HomeMy WebLinkAboutDocumentation_Regular_Tab 11_02/14/2008VILLAGE OF TEQUESTA
AGENDA ITEM TRANSMITTAL FORM
Meeting Date:
02/14/08 Meeting Type: Regular Ordinance #: N/A
Consent Agenda: Yes Resolution #: N/A
Originating Department: Finance
2. AGENDA ITEM TITLE: (Wording form the SUBJECT line of your staff report)
budget amendments for Fiscal Year 2006-2007.
3. BUDGET /FINANCIAL IMPACT:
Account #: Multi-departmental Amount of this item: N/A
Current Budgeted Amount Available:
N/A Amount Remaining after item:
N/A
Budget Transfer Required: Yes Appropriate Fund Balance: No
4. EXECUTIVE SUMMARY OF MAJOR ISSUES: (This is a snap shot description of the agenda item)
Budget amendments for Fiscal Year 2006-2007, prepared by the Finance Department.
5. APPROVALS:
~-~~
Dept. Head:_ s ,~~~' Finance Director: ~f/~ ^ ~T ~~
Attorney: (for legal sufficiency) Yes ^ No ^
Village Manager: O~~ ~ ---~--_
-~
SUBMIT FOR COUNCIL DISCUSSION: ^
APPROVE ITEM: L'J
DENY ITEM: ^
MEMOl~l.NDUM
~'
FINANCE DEPARTMENT
DATE: JANUARY 25, 2008
TO: MICHAEL R. COUZZO, VILLAGE MANAGER
FROM: JOANN FORSYTHE, FINANCE DIRECTOR
RE: BUDGET AMENDEMENT REQUESTS
As a result of the finance department's year end internal audit of F/Y/E September 30, 2007 accounts and
subsequent adjusting journal entries, a number of accounts requiring budget adjustments were identified.
Although the attached `Budget Amendment Requert" forms include brief explanations, I would like to further
explain the requests to help better understand and expedite these matters.
IA07-1: In F/Y 2006 the Village made adown-payment on a boat and charged an expenditure
account in that year. Since the boat was not received at that time, the amount was reclassified
correcfly as a prepaid asset. This year while performing the year end internal audit of the prepaid
account, we noted that the boat was received and we reclassified (recognized) the amount as an
expense. Since this amount had been budgeted in a prior period, the department did not request it
again and therefore the account was under budgeted. The finance department identified excess
funds, within the same department and is requesting they be transferred into the deficit account.
IA07_2: Legal Services and Engineering Services within the Water Utility fund #401 are over-
budget by a total of $42,080. We have prepared and attached separate detailed schedules for the
legal and engineering services that identify where these funds were spent. Additionally, the
finance department identified excess funds within the Water Utility that are available for transfer
making an appropriation of additional funds unnecessary. The majority of excess funds were due
to the purchase of an excavator $13,000 less than anticipated/budgeted and lower than projected
water purchases from the Town of Jupiter.
• IA07-03: Compensated absences represent the total amount of sick leave and vacation leave on
the books plus the related tax liability. This analysis was just completed and an additional expense
from F/Y 2006 of $7,236 was recorded. This increase was not budgeted.
• ~A07-04: The amortization of bond discount and bond issuance costs related to the 1998 Water
Revenue Bonds is a book entry that is made each year that the bond is outstanding. This amount
was not budgeted in F/Y 2007.
It may be noted that the internal audit on these accounts was completed later than in prior years. The main
reason the adjustments are being requested at this later date is due to the finance department being
understaffed for the last seven months which expectedly resulted in deadlines being pushed back. As of
this week, this department is fully staffed and we are working to bring all work current.
1/25/081:34 PM
FISCAL YEAR 200' Village of Teguesta
BA # x ~p 7 - ~-/ Budget Amendment Request
Increase:....
