DM155419 

 

Children’s Services Council  

Finance Committee Meeting  

Thursday, February 26, 2015, 3:30 p.m.   

AGENDA   Welcome and introductions    Finance Committee Members:   Tom Lynch, CSC Finance Committee Chair  

Thomas Bean, CSC Finance Committee Vice‐chair   Greg Langowski, Chair Children’s Services Council   Tom Weber, Vice Chair Children’s Services Council   Paul Dumar, Director Financial Services, Solid Waste Authority    John Marino, 1st Senior Vice President, Valley National Bank    CSC Staff:   Lisa Williams‐Taylor, CEO 

Bill Cosgrove, CFO   Jen Diehl, Controller   Tom Sheehan, General Counsel    Elsa Sanchez, Senior Executive Assistant  Agenda Items:  

1 Minutes January 22, 2015 2 January 31,  2015 Financial Statements 3 CSC Investment Policy 4 RFP for Investment Advisor 5 Financial Information for Planning Session 6 Finance Committee Membership 7 Other 8 Adjournment 

     

1

Children’s Services Council  

Finance Committee Meeting  

Thursday, January 22, 2015, 4:00 p.m.   

AGENDA / MINUTES   Welcome and introductions    Finance Committee Members in Attendance:   Tom Lynch, CSC Finance Committee Chair, Not Present   Thomas Bean, CSC Finance Committee Vice‐chair, Present via telephone   Greg Langowski, Chair Children’s Services Council, Present   Tom Weber, CSC Council member, Present via telephone   Paul Dumar, Director Financial Services, Solid Waste Authority Present via telephone 

John Marino, President, Chief Operations Officer and CFO, 1st United Bancorp, Inc., Present 

   CSC Staff:   Tana Ebbole, CEO, Present    Bill Cosgrove, CFO, Present   Jen Diehl, Controller, Present 

Lisa Williams‐Taylor, CPO Present   Tom Sheehan, General Counsel, Present    Elsa Sanchez, Senior Executive Assistant, Present  Agenda Items: 

1 Minutes November 19, 2014 a. No changes, action deferred due to lack of physical quorum. 

2 December 31, 2014 Financial Statements (unaudited) a. Consensus to bring the December Financial Statements to the Council b. Modifying the words “optimum expenditure rate” to “budgeted expenditure 

rate” 3 Council Investments 

a. Approve investment policy document ‐ November 19th suggested to have an investment policy drafted, Motion made by Marino to table the investment policy and RFP to the next meeting, If we allow for commercial paper, corporate notes, banker’s acceptance, municipal securities, etc. a different level of monitoring is needed; Rating agencies have proven unreliable on corporate notes; not worth it based on return; Broward does not have an 

2

investment advisor or use these; from a legal standpoint if not going to use, don’t put in the policy 

b. Decision regarding RFP for Investment Advisor c. Documentation from Wells Fargo bank N.A. 

4 Other 5 Adjournment 

    

3

AGENDA ITEM: 2 TITLE: Financial Statements – January 31, 2015 (Unaudited) STAFF: Jennifer Diehl, Controller, Children’s Services Council of Palm

Beach County

SUMMARY:

The financial statements are presented reflecting the estimated operating results of the General Fund and Special Revenue Fund (Prevention Partnerships for Children, Inc.) for the four months ended January 31, 2015. The audit of the Council for the fiscal year ended September 30, 2014 has not been completed and the figures represent unaudited numbers.

Balance Sheet:

As of January 31, 2015 the Council had $105,874,350 held in cash and investments. Of this balance, the investments in federal government bonds total $103,500,000 net of the amortized discount.

The Capital Assets and the Investment in Capital Assets for $20,596,675 represent the costs associated with furniture and fixtures, equipment, and building costs.

Statement of Revenue and Expenses: The budgeted expenditure rate at January 31, 2015 is 33.33%. The estimated expenditure rate for Children’s Programs at January 31, 2015 is 26.93%.

RECOMMENDATION:

I recommend the Finance Committee propose that the Council accept the January 31, 2015 Financial Statements as submitted.  

4

CHILDREN'S SERVICES COUNCIL OF PALM BEACH COUNTY

BALANCE SHEET (Unaudited)

January 31, 2015

General Fund Total All Funds

Assets

Cash & Investments 105,860,629$ 13,721$ 105,874,350$ Accounts Receivable 3,143,770 - 3,143,770 Advances to Agencies 3,784,881 - 3,784,881 Prepaid Expenses 303,774 - 303,774 Due From - Special Revenue Fund - 102,056 102,056 Capital Assets 20,596,675 - 20,596,675

Total Assets 133,689,729 115,777 133,805,506

Liabilities & Fund Balance

Liabilities

Allocations to Children's Services Programs 5,140,713 108,177 5,248,890 Deferred Revenue 635,154 - 635,154 Accounts Payable 372,397 7,600 379,997 Due to - General Fund 102,056 - 102,056

Total Liabilities 6,250,320 115,777 6,366,097

Fund Balance

Nonspendable: Prepaid Expenses 303,774 - 303,774 Assigned: Reserved in accordance with fund balance policy 36,058,774 - 36,058,774 Third Floor Build Out 600,000 - 600,000 Unassigned: 69,880,186 - 69,880,186

Total Fund Balance 106,842,734 - 106,842,734

Investment in Capital Assets 20,596,675 - 20,596,675

Total Liabilities and Fund Balance 133,689,729$ 115,777$ 133,805,506$

Special Revenue Fund

Prevention Partnership for Children, Inc.

