REQUIRED
SUPPLEMENTARY INFORMATION
General
Fund - Statement of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual 59
Road and
Bridge Fund - Statement of Revenues, Expenditures, and Changes in Fund Balance
- Budget and Actual 60
SUWANNEE COUNTY, FLORIDA
ANNUAL FINANCIAL
REPORTFor the Fiscal Year Ended September 30, 2010T A B L E O F C O N T E N T S
-continued
PAGE NO.
Fine and
Forfeiture Fund - Statement of Revenues, Expenditures, and Changes in Fund
Balance - Budget and Actual 61
Library
Fund - Statement of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual 62
Recreation
Fund – Statement of Revenues, Expenditures, and Changes in Fund Balance –
Budget and Actual 63
Clerk of
the Circuit Court Operating Fund - Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual 64
Sheriff
Operating Fund - Statement of Revenues, Expenditures, and Changes in Fund
Balance - Budget and Actual 65 - 66
Reserve
Capital Infrastructure Fund - Statement of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual 67
Road and
Bridge Construction Fund - Statement of Revenues, Expenditures, and Changes in
Fund Balance - Budget and Actual 68
COMBINING STATEMENTS
Nonmajor
Governmental Funds - Combining Balance Sheet 70 - 71
Nonmajor
Governmental Funds - Combining Statement of Revenues, Expenditures, and Changes
in Fund Balances 72 - 73
SINGLE AUDIT AND COMPLIANCE
SECTION
Independent
Auditor's Report on Internal Control Over Reporting and on Compliance and Other
Matters Based on an Audit of Financial Statements Performed in Accordance with Government
Auditing Standards 75 - 76
Independent
Auditor’s Report on Compliance and Internal Control over Compliance Applicable
to Each Major Federal Awards Program and State Financial Assistance Report 77 -
78
Schedule
of Expenditures of Federal Awards and State Financial Assistance 79 - 81
|
SUWANNEE COUNTY, FLORIDA |
|||
|
ANNUAL FINANCI AL REPORT |
|||
|
For the Fiscal Year Ended
September 30, 2010 |
|||
|
T A B L E |
O F |
C O N T E N T S – continued |
|
|
PAGE NO. |
|||
|
Notes to Schedule of
Expenditures of Federal Awards and |
|||
|
State Financial Assistance |
82 |
||
|
Schedule of Findings |
83 - 84 |
||
|
Management Letter |
85 - 88 |
||
INTRODUCTORY SECTION
SUWANNEE COUNTY, FLORIDA
LIST OF PRINCIPAL
OFFICIALS
September 30, 2010
|
Title |
Name__________ |
|
Board of County Commissioners
|
|
|
District I |
Jesse Caruthers |
|
District II |
Douglas M. Udell |
|
District III |
Ivie Fowler |
|
District IV |
Billy C. Maxwell |
|
District V |
Wesley Wainwright |
|
Clerk of the Circuit Court |
Barry A. Baker |
|
Property Appraiser |
Lamar Jenkins |
|
Sheriff |
Tony Cameron |
|
Supervisor of Elections |
Glenda B. Williams |
|
Tax Collector |
Sharon W. Jordan |
COUNTY-WIDE FINANCIAL REPORT
Honorable Board of County
Commissioners and Constitutional Officers Suwannee County, Florida
We have audited the accompanying financial statements
of the governmental activities, the business -type activities, each major fund,
and the aggregate remaining fund information of Suwannee County, Florida (the
County), as of and for the year ended September 30, 2010, which collectively
comprise the County’s basic financial statements as listed in the table of
contents. These financial statements are
the responsibility of the County’s management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing
standards generally accepted in the United States of America, and the standards
applicable to financial audits contained in Government Auditing Standards ,
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to
above present fairly, in all material respects, the respective financial
position of the governmental activities, the business -type activities, each
major fund, and the aggregate remaining fund information of Suwannee County,
Florida, as of September 30, 2010, and the respective changes in financial
position and cash flows, where applicable, thereof, for the year then ended in
conformity with accounting principles generall y accepted in the United States
of America.
In accordance with Government Auditing Standards ,
we have also issued a report dated April 13, 2011, on our consideration of the
County’s internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts, grant
agreements and other matters. The purpose that report is to describe the scope
of our testing of internal control over financial reporting and compliance and
the results of that testing and not to provide an opinion on internal control
over financial reporting or compliance. That report is an integral part of an
audit performed in accordance with Government Auditing Standards and
should be read in conjunction with this report in considering the results of
our audit.
The budgetary comparison information presented for
the general fund and the other major governmental funds is not a required part
of the basic financial statements of the County, but is supplementary
information required by accounting principles generally accepted in the United
States of America. We have applied certain limited procedures, which consisted
principally of inquiries of management regarding the methods of measurement and
presentation of the required supplementary information. However, we did not audit the information and
express no opinion on it.
The Management’s Discussion and Analysis on pages 10
through 17 is not a required part of the basic financial statements but is
supplementary information required by the Governmental Accounting Standards
Board. We have applied certain limited procedures, which consisted principally
of inquires of management regarding the methods of measurement and presentation
of the supplementary information. However, we did not audit the information and
express no opinion on it.
Our audit was made for the purpose of forming an
opinion on the basic financial statements taken as a whole. The accompanying
information identified in the table of contents as combining statements is
presente d for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated, in all material respects, in relation to the
basic financial statements taken as a whole.
The accompanying Schedule of Expenditures of Federal
Awards and State Financial Assistance is also presented for purposes of
additional analysis as required by U.S. Office of Management and Budget
Circular A-133, Audits of States, Local Governments, and Non-Profit
Organizations , and Chapter 10.650, Rules of the Auditor General,
and is not a required part of the basic financial statements. Such information
has been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
POWELL & JONES
Certified Public
Accountants April 13, 2011
SUWANNEE COUNTY, FLORIDA
Management’s Discussion and Analysis
For the Fiscal Year Ended September 30, 2010
The County management’s discussion and analysis
presents an overview of the County’s financial activities for the fiscal year
ended September 30, 2010. The analysis
provides summary financial information for the County and should be read in
conjunction with the County’s financial statements.
The
County has implemented Governmental Accounting Standards Board (GASB) Statement
34,
Basic Financial Statements -and Management’s
Discussion and Analysis -for State and Local Governments . This statement requires
governmental entities to report finances in accordance with specific
guidelines. Among those guidelines are the components of this section dealing
with management’s discussion and analysis.
Its intent is to provide a brief, objective, and
easily readable analysis of the County’s financial performance for the year and
its financial position at fiscal year ended September 30, 2010.
One of the key changes in financial presentation is
the requirement to capitalize infrastructure assets and record depreciation.
Consequently, significant changes have resulted in the reporting of fixed
assets, long term liabilities, and fund balances.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as
an introduction to the County’s basic financial statements. The County’s basic
financial statements consist of : 1) government-wide financial statements, 2)
fund financial statements, and 3) notes to the financial statements. The
Government -wide financial statements present an overall picture of the
County’s financial position and results of operations. The Fund financial
statements present financial information for the County’s major funds. The
Notes to the financial statements provide additional information concerning the
County’s finances that are not disclosed in the government -wide or fund
financial statements.
Governm ent-wide financial statements
The government -wide financial statements consist of
the statement of net assets and the statement of activities , and are designed
to provide readers with a broad overview of the County’s finances, in a manner
similar to a private-sector business.
Emphasis is placed on the net assets of governmental activities and
business -type activities and the change in net assets. Governmental activities are primarily supported
by property taxes, sales and use taxes, federal and state grants, and state
shared revenues. Business -type activities are supported by charges to the
users of those activities.
The statement of net assets presents information on
all assets and liabilities of the County, with the difference between the two
reported as net assets. Over time, increases or decreases in net assets may
serve as a useful indicator of whether the financial position of the County is
improving or deteriorating. Net assets are reported in three categories: 1)
invested in capital assets, net of related debt, 2) restricted, and 3)
unrestricted. Assets, liabilities, and net assets are reported for all
Governmental Activities separate from those of business -type activities.
The statement of activities presents information on
all revenues and expenses of the County and the change in net assets. Expenses
are reported by major function and program revenues relating to those functions
are reported, providing the net cost of all functions provided by the County.
To assist in understanding the County’s operations, expenses have been reported
as governmental activities or business -type activities. Governmental activities financed by the
County include public safety, physical environment, transportation, economic
environment, human services, culture and recreation, and general government
services. Business -type activities financed by user charges include the solid
waste collection and disposal operations.
Fund financial statements
A fund is a separate accounting entity with a
self-balancing set of accounts, and is used to maintain control over resources
that have been segregated for specific activities or objectives in accordance
with special regulations, restrictions, or limitations. All of the funds of the
County can be divided into three categories: governmental funds, proprietary
funds, and fiduciary funds.
Governmental fund financial statements provide information on
the current assets and liabilities of the funds, changes in current financial
resources (revenues and expenditures), and current available resources.
