FUND DESCRIPTIONS GOVERNMENTAL FUNDS

Transcription

1 FUND DESCRIPTIONS The city of St. Petersburg uses funds and account groups to account for its resources as required by the Charter, State Statutes, and the accounting profession. Each of the city funds is a fiscal entity, an accounting entity, and in a sense, a legal entity. Each fund has its own balance which is accounted for separately. The target balance amount for each fund is stated in Council s fiscal policy. Transfers between funds can be made as long as they are within the purpose of the fund. An example would be a payment to Fleet Management for cost incurred on behalf of Parks and Recreation. The account groups provide accountability and control of the city s general fixed assets and general long-term debt. The fixed assets and long-term debt associated with proprietary funds are accounted for in those funds. The Charter and State Statutes require an annual audit of the books and records, including the significant accounting policies of the city and compliance with laws and regulations. The external auditor concurs with the accounting policies used by the city and their opinion is included in the annual financial report. There are three fund groups: Governmental Funds, Proprietary Funds, and Fiduciary Funds; and two account groups: General Fixed Asset Account Group and General Long-Term Debt Account Group. GOVERNMENTAL FUNDS The Governmental Funds are used to account for the acquisition and use of expendable resources. These funds reflect balances and measure financial position rather than net income. They also measure the change in financial position from the prior year. The city has four types of Governmental Funds: GENERAL FUND This fund is used to account for all financial resources except those required to be accounted for in another fund. SPECIAL REVENUE FUNDS These funds account for the proceeds of specific revenue sources or finance specified activities as required by law or administrative regulation. The following comprise the city s Special Revenue Funds: American Recovery & Reinvestment Act Grant revenue received under the American Recovery and Reinvestment Act (ARRA) for HUD programs under the Homelessness Prevention and Rapid Re-Housing (HPRP) program and the Community Development Block Grant - Recovery (CDBG-R) program that assist persons experiencing homelessness and to provide funding for community infrastructure improvements. Arts and Cultural Programs Fund is used to provide city matching funds for grants and donations for art and cultural programs within the city, or to support art and cultural organizations located within the city. Arts in Public Places Fund used to account for transfers from capital improvement projects for public art. Assessments Revenue Revenue from collection of principal and interest on special assessments for capital improvements under its Redevelopment Plan. Bayboro Harbor Tax Increment District Payments from the city and county tax increment financing (TIF) for the Bayboro Harbor District. Building Permit Special Revenue Revenues received from permitting necessary for the Florida building code. Appendix d-1

2 Community Development Block Grant (CDBG) Revenue received for community block grants for opportunities to expand economic opportunities, and provide decent housing and a suitable living environment for low- and moderate-income persons. Community Housing Donation Revenue received from Pinellas County to fund multi-family housing for low- to moderate-income people and permanent rental housing for those with special needs. Downtown Redevelopment District Revenue used to fund the debt service for outstanding Public Improvement Revenue Bonds and pay as you go projects consistent with the Intown Redevelopment Plan. Emergency Medical Services (EMS) Contract revenue received from Pinellas County to provide EMS services. Emergency Shelter Grant Grant revenue received to provide homeless persons with basic shelter and essential supportive services by assisting with operational costs of shelter facilities. Franchise Tax Revenue Revenue used as secondary pledge for the debt service for outstanding Public Improvement Revenue Bonds. Closed effective FY10. Revenues go directly to the General Fund. HOME Program Grant revenue received that provides resources to fulfill the city s Consolidated Plan initiatives that assist low- and moderate-income persons in meeting their affordable housing needs. Intown West Tax Increment District Payments from the city and county tax increment financing (TIF) for the Intown District under its Redevelopment Plan. Law Enforcement Revenue received under the Florida Contraband Forfeiture Statute. Local Housing Assistance Revenue received under the State Housing Initiatives Partnership Program (SHIP) to produce and preserve affordable housing in St. Petersburg. Neighborhood Stabilization Program Grant revenue received from the U.S. Department of Housing and Urban Development to assist local governments to address the effects of abandoned and foreclosed properties. Operating Grant Fund used to account for operating grants that require the use of a separate fund for accounting purposes. Police Grant Grant revenue received through the Edward Byrne Memorial Justice Assistance Grant Program (JAG). Professional Sports Facility Revenue used to support debt service for Professional Sports Facility Sales Tax Revenue Bonds. School Crossing Guard Donation Revenues collected from the parking ticket surcharge enabled under Florida Statutes. Weeki Wachee Revenues received from the sale of city property in Weeki Wachee Springs, Florida. By referendum, the proceeds can only be spent for parks, recreational, preservation, and beautification purposes. DEBT SERVICE FUNDS These funds account for the accumulation of resources and the payment of the principal, interest, and related costs of the city s General Long-Term Debt. The following comprise the city s Debt Service Funds: Banc of America Notes Proceeds are used to record debt service payments for the Florida International Museum. BB&T Notes Proceeds are used for on-going projects at the Duke Energy Center for the Arts, the Pier, and the Salvador Dali Museum. Appendix d-2

