HomeMy Public PortalAboutGASB 54 Fund Balance Report MAYOR .151: CITY MANAGER
Jason Buelterman L1"i` SI,f�.; Diane Schleicher
CITY COUNCIL fP . CLERK OF COUNCIL
Wanda Doyle,Mayor Pro Tem 111 i, j5. Janet LeViner
Brown Barry
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Robert Callahan ' CITY ATTORNEY
Bill Garbett t 1 Edward M.Hughes
Monty Parks
Paul Wolff !�
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CITY OF TYBEE ISI,0.N
City Council Agenda Iltem Request
Council Meet 177 Date for Request: December 2292024
them: Request City Council's approval of one of the two GASB 54 Fund Balance Report as of December 11,
2014.
Budget Line Item Number(if applicable): N/A
IExp¶o?rnatiom: The purpose of this agenda item is to have the City Council review the GASB 54 fund balance
report as of December 11, 2014 and make any necessary changes.
The Finance Committee met on November 20, 2014 and voted to make the following recommendations to the
City Council for approval:
1. To re-allocate Unfunded Retirement Liability funds of$295,606 to the committed Economic
Stabilization funds which will increase that balance to 2,579,589 from $2,283,983;
2. To re-allocate $26,500 budget for Marine Science Rescue Squadron Facility currently located in the
SPLOST 2003 Fu d to the "committed funds" within the General Fund's Fund Balance; and
3. To eventually fund the Economic Stabilization funds up to the four month reserve level which will
require using re-allocating the $618,946.05 "unassigned" funds to Economic Stabilization funds.
In addition, it is suggested that the City Council update the committed fund balance as follows:
1. Un-commit the Beach Renourishment's $750,000 fund;
2. Un-commit $13,798.93 of ihe Retrofit Revolving Loan fund due to plans to use the money to upgrade
the gymnasium in the FY 15 budget;
Attachments A—GASB 54 Report as of June 30, 2014
Attachment —GASB 54 Report as of December 11, 2014 with all the recommended changes
Paper Work: Attached*
Submitted by: Angela Hudson
Phone/Email: ahudson @cityoftybee.org
Date given to Clerk of Council
AGENDA ITEM
ATTACHMENT A
CITY OF TYBEE ISLAND
GASB 54 Fund Balance Report
June 30, 2014
Special Revenue Funds
Non Major Emergency Major Major Major
General Fund Fund Hotel-Motel Fund Splost Fund 2003 Splost Fund 2008 Total
Preliminary Fund Balance 4,914,680.14 0.00 856,772.47 2,085,104.28 7,828,866.41
Additional Adjustments:
Transfers from Hotel/Motel to General Fund 1,150,998.06 0.00 0.00 0.00 0.00 1,150,998.06
Transfers from General Fund to RV Park 0.00 0.00 0.00 0.00
Transfers from General Fund to Water&Sewer Fun 0.00 0.00 0.00 0.00
Transfers from E-911 Fund to General Fund 35,420.00 0.00 0.00 0.00 0.00
Sale of Assets 10,327.19 0.00 0.00 0.00 0.00 10,327.19
Adjusted Fund Balance 5510,119.94 7,729.52 0.00 856,772.47 2,085,104.28 8,459,726.21
Nonspendable:
Prepaid Expenses 114,353.82 89.30 0.00 0.00 0.00 114,443.12
Notes Receivable-Long Term 54,550.00 54,550.00
Advances to other funds 0.00 0.00 0.00 0.00 0.00 0.00
Subtotal Nonspendable 168,903.82 89.30 0.00 0.00 0.00 168,993.12
Restricted For:
Emergency Telephone 911 Operations 0.00 7,640.22 0.00 0.00 0.00 7,640.22
Marine Science Center 0.00 0.00 0.00 500,783.90 0.00 500,783.90
