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Home My WebLink AboutDocumentation_Regular_Tab 08_4/13/2023Agenda Item #8. Regular Council STAFF MEMO Meeting: Regular Council - Apr 13 2023 Staff Contact: Jeremy Allen, Village Manager Department: Manager Monthly Manager's Report and Quarterly Investment Report 1. The Financial Reports presented above are unadjusted and unaudited. The Village considers revenues available if collected within 60 days of the current fiscal period. This means that there are additional revenues and expenditures that have not been recorded to date and that will be recorded once year-end adjustments are completed. Additionally, during the year, revenues and expenses are recorded on a cash basis and will be adjusted to the Governmental modified accrual basis at year-end for applicable fund types. This will result in significant differences between our beginning balances in the enterprise funds (water, refuse and recycling and stormwater) and the adjusted ending balances as these funds report on a full accrual basis. 2. Property Taxes — collected at $8.8 million, which represents 94% of the budgeted amount. It is $1.2 million (15%) higher than for the same period of the prior fiscal year. Historically, 91 % of ad valorem tax distribution receipted by the end of February. 3. Sales/use taxes (40%), which include local infrastructure surtax, insurance premium, utility, communication service and local business tax, are one/two month behind collection/reported period, with the exception of the Local Business Tax collected at 99%. Insurance premium tax ($285 thousand) to be collected at the year-end as one distribution. Sales/use taxes are on target for five months collections. 4. Intergovernmental revenues (51%) which include municipal revenue sharing, half -cent sales tax, and local gas tax are one month behind the collection/reported period. It is above budget target for five months collections due to the half -cent sales tax revenue increase (by 12%) collection/distribution. 5. Revenues (Budgetary comparison) recorded in the General fund represents 73% of budgeted due to the distribution nature of Ad valorem taxes collected at 94%, representing 75% of overall General fund revenues at 3/31/2023. 6. Overall Expenditures (Budgetary comparison) in the General Fund represents 41 % of budgeted, which is below target budgeted due to the fact that not all the expenditures recorded for the services provided up to 3/31/23 and personnel expenditures recorded as paid not when accrued. 7. Revenues (Prior year comparison) all funds increased mainly due to Ad valorem taxes collected $1.2 million (15%) higher than same period of prior year, change in leases revenue recording and investment earnings. Page 154 of 556 Agenda Item #8. 8. Expenditures (Prior year comparison) all funds decreased by $1.8 million (14%) mainly due to recreation center project completion and timing in different expenditures recording. This document and any attachments may be reproduced upon request in an alternative format by completing our Accessibility Feedback Form, sending an e-mail to the Village Clerk or calling 561-768- 0443. PROJECT NAME: NA BUDGET: NA ENCUMBERED: NA Proposed: NA PROJECTED TOTAL: NA Mar 2023 v2 Quarterly Investment Report - March 2023 2March 2023 Grant Budget Worksheet - Projected Remaining: NA Page 155 of 556 BALANCE SHEET FOR VILLAGE OF TEQUESTA acan Period Ending 03/31/2023 DB: Tecruesta Page: 1/8 Fund 001 GENERAL FUND GL Number Description *** Assets *** Cash and Cash Equivalents Investments Accounts Receivable Due from Other Funds Accrued Income Receivable Inventories Prepaids Other Assets - Current Other Fixed Assets Total Assets *** Liabilities *** Accounts Payable Accrued liabilities Retainage Payable Due to Other Funds Due to Other Governments Deferred Revenue Other Current Liabilities Customer Deposits Noncurrent liabilities Total Liabilities *** Fund Balance *** F/B - Reserved for Inventories F/B - Res for Encumbrance F/B - All Other Reserves F/B - Unreserved - Designated F/B - Unreserved/Undesignated Fund Balance - Nonspendable Fund Balance - Restricted Fund Balance - Committed Fund Balance - Assigned Fund Balance - Unassigned Total Fund Balance Beginning Fund Balance Net of Revenues VS Expenditures Fund Balance Adjustments Ending Fund Balance Total Liabilities And Fund Balance Balance 526,459.35 11,760,195.78 1,488,837.72 0.00 11,827.30 63,606.92 36,975.73 0.00 0.00 13,887,902.80 32,911.38 206,757.00 0.00 0.00 1,411.46 1,232,698.89 0.00 0.00 0.00 1,473,778.73 0.00 0.00 0.00 0.00 0.00 812,308.18 