Proprietary fund financial statements provide information on
all assets and liabilities of the fund, changes in the economic resources
(revenues and expenses), and total economic resources.
Fund financial statements include a balance sheet and
a statement of revenues, expenditures, and changes in fund balances for all
governmental funds. A statement of revenues, expenditures, and changes in fund
balances -budget and actual , is provided for the County’s general fund and
major special revenue, capital projects, and debt service funds. For the proprietary funds, which includes
business -type activities, a statement of net assets; a statement of revenues,
expenses, and changes in fund net assets; and a statement of cash flows are
presented. A combining statement of
fiduciary net assets is presented for the County’s agency funds.
Fund financial statements provide more detailed
information about the County’s activities. Individual funds are established by
the County to track revenues that are restricted to certain uses, comply with
legal requirements, or account for the use of state and federal grants.
The government
-wide financial statements and the fund financial statements provide
different pictures of the County. The government -wide financial statements
provide an overall picture of the County’s financial standing, split between
governmental activities and business -type activities. These statements are comparable to private-sector
companies and give a good understanding of the County’s overall financial
health and how the County paid for the various activities, or functions,
provided by the County. All assets of the County, including buildings, land,
roads, and bridges and reported in the statement of net assets . All
liabilities, including principal outstanding on bonds, landfill closure
liabilities, and future employee benefits obligated but not paid by the County,
are included. The statement of activities includes depreciation on all long
lived assets of the County, but transact ions between the different functions
of the County have been eliminated in order to avoid “doubling up” the revenues
and expenses.
The
fund financial statements provide a picture of the major funds of the
County and a column for all non-major funds.
In the case of governmental activities, outlays for long lived assets
are reported as expenditures, and long-term liabilities are not included in the
fund financial statements. To provide a link from the fund financial
statements to the government -wide financial statements , a
reconciliation is provided from the fund financial statements to the government
wide financial statements .
Notes
to the financial statements
The
notes to the financial statements provide additional detail concerning the
financial activities and financial balances of the County. Additional
information about the accounting practices of the County, investments of the
County, long-term debt, and pension plan are some of the items included in the
notes to the financial statements.
FINANCIA
L HIGHLIGHTS
Total
assets of the County exceeded total liabilities by $89,542,231 (net
assets). Unrestricted net assets for
governmental activities were $15,993,841 , and for business -type activities
were $(1,961,187). Governmental
Activities restricted net assets were $8,319,331, and were $1,543,972 for
Business -type Activities.
Total
net assets increased by $4,726,477 . Of
that amount, $4,198,608 is attributable to Governmental Activities and $527,869
, is attributable to Business -type Activities.
Governmental Activities revenues decreased $4,717,231
to $37,186,964 . This 11.3% decrease in
revenue was due primarily to decreased capital grants received during the
year. Governmental expenses increased by
$150,567 to $32,988,356 . This increase
in expense of less than 1% was primarily due to general inflationary increases.
Business
-type activities revenues decreased 11% to $3,015,206 , while business -type
expenses decreased 3% to $2,487,337 .
This was primarily attributable to decreases in recognition of closure
and postclosure costs.
FINANCIAL
ANALYSIS OF THE COUNTY
As
noted earlier, net assets may serve over time as a useful indicator of a
government’s financial position. At September 30, 2010, the assets of the
County exceed liabilities by $89,542,231 .
The following schedule
provides a summary of the assets, liabilities, and net assets of the county.
Governmental
Business-type Total Government Activities Activities 2010 2009
Assets
Current assets $ 28,657,393 $
2,023,518 $ 30,680,911 $ 30,124,051
|
Restricted assets |
- |
1,543,972 |
1,543,972 |
1,521,138 |
|
Non-current assets |
64,680,411 |
1,655,003 |
66,335,414 |
63,989,762 |
|
Total assets |
93,337,804 |
5,222,493 |
98,560,297 |
95,634,951 |
|
Liabilities Current
liabilities (payable from current assets) Current liabilities (payable from
restricted assets) Non-current liabilities Total liabilities |
2,715,112 -2,318,249 5,033,361 |
190,097 235,540 3,559,068 3,984,705 |
2,905,209 235,540 5,877,317 9,018,066 |
3,696,270 347,115 10,821,132 14,864,517 |
|
Net Assets |
|
|
|
|
|
Net assets, invested in
capital assets, net of related debt Net assets - restricted Net assets -
unrestricted |
63,991,271 8,319,331 15,993,841 |
1,655,003 1,543,972 (1,961,187) |
65,646,274 9,863,303 14,032,654 |
62,386,369 21,424,540 (3,040,475) |
Total
Net Assets $ 88,304,443 $ 1,237,788 $ 89,542,231 $ 80,770,434
73% of the County’s net assets
reflect its investment in capital assets (land, buildings, infrastructure, and
equipment), less any related outstanding debt used to acquire those
assets. The County uses these capital
assets to provide services to citizens; consequently, these assets are not
available for future spending. Although the County’s investment in its capital
assets is reported net of related debt, it should be noted that the resources
needed to repay this debt must be provided from other sources, since the capital
assets themselves cannot be used to liquidate these liabilities.
An additional 11% of the
County’s net assets represent resources that are dedicated or subject to
restrictions on how they may be used. Certain of these assets have only been
restricted by action of the Board of County Commissioners and are subject to
reclassification to unrestricted net assets as required. The remaining balance
of unrestricted net assets $14,032,654 may be used to meet the government’s
ongoing obligations to citizens and creditors.
The
following schedule provides a summary of the changes in net assets. The
increase in Governmental Activities net assets is due primarily to the Small
County Road Assistance and County Incentive Grant Programs received from FDOT
for road projects which have been capitalized. The Business -type Activities
net assets basically stayed the same for the year.
Changes in Net Assets
|
Governmental |
Business-type |
Total Government |
|
|
Activities |
Activities |
2010 2009 |
|
|
Revenues: |
|
|
|
|
Program Revenues |
|
|
|
|
Charges for services |
$6,248,430 |
$2,910,642 |
9,159,072$ $ 8,772,042 |
|
Operating grants/ |
|
|
|
|
contributions |
2,601,313 |
78,787 |
2,680,100 2,801,079 |
|
Capital grants/ |
|
|
|
|
contributions |
1,775,684 |
- |
1,775,684 8,505,692 |
|
General Revenues |
|
|
|
|
Property taxes |
11,845,379 |
- |
11,845,379 12,261,466 |
|
Sales and use taxes |
4,950,312 |
- |
4,950,312 5,075,002 |
|
Communications surtax |
274,887 |
- |
274,887 397,119 |
|
State shared revenues |
7,378,430 |
- |
7,378,430 5,524,224 |
|
Interest |
146,028 |
25,777 |
171,805 283,823 |
|
Other |
1,966,501 |
- |
1,966,501 1,665,827 |
|
Total Revenues |
37,186,964 |
3,015,206 |
40,202,170$ 45,286,274 |
|
Expenses: |
|
|
|
|
General government |
6,785,354 |
- |
6,785,354 7,814,352 |
|
Public safety |
11,390,808 |
- |
11,390,808 10,511,541 |
|
Physical environment |
494,193 |
2,487,337 |
2,981,530 3,120,495 |
|
Transportation |
7,024,619 |
- |
7,024,619 6,681,373 |
|
Economic environment |
501,982 |
- |
501,982 401,583 |
|
Human services |
1,233,159 |
- |
1,233,159 1,286,850 |
|
Culture/recreation |
3,769,672 |
- |
3,769,672 3,767,634 |
|
Court related |
1,747,050 |
- |
1,747,050 1,745,713 |
|
Interest on long-term debt |
41,519 |
- |
41,519 72,524 |
|
Total Expenses |
32,988,356 |
2,487,337 |
35,475,693 35,402,065 |
|
Increase in |
|
|
|
|
net assets |
$4,198,608 |
527,869$ |
4,726,477$ $9,884,209 |
Property taxes provide 29% of the revenues for Governmental Activities, while sales taxes provide 12%. Most of the Governmental Activities resources are spent for Public Safety (32%), General Government (19%), Transportation (20%), and Culture/Recreation (11%).
FUND FINANCIAL
INFORMATION
Governmental Funds
General Fund
The
County’s General Fund is the main operating fund of the County. It is used to account for all financial
resources that are not restricted by State or Federal laws, County Ordinances
or other externally imposed requirements. As of September 30, 2010, total
assets were $13,681,631 and total liabilities were $743,628 . The ending fund balance was $12,938,003 ,
$4,618,672 of which is undesignated and unreserved. Fund balance decreased by
$(846,717) during the year.
In the year ended September 30, 2010, total revenue,
$11,797,512 , exceeded total expenditures, $7,623,140, by $4,174,372. A net of
$5,021,089 was also transferred to other funds for operational and capital
related purposes. The net increase in the fund balance in the General Fund was
therefore, $(846,717).
