Fort Walton Beach Council agenda — 09-08-2010 Special-1st Public Hearing FY 10/11 Budget — reading text

with generally accepted accounting principles GAAP) and generally follow this basis of accounting with few exceptions. During the year, the City's accounting system is maintained on the same basis as the adopted budget, which enables department budgets to be easily monitored through the accounting system. The major difference between this budget and GAAP for governmental funds is that certain expenditures ( e.g. compensated absences and depreciation) are not recognized for budgetary purposes, but are recorded in the accounting system at year -end. For enterprise funds, the difference between this budget and GAAP is that debt principal payments and capital outlay ( i. e. fixed assets) are budgeted as expenditures for budgetary purposes, but depreciation and compensated absences are shown on the financial statements. Staff believes this provides a better day -to -day financial plan. However, all activity is recorded in the accounting system at year -end in accordance with GAAP. General Fund —Accounts for all financial resources not accounted for in other funds. Special Revenue Funds — Account for the proceeds of specific revenue sources that are legally restricted to expenditures for specific purposes. Law Enforcement Trust Fund —grants, forfeitures Law Enforcement Training Fund —traffic fines Community Development Block Grant —entitlement grant Community Redevelopment Agency —tax increment financing ( i. e. ad valorem taxes) Beal Memorial Cemetery Perpetual Fund —lot, crypt, and niche sales Debt Service Fund — Accounts for the accumulation of resources for, and the payment of, general long- term debt principal and interest. City of Fort Walton Beach, FL Budget Overview Capital Projects Fund - Accounts for financial resources to be used for the acquisition or construction of major capital facilities, thereby more accurately accounting for a variety of one -time facility improvements and construction projects. Enterprise Funds - Account for operations that are financed and operated in a manner similar to a private business - where the intent of the governing body is that the cost ( expenses, including depreciation) of providing the services to the public on a continuing basis be financed and recovered primarily through user charges. Related capital projects are accounted for in the individual enterprise funds. Utilities Fund - water, sewer Sanitation Fund - garbage, yard waste Golf Fund - golf courses Stormwater - stormwater City of Fort Walton Beach Budgetary Funds Governmental Proprietary Funds Funds Other General Fund 1 Special Revenue Major Fund) J I Funds Governmental Funds Enterprise Funds Law Enforcement Debt Service Utilities Fund Trust Fund Fund Major Fund) Law Enforcement Capital Projects anitation Training Fund Fund Community Development Golf d Block Grant Fund Community Redevelopment Stormwater Fund Agency Fund Major Fund) , Beal Memorial Cemetery Fund City of Fort Walton Beach, FL