Palm Bay Financial Report including AUDIT for 2008
Financial Highlights:
The assets of the City exceeded its liabilities at the close of fiscal year 2008 by $145 million. Of this amount, $39.9 million (unrestricted net assets) may be used to meet the City's ongoing obligations to citizens and creditors.
At September 30, 2008, the City's governmental funds reported combined ending fund balances of $54.8 million, a decrease of $8.6 million in comparison with the prior year.
At September 30, 2008, unreserved fund balance for the General Fund was $5.8 million or 8.9% of total 2008 General Fund expenditures and transfers out. Governmental funds revenues increased $1.3 million or 1.7% over the prior fiscal year. The increase was due primarily to higher ad valorem tax collections.
The City's outstanding long-term debt increased by $32 million during fiscal year 2008. The City issued new debt for governmental activities for a total of $38.3 million. This is primarily for the issuance of the 2008 Taxable Special Obligation Bonds for the purpose of discharging the unfunded actuarial accrued liability of the Police and Firefighter's retirement plan
READ ENTIRE DOCUMENT HERE: http://www.palmbayflorida.org/finance/financial/documents/cafr2008.pdf
The assets of the City exceeded its liabilities at the close of fiscal year 2008 by $145 million. Of this amount, $39.9 million (unrestricted net assets) may be used to meet the City's ongoing obligations to citizens and creditors.
At September 30, 2008, the City's governmental funds reported combined ending fund balances of $54.8 million, a decrease of $8.6 million in comparison with the prior year.
At September 30, 2008, unreserved fund balance for the General Fund was $5.8 million or 8.9% of total 2008 General Fund expenditures and transfers out. Governmental funds revenues increased $1.3 million or 1.7% over the prior fiscal year. The increase was due primarily to higher ad valorem tax collections.
The City's outstanding long-term debt increased by $32 million during fiscal year 2008. The City issued new debt for governmental activities for a total of $38.3 million. This is primarily for the issuance of the 2008 Taxable Special Obligation Bonds for the purpose of discharging the unfunded actuarial accrued liability of the Police and Firefighter's retirement plan
READ ENTIRE DOCUMENT HERE: http://www.palmbayflorida.org/finance/financial/documents/cafr2008.pdf
posted by Delibert Leomitted at
11:39 AM
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