Views
4 years ago

Comprehensive Annual Financial Report - Florida League of Cities

Comprehensive Annual Financial Report - Florida League of Cities

City of

City of Deerfield Beach, Florida Management’s Discussion and Analysis For the Year Ended September 30, 2010 City of Deerfield Beach’s Net Assets Governmental Activities Business-Type Activities Total 2010 2009 2010 2009 2010 2009 Current and other assets $40,181,055 $48,966,226 $31,294,937 $37,106,953 $71,475,992 $86,073,179 Capital assets 82,298,090 82,240,840 80,679,049 78,411,312 162,977,139 160,652,152 Total assets 122,479,145 131,207,066 111,973,986 115,518,265 234,453,131 246,725,331 Current liabilities 5,245,999 7,358,144 2,948,622 7,269,592 8,194,621 14,627,736 Long-term liabilities 50,359,589 53,777,855 41,404,225 43,377,116 91,763,814 97,154,971 Total liabilities 55,605,588 61,135,999 44,352,847 50,646,708 99,958,435 111,782,707 Net assets: Invested in capital assets, net of related debt 42,523,352 41,572,817 47,731,493 46,197,560 90,254,845 87,770,377 Restricted 19,803,912 17,264,796 - - 19,803,912 17,264,796 Unrestricted 4,546,293 11,233,454 19,889,646 18,673,997 24,435,939 29,907,451 Total net assets $66,873,557 $70,071,067 $67,621,139 $64,871,557 $134,494,696 $134,942,624 An additional portion of the City of Deerfield Beach’s net assets, approximately 14.7%, represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net assets ($24.4 million) may be used to meet the government’s ongoing obligations to citizens and creditors. The net assets of business-type activities increased by $2.7 million to $67.6 million in 2010. This increase was primarily due to a significant decrease in wastewater charge for the Water and Sewer Fund, approximately $2.0 million. In the previous fiscal year, the City was assessed additional fees by the North Regional Wastewater System (operated by Broward County) for providing reserve capacity within the system that would be sufficient to meet the City’s future needs. The City can only use these net assets to finance the continuing operations of the specific enterprise activity to which the fees relate. The City’s current and other assets decreased by $14.6 million from $86.1 million to $71.5 million. Conversely, capital assets increased by $2.3 million from $160.7 million to $163.0 million, or 1.4% from the prior year. Both the decrease in the current and other assets as well as the increase in capital assets were due to the construction of various water and wastewater facilities as well as other roadway improvements, net of depreciation expense for the current year of $8.4 million. Current liabilities decreased by 43.8% from $14.6 million to $8.2 million. This decrease was due to a decrease in construction obligations at the end of the year, as a result of the near-completion of various major capital improvements during fiscal year 2010. The City’s total noncurrent liabilities decreased by $5.4 million from $97.2 million to $91.8 million, or approximately 5.6%, from the prior year. This was due primarily to a decrease in the City’s liability for claims and judgments as well as decreases in bonds and loans payable. 6

