comprehensive annual financial report - City of St. Petersburg

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CITY OF ST. PETERSBURG, FL NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2010 NOTE 13 – LONG - TERM OBLIGATIONS – (Continued) On December 21, 2007, the City entered into an agreement with The Young Men’s Christian Association of Greater St. Petersburg, Florida, Inc. (YMCA). The agreement laid out the terms of a new construction project at the Childs Park Sports Complex. The YMCA agreed to build, operate and manage a new YMCA Community Center and the City desired to operate a branch of the City’s library system and provide for a community meeting room/auditorium for the benefit and use by the citizens of St. Petersburg within the newly constructed complex. The City committed to contributing $1,000,000 towards the construction. The building was completed in October 2008. Per the terms of the agreement, upon completion, the YMCA donated the building to the City and the City subsequently leased it back to the YMCA for $30 for thirty years, with an extension option for another thirty years. (The building is included in Buildings and Systems under Governmental Activities in Note 7 – Capital Assets). In the event of early termination of the lease by the City or if the City refuses to grant a request for the new lease extension, the City shall reimburse the YMCA for the unamortized portion of its total project costs less the $1,000,000 that the City has already contributed. This liability is contingent upon the City terminating the lease. The YMCA’s portion of the cost (net of the $1,000,000 paid by the City) of $1,860,910 shall be amortized over a 50-year period, per the terms of the lease. The annual amortization of $37,218 will be recognized as contribution revenue. During fiscal year 2010, $37,218 was amortized and recognized as contribution revenue on the city wide financial statements leaving a balance of $1,786,474 at September 30, 2010, which is included in the long term obligations for Governmental Activities on page D-48. Bonds and Notes Payable and Capitalized Lease by major and non-major businesses: (In thousands of dollars.) Beginning Balance Additions Reductions Ending Balance Due Within One Year Water Resources $ 223,205 $ - $ (4,630) $ 218,575 $ 5,314 Stormwater 21,048 - (138) 20,910 146 Non-major Business Activities 8,325 - (2,065) 6,260 420 252,578 - (6,833) 245,745 5,880 Unamortized discount and deferred amount on refunding (1,955) - 50 (1,905) - Total Bonds and Notes Payable and Capitalized Lease $ 250,623 $ - $ (6,783) $ 243,840 $ 5,880 Since 1998, the City has requested and received loans from the State of Florida Revolving Loan fund of the State Department of Environmental Protection. The loans represent direct grants from the Federal Governments Clean Water Act or bonded debt proceeds from the State of Florida Department of Environmental Protection. The State requires semi-annual principal and interest payments over twenty years beginning two years after State loans approval. The following loans, interest rates, and maturities are included in the business-type activities notes payable: D-49
CITY OF ST. PETERSBURG, FL NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2010 NOTE 13 – LONG - TERM OBLIGATIONS – (Continued) (In thousands of dollars) Loan Approval Date Issue Date Loan Number Original Loan Amount Remaining Loan Amount Interest Rate Maturity Apr. 15, 1998 03/15/01 CS120521010 $ 13,228 $ 7,897 3.11-3.18% 09/15/20 May 4, 2000 09/15/03 CS120521020 3,587 2,504 3.33% 11/15/22 Nov. 27, 2001 09/15/03 CS12052104P 446 319 3.05% 09/15/23 Nov. 8, 2001 09/05/04 CS120521030 5,852 4,211 2.93-3.05% 09/15/23 Dec. 5, 2001 01/15/04 CS12052105A 392 150 2.96% 01/15/24 Dec. 5, 2003 01/15/04 CS12052105L 4,519 3,309 2.96% 01/15/24 $ 28,024 $ 18,390 Debt Service requirements at September 30, 2010 were as follows (In thousands of dollars): Governmental Activities Year End Revenue Bonds Notes September 30 Principal Interest Principal Interest 2011 $ 13,615 $ 3,398 $ 2,216 $ 1,652 2012 14,275 2,715 2,312 1,566 2013 8,115 2,162 2,724 1,443 2014 8,510 1,753 5,057 1,256 2015 8,930 1,327 5,217 1,016 2016 – 2020 14,235 3,193 16,836 2,096 2021 – 2025 8,145 1,295 2,367 49 2026 1,365 32 - - Total $ 77,190 $ 15,875 $ 36,729 $ 9,078 Business-type Activities Water Resources Stormwater Year End Revenue Bonds Notes Revenue Bonds September 30 Principal Interest Principal Interest Principal Interest 2011 $ 3,934 $ 9,143 $ 1,380 $ 563 $ 146 $ 909 2012 4,040 9,038 1,424 519 150 903 2013 4,147 8,896 1,468 474 158 897 2014 4,325 8,712 1,492 428 160 891 2015 4,512 8,517 1,516 382 168 884 2016 – 2020 24,412 39,295 8,327 1,161 2,338 4,285 2021 – 2025 24,024 34,115 2,783 154 9,016 3,003 2026 – 2030 32,506 27,937 - - 8,774 806 2031 – 2035 51,390 18,337 - - - - 2036 – 2040 46,895 5,970 - - - - Total $ 200,185 $ 169,960 $ 18,390 $ 3,681 $ 20,910 $ 12,578 D-50
