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Why the City uses Fund Accounting DO NOT TOUCH Restricted Fund 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)
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FINANCE DEPARTMENTChristopher M. Quinn, MACC, CPA, CFE, CGFO, CGMAFinance Director
Utility Capital Financing Plan
Government Accounting 101
• General Fund• Special Revenue Funds• Capital Project Funds
Governmental Funds
• Enterprise Funds• Internal Service Funds
Proprietary Funds
• Trust Funds• Agency Funds
Fiduciary Funds
Why the City uses Fund Accounting
DO NOT TOUCH Restricted Fund
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)
Bond covenants restrict use of revenues Treated like a separate business for
accounting purposes Financial statements are included in the annual
audit report Excess revenues (profits) are restricted from
use in other areas of the CityRe-invested back in the Utility
Utility Fund
Comprehensive Annual Financial Report (CAFR)Prepared AnnuallyAudited by independent, external audit firm
hired by City CouncilRequired by State Statute
Provides insight into how the City is managing finances and the financial health of the City
Provides financial transparencyPromotes accountability
Annual Financial Audit Report
Where can it be found?On the City’s website under “Popular Links” then
“Financial Reports” www.palmcoastgov.com
Fiscal Year 2000 – 2012 is available
Filed with Florida Auditor General
Available for viewing on the FloridaAuditor General’s website:
www.myflorida.com/audgen
Annual Financial Audit Report
Utility Financial Analysis
Utility Financial Analysis
Utility Financial Analysis
Utility Financial Analysis
History of Rate Adjustments
2003 (Purchase of Utility) through November 2008
No rate changeNovember 2008
12.5% increase to address Capital Needs including Water Treatment Plant 3
2009-2012 Consumer Pricing Index (CPI) adjustments only
Average 1.67% Included a decrease of 1.4% in 2009
Refinancing 2003 Bonds – Cost Savings due to reduced interest rates
Capital Financial ProgramAddressing 3 issues
Provide capital funding needed for EPA required ZLD Project
Anticipated need for Waste Water Treatment Plant 2 which is in current 5 year capital improvement program.
Questions?
