Town of Highland Park, Texas
Financial Report for the Period Ending June 30, 2010
FINANCIAL STATEMENT OVERVIEW Through nine months (75%) of the 2009‐2010 fiscal year, combined General Fund and Utility Fund revenues are $20,159,253 (80%) of the projected annual revenues. This total is $409,742 less than year‐to‐date projections, primarily due to the fact that Water and Sanitary Sewer Sales are $873,269 below projections. Combined General Fund and Utility Fund expenditures/ encumbrances of $19,326,409 are 64% of the annual budget and are $695,844 under year‐to‐date budget. The Town’s cash and investments remain at favorable levels.
G E N E R A L F U N D A C T I V I T Y TOWN OF HIGHLAND PARK, TEXAS GENERAL FUND REVENUES For the Eight Months Ending June 30, 2010 CURRENT AND YEAR‐TO‐DATE AT JUNE 30, 2010 J U N E 2 0 1 0 Property Ta xes Sa l es Ta xes Other Ta xes Fra nchi s e Fees Li cens es a nd Permi ts Cha rges for Servi ces Fi nes a nd Forfei tures Ea rni ngs on Inves tments Mi s cel l a neous Tra ns fers Total Revenues
COMPARISON TO PRIOR FISCAL YEAR
Y E A R T O D A T E
C U R R E N T Y E A R
L A S T Y E A R
Actual $ 55,256 178,268 ‐ ‐ 44,917 123,235 30,897 15,039 22,819 1,506
Budget $ 70,277 160,760 ‐ ‐ 54,921 103,733 32,600 17,992 20,750 1,667
% 79% 111% ‐ ‐ 82% 119% 95% 84% 110% 90%
Actual $ 9,919,743 1,758,514 72,552 775,129 835,971 821,544 253,264 110,786 208,805 12,384
Budget $ 9,877,100 1,571,680 78,750 795,135 501,722 840,620 293,400 135,360 186,750 15,000
% 100% 112% 92% 97% 167% 98% 86% 82% 112% 83%
YTD Actual Annual Budget % $ 9,919,743 $ 9,973,110 99% 1,758,514 2,069,250 85% 72,552 105,000 69% 775,129 980,000 79% 835,971 966,750 86% 821,544 1,101,000 75% 253,264 391,200 65% 110,786 180,800 61% 208,805 253,500 82% 12,384 20,000 62%
YTD Actual Annual Budget $ 9,391,457 $ 9,551,090 1,790,454 2,325,000 80,729 103,000 856,556 963,000 529,704 776,700 1,081,953 1,377,430 268,334 409,700 147,117 295,000 297,018 331,984 21,783 ‐
% 98% 77% 78% 89% 68% 79% 65% 50% 89% ‐
$ 471,937
$ 462,700
102%
$ 14,768,692
$ 14,295,517
103%
$ 14,768,692
$ 14,465,105
90%
$ 16,040,610
92%
$ 16,132,904
OVERVIEW
FRANCHISE FEES
FINES AND FORFEITURES
Year‐to‐Date revenues are $473,175 more than pro‐ jected and $303,587 more than this time last year.
Franchise Fees of $775,129 are $20,006 less than projected year‐to‐date. The annual gas franchise fee received from Atmos in February was $28,564 less than projected.
Fines and Forfeitures of $253,264 are $40,136 less than year‐to‐date projections. Municipal Court Fines are $40,879 (15%) below projections.
LICENSES AND PERMITS
Earnings on Investments of $110,786 are $24,574 less than projected.
PROPERTY TAXES
Year‐to‐date Property Tax collections of $9,919,743 are $42,643 more than projected. As of June 30th, 98% of the 2009 tax levy has been collected.
SALES TAXES
Total Sales Taxes collected of $1,758,514 are $186,834 more than the year‐to‐date projection. Current year revenue is $31,940 below last year.
OTHER TAXES Year‐to‐Date Other Taxes of $72,552 are $6,198 less than projected.
Licenses and Permits of $835,971 are $334,249 more than year‐to‐date projections.
