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TOWN OF JUPITER, FLORIDA RECONCILIATION OF THE GO...

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TOWN OF JUPITER, FLORIDA RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET ASSETS September 30, 2009 Total governmental fund balances $ 3 9,609,344 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. 8 2,363,121 Net pension assets of a defined benefit pension plan are reported in the statement of net assets. Because this does not represent available, spendable resources, it is not reported in governmental funds. 2 39,096 Discounts on the issuance of long-term debt are reported as "Other Financing Sources and Uses" and debt issue costs are charged to expenditures when debt is issued in the governmental funds. These items are deferred and amortized over the life of the debt in the government-wide statements. Bond issue costs $ 186,746 Bond discount 112,763 2 99,509 Accrued interest on bonds payable is not due and payable in the current period and, therefore, is not reported in the funds. (273,873) Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Capital leases (402,547) Bonds and note payable (31,560,000) Compensated absences (2,695,534) Net other postemployment benefits obligation (88,918) (34,746,999) Total net assets $ 8 7,490,198 The notes to the financial statements are an integral part of this statement. Page 15 TOWN OF JUPITER, FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS For the Year Ended September 30, 2009 REVENUES Taxes $ 25,760,677 $ 1,741,465 $ 3,275,029 $ 30,777,171 Franchise fees 4,715,332 - - 4,715,332 Licenses and permits 502,434 - 287,199 789,633 Intergovernmental 2 ,854,223 169,904 3,082,710 6,106,837 Charges for services 6,041,646 - - 6,041,646 Fines and forfeitures 377,895 - - 377,895 Investment earnings (losses) (398) 11,577 20,506 31,685 Donations 2,875 - - 2,875 Miscellaneous 493,278 1,000,000 332,291 1,825,569 Total Revenues 40,747,962 2,922,946 6,997,735 50,668,643 EXPENDITURES Current General government 1 3,860,812 - 345,193 14,206,005 Public safety 1 7,882,416 - 35,480 17,917,896 Engineering and public works 3 ,821,167 418,803 - 4,239,970 Culture and recreation 3 ,522,655 217,853 - 3,740,508 Capital outlay 620,746 1,770,099 1,194,390 3,585,235 Debt service Principal 256,092 - 1 ,785,000 2,041,092 Interest 1 7,841 - 1 ,480,936 1,498,777 Total Expenditures 39,981,729 2,406,755 4,840,999 47,229,483 Revenues Over Expenditures 766,233 516,191 2,156,736 3,439,160 OTHER FINANCING SOURCES (USES) Insurance recoveries 11,364 - - 1 1,364 Refunding debt issued - - 1 ,770,000 1,770,000 Transfers in 1,780,000 1,832,125 - 3,612,125 Payment of refunded bonds - - ( 1,760,000) (1,760,000) Transfers out - (11,750) ( 3,482,125) (3,493,875) 1 ,791,364 1,820,375 (3,472,125) 139,614 Net Change in Fund Balances 2 ,557,597 2,336,566 (1,315,389) 3,578,774 Fund balances at beginning of year 16,365,343 16,457,607 3 ,207,620 36,030,570 Fund balances at end of year $ 1 8,922,940 $ 18,794,173 $ 1,892,231 $ 39,609,344 Major Governmental Funds General Nonmajor Total Governmental Capital Improvements Governmental Fund Fund Funds Funds The notes to the financial statements are an integral part of this statement. page 16 TOWN OF JUPITER, FLORIDA BUDGETARY COMPARISON SCHEDULE - GENERAL FUND - GAAP BASIS For the Year Ended September 30, 2009 Revenues Taxes $ 24,700,404 $ 24,700,404 $ 25,760,677 $ 1,060,273 Franchise fees 5,010,000 5,010,000 4,715,332 (294,668) Licenses and permits 499,850 499,850 502,434 2,584 Intergovernmental