Financial FAQs

For the Departments and Funds interim performance reporting

BUDGET

An initial budget for the City’s fiscal year is established in September prior to the beginning of the fiscal year (fiscal year end on September 30 for all municipalities per State of Florida Statute).  Performance comparisons are made to that INITIAL budget.  Some revenues and expenses are unbudgeted.  For example, grant awards that may be pending, but uncertain at the time of initial budget development will be excluded (both revenue and expenses) from the initial budget. Once the City is notified that a grant has been awarded, the Council will vote to authorize the project expenses and to accept the grant revenue.  This is often the case for grants that are based on a calendar year award.

REVENUE TYPES

  • Ad Valorem – Property taxes remitted from Santa Rosa county, 2016 rate is 1.96 mills
  • Non Ad Valorem – Taxes on utilities and communications services, franchise fees and business taxes
  • Grant Revenue – Revenues typically reimbursing current or past expenditures
  • Fines & Judgements – Net proceeds, after county, state and court remittances, of collected tickets, fines, and similar issuances
  • Sales Revenues – Items or services sold, including revenues from utility operations
  • Misc – Revenues from interest, donations, contributions, sale of surplus, and not otherwise classified
  • Transfer In – Contributions and Reimbursements received from other City funds

EXPENDITURE TYPES

  • Payroll & Taxes – Wages, taxes and benefits for all full time, part time, seasonal and temporary staff, including costs of health care, workman’s compensation, and retirement costs.
  • Prof & Contract Services – Legal, engineering, consulting and similar professional services as well as costs of multi year contracts including purchase of water, natural gas and landscaping maintenance,
  • Operation & Repairs – Training, utilities, rentals and repair costs
  • Supplies & Fuel – Operating and office supplies, uniforms, chemicals and fuels costs
  • Capital Expenditures – Major purchases and project expenditures
  • Transfers In/Out – Contributions and reimbursements paid to other funds
  • Debt Service – The allocated portion of principal and interest paid on loans and bonds

CASH FLOW PRESENTATION

The City’s accounting process is designed to capture information for the City’s annual report or CAFR (Comprehensive Annual Financial Report).  Internally, all funds are tracked and reported on a cash flow basis until annual accruals and adjustments are made at fiscal year-end.  Also, regardless of whether expenditures are part of enterprise (utility operations) or government funds, all are posted to the expenditure report; no adjustment for capital expenditures nor for debt service of loan principal is made (but similarly, no depreciation is reported monthly) until the end of the fiscal year.

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