CHARGES FOR SERVICES Charges for Services of $821,544 are $19,076 less than year‐to‐date projections. EMS billings for January through March 2010 are pending. [Compared to last year, Charges for Services are down $260,409, primarily due to a change in fund‐ ing for street paving. Street Paving is now paid from Utility Fund directly to the Capital Projects Fund, bypassing the General Fund.]
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EARNINGS ON INVESTMENTS
MISCELLANEOUS REVENUES Miscellaneous Revenues of $208,805 are $22,055 more than projections.
TRANSFERS Inter‐fund Transfers of $12,284 are $2,616 less than projected.
TOWN OF HIGHLAND PARK, TEXAS GENERAL FUND EXPENDITURES AND ENCUMBRANCES For the Eight Months Ending June 30, 2010 CURRENT AND YEAR‐TO‐DATE AT JUNE 30, 2010 J U N E 2 0 1 0
COMPARISON TO PRIOR FISCAL YEAR
Y E A R T O D A T E %
Actual
Budget
C U R R E N T Y E A R %
Actual
Budget
Admi ni s tra ti on Publ i c Sa fety Street Street Li ghti ng Li bra ry Pa rks Swi mmi ng Pool Muni ci pa l Court Fi na nce Bui l di ng Ins pecti on Servi ce Center Town Ha l l Non‐Depa rtmenta l Tra ns fers
$ 35,601 845,661 24,630 20,541 44,765 120,502 30,489 23,108 6,161 34,389 9,484 ‐ 40,628 ‐
$ 41,056 868,120 33,714 25,401 53,550 117,909 62,499 28,770 (374) 41,696 (2,688) ‐ 13,103 ‐
87% 97% 73% 81% 84% 102% 49% 80% ‐ 82% ‐ ‐ 310% ‐
$ 335,619 7,470,788 276,593 197,642 451,637 1,099,743 126,980 207,623 359,246 315,348 16,020 3,003 89,903 500,000
$ 369,581 91% 7,634,917 98% 291,809 95% 222,105 89% 494,985 91% 995,654 110% 134,419 94% 249,362 83% 386,719 93% 361,830 87% (25,715) ‐ ‐ ‐ 122,902 73% 500,000 100%
$ 335,619 7,470,788 276,593 197,642 451,637 1,099,743 126,980 207,623 359,246 315,348 16,020 3,003 89,903 500,000
$ 498,090 10,323,270 499,770 298,880 663,390 1,485,745 227,450 334,705 523,300 486,700 4,280 ‐ 186,540 2,680,843
67% 72% 55% 66% 68% 74% 56% 62% 69% 65% 374% ‐ 48% 19%
$ 300,716 6,902,239 817,291 200,149 441,025 1,198,816 88,770 193,687 334,008 272,313 (4,724) 3,003 ‐ ‐
$ 529,980 10,047,660 1,073,220 313,400 643,140 1,520,339 186,965 269,100 543,585 345,170 ‐ ‐ ‐ 660,345
57% 69% 76% 64% 69% 79% 47% 72% 61% 79% ‐ ‐ ‐ ‐
Total Expenditures
$ 1,235,959
$ 1,282,756
96%
$ 11,450,145
$ 11,738,568
$ 11,450,145
$ 18,212,963
63%
$ 10,747,293
$ 16,132,904
67%
98%
YTD Actual Annual Budget
L A S T Y E A R %
YTD Actual Annual Budget
%
OVERVIEW
LIBRARY
FINANCE
Total year‐to‐date expenditures and encumbrances of $11,450,145 are $288,423 less than budgeted.
Library year‐to‐date total of $451,637 is $43,348 less than projections.
Finance year‐to‐date actual of $359,246 is $27,473 less than projected at June 30th.
ADMINISTRATION
Year‐to‐date Administration total of $335,619 is $33,962 less than projected.
PUBLIC SAFETY Total Public Safety actual of $7,470,788 is $164,129 less than year‐to‐date projections.
STREET Street total of $276,593 is $15,216 less than pro‐ jected at June 30th.
