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 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) Donor-Restricted Endowments Included in the permanent funds, which are included in the nonmajor governmental funds presentation, are donor-restricted assets given to the City with the stipulation that the original endowment not be spent, but only the earnings thereon. The total nonmajor endowment restricted assets at September 30, 2010, total $376,886. The City’s policy is to authorize the expenditures of all interest and dividends earned less management fees and to reinvest all appreciated value. 5. Capital Assets Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems), are reported in the applicable governmental or business-type activities columns in the governmentwide financial statements. Additions to capital assets are recorded at cost at the time of purchase in governmental funds and at cost plus capitalized interest when purchased in the enterprise funds. Gifts or contributions are recorded at fair market value at the time received. The City maintains a $1,000 threshold for additions to capital assets, excluding intangible assets. Public domain and system infrastructure assets represent such items as roads, water and wastewater treatment plants and lines, parks and drainage systems. For intangible assets, the City maintains a $10,000 threshold for software related assets and a $100,000 threshold for other intangible assets. Depreciation has been provided using the straight-line method. The estimated useful lives of the various classes of depreciable capital assets are as follows: 6. Compensated Absences Life - Years Buildings 10 - 50 Equipment 2 - 10 Autos and trucks 2 - 10 System infrastructure 20 - 50 Public domain infrastructure 20 - 50 Other improvements 5 - 20 All full time employees accumulate limited amounts of annual leave, including extended illness leave, subject to length of employment. Upon separation from employment, employees receive payment for accumulated annual leave not related to extended illness leave. Upon separation from employment for retirement, a limited amount of extended illness leave is paid to employees. D-21
CITY OF ST. PETERSBURG, FL NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2010 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued) Compensated absences liabilities related to governmental funds are liquidated through the governmental fund in which the liability is incurred. Accumulated annual and sick leave is accrued when incurred in the government-wide and proprietary fund financial statements. A liability is recorded in the governmental fund financial statements only when the payment is due and payable. 7. Long-term Obligations In the government-wide financial statements, and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type statement of net assets. Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the bonds using the outstanding interest method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are reported as deferred charges and amortized over the term of the related debt. Losses resulting from advanced refundings of debt are deferred and amortized over the shorter of the life of the new debt or the original life of the defeased debt and are reported as a reduction of the debt and are amortized and reported as a component of interest expense. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. 8. Fund Balances Fund balance is divided into five classifications based primarily on the extent to which the City is bound to observe constraints imposed upon the use of the resources in the governmental funds. The classifications are as follows: Nonspendable The nonspendable fund balance category includes amounts that cannot be spent because they are not in spendable form, or legally or contractually required to be maintained intact. The “not in spendable form” criterion includes items that are not expected to be converted to cash. It also includes the long-term amount of interfund loans. Restricted Fund balance is reported as restricted when constraints placed on the use of resources are either externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments or is imposed by law through D-22
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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, FL Manageme
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Page 51 and 52: NET REVENUES (EXPENSES) AND CHANGES
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Page 55: LOCAL OPTION SALES SURTAX IMPROVEME
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CITY OF ST. PETERSBURG, FLORIDA REQ
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REQUIRED SUPPLEMENTARY INFORMATION
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CITY OF ST. PETERSBURG, FLORIDA Non
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CITY OF ST. PETERSBURG, FLORIDA Hou
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SPECIAL REVENUE DEBT SERVICE CAPITA
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LOCAL LAW ENFORCEMENT TRUST EMERGEN
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POLICE GRANTS' FUND POLICE OFFICERS
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LOCAL LAW ENFORCEMENT TRUST EMERGEN
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POLICE GRANTS' FUND POLICE OFFICERS
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PROFESSIONAL SPORTS FACILITY SALES
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TRANSPORTATION IMPROVEMENT ECONOMIC
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TRANSPORTATION IMPROVEMENT ECONOMIC
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CITY OF ST. PETERSBURG, FLORIDA COM
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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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CITY OF ST. PETERSBURG, FLORIDA STA
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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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