616 $ (7,019) Keep Fort Collins Great 2,014 (546) 15,194 1,154 (1,805) Natural Areas 572 (18) 6,936 1,947 1,049 Cultural Services 205 59 2,241 405 (62) Recreation 474 21 4,687 (341) (500) Transportation 2,132 601 17,303 1,895 (686) Golf * 220 (10) 2,791 (8) (371) Self Insurance Fund 364 9 2,709 48 (389) Benefits Fund 1,688 (75) 17,038 (530) (1,567) URA - N. College District 19 42 700 (136) 11,024 Other Funds 3,264 (64) 31,717 2,814 516 Fund Total Lapsing $ 20,446 $ (604) $ 189,310 $ 12,863 $ 191 Less Other Financing Uses (10,938) Transfers (3,046) 229 (34,651) (842) 5,532 Total 17,401 (375) 154,659 12,022 (5,215) COMMENTS:  All funds are under budget with three exceptions. Golf & Recreation is due to timing and will be under budget by year end. URA is over budget because of a timing difference between expenditures and a developer’s reimbursement to the City of these expenditures. The Benefits fund is over budget because of higher than anticipated medical claims in 2014.  The General Fund is under budget $5.6M primarily because of a reduction in the City cost associated with the North College Ave street improvement. State funding was identified to support the project which reduced the City’s cost. 4 NOVEMBER 18, 2014 GOVERNMENT ACTIVITIES MONTHLY EXPENDITURES VS. BUDGET (ALL $ IN THOUSANDS) 0 4,000 8,000 12,000 16,000 20,000 24,000 28,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 EXPENDITURES 2014 BUDGET Expenses CURRENT MONTH (OVER)/UNDER 2014 BUDGET YTD ACTUAL YTD (OVER)/UNDER 2014 BUDGET YTD (INC)/DEV 2013 Police Services $ 2,842 $ (166) $ 26,162 $ 531 $ (1,698) Financial Services 688 5 5,177 112 (529) Community & Operation Services 5,000 295 44,041 7,742 1,167 Planning, Dev & Trans Services 4,162 13 29,598 3,389 (1,734) ELJS 359 13 4,221 116 (156) Employee & Comm Services 1,912 (83) 19,218 (242) (1,837) Sustainability Services 657 (252) 4,859 68 248 Other 287 (131) 5,980 283 (119) Poudre Fire Authority 1,493 (69) 15,403 22 (556) TOTAL $ 17,401 $ (375) $ 154,659 $ 12,022 $ (5,215) COMMENTS:  All Service Areas are under budget with the exception of Employee & Community Services (ECS). The over budget in ECS is driving by higher than expected medical costs within the City’s self-insurance fund. Additional budget ap- propriation was approved by Council on October 21st to cover the added medical claims.  Community & Operations Services is under budget $7.7M due to multiple factors – primarily a delay in various pro- gram/project expenditures and a significant reduction in fuel prices.  Planning, Development and Transportation is under budget $3.4M due to fewer Street Oversizing projects and de- lays in spending on various neighborhood plans and programs. 