comprehensive annual financial report - City of St. Petersburg

City of St. Petersburg, FL
Management’s Discussion and Analysis
For the Year Ended September 30, 2010
Unaudited
Other Information
In addition to the basic financial statements and accompanying notes, this report also presents
certain required supplementary information related to funding pension obligations. The required
supplementary information can be found beginning on page E-1.
The combining statements referred to earlier in connection with non-major governmental funds,
enterprise funds and internal service funds are presented immediately following the required
supplementary information on pensions. Combining and individual fund statements and
schedules can be found on pages F-4 through F-29.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
The City of St. Petersburg as a Whole
Recall that the Statement of Net Assets looks at the City as a whole. The following provides a
summary of the City’s net assets for 2010 as compared to 2009.
Net assets may serve over time as a useful indicator of a government’s financial position. As
stated earlier, the City’s assets exceeded the liabilities by $1.3 billion at the close of fiscal year
2010, an increase of approximately $2.3 million over fiscal year 2009.
The City’s net assets for the past two fiscal years are summarized, as follows:
NET ASSETS
Governmental Activities Business-Type Activities Total
2009 2009
2010 Restated 2010 Restated 2010 2009
Current and Other Assets $ 303,734,558 $ 294,887,821 $ 224,271,424 $ 243,972,119 $ 528,005,982 $ 538,859,940
Capital Assets 432,022,733 432,184,540 816,741,088 809,649,669 1,248,763,821 1,241,834,209
Total Assets 735,757,291 727,072,361 1,041,012,512 1,053,621,788 1,776,769,803 1,780,694,149
Other Liabilities 48,872,562 47,436,670 24,972,911 21,900,494 73,845,473 69,337,164
Long Term Liabilities 152,185,512 158,402,451 246,542,498 251,089,352 398,728,010 409,491,803
Total Liabilities 201,058,074 205,839,121 271,515,409 272,989,846 472,573,483 478,828,967
Table 1
Invested in Capital Assets, Net of Related Debt 317,722,669 299,650,081 597,824,125 605,229,655 915,546,794 904,879,736
Restricted 76,621,163 77,543,670 37,812,908 5,681,189 114,434,071 83,224,859
Unrestricted 140,355,385 144,039,489 133,860,070 169,721,098 274,215,455 313,760,587
Total Net Assets $ 534,699,217$ $ 521,233,240 $ 769,497,103$ $ 780,631,942 $ 1,304,196,320 $ 1,301,865,182
As depicted in Table 1, the largest portion of the City’s net assets, 70.2%, reflects its investment
in capital assets less any related debt used to acquire those assets that is still outstanding. The
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