3 First Florida Governmental Financing Commission (FFGFC) Loan Proceeds are used to fund improvements at multiple locations. Some of the facilities to benefit from this source were the Bayfront Center, Pier, and Tropicana Field. JP Morgan Chase Revenue Notes The Banc of America Notes Debt Fund, created in Resolution , to refinance the Sunshine State Governmental Financing Commission Notes, is used to record debt service payments for the Florida International Museum, the Mahaffey Theater, and the repayment of Section 108 debt requirements. Sports Facility Sales Proceeds are used for modifications to the stadium at Tropicana Field. Stadium Debt Excise Tax Secured Revenue Bonds ($85 million) were issued in 1987 to construct a multi-purpose domed stadium (Tropicana Field) in St. Petersburg. $114 million of refunding excise tax bonds were issued in October 1993 to refund the remaining outstanding 1984 Excise Tax Secured Revenue Bonds and the 1989B Public Improvement Revenue Bond issue. The 1993 refunding Excise Tax Bonds are secured by a pledge of the city's guaranteed entitlement of Municipal Revenue Sharing, a portion the city's Half-Cent Sales Tax, and Pinellas County Tourist Development Taxes. Stormwater Debt Service Proceeds are used for city stormwater projects. Water Resources Debt Proceeds are used for major improvements of the city-owned and operated water/sewer system. CAPITAL PROJECTS FUNDS These funds account for all resources used for the acquisition and/or construction of major capital facilities other than those financed by Enterprise Funds. Each of the Enterprise Funds, except Jamestown and Sanitation, has its own Capital Projects Fund. The following comprise the city s Capital Project Funds. Bicycle/Pedestrian Safety Grants Accounts for grant appropriations specific to bicycle and pedestrian safety capital projects. City Facilities Capital Improvement City facility improvements funded by the Local Option Sales Surtax. Downtown Parking Construction of the Mid-Core Parking Garage, funded through bonds and other sources. General Capital Improvement Construction projects funded by general revenues. Housing Capital Improvement Housing-related projects and support services. Neighborhood and Citywide Infrastructure Capital Improvement Infrastructure improvements funded by the Local Option Sales Surtax. Public Safety Capital Improvement Public safety improvements funded by the Local Option Sales Surtax. Recreation and Culture Capital Improvement Recreation and culture improvements funded by the Local Option Sales Surtax. Transportation Impact Fee Improvement Construction projects funded by transportation impact fees. Tropicana Field Construction projects funded by transfers from the Tropicana Field Operating Fund as provided by the Tropicana Field Use Agreement with the Tampa Bay Rays. Weeki Wachee Construction projects funded by interest earnings from the Weeki Wachee Operating Fund. Appendix d-3

