FY12 Adopted Operating Budget & Capital Improvement Budget

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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
City of St. Petersburg, Florida – FY 2012 Adopted Fiscal Plan Relationship of Funds The following shows the flow of funding between the various types of Funds. Debt Special Revenue CIP GENERAL FUND Economic Stability Reserve Industrial Development Reserve Key: Special Revenue Enterprise Funds Trust & Agency Payment for City Provided Services Rate Payers BASIS OF ACCOUNTING Modified Accrual The modified accrual basis of accounting is used for financial reporting purposes in the Governmental funds. Under this basis, revenues are recognized when they become susceptible to accrual; i.e., when they become both measurable and available. “ Available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are generally recognized under the modified accrual basis of accounting in the period that the liability is incurred. The exception to this general rule is that expenditures for principal and interest on general long-term debt are recognized when due and expenditures for compensated absences are recorded when paid. Accrual The accrual basis of accounting is used for financial reporting purposes in the Proprietary and Fiduciary Funds. Under this basis, revenues are recognized in the period earned and expenses are recognized in the period that the liability is incurred. In contrast to Governmental Funds, depreciation is recorded. Budgetary Control and Amendments The General Fund is subject to budgetary control on a combination of fund and administration levels (e.g., Leisure and Community Services Administration includes the Parks & Recreation and Library Departments within the General Fund). T he Mayor is authorized to transfer General Fund budgeted amounts between expenditure category within individual departments and administrations according to the original appropriation ordinance. The City Council approves supplemental appropriations and appropriation transfers by resolution during the fiscal year. These transactions are then approved at fiscal yearend by ordinance. Fiscal Year 2012 A-38 Summary Reports
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Section F DEBT SERVICE
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Section G CITY DEVELOPMENT
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Section H GENERAL GOVERNMENT
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Section K PUBLIC WORKS
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Objective and Performance Measure C
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Section L Capital Improvement Progr
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Section M Capital Improvement Progr
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Project Descriptions City of St. Pe
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Section Q Capital Improvement Progr
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APPENDICES
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City of St. Petersburg, Florida- FY
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Look At What We Can Accomplish! ST.
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FY12 Adopted Operating Budget & Capital Improvement Budget

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