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Item 3B
2; •.... > O cp -0 N CC O > • M V I'll 4_, 0 C aw L., 0 2 u . • l Aw CITY O F SOUTHLA1KE TEXAS Finance Department' s Q uarterly For the period ended March 31, 2012 City of Southlake May 2012 Integrity ♦ Innovation • Accountability • Commitment to Excellence • Teamwork To: Shana Yelverton, City Manager From: Sharen Jackson, Finance Director Re: Second Quarter FY 2012 Financial Report Date: May 15, 2012 The finance department is pleased to submit a financial report for the second quarter of FY 2012 for the period ended March 31, 2012. This report contains financial statements for the City's operating funds and selected special revenue funds, status reports of the Capital Projects and a report of the City's Investment portfolio. GENERAL FUND REVENUES Property tax. In the General Fund, $16,576,702 of $17,433,230 or 95.1% of budgeted property tax has been collected. Since property tax bills are delinquent as of February 1, most tax collections are received in the second four months of the fiscal year. It is anticipated that collections will meet projections. Tarrant County has collected the City's taxes since 1982. Sales tax. Sales tax budgeted for Fiscal Year 2012 is $8,120,000. For FY 2012 second quarter (October through February) the City has collected $4,064,769 in sales tax. This is 28.6% or $903,448 above the projected amounts to date. The increase is due to budget collections are net Grand Avenue 380 agreement and actual collections include 100% of Grand Avenue collections sales tax. Net the Grand Avenue 380 payments, sales tax collections are 10.65% above budget. Franchise fees. Franchise fees include amounts received for use of public rights of way from utility companies. To date the City has received $1,301,375 of $2,693,282 budgeted. FY 2012 collections are comparable to prior year's collections. A large portion of the franchise fees are collected in the fourth quarter of the fiscal year. Tri- County pays their second semi - annual payment in July. Fines/Forfeitures. Revenues from Fines and Forfeitures are $585,888, which is 57.7% of the $1,015,000 budgeted. This revenue source depends on many variables, such as the number of citations issued, warrants issued and collected, plus the number of cases 1 assigned to deferred adjudication. Citation volume is lower for second quarter FY 2012 compared to second quarter FY 2011. Citation volume is expected to remain consistent and revenues from fines are anticipated to meet budget. Charges for services. This category includes revenue from ambulance transport, recreation class fees, and amounts received from the Cities of Grapevine and Colleyville for participation in the Teen Court program. Revenues to date total $424,724, compared with $370,493 collected for the same period in the prior year. The majority of the revenue for this category is seasonal and collected during the summer months. It is anticipated that revenue from Charges for Services will be within budgeted amounts. Permits/fees. Revenues from permits and fees are $738,998 or 97.9% of the budgeted amount of $754,800. This is more than $584,366 collected as of March 31, 2011. 40 residential permits have been issued to date compared to 35 issued in the prior fiscal year's second quarter. The largest increase in permits /fees revenue is due to the increased value in commercial permits issued during the second quarter FY 2012. 6 commercial permits were issued for both second quarters March 31, 2012 and March 31, 2011. Miscellaneous. This category includes amounts from tower leases, the 10% administrative fee retained from Municipal Court State taxes remitted quarterly to the Comptroller, and library fees /fines. The City has received $420,428 to date. Revenues from miscellaneous income will meet the $859,070 budgeted. Interest income. Interest earnings to date total $42,207. It is anticipated that interest income will be within budgeted amounts. GENERAL FUND EXPENDITURES For the second quarter ended March 31, 2012 of the fiscal year, General Fund total expenditures are $15,187,800 or 47.7% of the $31,807,649 budget. A brief discussion of each department will follow, providing a summary explanation of major expenditures trends. General government department. Department expenditures for the City Secretary' s Office, Human Resources, City Manager's Office, Information Technology and Support Services total $2,171,130 which is 47.8% of budget. Personnel, legal services and utility expenditures are on target with budget. Therefore it is anticipated that expenditures in General Government will be within the amount budgeted. Finance department. For the Finance, Municipal Court, Teen Court Divisions, total expenditures to date are $1,019,264 or 52.7% of the $1,932,371 budgeted. Personnel, operations and capital expenditures are within budget. Public safety department. Total expenditures for Police Services, Fire Services, and Public Safety Support, are $6,285,646, which is 48.0% of the $13,095,312 budgeted. Currently, public safety expenditures are within budget and on target for the fiscal year. 2 i��M r�■r Public works department. Budgeted within this department are Streets/Drainage, Facility Maintenance and Public Works Administration. Expenditures to date are $2,314,422 or 53.0% of the $4,365,447 budgeted. Facility Maintenance has expended 68.0% of the FY 2012 budget due to the expenditures incurred related to the Town Hall leak. An insurance claim was filed with the insurance carrier and the majority of the costs associated with the repairs were covered under the insurance policy. The City received the insurance proceeds in April 2012. All other personnel, operations and capital expenditures are within budget. Planning and development department. Total expenditures for Planning and Building Inspections are $819,046 or 45.7% of the $1,790,621 budgeted for the year. Expenditures in the Department are within budget. Economic development department. The department has expended $95,911, or 44.3% of the $216,744 budgeted for the year. Expenditures in the Department are within budget. Community services department. Total expenditures for Community Services, Parks and Recreation, and Library Services are $2,482,381 or 42.3% of the $5,867,983 budgeted. Personnel expenditures are on target with budget. There is $590,000 allocated for contract landscape /mowing for parks and municipal sites with the majority of the mowing during the summer months, consequently minimal expenditures have been made on this line item. Many of the recreation programs are planned for the summer months, therefore minimum expenditures for revenue - supported contract instructors have been spent through March. Expenditures in the Department are expected to be within budget projections. WATER AND SEWER ENTERPRISE FUND Revenues. As of March 31, 2012, the City has received $8,811,059 or 45.7% in revenues of the $19,274,250 estimated. This is comparable to $8,794,767 received through March of last year. Total revenues for the year will most likely be within budget. Expenses. The City has expended $9,592,117 or 50.0% of the $19,181,857 budgeted for personnel, operations, capital, and debt services. Of the total expenses, $2,272,757 has been paid to the City of Fort Worth for treated water. STORMWATER ENTERPRISE FUND Revenues. On October 17, 2006, City Council approved Ordinance No. 900 and 901 establishing the Storm Water Drainage Utility System and establishing the fee respectively. As of March 31, 2012, the City has received $648,175 or 51.1% in revenue of the $1,268,500 estimated. 