Department: DEBT SERVICE
Original Budget
_ Account: OTHER DEBT SERV COSTS Account #:
Balance Available Transfer Amount
r.. -
JE # ~ l '~~ ' - ?r
401-700-573.700
New Balance Available
$ 2,000.00 $ -10,177.00 $ 10,177.00 $ 0.00
Justification /Comments: AMORTIZATION OF BOND DISCOUNT & BOND ISSUANCE COSTS ON 1998 WATER REVENUE
BONDS THAT WAS NOT BUDGETED
Department:
OTHER NON OPERATING Account: _
Original Budget Balance Available
BANK CHARGES Account #: 401-950-549.391
Transfer Amount New Balance Available
$ 5,800.00 $ -273.00 $ 273.00 $ 0.00
Justification /Comments: BANK CHARGES WERE SLIGHTLY UNDERESTIMATED
Department:
Original Budget
_ Account: Account #:
Balance Available Transfer Amount New Balance Available
$ 0.00 $ 0.00 $ 0.00 $ 0.00
Justification /Comments:
Department:
Original Budget
_ Account• _
Balance Available
Account #:
Transfer Amount New Balance Available
$ 0.00 $ 0.00 $ 0.00 $ 0.00
Justification /Comments:
Decrease:: ,
Department: CAPITAL IMPROVEMENT Account: LANDSCAPING Account#: 401-412-663.655
Original Budget Balance Available Transfer Amount New Balance Available
$ 20,000.00 $ 3,845.00 $ -3,845.00 $ 0.00
Justification /Comments: MONEY SAVED ON LANDSCAPING AT 136 BRIDGE ROAD
Department: CAPITAL IMPROVEMENT Account: COSTT-PIPELINE Account#: 401-414-662.641
Original Budget Balance Available Transfer Amount New Balance Available
$ 0.00 $ 2,250.00 $ -2,250.00 $ 0.00
Justification /Comments: FUNDING NOT NEEDED DUE TO PROJECT CHANGES
Department:
DEBT SERVICE
Original Budget
_ Account: INTEREST-NOTE PAYABLE
Balance Available Transfer Amount
New Balance Available
$ 23,300.00 $ 625.00 $ -600.00 $ 25.00
Justification /Comments: INTEREST SAVED ON PRE-PAYMENT OF TROPIC VISTA NOTE PAYABLE
Department: DEBT SERVICE Account: INTEREST-WATER BONDS Account #: 401-700-572.704
Original Budget Balance Available Transfer Amount New Balance Available
$ 345,150.00 $ 4,625.00 _ $
Justification /Comments: EXCESS FUNDS WERE BUDGETED
-3,755.00 $ 870.00
Approvals:
Department Head:
Finance Approval:
Village Manager Approval:
Village Council Approval: Resolution Number
Account #: 401-700-572.705
Date:
Date: ~ ~ ~~
Date: ~ ~` ~o ~
Date:
FISCAL YEAR 2007
Increase•
Department: WATER ADMIN
Original Budget
Village of Teguesta ~ ,-~ J7~,~
Budget Amendment Request JE # ~-~
_ Account: COMP ABSENCES Account #: 401-241-516.100
Balance Available Transfer Amount New Balance Available
0.00 $ -7,236.00 $ 7,236.00 $ 0.00
s: DEFICIT CREATED BY YEAR END JOURNAL ENTRY ADJUSTING THE BALANCE IN THE LIABILITY
ACCOUNT TO REFLECT COMPENSATED ABSENCES DUE AT FYE 09/30/07!~•;au~s;ti /~avx.~I> .1 _'ruu zti'Y.I
Department: STORMWATER
Original Budget
_ Account: COMP ABSENCES Account #:
Balance Available Transfer Amount
403-250-516.100
New Balance Available
$ 0.00 $ -935.00 $ 935.00 $ 0.00
Justification /Comments: DEFICIT CREATED BY YEAR END JOURNAL ENTRY ADJUSTING THE BALANCE IN THE LIABILITY