During
the fiscal year, the County amended the General Fund budget by $1,318,545 , to
adjust for normal revenue and expenditure fluctuations during the course of the
year in variance with the original approved budget. The County budgeted ad
valorem taxes at 95% of the total tax levy, as allowed by State law; actual
collections were 96%. Other revenues
were approximately the same as the prior year.
Other
Governmental Funds
The
Road and Bridge (Transportation) Fund accounts for motor fuel taxes
designated for the annual maintenance of roads, bridges, right-of-way, drainage
systems, etc. The County has the legal
authority to levy ad valorem taxes for the Transportation Fund, but has elected
not to do so. As of September 30, 2010, expenditures and transfers were
exceeded by revenues in the amount of $(63,225) . The ending fund balance was $1,259,652 .
The
Fine and Forfeiture Fund accounts for expenditures relating to the judicial
system and the funding of the operations of the Sheriff, a separate
Constitutional Officer. Financing is
provided by ad valorem and local option sales taxes, state shared revenues, and
current related fines and fees. For the fiscal year ended September 30, 2010,
expenditures and transfers were exceeded by revenues by $411,486 , increasing
the fund balance to $923,583 .
The
Library Fund accounts for expenditures relating to the operation of the
Suwannee River Regional Library System, which includes the County library
services. Financing is provided by state and local governmen t grants and
library related fees. For the fiscal
year ended September 30, 2010, revenues exceeded expenditures by $256,861.
The
Clerk Court Related Fund is the general operating fund of the Clerk of
the Circuit Court, a Constitutional Officer. The primary source of funds are
various court related fees and service charges. Expenditures for the year were
$938,117 , all of which were funded by operating revenues.
The Sheriff General
Fund is the operating fund of the Sheriff, a Constitutional Officer. The
primary source of funds are transfers from the Board of County Commissioners
Fine and Forfeiture Fund. Expenditures totaled $7,496,108 for the year and by
law this fund has no ending fund balance.
The Reserve Capital Infrastructure Fund is a
capital projects fund established by the
County to fund future infrastructure improvements. It was funded by an equity
transfer from the former Hospital Investment Fund. Its only outlay for the year
was a transfer of $130,000 to the General Fund, leaving an ending fund balance
of $4,478,038 .
The Road and Bridge Construction Fund is a
capital projects fund established by the County to fund road improvement
projects throughout the County. It is funded by County-levied fuel taxes and
had an ending fund balance of $2,902,729 .
The Recreation Fund accounts for the County’s
various recreation programs. It is funded by service charges and transfers from
other funds and governments. It had an ending fund balance of $264,723 at year
end.
Proprietary Funds
The Solid Waste Collection Fund accounts for
the revenues, expenses, assets, and liabilities associated with the
County-operated solid waste collection service provided to residential and
commercial customers within the County. This is operated like a business where
the rates established by the County generate sufficient funds to pay the costs
of current operations and provide for the accumulation of funding for capital
asset acquisitions. Total assets as of September 30, 2010, were $2,602,685,
total liabilities were $94,062, and net assets were $2,508,623 . Total income was $1,284,401. The net income for the year was $181,632 .
The Solid Waste Disposal Fund accounts for the
revenues, expenses, assets, and liabilities associated with the County operated
solid waste disposal services. This fund
is substantially financed by tippage fees and special assessments charged to
users of the services. Total assets as of September 30, 2010, were $2,619,808,
total liabilities were $3,890,643, and net assets were a deficit of
$1,270,835. Total income was $1,730,805.
CAPITAL ASSETS ACTIVITY
The County’s capital assets for its governmental and
business -type activities as of September 30, 2010, is $66,335,414 (net of
accumulated depreciation). This investment in capital assets includes land,
buildings, equipment, infrastructure, and construction in progress, net of
depreciation. In previous years, general fixed assets were recorded at cost or
fair market value at the time of acquisition. Depreciation was not recognized
for governmental activities.
The most significant change in capital assets during
the fiscal year was the completion of various road and other capital projects.
The following schedule provides a summary of the
County’s capital assets activity for the year ended September 30, 2010: A total
of $914,253 in principal reductions were made of on governmental activities
debt, leaving the following balances at September 30, 2010:
|
|
Capital Assets |
|
|
|||
|
Land and improvements
Construction in progress Infrastructure Buildings and improvements Equipment
Total Less accumulated depreciation Total |
|
Governmental Business-type
Activities Activities 6,249,613$ 5,403,338$ 2,502,952 -45,224,218 -17,513,934
-16,873,644 2,413,628 88,364,361 7,816,966 (23,683,950) (6,161,963)
$64,680,411 1,655,003$ |
2010 $ 11,652,951 $ 2,502,952 45,224,218 17,513,934 19,287,272
96,181,327 (29,845,913) 66,335,414 Totals |
( |
2009 9,709,340 8,699,991
37,322,851 16,670,236 18,780,140 91,182,558 27,192,797) 63,989,762 |
|
|
DEBT MANAGEMENT |
|
|
|
|
|
|
|
Government Activities Debt |
|
|
|
|
|
|
2010 2009 Revenue notes $
609,140 $ 1,513,393 Bank notes 80,000 90,000 $ 689,140 $ 1,603,393
OTHER
FINANCIAL INFORMATION
Economic
Factors and Next Year’s Budget
The
current unemployment rate for the County, was 9.8%. This was a decrease from the prior fiscal
year.
The
official estimated population for the County in 2010 was 41,550, and is
estimated to be 45,000 by the end of 2015.
The
ad valorem tax millage rate for the County was 8.0 mills in 2010, which was the
same as the prior year.
REQUEST
FOR INFORMATION
This financial report is
designed to present users with a general overview of the County’s finances and
to demonstrate the County’s accountability. Questions concerning this report or
requests for additional information should be addressed to the Clerk of the
Circuit Court, 200 S. Ohio Ave., Live Oak, Florida 32064, or by calling (386)
362-0508.
BASIC FINANCIAL STATEMENTS
SUWANNEE COUNTY, FLORIDA
STATEMENT OF NET ASSETS
September 30, 2010
Governmental
Business - type Activities Activities Total ASSETS
Current assets: Cash and cash
equivalents $ 20,328,389 $ 1,897,630 $ 22,226,019 Accounts receivable - net
194,021 63,755 257,776 Due from other funds 21,526 6,734 28,260 Due from other
governmental units 1,210,382 55,399 1,265,781 Prepaid expenses 3,638 -3,638
Investments 6,899,437 -6,899,437
Total
current assets 28,657,393 2,023,518 30,680,911
Restricted assets: Investments -1,543,972 1,543,972
Total restricted assets -1,543,972 1,543,972
Noncurrent assets: Capital assets - net 64,680,411
1,655,003 66,335,414 Total assets $ 93,337,804 $ 5,222,493 $ 98,560,297
LIABILITIES
Current liabilities (payable from
current assets): Accounts payable $ 896,963 $ 71,432 $ 968,395 Accrued salaries
275,217 16,800 292,017 Accrued liabilities 211,443 -211,443 Accrued interest
payable 8,681 -8,681 Due to other funds 203 6,734 6,937 Due to other
governmental units 271,532 -271,532 Deferred revenues 164,125 -164,125 Deposits
-91,770 91,770 Accrued compensated absences 195,500 3,361 198,861 Current
portion notes payable 480,590 -480,590 Current portion revenue notes payable
138,550 -138,550 Other current liabilities 72,308 -72,308
Total current liabilities
(payable from current assets) 2,715,112 190,097 2,905,209
Current liabilities (payable from
restricted assets) Landfill postclosure costs -235,540 235,540
Total current liabilities (
payable from restricted assets) -235,540 235,540
Noncurrent liabilities Accrued
compensated absences 2,248,249 44,654 2,292,903 Landfill post-closure costs
-3,514,414 3,514,414 Notes payable 70,000 -70,000
Total long-term
liabilities 2,318,249 3,559,068 5,877,317 Total liabilities 5,033,361 3,984,705
9,018,066 (Continued) See notes to financial statements.
|
See notes to financial
statements. |
SUWANNEE COUNTY, FLORIDA
STATEMENT OF NET ASSETS
September 30, 2010
Governmental Business - type
Activities Activities Total
NET ASSETS
Invested in capital assets, net of related debt $ 63,991,271 $ 1,655,003 $
65,646,274
Restricted for: Road projects
2,902,729 -2,902,729 Capital projects 4,800,000 -4,800,000 Other purposes
616,602 -616,602 Landfill closure -1,543,972 1,543,972
Unrestricted 15,993,841 (1,961,187)
14,032,654 Total net assets (deficit) $ 88,304,443 $ 1,237,788 $ 89,542,231
See
notes to financial statements.