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CITY OF ST. PETERSBURG COMPREHENSIV
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CITY OF ST. PETERSBURG, FLORIDA MAY
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Notes to the Financial Statements D
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IV. REGULATORY SECTION Report of In
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List of Principal Officials Elected
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The independent audit of the financ
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equired a rollback of the millage r
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All securities are purchased on a d
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operating and labor costs. Preventi
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Text38: Certificate of Achievement
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II. FINANCIAL SECTION Report of Ind
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Report of Independent Certified Pub
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MANAGEMENT’S DISCUSSION AND ANALY
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City of St. Petersburg, FL Manageme
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CITY OF ST. PETERSBURG, FLORIDA STA
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NET REVENUES (EXPENSES) AND CHANGES
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DOWNTOWN REDEVELOPMENT DISTRICT LOC
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LOCAL OPTION SALES SURTAX IMPROVEME
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CITY OF ST. PETERSBURG, FLORIDA REC
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CITY OF ST. PETERSBURG, FLORIDA COM
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PROFESSIONAL SPORTS FACILITY SALES
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ORIGINAL BUDGET EMERGENCY MEDICAL S
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ORIGINAL BUDGET AMERICAN RECOVERY &
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ORIGINAL BUDGET POLICE OFFICERS TRA
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ORIGINAL BUDGET FINAL BUDGET UTILIT
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ORIGINAL BUDGET FINAL BUDGET FIRST
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ASSETS AIRPORT PORT MARINA GOLF COU
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CITY OF ST. PETERSBURG, FLORIDA Int
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BILLING AND COLLECTIONS CONSOLIDATE
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INFORMATION AND COMMUNICATIONS SERV
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INFORMATION AND COMMUNICATION SERVI
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FINANCIAL TRENDS INFORMATION
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CITY OF ST. PETERSBURG, FLORIDA CHA
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CITY OF ST. PETERSBURG, FLORIDA FUN
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CITY OF ST. PETERSBURG, FLORIDA FIN
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CITY OF ST. PETERSBURG, FLORIDA TAX
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CITY OF ST. PETERSBURG, FLORIDA PRI
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CITY OF ST. PETERSBURG, FLORIDA REV
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CITY OF ST. PETERSBURG, FLORIDA RAT
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CITY OF ST. PETERSBURG, FLORIDA DIR
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CITY OF ST. PETERSBURG, FLORIDA PLE
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DEMOGRAPHIC AND ECONOMIC INFORMATIO
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CITY OF ST. PETERSBURG, FLORIDA PRI
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OPERATING INFORMATION
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Function/Program 2010 2009 2008 200
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CITY OF ST. PETERSBURG, FLORIDA CAP
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IV. REGULATORY SECTION Report of In
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We noted certain matters that we re
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Internal Control over Compliance Th
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CITY OF ST. PETERSBURG, FLORIDA SCH
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CITY OF ST. PETERSBURG, FLORIDA NOT
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CITY OF ST. PETERSBURG, FLORIDA NOT
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City of St. Petersburg, Florida Sch
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Independent Auditors' Management Le
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City of St. Petersburg, Florida App
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City of St. Petersburg, Florida App
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