Ordinance 2024-611 - Laserfiche WebLink

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City of Sunny Isles Beach, Florida Management's Discussion and Analysis September 30, 2023 As the management of the City of Sunny Isles Beach (the "City"), we offer readers of the City's financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended September 30, 2023. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal which can be found on pages i through x of this report. All amounts in this section, unless otherwise indicated, are expressed in millions of dollars. Financial Highlights • The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $329.2 (net position). Of this amount, $57.6 represents unrestricted net position, which may be used to meet the government's ongoing obligations to citizens and creditors. • The City's total net position increased by $6.1 during the current fiscal year. Net position of our governmental and business -type activities increased by $5.7 and $0.4, respectively. • As of the close of the current fiscal year, the City's governmental funds reported combined ending fund balances of $106.2, an increase of $6.0 in comparison with the prior year. Approximately 52.4% of this balance or, $55.6 is available for spending at the government's discretion (unassigned fund balance). • At the end of the current fiscal year, the fund balance for the General Fund was $76.4 or 199.7% of the total General Fund expenditures and other financing sources (uses). Of this balance, $10.0 has been committed to the Hurricane/Emergency and Disaster Recovery Operating Reserves, $9.4 has been assigned to the Fiscal Stability Reserve, $1.3 for prepaid assets and $55.6 million was unassigned and available for new spending. • The City's governmental funds had no deferred outflows of resources and its deferred inflows of resources were $48.7. The increase of $17.2 was due to an adjustment in the lease term for a lessee since the implementation of Governmental Accounting Standards Board ("GASB") Statement No. 87, Leases ("GASB 87"). • Investment income increased by $5.0 during the current fiscal year. This was due to the increase in interest rates, average yield went up from 1.69% in the prior year to 3.85%. In the prior year, there was also a substantial decrease reflected in the unrealized fair market value of the City's investments, as a result of the market volatility caused by unstable economic conditions and high inflation. Overview of the Financial Statements The discussion and analysis are intended to serve as an introduction to the City's basic financial statements. The City's financial statements comprise three components: 1) government -wide financial statements; 2) fund financial statements; and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements.