CAFR for Fiscal Year Ended September 30, 2012

Transcription

PASCO COUNTY, FLORIDA
Comprehensive Annual Financial Report
For The Fiscal Year Ended September 30, 2012
On the Cover:
“Seeking and Finding Electronic Solutions”
COMPREHENSIVE
ANNUAL FINANCIAL REPORT
OF
FOR THE
FISCAL YEAR ENDED
SEPTEMBER 30, 2012
Prepared in the Office of
Honorable Paula S. O’Neil, Ph.D., CPM
Clerk of Circuit Court and County Comptroller
Chief Fiscal Officer
Jay S. Kominsky, CPA, CPM
Director of Financial Services
COMPREHENSIVE
ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 2012
BOARD OF COUNTY COMMISSIONERS
Honorable Theodore J. Schrader, Chairman
Honorable Jack Mariano, Vice Chairman
Honorable Pat Mulieri, Ed.D.
Honorable Kathryn Starkey
Honorable Henry Wilson
CLERK OF CIRCUIT COURT AND COUNTY COMPTROLLER
CHIEF FISCAL OFFICER
Honorable Paula S. O’Neil, Ph.D., CPM
COUNTY ADMINISTRATOR
John J. Gallagher
TABLE OF CONTENTS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2012
TABLE OF CONTENTS
PAGE
INTRODUCTORY SECTION (UNAUDITED)
LETTER OF TRANSMITTAL
GFOA CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING
ORGANIZATION CHART
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xiv
xv
FINANCIAL SECTION
INDEPENDENT AUDITORS’ REPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
BASIC FINANCIAL STATEMENTS
Government-wide Financial Statements:
Statement of Net Assets
Statement of Activities
Fund Financial Statements:
Balance Sheet - Governmental Funds
Reconciliation of the Balance Sheet – Governmental Funds
To the Statement of Net Assets
Statement of Revenues, Expenditures and Changes in
Fund Balances - Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures, and Changes
In Fund Balances - Governmental Funds to the Statement of Activities
Fund Balances – Budget and Actual – General Fund - Budget Basis
Fund Balances – Budget and Actual – State Housing Initiatives Partnership Fund
Statement of Net Assets – Proprietary Funds
Statement of Revenues, Expenses, and Changes in Fund
Net Assets – Proprietary Funds
Statement of Cash Flows – Proprietary Funds
Statement of Fiduciary Net Assets – Agency Funds
Notes to Financial Statements
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED)
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TABLE OF CONTENTS (CONTINUED)
PAGE
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
Combining Balance Sheet – General Fund
Combining Statement of Revenues, Expenses, and Changes in Fund
Balances – General Fund
Combining Balance Sheet – Nonmajor Governmental Funds
Combining Statement of Revenues, Expenditures, and Changes in
Fund Balances – Nonmajor Governmental Funds
Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual:
Municipal Services Fund
Local Option Gas Tax Fund
Building Inspections and Permitting Fund
West Pasco Law Library Fund
East Pasco Law Library Fund
Road and Bridge Fund
Law Enforcement Fund
Tourist Development Tax Fund
Special Assessment Fund
Intergovernmental Radio Communication Fund
Quail Hollow Village MSBU Fund
Municipal Fire Service Unit Fund
Department of HUD Fund
Home Program Fund
Library Cooperative Grant Fund
Rural Economic and Development Administration Fund
Public Transportation Fund
Department of Children and Families Fund
Affordable Housing Fund
Williamsburg West MSTU Fund
911 Emergency Services Fund
Florida Boating and Improvement Fund
US 19 Concurrency Fund
Transportation Impact Fee Fund – West
Transportation Impact Fee Fund – Central
Transportation Impact Fee Fund – East
School Impact Fees Fund
Court Facilities Improvement 939.18 F.S. Fund
Alcohol and Other Drug Abuse Fund
Teen Court Fund
Combat Impact Fee Fund
Park Impact Fee Fund – West
Park Impact Fee Fund – Central
Park Impact Fee Fund – East
Rescue Impact Fee Fund
Library Impact Fee Fund
Hurricane Mitigation Fee Fund
Stormwater Management Fund
Tree Fund
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107
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TABLE OF CONTENTS (CONTINUED)
PAGE
Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual (Continued):
Lighting Districts Fund
Gas Tax Refunding Revenue Bonds, Series 2002 Fund
HUD Section 108 Note, Series 2006 Fund
Guaranteed Entitlement Refunding Revenue Bonds, Series 2003 Fund
Half-Cent Sales Tax Revenue Bonds, Series 2003 Fund
Penny For Pasco Fund
Board Capital Improvements Fund
Mobility Fee District - West
Mobility Fee District - Central
Mobility Fee District - East
Tommytown Capital Fund
Half-Cent Sales Tax Construction Fund
Combining Statement of Net Assets – Internal Service Funds
Combining Statement of Revenues, Expenses, and Changes in Fund
Net Assets – Internal Service Funds
Combining Statement of Cash Flows – Internal Service Funds
Combining Statement of Fiduciary Net Assets – Agency Funds
