Ordinance 2024-611 - Laserfiche WebLink

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CITY OF SUNNY ISLES BEACH, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) P. DEFERRED OUTFLOWS/INFLOWS OFRESOURCES (CONTINUED) The first type arises only under a modified accrual basis of accounting. Accordingly, this item, unavailable revenues, is reported only in the governmental funds balance sheet. The governmental funds report unavailable revenues from transferred development rights, interest, and taxes. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available. The second item is a deferred charge on refunding reported in the government -wide statement of net position. A deferred charge on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. The third item is an item related to leases. The fourth and fifth item are items related to the Employment Retirement System (Note 7) and the Other Post -Employment Benefits (Note 8), respectively. Q. NET POSITION Net position in the government -wide and the proprietary fund are categorized as net investment in capital assets; restricted or unrestricted. Net investment in capital assets is the difference between the cost of capital assets, less accumulated depreciation/amortization, reduced by the outstanding balances of any borrowings used for the acquisition, construction or improvement of those assets, excluding unexpended proceeds, plus the net effect of capital asset related deferred outflow/inflow of resources. Restricted consists of net position with constraints placed on their use by external parties (creditors, grantors, contributors, or laws or regulations of other governments) or imposed by law through constitutional provisions or enabling legislation. Unrestricted indicates that portion of net position that is available to fund future operations. Sometimes the government will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted - net position and unrestricted - net position in the government -wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the government's policy to consider restricted - net position to have been depleted before unrestricted - net position is applied. 34