|
SUWANNEE COUNTY, FLORIDA |
||||
|
STATEMENT OF ACTIVITIES |
||||
|
For the Fiscal Year Ended September 30, 2010 |
||||
|
Net (Expenses)
Revenues and |
||||
|
Program Services
Changes in Net Assets |
||||
|
Operating Capital
Business |
||||
|
Charges for Grants
and Grants and Governmental Type |
||||
|
Expenses |
Services
Contributions Contributions Activities Activities |
Total |
||
|
Functions/Programs |
|
|
||
|
Governmental
Activities |
|
|
||
|
General Government |
$
|
6,785,354 |
1,286,800$
9,961$ -$ (5,488,593)$ -$ $ |
(5,488,593) |
|
Public Safety |
|
11,390,808 |
1,807,226
995,264 87,237 (8,501,081) - |
(8,501,081) |
|
Physical Environment
|
|
494,193 |
73,772
32,213 -(388,208) - |
(388,208) |
|
Transportation |
|
7,024,619 |
588,282
-1,688,447 (4,747,890) - |
(4,747,890) |
|
Economic Environment
|
|
501,982 |
2,400
350,000 -(149,582) - |
(149,582) |
|
Human Services |
|
1,233,159 |
---(1,233,159)
- |
(1,233,159) |
|
Culture/recreation |
|
3,769,672 |
2,102,101
1,069,867 -(597,704) - |
(597,704) |
|
Court related |
|
1,747,050 |
387,849
144,008 -(1,215,193) - |
(1,215,193) |
|
Interest on
long-term debt |
|
41,519 |
---(41,519)
- |
(41,519) |
|
Total governmental
activities |
|
32,988,356 |
6,248,430
2,601,313 1,775,684 (22,362,929) - |
(22,362,929) |
|
Business - type
activities |
|
|
|
|
|
Physical Environment
|
|
|
|
|
|
Landfill |
|
2,487,337 |
2,910,642
78,787 --502,092 |
502,092 |
|
Total government |
|
35,475,693 |
9,159,072
2,680,100 1,775,684 (22,362,929) 502,092 |
(21,860,837) |
|
|
|
|
General
revenues |
|
|
|
|
|
Ad
valorem taxes 11,845,379 - |
11,845,379 |
|
|
|
|
Sales
and use taxes 4,950,312 - |
4,950,312 |
|
|
|
|
Communications
service tax 274,887 - |
274,887 |
|
|
|
|
State
shared revenue 7,378,430 - |
7,378,430 |
|
|
|
|
State
payments in lieu of taxes 798 - |
798 |
|
|
|
|
Interest
146,028 25,777 |
171,805 |
|
|
|
|
Gain
on disposition of fixed assets 245,000 - |
245,000 |
|
|
|
|
Miscellaneous
1,720,703 - |
1,720,703 |
|
|
|
|
Total
general revenue 26,561,537 25,777 |
26,587,314 |
|
|
|
|
Change
in net assets 4,198,608 527,869 |
4,726,477 |
|
|
|
|
Net
assets - beginning 84,105,835 (3,335,406) |
80,770,429 |
|
|
|
|
Prior
period adjustment -4,045,325 |
4,045,325 |
|
|
|
|
Net
assets - ending 88,304,443$ 1,237,788$ $ |
89,542,231 |
|
See notes to financial statements. |
|
|
|
|
21
|
SUWANNEE COUNTY, FLORIDA |
||||||||
|
GOVERNMENTAL FUNDS |
||||||||
|
BALANCE SHEET |
||||||||
|
September 30, 2010 |
||||||||
|
Special
Revenue Funds Capital Projects Funds |
||||||||
|
Clerk
of |
||||||||
|
Circuit
Court Reserve Road and |
Other |
Total |
||||||
|
General
|
|
Road and |
|
Fine and |
Court Sheriff Capital Bridge |
Governmental |
Governmental |
|
|
Fund
|
|
Bridge |
|
Forfeiture |
Library Recreation Related Operating
Infrastructure Construction |
Funds |
Funds |
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
|
Cash
$ |
10,022,799 |
$ |
1,130,434 |
$ |
730,580 |
394,433$ 282,237$ 317,685$ 318,723$
247,674$ 2,816,255$ |
4,067,569$ |
20,328,389$ |
|
Accounts
receivable |
189,748 |
|
- |
|
- |
3 793 2,013 --- |
1,464 |
194,021 |
|
Due
from other funds |
285,854 |
|
- |
|
253,382 |
--2,832 10,383 -- |
71,729 |
624,180 |
|
Due
from other |
|
|
|
|
|
|
|
|
|
governmental
units |
514,157 |
|
249,448 |
|
37,987 |
-16,762 9,712 141,442 -86,474 |
154,400 |
1,210,382 |
|
Prepaid
insurance |
- |
|
- |
|
- |
------ |
3,638 |
3,638 |
|
Investments
|
2,669,073 |
|
- |
|
- |
----4,230,364 - |
- |
6,899,437 |
|
Total
assets $ |
13,681,631 |
$ |
1,379,882 |
$ |
1,021,949 |
394,436$ 299,792$ 332,242$ 470,548$
4,478,038$ 2,902,729$ |
4,298,800$ |
29,260,047$ |
|
LIABILITIES
AND FUND |
|
|
|
|
|
|
|
|
|
BALANCES
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Accounts
payable $ |
420,905 |
$ |
57,692 |
$ |
60,541 |
21,782$ 24,204$ 2,516$ 188,395$ -$ -$
|
120,928$ |
896,963$ |
|
Accrued
wages |
65,797 |
|
62,538 |
|
- |
37,117 10,865 19,384 --- |
79,516 |
275,217 |
|
Other
accrued liabilities |
210,180 |
|
- |
|
- |
------ |
1,263 |
211,443 |
|
Due
to other funds |
15,841 |
|
- |
|
325 |
--24,745 245,585 -- |
316,361 |
602,857 |
|
Due
to other governmental |
|
|
|
|
|
|
|
|
|
units
|
26,989 |
|
- |
|
- |
--220,518 --- |
24,025 |
271,532 |
|
Revenues
collected in |
|
|
|
|
|
|
|
|
|
advance
|
- |
|
- |
|
37,500 |
---36,568 -- |
90,057 |
164,125 |
|
Other
current liabilities |
3,916 |
|
- |
|
- |
--65,079 --- |
3,313 |
72,308 |
|
Total
liabilities |
743,628 |
|
120,230 |
|
98,366 |
58,899 35,069 332,242 470,548 -- |
635,463 |
2,494,445 |
|
FUND
BALANCES |
|
|
|
|
|
|
|
|
|
Unreserved
fund balance |
4,618,672 |
|
- |
|
923,583 |
335,537 216,402 ---- |
268,797 |
6,362,991 |
|
Reserved
fund balance |
8,319,331 |
|
1,259,652 |
|
- |
-48,321 --4,478,038 2,902,729 |
3,394,540 |
20,402,611 |
|
Total
fund balances |
12,938,003 |
|
1,259,652 |
|
923,583 |
335,537 264,723 --4,478,038 2,902,729
|
3,663,337 |
26,765,602 |
|
Total
liabilities and fund |
|
|
|
|
|
|
|
|
|
balances
$ |
13,681,631 |
$ |
1,379,882 |
$ |
1,021,949 |
394,436$ 299,792$ 332,242$ 470,548$
4,478,038$ 2,902,729$ |
4,298,800$ |
|
|
|
|
|
|
|
|
Amounts reported for governmental
activities in the statement of |
|
|
|
|
|
|
|
|
|
net assets are different because: |
|
|
|
|
|
|
|
|
|
Capital assets used in governmental
activities are not financial |
|
|
|
|
|
|
|
|
|
resources and, therefore, are not
reported in the funds. |
|
64,680,411 |
|
|
|
|
|
|
|
Long-term liabilities, including
notes payable of ($689,140) |
|
|
|
|
|
|
|
|
|
compensated absences of ($2,443,749)
and accrued interest |
|
|
|
|
|
|
|
|
|
($8,681), are not due and payable in
the current period and |
|
|
|
|
|
|
|
|
|
and therefore are not reported in the
funds. |
|
(3,141,570) |
|
|
|
|
|
|
|
reported in the funds. |
|
|
|
See
notes to financial statements. |
|
|
|
|
|
Net assets of governmental activities
|
|
88,304,443$ |
22
|
SUWANNEE COUNTY, FLORIDA |
|||||
|
GOVERNMENTAL FUNDS |
|||||
|
STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES |
|||||
|
For the Fiscal Year Ended
September 30, 2010 |
|||||
|
Special
Revenue Funds Capital Projects Funds |
|||||
|
Clerk
of |
|||||
|
Circuit
Court Reserve Road and |
Other
|
Total |
|||
|
General
|
Road
and Fine and Court Sheriff Capital Bridge |
Governmental |
Governmental |
||
|
Fund
|
Bridge
Forfeiture Library Recreation Related Operating Infrastructure Construction |
Funds |
Finds |
||
|
REVENUES
|
|
|
|
||
|
Taxes
|
$
|
6,804,346 |
1,643,657$ 7,542,114$ -$ -$ -$ -$ -$
980,824$ |
99,638$ |
17,070,579$ |
|
Licenses
and permits |
|
29,149 |
3,930 ------- |
177,568 |
210,647 |
|
Intergovernmental
|
|
3,590,025 |
2,754,550 425,250 1,894,896 396,460
1,213,743 538,865 -- |
1,977,107 |
12,790,896 |
|
Charges
for services |
|
485,376 |
327,021 150,454 90,000 258,947 82,147
7,428 -- |
1,507,878 |
2,909,251 |
|
Fines
and forfeitures |
|
18,014 |
-108,639 27,182 ----- |
45,285 |
199,120 |
|
Miscellaneous
|
|
827,840 |
803 47,133 33,554 31,170 1,203 11,479
-147,034 |
995,683 |