5 NOVEMBER 18, 2014 GENERAL FUND REVENUE ACTIVITY MONTHLY REVENUE COLLECTIONS VS. BUDGET (ALL $ IN THOUSANDS) 0 4,000 8,000 12,000 16,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 REVENUE 2014 BUDGET REVENUES CURRENT MONTH OVER/(UNDER) 2014 BUDGET YTD ACTUAL YTD OVER/(UNDER) 2014 BUDGET YTD INC/(DEC) 2013 Sales & Use Tax $ 7,116 $ 1,143 $ 56,963 $ 6,069 $ 6,146 Use Tax Incentives 0 (367) 134 (3,165) (393) Property Taxes 87 (103) 17,573 563 869 Intergovt. Shared Revenues 515 480 737 515 258 Culture, Parks, Rec & Env Fees 29 (1) 392 27 22 Payment in Lieu of Taxes 772 (158) 6,812 (261) (85) General Government Fees 488 63 4,703 456 239 Interest Revenue 48 34 415 249 117 Unrealized Invst. Gains/Losses (98) (98) 105 105 403 Other Miscellaneous 1,361 (92) 10,062 1,155 810 TOTAL $ 10,317 $ 901 $ 97,896 $ 5,715 $ 8,387 COMMENTS:  Sales and Use Tax exceed budget as described on Page 2.  Use Tax incentives are under budget due to the fact the incentives were earned in 2013, which was earlier than planned. 6 NOVEMBER 18, 2014 CAPITAL PROJECTS GOVERNMENT CAPITAL PROJECTS OVER $1M (ALL $ IN THOUSANDS) PROJECT YTD ACTUAL LTD ACTUAL LTD BUDGET PO's COMMITED AVAILABLE Waters Way Park $ 13 $ 1,853 $ 1,875 $ 16 $ 6 Registry Park 41 1,688 1,712 27 (3) Staley Neighborhood Park 2 1,971 2,151 12 169 Maple Hill Park 0 533 2,671 - 2,138 Tri-City Trails 63 740 1,028 - 288 NA Office Building 1,205 1,641 1,841 19 182 Southeast Community Park 34 3,813 4,343 265 265 East Community Park - 176 1,700 - 1,524 BOB-Sr Center Expansion 5,220 6,297 6,675 112 266 114 - Trail Acq/Dev-Special Funds 8 8 1,741 31 1,702 186 - New Park Site Acquisition 7 1,995 2,461 - 466 187 - New Park Site Development 33 1,570 2,575 23 982 188 - Open Space Acquisition - 1,106 1,162 1 55 190 - Trail Acquisition/Development 109 7,674 7,762 187 (99) 191 - Fossil Creek Trail 171 3,875 4,214 202 137 311 - FC Museum/DSC 25 2,586 2,586 - 0 Community & Operation Services 6,931 37,525 46,497 895 8,077 Transit Operating 8,531 57,810 65,280 557 6,913 Transit Capital 2,288 8,539 13,100 524 4,038 106 - I-25/SH392 Interchange 12 4,342 4,740 46 352 107 - N College Imprv-Conifer/Willox 1,968 2,661 14,625 7,453 4,510 160 - Mason St Transp Corridor 7,341 84,333 96,709 10,625 1,751 166 - BOB Ped Plan/ADA Improv 267 3,373 3,840 56 411 169 - Street Oversizing Projects 40 8,064 12,317 441 3,812 170 - BOB-Int Imp & Traffic Sign 923 7,073 14,323 570 6,680 172 - City Bridge Program 677 4,160 5,767 123 1,483 305 - N College Improv-Vine/Conifer 45 9,388 9,615 3 225 312 - City Bridge Prog-KFCG 2,305 3,707 6,135 675 1,753 Planning, Dev & Trans Services 24,397 193,448 246,450 21,073 31,928 CDBG FY 10-11 34 928 1,042 - 114 CDBG FY 11-12 (0) 1,186 1,186 - - CDBG FY 12-13 (1) 985 1,013 28 0 CDBG FY 13-14 637 672 1,692 73 948 CDBG FY 14-15 - - 1,235 - 1,235 HOME FY 13-14 5 22 1,339 601 716 111 - WW Public Improvements 2,599 2,997 6,547 1,314 2,236 Sustainability Services 3,273 6,789 14,054 2,016 5,250 34,602 237,762 307,002 23,984 45,256 Projects less than $1.0 M 1,953 13,144 31,267 1,449 16,674 TOTAL $ 36,555 $ 250,906 $ 338,268 $ 25,433 $ 61,929 7 NOVEMBER 