Tuesday, May 17 th , 2016 Christopher M. Quinn, MACC, CPA, CFE, - PowerPoint PPT Presentation

Tuesday, May 17 th , 2016 Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director Lina Williams Budget & Financial Analyst

January - March  First Quarter Review  Annual Financial Audit  Revise 10 Year Infrastructure Plan  Presentation of Annual Progress Report and Citizen Survey Results to City Council April  Second Quarter Review  Annual Update of the Strategic Action Plan  Presentation of the Year to Date Budget  Departments Begin FY 2017 Budget Input

May – June (Budget Preparation Series to City Council)  Fund Accounting Presentation  Long Term Financial Planning Presentation  Revenue Source & Property Tax Presentation July - August  General Fund Budget Workshop  Adopt Maximum Millage Rate  Proprietary Funds Budget Workshop  Third Quarter Review  Special Revenue & Capital Fund Budget Workshop  Final Proposed Budget Presentation

September  Public Hearing to Tentatively Adopt Millage Rate & Budget  Public Hearing to Adopt Final Millage Rate & Budget October – December  FY 2016 Year End Close-out  End of Year Review

 Regulatory Authorities  Fund Accounting Overview • What is fund accounting? • Classification of funds  Revenue Overview • Restricted vs. Unrestricted Funds

Governmental State Government Federal Government Accounting Standards (Statutes, Department of Revenue, (IRS, SEC, GAO) Board (GASB) Rules of the Auditor General) Payroll taxes Exposure Drafts Truth in Millage (TRIM) Debt issuance Statements Grant compliance Grant compliance Technical Bulletins 1099 reporting Annual reporting Accounting and Financial requirements Yellow Book Reporting Guidance

Fund accounting is a system for segregating financial resources to ensure and demonstrate legal compliance with restrictions or other special purposes. A fund is:  A segregated accounting entity (checkbook) for the purpose of conducting specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations.  Divided into various types according to the legal restrictions imposed upon them or by their uses.

The City is prohibited from using funds (revenue) legally restricted for a specific purpose in general operations and must comply with legal and external requirements. Some Examples:  Small County Surtax Capital projects  Utility Revenues Operation and expansion of utility system  Impact Fees Infrastructure capacity improvements related to growth  Grants DO NOT TOUCH Specific programs/projects Restricted Fund

Governmental Proprietary Fiduciary General fund Enterprise funds Trust funds Special revenue funds Capital projects funds Debt service funds Internal services funds Agency funds Permanent funds

Proprietary Governmental Fiduciary Funds Funds Funds Primarily Primarily Not the City’s supported by supported by money taxes user fees

Proprietary Governmental Fiduciary Funds Funds Funds General Fund Utility Fund Capital Projects VFF Pension Stormwater Fund Fund Fund Special Revenue Building Fund Funds

Proprietary Funds Governmental Funds Utility Administration & Finance Stormwater Public Safety (Fire & Police) Building Community Development Information Technology (excluding Building) Solid Waste Streets & Parks Maintenance Fleet Parks & Recreation Facilities

Definition Use Policy For emergencies General Fund or one time Utility Fund Accumulated expenditures Stormwater Fund (capital project) revenues Solid Waste Fund over Disaster Reserve Not meant to fund expenditures continuing Self Insured Fund operations Fleet Fund

Police Building Permit Fire Insurance Fuel Tax Local Option Automation/ & Inspection Premium Tax Refund Fuel Tax Education Fees Construction Volunteer & Law Applied solely Transportation Firefighters maintenance Enforcement to BPI costs expenditures pension of roads

State Revenue Tax Increment Special Impact Fees Sharing (b) 24.86 % Revenue (CRA) Assessments Transportation Capacity Purpose of Per CRA plan expenditures improvements assessments

Water & Sewer Small County Surtax Stormwater Fee Disaster Reserve Charges Restricted by Restricted by Bond Restricted by loan Flagler County Restricted by City Covenants & City covenants & City Ordinance Council Council Council Used for construction & improvement of Used to maintain Used to maintain Used for costs public facilities, system & debt system & debt related to a operating service service disaster expenses etc …

In Use Not Currently in Use Ad Valorem Tax Alcoholic Beverage License Utility Franchise Fee Business Tax Receipts Communication Services Tax Natural Gas Franchise Fee Half-Cent Sales Tax Public Service (Utility) Tax Solid Waste Franchise Fee State Revenue Sharing (a) 75.14%

June: 7 th - Long Term Financial Planning Presentation 21 st Revenue Source & Property Tax Presentation July: 12 th - Budget Workshop - General Fund 19th - Adopt Maximum Millage Rate 26 th - Budget Workshop - Proprietary Funds August: 9 th - Budget Workshop – Special Revenue Funds & Capital Funds 23 rd - Final Proposed Budget Presentation September: Public Hearing to tentatively adopt millage rate and budget Final Public Hearing to adopt final millage and budget