3 Expenses. The City has expended $192,881 or 27.7% of the $696,741 budgeted for personnel and operations. $70,537 expended for drainage materials and contract services and $68,155 on capital equipment. DEBT SERVICE FUND Revenues. The City has received $6,464,084 in current and delinquent property taxes and $6,347,362 in operating transfers from other funds through March 31, 2012. This fund pays the property tax supported and special revenue debt requirements for the City. The first semi -annual payments were paid February 2012 totaling $10,499,739. SOUTHLAKE PARKS DEVELOPMENT CORPORATION (SPDC) Operating Fund. As of March 31, 2012, $2,002,051 in the 1 /z cent sales tax has been collected. SPDC sales tax receipts are 8.4% above estimates, or $155,101. CRIME CONTROL AND PREVENTION DISTRICT (CCPD) Operating Fund. As of March 31, 2012, $1,990,099 in the 1h cent sales tax has been collected. Sales tax receipts are 12.36% above estimates, or $218,845. PARK DEDICATION FEE FUND Revenues. The City has collected $9,708 in park dedication funds as of March 31, 2012. This revenue source varies depending on the number of developments during a fiscal year, and the park dedication fee credits given, if any, for open space and amenities. Staff will continue to monitor revenues and make any necessary budget amendments this summer during the budget process. TAX INCREMENT FINANCIAL DISTRICT (TIF) Revenues. To date TIF has not received any revenues for the fiscal year. Historically, the TIF revenues are not collected until the third quarter of the fiscal year. STRATEGIC INITIATIVE FUND Expenditures. As of March 31, 2012, the expenditures were $125,688 for technology infrastructure (library system upgrade) and community enhancements (Town Square enhancements). 4 HOTEL OCCUPANCY FUND Revenues. The City has collected $344,834 or 46.2% in revenue of the $746,105 budgeted for the year. The Hotel Occupancy Tax is authorized under the Texas Tax Code, Chapter 351. The City of Southlake adopted Ordinance No. 769 in February 2000, levying a 7% tax on room receipts. The Hilton Hotel in Town Square opened in June 2007. Expenditures. As of March 31, 2012, the expenditures were $261,756 for personnel, advertising and marketing and promotion. 5 GENERAL FUND Statement of Revenues, Expenditures and Changes in Fund Balance for the period ended March 31, 2012 with comparative actual amounts for the period ended March 31, 2011 (fiscal month 6- 50.00 %) Percent Year to Date 2012 Collect:. Year to Date REVENUES 3/31/12 Budget Ex.- :. 3/31/11 Ad Valorem Taxes $16,576,702 $17,433,230 95.1% $16,979,887 Sales Tax 4,064,769 8,120,000 50.1% 3,332,603 Franchise Fees 1,301,375 2,693,282 48.3% 1,110,984 Fines 585,888 1,015,000 57.7% 551,135 Charges for Services 424,724 1,030,080 41.2% 370,493 Permits/Fees 738,998 754,800 97.9% 584,366 Miscellaneous 420,428 859,070 48.9% 452,643 Interest Income 42,207 70,000 60.3% 27.201 Total Revenues $24,155,091 $31,975,462 75.5% $23,409,312 EXPENDITURES City Secretary $180,146 $417,879 43.1% $163,024 Human Resources 184,199 408,666 45.1% 178,573 City Manager 293,021 610,092 48.0% 296,627 Information Technology 949,408 2,001,109 47.4% 829,771 Support Services 564,356 1,101,425 5L2% 550.927 General Government Total 2,171,130 4,539,171 47.8% 2,018,922 Finance 667,622 1,141,146 58.5% 643,104 Municipal Court 281,981 639,671 44.1% 294,029 Municipal Court-Teen Court 69.661 151,554 46.0% 66.499 Finance Total 1,019,264 1,932,371 52.7% 1,003,632 0 Fire 2,639 547 5,757,633 45.8% 2,771,908 Police 2,842,036 5,793,022 49.1% 2,746,357 Public Safety Support 804,063 1,544,657 52.1% 790,286 Public Safety Total 6,285,646 13,095,312 48.0% 51 Streets/Drainage 752,167 1,741,829 43.2% 959,089 Facility Maintenance 1,072,031 1,575,686 68.0% 513,776 Public Works Administration 490 224 1,047,932 46.8% 487.561 Public Works Total 2,314,422 4,365,447 53.0% 1,960,426 Building Inspections 410,484 879,705 46.7% 429,766 Planning 408,562 910.916 44.9% 453.122 Planning and Dev Total 819,046 1,790,621 45.7% 882,888 Economic Development 95,911 216,744 44.3% 99,222 Economic Development Total 95,911 216,744 44.3% 99,222 Community Services 284,579 591,729 48.1% 265,605 Parks and Recreation 1,851,785 4,603,839 40.2% 1,666,282 Library Services 346,017 672,415 51.5% 345.402 Community Services Total 2,482,381 5,867,983 42.3% 2,277,289 Total Expenditures $15,187,800 $31,807,649 47.7% $14,550,930 Excess (deficiency) of Revenue over Expenditures $8,967,291 $167,813 $8,858,382 OTHER FINANCING SOURCES AND (USES) Proceeds from lease/CO (net) $0 $0 $0 Transfer In -Other Funds 1,254,387 1,254,387 1,228,536 Transfer To-Other Funds (1,200,000) (1,200,000) (1,350,000) Total Other Sources/(Uses) $54,387 $54,387 ($121,464) + Excess (deficiency) of Revenues/other sources over Exp. $9,021,678 $222,200 $8,736,918 FUND BALANCE OCT 1 $7,753,113 Change in reserved fund balance $0 ENDING FUND BALANCE $7,975,313 fund balance percentage 25.07% WATER AND SEWER ENTERPRISE FUND Comparative Statement of Revenues and Expenses for the period ended March 31, 2012 and March 31, 2011 (fiscal month 6- 50.00 %) Percen Year to Date 2012 Collecte• Year to Date REVENUES 3/31/12 Budget Ex . - nde. 3/31/11 Water Sales - residential $4,294,526 $10,420,000 41.2% $4,278,456 Water Sales - commercial 1,280,358 2,740,000 46.7% 1,343,690 Sewer Sales 2,314,646 4,440,000 52.1% 2,274,955 Sanitation Sales 700,484 1,300,000 53.9% 684,698 Other utility charges 202,226 286,750 70.5% 126,262 Miscellaneous 14,912 37,500 39.8% 38,798 Interest Income 3,907 50,000 7.8% 47,908 Total Revenues $8,811,059 $19,274,250 45.7% $8,794,767 EXPENSES Water $3,585,443 $9,554,571 37.5% $2,800,891 Utility Billing 198,040 492,322 40.2% 197,004 Sewer 1,083,102 2,063,252 52.5% 1,061,811 Sanitation 546,444 936,000 58.4% 376,963 Debt Service I 4,179,088 6,135,712 68.1% 5,000,913 Total Expenses $9,592,117 $19,181,857 50.0% $9,437,582 Excess (deficiency) of Revenue over Expenses ($781,058) $92,393 ($642,815) OTHER FINANCING SOURCES AND (USES) Transfer In -Other Funds $0 $0 Developer Contributions $0 $50,000 $0 Transfer Out -Other Funds (811,050) (811,050) (814,650) Total Other Sources /(Uses) ($811,050) ($761,050) ($814,650) Excess (deficiency) of Revenues and other sources over Expenses ($1,592,108) ($668,657) ($1,457,465) 0 SOUTEILAKE PARKS DEVELOPMENT CORPORATION Comparative Statement of Revenues and Expenditures for the period ended March 31, 2012 and March 31, 2011 (fiscal month 6- 50.00 %) Percent Year to Date 2012 CollecteI Year to Date REVENUES 3/31/12 Budget Exiende 3/31/11 Sales Tax $2,002,051 $4,480,000 44.7% $1,888,277 Rental Income 76,912 153,816 50.0% 64,093 Interest Income 7,446 15,000 49.6% 37,588 Total Revenues $2,086,409 $4,648,816 44.9% $1,989,958 EXPENDITURES Personnel $49,929 $99,151 50.4% $50,853 Operations 12,319 169,800 7.3% $4,503 Capital 23,501 88,000 26.7% 48,845 Total Expenditures $85,749 $356,951 24.0% $104,201 Excess (deficiency) of Revenue over Expenses $2,000,660 $4,291,865 $1,885,757 OTHER FINANCING SOURCES AND (USES) - ransfer In -Other Funds $0 $0 $0 transfer Out -Other Funds (4,899,788) (4,899,788) (6,084,224) Total Other Sources /(Uses) ($4,899,788) ($4,899,788) ($6,084,224) Excess (deficiency) of Revenues and other sources over Expenses ($2,899,128) ($607,923) ($4,198,467) FUND BALANCE OCT 1 $6,009,340 Change in reserved fund balance $0 ENDING FUND BALANCE $5,401,417 CRIME CONTROL AND PREVENTION DISTRICT