Combining Statement of Changes in Assets and Liabilities – Agency Funds
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STATISTICAL SECTION (UNAUDITED)
Net Assets by Component – Last Ten Fiscal Years
Changes in Net assets – Last Ten Fiscal Years
Fund Balances, Governmental Funds – Last Ten Fiscal Years
Net Changes in Fund Balances, Governmental Funds – Last Ten Fiscal Years
Direct and Overlapping Property Tax Rates (Millage) – Last Ten Fiscal Years
Assessed Value and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years
Principal Taxpayers – Current Year and Ten Years Ago
Property Tax Levies and Collections – Last Ten Fiscal Years
Ratio of Outstanding Debt by Type – Last Ten Fiscal Years
Schedule of Bond Coverage – Last Ten Fiscal Years (or as indicated):
Guaranteed Entitlement Refunding Revenue Bond
Half-Cent Sales Tax Revenue Bond – Last Ten Fiscal Years
Gas Tax Refunding Revenue Bond
Public Improvement Refunding Revenue Bond
Refunding Improvement Revenue Bond
Water and Sewer Unit Bond
Solid Waste Disposal and Resource Recovery System Bond
Direct and Overlapping Governmental Activities Debt as of September 30, 2012
Schedules of Demographic and Economic Information – Last Ten Years
Principal Employers – Current and Ten Years Ago
Employment Statistics by Function – Last Ten Years
Operating Indicators by Function/Program – Last Ten Fiscal Years
Capital Assets and Infrastructure Statistics by Function/Program – Last Ten Fiscal Years
Schedules of Receipts, Disbursements and Balances - All Funds and Accounts,
in Compliance With Section 714(3), Indenture of Trust Between Pasco County, Florida
and First Union National Bank of Florida (“U.S. Bank”)
as Trustee (Bond Compliance Disclosure)
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INTRODUCTORY SECTION
Mailing Addresses:
Dade City:
38053 Live Oak Avenue
Dade City, FL 33523-3894
New Port Richey:
P.O. Box 338
New Port Richey, FL 34656-0338
Office Locations:
Pasco County Courthouse
38053 Live Oak Avenue, Suite 205
Dade City, FL 33523-3894
West Pasco Judicial Center
7530 Little Road, Suite 106
New Port Richey, FL 34654
East Pasco Government Center
14236 Sixth Street, Suite 201
Dade City, FL 33523
West Pasco Government Center
7530 Little Road, Suite 220
East Pasco Records Center
38319 McDonald Street
Dade City, FL 33525
West Pasco Records Center
Jack Albert Records Retention Center
8901 Government Drive
Phone: (727) 847-8031
Fax: (727) 847-8121
www.pascoclerk.com
poneil@pascoclerk.com
Excellence…Always
April 2, 2013
The Honorable Ted J. Schrader, Chairman
Board of County Commissioners
Pasco County, Florida
37918 Meridian Avenue
Dade City, FL 33525
Dear Chairman Schrader:
The Comprehensive Annual Financial Report (CAFR) of Pasco County, Florida (the
"County") for the fiscal year ended September 30, 2012 is submitted herewith. The
Financial Services Division, within the Office of the Clerk of Circuit Court and
County Comptroller, prepared this report. Responsibility for both the accuracy of
the presented data and the completeness and fairness of the presentation,
including all disclosures, rests with the County. We believe the data, as presented,
are accurate in all material aspects and are presented in a manner designed to
present fairly the financial position and results of operations of the various funds.
All disclosures necessary to enable the reader to gain an understanding of the
County's financial activities have been included.
In accordance with Florida Statutes, that require each county to have an annual
financial audit of its accounts and records by an independent certified public
accountant, the firm of KPMG LLP has audited Pasco County’s financial
statements. The goal of the independent audit was to obtain reasonable assurance
about whether the financial statements are free of material misstatement. The
independent audit included examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. It also included assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. KPMG LLP concluded,
based upon the audit, that there was a reasonable basis for rendering an
unqualified opinion that Pasco County, Florida’s financial statements for the fiscal
year ended September 30, 2012, are fairly presented, in all material respects, in
conformity with U.S. generally accepted accounting principles (GAAP). KPMG
LLP’s independent auditors’ report is presented as the first component of the
Financial Section of the CAFR.
ORGANIZATION AND CONTENT OF THE CAFR
The Comprehensive Annual Financial Report complies with the financial reporting
model as required by Governmental Accounting Standards Board (GASB)
Statement No. 34, Basic Financial Statements – and Management’s Discussion
and Analysis – for State and Local Governments.
The CAFR is organized into three sections:

Introductory Section
This section is intended to familiarize the reader with the organizational structure of the
County, the nature and scope of the services it provides, and the specifics of its legal
environment. It also provides economic and major initiative highlights.

Financial Section
This section includes the audited Basic Financial Statements, notes to the financial
statements, and supporting statements and schedules necessary to fairly present the
financial position and the results of operations of the County in conformity with U.S.
generally accepted accounting principles, as well as the independent auditors’ report on
the Basic Financial Statements. Also included in this section are the narrative introduction,
overview, and analysis found in Management’s Discussion and Analysis (MD&A). MD&A
is intended to disclose any known significant events or decisions that affect, or may affect,
the financial condition of the County.

Statistical Section
This section includes selected financial and demographic information, generally presented
on a multi-year basis.
In addition to fund-by-fund financial information in the County’s financial statements, the CAFR
includes government-wide financial statements. The government-wide financial statements include a
Statement of Net Assets that provides information on the total net assets of the County, including
infrastructure, and the Statement of Activities that reports the cost of providing County services. The
government-wide financial statements have been prepared using the accrual basis of accounting
versus the modified accrual basis of accounting used in the governmental fund financial statements.
The current reporting model includes an emphasis on the County’s major funds.
Revenues, Expenditures, and
Changes in Fund Balance
Governmental Funds
$550
$500
$450
$400
Millions
$350
$300
Changes in Fund Balance
$250
Expendtitures & Other Uses
$200
Revenues & Other Sources
$150
$100
$50
$0
($50)
($100)
2003
2004
2005
2006
2007
v
2008
2009
2010
2011
2012
Millions
Net Assets
at September 30, 2012
$2,000
$1,900
$1,800
$1,700
$1,600
$1,500
$1,400
$1,300
$1,200
$1,100
$1,000
$900
$800
$700
$600
$500
$400
$300
$200
$100
$-
$977
$589
$1,320
$1,158
$388
$162
Total Assets
Total Liabilities
Total Net Assets
Business-Type
Governmental
THE REPORTING ENTITY AND ITS SERVICES
Pasco County is a Non-Charter County established under the Constitution and the laws of the State
of Florida. This Comprehensive Annual Financial Report is a County-wide report which discloses the
results of operations for the following entities: the Board of County Commissioners (the “Board”); the
Clerk of Circuit Court and County Comptroller (the “Clerk and Comptroller”); the Property Appraiser;
the Sheriff; the Supervisor of Elections; and the Tax Collector. The Board of County Commissioners
is the legislative body for Pasco County and, as such, it budgets and provides all funding used by the
Board's departments and the separate Constitutional Officers, with the exception of certain fees and
service charges collected by the Clerk and Comptroller, Property Appraiser, Supervisor of Elections
and Tax Collector. Under the direction of the Clerk and Comptroller, the Financial Services Division
maintains separate accounting systems for the Board of County Commissioners and the Clerk and
Comptroller operations. The Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector
maintain their own accounting systems. However, for purposes of this Comprehensive Annual
Financial Report, the operations of the County as a whole, including those of the Constitutional
Officers, have been presented.
The process of evaluating potential component units involved the application of criteria set forth in
Governmental Accounting Standards Board (GASB) Statement No. 14, The Financial Reporting
Entity, as amended by GASB Statement No. 39, Determining Whether Certain Organizations Are
Component Units. The financial reporting entity consists of the primary government, organizations
for which the primary government is financially accountable, and other organizations for which the
nature and significance of their relationship with the primary government are such that exclusion
would cause the reporting entity's financial statements to be misleading or incomplete. The definition
of the reporting entity is based primarily on the notion of financial accountability. The primary
government is financially accountable for the organizations that make up its legal entity - the Board of
County Commissioners and the Constitutional Officers. The primary government is also financially
accountable for legally separate organizations if its officials appoint a voting majority of an
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organization's governing body and, either it is able to impose its will on that organization or there is a
potential for the organization to provide specific financial benefits to, or to impose specific financial
burdens on, the primary government.
Based on the application of the aforementioned criteria, the Pasco County Housing Finance Authority
and the J. “Ben” Harrill Villages of Pasadena Hills Stewardship District were determined to be
discretely presented component units properly included in the County's reporting entity.
Pasco County provides a full range of services. These include public safety (law enforcement and
fire), culture and recreation, health and social services, streets and highways, public improvements,
planning and zoning, water and sewer, resource recovery, as well as general and administrative
services.
ECONOMIC CONDITION AND OUTLOOK
Pasco County is comprised of three distinct demographic areas:

