2020 Comprehensive Annual Financial
Total Page:16
File Type:pdf, Size:1020Kb
City of Tarpon Springs, Florida “Sunset Beach” Comprehensive Annual Financial Report Fiscal Year Ended September 30, 2020 CITY OF TARPON SPRINGS, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ended September 30, 2020 MAYOR AND BOARD OF COMMISSIONERS Chrisostomo Alahouzos, Mayor Jacob Karr, Vice-Mayor Townsend Tarapani, Commissioner Connor Donovan, Commissioner Costa Vatikiotis, Commissioner ADMINISTRATION Mark G. LeCouris, City Manager Ron Harring, Finance Director Michelle Mims Assistant Finance Director Irene S. Jacobs, City Clerk Thomas Trask, City Attorney Prepared by the City of Tarpon Springs Finance Department CITY OF TARPON SPRINGS, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 2020 TABLE OF CONTENTS INTRODUCTORY SECTION Letter of Transmittal . A-1 Certificate of Achievement for Excellence in Financial Reporting . A-6 Organizational Chart . A-7 FINANCIAL SECTION Independent Auditor's Report . B-1 Management's Discussion and Analysis . B-3 Basic Financial Statements Government-Wide Financial Statements: Statement of Net Position . B-16 Statement of Activities . B-17 Fund Financial Statements: Balance Sheet - Governmental Funds . B-18 Reconciliation of the Balance Sheet to the Statement of Net Position - Governmental Funds . B-19 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds . B-20 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities . B-21 Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual: General Fund . B-22 Community Redevelopment Agency Fund - Downtown . B-23 Statement of Net Position - Proprietary Funds . B-24 Statement of Revenues, Expenses, and Changes in Net Position - Proprietary Funds . B-25 Statement of Cash Flows - Proprietary Funds . B-26 Statement of Fiduciary Net Position - Fiduciary Funds . B-28 Statement of Changes in Fiduciary Net Position - Fiduciary Funds . B-29 Notes to the Financial Statements . B-30 FINANCIAL SECTION (continued) Required Supplementary Information other than MD&A Pension Schedules - Police Officers and Firefighters Pension Trust Funds: Schedule of Changes in Net Pension Liability and Related Ratios Police Officers . B-86 Firefighters . B-87 Schedule of Contributions and Notes to Schedule Police Officers . B-88 Firefighters . B-89 Schedule of Investment Returns Police Officers and Firefighters . B-90 Other Post-Employment Benefits: Schedule of Changes in Total Liability . B-91 Combining and Individual Fund Statements and Schedules Combining Balance Sheet - Non-Major Governmental Funds . C-1 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Non-Major Governmental Funds . C-3 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Non-Major Governmental Funds: Local Option Gas Tax Fund . C-5 Impact Fees Fund . C-6 Grants Fund . C-7 Law Enforcement Programs Fund . C-8 Special Programs Fund . C-9 General Projects Fund . C-10 Sidewalk Improvement Fund . C-11 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Major Capital Project Fund - Optional Sales Tax Fund . C-12 Combining Statement of Net Position - Non-Major Enterprise Funds . C-13 Combining Statement of Revenues, Expenses, and Changes in Net Position - Non-Major Enterprise Funds . C-14 Combining Statement of Cash Flows - Non-Major Enterprise Funds . C-15 Combining Statement of Net Position - Internal Service Funds . C-17 Combining Statement of Revenues, Expenses, and Changes in Net Position - Internal Service Funds . C-18 Combining Statement of Cash Flows - Internal Service Funds . C-19 Combining Statement of Fiduciary Net Position - Fiduciary Funds . C-20 Combining Statement of Changes in Fiduciary Net Position - Fiduciary Funds . C-21 Other Supplementary Information Schedule of Revenues and Expenditures - Budget and Actual Emergency Medical Services District Funds . D-1 Schedule of Revenues and Expenditures - Budget and Actual Fire District Funds . D-2 STATISTICAL SECTION Financial Trends Schedule 1 Net Position by Component - Last Ten Fiscal Years . E-1 Schedule 2 Changes in Net Position - Last Ten Fiscal Years . E-3 Schedule 3 Fund Balances, Governmental Funds - Last Ten Fiscal Years . E-7 Schedule 4 Changes in Fund Balances, Governmental Funds - Last Ten Fiscal Years . E-9 Schedule 5 Tax Revenues by Source, Governmental Funds - Last Ten Fiscal Years . E-11 Revenue Capacity Schedule 6-A Assessed Value and Actual Value of Taxable Property - Last Ten Fiscal Years . E-12 Schedule 6-B Real and Personal Property Tax Exemptions - Last Ten Fiscal Years . E-14 Schedule 7 Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years . E-16 Schedule 8-A Principal Real Property Tax Payers - Current Year and Nine Years Ago . E-17 Schedule 8-B Principal Personal Property Tax Payers - Current Year and Nine Years Ago . E-18 Schedule 9 Property Tax Levies and Collections - Last Ten Fiscal Years . E-19 Debt Capacity Schedule 10 Ratios of Outstanding Debt by Type - Last Ten Fiscal Years . E-20 Schedule 11 Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years . E-21 Schedule 12 Direct and Overlapping Governmental Activities Debt - As of September 30, 2020 . E-22 Schedule 13 Legal Debt Margin Information - Last Ten Fiscal Years . E-23 Schedule 14 Pledged-Revenue Coverage - Last Ten Fiscal Years . E-25 Demographic and Economic Information Schedule 15 Demographic and Economic Statistics - Last Ten Fiscal Years . E-26 Schedule 16 Principal Employers, Pinellas County - Current Year and Nine Years Ago . E-27 Operating Information Schedule 17 Full-time Equivalent City Government Employees by Function/Program - Last Ten Fiscal Years . E-28 Schedule 18 Operating Indicators by Function/Program - Last Ten Fiscal Years . E-29 Schedule 19 Capital Asset Statistics by Function/Program - Last Ten Fiscal Years . E-30 REPORTS OF INDEPENDENT AUDITORS / COMPLIANCE SECTION Regulatory Section: Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards . F-1 Independent Auditor's Management Letter . F-3 Independent Accountant's Report . F-5 Other Compliance Reports: State of Florida Statute 163.31801 "Florida Impact Fee Act" Compliance . F-6 INTRODUCTORY SECTION Letter of Transmittal Certificate of Achievement for Excellence in Financial Reporting Organizational Chart ORGANIZATIONAL CHART Residents of Tarpon Springs City of Tarpon Springs, Florida Organizational Chart Mayor and Board of Commissioners by Department FY 2020 Civil Service Advisory Board Boards City Clerk Internal City City & Collector Auditor Manager Attorney Administrative City Clerk Collections Services Economic Development Project Administration Fire Police Finance IT Procurement Human Resources Cultural Services Development Planning & Department Department Services Zoning Fire/Rescue Police Finance Human Resources Arts/Historical Emergency Code Enforcement Special Events Performing Arts Management W/S Non-Dept Public Public Utility Billing Risk Management Services Works Meter Safford House Readers Administration Administration Heritage Center Train Depot Cemetery Golf Course Public Utilities Recreation Fleet Maintenance Marina Parks & Parkways Sanitation Maintenance Water Wastewater Library Library City Buildings Storm Water N. Anclote Yard Waste Treatment Plant Treatment Cooperative & Grounds River Park Water/Supply Roads & Streets Wells Lift Stations Meter Repairs/ Sewage Maintenance Collection Water Distribution A-7-8 FINANCIAL SECTION Independent Auditor’s Report Management’s Discussion and Analysis Basic Financial Statements Required Supplementary Information other than MD & A Combining and Individual Fund Statements and Schedules Other Supplementary Information MANAGEMENT’S DISCUSSION AND ANALYSIS As management of the City of Tarpon Springs (the “City”), we offer readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended September 30, 2020. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found on pages A-1 to A-5 of this report. FINANCIAL HIGHLIGHTS The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $151,060,925 (net position). Of this amount, $20,660,223 (unrestricted net position) may be used to meet the government’s ongoing obligations to citizens and creditors. The City’s total net position increased by $1,457,612. As of the close of the current fiscal year, the City’s governmental funds reported combined ending fund balances of 22,783,745, an increase of $598,338 in comparison with the prior year. The portion of this total amount, $8,577,559, is available for spending at the government’s discretion (unassigned fund balance). At the end of the current fiscal year, unassigned fund balance for the general fund was $8,577,559, or 32% of the total general fund expenditures. The City’s total debt decreased by $119,328 (.37%) $940,000 of which was principal payment on the Utility System Revenue Bonds, Series 2013A. New debt issuance included a capital lease in the amount of $1,094,792 for the