Tuesday, June 18th, 2013
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Transcript of Tuesday, June 18th, 2013
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Finance Presentation
Tuesday, June 18th, 2013
Finance DepartmentChristopher M. Quinn, MACC, CPA, CFE, CGFO, CGMAFinance Director
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OverviewRegulatory AuthoritiesFund Accounting• What is fund accounting?• What is a fund?• Examples of funds
Revenues• Classifications• Total City Revenues• Unrestricted & Restricted
Tentative Budget Calendar
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Regulatory Authorities Governmental Accounting
Standards Board – GASB Exposure Drafts Statements Technical Bulletins Accounting and Financial
Reporting Guidance Federal Government
Payroll taxes Debt issuance Grant compliance 1099 reporting
Yellow Book State Government (Statutes,
Department of Revenue, Rules of the Auditor General) Truth in Millage (TRIM) Grant compliance Annual reporting requirements
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FUND ACCOUNTING
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Fund AccountingWhat is fund accounting? Fund accounting is a system for segregating financial resources to ensure and demonstrate legal compliance with restrictions or other special purposes.
The City is prohibited from using funds legally restricted for a specific purpose in general operations.
What is a fund?A fund is a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances and changes therein, which are segregated for the purpose of conducting specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. Funds are divided into various types according to the legal restrictions imposed upon them or by their uses.
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Fund AccountingRestrictions:Must Comply with Legal and External Requirements
Some Examples: Infrastructure Surtax (Capital Projects) Utility Revenues (Operation and Expansion of
Utility System) Impact Fees (Infrastructure Capacity
Improvements related to Growth) Grants (Specific Programs/Projects)
DO NOT TOUCH Restricted Fund
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Fund AccountingFunds
Governmental◦ General fund◦ Special revenue funds◦ Capital projects funds◦ Debt service funds◦ Permanent funds
Proprietary◦ Enterprise funds◦ Internal services funds
Fiduciary◦ Trust funds◦ Agency funds
Fund Balance (reserve)• Excess revenues over
expenditures• Emergencies or one time
expenditures • Not meant to fund
continuing operations
Fund Balance Policy• General Fund• Utility Fund• Other Funds
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Governmental Funds General Fund
City Council Administration
• City Manager, Community Relations, Purchasing and Contracts Management, Economic Development, City Clerk, Human Resources
Financial Services Community Development
• Planning, Code Enforcement Fire & Rescue Services Law Enforcement
Contract with Sheriff
Public Works• Streets & Drainage, Facilities
Maintenance, Parks Facilities Engineering Recreation/Athletics Non-Departmental
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Governmental Funds Capital Projects Fund Special Revenue Funds
CDBG Fund Police Education Fund Police Automation Fund Disaster Reserve Fund Special Events Fund Streets Improvement Fund Park Impact Fee Fund Fire Impact Fee Fund Transportation Impact Fee Fund
Development Special Projects Fund Neighborhood Stabilization Fund Old Kings Road Special Assessment
Fund SR100 Community Redevelopment
Fund BAC Fund
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Proprietary Funds Internal Services Funds
Fleet Management Fund Health Insurance Fund
Enterprise Funds Information Technology & Communications Fund Tennis Center Fund Golf Course Fund Building Permits & Inspection Fund Stormwater Management Fund Solid Waste Fund Utility Fund
• Utility Capital Projects Fund
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Fiduciary Funds Agency Funds
Coquina Coast Cooperative Fund
Trust Funds Volunteer Firefighters’ Pension Fund
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REVENUE
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Revenue Classifications
Taxes Permits, Fees and
Special Assessments Intergovernmental
Revenue Charges for Services
Judgments, Fines and Forfeits
Miscellaneous Revenues
Other Sources
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Total City Revenues Fiscal year 2013
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Taxes Ad Valorem (Property)
Tax Local Option Fuel Tax
• Currently $.07 per gallon Insurance Premium Tax
• Volunteer Firefighters’ Pension
Discretionary Sales Surtaxes• Local Government
Infrastructure Surtax• Small County Surtax
Public Service Taxes(Not in use)• Electricity• Water• Natural Gas• Propane
Communications Services Tax• 5.22%
Local Business Tax
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Permits, Fees and Special Assessments Franchise Fees
• Solid Waste• Natural Gas• Utility (not in use)
Engineering Permits Impact Fees• Water and
Wastewater• Transportation• Parks
• Fire• School (remitted to
Flagler County Schools)
Special Assessments• Old Kings Road• Code Nuisance
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Intergovernmental Revenue
Grants State Revenue Sharing Local Government Half-Cent Sales Tax
Program County Business Tax Receipts Alcoholic Beverage License tax
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Charges for Services Utility Fees• Water and Sewer• Solid Waste• Stormwater
Annual Fire Inspections Building Permits & Inspections Fees
State Road
Maintenance Recreation Fees Planning Fees
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Judgments, Fines and Forfeits
Traffic Citations Red Light Camera Violations Local Ordinance Violations• Parking Tickets• Code Fines• Animal Control
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Other Revenue Sources Interfund Transfers• Payment-In-Lieu-of-Taxes (PILOT)• Tax Increment for the CRA
Debt Proceeds Miscellaneous
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Unrestricted Revenue Sources
Ad Valorem TaxAlcoholic Beverage LicenseBusiness Tax Receipts (Local
Business Tax)Communication Services TaxNatural Gas Franchise FeeHalf-Cent Sales TaxSolid Waste Franchise FeeState Revenue Sharing (a)
73.37%
Code Enforcement Red Light– This revenue source has been
allocated by City Council to the Streets Improvement Fund to be used for safety improvements.
Public Service (Utility) Tax– This revenue source is currently
not in use by the City.
Unrestricted revenue can be used for general purpose and at the discretion of the governing body.
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Revenue Source Restriction
Fire Insurance Premium Tax Volunteer Firefighters pension
Fuel Tax Refund Construction & maintenance of roads
Police Automation/Education Law Enforcement
Building Permit & Inspection Fees Applied solely to BPI costs
Infrastructure Surtax Finance, plan, construct infrastructure
Local Option Fuel Tax Transportation expenditures
State Revenue Sharing (b) 26.63% Transportation expenditures
Tax Increment Revenue (CRA) Per CRA plan
Impact Fees Capacity improvements
Special Assessments Purpose of assessments
Restricted Revenue SourcesState Restricted
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Restricted Revenue SourcesOther
Type Restricted by Use Water & Sewer Charges Bond Covenants Maintain system & debt
& City Council service
Small County Surtax Flagler County Ordinance Construction & improvement of public facilities, operating expenses etc…
Stormwater Loan Covenants Maintain system & debt Management Fee & City Council service
Disaster Reserve City Council Costs related to a disaster
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July 2nd Presentation on Property Taxes & Millage Rate History
July 9th
Budget Workshop - General Fund July 16th
Establish proposed Millage Rate (TRIM rate) July 30th
Budget Workshop - Proprietary Funds August 13th
Budget Workshop - Special Revenue & Capital Funds August 27th
Final Proposed budget presentation September 4th & 18th (Wednesdays at 5:05pm)
Public hearings to adopt millage rate resolution and budget resolution
Tentative Budget Schedule
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QUESTIONS & DISCUSSION