288,000.00 500,000.00 2,036,098.00 4,375,472.92 8,011,879.10 8,011,879.10 4,402,244.97 0.00 12,414,124.07 13,887,902.80 Page 156 of 556 BALANCE SHEET FOR VILLAGE OF TEQUESTA acan Period Ending 03/31/2023 DB: Tecruesta Fund 101 BUILDING FUND GL Number Description Balance *** Assets *** Cash and Cash Equivalents Investments Accounts Receivable Inventories Prepaids Total Assets *** Liabilities *** Accounts Payable Accrued liabilities Due to Other Governments Total Liabilities *** Fund Balance *** F/B - Unreserved/Undesignated Fund Balance - Nonspendable Fund Balance - Restricted Fund Balance - Assigned Fund Balance - Unassigned Total Fund Balance Beginning Fund Balance Net of Revenues VS Expenditures Ending Fund Balance Total Liabilities And Fund Balance 144,996.49 613,931.40 0.00 440.22 417.74 759,785.85 741.01 (33,391.65) 7,159.55 (25,491.09) 0.00 10,303.06 832,828.08 29,399.00 0.00 872,530.14 872,530.14 (87,253.20) 785,276.94 759,785.85 Page: 2/8 Page 157 of 556 BALANCE SHEET FOR VILLAGE OF TEQUESTA acan Period Ending 03/31/2023 DB: Tecruesta Fund 301 CAPITAL IMPROVEMENT FUND GL Number Description Balance *** Assets *** Cash and Cash Equivalents Investments Accounts Receivable Due from Other Funds Prepaids Total Assets *** Liabilities *** Accounts Payable Accrued liabilities Retainage Payable Due to Other Funds Total Liabilities *** Fund Balance *** F/B - Res for Encumbrance F/B - All Other Reserves F/B - Unreserved - Designated F/B - Unreserved/Undesignated Fund Balance - Nonspendable Fund Balance - Restricted Fund Balance - Committed Fund Balance - Assigned Fund Balance - Unassigned Total Fund Balance Beginning Fund Balance Net of Revenues VS Expenditures Ending Fund Balance Total Liabilities And Fund Balance 86,459.25 707,524.40 0.00 0.00 0.00 793,983.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 568,199.33 312,722.00 31,690.26 0.00 912,611.59 912,611.59 (118,627.94) 793,983.65 793,983.65 Page: 3/8 Page 158 of 556 BALANCE SHEET FOR VILLAGE OF TEQUESTA acan Period Ending 03/31/2023 DB: Tecruesta Fund 303 CAPITAL PROJECTS FUND GL Number Description Balance *** Assets *** Cash and Cash Equivalents Investments Accounts Receivable Due from Other Funds Prepaids Total Assets *** Liabilities *** Accounts Payable Accrued liabilities Retainage Payable Due to Other Funds Total Liabilities *** Fund Balance *** F/B - Res for Encumbrance F/B - Unreserved/Undesignated Fund Balance - Nonspendable Fund Balance - Assigned Fund Balance - Unassigned Total Fund Balance Beginning Fund Balance Net of Revenues VS Expenditures Ending Fund Balance Total Liabilities And Fund Balance 136,378.12 0.00 0.00 0.00 0.00 136,378.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 136,378.12 0.00 136,378.12 136,378.12 0.00 136,378.12 136,378.12 Page: 4/8 Page 159 of 556 BALANCE SHEET FOR VILLAGE OF TEQUESTA Page: 5/8 acan Period Ending 03/31/2023 DB: Tecruesta Fund 401 WATER FUND GL Number Description Balance *** Assets *** Current Assets 0.00 Cash and Cash Equivalents 1,473,047.29 Investments 6,322,230.69 Accounts Receivable 473,441.13 Special Assess -Current 0.00 Special Assess - noncurrent 0.00 Due from Other Funds 0.00 Accrued Income Receivable 9,660.00 Inventories 223,065.03 Prepaids 10,719.46 Other Assets - Current 0.00 Land 83,335.00 Other Assets - Non Current 547,122.00 INFRASTRUCTURE 14,679,696.76 Buildings 209,044.16 Improvements Other Than Bldgs. 22,313.60 Machinery & Equipment 221,399.76 Construction in Progress 827,897.41 Intangible Assets 0.00 Other Fixed Assets 0.00 Deferred Outflows 525,669.89 FIXED ASSETS 0.00 Total Assets 25,545,307.18 *** Liabilities *** Accounts Payable 17,398.95 Accrued liabilities (165,110.19) Retainage Payable 0.00 Due to Other Funds 0.00 Due to Other Governments 2,119.36 Deferred Revenue 0.00 Current Portion of Debt 406,822.25 Other Current Liabilities 0.00 Customer Deposits 36,465.00 Noncurrent liabilities 1,952,563.99 Other Long Term Liabilities 494,807.03 Def Inflows of Resources 891,769.00 Total Liabilities 3,636,835.39 *** Fund Balance *** F/B - Res for Encumbrance 0.00 F/B - All Other Reserves 0.00 F/B - Unreserved - Designated 0.00 F/B - Unreserved/Undesignated 0.00 N.A., Inv in Cap, net of debt 11,584,763.87 Net Assets, Restricted 0.00 Fund Balance - Restricted 391,822.25 Fund Balance - Committed 500,000.00 Fund Balance - Unassigned 8,919,488.87 Total Fund Balance 21,396,074.99 Beginning Fund Balance 21,396,074.99 Net of Revenues VS Expenditures 512,396.80 Ending Fund Balance 21,908,471.79 Total Liabilities And Fund Balance 25,545,307.18 Page 160 of 556 BALANCE SHEET FOR VILLAGE OF TEQUESTA