Comparative Statement of Revenues and Expenditures 0 for the period ended March 31, 2012 and March 31, 2011 (fiscal month 6- 50.00 %) Percen i Year to Date 2012 CollecteI Year to Date REVENUES 3/31/12 Budget Ex. -ndeI 3/31/11 Sales Tax $1,990,099 $4,400,000 45.2% $1,869,803 Interest Income 8,220 20,000 41.1% 25,054 Total Revenues $1,998,319 $4,420,000 45.2% $1,894,857 EXPENDITURES Personnel $0 $0 0.0% $0 Operations 44,979 94,636 47.5% 50,432 Capital 0 185,153 0.0% 78,836 Total Expenditures $44,979 $279,789 16.1% $129,268 Excess (deficiency) of Revenue over Expenses $1,953,340 $4,140,211 $1,765,589 OTHER FINANCING SOURCES AND (USES) Transfer In -Other Funds $0 $0 $0 t Transfer Out -Other Funds (2,149,600) (2,149,600) 0 .'otal Other Sources /(Uses) ($2,149,600) ($2,149,600) $0 Excess (deficiency) of Revenues and other sources over Expenses ($196,260) $1,990,611 $1,765,589 FUND BALANCE OCT 1 $6,491,163 Change in reserved fund balance $0 ENDING FUND BALANCE $8,481,774 0 STRATEGIC INITIATIVE FUND Comparative Statement of Revenues and Expenditures for the period ended March 31, 2012 and March 31, 2011 (fiscal month 6- 50.00 %) Percen Year to Date 2012 Collecte. Year to Date REVENUES 3/31/12 Budget Ex.ende• 3/31/11 Interest Income $2,289 $29,000 7.9% $17,375 Total Revenues $2,289 $29,000 7.9% $17,375 EXPENDITURES Infrastructure Maintenance $0 $0 0.0% $0 Community Enhancement 67,677 385,000 17.6% 143,179 Technology Infrastructure 58,011 65,000 89.2% 37,897 Capital Acquisition 0 0 0.0% 470,695 Total Expenditures $125,688 $450,000 27.9% $651,771 Excess (deficiency) of Revenue over Expenses ($123,399) ($421,000) ($634,396) OTHER FINANCING SOURCES AND (USES) Transfer In -Other Funds $1,200,000 $1,200,000 $1,350,000 Transfer Out -Other Funds (3,375,000) (3,375,000) (2,800,000) Total Other Sources /(Uses) ($2,175,000) ($2,175,000) ($1,450,000) :xcess (deficiency) of Revenues and other sources over Expenses ($2,298,399) ($2,596,000) ($2,084,396) FUND BALANCE OCT 1 $4,069,074 Change in reserved fund balance $0 ENDING FUND BALANCE $1,473,074 0 HOTEL OCCUPANCY TAX Comparative Statement of Revenues and Expenditures for the period ended March 31, 2012 and March 31, 2011 (fiscal month 6- 50.00 %) Percent Year to Date 2012 Collecte. Year to Date REVENUES 3/31/12 Budget Ex.end -. 3/31/11 Taxes $343,116 $741,105 46.3% $337,123 Interest Income 1,718 5,000 34.4% 5,555 Total Revenues $344,834 $746,105 46.2% $342,678 EXPENDITURES Personnel $68,929 $150,860 45.7% $63,133 Operations $192,827 546,628 35.3% $216,202 Capital 0 0 0.0% 0 Total Expenditures $261,756 $697,488 37.5% $279,335 Excess (deficiency) of Revenue over Expenses $83,078 $48,617 $63,343 OTHER FINANCING SOURCES AND (USES) Transfer In -Other Funds $0 $0 $0 , ransfer Out -Other Funds (141,760) (141,760) 0 fatal Other Sources /(Uses) ($141,760) ($141,760) $0 Excess (deficiency) of Revenues and other sources over Expenses ($58,682) ($93,143) $63,343 FUND BALANCE OCT 1 $1,089,692 Change in reserved fund balance $0 ENDING FUND BALANCE $996,549 CITY OF SOUTHLAKE 1% SALES TAX REPORT 2012 Collected Budget Balance Budget to Date Balance Percent $ 7,900,000 $5,022,535 ($2,877,465) - 36.42% FISCAL FISCAL FISCAL YEAR % Inc YEAR % Inc YEAR % Inc MONTH 2010 -Dec 2011 -Dec 2012 -Dec October 679,511 -1.0% 703,770 3.6% 639,737 -9.1ck November 688,980 -14.1% 756,991 9.9% 790,535 4.4% December 1,151,019 -2.0% 1,112,965 -3.3% 1,246,867 12.0% January 596,748 -21.5% 688,448 15.4% 691,298 0.4% February 603,122 -2.7% 571,598 -5.2% 696,332 21.8% March 838,469 -2.0% 942,332 12.4% 957,766 1.6% April 712,838 -4.9% 744,210 4.4% 0 - 100.0% May 654,222 - 16.9% 723,593 10.6% 0 - 100.0% June 870,540 -5.1% 946,628 8.7% 0 - 100.0% July 681,329 -9.3% 728,864 7.0% 0 - 100.0% August 688,033 4.7% 745,067 8.3% 0 - 100.0% September 856,997 -0.8% 915,961 6.9% 0 - 100.0% TOTAL $9,021,807 $9,580,428 $5,022,535 Three Year Revenue Comparison by Month 1,400,000 1,200,000 1,000,000 ^ 4. " C 800,000 c c° R 600,000 - ° .9E - 1 400,000 - - - I - 200,000 1- - ii • ■FISCAL YEAR 2010 OFISCAL YEAR 2011 FISCAL YEAR 2012 Actual Budget Actual Estimated (budget -est.) Month 2011 2012 2012 2012 Difference Change October( *) $703,770 $580,327 $639,737 $ 639,737 $ 59,410 10.24% November( *) $756,991 $624,214 $790,535 $ 790,535 $ 166,321 26.64% December( *) $1,112,965 $917,749 $1,246,867 $ 1,246,867 $ 329,119 35.86% January( *) $688,448 $567,693 $691,298 $ 691,298 $ 123.605 21.77% February( *) $571,598 $471,339 $696,332 $ 696,332 $ 224,993 47.73% March( *) $942,332 $777,045 $957,766 $ 957,766 $ 180,721 23.26% April ( *) $744,210 $613,674 $0 $ 613,674 $ - 0.00% May ( *) $723,593 $596,673 $0 $ 596,673 $ - 0.00% June ( *) $946,628 $780,588 $0 $ 780,588 $ - 0.00% July ( *) $728,864 $601,019 $0 $ 601,019 $ - 0.00% August( *) $745,067 $614,380 $0 $ 614,380 $ - 0.00% September( *) $915,961 $755,299 so $ 755,299 $ - 0.00% 1 TOTAL $ 9,580,428 $ 7,900,000 $ 5,022,535 $ 8,984,169 $ 1,084,169 * Beginning April 2006 includes Grand Avenue sales tax collections per 380 agreement 80% of collections will be distributed to Cooper & Stebbins SOUTHLAKE PARKS DEVELOPMENT CORPORATION 1/2% SALES TAX REPORT 2012 Collected Budget Balance Budget to Date Balance Percent $ 4,480,000 $2,473,786 ($2,006,214) - 44.78% FISCAL FISCAL FISCAL YEAR % Inc YEAR % Inc YEAR % Inc MONTH 2010 -Dec 2011 -Dec 2012 -Dec October $334,685 -1.0% $346,633 3.6% $315,095 -9.1% November $339,348 -14.1% $372,847 9.9% $389,368 4.4% December $566,920 -2.0% $548,177 -3.3% $614,129 12.0% January $293,920 -21.5% $339,087 15.4% $340,490 0.4% February $297,060 -2.7% $281,534 -5.2% $342,969 21.8% March $412,977 -2.0% $464,134 12.4% $471,735 1.6% April $351,099 -4.9% $366,551 4.4% $0 - 100.0% May $322,229 -16.9% $356,396 10.6% $0 - 100.0% June $428,774 -5.1% $466,250 8.7% $0 - 100.0% July $335,580 -9.3% $358,992 7.0% $0 - 100.0% August $338,882 4.7% $366,973 8.3% $0 - 100.0% September $422,103 -0.8% $451,145 6.9% $0 - 100.0% TOTAL $ 4,443,577 $4,718,718 $2,473,786 Three Year Revenue Comparison by Month $700,000 :. $600,000 $500,000 $400,000 <' $300,000 ; .-` t °- -•°7 -` I_ 1 1_4 ',1! . ..._ $200,000 1 a �� I 1 - L - - 1 - $100,000 I l - I I-I - + . ti c e� �k \ OA e6 , ` 4 # Ja e v0 Jy rt 0� �9 ,e O` eP X6 Q o � O Q � D FISCAL YEAR 2009 e � 0 FISCAL YEAR 2010 FISCAL YEAR 2012 Actual Budget Actual Estimated (budget -est.) % 2011 2012 2012 2012 Difference Change MONTH October $346,633 $337,428 $315,095 $ 315,095 $ (22,333) -6.62% November $372,847 $342,130 $389,368 $ 389,368 $ 47,238 13.81% December $548,177 $571,567 $614,129 $ 614,129 $ 42,562 7.45% January $339,087 $296,330 $340,490 $ 340,490 $ 44,160 14.90% February $281,534 $299,495 $342,969 $ 342,969 $ 43,474 14.52% March $464,134 $416,362 $471,735 $ 471,735 $ 55,373 13.30% April $366,551 $353,977 $0 $ 353,977 $ - 0.00% May $356,396 $324,870 $0 $ 324,870 $ - 0.00% June $466,250 $432,288 $0 $ 432,288 $ - 0.00% July $358,992 $338,331 $0 $ 338,331 $ - 0.00% August $366,973 $341,660 $0 $ 341,660 $ - 0.00% September $451,145 $425,563 $00 $ 425,563 $ - 0.00% TOTAL $ 4,718,718 $ 4,480,000 $ 2,473,786 $ 4,690,474 $ 210,474 9.30% SOUTHLAKE CRIME CONTROL AND PREVENTION DISTRICT 1/2% SALES TAX REPORT 2012 Collected Budget Balance Budget to Date Balance Percent $ 4,400,000 $2,446,331 (1,953,669) - 44.40% Fiscal Year Percent Fiscal Year Percent Fiscal Year Percent 2010 Increase/ 2011 Increase/ 2012 Increase/ MONTH Actual (Decrease) Actual (Decrease) Actual (Decrease) October $320,459 -4.10% $351,298 9.62% $319,722 -8.99% November 336,820 - 10.48% 370,998 10.15% 390,919 5.37% December 540,201 0.70% 529,531 -1.98% 600,491 13.40% January 227,361 -37.31% 336,342 47.93% 336,540 0.06% February 293,001 -2.12% 281,634 -3.88% 342,427 21.59% March 383,172 0.10% 440,772 15.03% 456,232 3.51% April 351,672 -3.14% 366,425 4.20% - - 100.00% May 320,824 - 17.36% 360,191 12.27% - - 100.00% June 412,362 -2.16% 451,427 9.47% - - 100.00% July 331,914 -8.40% 356,866 7.52% - - 100.00% August 331,914 4.10% 371,318 11.87% - - 100.00% September 395,444 -0.09% 428,005 8.23% - - 100.00% TOTAL $4,245,144 $4,644,807 $2,446,331 Three Year Revenue Comparison by Month $700,000 -= $600,000 - $500,000 1 $400,000 _ $300,000 r rum rim $200,000 1 1 1 1! 