2,095,899 |
|
Interest
|
|
42,762 |
2,581 60 --1,219 5,659 67,577 4,105 |
22,065 |
146,028 |
|
Total
revenues |
|
11,797,512 |
4,732,542 8,273,650 2,045,632 686,577
1,298,312 563,431 67,577 1,131,963 |
4,825,224 |
35,422,420 |
|
EXPENDITURES
|
|
|
|
|
|
|
Current
expenditures |
|
|
|
|
|
|
General
government |
|
3,426,956 |
-------- |
3,192,438 |
6,619,394 |
|
Public
safety |
|
1,443,715 |
-417,330 ---7,001,657 -- |
2,012,703 |
10,875,405 |
|
Physical
environment |
|
477,308 |
-------- |
- |
477,308 |
|
Transportation
|
|
194,026 |
4,404,691 ------305 |
- |
4,599,022 |
|
Economic
environment |
|
199,947 |
-------- |
301,831 |
501,778 |
|
Human
services |
|
1,233,159 |
-------- |
- |
1,233,159 |
|
Culture
/ recreation |
|
105,978 |
--2,693,251 941,728 ---- |
- |
3,740,957 |
|
Court
related |
|
- |
-294,841 --938,117 --- |
514,092 |
1,747,050 |
|
Capital
outlay |
|
|
|
|
|
|
General
government |
|
331,432 |
-------- |
559,938 |
891,370 |
|
Public
safety |
|
141,892 |
-----494,451 -- |
668,656 |
1,304,999 |
|
Physical
environment |
|
4,042 |
-------- |
- |
4,042 |
|
Transportation
|
|
64,685 |
1,549,123 ------341,390 |
- |
1,955,198 |
|
Culture
/ recreation |
|
- |
--21,118 62,762 ---- |
9,517 |
93,397 |
|
Court
related |
|
- |
-18,121 ------ |
10,701 |
28,822 |
|
Debt
service |
|
|
|
|
|
|
Principal
|
|
- |
---10,000 ---- |
904,253 |
914,253 |
|
Interest
|
|
- |
-------- |
54,144 |
54,144 |
|
Total
expenditures |
|
7,623,140 |
5,953,814 730,292 2,714,369 1,014,490
938,117 7,496,108 -341,695 |
8,228,273 |
35,040,298 |
|
Excess
of revenues over |
|
|
|
|
|
|
expenditures
|
|
4,174,372 |
(1,221,272) 7,543,358 (668,737)
(327,913) 360,195 (6,932,677) 67,577 790,268 |
(3,403,049) |
382,122 |
|
OTHER
FINANCING |
|
|
|
|
|
|
SOURCES
(USES) |
|
|
|
|
|
|
Sale
of fixed assets |
|
- |
245,000 ------- |
- |
245,000 |
|
Interfund
transfers in |
|
262,153 |
913,047 -925,598 531,867 -6,932,677
-- |
3,506,424 |
13,071,766 |
|
Interfund
transfers out |
|
(5,283,242) |
-(7,131,872) --(360,195) -(130,000) - |
(166,457) |
(13,071,766) |
|
Total
other financing |
|
|
|
|
|
|
sources
(uses) |
|
(5,021,089) |
1,158,047 (7,131,872) 925,598 531,867
(360,195) 6,932,677 (130,000) - |
3,339,967 |
245,000 |
|
Net
change in fund |
|
|
|
|
|
|
balances
|
|
(846,717) |
(63,225) 411,486 256,861 203,954
--(62,423) 790,268 |
(63,082) |
627,122 |
|
Fund
balances at beginning |
|
|
|
|
|
|
of
year |
|
13,784,720 |
1,322,877 512,097 78,676 60,769
--4,540,461 2,112,461 |
3,726,419 |
26,138,480 |
|
Fund
balances at end of |
|
|
|
|
|
|
year
|
$
|
12,938,003 |
1,259,652$ 923,583$ 335,537$ 264,723$
-$ -$ 4,478,038$ 2,902,729$ |
3,663,337$ |
26,765,602$ |
|
See
notes to financial statements. |
|
|
|
|
|
23
|
SUWANNEE 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, 2010 Net change in fund
balances - total governmental funds Amounts reported for governmental
activities in the statement of activities are different because: Governmental
funds report capital outlay as expenditures. However, in the statement of
activities, the cost of those assets is allocated over their estimated useful
lives as depreciation expense. Expenditures for capital assets 4,299,895$
Donation of fixed assets 1,497,477 Less current year depreciation (3,176,278)
|
$ |
627,122 2,621,094 |
|
|
Repayments of loan principal
and capital lease payments are expenditures in the governmental funds, but
the repayment reduces long-term liabilities in the statement of net assets
Revenue notes principal payments Notes payable principal payments Some expenses
reported in the statement of activities do not require the use of current
financial resources, therefore, are not reported as expenditures in
governmental funds. Net change in compensated absences Net change in accrued
interest |
904,253 10,000 23,514 12,625 |
|
914,253 36,139 |
|
|
|
$ |
4,198,608 |
See notes to financial statements. See notes to financial statements.
|
SUWANNEE COUNTY FLORIDA |
||||||||
|
STATEMENT OF NET ASSETS |
||||||||
|
PROPRIETARY FUND TYPES |
||||||||
|
September 30, 2010 |
||||||||
|
ASSETS Current assets Cash
Accounts receivable Allowance for doubtful accounts Due from other funds Due
from other governmental units Total current assets |
Solid Waste Solid Waste Collection Disposal
1,182,601$ 715,029$ 12,170 63,613 (5,923) (6,105) -6,734 45,078 10,321
1,233,926 789,592 Business Type Activities Enterprise Funds |
$ |
Total 1,897,630 75,783 (12,028) 6,734 55,399
2,023,518 |
|||||
|
Restricted assets Investments |
- |
1,543,972 |
|
1,543,972 |
||||
|
Noncurrent assets Land
Buildings and improvements Equipment Allowance for depreciation Total
noncurrent assets Total assets |
93,575 193,215 1,452,403 3,664,145 1,976,176 437,452
(2,153,395) (4,008,568) 1,368,759 286,244 2,602,685$ 2,619,808$ |
$ |
286,790 5,116,548 2,413,628 (6,161,963) 1,655,003
5,222,493 |
|||||
|
LIABILITIES AND NET ASSETS
LIABILITIES Current liabilities (payable from current assets) Accounts
payable Wages payable Due to other funds Deposits Accrued compensated
absences Total current liabilities (payable from current assets) |
33,656$ 37,776$ 12,347 4,453 6,734 -19,976 71,794
1,494 1,867 74,207 115,890 |
$ |
71,432 16,800 6,734 91,770 3,361 190,097 |
|||||
|
Current liabilities (payable
from restricted assets) Landfill postclosure costs Total current liabilities
( payable from restricted assets) |
-- |
235,540 235,540 |
|
235,540 235,540 |
||||
|
(continued) |
|
|
||||||
|
SUWANNEE COUNTY FLORIDA |
|||||||
|
STATEMENT OF NET ASSETS |
|||||||
|
PROPRIETARY FUND TYPES |
|||||||
|
September 30, 2010 |
|||||||
|
Business Type Activities
Enterprise Funds Solid Waste Collection |
Solid Waste Disposal |
|
Total |
||||
|
Noncurrent liabilities Accrued
compensated absences Estimated liability for landfill closure Total
liabilities |
19,855$ 24,799$ -3,514,414 19,855 3,539,213 94,062
3,890,643 |
$ |
44,654 3,514,414 3,559,068
3,984,705 |
||||
|
NET ASSETS (DEFICIT) Invested
in capital assets, net of related debt Restricted for reserved for closure
liability Unrestricted (deficit) Total net assets (deficit) |
1,368,759 -1,139,864 2,508,623 |
286,244 1,543,972 (3,101,051)
(1,270,835) |
|
1,655,003 1,543,972 (1,961,187)
1,237,788 |
|||
|
Total liabilities and net
assets |
2,602,685$ 2,619,808$ |
$ |
5,222,493 |
||||
|
SUWANNEE COUNTY, FLORIDA |
||
|
STATEMENT OF REVENUES,
EXPENDITURES AND |
||
|
CHANGES IN NET ASSETS |
||
|
PROPRIETARY FUND TYPES |
||
|
For the Fiscal Year Ended
September 30, 2010 |
||
|
Business Type Activities |
||
|
Enterprise Funds |
||
|
Solid Waste Solid Waste |
||
|
Collection Disposal |
|
Total |
|
OPERATING REVENUES |
|
|
|
Physical environment |
|
|
|
State grant 44,874$ 33,913$ |
$ |
78,787 |
|
Charges for services 86,649 911,606 |
|
998,255 |
|
Container rental 11,139 - |
|
11,139 |
|
Miscellaneous 18,904 80,603 |
|
99,507 |
|
Total operating revenues 161,566 1,026,122 |
|
1,187,688 |
|
OPERATING EXPENSES |
|
|
|
Garbage and solid waste
services |
|
|
|
Personal services |
|