revenue 2,408,783 2,408,783 2,854,223 4 45,440 Charges for services 4,828,850 4,948,640 4,946,646 (1,994) Cost allocation 1,095,000 1,095,000 1,095,000 - Fines and forfeitures 199,800 199,800 377,895 178,095 Investment earnings (losses) 535,000 535,000 (398) (535,398) Donations 1,600 2,215 2,875 6 60 Miscellaneous 132,100 401,636 493,278 91,642 Total Revenues 39,411,387 39,801,328 40,747,962 946,634 Other Financing Sources Insurance recoveries - - 11,364 11,364 Designated fund balance - 363,647 - (363,647) Transfers in 2,230,000 2,230,000 1,780,000 (450,000) Total Other Financing Sources 2,230,000 2,593,647 1,791,364 (802,283) Total Revenues and Other Financing Sources $ 41,641,387 $ 42,394,975 $ 42,539,326 $ 144,351 Variance with Final Amounts Final Budget Positive (Negative) Budgeted Amounts Original Actual (Continued) 56 TOWN OF JUPITER, FLORIDA BUDGETARY COMPARISON SCHEDULE - GENERAL FUND - GAAP BASIS (Continued) For the Year Ended September 30, 2009 GENERAL GOVERNMENT Town Council Personal services $ 23,143 $ 23,143 $ 18,047 $ 5,096 Operating expenditures 135,505 135,505 120,649 1 4,856 Donations 35,000 35,000 34,100 9 00 193,648 1 93,648 1 72,796 2 0,852 Town Manager Personal services 519,103 519,103 520,592 (1,489) Operating expenditures 29,700 29,700 27,933 1 ,767 548,803 5 48,803 5 48,525 2 78 Town Clerk Personal services 473,971 473,971 486,563 (12,592) Operating expenditures 58,728 61,228 33,080 2 8,148 532,699 5 35,199 5 19,643 15,556 Neighborhood Personal services 199,179 199,179 179,942 19,237 Operating expenditures 122,100 232,106 90,208 1 41,898 321,279 4 31,285 2 70,150 161,135 External Affairs Personal services 209,941 209,941 276,360 (66,419) Operating expenditures 74,200 74,200 50,090 2 4,110 284,141 2 84,141 3 26,450 (42,309) Finance Personal services 924,506 905,006 853,430 51,576 Operating expenditures 38,450 60,025 60,996 ( 971) 962,956 9 65,031 9 14,426 50,605 Business Registration Personal services 183,935 183,935 137,916 46,019 Operating expenditures 7,747 7,747 4,887 2 ,860 191,682 1 91,682 1 42,803 48,879 Town Attorney Operating expenditures 338,250 338,250 362,053 ( 23,803) Variance with Positive Final Amounts (Negative) Budgeted Amounts Original Final Budget Actual (Continued) 57 TOWN OF JUPITER, FLORIDA BUDGETARY COMPARISON SCHEDULE - GENERAL FUND - GAAP BASIS (Continued) For the Year Ended September 30, 2009 Safe Neighborhoods Personal services $ 30,787 $ 49,845 $ - $ 49,845 Operating expenditures 536,496 944,125 815,918 1 28,207 567,283 9 93,970 8 15,918 178,052 Information Systems Personal services 1,312,657 1,312,657 1,345,014 (32,357) Operating expenditures 716,834 738,436 562,528 1 75,908 Capital outlay 57,000 51,000 40,166 1 0,834 Debt service 395,369 395,369 - 395,369 2,481,860 2 ,497,462 1 ,947,708 5 49,754 Human Resources Personal services 655,935 655,935 665,205 (9,270) Operating expenditures 179,964 182,039 78,343 1 03,696 835,899 8 37,974 7 43,548 9 4,426 Special Projects Personal services 35,277 35,277 4,035 31,242 Operating expenditures 10,350 10,650 9,185 1 ,465 4 5,627 4 5,927 1 3,220 32,707 Planning and Zoning Personal services 1,193,610 1,162,248 1,201,163 (38,915) Operating expenditures 49,740 50,660 29,864 2 0,796 1,243,350 1 ,212,908 1 ,231,027 ( 18,119) Economic Development Operating expenditures - 5 7,000 5 7,000 - Other General Government Personal services 107,250 107,250 46,643 60,607 Operating expenditures 6,846,479 7,167,541 5,789,068 1 ,378,473 6,953,729 7 ,274,791 5 ,835,711 1,439,080 Total General Government 15,501,206 1 6,408,071 