1 1 $100,000 1 1 1 1 1 1■ < 606 � ,0 x ,06 , `,,0 �, � J�� e��c e Fiscal Year 2010 Actual EFiscal Year 2011 Actual Fiscal Year 2012 Actual Actual Budget Actual Estimated (budget -est.) % 2011 2012 2012 2012 Difference Change October $ 351,298 $ 332,783 $ 319,722 $ 319,722 $ (13,061) -3.92% November $ 370,998 $ 351,444 $ 390,919 $ 390,919 $ 39,475 11.23% December $ 529,531 $ 501,622 $ 600,491 $ 600,491 $ 98,869 19.71% January $ 336,342 $ 318,615 $ 336,540 $ 336,540 $ 17,925 5.63% February $ 281,634 $ 266,790 $ 342,427 $ 342,427 $ 75,637 28.35% March $ 440,772 $ 417,541 $ 456,232 $ 456,232 $ 38,691 9.27% April $ 366,425 $ 347,112 $ - $ 347,112 $ - 0.00% May $ 360,191 $ 341,207 $ - $ 341,207 $ - 0.00% June $ 451,427 $ 427,634 $ - $ 427,634 $ - 0.00% July $ 356,866 $ 338,057 $ - $ 338,057 $ - 0.00% August $ 371,318 $ 351,747 $ - $ 351,747 $ - 0.00% September $ 428,005 $ 405,447 $ - $ 405,447 $ - 0.00% TOTAL $ 4,644,807 $ 4,400,000 $ 2,446,331 $ 4,657,536 $ 257,536 1 1 E E 4- cp O E c Csi r IN ® 0� ca co) o CU 5 0 IJ- u +11•+ E VI L. 73 ®l, LE s w a " - c w S v w 8 w a ;1-, v C -0 ▪ _'j w • ° C • w w O VP w '11 g Z. 0 0 °w n c c c Q i E - 0 2 • O S L L a -� E c w • e $ i .111 v E T" = w I- c w a w a ; E ~ S E E c "§ 1 L 4 E i5 • w $ Y • c t Z E E a n L s. t f 3 jE c n w O c ,a z . • • w :� 2 =r P .2 c n a, ° E 2 w a i C S v e • le E p • w w• W w • p o • ° v E • 8 a E ±€ ' n E Fi _ w x c a w , �'! 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Capital improvements typically have a useful life of over ten (10) years and a value greater than $10,000. Most CIP projects typically involve major infrastructure development and improvement. CIP projects are primarily funded through General Obligation (GO) bonds and Revenue Certificates of Obligation. The City of Southlake's CIP Quarterly Status Report has been designed as a resource tool to be utilized by City staff, citizens of Southlake, and the community at large. The objective of this report is to provide timely and accurate information in a user friendly format regarding construction and other improvement projects in the City of Southlake. Projects within the City's CIP are categorized as follows: Street and Drainage Improvements, Traffic Management Projects, Water System Improvements, Sewer System Improvements, Crime Control Projects and Southlake Parks Development Corp. Improvement Projects. • • • 1 1400 Main Street Suite 440 • Southlake, TX 76092 (817) 748 -8042 • www.ci.southlake.tx.us TABLE OF CONTENTS Page Street and Drainage Improvements 1 Traffic Management Projects 5 Water System Improvements 7 Sewer System Improvements 9 Crime Control Projects 10 Southlake Parks Development Corp Improvements 11 0 CITY OF SOUTHLAKE, TEXAS FY 2011 -12 CAPITAL IMPROVEMENTS PLAN -- Street & Drainage Improvement Projects -- Report Date: March 31, 2012 Title: Location: Project Description: FM 1938 Phase II Randol Mill Road from On December 31, 2001, the TCC approved a Minute Order FM 1709 north to the city limits giving the extension of FM 1938 along the Randol Mill ROW Priority II funding status and Farm to Market designation. The project involves paving, utility and drainage improvements along the existing Randol Mill Road from FM1709 to SH114 to its ultimate pavement section of four lanes divided. Construction of FM1938 will be in two phases. Phase I is from the bend in Randol Mill Road to SH114. Phase 11 is from the intersection of FM1709 and Randol Mill Road /Davis Blvd. to the bend in Randol Mill. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 2,726,449 $ 1,338,838 $ 1,387,611 Funding Source(s): Status: G.O. Bonds, G.O. Bond Interest Phase I of the project was awarded in August 2009 with a contract time of 448 working days and is currently under construction. Phase II right of way and easement appraisals began in January 2011 for acquisition by Tarrant County and are approximately 80% complete. Completion Date: Pending completion of Phase I Title: Location: Project Description: N. White Chapel Ultimate N. White Chapel from Emerald This project is for the design of the ultimate roadway Roadway to State Hwy. 114 section (4 lanes divided) as depicted by the Thoroughfare Plan. This project also includes necessary drainage and utility improvements. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 8,640,000 $ 746,587 $ 7,893,413 Funding Source(s): Status: G.O. Bonds, G.O. Bond Interest, Roadway Impact funds Design is currently underway. Construction is tentatively scheduled to begin in 2013. Completion Date: FY 2013 -14 Page 1 CITY OF SOUTHLAKE, TEXAS FY 2011 -12 CAPITAL IMPROVEMENTS PLAN -- Street & Drainage Improvement Projects -- Report Date: March 31, 2012 Title: Location: Project Description: Sidewalks throughout the city Various locations Construction of sidewalks in areas where staff has received requests for the installation of sidewalks, primarily around schools and areas where sidewalks would improve pedestrian safety. This project also consists of the installation of sidewalks along FM1709 to fill in existing gaps not being constructed in conjunction with the deceleration lanes. In addition to support from TxDOT, federal matching funds from the State Transportation Enhancement Program supports this project as well. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 2,607,168 $ 776,020 $ 1,831,148 Funding Source(s): Status: G.O. Bonds, Strategic Initiative Fund transfer TxDOT construction of FM1709 sidewalks is anticipated to begin fall of 2012. Completion Date: When funds are depleted Title: Location: Project Description: N. Kimball Avenue N. Kimball Ave from SH 114 to This project involves paving, utility, and drainage Dove Rd. improvements for the widening of North Kimball Avenue from SH 114 to Dove Road to its ultimate four lane divided pavement section. The construction of this project will be divided into two Phases. Phase I is along N. Kimball Ave. from SH 114 to Kirkwood Blvd. and Phase II is the continuation along N. Kimball Ave. from Kirkwood Blvd. up to Dove Rd. Total Estimated Cost: LTD Actual Cost: Cost to Complete: 8,305,000 $ 6,248,570 $ 2,056,431 Funding Source(s): Status: Roadway Impact fees, G.O. Bonds Right of way acquisition is currently ongoing north of E. Highland St. Construction began in December 2010. Completion Date: Fall 2012 Iff Page 2 CITY OF SOUTHLAKE, TEXAS FY 2011 -12 CAPITAL IMPROVEMENTS PLAN -- Street & Drainage Improvement Projects -- Report Date: March 31, 2012 Title: Location: Project Description: FM1709 medians and urban Entire length of FM1709 within The Urban Design Study included median layouts along the design enhancements city limits entire length of FM1709 within the City of Southlake, and included a conceptual design for landscaping, irrigation and miscellaneous hardscaping. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 2,000,000 $ 1,573,807 $ 426,193 Funding Source(s): Status: G.O. Bonds Construction of the medians is now complete. Irrigation and landscaping are nearing completion. Completion Date: Spring 2012 Title: Location: Project Description: Roadway reconstruction in multiple Heatherwood Estates, Royal Oaks The project includes the reconstruction of the streets in the subdivisions, Dove Road and Addition, Twin Creeks Addition, Heatherwood, Royal Oaks, and Twin Creeks subdivisions as Primrose Lane. Primrose Lane and Dove Rd. from well as the reconstruction of Dove Road from Lonesome Lonesome Dove to North Kimball Dove to North Kimball Avenue and the widening and reconstruction of Primrose Lane. The roadway work will begin subsequent to the construction of sanitary sewer lines and /or water lines in the mentioned locations. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 1,672,327 $ 1,249,196 $ 423,131 423,131 Funding Source(s): Status: G.O. Bonds The project was awarded in November 2009 by the City Council. The project is in the final inspection stages. Completion Date: Spring 2012 Title: Location: Proiect Description: PMA - Citywide Various locations The PMA is an on -going program which consists of the Pavement Rehabilitation repair and /or rehabilitation of local streets throughout the City of Southlake after the completion of neighborhood utility projects. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 1,793,923 $ 630,445 $ 1,163,478 Page 3 CITY OF SOUTHLAKE, TEXAS FY 2011 -12 CAPITAL IMPROVEMENTS PLAN -- Street & Drainage Improvement Projects -- Report Date: March 31, 2012 Funding Source(s): Status: G.O. Bonds Construction status varies Completion Date: When funds are depleted Title: Location: Project Description: Woodland Heights and Westwood Drive & This project involves paving and drainage improvements McPherson connector Village Center to connect Westwood Drive to Village Center. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 700,000 $ 377,417 $ 322,583 Funding Source(s): Status: G.O. Bonds Construction of the roadway connector is nearly complete. The top surface of asphalt will be added once the screening wall is complete. Completion Date: FY2011 -12 Title: Location: Project Description: FM1709 Illuminated Street Signs At all signals along FM1709 from Install backlit intersection signage at major intersections SH114 to Pearson Lane Citywide similar to the existing signage at Kimball Avenue and SH114. Backlit signage will increase their visibility and increase commuter safety. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 300,000 $ 31,200 $ 268,800 Funding Source(s): Status: Strategic Initiative Fund The project is currently in the design stage. Completion Date: FY2011 -12 O Page 4 CITY OF SOUTHLAKE, TEXAS FY 2011 -12 CAPITAL IMPROVEMENTS PLAN -- Traffic Management Projects -- Report Date: March 31, 2012 Title: Location: Project Description: Agreement with TXDOT for Jellico Court East and West Construction of intersection improvements with construction of deceleration Brock Dr., Meadowlark Ln., deceleration lanes along FM 1709 from Jellico Circle lanes at various locations Southridge Lakes Pkwy & West to Bank Street. along FM 1709. Waterford Dr., Ginger Ct., Stone Lakes Pl., Timber Lake PI., Lake Crest Dr., Bicentennial Park, Diamond Blvd. /Byron Nelson Pkwy., Foxborough Ln., Miron Dr., Westwood Dr., Commerce St., Bank St. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 500,000 $ 5,976 $ 494,025 Funding Source(s): Status: G.O. Bonds, G.O. Bond Interest Construction is currently ongoing through summer 2012. Completion Date: Summer 2012 Title: Location: Project Description: Design of right turn deceleration Various locations on Southlake Professional services agreement with TranSystems lanes Blvd. Corporation. Services will include design, right -of -way surveying with digital aerial photogrammetry, preparation of construction plans and specifications, and preparation of construction documents. The project will also address drainage and culvert issues that are necessary to accommodate the widening. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 418,123 $ 337,779 $ 80,344 Funding Source(s): Status: G.O. Bonds, G.O. Bond Interest The design of the deceleration lanes is complete and construction is currently ongoing through summer 2012. Completion Date: Summer 2012 Page 5 CITY OF SOUTHLAKE, TEXAS FY 2011 -12 CAPITAL IMPROVEMENTS PLAN -- Traffic Management Projects -- Report Date: March 31, 2012 Title: Location: Project Description: FM1709 utility relocations Along FM 1709 This project consists of the relocation of existing water and sanitary sewer lines to meet TxDOT's requirements for the construction of the deceleration lanes at multiple locations along FM 1709. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 678,100 $ 515,862 $ 162,238 Funding Source(s): Status: G.O. Bonds, G.O. Bond Interest Construction is currently ongoing. All city utilities have been relocated with the exception of the 20" water line at Jellico East and Jellico West. Utility construction at Jellico will be completed in 2012. Completion Date: Summer 2012 0 Page 6 CITY OF SOUTHLAKE, TEXAS FY 2011 -12 CAPITAL IMPROVEMENTS PLAN -- Water System Improvement Projects -- Report Date: March 31, 2012 Title: Location: Project Description: 30" water supply line to serve TW Segment A thru F Construct approximately 7,500 linear feet of 30" water King Pump Station #2 TW King Pump Station #2 transmission line in order to fully utilize pump station #2 and the ground storage tanks. Currently, this pump station is not connected to the Fort Worth supply line. It has to be back fed from pump station #1. This process is inefficient and reduces the City's ability to pump water throughout the system. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 13,363,260 $ 4,008,637 $ 9,354,622 Funding Source(s): Status: Tax & Revenue Certificates of Obligation Segments A and F are complete. Design of Phases B, C, D and E and the meter station are complete. Right of way acquisition is approximately 90% complete. Segments C and D require both an interlocal agreement and a license agreement with the City of Westlake, and Segment E requires the completion of negotiations for an easement with the property owner. The construction contract was awarded in February 2012. Construction will begin once the pipe fabrication is complete. Completion Date: April 1, 2013 Title: Location: Project Description: 20" water main along Town Square to N. This project consists of approximately 8400 linear feet of SH114 White Chapel 20 -inch transmission water line. The water line is needed in conjunction with the construction of the 30 -inch water supply main to TW King pump station #2. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 2,470,000 $ 1,619,652 $ 850,348 Fundinq Source(s): Status: Tax & Revenue Certificates of Obligation Project design is complete and construction began in September 2011. Construction is anticipated to be completed by May 2012. Completion Date: May 2012 Page 7 CITY OF SOUTHLAKE, TEXAS FY 2011 -12 CAPITAL IMPROVEMENTS PLAN -- Water System Improvement Projects -- Report Date: March 31, 2012 Title: Location: Protect Description: T.W. King meter station T.W. King pump This project consists of the design and construction of a new station #2 meter station for the purpose of meeting the city's future water demand. This project is a companion to the 30 -inch water supply line to serve the T.W. King pump station #2. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 372,600 $ 41,079 $ 331,521 Funding Source(s): Status: Tax & Revenue Certificates of Obligation Project design is complete. Construction is dependent upon the completed placement of the 30 -inch water supply line segments. Completion Date: April 2013 Title: Location: Proiect Description: T.W. King ground storage tank, 3644 T.W. King Rd. The project consists of repairing the internal corrosion and repair and paint leaking stand -pipe in the ground storage water tank. This project will also include funding for repainting the interior and exterior of the tank. The five million gallon tank has been in operation since 1999. These repairs are part of routine maintenance needed to keep the tank at optimum working condition. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 900,000 $ 191,730 $ 708,270 Funding Source(s): Status: Tax & Revenue Certificates of Obligation Construction began in early January. Completion Date: April 2012 Page 8 CITY OF SOUTHLAKE, TEXAS FY 2011 -12 CAPITAL IMPROVEMENTS PLAN -- Sewer System Improvement Projects -- Report Date: March 31, 2012 Title: Location: Project Description: 8" sewer line Heatherwood Estates This project involves providing sanitary sewer service to the Royal Oaks Estates indicated neighborhoods which are experiencing problems Twin Creek Estates with septic systems; also to improve groundwater quality Pearson Lane within the city. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 4,133,663 $ 2,943,118 $ 1,190,545 Funding Source(s): Status: Tax & Revenue Certificates of Obligation The project was awarded November 2009 and is in the (issued in 2008) final inspection stages. Completion Date: Spring 2012 Title: Location: Project Description: Sanitary sewer system Various locations This project was the result of a three year sanitary sewer rehabilitation program evaluation study conducted by RJN from FY2008 to FY2010. The final report from the SSES recommended the rehabilitation of 358 sewer manholes including replacing manhole rings and lids, corbel, invert, clean -out and point repairs. These repairs were recommended in order to prevent inflow and infiltration of storm water and ground water which should lower the City's treatment costs to TRA. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 100,000 $ 39,350 $ 60,650 Funding Source(s): Status: Tax & Revenue Certificates of Obligation The project is in year one of three Completion Date: FY2013 -14 Page 9 4 CITY OF SOUTHLAKE, TEXAS FY 2011 -12 CAPITAL IMPROVEMENTS PLAN -- Crime Control Fund Projects -- Report Date: March 31, 2012 Title: Location: Project Description: North DPS Facility Dove Road and Design of a Police and Fire station to support fire and EMS White Chapel services for the north part of the city. The facility will also double as a Police and Fire Services training facility. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 1,215,259 $ 1,215,259 $ 0 Funding Source(s): Status: Crime Control sales tax Design is essentially complete. Completion Date: TBD Page 10 CITY OF SOUTHLAKE, TEXAS FY 2011 -12 CAPITAL IMPROVEMENTS PLAN -- Southlake Parks Development Corp. Improvement Projects -- Report Date: March 31, 2012 Title: Location: Project Description: North Park Development Phase I Dove Road and Development of park area for lacrosse fields with potential White Chapel shared use for youth football and flag football. Improvements include lighted athletic fields, trails, open space, playground, parking, concession /restroom building, exercise equipment, landscaping, irrigation, etc. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 6,657,414 $ 6,269,735 $ 387,679 Funding Source(s): Status: SPDC Operating Fund Construction has begun and is approximately 90% Sales Tax Revenue Bonds complete. Completion Date: Summer 2012 Title: Location: Project Description: Bicentennial Park design and Bicentennial Park Phase II improvements include baseball fields, concession/ development, Phase II restroom facility, playground, batting cages, park boulevard connection to White Chapel Blvd., satellite parks maintenance facility, parking, trails, landscaping and irrigation. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 9,996,498 $ 179,200 $ 9,817,298 Funding Source(s): Status: SPDC Operating Fund Design is currently underway. Sales Tax Revenue Bonds Completion Date: January 2014 Page 11 FirstSouthwest' 0 .1/4 -# 1 :.'10r1 1 SUITIma ,- GDP in the fourth quarter of 2011 capped a year of steady, if better than most had expected. The test was extremely stringent unspectacular growth with a 3% annualized gain. However, for under a scenario that included 13% unemployment, a 50% drop in the entire 12 -month period, the U.S. economy grew just 1.6 %. The stocks and a further 20% decline in housing prices. Only four of 19 below average growth was generated during an extended period of institutions failed in one or more measures. The positive results are unprecedented monetary and fiscal stimulus. At the January FOMC an indication the banks have strengthened their balance sheets and meeting, committee members pushed back the time frame during fortified themselves against a financial crisis like that of 2008. which the overnight rate is expected to "remain at exceptionally low levels" from at least "mid - 2013" to "late 2014." In February EMPLOYMENT Congress passed both an extension of the payroll tax cut and an extension of long -term unemployment benefits for the remainder Unemployment Rate (Left Hand Scale) Change in Non -Farm Payrolls (Right Hand Scale) of 2012. Although the bipartisan agreement reduced the maximum 9.6 300 number of weeks unemployment benefits can be paid, without this 9.4 extension 3.5 million Americans would not have received checks. 92 250 While all of these extensions may sound appropriate during a period 9.0 200 of sluggish economic growth and high unemployment, the unfunded 8.8 expenses will come at a cost. The payroll tax cut alone will add $100 8.9 750 billion to the deficit. However, with the stimulus remaining firmly s 4 in place, economic data continued to improve, confidence rose, the 8.2 100 stock markets rallied, and with the help of the fourth mildest U.S. 60 111111111 II 50 winter in history, the critical labor market and retail sales numbers 73 made encouraging headway. The recent gains in company payrolls m 0 have emboldened Fed critics to call for an early end to the FOMC's m n 3 3 a H o z o m • s accommodative polity, but this may be premature. P' L, m v ° m N N N The apparent improvement in data managed to push bond yields I UnemploymentRate MI Change in Nonfarm Payrolls I upward from near record lows, thereby undermining accommodative EMPLOYMENT Fed policy. Bemanke made a round of speaking appearance in Change in Non-Farm Payrolls March, probably to reiterate that the Fed did not expect to waiver from its stated position to keep the overnight funds rate at the zero- Job creation was an economic strong point in January and February to -0.25% level, where it has been entrenched since December 2008. as business payrolls rose by an average of 257,000. However, March In Bemanke's words, "it's far too early to declare victory." In fact, by was a disappointment as just 120,000 jobs were added, well below quarter's end, rising gasoline prices had become a serious concern the Bloomberg median forecast for 205,000 and the lowest in five and threatened to derail relatively brisk consumer spending. An months. On a positive note, the Bureau of Labor Statistics pointed old rule of thumb