4 PROPRIETARY FUNDS These funds are used to account for activities operated in a manner similar to those found in the private sector. The goods and services from these activities can be provided to outside parties for a retrofit in the case of Enterprise Funds, or to other departments on a cost-reimbursement basis as in the Internal Service Funds. ENTERPRISE FUNDS The following comprise the city s Enterprise Funds: Water Resources, Sanitation, Stormwater Utility, Airport, Port, Jamestown Complex, Golf Courses, Marina, and the following which were reclassified as Enterprise funds in FY10 as per GASB 54 guidelines: Coliseum Accounts for the operation of the historic ballroom/exhibit hall. Mahaffey Theater Accounts for the operation of the Mahaffey Theater at the Progress Energy Center for the Arts. Parking Revenue Downtown parking revenue used for parking operations, improvements and debt service for Public Improvement Revenue Bonds. Pier Accounts for the operation of the downtown waterfront retail/restaurant complex. Sunken Gardens Accounts for the historic botanical gardens. Tropicana Field Accounts for the operation of the domed baseball stadium. Note that from an accounting perspective, the Enterprise Capital Project Funds are included with their respective operating funds for financial reporting. For example, the Water Resources summary in the Comprehensive Annual Financial Report includes both the operating fund and the capital project fund. This presentation differs from that of the budgetary perspective, where the capital project funds (appropriated on a multi-year basis) are included in the Capital Improvement Program (CIP) and the operating funds (appropriated annually) are included in the operating budget. INTERNAL SERVICE FUNDS The following comprise the city s Internal Service Funds: Fleet Management, Equipment Replacement, Municipal Office Buildings, Information & Communication Services, Technology & Infrastructure, Billing & Collections, Supply Management, and Insurance (Health, Life, General Liabilities, Workers Compensation and Commercial). FIDUCIARY FUNDS The Fiduciary Funds are used to account for assets held on behalf of outside parties or other funds. The city has four types of Fiduciary Funds: PENSION TRUST FUNDS These funds account for the financial operations and conditions of the city s three pension plans. The following comprise the city s Pension Trust Funds: Employee Retirement Prior and supplemental plans covering general employees. Firemen Pension Prior and supplemental plans covering firefighters. Policemen Pension Prior and supplemental plans covering police officers. NON-EXPENDABLE TRUST FUNDS These funds account for assets held by the city in the capacity of a trustee where only the income generated may be expended for purposes expressed in the trust agreement. The following comprise the city s Non-Expendable Trust Funds: Kopsick Palm Arboretum Donations This gift was given to set up a trust whereby income generated is to be used for maintaining a Palm Arboretum. Appendix d-4

5 EXPENDABLE DONATIONS FUNDS These funds account for assets held by the city in the capacity of a trustee where both the assets and the income generated may be expended for purposes expressed in the trust agreement. The following comprise the city s Expendable Donations Funds: Grants Federal and state grants not accounted for in another fund type. Library Donations Gifts to the Library for which income generated can be used for specified purposes. Miscellaneous Trust All expendable trusts held for the benefit of the city except grants and Library. AGENCY FUNDS These funds serve primarily as clearing mechanisms for cash resources which are collected by the city, held for a brief period, and then distributed to authorized recipients. The following comprise the city s Agency Funds: Arts in Public Places Transfers from capital improvement projects for public art pursuant to the city s Public Arts Ordinance. Deferred Compensation Plans To account for assets held on behalf of the employees participating in the IRS Code 457 plans. Health Facilities Authority This fund accounts for revenues that are service charges to non-profit health care organizations benefiting from tax exempt debt issues. Expenditures are the administrative costs incurred by the authority. Treasurer s Account Clearing payroll deductions, pension contributions, and other miscellaneous items. Other Accounts Cash resources collected for youth, civic, community organizations, and other governments distributed to/for them. LOANS & ADVANCES Interfund loans or advances are acceptable and sometimes used by the city. Contributions from the General Fund to Proprietary Funds and Fiduciary Funds are acceptable and frequently used. However, equity transfers from an Enterprise Fund to another fund must be done on a reasonable, rational, and consistent basis. Appendix d-5