|
|
Salaries 382,014 77,110 |
|
459,124 |
|
Employee benefits 157,774 30,923 |
|
188,697 |
|
Total personal services 539,788 108,033 |
|
647,821 |
|
Operating expenses |
|
|
|
Professional and contractual
services 35,700 1,147,143 |
|
1,182,843 |
|
Communications 9,429 - |
|
9,429 |
|
Utility services 15,877 432 |
|
16,309 |
|
Rental and leases 3,268 - |
|
3,268 |
|
Insurance 80,130 8,625 |
|
88,755 |
|
Repairs and maintenance 103,213 11,022 |
|
114,235 |
|
Printing 768 - |
|
768 |
|
Supplies 100,614 17,435 |
|
118,049 |
|
Miscellaneous 1,378 1,085 |
|
2,463 |
|
Depreciation 187,604 90,793 |
|
278,397 |
|
Total operating expenses 537,981 1,276,535 |
|
1,814,516 |
|
Total garbage and solid waste |
|
|
|
services 1,077,769 1,384,568 |
|
2,462,337 |
|
Operating loss (916,203) (358,446) |
|
(1,274,649) |
|
NONOPERATING REVENUES
(EXPENSES) |
|
|
|
Interest 1,576 24,201 |
|
25,777 |
|
Special assessments 1,121,259
680,482 |
|
1,801,741 |
|
Tax Collector fees (25,000) - |
|
(25,000) |
|
Total nonoperating revenues
(expenses) 1,097,835 704,683 |
|
1,802,518 |
|
Net income 181,632 346,237 |
|
527,869 |
|
Net assets beginning of year
2,326,991 (5,662,397) |
|
(3,335,406) |
|
Prior period adjustment
-4,045,325 |
|
4,045,325 |
|
Net assets end of year
2,508,623$ (1,270,835)$ |
$ |
1,237,788 |
SUWANNEE
COUNTY, FLORIDA
PROPRIETARY
FUNDS
STATEMENT
OF CASH FLOWS
For
the Fiscal Year Ended September 30, 2010
Business Type ActivitiesEnterprise
FundsSolid SolidWaste Waste
Collection Disposal
Fund Fund Totals
CASH FLOWS FROM
OPERATING ACTIVITIES Cash received from State grants $ 44,874 $ 33,913 $ 78,787
Cash received from customers and users 313,817 976,199 1,290,016 Cash payments
to employees and benefits (540,348) (106,806) (647,154) Cash payments for
operating expenses (323,498) (1,413,141) (1,736,639)
Net cash used for operating activities
(505,155) (509,835) (1,014,990)
CASH FLOWS FROM
NONCAPITAL FINANCING ACTIVITIES Cash received from special and service
assessments net of
collection fees 1,096,259 680,482 1,776,741 Net cash provided by noncapital
financing activities 1,096,259 680,482 1,776,741
CASH FLOWS FROM
CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of plant, property and
equipment (2,955) -(2,955) Net cash used for capital and related financing
activities (2,955) -(2,955)
CASH FLOWS FROM
INVESTING ACTIVITIES Interest revenue 1,576 24,201 25,777 Purchase of
investments -(22,834) (22,834)
Net cash provided by
investing activities 1,576 1,367 2,943 Net increase (decrease)in cash and cash
equivalents 589,725 172,014 761,739
Cash and cash equivalents - beginning of year
592,876 543,015 1,135,891 Cash and cash equivalents - end of year $
1,182,601 $ 715,029 $ 1,897,630
|
(continued) |
SUWANNEE COUNTY, FLORIDA
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS
For the Fiscal Year Ended Septembe r 30, 2010
RECONCILIATION OF
OPERATING LOSS TO NET CASH USED FOR OPERATING ACTIVITIES
Operating (loss)
(916,203) (358,446) (1,274,649)
Adjustments to
reconcile operating loss to net cash used for operating activities:
Depreciation 187,604 90,793 278,397 Changes in assets and liabilities
Decrease
(increase) in: Accounts receivable (1,274) 928 (346) Due from other funds 357
(6,617) (6,260) Due from other governmental units 196,359 (10,321) 186,038
Increase (decrease) in : Accounts payable 20,145 (24,452)
(4,307) Wages payable (288) 1,418 1,130 Due to other funds 6,734 (179) 6,555
Deposits 1,683 -1,683 Accrued compensated absences (272) (191) (463) Estimated
liability in landfill closure -(202,768) (202,768)
Total adjustments
411,048 (151,389) 259,659
Net
cash used for operating activities $ (505,155) $ (509,835) $ (1,014,990)
See notes to
financial statements.
|
SUWANNEE COUNTY, FLORIDA |
||||||||||||||||||
|
STATEMENT OF FIDUCIARY NET
ASSETS |
||||||||||||||||||
|
AGENCY FUNDS September 30,
2010 |
||||||||||||||||||
|
Board
of County Commis-sioners |
|
Clerk
of the Circuit Court |
Sheriff |
|
|
Supervisor
of Elections |
Tax
Collector |
|||||||||||
|
ASSETS
Cash Accounts receivable Due from other funds Due from other governmental
units Total assets |
$
$ |
State
Attorney 78,545 --50,376 128,921 |
Domestic Relations
-$ 1,735 30 -1,765$ |
Registry
Tax Witness Bond Civil of Court Deed and Jury and Fine Depositors 528,643$
134,145$ 6,666$ 51,662$ 5,609$ -----70 15 --------528,713$ 134,160$ 6,666$
51,662$ 5,609$ |
$
$ |
Inmate
Welfare 79,769 48,266 --128,035 |
Agency
2,629$ ---2,629$ |
Ad
Valorem Tag Tax Agency 433,507$ 60,800$ 32,627 1,296 28 375 -447 466,162$
62,918$ |
$
$ |
Totals 1,381,975
83,924 518 50,823 1,517,240 |
||||||||
|
LIABILITIES
Accounts payable Cash bond liability Due to individuals Deposits held in
escrow Due to other funds Due to other governmental units Installments
payable Other current liabilities Total liabilities NET ASSETS |
$
$ |
841
----128,080 --128,921 - |
129$ --1,607 29
---1,765 -$ |
$
$ |
--85,920
442,793 ----528,713 - |
-$
100$ ----134,160 ----6,566 ----134,160 6,666 -$ -$ |
$
$ |
-51,662
------51,662 - |
$
$ |
----4,513 --1,096
5,609 - |
$
$ |
--8,472 -10,383
--109,180 128,035 - |
-$
------2,629 2,629 -$ |
2,132$
405$ --104,121 1,506 --2,482 4,434 30,209 56,573 327,218 ---466,162 62,918 -$
-$ |
$
$ |
3,607 51,662 200,019
578,560 21,841 221,428 327,218 112,905 1,517,240 - |
||
|
See
notes to financial statements. |
|
|
|
|
|
|
|
|
|
|||||||||
30
SUWANNEE COUNTY, FLORIDA
NOTES TO FINANCIAL
STATEMENTS
September 30, 2010
NOTE
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Suwannee County, Florida, (the
“County”) is a political subdivision of the State pursuant to Article VIII,
Section 1(a) of the Constitution of the State of Florida. The County is
governed by the Board of County Commissioners and five elected constitutional
officers (Clerk of the Circuit Court, Property Appraiser, Sheriff, Supervisor
of Elections, and Tax Collector) in accordance with state statutes and
regulations. The constitutional officers maintain separate accounting records
and budgets from the Board of County Commissioners. The Constitution of the
State of Florida, Article VIII, Section 1(d) created the constitutional
officers and Article VIII, Section 1(e), created the Board of County
Commissioners.
The financial statements of the
County have been prepared in conformity with generally accepted accounting
principles (GAAP) as applied to government units. The Governmental Accounting
Standards Board (GASB) is the standard -setting body for governmental
accounting and financial reporting principles. Pronouncements of the Financial
Accounting Standards Board (FASB) issued after November 30, 1989, are not
applied in the preparation of the financial statements of the proprietary fund
types in accordance with GASB Statement 20.
The GASB periodically updates its codification of the existing Governmental
Accounting and Financial Reporting Standards which, along with subsequent GASB
pronouncements (Statements and Interpretations), constitut es GAAP for
governmental units.
In June, 1999, the Governmental
Accounting Standards Board (GASB) unanimously approved Statement 34-Basic
Financial Statement and Management ’s Discussion and Analysis -for State and
Local Governments. This Statement provided for the most significant change in
financial reporting in over twenty years and scheduled a phased implementation
(based on the size of government) starting with the fiscal year ending 2002. As
part of this statement, there is a new reporting requirem ent regarding the
local government ’s infrastructure (roads, bridges, traffic signals, etc.).
This requirement permits an optional four-year further delay for implementation
of the infrastructure related portion to the fiscal year ending in 2007. The
County implemented the basic model in the FY 2002-2003, and implemented the
infrastructure related portion in 2007 .
A. Reporting Entity
The concept underlying the
definition of the reporting entity is that elected officials are accountable to
their constituents for their actions.
The reporting entity’s financial statements should allow users to distinguish
between the primary government (the Board) and its component units. However,
some component units, because of the closeness of their relationships with the
Board, should be blended as though they are part of the Board. Otherwise, most
component units should be discretely presented. As required by generally
accepted accounting principles, the financial reporting entity consists of (1)
the primary government (the Board), (2) organizations for which the Board is
financially accountable, and (3) other organizations for which the nature and
significance of their relationship with the Board are such that exclusion would
cause the reporting entity’s financial statements to be misleading or
incomplete. The Board is financially accountable if it appoints a voting
majority of the organization ’s governing body and (a) it is able to impose its
will on that organization or (b) there is a potential for the organizati on to
provide specific financial benefits to, or impose specific financial burdens
on, the Board. The Board may be financially accountable if an organization is
fiscally dependent on the Board regardless of whether the organization has (a)
separately elected governing board, (b) a governing board appointed by a higher
level of government, or (c) a jointly appointed board. Based on these criteria,
County management examined all organizations which are legally separate in
order to determine which organizations, if any, should be included in the
County’s financial statements. Management
determined that there are no organizations that should be included in the
County’s financial statements as component units.
B. Measurement Focus and Basis
of Accounting
The basic financial statements
of the County are comprised of the following:
Government -wide financial statements Fund
financial statements Notes to the financial statements Required supplementary
information
1. Government -wide Financial
Statements
Governmen t-wide financial
statements display information about the reporting government as a whole,
except for its fiduciary activities. These statements include separate columns
for the governmental and business -type activities of the primary government
(includin g its blended component units), as well as its discreetly presented
component units. For the most part, the effect of interfund activity has been
removed from these statements. Governmental activities, which normally are
supported by taxes and intergover nmental revenues, are reported separately from
business -type activities, which rely, to a significant extent, on fees and
charges for support. Likewise, the primary government is reported separately
from the legally separate component unit for which the primary government is
financially accountable.
Government -wide financial
statements are reported using the economic resources measurement focus and the
accrual basis of accounting, as are the proprietary fund and agency fund
financial statements. Under the accrual basis of accounting, revenues, expenses,
gains, losses, assets, and liabilities resulting from exchange and exchange
-like transactions are recognized when the exchange takes place. Revenues,
expenses, gains, losses, assets, and liabilities resulti ng from nonexchange
transactions are recognized in accordance with the requirements of GASB
Statement 33 -Accounting and Financial Reporting for Nonexchange Transactions.
Program revenues include charges
for services, special assessments, and payments made by parties outside of the
reporting government ’s citizenry if that money is restricted to a particular
program. Program revenues are netted with program expenses in the statement of
activities to present the net cost of each program.
Amounts
paid to acquire capital assets are capitalized as assets in the government
-wide financial statements, rather than reported as an expenditure. Proceeds of
long-term debt are recorded as
liabilities in the government -wide financial statements, rather than as another
financing source.
Amounts paid to reduce long-term
indebtedness of the reporting government are reported as a reduction of the
related liability, rather than as an expenditure.
As a general rule the effect of
interfund activity has been eliminated from the government -wide financial
statements. As applicable, the County also chooses to eliminate the indirect
costs between governmental activities to avoid ”doubling up” effect.
2. Fund Financial Statements
The underlying accounting system
of the County is organized and operated on the basis of separate funds, each of
which is considered to be a separate accounting entity. The operations of each
fund are accounted for with a separate set of self-balancing accounts that
comprise its assets, liabilities, fund equity, revenues and expenditures or
expenses, as appropriate. Governmental resources are allocated to and accounted
for in individual funds based upon the purposes for which they are to be spent
and the means by which spending activities are controlled.
Fund financial statements for
the primary government ’s governmental, proprietary, and fiduciary funds are
presented after the government -wide financial statements. These statements display information about
major funds and individually and nonmajor funds in the aggregate for
governmental and enterprise funds. The fiduciary statement includes financial
information for the agency fund. The agency funds of the County primarily
represent assets held by the County in a custodial capacity for other
individuals or governments.
Governmental Funds
Governmental fund financial
statements are reported using the current financial resources measurement focus
and the modified accrual basis of accounting. Revenues are recognized as soon
as they are both measurab le and available.
Revenues are considered to be available when they are collected within
the current period or soon enough thereafter to pay liabilities of the current
period. For this purpose, the County considers revenues to be available if they
are collected within 60 days of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under
accrual accounting. Franchise fees, licenses, sales taxes, gas taxes, operating
and capital grants, and interest associated with the current fiscal period are
all considered to be susceptible to accrual and so have been recognized as
revenues of the current fiscal period. All other revenue items are considered
to be measurable only when cash is received by the County.
Under the current financial
resources measurement focus, only current assets and current liabilities are
generally included on the balance sheet. The reported fund balance is
considered to be measure of “available spendable resources.” Governmental funds
operating statements present increases (revenue and other financing sources)
and decreases (expenditures and other financing uses) in net current assets.
Accordingly, they are said to present a summary of sources and uses of
“available spendable resources” during a period.
Any non-current portions of
long-term receivables (special assessments) due to governmental funds are
reported on their balance sheets in spite of their spending measurement focus.
Non-current portions of other
long-term receivables are offset by fund balance reserve accounts.
Because of their spending
measurement focus, expenditure recognition for governmental fund types exclude
amounts represented by noncurrent liabilities. Since they do not affect net
current assets, such long-term amounts are not recognized as governmental fund
type expenditures or fund liabilities.
Amounts expended to acquire
capital assets are recorded as expenditures in the year that resources were
expended, rather than as fund assets. The proceeds of long-term debt are
recorded as another financing source rather than as a fund liability. However, debt service expenditures, as well
as expenditures related to compensated absences and claims and judgments, are
recorded only when payment is due.
Proprietary Funds
The County’s enterprise funds
are proprietary funds. In the fund
financial statements, proprietary funds are presented using the accrual basis
of accounting. Revenues are recognized when they are earned and expenses are
recognized when the related goods and services are delivered. In the fund financial statements, proprietary
funds are presented using the economic resources measurement focus. This means
that all assets and all liabilities (whether current or noncurrent) associated
with their activity are included on their balance sheets. Proprietary fund type operating statements
present increases (revenues) and decreases (expenses) in total net assets. The
County applies all GASB pronouncements
as well as all FASB Statements and Interpretations, APB Opinions and Accounting
Research Bulletins, issued on or before November 30, 1989, which do not
conflict with or contradict GASB pronouncements.
Proprietary fund operating
revenues, such as charges for services, result from exchange transactions
associated with the principal activity of the fund. Exchange transactions are
those in which each party receives and gives up essentially equal values. Nonoperating
revenues, such as subsidies, taxes, and investment earnings, result from
nonexchange transactions or ancillary activities.
Amounts paid to acquire capital
assets are capitalized as assets in the fund financial statements, rather than
reported as an expenditure. Proceeds of long-term debt are recorded as a
liability in the fund financial statements, rather than as another financing
source. Amounts paid to reduce long-term
indebtedness are reported as a reduction of the related liabilities, rather than
as an expense.
C. Basis of Presentation
GASB Statement 34 sets forth
minimum criteria (percentage of the assets, liabilities, revenues or
expenditures/expenses of either fund category and the governmental and
enterprise combined) for the determination of major funds. The County has used
GASB 34 minimum criteria for major fund determination and has also electively
disclosed funds which either had debt outstanding or specific community focus
as major funds. The non-major funds are combined in a column in the fund
financial statements and detailed in the combining section.
1. Governmental Major Funds:
General Fund -The General Fund
is the general operating fund of the County.
It is used to account for all financial resources, except those required
to be accounted for in another fund.
Road
and Bridge Fund -The Road and Bridge Fund accounts for expenditures incurred
for the maintenance and repairs of County roads. Financing is provided by local
option fuel taxes and distributions of state shared fuel taxes.
Fine
and Forfeiture Fund -The Fine and Forfeiture Fund accounts for expenditures
relating to the judicial system and the funding of the operations of the
Sheriff, a separate Constitutional Officer. Financing is provided by ad valorem
and local option sales taxes, state share revenues, and current related fines
and fees.
