comprehensive annual financial report - City of St. Petersburg

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NOTE 15 – CONDUIT DEBT OBLIGATION CITY OF ST. PETERSBURG, FL NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2010 The City has issued Private Activity Bonds to provide tax exempt borrowing to private-sector entities for the acquisition and construction of industrial, commercial and health facilities deemed to be in the public’s interest. The bonds are secured by the property and the net operating revenues of the borrowing entity and are payable solely from these sources. Upon repayment of the bonds, ownership of the acquired facilities is transferred to the private-sector entity served by the bond issuance. Neither the City, the State, nor any political subdivision therefore is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of September 30, 2010, there were nine series of Private Activity Bonds outstanding that have been issued since December 1, 2002. The aggregate principal amount of all Outstanding Private Activity Bonds can not be determined; however the original issue amounts totaled $261 million, including three refunding issues totaling $105 million. NOTE 16 – DEFEASED DEBT During fiscal year 2006, the City entered into an advance refunding transaction of the Public Utility revenue Bonds, Series 1999A. A portion of the proceeds of the refunding bond issues was placed in trust and used to purchase securities of the United States Government and related agencies at various interest rates and maturities sufficient to meet all debt service requirements of the refunded debt. These assets are administered by the trustees and are restricted to use for retirement of the refunded debt. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the City’s financial statements. The final payment to bondholders for the Public Utility Revenue Bonds, Series 1999A was made by the Trustee on October 1, 2009. At September 30, 2010, the City did not have any defeased debt. D-53
CITY OF ST. PETERSBURG, FL NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2010 NOTE 17 – NET INTEREST EXPENSE ON DEBT The computation of interest expense on debt in the Enterprise Funds, net of capitalized interest at September 30, 2010 is shown below: Water Resources Stormwater Marina Golf Courses Interest Paid on Debt $ 8,215,479 $ 914,977 $ 264,271 $ 17 Less: Accrued Interest 9/30/09 (3,691,640) (458,890) (66,068) - Plus: Accrued Interest 9/30/10 4,668,033 456,086 62,018 - Interest Expense on State Revolving Loan 604,906 - - - Amortization of Deferred Gain/Loss on Bond Refunding 142,690 60,512 - - Interest Cost 9,939,468 972,685 260,221 17 Less: Capitalized Interest (2,059,277) (117,680) (260,221) - Net Interest Expense on Debt $ 7,880,191 $ 855,005 $ - $ 17 NOTE 18 – RESTRICTED ASSETS The balances of the restricted asset accounts for debt service principal and interest and utility systems renewal and replacement in the business-type activities are as follows: Revenue bond current debt service amount $ 9,434,392 Revenue bond future debt service amount 5,681,189 Bond proceeds for construction 22,697,327 Total $37,812,908 NOTE 19 – RISK MANAGEMENT The City’s self insurance programs and health insurance programs are accounted for in the Insurance Internal Service Fund. The City is self insured for the following types of risk exposures which are limited by insurance coverage as noted. Settled liability and workers’ compensation claims have not exceeded the self insured statutory limits in any of the past five years. The City has not made any claims under the City’s property insurance policies in the past five years. General and Automotive Liability: State statutes limit municipal liability associated with tort actions to $100,000 per person and $200,000 per occurrence except under certain circumstances. The limit will increase to $200,000 per person and D-54
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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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NET REVENUES (EXPENSES) AND CHANGES
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City of St. Petersburg, Florida App
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