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Transcript of City of Dania Beach, Florida - Florida Auditor General rpts/2017 dania beach.pdf · PDF...

  • 2017

    Comprehensive Annual Financial Report

    Fiscal Year ended September 30, 2017

    City of Dania Beach, Florida

  • Comprehensive Annual Financial Report Fiscal Year Ended September 30, 2017 Prepared by the Finance Department

  • CITY OF DANIA BEACH, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT

    YEAR ENDED SEPTEMBER 30, 2017

    TABLE OF CONTENTS

    PAGES

    INTRODUCTORY SECTION:

    Letter of Transmittal i-v GFOA Certificate of Achievement vi List of City Officials vii Organizational Chart viii

    FINANCIAL SECTION:

    Independent Auditor's Report 1-3 Management’s Discussion and Analysis 4-19 Basic Financial Statements:

    Government-wide Financial Statements:

    Statement of Net Position 20 Statement of Activities 21

    Fund Financial Statements:

    Balance Sheet - Governmental Funds 22-23 Reconciliation of the Balance Sheet of Governmental

    Funds to the Statement of Net Position 24 Statement of Revenues, Expenditures and Changes in

    Fund Balances - Governmental Funds 25-26 Reconciliation of the Statement of Revenues,

    Expenditures and Changes in Fund Balances of

    Governmental Funds to the Statement of Activities 27 Statement of Net Position - Proprietary Funds 28-29 Statement of Revenues, Expenses and Changes in

    Net Position - Proprietary Funds 30-31 Statement of Cash Flows - Proprietary Funds 32-33 Statement of Fiduciary Net Position - Fiduciary Funds 34 Statement of Changes in Fiduciary Net Position –

    Fiduciary Funds 35 Notes to Financial Statements 36-78

  • CITY OF DANIA BEACH, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT

    YEAR ENDED SEPTEMBER 30, 2017

    TABLE OF CONTENTS

    PAGES

    REQUIRED SUPPLEMENTARY INFORMATION:

    Budgetary Comparison Schedule - General Fund 79 Budgetary Comparison Schedule – Grant and Community Redevelopment Funds 80-81 Notes to Budgetary Comparison Schedule 82 Schedule of Proportionate Share of Net Pension Liability-Florida Retirement System 83 Schedule of Contributions – Florida Retirement System 84 Schedule of Proportionate Share of Net Pension Liability-Health Insurance Subsidy 85 Schedule of Contributions – Health Insurance Subsidy 86 Schedule of Contributions - Police and Firefighters’ and General Employee Pension Plan 87-88 Schedule of Changes in Employers’ Net Pension Liability–Police and Firefighters’ Pension Plan 89 Schedule of Changes in Employer's Net Pension Liability-General Employee’s Pension Plan 90 Other Post-Employment Benefits-Schedule of Funding Progress and Contributions 91-92

    OTHER SUPPLEMENTARY INFORMATION:

    Combining Balance Sheet - Nonmajor Governmental Funds 94 Combining Statement of Revenues, Expenditures and

    Changes in Fund Balances - Nonmajor Governmental Funds 95 Combining Statement of Net Position – Nonmajor Proprietary Funds 97 Combining Statement of Revenues, Expenses and

    Changes in Net Position – Nonmajor Proprietary Funds 98 Combining Statement of Cash Flows – Nonmajor Proprietary Funds 99 Combining Statement of Fiduciary Net Position - Fiduciary Funds 101 Combining Statement of Changes in Fiduciary Net Position- Fiduciary Funds 102 Budgetary Comparison Schedules: Building Permit, Capital Projects and

    Debt Service Funds 103-105

    STATISTICAL SECTION:

    Table 1 - Net Position by Component - Last Ten Fiscal Years 106 Table 2 - Changes in Net Position - Last Ten Fiscal Years 107-108 Table 3 - Fund Balances, Governmental Funds - Last Ten Years 109 Table 4 - Changes in Fund Balances, Governmental Funds – Last 10 Fiscal Years 110-111 Table 5 - Value of Taxable Property - Last Ten Fiscal Years 112 Table 6 - Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years 113 Table 7 - Principal Property Taxpayers - Current and Nine Years Ago 114 Table 8 - Property Tax Levies and Collections - Last Ten Fiscal Years 115 Table 9 - Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 116 Table 10 - Ratios of General Bonded Debt – Last Ten Fiscal Years 117