STREET LIGHTING Year‐to‐date Street Lighting actual of $197,642 is $24,463 less than year‐to‐date projections.
PARKS
BUILDING INSPECTION
Parks total of $1,099,743 is $104,089 more than projected, due to costs associated with clean‐up following winter storms.
Year‐to‐date Building Inspection actual of $315,348 is $46,482 less than projected.
SWIMMING POOL
SERVICE CENTER
Year‐to‐date Swimming Pool total of $126,980 is $7,439 less than year‐to‐date projections.
As a cost center, most operating costs of the Service Center are charged out to user departments. Year‐ to‐date actual is $41,735 more than projected.
MUNICIPAL COURT
NON‐DEPARTMENTAL
Total Municipal Court actual of $207,623 is $41,739 less than projected year‐to‐date.
Non‐Departmental total of $89,903 is $32,999 less than January projections.
TRANSFERS
$2,680,843 is budgeted for Inter‐fund Transfers this year. As of June 30th, $500,000 has been trans‐ ferred to the Capital Projects Fund. 3
U T I L I T Y F U N D A C T I V I T Y TOWN OF HIGHLAND PARK, TEXAS UTILITY FUND REVENUES For the Eight Months Ending June 30, 2010 CURRENT AND YEAR‐TO‐DATE AT JUNE 30, 2010 J U N E 2 0 1 0 Wa ter Sa l es Sa ni ta ry Sewer Cha rges Sa ni ta ti on Col l ecti on Fees Other Cha rges for Servi ce Li cens es a nd Permi ts Fi nes a nd Forfei tures Ea rni ngs on Inves tments Mi s cel l a neous Total Revenues
COMPARISON TO PRIOR FISCAL YEAR
Y E A R T O D A T E
Actual
Budget
Actual
Budget
$ 430,580 237,700 93,733 9,576 2,833 4,870 8,750 1,416
110% 104% 100% 92% 118% 111% 53% 3%
$ 2,574,265 1,742,766 841,315 82,519 24,260 53,607 68,023 3,806
$ 3,214,395 1,975,905 843,593 86,175 25,500 36,410 78,750 12,750
80% 88% 100% 96% 95% 147% 86% 30%
$ 2,574,265 1,742,766 841,315 82,519 24,260 53,607 68,023 3,806
$ 4,912,500 2,864,160 1,124,790 114,900 34,000 55,000 105,000 17,000
52% 61% 75% 72% 71% 97% 65% 22%
$ 2,915,086 1,962,899 840,690 89,227 24,485 51,836 123,642 10,191
$ 4,157,500 2,933,250 1,138,750 112,240 41,500 55,000 155,000 17,000
70% 67% 74% 79% 59% 94% 80% 60%
$ 833,971
$ 789,458
106%
$ 5,390,561
$ 6,273,478
86%
$ 5,390,561
$ 9,227,350
58%
$ 6,018,056
$ 8,610,240
70%
Total year‐to‐date revenues of $5,390,561 are $882,917 less than projected and $627,495 less than this time last year. WATER SALES Water Sales of $2,574,766 are $640,130 less than pro‐ jected year‐to‐date and $340,821 less than this time last year. The Town has experienced a corresponding reduction in the cost of water purchased.
SANTARY SEWER CHARGES Sanitary Sewer Charges of $1,742,766 are $233,139 less than year‐to‐date projections and $220,133 less than this time last year. This revenue source is de‐ pendent upon water sales and is experiencing a similar decline as water sales.
%
YTD Actual Annual Budget
L A S T Y E A R
$ 471,903 246,480 93,354 8,822 3,355 5,418 4,596 43
OVERVIEW
%
C U R R E N T Y E A R %
YTD Actual Annual Budget
%
SANITATION COLLECTION CHARGES
FINES AND FORFEITURES Sanitation Collection Charges of $841,315 are $2,278 Fines and Forfeitures (Penalty Charges for Late Pay‐ less than year‐to‐date projections. ment) of $53,607 are $17,197 more than projected so far this year.
