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Finance Presentation. Tuesday, June 18th, 2013. Finance Department Christopher M. Quinn , MACC, CPA, CFE, CGFO, CGMA Finance Director. Overview. Regulatory Authorities Fund Accounting What is fund accounting? What is a fund? Examples of funds Revenues Classifications

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tuesday june 18th 2013

Finance Presentation

Tuesday, June 18th, 2013

Finance Department

Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA

Finance Director

  • Regulatory Authorities
  • Fund Accounting
    • What is fund accounting?
    • What is a fund?
    • Examples of funds
  • Revenues
    • Classifications
    • Total City Revenues
    • Unrestricted & Restricted
  • Tentative Budget Calendar
regulatory authorities
Regulatory Authorities
  • Governmental Accounting Standards Board – GASB
    • Exposure Drafts
    • Statements
    • Technical Bulletins
    • Accounting and Financial Reporting Guidance
  • Federal Government
    • Payroll taxes
    • Debt issuance
    • Grant compliance
    • 1099 reporting
    • Yellow Book
  • State Government (Statutes, Department of Revenue, Rules of the Auditor General)
    • Truth in Millage (TRIM)
    • Grant compliance
    • Annual reporting requirements
fund accounting
Fund Accounting

What is fund accounting?

Fund accounting is a system for segregating financial resources to ensure and demonstrate legalcompliance with restrictions or other special purposes.

The City is prohibited from using funds legally restricted for a specific purpose in general operations.

What is a fund?

A fund is a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances and changes therein, which are segregated for the purpose of conducting specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. Funds are divided into various types according to the legal restrictions imposed upon them or by their uses.

fund accounting1
Fund Accounting


Must Comply with Legal and External Requirements

Some Examples:

  • Infrastructure Surtax (Capital Projects)
  • Utility Revenues (Operation and Expansion of Utility System)
  • Impact Fees (Infrastructure Capacity Improvements related to Growth)
  • Grants (Specific Programs/Projects)

DO NOT TOUCH Restricted Fund

fund accounting2
Fund Accounting


  • Governmental
      • General fund
      • Special revenue funds
      • Capital projects funds
      • Debt service funds
      • Permanent funds
  • Proprietary
      • Enterprise funds
      • Internal services funds
  • Fiduciary
      • Trust funds
      • Agency funds

Fund Balance (reserve)

    • Excess revenues over expenditures
    • Emergencies or one time expenditures
    • Not meant to fund continuing operations

Fund Balance Policy

    • General Fund
    • Utility Fund
    • Other Funds
governmental funds
Governmental Funds
  • General Fund
    • City Council
    • Administration
      • City Manager, Community Relations, Purchasing and Contracts Management, Economic Development, City Clerk, Human Resources
    • Financial Services
    • Community Development
      • Planning, Code Enforcement
    • Fire & Rescue Services
    • Law Enforcement
      • Contract with Sheriff
    • Public Works
      • Streets & Drainage, Facilities Maintenance, Parks Facilities
    • Engineering
    • Recreation/Athletics
    • Non-Departmental
governmental funds1
Governmental Funds
  • Capital Projects Fund
  • Special Revenue Funds
    • CDBG Fund
    • Police Education Fund
    • Police Automation Fund
    • Disaster Reserve Fund
    • Special Events Fund
    • Streets Improvement Fund
    • Park Impact Fee Fund
    • Fire Impact Fee Fund
    • Transportation Impact Fee Fund
    • Development Special Projects Fund
    • Neighborhood Stabilization Fund
    • Old Kings Road Special Assessment Fund
    • SR100 Community Redevelopment Fund
    • BAC Fund
proprietary funds
Proprietary Funds
  • Internal Services Funds
    • Fleet Management Fund
    • Health Insurance Fund
  • Enterprise Funds
    • Information Technology & Communications Fund
    • Tennis Center Fund
    • Golf Course Fund
    • Building Permits & Inspection Fund
    • Stormwater Management Fund
    • Solid Waste Fund
    • Utility Fund
      • Utility Capital Projects Fund
fiduciary funds
Fiduciary Funds
  • Agency Funds
    • Coquina Coast Cooperative Fund
  • Trust Funds
    • Volunteer Firefighters’ Pension Fund
revenue classifications
Revenue Classifications
  • Taxes
  • Permits, Fees and Special Assessments
  • Intergovernmental Revenue
  • Charges for Services
  • Judgments, Fines and Forfeits
  • Miscellaneous Revenues
  • Other Sources
  • Ad Valorem (Property) Tax
  • Local Option Fuel Tax
    • Currently $.07 per gallon
  • Insurance Premium Tax
    • Volunteer Firefighters’ Pension
  • Discretionary Sales Surtaxes
    • Local Government Infrastructure Surtax
    • Small County Surtax
  • Public Service Taxes