Public Safety Building Construction 0.00 0.00 0.00 83,567.00 923,449.28 1,007,016.28
Street and Sidewalk Paving 0.00 0.00 0.00 67,921.57 0.00 67,921.57
Street Paving-Jones Ave 0.00 0.00 0.00 178,000.00 0.00 178,000.00
Marine Rescue ADA 0.Q0 0.00 0.00 26,500.00 0.00 26,500.00
Bathroom Expansion 0.00 0.00 0.00 0.00 13,000.00 13,000.00
North Beach Mobile Bathrooms 0.00 0.00 0.00 0.00 57,000.00 57,000.00
Retrofit 2 Bathrooms 0.00 0.00 0.00 0.00 14,000.00 14,000.00
Beach Renourishment 0.00 0.00 0.00 0.00 1,000,000.00 1,000,000.00
Salt Meadows 0.00 0.00 0.00 0.00 24,355.00 24,355.00
Marsh Hill Trail TAP Match 0.00 0.00 0.00 0.00 46,791.00 46,791.00
Marsh Hill Trail TE Grant Match 0.00 0.00 0.00 0.00 6,509.00 6,509.00
Subtotal Restricted 0.00 7,640.22 0.00 856,772.47 2,085,104.28 2,949,516.97
Committed To:
Beach Renourishment 750,000.00 0.00 0.00 0.00 0.00 750,000.00
Retrofit Revoling Loan 49,002.00 0.00 0.00 0.00 0.00 49,002.00
Greenspace 90,476.00 0.00 0.00 0.00 0.00 90,476.0C
Economic Stabilization 2,283,983.00 0.00 0.00 0.00 0.00 2,283,983.0C
Subtotal Committed 3,173,461.00 0.00 0.00 0.00 0.00 3,173,461.00
Assigned to:
FY 2015 Budget 1,227,433.07 0.00 0.00 0.00 0.00 1,227,433.07
Unfunded Retirement Liability 295,606.00 0.00 0.00 0.00 0.00 295,606.00
Palms Up Tree Replacement Project 24,270.00 0.00 0.00 0.00 0.00 24,270.00
Community Service Donation 1,500.00 0.00 0.00 0.00 0.00 1,500.00
0.00 0.00 0.00 0.00 0.00 0.00
Total Assigned 1,548,809.07 0.00 0.00 0.00 0.00 1,548,809.07
Unassigned 618,946.05 0.00 0.00 0.00 0.00 618,946.05
Total Fund Balance 5,510,119.94 7,729.52 0.00 856,772.47 2,085,104.28 8,459,726.21
I CALCULATION OF NEEDED RESERVES q
General Fund Water&Sewer Solid Waste E911 Campground Total
Fiscal Year 2014-2015 Budgets 10,784,880 5,139,015 692,504 91,833 1,352,442 l 18,060,674.00
4 Months Reserve' 3,594,960 I 1,713,005 I 230,835 I 30,611 I 450,814 I 6,020,224.67
6 Months Reserve 5,392,440 I 2,569,508 I 346,252 I 45,917 I 676,221 I 9,030,337.00
4 Months Reserve Shortage (1,310,977)
6 Months Reserve Shortage (3,108,457.00)
295,606
618,946
914,552
Remaining Shortage
GASB 54 Schedule June 30 2014 at 10-16-14 Diane
AGENDA ITEM
ATTACHMENT B
CITY OF TYBEE ISLAND
GASB 54 Fund Balance Report
December 11,2014
I I Special Revenue Funds I I
Non Major Emergency Major Major Major
General Fund Fund Hotel-Motel Fund Splost Fund 2003 Splost Fund 2008 Total
Preliminary Fund Balance 4,914,680.14 0.00 856,772.47 2,085,104.28 7,828,866.41
Additional Adjustments:
Transfers from Hotel/Motel to General Fund 1,150,998.06 0.00 0.00 0.00 0.00 1,150,998.06
Transfers from General Fund to RV Park 0.00 0.00 0.00 0.00
Transfers from General Fund to Water&Sewer Fun( (302,000.00) 0.00 0.00 0.00 0.00
Transfers from E-911 Fund to General Fund ,7,'..71'.00) 35,420.00 0.00 0.00 0.00 0.00
Sale of Assets 10,327.19 0.00 0.00 0.00 0.00 10,327.19
Adjusted Fund Balance 5,510,119.94 7,729.52 0.00 856,772.47 2,085,104.28 8,459,726.21
Nonspendable: 5,510,119.94
Prepaid Expenses 114,353.82 89.30 0.00 0.00 0.00 114,443.12
Notes Receivable-Long Term 54,550.00 54,550.00
Advances to other funds 0.00 0.00 0.00 0.00 0.00 0.00
Subtotal Nonspendable 168,903.82 89.30 0.00 0.00 0.00 168,993.12
Restricted For:
Emergency Telephone 911 Operations 0.00 7,640.22 0.00 0.00 0.00 7,640.22
Marine Science Center 0.00 0.00 0.00 500,783.90 0.00 500,783.90
Public Safety Building Construction 0.00 0.00 0.00 83,567.00 923,449.28 1,007,016.28
Street and Sidewalk Paving 0.00 0.00 0.00 67,921.57 0.00 67,921.57
StreetPaving-JonesAve 0.00 0.00 0.00 178,000.00 0.00 178,000.00
Alley 3 0.00 0.00 0.00 0.00 0.00 0.00
Marine Rescue ADA 0.00 0.00 0.00 26,500.00 0.00 26,500.00
Bathroom Expansion 0.00 0.00 0.00 0.00 13,000.00 13,000.00
North Beach Mobile Bathrooms 0.00 0.00 0.00 0.00 57,000.00 57,000.00
Retrofit 2 Bathrooms 0.00 0.00 0.00 0.00 14,000.00 14,000.00
Beach Renourishment 0.00 0.00 0.00 0.00 1,000,000.00 1,000,000.00
Salt Meadows 0.00 0.00 0.00 0.00 24,355.00 24,355.00
Marsh Hill Trail TAP Match 0.00 0.00 0.00 0.00 46,791.00 46,791.00
Marsh Hill Trail TE Grant Match 0.00 0.00 0.00 0.00 6,509.00 6,509.00
Subtotal Restricted 0.00 7,640.22 0.00 856,772.47 2,085,104.28 2,949,516.97
Committed To:
Beach Renourishment 0.00 - 0.00 0.00 0.00 0.00 0.00
Retrofit Revoling Loan 35,203.07 ----- 0.00 0.00 0.00 0.00 35,203.07
Greenspace 90,476.00 0.00 0.00 0.00 0.00 90,476.00
Economic Stabilization 3,198,535.05 0.00 0.00 0.00 0.00 3,198,535.05
Subtotal Committed 3,324,214.12 0.00 0.00 0.00 0.00 3,324,214.12
Assigned to:
FY 2015 Budget 1,991,232.00 0.00 0.00 0.00 0.00 1,991,232.00
Unfunded Retirement Liability 0.00 0.00 0.00 0.00 0.00 0.00
Palms Up Tree Replacement Project 24,270.00 0.00 0.00 0.00 0.00 24,270.00
Community Service Donation 1,500.00 0.00 0.00 0.00 0.00 1,500.00
0.00 0.00 0.00 0.00 0.00 0.00
Total Assigned 2,017,002.00 0.00 0.00 0.00 0.00 2,017,002.00
Unassigned 0.00 0.00 0.00 0.00 0.00 0.00
Total Fund Balance 5,510,119.94 7,729.52 0.00 856,772.47 2,085,104.28 8,459,726.21
I CALCULATION OF NEEDED RESERVES
General Fund Water&Sewer Solid Waste E911 Campground Total
Fiscal Year 2014-2015 Budgets! 10,784,880 5,139,015 692,504 91,833 1,352,832' 18,061,064.00 i
4 Months Reserve' 3,594,960 I 1,713,005 I 230,835 I 30,611 I 450,944' 6,020,354.67 f
6 Months Reserve 5,392,440 I 2,569,508 I 346,252 I 45,917 I 676,416 I 9,030,532.00
4 Months Reserve Shortage
6 Months Reserve Shortage
GASB 54 Schedule June 30 2014 at 10-16-14 Diane
RESOLUTION
BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE CITY OF TYBEE ISLAND:
WHEREAS,the City of Tybee Island is an authorized municipality organized and
existing under the laws of the State of Georgia; and
WHEREAS,as a qualified municipality,the City of Tybee Island is entitled to provide
certain services and is required to comply with certain obligations; and
WHEREAS, as part of the accounting and budgeting process,the City of Tybee Island is
to comply with Governmental Accounting Standards,Board Requirements and Statements; and
WHEREAS,the City of Tybee Island is to maintain its accounts in an appropriate manner
so as to comply with auditing requirements and accounting standards and may designate certain
funds as enterprise funds or other funds with different status including general funds, special
revenue funds,capital project funds,debt service funds,permanent funds, etc.; and
WHEREAS,the City of Tybee Island wishes to clarify certain funds and to establish the
authority for the transfer to and from certain funds as may be necessary and appropriate and to
restrict transfers from certain funds.
NOW,THEREFORE,BE IT RESOLVED by the Mayor and Council, in open meeting
duly assembled, as follows:
1. To provide for the raising of revenues and appropriations of funds to support the
City of Tybee Island, Georgia for fiscal year beginning July 1,2014 and ending June 30,2015 in
order to provide for the operations of government departments; elected officials, other
governmental activities; and to provide for the level of personnel authorized for the various
departments the City of Tybee Island hereby amends and adopts the Fiscal Year 2014-2015
Revenue and Expenditure Operating and Capital Budget for the following funds:
General Fund-100 $10,784,880.00
Hotel-Motel Tax Special Revenue Fund-275 $ 2,270,530.00
SPLOST 2003 Capital Project Fund-321 $ 856,772.00
SPLOST 2008 Capital Project Fund-320 $ 2,480,131.47
Capital Grant Project Fund-340 $ 6,769,358.00
Solid Waste Collection Enterprise Fund-540 $ 563,769.00
2. Tybee Island has previously designated certain funds for debt service to be
specifically reserved to account for and are restricted to,committed or assigned funds for the
expenditure for principle and interest obligations.
3. There is an established special revenue fund used to account and report the
proceeds of specific revenue sources that are restricted or committed to expenditure for specific
purposes other than debt service or capital projects.
4. Capital project funds currently assigned are to include funds set aside by the
mayor and council for greenspace, beach renourishment, and capital projects on the city's capital
improvement plan as established by the mayor and council.
5. Tybee Island receives Special Purpose Local Option Sales Tax Funds,which are
to be separately maintained and segregated and only used for the expenditures for capital
improvement projects authorized by county-wide referendum, intergovernmental agreement, and
the agreed capital improvement plan of the City.
6. Tybee Island receives hotel/motel tax proceeds which are to be maintained and
used as required by Georgia law and only in accordance therewith.
7. Tybee Island continuously accumulates funds for beach nourishment purposes
and,further,seeks additional funding for beach nourishment projects including from federal
sources,state, county and grant sources to acquire sufficient funds for such projects. All funds
received from whatever source in connection with a beach nourishment project must be
accounted for in a completely transparent manner and consistent with any restrictions imposed
by the grantor of such funds. No transfers from any such restricted funds can be made except
upon the express approval of the mayor and council.
8. There is hereby established a stabilization fund to be used to account for transfers
from other funds when necessary,with all such transfers being reported to the mayor and council
if made by other than the express approval of the mayor and council
9. WHEREAS, The Finance Director has presented for adoption and/or approval the
matters addressed herein.
IT IS SO RESOLVED,this the I t day of —L vt. , 2014.
CITY OF TYBEE ISLAND,GEORGIA
By� Buelterm":�:Mayor
ason an
ATTEST:
By: 4‘.4-Z-i ,e
Clerk of Council ------