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 City of St. Petersburg’s Governmental Activities and Business-Type Activities debt decreased by $24.8 million (6.5%) during the current fiscal year, of which $24.6 million related to principal reductions. The City maintains a rating of Aa3 on all governmental debt from Moody’s and currently has an Aa2 and AA rating on all Water Resources Revenue Bonds from Moody’s and Fitch rating agencies. Currently the City has no general obligation debt and therefore, the entire State Statutes limitation is available to the City. Additional information on the City’s long-term debt can be found in Note 13 - Long-Term Obligations on pages D-48 through D-52. NEXT YEARS BUDGET AND RATES St. Petersburg, along with much of the rest of the State, has seen over the past three years a significant drop in property values from their extraordinary growth over the past decade, resulting in a 12 percent decrease in ad valorem taxes. The decline in value is the result of both the economic recession and abnormally high foreclosure rates, resulting in a loss of budgeted revenue for the City of almost $12 million for FY10. Combining the loss of $6.4 million in FY09, the budgeted FY10 reduction results in a $18.4 million decline in revenue when compared to the property tax revenue from FY08. Along with the decline in property tax revenue there has also been a decline in the amount of sales taxes that the City receives due to the national recession. Although the reduction of revenue from FY08 through FY10 created a difficult transition for the City, it is one for which the City started planning several years ago to address the inevitable results of these economic trends. To prepare for this anticipated decline in gross revenues, the City focused on budget strategies that helped to maintain a consistent level of service, by implementing sustainable expenditure reductions, reducing the debt and strengthening the reserves. The adopted FY10 budget included the reduction in the city workforce of 115 full-time positions and 28 part-time positions, affecting city programs and services in the General Fund. All departments were requested to develop budget reduction packages of 5, 7 and 10 percent that included a variety of wide ranging expenditure cuts in various line item categories. The adopted fiscal year 2010 budget was based on a millage rate of 5.9125 mills, a continuation of the current millage rate from fiscal years 2009 and 2010. A number of other fees and charges B - 17
City of St. Petersburg, FL Management’s Discussion and Analysis For the Year Ended September 30, 2010 Unaudited for services were also adjusted to reflect the cost of the services. Management continues to review fees, rates, and other charges to insure that costs are distributed equitably to citizens and users of services and to insure that the City remains in good financial health. REQUEST FOR INFORMATION This financial report is designed to provide various interested parties with a general overview of the City of St. Petersburg’s finances for all of those with an interest. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Office of the Finance Director, P.O. Box 2842, St. Petersburg, Florida 33731-2842, or telephone (727) 892-5113. This report will be available on the City’s web site at www.stpete.org. B - 18
Page 1 and 2: CITY OF ST. PETERSBURG COMPREHENSIV
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Page 5 and 6: Notes to the Financial Statements D
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Page 15 and 16: All securities are purchased on a d
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REQUIRED SUPPLEMENTARY INFORMATION
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SPECIAL REVENUE DEBT SERVICE CAPITA
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POLICE GRANTS' FUND POLICE OFFICERS
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BILLING AND COLLECTIONS CONSOLIDATE
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INFORMATION AND COMMUNICATIONS SERV
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OPERATING INFORMATION
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We noted certain matters that we re
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