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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 The next chart compares program revenues and expenses for the individual governmental activities for the current year. As the chart reflects, all governmental activities relied on general revenues to support the function. Governmental Activities - Expenses and Program Revenues (Dollars in Millions) 45 40 35 30 Revenues 25 Expenses 20 15 10 5 0 General government Economic environment Public safety Human services Physical environment Transportation Culture and recreation Interest on debt The next chart shows the percent of the total for each source of revenue supporting governmental activities. Governmental Activities Revenues by Source Charges for services 1.5% 0.3% 27.0% Operating grants/contributions Capital grants/contributions Taxes 61.5% 1.1% 8.6% Grants and contributions not restricted to specific programs Unrestricted investment earnings Business-type activities. Business-type activities increased the City’s net assets by $2.7 million. This increase in the net assets of business-type activities was due primarily to a decrease in wastewater processing fees. The following chart compares program revenues to expenses by individual business-type activity for the current year. These business-type activities recover more costs through program revenues than governmental activities and the water and sewer fund, generating sufficient revenues to cover current expenses. 8

City of Deerfield Beach, Florida Management’s Discussion and Analysis For the Year Ended September 30, 2010 Business‐type Activities ‐ Expenses and Program Revenues (Dollars in Millions) 25.0 20.0 15.0 10.0 5.0 0.0 Water and Sewer Solid Waste Revenues Expenses The following chart shows that 99.95% of revenues from business-type activities are generated by charges for services. Business‐type Activities Revenues by Source 0.03% 0.02% Charges for services Capital grants/contributions Unrestricted investment earnings 99.95% Financial Analysis of the City’s Funds The City of Deerfield Beach uses fund accounting to ensure and demonstrate compliance with financerelated legal requirements. Governmental funds. The focus of the City of Deerfield Beach’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City of Deerfield Beach’s financing requirements. In particular, unreserved fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. As of the end of the current fiscal year, the City of Deerfield Beach’s governmental funds reported combined ending fund balances of $31.2 million, a decrease of $7.1 million from the prior year’s ending balances of $38.3 million. A portion of fund balance is reserved to indicate that it is not available for new spending because it has already been committed 1) to liquidate contracts and purchase orders of the prior period ($1.3 million), 2) to generate income to pay for the perpetual care of the municipal cemetery ($2.6 million), or 3) for a variety of other restricted purposes ($1.5 million). 9

Comprehensive Annual Financial Report - Florida League of Cities
Comprehensive Annual Financial Report - Florida League of Cities
Comprehensive Annual Financial Report - Florida League of Cities
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