ACCOUNT TO REFLECT COMPENSATED ABSENCES DUE AT FYE 09/30/07
Department: Account: Account #:
Original Budget Balance Available Transfer Amount
New Balance Available
$ 0.00 $ 0.00 $ 0.00 $ 0.00
Justification /Comments:
Department:
Original Budget
_ Account• _
Balance Available
Account #:
Transfer Amount New Balance Available
$ 0.00 $ 0.00 $ 0.00 $ 0.00
Justification /Comments:
Decrease•
Department:
WATER ADMIN
Original Budget
_ Account: _
Balance Available
FICA TAXES Account #:
Transfer Amount
401-241-521.101
New Balance Available
$ 6,960.00 $ 2,256.00 $ -2,256.00 $ 0.00
Justification /Comments: BALANCE LEFT DUE TO VACANT POSITION
Department: WATER ADMIN Account: LIFE/HEALTH INSURANCE Account #: 401-241-523.101
Original Budget Balance Available Transfer Amount New Balance Available
$ 9,200.00 $ 1,241.00 $ -1,241.00 $ 0.00
Justification /Comments: BALANCE LEFT DUE TO VACANT POSITION
Department: WATER DISTRIBUTION Account: LANDSCAPE & IRR MAINT Account #:
Original Budget Balance Available Transfer Amount
401-243-546.309
New Balance Available
$ 5,000.00 $ 3,834.00 $ -3,739.00 $ 95.00
Justification /Comments: MONEY SAVED BY VILLAGE STAFF DOING WORK
Department: STORMWATER
Original Budget
_ Account: TRAVEL & PER DIEM Account #: 403-250-540.300
Balance Available Transfer Amount New Balance Available
$ 1,000.00 $ 1,000.00 $ -935.00 $ 65.00
Justification /Comments: STAFF UNABLE TO ATTEND TRAINING
Approvals•
Department Head:
Finance Approval:
Village Manager Approval:
Village Council Approval:
L/~~
Resolution Number
Date:
Date: ~`l ~ ~b
Date: ~ ~-'~ o
Date:
FISCAL YEAR zoo's Village of Teguesta
BA # ; q ~ •7 - Z. Budget Amendment Request
Increase:
Department: WATER ADMIN Account: LEGAL SERVICES Account #:
Original Budget Balance Available Transfer Amount
$ 2,500.00 $ -27,91
JE #
~~-~ ~ ~~~
401-241-531.301
New Balance Available
$ 27,913.00 $ 0.00
Department: WATER ADMIN Account: ENGINEERING Account #:
Original Budget Balance Available Transfer Amount
401-241-531.302
New Balance Available
$ 15,000.00 , $ -14,167.00 $ 14,167.00 $
0.00
Department: Account: Account #:
Original Budget Balance Available Transfer Amount
New Balance Available
$ 0.00 $ 0.00 $ 0.00 $ 0.00
Justification /Comments:
Department: Account: Account #:
Original Budget Balance Available Transfer Amount
New Balance Available
$ 0.00 $ 0.00 $ 0.00 $ 0.00
Justification /Comments:
Decrease:
Department:
WATER PRODUCTION
Original Budget
_ Account: WATER PURCHASES Account #:
Balance Available Transfer Amount
401-242-552.341
New Balance Available
$ 587,200.00 $ 22,638.00 $ -22,638.00 $ 0.00
Justification /Comments:
Department: RENEWAL & REPLACEMENT Account: _
Original Budget Balance Available
MACH/EQUIPMENT Account #: 401-411-664.600
Transfer Amount New Balance Available
$ 44,000.00 $ 16,034.00 $ -16,034.00 $ 0.00
Justification /Comments: PURCHASE OF EQUIPMENT WAS LESS THAN EXPECTED, MAINLY THE EXCAVATOR WHICH WAS
$13,000.00 LESS THAN ANTICIPATED.