(Not in use)

    • Electricity
    • Water
    • Natural Gas
    • Propane
  • Communications Services Tax
    • 5.22%
  • Local Business Tax
permits fees and special assessments
Permits, Fees and Special Assessments
  • Franchise Fees
    • Solid Waste
    • Natural Gas
    • Utility (not in use)
  • Engineering Permits
  • Impact Fees
    • Water and Wastewater
    • Transportation
    • Parks
    • Fire
    • School (remitted to Flagler County Schools)
  • Special Assessments
    • Old Kings Road
    • Code Nuisance
intergovernmental revenue
Intergovernmental Revenue
  • Grants
  • State Revenue Sharing
  • Local Government Half-Cent Sales Tax Program
  • County Business Tax Receipts
  • Alcoholic Beverage License tax
charges for services
Charges for Services
  • Utility Fees
    • Water and Sewer
    • Solid Waste
    • Stormwater
  • Annual Fire Inspections
  • Building Permits &

Inspections Fees

  • State Road Maintenance
  • Recreation Fees
  • Planning Fees
judgments fines and forfeits
Judgments, Fines and Forfeits
  • Traffic Citations
  • Red Light Camera Violations
  • Local Ordinance Violations
    • Parking Tickets
    • Code Fines
    • Animal Control
other revenue sources
Other Revenue Sources
  • InterfundTransfers
    • Payment-In-Lieu-of-Taxes (PILOT)
    • Tax Increment for the CRA
  • Debt Proceeds
  • Miscellaneous
unrestricted revenue sources
Unrestricted Revenue Sources

Unrestricted revenue can be used for general purpose and at the discretion of the governing body.

  • Ad Valorem Tax
  • Alcoholic Beverage License
  • Business Tax Receipts (Local Business Tax)
  • Communication Services Tax
  • Natural Gas Franchise Fee
  • Half-Cent Sales Tax
  • Solid Waste Franchise Fee
  • State Revenue Sharing (a) 73.37%
  • Code Enforcement Red Light
    • This revenue source has been allocated by City Council to the Streets Improvement Fund to be used for safety improvements.
  • Public Service (Utility) Tax
    • This revenue source is currently not in use by the City.
restricted revenue sources state restricted
Restricted Revenue SourcesState Restricted

Revenue Source Restriction

Fire Insurance Premium Tax Volunteer Firefighters pension

Fuel Tax Refund Construction & maintenance of roads

Police Automation/Education Law Enforcement

Building Permit & Inspection Fees Applied solely to BPI costs

Infrastructure Surtax Finance, plan, construct infrastructure

Local Option Fuel Tax Transportation expenditures

State Revenue Sharing (b) 26.63% Transportation expenditures

Tax Increment Revenue (CRA) Per CRA plan

Impact Fees Capacity improvements

Special Assessments Purpose of assessments

restricted revenue sources other
Restricted Revenue SourcesOther

Type Restricted by Use

Water & Sewer Charges Bond Covenants Maintain system & debt & City Council service

Small County Surtax Flagler County Ordinance Construction & improvement of public facilities, operating expenses etc…

Stormwater Loan Covenants Maintain system & debt

Management Fee & City Council service

Disaster Reserve City Council Costs related to a disaster

tentative budget schedule
Tentative Budget Schedule
  • July 2nd
    • Presentation on Property Taxes & Millage Rate History
  • July 9th
  • Budget Workshop - General Fund
  • July 16th
  • Establish proposed Millage Rate (TRIM rate)
  • July 30th
    • Budget Workshop - Proprietary Funds
  • August 13th
    • Budget Workshop - Special Revenue & Capital Funds
  • August 27th
    • Final Proposed budget presentation
  • September 4th & 18th (Wednesdays at 5:05pm)
    • Public hearings to adopt millage rate resolution and budget resolution