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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 activities found on page 18
<br />with comparative information for fiscal year 2022.
<br />Revenues:
<br />Program revenue:
<br />Charges for services
<br />Operating grants and contributions
<br />General revenues:
<br />Property taxes
<br />Utility taxes
<br />Franchise taxes
<br />Intergovernmental
<br />Investment income (loss)
<br />Impact fees
<br />Gain on sale ofcapital assets
<br />Miscellaneous
<br />Total Revenues
<br />Expenses:
<br />General govemement
<br />Public safety
<br />Physical environment
<br />Culture and human services
<br />Transportation
<br />Interest on long-term debt
<br />Stormwater
<br />Total Expenses
<br />Change in Net Position
<br />Net Position -Beginning
<br />Net Position -Ending
<br />City of Sunny Isles Beach, Florida
<br />Statement of Activities
<br />(In Thousands)
<br />Governmental
<br />Activities
<br />Business -type Activities
<br />Total Primary
<br />Government
<br />2023
<br />2022
<br />2023
<br />2022
<br />2023
<br />2022
<br />$ 12,823
<br />$ 15,064
<br />$ 1,308
<br />$ 1,176
<br />$ 14,131
<br />$ 16,240
<br />6,241
<br />7,219
<br />-
<br />6,241
<br />7,219
<br />26,376
<br />25,100
<br />-
<br />--
<br />26,376
<br />25,100
<br />6,054
<br />5,403
<br />-
<br />6,054
<br />5,403
<br />3,780
<br />3,340
<br />-
<br />-
<br />3,780
<br />3,340
<br />3,606
<br />3,622
<br />88
<br />86
<br />3,694
<br />3,708
<br />3,295
<br />(1,746)
<br />61
<br />(30)
<br />3,356
<br />(1,776)
<br />13
<br />12
<br />--
<br />--
<br />13
<br />12
<br />27
<br />15
<br />-
<br />-
<br />27
<br />15
<br />406
<br />544
<br />--
<br />--
<br />406
<br />544
<br />62,621
<br />58,573
<br />1,457
<br />1,232
<br />64,078
<br />59,805
<br />13,833
<br />11,475
<br />-
<br />--
<br />13,833
<br />11,475
<br />20,977
<br />15,377
<br />-
<br />20,977
<br />15,377
<br />8,379
<br />8,379
<br />--
<br />--
<br />8,379
<br />8,379
<br />10,419
<br />10,420
<br />-
<br />--
<br />10,419
<br />10,420
<br />2,835
<br />2,372
<br />-
<br />2,835
<br />2,372
<br />451
<br />529
<br />-
<br />--
<br />451
<br />529
<br />-
<br />-
<br />1,044
<br />917
<br />1,044
<br />917
<br />56,894
<br />48,552
<br />1,044
<br />917
<br />57,938
<br />49,469
<br />5,727
<br />10,021
<br />413
<br />315
<br />6,140
<br />10,336
<br />306,673
<br />296,652
<br />16,459
<br />16,144
<br />323,132
<br />312,796
<br />$ 312,400
<br />$ 306,673
<br />$ 16,872
<br />$ 16,459
<br />$ 329,272
<br />$ 323,132
<br />Governmental activities: Governmental activities increased the City's net position by $5.7 in 2023
<br />from an increase of $10.0 in 2022, thereby accounting for 93.3% of the total growth in the net
<br />position of the City. Total governmental revenues increased by 6.9% or $4.0 from the prior year and
<br />total expenses increased by 17.2% or $8.3 from the prior year. Key elements of the change in the
<br />net position increase from prior year are as follows:
<br />• Investment Income, Property Taxes, and Utility and Franchise Taxes increased by
<br />$5.0, $1.3, and $1.0, respectively. This was due to an increase in the interest rate yield
<br />and receipt of additional taxes from newly constructed residential properties.
<br />• Charges for Services, Operating Grants & Contributions, and Miscellaneous
<br />decreased by $2.2, $1.0, and $0.1, respectively. The Charges for Services decrease
<br />was due to the reduction of transfer development rights fees from developers and the
<br />Operating Grants & Contributions decrease was due to the reduction in the remaining
<br />federal funds from the American Rescue Plan Act (ABPA).
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