1 3,900,978 2 ,507,093 Final Amounts (Negative) Budgeted Amounts Original Variance with Actual Final Budget Positive (Continued) 58 TOWN OF JUPITER, FLORIDA BUDGETARY COMPARISON SCHEDULE - GENERAL FUND - GAAP BASIS (Continued) For the Year Ended September 30, 2009 PUBLIC SAFETY Code Compliance Personal services $ 463,802 $ 463,802 $ 465,468 $ (1,666) Operating expenditures 77,700 77,700 49,976 2 7,724 541,502 5 41,502 5 15,444 2 6,058 Police Personal services 16,240,076 16,197,676 16,202,382 (4,706) Operating expenditures 1,237,750 1,347,330 1,164,590 1 82,740 Capital outlay 140,000 102,000 561,135 ( 459,135) Debt service 257,998 273,973 273,933 4 0 17,875,824 1 7,920,979 1 8,202,040 (281,061) Total Public Safety 18,417,326 1 8,462,481 1 8,717,484 (255,003) ENGINEERING AND PUBLIC WORKS Engineering Personal services 1,095,776 1,095,776 1,101,883 (6,107) Operating expenditures 56,600 57,900 41,049 1 6,851 Capital outlay 1,600 3 00 - 300 1,153,976 1 ,153,976 1 ,142,932 11,044 Public Works Personal services 1,762,474 1,749,874 1,759,120 (9,246) Operating expenditures 1,138,888 952,188 919,115 3 3,073 Capital outlay 6,600 5,900 5,845 55 2,907,962 2 ,707,962 2 ,684,080 23,882 Total Engineering and Public Works 4,061,938 3 ,861,938 3 ,827,012 34,926 CULTURE AND RECREATION Parks and Recreation Personal services 2,553,408 2,528,808 2,414,256 114,552 Operating expenditures 1,093,509 1,119,677 1,108,399 1 1,278 Capital outlay 14,000 14,000 13,600 4 00 Total Culture and Recreation 3,660,917 3 ,662,485 3 ,536,255 1 26,230 Total Expenditures $ 41,641,387 $ 4 2,394,975 $ 3 9,981,729 $ 2 ,413,246 Final Amounts (Negative) Budgeted Amounts Original Variance with Actual Final Budget Positive See notes to budgetary comparison schedules. page 59 4. Review the information reported in the Reconciliation schedule on page 15, and answer the following questions: a. What is being reconciled in this schedule and why is this reconciliation needed? Hint: to answer this question adequately, you need to discuss how the Governmental Funds Balance Sheet differs from the Statement of Net Assets. (6 points) b. In your own words, explain the three largest amounts being. (6 points) 5. Review the information reported in the Governmental Funds Statement of Revenue, Expenditures, and Changes in Fund Balances (page 16), and answer the following questions: a. What are the three largest sources of revenues in the General Fund, and how much was reported for each source? (6 points) b. How much did the Town expend during the year ended September 30, 2009 for Debt Service in total for ALL governmental funds? What was the breakdown of these expenditures (e.g., how much for principal)? (6 points) 6. If the Town has any Component Units, list the amount of Total Net Assets for EACH identified component unit and indicate where you found the information. (3 points) 7. Review the comparison of budgeted and actual revenue, expenditures, and changes in fund balance for the General Fund (pages 56-59), and answer the following questions: a. In total, was actual revenue higher or lower than budgeted? What were the two largest variances (positive or negative), and what was the amount of each variance? (6 points) b. In total, were actual expenditures higher or lower than budgeted? What two governmental activities (e.g., general government, public safety, etc.) had the largest variances (positive or negative), and what were the amounts of the variances? (6 points)

 

Paper#9549 | Written in 18-Jul-2015

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