FY12 Adopted Operating Budget & Capital Improvement Budget

City of St. Petersburg, Florida – FY 2012 Adopted Fiscal Plan
DEPENDENT DISTRICTS
The City is required to budget for its dependent districts including the Community Redevelopment
Agency (CRA), Bayboro Harbor Tax Increment District, Intown West Tax Increment District, and
the Health Facilities Authority (HFA). T he City Council serves as the board for the Community
Redevelopment Agency and the Tax Increment Districts. The CRA receives the City and County
shares of the downtown tax increment revenue projected at $7.966 m illion in FY12, which will
ultimately pay debt service on Public Improvement bond issues. The Bayboro and Intown West Tax
Increment Districts are projected to receive $38,316 and $215,912 respectively. The property values
in the downtown tax increment district, and two smaller districts decreased at a slower rate than in
previous years. T he revenue from these special districts is used for improvements in the tax
increment district. The Health Facilities Authority issues bonds for health care facilities, and
annually includes a small budget of $14,000 for minor expenses.
FUND STRUCTURE
The City of St. Petersburg uses “funds” and “account groups” to manage and report revenues,
expenditures, and expenses as required by the City Charter, state statutes, and generally accepted
accounting principles (GAAP).
Each of the City funds is a financial/accounting entity, and in a sense, a legal entity. Each fund has
its own fund balance, which is accounted for separately. The target fund balance amount for each
fund is stated in Council’s “fiscal policies.”
The following are the various fund categories the City uses:
GOVERNMENTAL FUNDS are designed to focus on near-term liquidity. C onsequently,
governmental funds do no pr esent fixed assets, long-term receivables, or long-term liabilities.
Governmental Funds typically are used to account for activities supported by taxes, grants, and
similar resources.
PROPRIETARY FUNDS are used to account for the delivery of services similar to those found in
the private sector. The services can be provided to outside parties for a profit, or internally to other
departments for payment based on cost. There are two types of Proprietary Funds: Enterprise and
Internal Service.
FIDUCIARY FUNDS are used to account for assets held on behalf of outside parties or other funds.
There are two types of Fiduciary Funds: Pension Plans and Agency Funds (including Non-
Expendable Trusts).
The chart that follows illustrates the interrelationship between funds. Dollars are transferred
between funds for various purposes. For example, both the General Fund and the enterprise funds
transfer dollars to CIP funds for “pay-as-you-go” projects. Also, certain enterprise funds transfer
dollars to the General Fund in the form of payments in lieu of taxes (PILOT) and general and
administrative charges. Although each fund is a distinct entity, all funds contribute to the overall
operation of the City.
Fiscal Year 2012 A-37 Summary Reports