Page: 6/8 acan Period Ending 03/31/2023 DB: Tecruesta Fund 402 REFUSE & RECYCLING GL Number Description Balance *** Assets *** Cash and Cash Equivalents 349,728.72 Investments 0.00 Accounts Receivable 0.00 Other Assets - Current 0.00 Total Assets 349,728.72 *** Liabilities *** Accounts Payable 0.00 Due to Other Funds 0.00 Total Liabilities 0.00 *** Fund Balance *** F/B - Unreserved/Undesignated 0.00 Fund Balance - Unassigned 72,642.83 Total Fund Balance 72,642.83 Beginning Fund Balance 72,642.83 Net of Revenues VS Expenditures 277,085.89 Ending Fund Balance 349,728.72 Total Liabilities And Fund Balance 349,728.72 Page 161 of 556 BALANCE SHEET FOR VILLAGE OF TEQUESTA Page: 7/8 acan Period Ending 03/31/2023 DB: Tecruesta Fund 403 STORMWATER UTILITY GL Number Description Balance *** Assets *** Cash and Cash Equivalents 320,193.47 Investments 0.00 Accounts Receivable 380.81 Due from Other Funds 0.00 Inventories (97.87) Prepaids 0.00 Other Assets - Current 0.00 Other Assets - Non Current 40,159.00 INFRASTRUCTURE 1,919,476.99 Buildings 0.00 Improvements Other Than Bldgs. 0.00 Machinery & Equipment 11,547.30 Construction in Progress 6,218.00 Deferred Outflows 28,070.00 Total Assets 2,325,947.70 *** Liabilities *** Accounts Payable 1,231.99 Accrued liabilities (11,791.88) Retainage Payable 0.00 Due to Other Funds 0.00 Due to Other Governments 0.00 Current Portion of Debt 0.00 Other Long Term Liabilities 16,326.41 Def Inflows of Resources 42,400.00 Total Liabilities 48,166.52 *** Fund Balance *** F/B - Res for Encumbrance 0.00 F/B - Unreserved - Designated 0.00 F/B - Unreserved/Undesignated 0.00 N.A., Inv in Cap, net of debt 1,236,387.06 Fund Balance - Unassigned 711,661.18 Total Fund Balance 1,948,048.24 Beginning Fund Balance 1,948,048.24 Net of Revenues VS Expenditures 329,732.94 Ending Fund Balance 2,277,781.18 Total Liabilities And Fund Balance 2,325,947.70 Page 162 of 556 BALANCE SHEET FOR VILLAGE OF TEQUESTA acan Period Ending 03/31/2023 DB: Tecruesta Fund 605 SPECIAL LAW ENFORCEMENT GL Number Description Balance *** Assets *** Cash and Cash Equivalents Investments Accounts Receivable Inventories Prepaids Total Assets *** Liabilities *** Accounts Payable Due to Other Funds Total Liabilities *** Fund Balance *** Fund Balance - Nonspendable Fund Balance - Restricted Fund Balance - Assigned Fund Balance - Unassigned Total Fund Balance Beginning Fund Balance Net of Revenues VS Expenditures Ending Fund Balance Total Liabilities And Fund Balance 18,692.24 81,751.54 0.00 0.00 3,584.52 104,028.30 0.00 0.00 0.00 8,540.61 80,795.97 44,186.00 0.00 133,522.58 133,522.58 (29,494.28) 104,028.30 104,028.30 Page: 8/8 Page 163 of 556 Agenda Item #8. VILLAGE OF TEQUESTA Cash & Investments Unadjusted Unaudited 3/31/2023 Cash Investments Total General Fund #001 $ 526,459 $ 11,760,196 $ 12,286,655 Building Fund #101 144,996 613,931 758,928 Capital Improvement Fund #301 86,459 707,524 793,984 Capital Projects Fund #303 136,378 - 136,378 Water Utility #401 1,473,047 6,322,231 7,795,278 Refuse & Recycling #402 349,729 - 349,729 Stormwater #403 320,193 - 320,193 Special Law Enforcement #605 18,692 81,752 100,444 Total Cash and Investments $ 3,055.955 $ 19.485.634 $ 22.541,589 *Transfer pending Page 164 of 556 VILLAGE OF TEQUESTA �nda Item #8. REVENUE REPORT - CASH BASIS, UNAUDITED YTD BALANCE I YTD BALANCE DESCRIPTION VARIANCE I %VARIANCE I NOTES REVENUES Fund 001- GENERAL FUND General Property Taxes Sales & Use Taxes Franchise fees - gross receipt Licenses & Permits Grants - Federal Intergovernmental Revenue Chgs for Services - Gen Gov Indirect Costs Rents & Royalties Contributions & Donations Miscellaneous Revenues Chgs for Services - Public Safety Fines & Forfeitures Impact Fees Grants - State Charges for Services - Recr. Unrestricted Investment Earning Other Financing Sources Total General Fund 7,651,511 8,817,828 1,166,317 15.24% Increase in property value 739,067 793,059 53,993 7.31% 199,536 239,286 39,750 19.92% Electric franchise fees increase 690 4,680 3,990 578.26% Rental permits implemented in FY 23 1,708 47,475 45,767 2679.96% Differs from year to year 425,598 461,161 35,563 8.36% 295,067 134,545 (160,522) -54.40% Land development fees decrease 428,171 431,537 3,366 0.79% 119,388 194,855 75,467 63.21% Cash basis lease revenue recording for FY 2023 3,350 8,659 5,309 158.47% Tequesta Fest donations 2,762 14,984 12,222 442.45% Litigation settlements 559,238 487,911 (71,326) -12.75% EMS revenue fluctuates from year to year 10,349 5,426 (4,922) -47.57% Code enforcement fees 9,602 1,701 (7,901) -82.28% Differs from year to year based on