comprehensive annual financial report - City of St. Petersburg

CITY OF ST. PETERSBURG, FL
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2010
NOTE 11 - INTERFUND RECEIVABLES, PAYABLES, TRANSFERS, AND ADVANCES –
(Continued)
Interfund Transfers of Capital Assets:
Transfers Out: General Stormwater
Non-Major
Enterprise
Internal
Service
Total Transfers
Out:
General $ - $ 5,033,333 $ 317,718 $ 28,132 $ 5,379,183
Water - 124,514 7,529 - 132,043
Stormwater - - - 1,343 1,343
Sanitation - - - 1,446 1,446
Non-Major Enterprise 19,557 - - 1,684 21,241
Internal Services 85,645 - - - 85,645
Total Transfers In: $ 105,202 $ 5,157,847 $ 325,247 $ 32,605 $ 5,620,901
Capital assets are transferred with related accumulated depreciation.
Bond covenants and City financial policies require the use of interfund transfers to move financial
resources from funds legally designated to receive them to funds required to expend the resources.
Business-type fund payments-in-lieu of taxes are also reported as interfund transfers to the general fund.
NOTE 12 – OPERATING LEASE OBLIGATIONS
The City has entered into several non-cancelable operating lease agreements for equipment
which end on various dates through 2015, with an option for an additional five year term. The
cost of the fiscal year was $507,346. The following is a schedule by years of the future rentals
on non-cancelable leases as of September 30, 2010:
Fiscal Year Ending September 30: 2011 $456,725
2012 151,648
2013 89,389
2014 28,048
2015 10,933
Total Minimum Future Rentals $736,743
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