Library
Fund -The Library Fund accounts for expenditures relating to the operation of
the Suwannee River Regional Library System, which includes the County library
services. Financing is provided by state and local government grants and
library related fees.
Recreation
Fund -The Recreation Fund accounts for revenues and expenditures associated
with the County’s various recreation programs.
Clerk
of Circuit Court Related Fund -The Clerk of Circuit Court Related Fund is the
general operating fund of the Clerk of the Circuit Court, a Constitutional
Officer. It is used to account for all
financial resources and expenditures of the Clerk, except those required to be
accounted for in another fund.
Sheriff
Operating Fund -The Sheriff Operating Fund is the general operating fund of the
Sheriff, a Constitutional Officer. It is used to account for all financial
resources and expenditures of the Sheriff, except those required to be
accounted for in another fund.
Reserve
Capital Infrastructure Fund -The Reserve Capital Infrastructure Fund is a
capital projects reserve fund established by the Board to fund future
infrastructure improvements. It was funded by an equity transfer from the
former Hospital Investment Fund.
Road
and Bridge Construction Fund -The Road and Bridge Construction Fund is a
capital projects fund established by the Board to fund road and bridge
construction and improvements.
2.
Proprietary Funds:
Solid
Waste Collection Fund -The Solid Waste Collection Fund accounts for the
revenues, expenses, assets, and liabilities associated with the County-operated
solid waste collection service provided to residential and commercial customers
with the County.
Solid
Waste Disposal Fund -The Solid Waste Disposal Fund accounts for the revenues,
expenses, assets, and liabilities associated with the County operated solid
waste disposal services.
3.
Non-current Governmental Assets/Liabilities:
GASB
Statement 34 requires that non-current governmental assets, such as land and
buildings, and non-current governmental liabilities, such as general obligation
bonds and capital leases, be reported in the governmental activities column in
the government -wide statement of net assets.
D.
Assets, Liabilities and Net Assets or Equity
1.
Cash and Cash Equivalents
The
County maintains a cash pool that is available for use by all funds. Earnings from the pooled cash are allocated
to the respective funds based on applicable cash participation by each fund. The
cash pool is managed such that all participating funds have the ability to
deposit and withdraw cash as if they were demand deposit accounts. Therefore,
all balances representing participants ’ equity in the cash pools are
classified as cash and cash equivalents for financial statement purposes. In
addition, longer-term investments are held by certain of the County’s funds and
are reported as investments on these statements.
2.
Investments
Investments
include bank certificates of deposit, which are fully insured by depository
insurance and pledged collateral.
3.
Allowance for Doubtful Accounts
The
County provides an allowance for Solid Waste Collection and Solid Waste
Disposal accounts receivable that may become uncollectible. At September 30,
2010, this allowance was $5,923 for the Solid Waste Collection Fund and $6,105
for the Solid Waste Disposal Fund. No other allowances for doubtful accounts
are maintained since other fund accounts receivable are considered collectable
as reported at September 30, 2010.
4.
Receivables and Payables
Activity
between funds that are representative of lending/borrowing arrangements
outstanding at the end of the fiscal year are referred to as “due to/from other
funds.” Any residual balances outstanding between the governmental activities
and business -type activities are reported in the government -wide financial
statements as “internal balances. ”
All
receivables are shown net of an allowance for doubtful accounts. Any
receivables in excess of 180 days would comprise the trade accounts receivable
allowance for doubtful accounts.
5.
Inventories
Inventories
are valued at cost, which approximates market, using the “first-in, first-out”
method of accounting. Supplies inventories of certain governmental funds are
recorded as expenditures when consumed rather than when purchased.
6.
Restricted Assets
Certain net assets of the County
are classified as restricted assets on the statement of net assets because
their use is limited either by law through constitutional provisions or
enabling legislation; or by restrictions imposed externally by creditors,
grantors, contributions, or laws or regulations of other governments. In a fund
with both restricted and unrestricted assets, qualified expenses are considered
to be paid first from restricted net assets and then from unrestricted net
assets.
7.
Capital Assets
Capital
assets, which include property, plant, equipment, and infrastructure assets
(e.g., roads, bridges, right-of-ways, and similar items), are reported in the
applicable governmental or business -type activities column in the government
-wide financial statements. Capital
assets are defined by the Board as assets with an initial, individual cost of
$300 or more and an estimated useful life in excess of one year. Except for
roads and bridges constructed prior to October 1, 1981, assets are recorded at
historical cost. Roads and bridges
constructed prior to October 1, 1981 are reported at estimated historical
cost. Donated capital assets are
recorded at estimated fair market value at the date of donation.
The costs of normal maintenance
and repairs that do not add to the value of the asset or materially extend its
useful life are not capitalized.
Major outlays for capital assets
and improvements are capitalized as projects are constructed. Interest incurred
during the construction phase of capital assets of business -type activities is
included as part of the capitalized value of the assets constructed.
The Board of County
Commissioners holds legal title to the capital assets used in the operations of
the Board, Clerk of the Circuit Court, Property Appraiser, Supervisor of
Elections and Tax Collector, as is accountable for them under Florida Law.
The Sheriff is accountable for
and thus maintains capital asset records pertaining only to equipment used in
his operations.
Property, plant, and equipment
of the County, as well as component units, are depreciated using the straight
-line method over the following estimated useful lives:
Assets Years
Building and improvements 7 - 40
Machinery and equipment 5 - 20 Road and bridge infrastructure 40 - 50
8. Capitalization of Interest
Interest costs related to
enterprise fund bond issues are capitalized during the construction period.
These costs are netted against applicable interest earnings on construction
fund investments. During the current period, the County did not have any such
capitalized interest.
9. Deferred Revenues
Deferred revenues reported in
government -wide financial statements represent unearned revenues. The deferred
revenues will be recognized as revenue in the fiscal year they are earned in
accordance with the accrual basis of accounting. Deferred revenues reported in
governmental fund financial statements represent unearned revenues or revenues
which are measurable but not available and, in accordance with the modified
accrual basis of accounting, are reported as deferred revenues.
10. Accrued Compensated Absences
The County accrues accumulated
unpaid vacation and sick leave when earned by the employee. The current portion
is the amount estimated to be used in the following year. The non-current portion is the amount
estimated to be used in subsequent fiscal years. Both the current and noncurrent
estimated accrued compensated absences amounts for governmental funds are
maintained separately and represent a reconciling item between the fund and
government -wide presentation.
11. Obligation for Bond
Arbitrage Rebate
Pursuant to Section 148(f) of
the U.S. Internal Revenue Code, the County must rebate to the United States
Government the excess of interest earned from the investment of certain debt
proceeds and pledged revenues over the yield rate of the applicable debt. The
County uses the “revenue reduction ” approach in accounting to rebatable
arbitrage. This approach treats excess
earnings as a reduction of revenue. Management believes the County has no
arbitrage liability outstanding as of September 30, 2010.
12. Landfill Closure Costs
Under the terms of current state
and federal regulations, the County was required to place a final cover on
closed landfill areas, and to perform certain monitoring and maintenance
functions for a period of thirty years after closure. The County recognizes these costs of
post-closure maintenance annually. Required obligations for closure and
post-closure costs are recognized in the Solid Waste Disposal Fund.
NOTE 2. RECONCILIATION OF
GOVERNMENT -WIDE AND FUND FINANCIAL STATEMENTS
A. Explanation of Differences Between the
Governmental Fund Balance Sheet and the Government -wide Statement of Net
Assets.
“Total fund balances ” of the
County ’s governmental funds ($26,765,602) differs from “net assets” of
governmental activities ($88,304,443 ) reported in the statement of net
assets. This difference primarily
results from the long-term economical focus of the statement of net assets
versus the current financial resources focus of the governmental fund balance
sheet.
Capital related items
When capital assets (property,
plant, equipment) that are to be used in governmental activities are purchased
or constructed, the cost of these assets are reported as expenditures in
governmental funds. However, the statement of net assets included those capital
assets among the assets of the County as a whole.
|
Cost of capital assets |
$ 88,364,361 |
|
Accumulated depreciation |
(23,683,950) |
|
Total |
$ 64,680,411 |
Long-term debt transactions
Long-term liabilities applicable to the County ’s governmental activities are not due and payable in the current period and accordingl y are not reported as fund liabilities. All liabilities (both current and long-term) are reported in the statement of net assets. Balances at September 30, 2010, were:
Revenue Notes Payable $ 609,140 Notes payable 80,000 Compensated absences 2,443,749 Total $ 3,132,889
Accrued interest Accrued liabilities in the statement of net assets differs from the amount reported in governmental funds due to accrued interest on the long-term debt.
Accrued interest $ 8,681
Elimination of interfund receivables/payable
Interfund receivables and payables in the amount of $602,654 between governmental funds must be eliminated for the statement of net assets.