CITY OF ANNA MARIA, FLORIDA FINANCIAL STATEMENTS SEPTEMBER ... rpts/2017 anna...

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  • CITY OF ANNA MARIA, FLORIDA FINANCIAL STATEMENTS SEPTEMBER 30, 2017

  • CITY OF ANNA MARIA, FLORIDA FINANCIAL STATEMENTS

    SEPTEMBER 30, 2017

    TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR’S REPORT 1 – 2 MANAGEMENT’S DISCUSSION AND ANALYSIS 3 - 8 BASIC FINANCIAL STATEMENTS GOVERNMENT-WIDE FINANCIAL STATEMENTS: STATEMENT OF NET POSITION 9 STATEMENT OF ACTIVITIES 10 FUND FINANCIAL STATEMENTS: BALANCE SHEET – GOVERNMENTAL FUND 11 RECONCILIATION OF THE BALANCE SHEET – GOVERNMENTAL FUND TO THE STATEMENT OF NET POSITION 12 STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUND 13 RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES 14 NOTES TO FINANCIAL STATEMENTS 15 - 27 REQUIRED SUPPLEMENTARY INFORMATION: SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND 28 SCHEDULE OF THE CITY’S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY - FRS 29 SCHEDULE OF THE CITY’S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY - HIS 30 SCHEDULE OF THE CITY’S CONTRIBUTIONS - FRS 31 SCHEDULE OF THE CITY’S CONTRIBUTIONS - HIS 32 NOTES TO REQUIRED SUPPLEMENTARY INFORMATION - FRS/HIS 33

  • CITY OF ANNA MARIA, FLORIDA FINANCIAL STATEMENTS

    SEPTEMBER 30, 2017

    TABLE OF CONTENTS - CONTINUED PAGE OTHER AUDITOR’S REPORTS INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 34 - 35 MANAGEMENT LETTER 36 - 37 INDEPENDENT ACCOUNTANT’S REPORT ON INVESTMENT COMPLIANCE 38

  • GOVERNMENTAL ACTIVITIES

    ASSETS Cash and cash equivalents 1,790,490$ Investments 1,079,495 Due from other governments 184,473 Prepaid expense 54,098 Other receivables 43,213 Restricted assets:

    Temporarily restricted: Cash and cash equivalents 305,780 Investments 8,071

    Capital assets: Land 2,836,020 Other capital assets, net of depreciation 2,981,553

    Total Assets 9,283,193

    Deferred outflows of pension resources 363,893

    LIABILITIES Accounts payable 247,467 Accrued expenses 51,190 Unearned revenue 194,692 Non current liabilities

    Due within one year 150,875 Due in more than one year 2,640,113

    Total Liabilities 3,284,337

    Deferred inflows of pension earnings 31,596

    NET POSITION Net investment in capital assets 3,667,292 Restricted for:

    Storm water 97,877 Streets and roads 129,078 Infrastructure 70,846 Restricted contributions 16,050

    Unrestricted 2,350,010

    TOTAL NET POSITION 6,331,153$

    CITY OF ANNA MARIA, FLORIDA STATEMENT OF NET POSITION

    SEPTEMBER 30, 2017

    - 9 -

    The accompanying notes are an integral part of these financial statements.

  • Net (Expense) Revenue and

    Functions/Programs Operating Capital Change In Charges for Grants and Grants and Net Position

    Expenses Services Contributions Contributions Total Governmental Activities:

    General Government 640,402$ -$ -$ -$ (640,402)$ Public Works/Building Department 2,710,034 1,263,058 - 180,967 (1,266,009) Public Safety 694,094 195,731 - - (498,363) Interest 43,089 - - - (43,089)

    Total Governmental Activities 4,087,619 1,458,789 - 180,967 (2,447,863)

    General Revenues: Ad Valorem taxes 1,760,948 Franchise fees 198,852 Communication service tax 98,710 Stormwater utility fee 154,400 Revenue sharing - State 45,329 Sales tax 194,584 Other taxes 253,010 Interest income 18,146 Miscellaneous 31,401 Total general revenues 2,755,380

    Change in Net Position 307,517

    Net Position - Beginning 6,023,636 Net Position - Ending 6,331,153$

    - 10 -

    Program Revenues

    CITY OF ANNA MARIA, FLORIDA STATEMENT OF ACTIVITIES

    FOR THE YEAR ENDED SEPTEMBER 30, 2017

    The accompanying notes are an integral part of these financial statements.