18, 2014 ENTERPRISE ACTIVITIES MONTHLY REVENUE COLLECTIONS VS. BUDGET (ALL $ IN THOUSANDS) 0 4,000 8,000 12,000 16,000 20,000 24,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 REVENUES 2014 BUDGET REVENUES CURRENT MONTH OVER/(UNDER) 2014 BUDGET YTD ACTUAL YTD OVER/(UNDER) 2014 BUDGET YTD (INC)/DEV 2013 Electric Charges for Svcs $10,357 $(850) $86,326 $(2,159) $(750) Water Charges for Svcs 2,920 (516) 20,667 (288) 580 Wastewater Charges for Svcs 1,932 217 15,947 1,340 689 Stormwater Charges for Svcs 1,281 116 10,999 521 233 Cust Srv & Admin Fund Chgs 1,128 457 10,149 (414) 695 Interest Revenue 169 52 1,391 267 226 Unrealized Invst. Gains/Losses (421) (424) 8 (7) 1,124 Devlpmnt Fees/PIFS/Contrib 1,482 1,015 18,156 13,635 9,014 Financing Sources 0 0 23 23 (56) Other Miscellaneous (162) (360) 2,843 879 (58) TOTAL $18,686 $(292) $166,509 $13,797 $11,697 COMMENTS:  Development activity across the City is the primary driver in revenue above budget within all four Utilities. Plant In- vestment Fees paid by developers to support the Utilities infrastructure associated with development growth is above budget by $13.6M. 8 NOVEMBER 18, 2014 Expenditures * CURRENT MONTH (OVER)/UNDER 2014 BUDGET YTD ACTUAL YTD (OVER)/UNDER 2014 BUDGET YTD (INC)/DEV 2013 Purchase Power $6,276 $899 $61,678 $4,937 $752 Other Light & Power Fund 3,351 (387) 25,541 430 (1,386) Water Fund 2,120 245 15,070 2,824 (808) Wastewater Fund 948 113 9,141 1,210 265 Stormwater Fund 509 (29) 4,958 418 (254) Customer Service & Admin 946 242 8,495 1,591 (331) TOTAL $14,150 $1,083 $124,884 $11,410 $(1,761) * Excludes KFCG dollars ENTERPRISE ACTIVITIES MONTHLY EXPENDITURES VS. BUDGET (ALL $ IN THOUSANDS) 0 4,000 8,000 12,000 16,000 20,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 EXPENDITURES 2014 BUDGET COMMENTS:  Purchased Power is under budget by $4.9M due to lower than projected kWh demand from utilities customers.  Water Fund is under budget due to lower than anticipated water treatment costs. Costs were expected to increase post the High Park Fire, however the flood in September 2013 cleaned the river and reduced the costs to treat Pou- dre River water and reduced continued fire remediation expenditures. 9 NOVEMBER 18, 2014 CAPITAL PROJECTS ENTERPRISE CAPITAL PROJECTS OVER $1M (ALL $ IN THOUSANDS) PROJECT YTD ACTUAL LTD ACTUAL BUDGET PO's COMMITED AVAILABLE 108 - ARRA DOE Grant-RDSI $ 6,901 $ 7,370 $ 175 $ 293 117 - Substation Cap Proj 46 6,460 8,763 7 2,296 130 - SW Enclave Sys Purchases 0 0 1,303 0 1,303 133 - Underground Conversion 277 381 1,759 0 1,377 304 - Service Center-L&P Parent 618 879 4,620 1,413 2,327 307 - Smart Grid Invest Grant 2,994 30,315 34,890 3,471 1,105 Projects less than $1.0 909 1,046 1,702 116 540 Light & Power 4,845 45,983 60,406 5,182 9,241 Halligan Res Enlargement Proj 342 12,665 37,377 1,350 23,362 Water Prod Replace Summary 0 0 3,421 0 3,421 101 - Water Meter Replace & Rehab 427 5,843 7,100 230 1,027 105 - High Park Fire 0 1,845 2,238 0 393 196 - Distribution Sys Replcmnts 2,668 4,159 6,864 666 2,039 198 - Wtr Svc Ctr Improvements 0 1,000 1,343 0 343 206 - Water Supply Development 0 1,005 2,137 6 1,125 207 - Southwest Sys Improvmnts 0 1,072 1,487 6 409 211 - Water Prod Replcmnt Prgm 1,364 4,041 6,246 766 1,439 303 - Gravel Pit Storage Ponds 5,390 6,640 11,577 4,451 486 308 - Wtr Eng Distrib Sys Rplcmn 635 3,283 4,653 238 1,131 313 - Wtr Cathodic Protection 162 699 973 89 185 Projects less than $1.0 629 3,132 4,520 129 1,259 Water 11,616 45,384 89,937 7,933 36,620 North Sheilds Sewer Interceptor 64 64 2,000 67 1,869 WRF Replacement Projects 0 0 2,967 0 2,967 BRT-Mason Str Sewer Main Rep 6 283 1,150 25 842 102 - DWRF CIP Summary 457 457 1,811 14 1,341 212 - WW Collection Sys Replcmnt 1,324 2,984 6,853 851 3,018 214 - WW Svc Ctr Improvements 0 2,080 2,579 0 499 215 - DWRF Improvements 25 26,749 27,053 6 299 216 - Sludge Disposal Improv 8 5,765 6,444 64 615 220 - MWRF Improvements 28 36,310 36,785 10 465 221 - Wtr Reclam Replcmnt Prgm 809 6,850 7,901 872 179 Projects less than $1.0 368 1,361 2,552 31 1,160 Wastewater 3,088 82,903 98,095 1,939 13,253 103 - SW Basin Improvements 1,863 2,344 5,013 1,276 1,392 222 - SW Drainage Sys Replcmnt 102 779 1,296 58 459 227 - Dry Crk Basin Improv 54 563 1,680 160 958 229 - W Vine Basin Improv #2 186 739 1,852 110 1,004 232 - Canal Importation Bas Impr 109 20,495 21,231 6 730 233 - Cooper Slough Bas Improv 56 1,474 5,871 175 4,222 235 - Poudre Drainageway Pl 127 340 1,117 233 544 236 - SW Master Planning 227 5,149 5,327 42 136 238 - SW Developer Repays 94 1,680 2,180 15 485 Projects less than $1.0 362 1,993 3,417 161 1,263 Stormwater 3,180 35,555 48,985 2,236 11,194 TOTAL 22,729 209,825 297,422 17,290 70,307 10 NOVEMBER 18, 2014 ACTIVITY MEASURES DATA REFLECTS A ONE-QUARTER LAG MEASURE 2ND QTR 2014 2ND QTR 2013 2ND QTR 2012 YTD 2014 YTD 2013 YTD 2012 New Residential Permit Unit Volume 643 254 155 826 618 255 New Commercial Permit Dollar Volume per Capita $123.30 $22.00 $13.00 $487.80 $31.00 $135.00 Lodging Occupancy Rates 74.60% 78.40% 69.70% 66.30% 65.12% 61.65% New Sales Tax Licenses 349 265 276 872 564 585 Terminated Sales Tax Licenses 281 140 110 434 604 398 Sales Tax Collections $24M $22M $21M $48M $45M $45M Use Tax Collections $6M $5M $5M $11M $9M $9M Glossary of Abbreviations: ARRA American Recovery and Reinvestment Act BOB Building on Basics $0.25 sales tax BRT Bus Rapid Transit CDBG Community Development Block Grant CIP Capital Improvement Plan DOE Department of Energy DWRF Drake Water Reclamation Facility ELJS Executive, Legislative and Judicial Services LTD Life to Date MWRF Mulberry Water Reclamation Facility PIFS Plant Investment Fee QTR Quarter RDSI Renewable and Distributed Systems Integration SW Storm Water WRF Water Reclamation Facility WW Waste Water YTD Year to Date PO’s Purchase Orders