the projects 12,102 8,675 (3,427) -28.32% Differs from year to year 699 47,419 46,720 6681.93% Recreation fees increase due to open facility/programs 3,927 102,706 98,780 2515.70% Active investing and rate increases 965 10,000 9,035 936.27% Trade in fire equipment 10, 463, 728 11, 811, 908 1,348,180 12.88 % Fund 101- BUILDING FUND Licenses & Permits 412,966 348,609 (64,357) -15.58% Varies year to year based upon activity/projects Charges for Services 4,634 371 (4,263) -91.99% Admin fees from other gov- timing in recording Miscellaneous Revenues 56 0 (56) -100.00% Unrestricted Investment Earning 162 9,094 8,932 5509.99% Active investing and rate increases Total Building Fund 417,818 358,075 (59,743) -14.30% Fund 301- Capital Improvement Fund Unrestricted Investment Earning 54 7,524 7,471 13880.68% Active investing and rate increases Total Capital Improvement Fund 54 7,524 7,471 13880.68% Fund 303 - Capital Projects Fund Unrestricted Investment Earning Total Capital Projects Fund: Fund 401- Water Fund Miscellaneous Revenues Fines & Forfeitures Unrestricted Investment Earning Other Financing Sources Charges for Services Total Water Fund: Fund 402 - Refuse & Recycling Intergovernmental Revenue Unrestricted Investment Earning Charges for Services Total Refuse & Recycling: Fund 403 - Stormwater Utility Unrestricted Investment Earning Charges for Services Grants Total Stormwater Utility: Fund 605 - Special Law Enforcement Forfeitures Unrestricted Investment Earning Total Special Law Enforcement I TOTAL REVENUES - ALL FUNDS are Tor aitterences 405 0 (405)-100.00% 405 0 (405)-100.00% 26,505 25,755 (750) -2.83% 0 750 750 100.00% 2,779 54,831 52,052 1872.78% Active investing and rate increases 75,889 72,020 (3,869) -5.10% 2,793,729 3,115,141 321,412 11.50% Fees and usage increase 2,898,902 3,268,497 369,595 12.75% 1,102 0 (1,102) -100.00% SWA shared revenues distributions 50 0 (50) -100.00% 462,865 528,091 65,225 14.09% FY 2023 13.5% rate increase due to inflation 464,018 528,091 64,073 13.81% 18 0 (18) -100.00% 450,172 469,134 18,962 4.21% 0 14,385 14,385 100.00% Differs from year to year 450,190 483,519 33,329 7.40% 87,764 24,898 (62,866)-71.63% Differs from year to year 25 1,033 1,008 4088.32% Active investing and rate increases 87,789 25,931 (61,858)-70.46% 14, 782, 903 16, 483, 545 1,700,641 11.50 % ana amounts over Page 165 of 556 Agenda Item #8. VILLAGE OF TEQUESTA EXPENDITURE REPORT - CASH BASIS, UNAUDITED YTD BALANCE YTD BALANCE DESCRIPTION 3/31/2022 3/31/2023 VARIANCE VARIANCE NOTES EXPENDITURES Fund 001- GENERAL FUND Council 38,105 24,777 (13,328) -34.98% Computer system maint exp decrease Manager 147,602 151,048 3,446 2.33% Human Resources 190,453 195,027 4,574 2.40% Village Clerk 173,076 191,724 18,648 10.77% Increase in election expense and news letter Finance 360,197 370,319 10,122 2.81% Legal 62,911 93,096 30,185 47.98% Differs from year to year based upon service needs Comprehensive Planning 92,628 137,410 44,782 48.35% Other contractual Svcs increase General Government 136,119 124,038 (12,080) -8.87% Paradise park lease termination IT 267,213 281,507 14,294 5.35% Police Department 1,645,121 1,784,947 139,826 8.50% Regular salaries & overtime, other contr svcs increase Code Compliance 54,447 42,999 (11,448) -21.03% Part time salaries and legal svcs decrease Fire Control 2,109,997 2,111,414 1,417 0.07% Public Works 689,650 701,627 11,976 1.74% Leisure Services 434,277 635,316 201,039 46.29% Part time salaries, spec) events, contr svcs increases Debt Service 664,970 564,414 (100,556) -15.12% 2002 Note was paid in full Total General Fund 7,066,767 7,409,663 342,896 4.85% Fund 101- BUILDING FUND Building Department 334,319 445,328 111,009 33.20% Regulars salaries, ins increases, vehicles purchase (54K) Total Building Fund 334,319 445,328 111,009 33.20% Fund 301- Capital Improvement Fund Public Works 194,656 126,152 (68,504) -35.19% Roads and sidewalks repair and maintenance Total Capital Improvement Fund: 194,656 126,152 (68,504) 100.00% Fund 303 - Capital Projects Fund Public Works 255,000 0 (255,000)-100.00% Roads repair and maintenance Recreation Center 1,636,568 0 (1,636,568)-100.00% Recreation Center proj substantially completed FY 22 Total Capital Projects Fund: 1,891,568 0 (1,891,568)-100.00% Fund 401- Water Fund Water -Administration 773,918 700,345 (73,573) -9.51% Engineering svcs exp decrease Water - Production 933,911 898,628 (35,284) -3.78% Water -Distribution 404,185 361,145 (43,041) -10.65% Pension expense, timing in recording Water -Customer Service 126,758 145,346 18,588 14.66% Change in health