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City of Sunny Isles Beach, Florida
<br />Management's Discussion and Analysis
<br />September 30, 2023
<br />The following schedule is a summary of the fiscal year 2023 statement of net position found on
<br />page 17 with comparative information for fiscal year 2022.
<br />City of Sunny Isles Beach, Florida
<br />Summary of Net Position
<br />As of September 30, 2023 and 2022
<br />(In Thousands)
<br />The overall position of the City improved in both the 2023 and 2022 fiscal years. Changes in net
<br />position over time can be one of the best and most useful indicators of the financial position. The
<br />total net position of the City increased by $6.1 or approximately 1.9 % from $323.1 in 2022 to
<br />$329.2 in 2023. The increase in net position was primarily a result of the acquisition of capital assets
<br />in governmental activities.
<br />At the end of the fiscal year, the City reported positive balances in all categories of net position for
<br />both governmental and business -type activities.
<br />By far, the largest portion of the City's net position (78.1%) reflects in its net investment in capital
<br />assets (such as land, building, machinery, and equipment) less any related outstanding debt,
<br />retainage/accounts payable and the deferred gain on refunding used to acquire those assets. The
<br />City uses these capital assets to provide services to citizens; consequently, these assets are not
<br />available for future spending. Although the City's capital assets are reported net of related debt, it
<br />should be noted that the resources needed to repay this debt must be provided from other sources,
<br />since the capital assets themselves cannot be used to liquidate these liabilities.
<br />2
<br />Governmental Activities
<br />Business -type Activities
<br />Total Primary Government
<br />2023
<br />2022
<br />2023
<br />2022
<br />2023
<br />2022
<br />Assets
<br />Current assets
<br />$ 162,108
<br />$ 141,473
<br />$ 2,737
<br />$ 2,216
<br />$ 164,845
<br />$ 143,689
<br />Capital assets
<br />255,055
<br />251,493
<br />14,530
<br />14,793
<br />269,585
<br />266,286
<br />Total Assets
<br />417,163
<br />392,966
<br />17,267
<br />17,009
<br />434,430
<br />409,975
<br />Total Deferred Outflows of Resources
<br />9,650
<br />7,927
<br />98
<br />77
<br />9,748
<br />8,004
<br />Liabilities
<br />Lomg-term liabilities
<br />54,074
<br />45,956
<br />401
<br />319
<br />54,475
<br />46,275
<br />Other liabilities
<br />7,405
<br />13,358
<br />46
<br />277
<br />7,451
<br />13,635
<br />Total Liabilities
<br />61,479
<br />59,314
<br />447
<br />596
<br />61,926
<br />59,910
<br />Total Deferred Inflows of Resources
<br />52,934
<br />34,906
<br />46
<br />31
<br />52,980
<br />34,937
<br />Net Position
<br />Net investment in capital assets
<br />242,686
<br />237,385
<br />14,530
<br />14,552
<br />257,216
<br />251,937
<br />Restricted
<br />14,474
<br />17,563
<br />--
<br />-
<br />14,474
<br />17,563
<br />Unrestricted
<br />55,240
<br />51,725
<br />2,342
<br />1,907
<br />57,582
<br />53,632
<br />Total Net Position
<br />$ 312,400
<br />$ 306,673
<br />$ 16,872
<br />$ 16,459
<br />$ 329,272
<br />$ 323,132
<br />The overall position of the City improved in both the 2023 and 2022 fiscal years. Changes in net
<br />position over time can be one of the best and most useful indicators of the financial position. The
<br />total net position of the City increased by $6.1 or approximately 1.9 % from $323.1 in 2022 to
<br />$329.2 in 2023. The increase in net position was primarily a result of the acquisition of capital assets
<br />in governmental activities.
<br />At the end of the fiscal year, the City reported positive balances in all categories of net position for
<br />both governmental and business -type activities.
<br />By far, the largest portion of the City's net position (78.1%) reflects in its net investment in capital
<br />assets (such as land, building, machinery, and equipment) less any related outstanding debt,
<br />retainage/accounts payable and the deferred gain on refunding used to acquire those assets. The
<br />City uses these capital assets to provide services to citizens; consequently, these assets are not
<br />available for future spending. Although the City's capital assets are reported net of related debt, it
<br />should be noted that the resources needed to repay this debt must be provided from other sources,
<br />since the capital assets themselves cannot be used to liquidate these liabilities.
<br />2
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