comprehensive annual financial report - City of St. Petersburg

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City of St. Petersburg, FL Management’s Discussion and Analysis For the Year Ended September 30, 2010 Unaudited The following graph represents the revenues from user charges (charges for services only) as compared to the total program expense for the current and prior fiscal year. Sanitation had user charges greater than expenses for 2010, while the other enterprise funds had program expenses exceeding charges for services for the current fiscal year. The internal service funds are, for the most part, supported through charges to other funds. The individual internal service funds are reported on pages F-26 through F-28. GENERAL FUND BUDGETARY HIGHLIGHTS The original budget projected that revenues and other sources would have a deficiency over expenditures and other uses by $1.1 million. The final approved budget reflected a projected increase in revenues of $4.8 million due to an increase in Intergovernmental Revenues, a $8.0 million increase in expenditures with the largest increase of $2.8 million for Recreation and Culture and an increase of $2.5 million for Fire and EMS, and an increase of $3.3 million in transfers out, contributing to a projected $7.5 million deficiency of revenues and other sources over expenditures and other uses. Actual results report a 5.4 million deficiency of revenues and other sources over expenditures and other uses, $2.1 million improvement from budget, primarily resulting from a shortfall of $3.9 million in revenues, and a $5.6 million reduction in expenditures. Additional budget to actual information on the City’s general fund is on page D-6. B - 15
City of St. Petersburg, FL Management’s Discussion and Analysis For the Year Ended September 30, 2010 Unaudited CAPITAL ASSETS The City has invested $1.2 billion in capital assets (net of depreciation). Approximately 50% of this investment is related to governmental activities and includes infrastructure, buildings, equipment, and land. Capital assets held by the City at the end of the current and previous fiscal year are summarized, in thousands as follows: Capital Assets, Net of Accumulated Depreciation Governmental Activities Business-Type Activities Total 2009 2009 2010 Restated 2010 Restated 2010 2009 Land $ 123,419 $ 126,728 $29,415 $ 29,390 $ 152,834 $ 156,118 Buildings & Systems 89,478 88,584 186,826 175,375 276,304 263,959 Improvements & 178,244 174,295 43,210 43,727 221,454 218,022 Infrastructure Machinery & Equipment 26,611 30,531 12,827 14,398 39,438 44,929 Utility Systems - - 537,282 520,382 537,282 520,382 Construction in Progress 14,270 12,046 7,181 26,378 21,451 38,424 Totals $ 432,022 $ 432,184 $816,741 $809,650 $1,248,763 $1,241,834 Additional information on the City’s capital assets can be found in Note 9 beginning on page D- 41. LONG-TERM OBLIGATIONS For fiscal year ended September 30, 2010, the City had total debt outstanding of $357.6 million (net of unamortized premium, discount and deferral loss on refundings). Of this amount, $42.8 million of note debt is backed by a covenant pledge to budget and appropriate from non-ad valorem revenue sources. The remaining $314.8 million in bonded and note debt is secured solely by specified revenue sources. (In thousands of dollars) Governmental Activities Business-Type Activities Total 2010 2009 2010 2009 2010 2009 Revenue Bonds $ 77,164 $ 93,106 $ 219,190 $ 222,633 $ 296,354 $ 315,739 Revenue Notes - - 18,390 19,728 18,390 19,728 Covenant Notes 36,567 38,645 6,260 8,258 42,827 46,903 Capitalized Lease - - - 4 - 4 Total $ 113,731 $ 131,751 $ 243,840 $ 250,623 $ 357,571 $ 382,374 B - 16
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