5

CHILDREN'S SERVICES COUNCIL OF PALM BEACH COUNTYSTATEMENT OF REVENUE AND EXPENSES CHANGES IN FUND BALANCE

FOR THE FOUR MONTHS ENDED JANUARY 31, 2015

Approved Budget Actual Approved Budget Actual Approved Budget Actual

2014/2015 Through Through Variance % 2014/2015 Through Through Variance % 2014/2015 Through Through Variance %

Budget 1/31/2015 1/31/2015 YTD YTD Budget 1/31/2015 1/31/2015 YTD YTD Budget 1/31/2015 1/31/2015 YTD YTD

Revenues

Ad Valorem Property Taxes 94,363,181$ 76,770,200$ 76,770,200$ -$ 81.36% -$ -$ -$ -$ 0.00% 94,363,181$ 76,770,200$ 76,770,200$ -$ 81.36%

Interest Income 150,000 50,000 19,835 30,165 13.22% - - - - 0.00% 150,000 50,000 19,835 30,165 13.22%

Department of Health/Agency

for Health Care Administration 3,053,295 1,017,765 878,777 138,988 28.78% - - - - 0.00% 3,053,295 1,017,765 878,777 138,988 28.78%

Palm Beach County Head Start Match 4,100,000 1,366,667 1,632,000 (265,333) 39.80% - - - - 0.00% 4,100,000 1,366,667 1,632,000 (265,333) 39.80%

Income from Tenants 70,000 23,333 24,303 (970) 34.72% - - - - 0.00% 70,000 23,333 24,303 (970) 34.72%

Other Income 100,000 33,333 95,209 (61,876) 95.21% - - - - 0.00% 100,000 33,333 95,209 (61,876) 95.21%

Cash Carryforward 20,307,835 - - - 0.00% - - - - 0.00% 20,307,835 - - - 0.00%

Total Revenues 122,144,311 79,261,298 79,420,324 (159,026) 65.02% - - - - 0.00% 122,144,311 79,261,298 79,420,324 (159,026) 65.02%

Expenditures

Administrative Expenditures 5,236,854 1,745,618 2,118,515 (372,897) 40.45% - - 425 (425) 100.00% 5,236,854 1,745,618 2,118,940 (373,322) 40.46%

Capital Expenditures 400,000 133,333 15,976 117,357 3.99% - - - - 0.00% 400,000 133,333 15,976 117,357 3.99%

Contingency 500,000 - - - 0.00% - - - - 0.00% 500,000 - - - 0.00%

Non-Operating Expenses 2,653,643 1,928,520 1,928,520 - 72.67% - - - - 0.00% 2,653,643 1,928,520 1,928,520 - 72.67%

Reserve for Uncollectible Taxes 4,819,391 - - - 0.00% - - - - 0.00% 4,819,391 - - - 0.00%

Children's Services Programs:

Direct Services:

Funded Programs & Initiatives 96,953,606 32,317,869 25,909,223 6,408,646 26.72% 1,948,398 649,466 478,348 171,118 24.55% 98,902,004 32,967,335 26,387,571 6,579,764 26.68%

Support Services:

Programmatic Support 9,632,419 3,210,806 2,814,771 396,035 29.22% - - 22,800 (22,800) 0.00% 9,632,419 3,210,806 2,837,571 373,235 29.46%

Total Children's Programs 106,586,025 35,528,675 28,723,994 6,804,681 26.95% 1,948,398 1,948,398 501,148 1,447,250 25.72% 108,534,423 36,178,141 29,225,142 6,952,999 26.93%

Total Expenses 120,195,913 39,336,146 32,787,005 6,549,141 27.28% 1,948,398 1,948,398 501,573 1,446,825 25.74% 122,144,311 39,985,612 33,288,578 6,697,034 27.25%

Excess Revenues over Expenses 46,633,319 (501,573) 46,131,746

Other Financing Sources (Uses)

Transfers in (out) (1,948,398) (649,466) (501,573) (147,893) 25.74% 1,948,398 649,466 501,573 147,893 25.74% - - - - 0.00%

Net Changes in Fund Balances 46,131,746 - 46,131,746

Fund Balances

October 1, 2014 60,710,988 - 60,710,988

January 31, 2015 106,842,734$ -$ 106,842,734$

General Fund Special Revenue Fund Total

Prevention Partnership for Children, Inc.

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65