is that every one penny increase at the gas pump out employment has now risen by 3.6 million from its low point extracts one billion dollars from consumer's pockets on an annual in February 2010, leaving roiighly five million jobs to recoup from basis. So far this year, the average gas price has increased by 60 cents. recession lows. The unemployment rate actually declined from 8.3% to 8.2% in March, a deceiving figure made possible as the total The situation in Europe quieted down after Greece avoided bond number of Americans actively looking for work continued to fall. default by accepting its second bailout in February. Unfortunately, There are currently 12.7 million unemployed workers. Among these, the lull may prove temporary. The extremely unpopular €130 billion 5.3 million have been unemployed for 27 weeks or more. The number rescue plan could be threatened by the outcome of national elections of people employed "part-time for economic reasons" fell from as soon as ApriL The Greek economy has been in severe recession 8.1 million to 7.7 million. The significant number of involuntary for the past five years, during which time its economy contracted by part-time workers is another reason why it has been so difficult to a massive 20 %. The Greek unemployment rate is estimated at 21 %, whittle away the recessionary job losses - employers typically restore but tops 50% for 15- to 24 -year old workers. Spain, the fourth largest reduced hours before hiring new workers. The U6 measure of Euro-zone country, made negative headlines later in the quarter after unemployment fell from 14.9% to 143 %. This much larger number announcing its debt - to-GDP ratio would likely soar from 68.5% in includes discouraged and part-time workers, and anyone who would 2011 to a forecasted 79.8% in 2012. Spain is also in recession and has accept a full-time position if offered to them. un , loyment figures nearly identical to those of Greece. There has be, .cent talk in the media on the possibility that Spain may require CONSUMER SPENDING rescue funds in the near future. U.S. banks were generally thought to be well insulated from the crisis overseas, but questions lingered as Both the Conference Board's measure of consumer confidence and to their financial soundness. Thus, the financial markets drew a sigh the University of Michigan consumer sentiment survey reached their of relief as the results of the Fed "stress tests" for U.S. banks proved highest level in a year, and consumer spending has increased along • • with confidence. Retail sales rose by an unexpectedly strong 1.1% in INFLATION February after a solid 0.6% revised gain in January. Although much of the February increase was attributed to robust car and light truck 4.5 45 sales, ex -auto sales were still up 0.9 %. Annuali7ed sales of cars and trucks were above 15 million in February, up from 13.2 million a year 3.5 "I"ntll 3 ago and 10.5 million before that. There is ample reason to expect solid sales going forward as the average age of cars and trucks on U.S. roads E 2.5 milion ' 1 1 ■ ■ ■ 1 2.5 o reached an all-time high of 10.8 years in 2011. According to a story "' j : 1 1 1 111 I in U.S. News & World Report, the average vehicle age has increased ` 1.5 I' ■ ' S steadily from just 8.5 years in 1995. Part of the longer lifespan has to 0 s I I ■ ■ II ■ • ! ' �' f'' 111111111 o do with improved product reliability, but some of the increase in past 111111111111111111111111 years was probably related to the economic downturn. Going forward, 0.5 0 consumer spending will depend to a large degree on the continued health of the labor market. Another driving force could stem from any -1.5 -15 wealth effect resulting from equity market gains. m t m =` $ m ° ; ° ,t W 3 t m =` g o ; ° m 0 0 8 0 0 0 0 0 0 0 f. f, It t t t t t N N HOUSING I CPI core 950 8.0 CONSUMER PRICE INDEX: - 75 Core Rate (Excluding Food & Energy), Year - Over -Year 850 o Existing Home Sales ' o - 7D 750 New Home Sales N In order for the Fed to maintain its super accommodative stance, F - 6.5 5. inflation must remain tame. It's debatable whether this is actually m 650 - - 6 0 3 happening. The Fed's inflation objective is around 2 %. But rising energy y tn prices have elevated headline inflation above the objective level and s.s N made Fed policy critics uneasy. The February Consumer Price Index a - 5.0 ( rose by 0.4% an 2.9 %year over year. Mo of increase was Z 450 - energy related but if food and energy prices are exc lu this ded core CPI is 1 as N still up 2.2% on a year- over -year basis. Fortunately, the Fed's preferred 350 - - 0 . 0 inflation measure, Personal Consumption Expenditures (PCE), was 250 - , • ' • • • " , • , " " " " I - " " ' " " I . 3.5 increasing at a more benign 1.3% rate in the fourth quarter. 3 n z" 3 g a" 3 n z" 3 g a" 3 o z" 4 G P< m G O' " m . 9 4 m C Q< 9 < Q O O O O O O O O O O O .� v v m m m m m fG m ie O O o O- ro THE FED NEW AND EXISTING HOME SALES Although the Fed declared on January 25th that it expected to keep Annualized by Month the overnight funds rate at "exceptionally low levels" at least until late 2014, the better- than- expected economic data and somewhat elevated The housing sector has probably reached a bottom ...but it's a inflation, has caused a number of Fed officials to publically express mighty low bottom. CNNMoney reported that U.S. home prices dissenting opinions. Both Richmond Fed President Lacker (current had dropped another 4% in the final quarter of the year returning FOMC voting member) and St. Louis Fed President Ballard (not an to price levels of 10 years ago. It was the biggest quarterly drop FOMC voting member this year) recently said the Fed might need since 2008, and according to the S &P Case - Schiller Home Price to tighten monetary policy as soon as next year. Dallas Fed President Index, prices have now fallen 33.8% from their peak in early 2006. Fisher told Fox Business News that "although growth is slower than we This is either a good thing or a bad thing depending on whether would like, it is gaining momentum ...and we will not support further you're a buyer or a seller. Potential buyers, and those still able quantitative easing under these circums stances.. ' and Philadelphia Fed to refinance, continue to benefit from record low lending rates President Plosser said the Fed should not use its balance sheet as a - Freddie Mac reported its 30 -year mortgage index had averaged regular tool for monetary polity. Even Bemanke instilled some doubt a historical low of 3.89% in February. Although existing home late in the quarter, appearing on CBS's 60- Minutes saying "...we've sales were marginally higher in the initial months of the year, new never issued a guarantee. We've said very dearly that that's our best home sales fell. Part of this can be attributed to the fact that there estimate...but of course if the economy looks different, if things get simply aren't as many new homes available for sale - at last count, a lot stronger or a lot weaker we'll have to change our plans: Perhaps ar `imated 150,000. As a result, a small resurgence of building Bernanke regretted his word choice because a day after the program hn. :gun. Building permits rose by 5.1% in February to 717,000, aired, he told an audience at the National Association for Business the highest level in 3% years. Much of this increase represents Economics that "hiring is still significantly below pre -crisis levels," and the construction of multi - family housing. As homeownership "unemployment