The largely rural, agricultural eastside is the location of the County Seat in Dade City.

The heavily developed, residential west side is home to the Government and Judicial
Centers in New Port Richey.

The developing central part of the County contains growing office space and a correctional
facility in Land O’Lakes.

Five major north-south highways and three main east-west highways serve the County.
Interstate 75, which bisects the County north to south, connects Pasco County with Interstate 4,
the City of Tampa, and other major cities along Florida’s west coast. The most heavily traveled
road in the County is U.S. 19 on the West Side, which connects Pasco County with Hernando
County to the north and with Pinellas County to the south. The Suncoast Parkway, part of the
Florida Turnpike system, connects Pasco County to Hillsborough County in the south, and to
Hernando County in the north.

The population of Pasco County increased to 468,562 in 2012, the second year in a row of
growth following a three-year period of slowed growth or decline. In contrast, the previous
decade saw the County’s population increase by more than 27%. The County’s unemployment
rate at September 30, 2012 is 9.7, a rate decrease of 2.0% from the previous year, but still above
the State of Florida rate of 8.6%.
Pasco County Population
500
490
469
480
464
Thousands
470
460
450
439
440
436
440
430
420
410
400
2008
2009
2010
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2011
2012
Unemployment Rate
14.0%
13.2%
Pasco County
11.8%
Florida
12.0%
12.5%
11.7%
11.0%
National
10.4%
9.7%
10.0%
8.1%
9.5%
9.2%
8.0%
8.6%
9.0%
7.6%
6.9%
6.0%
6.0%
4.0%
2.0%
0.0%
2008
2009
2010
2011
2012

The County’s 2012 Florida Price Level Index of 98.65, calculated by the Bureau of Economic and
Business Research at the University of Florida, under the direction of the Florida Department of
Education and the Florida Legislature, ranks Pasco County 20th in the State. The County was
ranked 17th in 2011. The index indicates, in general, that Pasco County’s cost of living
compares favorably with the Florida State average of 100.00.

Given the economic environment over the past three years, the level of delinquent property taxes
had risen dramatically between 2008 and 2009. Following a significant decline of 47% in 2010,
there was a 1.9% increase in 2012.
Outstanding Delinquent Taxes
at September 30
Thousands
$1,997
$2,500
$2,250
$2,000
$1,750
$1,063
$1,500
$1,250
$1,000
$750
$451 $420
$356
$480
$1,004
$489
$140
$500
$250
$2003
2004
2005
2006
2007
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2008
2009
2010
2011
2012
$1,023
Building permit values were $227.2.9 million in 2012, a slight increase over the $214.9 million
values in 2011, but well off the 2009 level of $521.8 million.
Building Permit Values
at September 30
$1,500
Millions
$1,000
$585
$522
$500
$206
$227
$215
$0
2008
2009
2010
2011
2012

Pasco County primarily attracts companies from the Tampa Bay Region that are interested in the
relative lack of traffic congestion and the good land values that the County offers.

