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City of Sunny Isles Beach, Florida
<br />Management's Discussion and Analysis
<br />September 30, 2023
<br />Proprietary Funds
<br />The City's proprietary funds provide the same type of information found in the government -wide
<br />financial statements, but in more detail.
<br />The unrestricted net position of the City's proprietary fund as of the fiscal year end is $2.3. The total
<br />increase in net position was $0.4. Other factors concerning the finances of this fund have already
<br />been addressed in the discussion of the City's business -type activities.
<br />General Fund Budgetary Highlights
<br />During the year, utility taxes increased by $0.6, charges for services increased by $0.2, and
<br />investment income increased by $1.5 between the original and final amended budget. This was to
<br />reflect the change in revenue from new residential developments and favorable interest rates. For
<br />expenditures, there was a $1.6 decrease between the original and final amended budget. This was
<br />due to a decrease in departmental expenditures of $2.1 for community services offset by an increase
<br />in departmental expenditures of $0.5 for public safety. For other financing sources (uses), there was
<br />a $3.9 decrease between original and final amended budget due to an increase in transfers out of
<br />$2.1 and decrease in transfers in of $4.5 offset by an increase in appropriations of prior year reserves
<br />of $2.7.
<br />Capital Asset and Debt Administration
<br />Capital Assets: The City's investment in capital assets for its governmental and business -type
<br />activities as of September 30, 2023 amounts to $ 269.6 (net of accumulated depreciation and
<br />amortization). This investment in capital assets includes land, buildings, machinery and equipment,
<br />park facilities, improvements, leases, and subscriptions (right -of -use assets). There was an increase
<br />of $3.2 in the City's investment in capital assets for the current fiscal year (a 1.4% increase in
<br />governmental activities and a 1.8% decrease in business -type activities).
<br />City of Sunny Isles Beach
<br />Capital Assets, Net of De pre ciation/Amortization
<br />(In Thousands)
<br />14
<br />Governmental Activities
<br />Business -Type
<br />Activities
<br />Total
<br />2023
<br />2022
<br />2023
<br />2022
<br />2023
<br />2022
<br />Land
<br />$ 96,985
<br />$ 96,985
<br />$ --
<br />$ --
<br />$ 96,985 $
<br />96,985
<br />Easements
<br />488
<br />488
<br />-
<br />--
<br />488
<br />488
<br />Buildings
<br />35,796
<br />37,185
<br />--
<br />--
<br />35,796
<br />37,185
<br />Improvements
<br />2,989
<br />2,897
<br />-
<br />--
<br />2,989
<br />2,897
<br />Machinery and Equipment
<br />3,740
<br />2,630
<br />86
<br />90
<br />3,826
<br />2,720
<br />hifrastucture
<br />72,234
<br />74,101
<br />13,662
<br />14,081
<br />85,896
<br />88,182
<br />Lease (right -to -use asset)
<br />59
<br />59
<br />--
<br />-
<br />59
<br />59
<br />Subscription (right -to -use asset)
<br />1,133
<br />-
<br />--
<br />--
<br />1,133
<br />--
<br />Construction in progress
<br />41,630
<br />37,148
<br />782
<br />622
<br />42,412
<br />37,770
<br />Totals
<br />$ 255,054
<br />$ 251,493
<br />$ 14,530
<br />$ 14,793
<br />$ 269,584 $
<br />266,286
<br />14
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