Ordinance 2024-611 - Laserfiche WebLink

Home Browse Search

City of Sunny Isles Beach, Florida Management's Discussion and Analysis September 30, 2023 The City uses enterprise funds to account for business -type activities that charge fees to customers for the use of specific goods or services. These funds are used to report the same functions presented as business -type activities in the government -wide financial statement. The City uses an enterprise fund to account for its stormwater operations. Proprietary funds provide the same type of information as the government -wide financial statements only in more detail. The basic proprietary fund financial statements can be found on page 23 through 25 of this report. Notes to the Basic Financial Statements: The notes provide additional information that is essential to a full understanding of the data provided in the government -wide and fund financial statements. The notes to the financial statements can be found on pages 26 through 67 of this report. Other information: In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the City's General Fund budgetary comparison schedule to demonstrate compliance with the budget. Required supplementary information can be found on pages 68 through 76 of this report. Government -wide Financial Analysis Summary of net position: As noted earlier, net position may serve over time as a useful indicator of a government's financial position. There are six basic transactions that will affect the comparability of the Statement of Net Position summary presentation as reflected below: 1) Net results of activities will impact (increase/decrease) current assets and unrestricted net position. 2) Borrowing for capital needs will increase current assets and long-term debt. 3) Spending borrowed proceeds on new capital will reduce current assets and increase capital assets. There is a second impact: an increase in invested in capital assets and an increase in related debt will not change the net investment in capital assets. 4) Spending of non -borrowed current assets on new capital will reduce current assets, increase capital assets, reduce unrestricted net position, and increase net investment in capital assets. 5) Principal payment on debt will reduce current assets, reduce long-term debt, reduce unrestricted net position, and increase net investment in capital assets. 6) Reduction of capital assets through depreciation will reduce capital assets and net investment in capital assets.