OTHER CHARGES FOR SERVICES Other Charges for Services of $82,519 are $3,656 less EARNINGS ON INVESTMENTS Earnings on Investments of $68,023 are $10,727 less than year‐to‐date projections. than projected. LICENSES AND PERMITS MISCELLANEOUS REVENUE Licenses and Permits (Plumbing Permits) of $24,260 Year‐to‐date Miscellaneous Revenues of $3,806 are are $1,240 less than year‐to‐date projections. $8,944 less than projected.
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TOWN OF HIGHLAND PARK, TEXAS UTILITY FUND EXPENSES AND ENCUMBRANCES For the Eight Months Ending June 30, 2010 CURRENT AND YEAR‐TO‐DATE AT JUNE 30, 2010 J U N E 2 0 1 0
Y E A R T O D A T E Actual
Budget
Actual
Budget
YTD Actual Annual Budget
%
$ 145,415 241,184 116,328 94,042 53,880 582,552
82% 134% 31% 97% 102% 100%
$ 809,127 1,591,466 903,248 852,877 511,377 3,208,169
$ 855,907 95% 1,827,083 87% 1,036,995 87% 849,823 100% 471,185 109% 3,242,692 99%
$ 809,127 1,591,466 903,248 852,877 511,377 3,208,169
$ 1,154,100 2,752,180 1,386,290 1,135,365 638,080 5,157,150
70% 58% 65% 75% 80% 62%
$ 839,083 1,969,094 1,626,453 869,725 474,978 ‐
$ 1,070,320 3,146,105 2,505,860 1,182,545 690,470 ‐
78% 63% 65% 74% 69% ‐
Total Expenditures
$ 1,206,245
$ 1,233,401
98%
$ 7,876,264
$ 8,283,685
$ 7,876,264
$ 12,223,165
64%
$ 5,779,333
$ 8,595,300
67%
WATER
%
L A S T Y E A R
$ 118,927 323,681 36,436 91,247 54,914 581,040
Year‐to‐date expenditures plus encumbrances of $7,876,264 are $407,421 less than budgeted and $2,060,532 more than this time last year. UTILITY ADMINISTRATION Year‐to‐date Utility Administration total of $809,127 is $46,780 less than projections.
%
C U R R E N T Y E A R
Uti l i ty Admi ni s tra ti on Wa ter Sewer Sa ni ta ti on Engi neeri ng Tra ns fers
OVERVIEW
COMPARISON TO PRIOR FISCAL YEAR
95%
Water actual of $1,591,466 is $235,617 less than projected year‐to‐date. Decreased water sales have led to decreased water purchases, which are $203,692 less than budgeted through June 30th. SEWER Year‐to‐date Sewer total of $903,248 is $133,747 less than year‐to‐date projections. The cost for sewer treatment via Dallas Water Utilities is a fixed annual cost. Changes in applicable water volumes impact the following budget year.
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YTD Actual Annual Budget
%
SANITATION Sanitation expenditures and encumbrances of $852,877 are $3,054 more than budgeted. ENGINEERING Year‐to‐date Engineering expenditures of $511,377 are $40,192 more than year‐to‐date projections. TRANSFERS Inter‐fund Transfers to the Capital Projects Fund of $3,208,169 are $34,523 less than budgeted year‐do‐ date.
C A S H A N D I N V E S T M E N T S AVAILABLE CASH BALANCES General Fund Utility Fund Capital Projects Fund Storm Water Drainage Utility Fund (Dedicated) Municipal Court Technology Fund (Dedicated) Municipal Court Security Fund (Dedicated)
$ 5,456,095 $ 1,508,542 $ 7,762,364 $ 456,712 $ 39,905 $ 144,562
INVESTMENTS The market value of the Town’s investment portfolio at June 30, 2010 was $26,775,980. This amount is 100.156% of the recorded book value of $26,734,204. The Town’s investment practice is to invest funds for specific maturity or call dates (passive investment management), rather than buy and sell based upon market conditions (active investment management). The total portfolio yield is 0.816%.
Clayton Gray, CGFO Controller
Bill Pollock, CGFO, CPFA, RTA Director of Fiscal and Human Resources
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