  • CITY OF DANIA BEACH, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT

    YEAR ENDED SEPTEMBER 30, 2017

    TABLE OF CONTENTS

    PAGES

    STATISTICAL SECTION (Continued)

    Table 11 - Direct and Overlapping Governmental Activities Debt 118 Table 12 - Pledged-Revenue Coverage - Electric Utility Tax –Last Nine Fiscal Years 119 Table 13 - Pledged-Revenue Coverage - Electric Franchise Fees –Last Ten Fiscal years 120 Table 14 - Demographic and Economic Statistics - Last Ten Fiscal Years 121 Table 15 - Principal Employers - Current and Nine Years Ago 122 Table 16 - City Government Employees by Function/Program 123 Table 17 - Operating Indicators by Function/Program - Last Ten Fiscal Years 124 Table 18 - Capital Assets Statistics by Function/Program - Last Ten Fiscal Years 125

    COMPLIANCE SECTION:

    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

    Governmental Auditing Standards. 126-127 Independent Auditor's Report on Compliance With Section 218.415, Florida Statutes

    Required by Rule 10.556(10) of the Auditor General of the State of Florida 128 Management Letter in Accordance With the Rules of the Auditor General-State of Florida 129-130

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  • i

    March 28, 2018 Mayor and Commission City of Dania Beach Dania Beach, FL 33004 Honorable Mayor and City Commissioners: The Comprehensive Annual Financial Report of the City of Dania Beach (“City”) for the year ending September 30, 2017 is hereby submitted in compliance with the City Charter and Florida Statutes. The City is required to provide annually a report on its financial position and activities that is audited by an independent firm of certified public accountants. All disclosures necessary to enable the reader to gain an understanding of the City of Dania Beach’s activities have been included. This report consists of management’s representations concerning the finances of Dania Beach. Consequently, management assumes full responsibility for the completeness and reliability of all the information presented in this report. To provide a reasonable basis for making these representations, management of the City of Dania Beach has established a comprehensive internal control framework that is designed to protect government assets from loss, theft or misuse and to compile sufficient reliable information for the preparation of financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (GAAP). Because the cost of internal controls should not outweigh their benefits, the City of Dania Beach’s comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects and is reported in a manner that presents fairly the financial position and results of operations of the various funds of the City of Dania Beach. Management’s discussion and analysis (MD&A) immediately follows the independent auditor’s report and provides a narrative introduction, overview and analysis of the basic financial statements. The MD&A compliments this letter of transmittal and should be read in conjunction with it. The City’s independent auditors, HCT Certified Public Accountants & Consultants, LLC, a firm of licensed certified public accountants, has audited the City’s financial statements and has issued an unmodified opinion on the financial statements as presented herein. The independent auditors’ report is presented as the first component of the financial section of this report.

    City of Dania Beach

    Florida

  • ii

    PROFILE OF THE GOVERNMENT The City of Dania Beach was incorporated in 1904 as Broward’s first city. The City is located immediately south of the Fort Lauderdale-Hollywood International Airport, Port Everglades, and the Broward County Convention Center. Dania Beach operates under a Commission-City Manager form of government and provides services to an estimated 30,000 residents. Five Commission Members are elected at large on a non-partisan basis for four-year terms. The candidate with the highest number of votes will serve as the Mayor. The Commission appoints the City Manager, who is the Chief Administrative Officer of the City and is responsible for implementing policies adopted by the City Commission. The City Commission determines policy, adopts legislation, approves the City’s budget, levies taxes, and sets fees. Dania Beach is a major player in South Florida’s academic, marine, and tourism industries. The American Maritime Officer’s Training and the Simulation Training Assessment & Research Center for maritime ship licensing is lo