is still above the long term sustainable level," and that decreases, the number of renters has soared relative to the finer improvements in the unemployment rate would need to be available rental units. supported by continued accommodative policies. ffi EQUITY MARKETS Although this is the highest valuation since July, it's well below the U.S. stock markets enjoyed another period of big gains as the Dow 16.4x average over the past 58 years. rose 8% and the S &P 12 %, marking their strongest first quarters since 1998, while the NASDAQ surged nearly 19% for its best first DOW 500 NASDAQ quarter showing since 1991. Recall that in the final quarter of 2011, the DOW rose 12 %, while the S &P was up 11.2 %. As a result, an 12/31/11 12,218 1,258 2,605 estimated $3.6 trillion has been restored to U.S. equity values since 3/31/12 13,212 1,408 3,092 October. With cash earning virtually nothing and the bull market % ch ange for Q1_2012 8.1% 12% 18.7% for bonds possibly near the end of a long and prosperous run, stocks have gained favor. The DOW topped the 13,000 level for the first time since May 2008, and has now risen more than 100% from Fed 3 mo 6 mo 2 yr 5 yr 10 yr 2009 first quarter lows. There are plenty of experts questioning the Funds T - bill T - bill T - note T - note T - note ongoing strength of the U.S. equity markets, but many businesses Last 12/31/11 0.00% 0.01% 0.06% 0.24% 0.83% 188% are lean and flush with cash, borrowing costs are at record lows and confidence has rebounded in the last six months. Besides, most 0.00% 0.11 % 0.15% 0.39% 1.20% 2.38% investment alternatives are less palatable. So, a case is still being Low _ 0.00% 0.01% 0.02% 0.21% 0.71% 1.80% made for stocks, even at the current four -year highs. The broad End 3/31/12 0.O0`36 0.06% 0.08% 028% 0_89°06 222% market S &P 500 index currently trades at 14.6x reported earnings. ECONOMIC AND INTEREST RATE OUTLOOK It was a good quarter. The U.S. economy is definitely getting better. for critical negotiations is likely to be sour. This negativity serves A Bloomberg survey taken at the end of March showed 34% of only to support the case for the Fed to maintain its accommodative monetary lro .ry. A premature increase in interest rates would h likely r� indents thought the economy was improving, the highest since mon lY ), -ry 2004. Bloomberg reported that corporate bond sales in the compound the contraction. With the U.S. economy out of recession U.S. reached a historical high of $427 billion in the first quarter, for nearly three years, a double -dip" is no longer possible, but political Crushing the previous record of $397 billion from a year ago, while leaders fear the next downturn, and aren't anxious to be associated Thomson Reuters reported that municipal bond issuance had totaled with actions that could be viewed as a trigger. In late March, the $78.9 billion, a 68.3% jump from the same period in 2011. But we House of Representatives crushed a compromise budget proposal k still have a long way to go. The GDP contraction rate during the similar to the bipartisan Simpson Bowles plan by a 382 38 vote that last recession was 5.1 %, the worst downturn in seven decades, and would have reduced the federal deficit by more than $4 trillion over 10 the unemployment rate is still 3% higher than the 20 -year average. years. Proposals by President Obama and House Budget Committee Bernanke addressed an audience of economists in late March saying, Chairman Paul Ryan also failed. As a result, the U.S. will operate among other things, that "the better job numbers seem out of sync without a budget for the fourth straight year. with the pace of economic expansion" Typically, a 1% decline in the rate of unemployment is associated with a 3% increase in output. The short -term outlook is relatively bright. Monetary and fiscal Since the U.S. economy only grew at a 1.7% rate in 2011, the 0.9 accommodation will be in place to feed the economy at least through percentage point drop in unemployment is a bit pi zzling. Some have the end of the year. But as the end of the year approaches, some hard attributed it to a period of "over-firing" by fearful businesses during choices will have to be made. The words coming out of Bernanke's the downturn and a subsequent restocking of labor as the recession mouth suggest that the Fed will do what it can to cushion the fall if faded from memory. If this is true, we may have experienced an politicians can agree on a significant combination of expense cuts acceleration of hiring which may be hard to sustain at the projected and revenue increases which would most certainly curtail economic GDP growth rate of between 2 -25 %. According to FTN Financial, growth next year. Even the automatic spending cuts scheduled to in order for the Fed to reach its unemployment target of 5 -5.6% by begin in 2013 will have a detrimental effect on economic growth 2015, it would take three years of 4-4.5% GDP. Central forecasts are with token across- the - board cuts of $1.2 trillion over 10 years. nowhere near this high. Raising interest rates would nullify the cuts. The Wall Street Journal reported that net interest costs on outstanding Treasury debt have 17. The next two to three quarters should provide unobstructed, if dropped below 2% this year from 4.7% in 2007. If the government moderate, economic growth, but there is a great big problem looming were forced to pay interest at 2007 rates, interest costs would soar by at the end of the year the "cans" that have been kicked down the road $350 billion. If you wanted an argument to support an artificially low ti tacked up. In less than nine months, all of the Bush tax cuts will rate environment for a prolonged period, this is it. tap,. e (again) along with the temporary payroll tax cuts (again) and provisions for long -term unemployment benefits. At the same time, Scott McIntyre, CFA automatic budget cuts are scheduled to begin, and with no Federal Senior Portfolio budget likely to be in place, another debt ceiling compromise will have APri 6, 2012 to be reached Throw in the November elections and the environment i I OL8L oral `ugsny Oi'61 alms laar1S gI%IS M 00£ r 1seMLpnoS1sau FirstSouthwest4 Ac e T ti\ 1'i11 emenr Econt ti , •• m "I a. r, 1 "The next two to three quarters should provide unobstructed, if moderate, economic growth, but there is a great big problem looming at the end of the year - the "cans" that have been kicked down the road have stacked up. In less than nine months, all of the Bush tax cuts will expire (again)" Read more inside. aperwas prepared by First Southwest Asset Management (FSAM) and is intended for educational and informational purposes only and does not tute legal or investment advice, nor is it an offer or a solicitation of an offer to buy or sell any investment or other specific product. Information p lded in this paper was obtained from sources that are believed to be reliable; however, it is not guaranteed to be correct, complete, or current, and is not 0 intended to imply or establish standards of care applicable to any attorney or advisor in any particular circumstances. The statements within constitute the views of FSAIVI as of the date of the report and may differ from the views of other divisions /departments of First Southwest Company. In addition, the views are subject to change without notice. This paper represents historical information only and is not an indication of future performance. co 2011 First Southwest Company. All rights reserved. I RSO4 L338