Okaloosa County BOCC — May 20, 2014 — reading text

- - Total Other Financing Sources (Uses) 2,023,055 2,695,383 Net Change in Fund Balances (1,455,324) (898,881) Fund Balances - Beginning 8,423,311 1,091,779 Fund Balances - Ending $ 6,967,987 $ 192,898 Packet Pg. 73  Exhibit IV-A Capital Outlay Construction Trust Other Total Tourist Development Capital Projects Governmental Governmental Special Revenue Fund Fund Funds Funds - 749,200 724,217 6,333,962 (598,118) (309,500) (4,891,218) (5,938,836) 431 - 1,676 - 5,000,000 - - 5,000,000 4,402,313 439,700 (4,165,325) 5,395,126 1,132,419 (273,050) (115,682) (1,610,518) 13,196,918 3,699,260 23,532,732 49,944,000 $ 14,329,337 $ 3,426,210 $ 23,417,050 $ 48,333,482 The notes to the financial statements are an integral part of this statement. 24 Packet Pg. 74  Exhibit IV-B Okaloosa County, Florida RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES For the Fiscal Year Ended September 30, 2013 Net change in fund balances - total governmental funds (Exhibit IV-A) $ (1,610,518) Amounts reported for governmental activities in the statement of activities are different because: 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 as depreciation expense. This is the amount by which capital outlays ($5,427,895) exceed depreciation/amortization ($8,875,916) in the current period. (See Note 5.) (3,448,021) Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the governmental funds. Grant Revenue $ 630,254 Reversal of Prior Year Deferred Revenues (691,336) Capital Contributions 2,346,776 Gain/Loss on Disposal of Capital Assets (367,946) Net adjustment 1,917,748 Under the modified accrual basis of accounting used in the governmental funds, expenditures are not recognized for transactions that are not normally paid with expendable available financial resources. In the statement of activities, however, which is presented on the accrual basis, expenses and liabilities are reported regardless of when financial resources are available. In addition, interest on long-term debt is not recognized under the modified accrual basis of accounting until due, rather than as it accrues. This adjustment combines the net changes of the following balances: Accrued interest on bonds $ (832,558) Reversal of prior year accural of interest on bonds 799,023 Deferred debt issuance costs 39,038 Amortized deferred debt issuance costs (82,436) Claims payable 1,474,077 Compensated Absences (67,401) Other Post Employment Benefits (46,774) Net adjustment 1,282,969 Some capital additions were financed through notes. In governmental funds, note proceeds are considered a source of financing, but in the statement of net assets, note obligations are reported as liabilities. (See Note 10.) (5,000,000) Repayment of principal on bonds and other long-term debt is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net assets. (See Note 10.) 713,000 Internal service funds (See Exhibit IX) are used by the County to charge the costs of certain activities, such as insurance, compensated absences and fleet maintenance to individual funds. The net revenue or expense of the internal service funds is reported with governmental activities. (1,532,310) Change in net position of governmental activities (Exhibit II-B) $ (7,677,132) The notes to the financial statements are an integral part of this statement. 25 Packet Pg. 75  Exhibit V Okaloosa County, Florida GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL For the Fiscal Year Ended September 30, 2013 Variance With Final Budget Budgeted Amounts Positive Original Final Actual Amounts (Negative) Revenues Taxes $ 42,748,660 $ 43,438,660 $ 43,495,408 $ 56,748 Licenses and Permits 17,500 17,500 13,400 (4,100) Intergovernmental 13,397,586 27,903,848 17,571,645 (10,332,203) Charges for Services 13,177,627 14,227,675 14,686,409 458,734 Fines 1,500 5,518 7,944 2,426 Miscellaneous 1,305,488 2,173,506 1,671,241 (502,265) Total Revenues 70,648,361 87,766,707 77,446,047 (10,320,660) Expenditures Current General Government 27,949,706 30,099,319 26,593,508 3,505,811 Public Safety 44,648,941 47,187,250 41,995,485 5,191,765 Physical Environment 351,932 351,932 354,555 (2,623) Transportation 315,775 5,750,026 2,356,103 3,393,923 Economic Environment 1,394,601 1,394,601 1,396,976 (2,375) Human Services 3,749,168 4,025,685 3,546,449 479,236 Culture and Recreation 1,228,676 1,341,475 1,153,861 187,614 Court-Related 1,894,676 2,342,932 1,981,845 361,087 Capital Outlay 725,095 5,733,880 1,545,644 4,188,236 Total Expenditures 82,258,570 98,227,100 80,924,426 17,302,674 Excess (Deficiency) of Revenues Over (Under) Expenditures (11,610,209) (10,460,393) (3,478,379) 6,982,014 Other Financing Sources (Uses) Transfers In 2,150,257 2,193,897 2,165,162 (28,735) Transfers Out - (140,000) (140,000) - Transfers Among Constitutional Officers 733,348 (320,108) (2,107) 318,001 Total Other Financing Sources (Uses) 2,883,605 1,733,789 2,023,055 289,266 Net Change in Fund Balance (8,726,604) (8,726,604) (1,455,324) 7,271,280 Fund Balance - Beginning 8,726,604 8,726,604 8,423,311 (303,293) Fund Balance - Ending $ - $ - $ 6,967,987 $ 6,967,987 The notes to the financial statements are an integral part of this statement. 26 Packet Pg. 76  Exhibit VI Okaloosa County, Florida COUNTY TRANSPORTATION TRUST SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL For the Fiscal Year Ended September 30, 2013 Variance With Final Budget Budgeted Amounts Positive Original Final Actual Amounts (Negative) Revenues Taxes $ 2,900,000 $ 2,900,000 $ 2,846,512 $ (53,488) Intergovernmental 1,594,685 2,781,374 1,902,565 (878,809) Charges for Services 227,744 227,744 248,947 21,203 Miscellaneous 31,000 31,000 794 (30,206) Total Revenues 4,753,429 5,940,118 4,998,818 (941,300) Expenditures Current Physical Environment 736,564 736,910 697,773 39,137 Transportation