insurance selected Renewal & Replacement 488,735 423,650 (65,084) -13.32% Differs from year to year based upon projects Debt Service 225,162 226,986 1,823 0.81% Total Water Fund: 2,952,670 2,756,100 (196,570) -6.66% Fund 402 - Refuse & Recycling Refuse and Recycling 221,110 251,005 29,895 13.52% FY 2023 13.5% rate increase due to inflation Total Refuse & Recycling: 221,110 251,005 29,895 13.52% Fund 403 - Stormwater Utility Storm Water Utilities Renewal & Replacement Total Stormwater Utility: Fund 605 - Special Law Enforcement Police Total Special Law Enforcement: TOTAL EXPENDITURES - ALL FUNDS 182,972 133,736 (49,236)-26.91% Pension expense, timing in recording; engineering svcs 156,050 20,051 (136,000)-87.15% Differs from year to year based upon projects, timing 339,022 153,786 (185,236)-54.64% 38,186 55,425 17,239 45.14% Differs from year to year based upon needs 38,186 55,425 17,239 45.14% 13,038,298 11,197,459 (1,840,840)-14.12% NOTES are for differences grater than 10% and amounts over $1,000. Page 166 of 556 Aigenda Item #8. THE VILLAGE OFTEQUESTA REVENUE REPORT - CASH BASIS, UNAUDITED FY 2023 FY 2023 50.00% ORIGINAL AMENDED TARGET YTD BALANCE DOLLAR PERCENT % BDGT DESCRIPTION BUDGET BUDGET BUDGET 3/31/2023 VARIANCE VARIANCE USED NOTES Fund 001-GENERAL FUND General Property Taxes 9,401,670 9,401,670 4,700,835 8,817,828 4,116,993 87.58% 93.79 Historically, 91% receipted bythe end of Feb State revs two month behind, record- cash basis, ins Sales & Use Taxes 1,979,760 1,979,760 989,880 793,059 (196,821) -19,88% 40.06 prem tax received as one distrib at YE ($2851) Franchise fees - gross receipt 484,710 484,710 242,355 239,286 (3,069) -1.27% 49.37 Revenues one month behind, increase in collect. Licenses & Permits 1,000 1,000 500 4,680 4,180 836,00% 468.00 Rental permits implemented in FY 23 Indirect Costs 863,074 863,074 431,537 431,537 0 0.00% 50.00 Grants Federal 23,900 23,900 11,950 47,475 35,525 297.28% 198.64 Differfrom year to year, timing of collection Grants - State 63,000 63,000 31,500 8,675 (22,825) -72.46% 13.77 Differfrom yearto year, timing ofcollection Intergovernmental Revenue 903,855 903,855 451,928 461,161 9,233 2.04% 51.02 state revenues one/two month behind Chgs for Services - Gen Gov 206,633 206,633 103,317 134,545 31,228 30.23% 65.11 Land development fees depends on the projects Chgs for Services - Public Safety 1,329,753 1,329,753 664,877 487,911 (176,965) -26.62% 36.69 Timing in revenue recording, EMS fees Charges for Services - Recr. 61,000 61,000 30,500 47,419 16,919 55.47% 77.74 Teq test and rec programs rev increase Fines & Forfeitures 18,877 18,877 9,439 5,426 (4,012) -42.51% 28.74 Code enffees decrease Unrestricted Investment Earning 110,488 110,488 55,244 102,706 47,462 85.91% 92.96 Active investing and rate increases Rents & Royalties 264,262 264,262 132,131 194,855 62,724 47.47% 73.74 Timing in revenue recording, cash basis Impact Fees 6,926 6,926 3,463 1,701 (1,762) -50.87% 24.56 Differ from year to year depending on projects Contributions & Donations 3,850 3,850 1,925 8,659 6,734 349.81% 224.90 Tequesta Fest donations Miscellaneous Revenues 13,699 13,699 6,850 14,984 8,135 118.76% 109.38 Litigation settlements Other Financing Sources 21,791 21,791 10,896 10,000 (896) -8.22% 45.89 Trade in fire equipment Appropriate Fund Balance 385,000 385,000 0 Total General Fund 16,143,248 16,143,248 7,879,124 11,811,908 3,932,784 49.91% 73.17 Fund 101- BUILDING FUND Licenses & Permits 604,115 604,115 302,058 348,609 46,552 15.41% 57.71 Varies yearto year based upon activity/projects Chgs for Sery - Gen Gov 0 0 0 371 371 100,00% 100.00 Unrestricted Investment Earning 3,000 3,000 1,500 9,094 7,594 506.29% 303.15 Active investing and rate increases Appropriate Fund Balance 238,445 238,445 0 0 Total Building Fund 845,560 845,560 303,558 358,075 54,517 17,96% 42.35 Fund 301- Capital Improvement Fund Unrestricted Investment Earn 0 0 0 7,524 7,524 100,00% 100.00 Active investing and rate increases Transfers In 707,686 707,686 353,843 0 (353,843) -100.00% 0.00 FY 2023 not recorded, timing in revenue recording Appropriate Fund Balance 510,436 510,436 0 Total Capital Improvement Fund: 1,218,122 1,218,122 353,843 7,524 (346,319) -97.87% 0.62 Fund 303 - Capital Projects Fund Transfers In 294,895 294,895 147,448 0 (147,448) -100.00% 0.00 FY 2023 not recorded, timing in revenue recording Appropriate Fund Balance 0 Total Capital Projects Fund: 294,895 294,895 147,448 0 (147,448) -100.00% 0.00 Fund 401- Water Fund Charges for Services 6,538,611 6,538,611 3,269,306 3,115,141 (154,165) -4.72% 47.64 Revenues recording one month behind Fines & Forfeitures 0 0 0 750 750 100.00% 0.00 Unrestricted Investment Earn 75,000 75,000 37,500 54,831 17,331 46.22% 73.11 Active investing and rate increases Miscellaneous Revenues 39,950 39,950 19,975 25,755 5,780 28.93% 64.47 Differfrom year to year, timing of collection Other Financing Sources (icl.loan) 10,891,758 10,891,758 5,445,879 72,020 (5,373,859) -98.68% 0.66 Loan proceeds recorded when received Appropriate Fund Balance 382,342 382,342 0 0 Total Capital Projects Fund: 17,927,661 17,927,661 8,772,660 3,268,497 (5,504,163) -62,74% 18.23 Fund 402 - Refuse & Recycling Charges for Services 572,366 572,366 286,183 528,091 241,908 84,53% 92.26 Historically, 91% receipted bythe end of Feb Unrestricted Investment Earn 500 500 250 0 (250) -100.00% 0.00 Appropriate Fund Balance 29,106 29,106 0 Total Refuse & Recycling: 601,972 601,972 286,433 528,091 241,658 84,37% 87.73 Fund 403 - Stormwater Utility Grants & Contributions 95,000 95,000 47,500 14,385 (33,115) -69,72% 15.14 Timing in revenue recording Charges for Services 519,571 519,571 259,786 469,134 209,349 80.59% 90.29 Historically, 91% receipted bythe end of Feb Unrestricted Investment Earn 1,528 1,528 764 0 (764) -100.00% 0.00 Transfers In 300,000 300,000 150,000 0 (150,000) -100.00% 100.00 FY 2023 not recorded, timing in revenue recording Appropriate Fund Balance 0 0 0 Total Stormwater Utility: 916,099 916,099 458,050 483,519 25,470 5.56% 52.78 Fund 605 - Special Law Enforcement Forfeitures 63,700 63,700 31,850 24,898 (6,952) -21.83% 39.09 Differ from year to year, timing of collection Unrestricted Investment Earn 0 0 0 1,033 1,033 100.00% 0.00 Active investing and rate increases Appropriate Fund Balance 36,007 36,007 18,004 0.00 Total Special Law Enforcement 99,707 99,707 49,854 25,931 (23,923) -47.99% 0.00 TOTAL REVENUES - ALL FUNDS 38,047,264 38,047,264 18,250,968 16,483,545 (1,767,423) -9.68% 43.32 NOTES are for differences grater than 10%and amounts over $1,000 Page 167 of 556 THE VILLAGE OF TEQUESTA EXPENDITURE REPORT - CASH BASIS, UNAUDITED FY 2023 FY 2023 50.00% ORIGINAL AMENDED TARGET YTD BALANCE DOLLAR PERCENT % BDGT DESCRIPTION BUDGET BUDGET BUDGET 3/31/2023 VARIANCE VARIANCE USED Fund 001- General Fund Council 80,832 80,832 40,416 24,777 15,639 38.69% 30.65 (1),(2) Manager 318,325 318,325 159,163 151,048 8,114 5.10% 47.45 (1),(2) Human Resources 409,148 409,148 204,574 195,027 9,547 4.67% 47.67 (1),(2) Village Clerk 415,815 415,815 207,908 191,724 16,183 7.78% 46.11 (1),(2) Finance 755,922 755,922 377,961 370,319 7,642 2.02% 48.99 Legal 180,000 180,000 90,000 93,096 (3,096) -3.44% 51.72 (1),(2) Comprehensive Planning 229,540 247,315 123,658 137,410 (13,753) -11.12% 55.56 (1),(2) General Government 232,565 232,565 116,283 124,038 (7,756) -6.67% 53.33(1),(2) IT 480,271 480,271 240,136 281,507 (41,371) -17.23% 58.61 (3) Police Department 3,509,439 3,556,382 1,778,191 1,784,947 (6,756) -0.38% 50.19 (1),(2) Code Compliance 104,789 104,789 52,395 42,999 9,396 17.93% 41.03 (1),(2) Fire Control 4,531,013 6,421,802 3,210,901 2,111,414 1,099,487 34.24% 32.88 (1),(2) Public Works 1,602,399 1,612,956 806,478 701,627 104,851 13.00% 43.50(1),(2) Leisure Services 1,074,672 1,144,706 572,353 635,316 (62,964) -11.00% 55.50 (3) Debt Service 591,400 591,400 295,700 564,414 (268,714) -90.87% 95.44 (3) Interfund Transfers 1,302,581 1,302,581 651,291 0 651,291 100.00% 0.00 (3) Allocate to Fund Balance* 324,537 324,537 Total General Fund 16,143,248 18,179,345 9,089,673 7,409,663 1,680,010 18.48% 40.76 Fund 101- BUILDING FUND Building & Zoning 845,560 874,959 437,480 445,328 (7,848) -1.79% 50.90 (1),(2) Allocate to Fund Balance* 0 0 0.00% 0.00 Total Building Fund 845,560 874,959 437,480 445,328 (7,849) -1.79% Fund 301- Capital Improvement Fund Public Works 848,285 848,285 424,143 0 424,143 100.00% 0.00 (2) Projects - Other 369,837 369,837 184,919 126,152 58,767 31.78% 34.11 (3) Allocate to Fund Balance* Total Capital Improvement Fund: 1,218,122 1,218,122 609,061 126,152 482,909 79.29% 10.36 Fund 303 - Capital Projects Fund Public Works 170,000 170,000 85,000 0 85,000 100.00% 0.00 Leisure Services 0 8,000 4,000 0 4,000 100.00% 0.00 Allocate to Fund Balance* 124,895 124,895 0.00 Total Capital Projects Fund: 294,895 302,895 151,448 0 151,448 100.00% 0.00 Fund 401- Water Fund Water -Administration 1,346,997 1,438,921 719,461 700,345 19,115 2.66% 48.67 Water- Production 1,960,184 1,961,989 980,995 898,628 82,367 8.40% 45.80 (1),(2) Water -Distribution 777,045 780,120 390,060 361,145 28,915 7.41% 46.29 Water -Customer Service 278,405 278,405 139,203 145,346 (6,143) -4.41% 52.21 Renewal & Replacement 2,216,000 2,686,105 1,343,052 423,650 919,402 68.46% 15.77 (2) Capital Improvement 10,855,000 10,855,000 5,427,500 0 5,427,500 100.00% 0.00 (2) Debt Service 494,030 494,030 247,015 226,986 20,029 8.11% 45.95 Other Nonoperating 0 0 0 0 0.00% 0.00 Total Capital Projects Fund: 17,927,661 18,494,570 9,247,285 2,756,100 6,491,185 70.20% 14.90 Fund 402 - Refuse & Recycling Refuse and Recycling 601,972 601,972 300,986 251,005 49,981 16.61% 41.70 Other Nonoperating 0 0 0 0 0 0.00% 0.00 Total Refuse & Recycling: 601,972 601,972 300,986 251,005 49,981 16.61% 41.70 Fund 403 - Stormwater Utility Storm Water Utilities 427,518 522,518 261,259 133,736 127,523 48.81% 25.59 Renewal & Replacement 419,000 451,347 225,674 20,051 205,623 91.12% 4.44 (2),(3) Allocate to Fund Balance* 69,581 69,581 0 0 Total Stormwater Utility: 916,099 1,043,446 521,723 153,786 367,937 70.52% 14.74 Fund 605 - Special Law Enforcement Police 99,707 143,893 71,946 55,425 16,521 22.96% 100.00 (2) Total Special Law Enforcement 99,707 143,893 71,946 55,425 16,521 22.96% 100.00 TOTAL EXPENDITURES - ALL FUNDS 38,047,264 40,859,202 20,429,601 11,197,459 9,232,142 45.19% 27.40 Notes: * Not included in Target Budget calculation (1) Personal expenditures/expenses recorded as when paid not when accrued. Personnel paid 3/30/23 for the period ended 3/25/23. Due to timing of payroll dates 5 days of personnel expenditures not reflected in March 2023. (2) Not all operating expenditures/expenses recorded for the services of March 2023. Expenditures recorded on a cash basis and adjusted at year end. Page 168 (3) Timing in expenditures/expenses recording or/and recorded as one time entry. If 556 Agenda Item #8. TO: Honorable Mayor, Village Council Members, and Jeremy Allen, Village Manager FROM: Jeff Snyder, CPA, Finance Director ,1)�' DATE: April 4, 2023 SUBJECT: Quarterly Investment Report The investment policy requires that we provide Village Council with a quarterly investment report. Attached is the investment report for the quarter ending March 31, 2023. This report is divided into four sections. The first section is this narrative, followed by a listing of the investments, the weighted average interest rate compared to the bench marks established by the policy or closely related bench marks, and a graphical presentation of the make-up of the Village's investment portfolio. We are happy to report that the Village's investment portfolio currently has no exposure to the failure of the Silicon Valley Bank (SVB) in California (as reported by both of our investment pools). We continue to invest in safe investments and plan to hold our investment portfolio until maturity. Currently the Village's investment portfolio is heavily invested in the short-term liquid investments including (4%) at TD Bank (the Village's current bank) and in two local government investment pools, also liquid (47%) - Florida SAFE and Florida CLASS. This brings our total percentage of short term liquid investments to (51%). We have added US Treasuries to our short term investment portfolio (18%). The Village's portfolio also consists of longer term United States Government Agency Securities (22%- Federal Home Loan Bank i.e. FHLB). The Village's portfolio holds two certificates of deposits (CD's - 9%) from TD Bank. The portfolio's mark -to -market (purchase price to market value) for the Federal Home Loan Bank bonds demonstrates the effect of rising interest rates amid the Federal Open Market Committee (FOMC) efforts to control inflation. This resulted in an unrealized loss to our Government Agency Securities investments' market value. The market swings are the reason behind the Village's policy to hold investment until maturity. The change in market value is expected and anticipated. This is why the Finance Department does not invest funds necessary for current operations in longer -term investments. To hedge Page 169 of 556 Agenda Item #8. Quarterly Investment Report 4/4/2023 against rising rates we purchased "step up" callable bonds for which interest rates will climb each year the bonds are not called: 5-yr = 3.15% increasing to 5.5%, & 1-yr = 1.75% for six months increasing to 2.75% for last six months. The stated interest rate will be the yield recognized by the Village by following the hold until maturity strategy. The Village's portfolio performed as well as expected against the bench marks for the quarter in a rising rate environment. The short-term liquid investment bench mark was the Florida State Board of Administration Investment Pool (SBA) rate