The County's Economic Development Incentive Ordinance, adopted in 1995, is used to attract
value-added jobs. Incentives are available to companies that create jobs, construct facilities, and
pay wages above stated minimum standards. The incentives are in the form of reduced
transportation, water, and sewer impact fees.
MAJOR INITIATIVES
The following capital projects give only a partial listing of major improvements recently completed
or currently being made by the County:

629 acres of environmentally sensitive lands were acquired through the Penny for Pasco
Program.

The addition of a practice football field at Stanley Park accommodated the growing
demands of the community.

S.R. 54/C.R. 54 widening from west of I-75 to Curley Road (C.R. 577) was completed,
providing the multi-laning needed in this critical east-west roadway corridor.

Ridge Road and Sterling Lane median channelization provided permanent concrete
medians for safer driving.

Seven Springs Boulevard and Jenner Avenue, and Seven Springs Boulevard and Lassen
Avenue intersection improvements added turn lanes to improve traffic control and safety.

The S.R. 54 and Community Drive intersection improvement project provided a lengthened
turn lane on westbound S.R. 54 for Odessa Elementary School and school-associated
traffic. This project was funded through the School Infrastructure Program.
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
The slope stabilization project on St. Joe Road was required, on an emergency basis, after
the area was impacted by Tropical Storm Debby. The project improved the shoulders,
added new curb, and replaced stormwater drainage pipes. It was an expedited project and
completed in thirty days.

The Main Street project from Congress Avenue to Rowan Road was a joint Penny for
Pasco project between Pasco County and the City of New Port Richey. The project
provided an additional continuous center turn lane, curb and gutter, a sidewalk along the
south side of the roadway, signing and striping, signalization, and utility improvements.
The project also included new signage, landscaping, and stamped and colorized median
areas, which resulted in both aesthetic improvements and traffic calming.

The Seven Springs Middle School sidewalk project was completed along Little Road from
S.R. 54 south to Trinity Boulevard, and along Mitchell Bypass from Little Road to Trinity
Oaks Elementary School. This project was funded by the FDOT and their Safe Routes to
Schools Program.

The River Ridge Middle School sidewalk project was completed along Moon Lake Road
from Ridge Road to Randee Lane. This project was also funded by the FDOT and their
Safe Routes to Schools Program.

The Shady Hills Road and Peace Boulevard intersection improvement project widened the
existing roadways, incorporated additional turn lanes, added signing and pavement
marking, and traffic signalization at the intersection. The project improves traffic control,
channelization, and safety at the intersection for the traveling public.

The median channelization project on U.S. 19 from the Pinellas County Line to Marine
Parkway was funded by Penny for Pasco and was completed by the FDOT as part of their
continuous right-turn lane improvements.

The Creek Road Bridge project was completed, and replaced a seriously deficient bridge in
the southeast area of the County with a box culvert structure.

The Little Road intersections project (Little Road and River Crossing, Little Road and
Rancho Del Rio Drive, and Little Road and Fox Hollow) provided improvements to existing
turn lanes or added turn lanes, provided sidewalk and Americans with Disabilities Act
(ADA) improvements, and modified traffic signal to control new traffic movements for three
intersections. These improvements resulted in better traffic flow for vehicles traveling
along Little Road.

Clinton Avenue Phase II, from Pasadena Road to Fort King Road and Clinton Avenue
Phase IV, from Prospect Road to Meigs Lane, were completed and resulted in wider travel
lanes and the addition of paved shoulders through a resurfacing project by program
maintenance.

A new audible pedestrian traffic signal for the visually impaired was designed by the Pasco
County Traffic Operations Division. The signal was constructed at the intersection of
Meadow Pointe Boulevard and Chancey Road. This was the first traffic signal of this type
in East Pasco County and only the second for Pasco County.

The Public Works Department resurfaced 26.15 lane miles of roadway.