  • General Fund

    ASSETS Cash and cash equivalents - NOTE 2 1,790,490$ Investments - NOTE 2 1,079,495 Cash - restricted - NOTE 2 305,780 Investments-restricted - NOTE 2 8,071 Due from other governments 184,473 Prepaid expense 54,098 Other receivables 43,213

    TOTAL ASSETS 3,465,620$

    LIABILITIES AND FUND BALANCE Liabilities:

    Accounts payable 247,467$ Accrued expenses 14,150 Accrued wages 37,040 Unearned revenue 194,692

    TOTAL LIABILITIES 493,349

    Fund Balances: Nonspendable 54,098 Spendable:

    Restricted 313,851 Assigned 132,245 Unassigned 2,472,077

    TOTAL FUND BALANCE 2,972,271

    TOTAL LIABILITIES AND FUND BALANCE 3,465,620$

    CITY OF ANNA MARIA, FLORIDA BALANCE SHEET - GOVERNMENTAL FUND

    SEPTEMBER 30, 2017

    - 11 -

    The accompanying notes are an integral part of these financial statements.

  • Amounts reported for governmental activities in the statement of net position are different because:

    Fund Balance - Governmental Fund 2,972,271$

    Capital assets used in governmental activities are not current financial resources and, therefore, are not reported in the funds. 5,817,573

    Deferred outflows of pension resources are not recognized in the governmental funds, however, they are recorded in the statement of net position under full accrual accounting. 363,893

    Deferred inflows of pension earnings are not recognized in the governmental funds, however, they are recorded in the statement of net position under full accrual accounting. (31,596)

    Long-term liabilities, which includes notes payable and net pension liabilities are not due and payable in the current period and therefore are not reported in the funds. Long term Debt (2,150,281) Net Pension Liability (640,707)

    NET POSITION OF GOVERNMENTAL ACTIVITIES 6,331,153$

    The accompanying notes are an integral part of these financial statements.

    - 12 -

    CITY OF ANNA MARIA, FLORIDA RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUND

    TO THE STATEMENT OF NET POSITION SEPTEMBER 30, 2017

  • GENERAL FUND

    REVENUES Ad valorem taxes 1,760,948$ State revenue and other taxes 591,633 Franchise fees 198,852 Stormwater utility fees 154,400 Licenses and permits 1,128,204 Grants 180,967 Fines 195,731 Interest 18,146 Rents 134,854 Other sources 31,401

    Total Revenues 4,395,136

    EXPENDITURES General government:

    Personal services 304,419 Operating 269,824 Capital outlay 34,421

    Total General Government 608,664

    Public works/building department: Personal services 603,193 Operating 514,025 Capital outlay 665,205

    Total Public Works 1,782,423

    Code Enforcement Personal services 134,898 Operating 295,056 Capital outlay 32,032

    Total Code Enforcement 461,986

    Public safety 692,897

    Debt service: Principal 249,255 Interest and other fiscal charges 43,089

    Total Debt Service 292,344 Total Expenditures 3,838,314

    NET CHANGE IN FUND BALANCE 556,822

    FUND BALANCE, October 1, 2016 2,415,449

    FUND BALANCE, September 30, 2017 2,972,271$

    The accompanying notes are an integral part of these financial statements.

    - 13 -

    CITY OF ANNA MARIA, FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

    GOVERNMENTAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 2017

  • Amounts reported for governmental activities in the statement of activities are different because:

    Net change in fund balance - total governmental fund 556,822$

    Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which depreciation expense and loss on disposal exceed capital additions. (422,018)

    Amount of debt principal payments reported as an expenditure in the fund statements, but considered a reduction of a liability in the government-wide statements, and, therefore, not included as an expense item in the statement of activities. 249,255

    Some expenses reported in the statement of activities do not require the use of current