which was 4.85% as of March 31, 2023. The weighted average return for our short-term investments was 3.83% or 40 basis points below the SBA (which included our bank deposit balance which almost always has lower rates). The Village's longer -term weighted average return is 3.83% which is 23 basis points below the bench mark of a 2 year treasury bond, 4.06% (December 31, 2022 rate). Inflation continues to be of interest to the FOMC and they raised the benchmark interest rate by half of a percent in an effort to combat inflation, which puts the benchmark rate to the highest level in 15 years. Investment returns are increasing as a result. Our weighted average maturity is 1.17 years and compares reasonably well to the March 31, 2023 2-year T-Bill bench mark. The weighted average maturity is 1.17 years which is well below the maximum set by policy for core funds of 5.5 years. We are evaluating our cash flow to determine the best method to ladder out our core funds over time, which is why our weighted average maturity is so short. The final graphical picture of our investment portfolio is provided to give you a quick over view to ensure that we are following the portfolio composition in our very comprehensive investment policy. I am happy to report that our portfolio composition is within the guidelines set. Please do not hesitate to contact me with questions, concerns and/or recommendations. 2 Page 170 of 556 Agenda Item #8. Investments: Agencies: Federal Home Loan Bank Agency Federal Home Loan Bank Agency Federal Home Loan Bank Agency Treasuries: US Treasury Note US Treasury Bill US Treasury Note US Treasury Note - Term Series Certificates of Deposit: TD Bank TD Bank Cash & Cash Equivalents:## FL Class -Investment Pool* FLSAFE - Investment Pool* TD Bank** Village of Tequesta Quarterly Investment Report For the Quarter Ending 3/31/2023 Net Realized Net Realized & Unrealized Purchase Market Interest Interest Revenue Interest Revenue Maturity Price Value @ Rate 31-Mar-2023 31-Mar-2023 Date $ 1,000,000 $ 992,720 2.75% 13,750 6,470 25-May-23 2,000,000 1,950,760 3.15% 31,500 (17,740) 26-May-27 2,000,000 1,994,060 5.00% 43,333 37,393 25-Oct-24 978,359 997,040 4.55% 15,091 33,772 29-May-23 999,133 1,012,870 4.33% 13,580 27,317 4-Apr-23 999,328 1,012,500 4.55% 14,272 27,444 31-Jul-23 1,000,000 1,000,000 4.82% 8,837 8,837 27-Jul-23 1,000,000 1,000,000 2.19% 10,950 10,950 8-May-23 1,000,000 1,000,000 2.64% 13,200 13,200 6-May-24 6,297,246 6,297,246 4.82% 115,224 115,224 Liquid 4,352,400 4,352,400 4.77% 90,334 90,334 Liquid 1,016,830 1,016,830 0.85% - - Liquid $ 22,643,296 $ 22,626,425 $ 370,071 $ 353,201 ## - Cash balance as of March 31, 2023 statements. * - Interest rate as of quarter -end. ** - Compensating balance which reduces banking fees - commonly called Earnings Credit Rate (ECR). @ - Market Value based upon investment statements received from differing sources. 3 Page 171 of 556 Agenda Item #8. Village of Tequesta Quarterly Investment Report For the Quarter Ending 3/31/2023 Weighted Weighted Purchase Purchase Interest Average Average Maturity Investments: Date Price Rate Interest Rate Maturity Date Agencies: Federal Home Loan Bank Agency 25-May-22 1,000,000 2.75% 0.25% 5 25-May-23 Federal Home Loan Bank Agency 26-May-22 2,000,000 3.15% 0.57% 273 26-May-27 Federal Home Loan Bank Agency 25-Oct-22 2,000,000 5.00% 0.91 % 103 25-Oct-24 Certificates of Deposit: TD Bank 5/6/2022 1,000,000 2.19% 0.20% 3 8-May-23 TD Bank 5/6/2022 1,000,000 2.64% 0.24% 36 6-May-24 Treasuries: US Treasury Note 11/29/2022 978,359 4.55% 0.41% 5 29-May-23 US Treasury Bill 12/8/2022 999,133 4.33% 0.39% 0 4-Apr-23 US Treasury Note 12/8/2022 999,328 4.55% 0.41% 11 31-Jul-23 US Treasury Note - Term Series 1/25/2023 1,000,000 4.82% 0.44% 11 27-Jul-23 Total Investments $ 10,976,820 425 Days/Maturity Weighted Average Interest Rate 3.83% Weighted Average Maturity 1.17 Years Bench Mark = 2 Yr Treasury Bond Rate 4.06% Cash & Cash Equivalents:## FL Class -Investment Pool* 6,297,246 4.82% 2.600% FLSAFE - Investment Pool* 4,352,400 4.77% 1.781 % TD Bank** 1,016,830 0.85% 0.074% Total Cash & Cash Equivalents $11,666,476 Weighted Average Interest Rate 4.45% Bench Mark = SBA* 4.85% Total Cash & Investments $ 22,643,296 ## - Cash balance as of March 31, 2023 statements. * - Interest rate as of quarter -end. ** - Compensating balance which reduces banking fees - commonly called Earnings Credit Rate (ECR). 4 Page 172 of 556 Agenaa item its. 0 Au C w w a �a a N aJ N E C L aJ 0 (M a �L D m M Page 173 of 556 Agenda Item #8. 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