Completed two new Citizen Drop Off areas at both the West Pasco and East Pasco Solid
Waste sites. The two areas will separate the public from the commercial haulers and will
be both safer and cleaner to the customers.
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FINANCIAL INFORMATION
The County's accounting records for general governmental operations are maintained on the
modified accrual basis, with revenues recorded when measurable and available, and expenditures
recorded when the services or goods are received and the liabilities are incurred, except for principal
and interest on general long-term debt and compensated absences, which are recognized as
expenditures to the extent that they have matured. Accounting records for the County's enterprise
and internal service operations are maintained on the accrual basis, with the revenues recorded
when earned and expenses recorded when the liabilities are incurred. Procedures have been
developed for financial report adjustments and reconciliation data in order to apply the accrual
method of accounting across all funds in accordance with GASB Statement No. 34.
In developing the County's accounting system, consideration is given to the adequacy of internal
accounting controls. Internal accounting controls are designed to provide reasonable, but not
absolute, assurance regarding:

the safeguarding of assets against loss from unauthorized use or disposition; and

the reliability of financial records for preparing financial statements and maintaining
accountability for assets.
The concept of reasonable assurance recognizes that:

the cost of a control should not exceed the benefits likely to be derived; and

the evaluation of costs and benefits requires estimates and judgments by
management.
All internal control evaluations occur within the above framework. We believe that the internal
accounting controls adequately safeguard assets and provide reasonable assurance of proper
recording of financial transactions.
Budgetary control is maintained at the subfunction level by encumbrance of estimated purchase
amounts prior to the release of purchase orders to vendors. Purchase orders, which would result in
an overrun of subfunction balances, are not released until additional appropriations are made
available. Open encumbrances at September 30, 2012 are reported in the assigned classification of
fund balance.
Capital Assets
The capital assets of the County are used in the performance of governmental and business-type
activities. Under Florida Statutes, only assets that cost $1,000 or more, and which have a useful life
of one year or more, are considered capital assets. In accordance with U.S. generally accepted
accounting principles, capital assets in Pasco County are recorded at either historical (original) costs,
or estimated historical costs if original cost data is not available, except for contributed property which
is recorded at its estimated fair value at the date of contribution. In accordance with GASB Statement
No. 34, the County has recorded and reported all infrastructure acquired since 1980. Infrastructure
includes streets, roads, sidewalks, and bridges.
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Debt Administration
Long-term debt, including bonds, notes payable, and compensated absences, totaled $381.4 million
as of September 30, 2012.
Long Term Debt
at September 30
$800
$700
Millions
$600
$429
$411
$393
$500
$381
$295
$400
$300
$200
$100
$0
2008
2009
2010
2011
2012
Cash Management
The County uses a pooled cash concept in order to invest greater amounts of cash at favorable
interest rates. At September 30, 2012, the County's equity in pooled cash and various other deposits
and investments were principally in accounts with the State Board of Administration of Florida ("SBA")
and qualified public depositories, in the Florida Local Government Investment Trust (FLGIT), and in
certificates of deposit and certain money market funds, and totaled $738 million. During fiscal 2012,
the ranges of rates of return/yields on investments and deposits were as follows: SBA’s Florida
PRIME, .24% to .35%; FLGIT Investment Trust Fund (reported at NAV), .57% to .96% (SEC yield);
FLGIT Day to Day Fund, (reported at NAV) .10% to .24%; certificates of deposit, 1.93% to 2.63%;
and money market funds at .01%. The amount of interest and investment earnings during fiscal 2012
was $8.3 million. Certain excess funds are transferred daily between various County bank accounts
and the SBA, FLGIT, as well as money market funds.
Pooled Cash, Cash Equivalents, and Investments
at September 30
$736
$737
$706
$738
$734
$800
$700
Millions
$600
$500
$400
$300
$200
$100
$0
2008
2009
2010
2011
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2012
Organizational Chart of Pasco County
Fiscal Year 2012
Ted J. Schrader
District 1
Pat Mulieri, Ed. D.
District 2
Ann Hildebrand
District 3
Henry Wilson
District 4
Jack Mariano
District 5
Citizens of Pasco County
Supervisor of Elections
Brian Corley
Property
Appraiser
Mike Wells
Tax
Collector
Mike Olson
County Attorney
Jeffrey N. Steinsnyder
Board
of
County
Commissioners
Clerk & Comptroller
Paula S. O’Neil, Ph.D.
Sheriff
Chris Nocco
Judicial
County Administrator
John J. Gallagher
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Chief Assistant
County Administrator
Michele L. Baker
Assistant County
Administrator for
Utilities
Bruce E. Kennedy
Water & Sewer Utilities
Environmental Laboratory
Solid Waste/Resource Recovery
Street Lighting
Assistant County
Administrator for
Development Services
Bipin Parikh
Engineering Services
Building Construction Services
Planning and Growth
Management
Road and Bridge
Zoning and Site Development
Stormwater Management
Office of Management
and Budget
Michael Nurrenbrock
Budgeting
Community Development
Information Technology
Document Processing
Communications
Purchasing
Central Stores
Fleet Management
Misdemeanor Probation
Assistant County
Administrator for
Public Services
Daniel R. Johnson
Community Services
Emergency Services
Library Services
Parks and Recreation
Facilities Management
Personnel
Customer Service
Risk Management
Emergency Management
Tourist Development
FINANCIAL SECTION
Independent Auditors' Report