City of Deerfield Beach, Florida Management’s Discussion and Analysis For the Year Ended September 30, 2010 City of Deerfield Beach’s Change in Net Assets Governmental Activities Business-Type Activities Total 2010 2009 2010 2009 2010 2009 Revenues: Program revenues: Charges for services $ 21,887,046 $ 21,023,925 $ 39,299,798 $ 39,508,927 $ 61,186,844 $ 60,532,852 Operating grants/contributions 6,999,594 6,877,028 - - 6,999,594 6,877,028 Capital grants/contributions 925,167 426,674 12,240 1,333,400 937,407 1,760,074 General revenues: Taxes 49,881,574 53,820,430 - - 49,881,574 53,820,430 Grants and contributions not restricted to specific programs and miscellaneous 1,240,010 1,301,385 - - 1,240,010 1,301,385 Unrestricted investment earnings 160,249 719,477 9,771 314,201 170,020 1,033,678 Total revenues 81,093,640 84,168,919 39,321,809 41,156,528 120,415,449 125,325,447 Expenses: General government 18,528,933 22,190,311 - - 18,528,933 22,190,311 Economic environment 1,415,860 1,964,859 - - 1,415,860 1,964,859 Public safety 44,400,644 41,915,667 - - 44,400,644 41,915,667 Human services 2,722,603 2,588,723 - - 2,722,603 2,588,723 Physical environment 5,875,926 6,164,735 - - 5,875,926 6,164,735 Transportation 2,911,620 3,138,654 - - 2,911,620 3,138,654 Culture and recreation 6,465,100 6,607,981 - - 6,465,100 6,607,981 Interest on long term-debt 1,970,464 1,994,441 - - 1,970,464 1,994,441 Water and sewer - - 21,264,592 23,145,215 21,264,592 23,145,215 Solid waste - - 15,307,635 15,588,347 15,307,635 15,588,347 Total expenses 84,291,150 86,565,371 36,572,227 38,733,562 120,863,377 125,298,933 Change in net assets (3,197,510) (2,396,452) 2,749,582 2,422,966 (447,928) 26,514 Net assets, October 1 70,071,067 72,467,519 64,871,557 62,448,591 134,942,624 134,916,110 Net assets, September 30 $ 66,873,557 $ 70,071,067 $ 67,621,139 $ 64,871,557 $ 134,494,696 $ 134,942,624 Governmental activities. Governmental activities decreased the City’s net assets by $3.2 million. The City’s total revenues amounted to $81.1 million in governmental activities. Of these revenues, 61.5% is generated from taxes, 27.0% is from charges for services, operating grants/contributions comprise 8.6%, capital grants/contributions make up 1.1%, grants and contributions not restricted to specific programs and miscellaneous revenues equals 1.5%, and unrestricted investment earnings generates 0.3%. Most of the decrease in the City’s net assets mentioned above, was primarily due to decrease in collections from ad valorem and franchise taxes, which have been impacted adversely by the global economic downturn. The City’s expenses cover a broad range of services, with approximately 52.7% of governmental activity expenses related to public safety (fire/rescue and police protection). General government expenses constitute the largest component of the change in total expenses due to a decrease in case reserves for insurance claims. Public safety expenses increased as a result of higher costs incurred in connection with the interlocal agreement with the Broward Sheriff’s Office, which provides police services to City residents. The increase in public safety expenses was also attributable to increased costs for providing fire protection. The City’s governmental activities had 3.9% more expenses than revenues. However, for business-type activities, revenues exceeded expenses by a 7.0% margin. 7

Comprehensive Annual Financial Report - Florida League of Cities
Comprehensive Annual Financial Report - Florida League of Cities
Comprehensive Annual Financial Report - Florida League of Cities
city of deerfield beach, florida comprehensive annual financial report ...
City of Palm Coast, Florida Comprehensive Annual Financial Report ...
Comprehensive Annual Financial Report - City of St. Petersburg
comprehensive annual financial report - City of St. Petersburg
Comprehensive Annual Financial Report Fiscal Year ended ...
Comprehensive Annual Financial Report (CAFR) - Johnson City
Comprehensive Annual Financial Report - City of Santa Monica
Comprehensive Annual Financial Report - City of Santa Monica
COMPREHENSIVE ANNUAL FINANCIAL REPORT - City of ...
Comprehensive Annual Financial Report 2012 - Kettering City ...
comprehensive annual financial report - City of Miami Beach
comprehensive annual financial report - City of Miami Beach
comprehensive annual financial report - City of Watsonville
Comprehensive Annual Financial Report - City of Cerritos
Comprehensive Annual Financial Report 2012 - City of Oviedo
2011 Comprehensive Annual Financial Report - the City of Ivins!
2006 Comprehensive Annual Financial Report - City of High Point
Comprehensive Annual Financial Report (CAFR) - City of Spartanburg
2010 Comprehensive Annual Financial Report - City of Port St. Lucie
Comprehensive Annual Financial Report - City of Spartanburg
2012 Comprehensive Annual Financial Report - City of High Point
Comprehensive Annual Financial Report - The City of San Antonio