Department: WATER PRODUCTION Account: _
Original Budget Balance Available
Transfer Amount
New Balance Available
$ 30,000.00 $ 6,663.00 $ -3,408.00 $ 3,255.00
Justification /Comments: EXCEES FUNDS LEFT IN ACCOUNT AT YEAR END
Department:
Original Budget
_ Account: _
Balance Available
Account #:
Transfer Amount New Balance Available
$ 0.00 $ 0.00 $ 0.00 $ 0.00
Justification /Comments:
Approvals:
Department Head:
Finance Approval:
Village Manager Approval:
UTILITY SERVICES
Account #: 401-242-543.300
Date:
Date: ~ l f c~
Date: l' - ~ -
Village Council Approval: Resolution Number Date:
1 i}~'~ ~ ~
THE VILLAGE OF TEQUESTA
Back Up for FYE 09/30/07 Budset Amendment for Account # 401-241-531.301, Leal
APRIL 1. 2007-AUGUST 31, 2007
UTILITY INTERCONNECT
RATES & WITH
ORDINANCE JUPITER
Oct-06 JONES, FOSTER, JOHNSTON &STUBBS 168.00
Nov-06 JONES, FOSTER, JOHNSTON &STUBBS 403.00
Dec-06 JONES, FOSTER, JOHNSTON &STUBBS 592.00
Jan-08 JONES, FOSTER,IOHNSTON &STUBBS 340.00
Feb-O8 JONES, FOSTER, JOHNSTON &STUBBS 63.00
Mar-OS JONES, FOSTER, JOHNSTON &STUBBS
Apr-07 JONES, FOSTER, JOHNSTON &STUBBS
May-07 JONES, FOSTER, JOHNSTON &STUBBS 1,843.00 1,853.00
Jun-07 JONES, FOSTER, JOHNSTON &STUBBS 769.00 546.00
Jul-07 JONES, FOSTER, JOHNSTON &STUBBS 1,869.00 336.00
Aug-07 JONES, FOSTER,IOHNSTON &STUBBS 567.00 42.00
JUNE-AUGUST 2007 ROSE, SUNDSTROM & BENTLEY 14,516.28
SEAGATE
MARINA
2,420.00
19,564.28 4,343.00 2,420.00
GRAND TOTAL 26,327.28
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FISCAL YEAR 2007
Increase•
Department: POLICE OPERATIONS
Original Budget
Village of Teguesta
Budget Amendment Request
f~ I_ _.
JE # ~:., ; ~~~~~
_ Account: VEHICLES Account#: 001-175-664.602
Balance Available Transfer Amount New Balance Available
$ 57,000.00 $ -31,618.00 $ 31,618.00 $ 0.00
Justification /Comments: CORRECTING THE POSTING OF THE DEPOSIT P CED FOR THE POLICE BOAT INTO THE
CORRECT FISCAL YEAR. pr,a r.2n~n ~,~ D ~ ~ t ~ ~ i2hl~llid - Cl~r 2~r~et,a'il ~,~ F „ 'ZLG7
Department:
Original Budget
_ Account: Account #:
Balance Available Transfer Amount New Balance Available
$ 0.00 $ 0.00 $ 0.00 $ 0.00
Justification /Comments:
Department: Account: _
Original Budget Balance Available
Account #:
Transfer Amount New Balance Available
$ 0.00 $ 0.00 $ 0.00 $ 0.00
Justification /Comments:
Department:
Original Budget
_ Account: _
Balance Available
Account #:
Transfer Amount New Balance Available
$ 0.00 $ 0.00 $ 0.00 $ 0.00
Justification /Comments:
Decrease.
Department: POLICE OPERATIONS
Original Budget
_ Account: REG SALARIES & WAGES Account #: 001-175-512.100
Balance Available Transfer Amount New Balance Available
$ 922,800.00 $ 27,892.00 $ -27,800.00 $ 92.00
Justification /Comments: EXCESS FUNDS DUE TO EMPLOYEE TURNOVER AND VACANT POSITIONS
Department:
POLICE OPERATIONS
Original Budget
_ Account: VOT PENSION CONTRIBUTNS
Balance Available Transfer Amount
Account #: 001-175-522.102
New Balance Available
$ 83,400.00 $ 7,160.00 $ -3,818.00 $ 3,342.00
Justification /Comments: EXCESS FUNDS DUE TO EMPLOYEE TURNOVER AND VACANT POSITIONS
Department: Account: _
Original Budget Balance Available
Account #:
Transfer Amount New Balance Available
$ 0.00 $ 0.00 $ 0.00 $ 0.00
Justification /Comments:
Department: Account: _
Original Budget Balance Available
Account #:
Transfer Amount New Balance Available
$ 0.00 $ 0.00 $ 0.00 $ 0.00
Justification /Comments:
Approvals:
Department Head:
Finance Approval:
Village Manager Approval:
Village Council Approval: Resolution Number
Date:
Date: ~ 2 ~ ~~/
Date: + ~- ~ o'
Date: