FY12 Adopted Operating Budget & Capital Improvement Budget

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City of St. Petersburg, Florida – FY 2012 Adopted Fiscal Plan c. Fund Balance Reserve Targets 1. The general operating fund reserve target is 20% of the current year budgeted appropriations in that fund. For the purpose of determining if the target has been met, the unassigned fund balance of the general fund and the balance of the economic stability fund are added together and the combined amount is then compared with the annual appropriations budget. 2. Other governmental funds of the city do not have specified fund balance targets. Recommended levels of committed and/or assigned fund balance will be determined on a case by case basis, based on the needs of each fund and as recommended by city officials and approved by City Council 3. Fiduciary funds do not have fund balance targets. These funds do not represent resources available to support city activities and it would be inappropriate to establish fund balance targets. 4. Proprietary funds, which include both enterprise funds and internal service funds, have fund balance targets as shown in the list below. Proprietary funds do not report fund balance amounts. However, for the purpose of setting targets, estimated fund balance amounts will be determined based on a budgetary fund balance calculation performed by the Finance Department and the calculated amounts will be compared with the established targets. In most cases the specific targets for proprietary funds are a percentage of the annual, appropriated budget for that fund. Percentage targets can also be described in terms of a number of months of operating costs. For example, a fund balance reserve target equal to 8.3% is the same as a reserve target equal to one month of operating expenditures; 16.7% equals two months expenditures and 25% equals three months. A few proprietary funds have targets that are not based on annual operating costs. In those cases there will be a notation as to what the target is based on. An example is the equipment replacement fund which has a target equal to 25% of the replacement cost of the equipment in the fund. The reason for the different approach is because this fund accounts for equipment that needs to be protected from loss due to natural disaster. Some of the enterprise funds receive an annual subsidy from the general fund. In those cases there is no established fund balance target for the subsidized fund. If the fund becomes selfsupporting, consideration will be given to establishing a fund balance target. Unless otherwise noted, the targets shown below are a percentage of the annual, appropriated budget. Fiscal Year 2012 B-5 Summary Reports
City of St. Petersburg, Florida – FY 2012 Adopted Fiscal Plan Enterprise Funds Water Resources – 25% (8.3% in operating fund, 16.7% in water cost stabilization fund) Stormwater Utility Fund – 16.7% Sanitation Operating Fund – 16.7% Sanitation Equipment Replacement Fund – 25% of equipment replacement cost Airport – no target Marina – 8.3% Golf Courses – 8.3% Jamestown – 8.3% Port – no target Parking Fund – no target 1 Mahaffey Theater Fund – no target 1 Pier Fund – no target 1 Coliseum Fund – no target 1 Sunken Gardens Fund – no target 1 Tropicana Field Fund – no target 1 1 These funds are being reclassified from special revenue funds to enterprise funds, effective with the fiscal year 2010 financial statements and the fiscal year 2011 budget. Internal Service Funds Fleet Management Fund – 8.3% Equipment Replacement Fund – 25% of equipment replacement cost Municipal Office Buildings Funds – 16.7% Information and Communication Services – 16.7% Technology and Infrastructure Fund - $7,000,000 +/- $2,000,000 Materials Management Fund – 8.3% Health Insurance Fund – 50% Life Insurance Fund – 25% Self Insurance Fund – 50% Commercial Insurance Fund – 50% Workers’ Compensation Fund – 25% Billing and Collections Fund – 16.7% 5. Stabilization funds are a type of reserve fund maintained to offset economic downturns, natural disasters, and other unforeseen events. Governmental Stabilization funds will be reported in the Comprehensive Annual Financial Report (CAFR) as committed fund balances in the appropriate fund and the level of funding will be reviewed annually by City Council. Additions to or reductions from a stabilization fund will be approved by City Council as part of the budget process or the supplemental appropriation process. Establishing the proper balances in stabilization funds will take into account risk exposure related to self-insurance and property insurance deductibles in the event of major storm damage to City assets. Transfers from stabilization funds will not be allowed if they would cause the fund to be in a deficit position. The city maintains two stabilization arrangements, the “economic stability fund” and the “water cost stabilization fund”. The balance in the economic stability fund is combined with the general fund unassigned fund balance for purposes of determining if the general fund reserve target of 20% has been Fiscal Year 2012 B-6 Summary Reports
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CITY OF ST. PETERSBURG FLORIDA Adop
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CITY OF ST. PETERSBURG OPERATING BU
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USING THIS ONLINE VERSION: THROUGHO
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City of St. Petersburg, Florida- FY
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Page 11 and 12: Section A EXECUTIVE SUMMARY
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City of St. Petersburg, Florida - F
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Section F DEBT SERVICE
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Section G CITY DEVELOPMENT
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Department Mission Statement City o
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Section H GENERAL GOVERNMENT
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Section J PUBLIC SAFETY
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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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