Management’s Discussion and Analysis
(Unaudited)

Basic Financial Statements
Government-Wide Financial Statements
Fund Financial Statements

Combining and Individual Fund
Statements and Schedules
MANAGEMENT’S DISCUSSION AND ANALYSIS
Provides an objective analysis of the County’s financial activities.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNAUDITED)
Management’s discussion and analysis provides an overview of the financial activities of Pasco County,
Florida (the “County”) for the fiscal year ended September 30, 2012. We encourage readers to consider
the information presented here in conjunction with additional information that we have furnished in the
Letter of Transmittal on page iv and in the County’s financial statements that begin on page 17.
Financial Highlights

At September 30, 2012, the County’s total assets exceeded its total liabilities by $1.747 billion (net
assets), an increase of $78.4 million over net assets in 2011 of $1.668 billion.

At September 30, 2012, governmental funds reported a combined ending fund balance total of $396.2
million, a decrease of $6.0 million (or 1.5%) from the prior year. Of the total, $58.54 million is
available for spending at the County’s discretion (assigned or unassigned fund balance), subject to
the intent of the Board of County Commissioners or the Office of the Clerk & Comptroller, to which the
authority to assign amounts for specific purposes has been delegated by the Board.

At September 30, 2012, the fund balance of the County’s General Fund was $58.9 million,
representing an increase of $4.7 million (or 8.8%) over the prior year. $58.51 million of the fund
balance total was assigned or unassigned.

The County’s total long-term liabilities declined by $12.1 million during the fiscal year.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to Pasco County’s Basic Financial
Statements. The Basic Financial Statements include three components: government-wide financial
statements, fund financial statements, and notes to the financial statements. This comprehensive annual
financial report also contains other statements and schedules which are presented as supplemental
information.
Government-wide Financial Statements
The government-wide financial statements provide a broad overview of Pasco County’s finances, using
the accrual basis of accounting that is similar to the accounting method used by private-sector business.
They are comprised of the statement of net assets and the statement of activities.
The statement of net assets presents information on the assets and liabilities of the County as a whole.
The difference between assets and liabilities is reported as net assets. Net assets are reported in three
categories: invested in capital assets, net of related debt; restricted; and unrestricted. The assets,
liabilities and net assets of governmental activities are reported separately from the assets, liabilities, and
net assets of business-type activities. The governmental activities of the County include general
government, public safety, physical environment, transportation, economic environment, human services,
culture and recreation, and court-related functions. The business-type activities of the County are the
Water and Sewer Unit and the Solid Waste Disposal and Resource Recovery System. In the governmentwide financial statements, emphasis is placed on the net assets of governmental activities and businesstype activities and on the change in those net assets. Over time, changes in net assets may serve as an
indicator as to whether the financial position of the County is improving or deteriorating.
The statement of activities presents information on all revenues and expenses of the County and shows
how the County’s net assets changed during the fiscal year. Expenses are reported by major function.
Program revenues related to those functions are reported, resulting in the net cost of all functions
provided by the County. Changes in net assets are reported as soon as the underlying event giving rise to
the change occurs, regardless of when cash is received or paid. Therefore, some of the revenues and
3
expenses reported in the statement of activities will only result in cash flows in future periods. For
example, certain uncollected taxes are shown as revenues although cash receipts will occur in the
following year. Also, an increase in earned, unused vacation leave is recorded as an expense although
the related cash outflows will occur in the future.
Both of the government-wide financial statements distinguish between activities of the County that are
supported primarily by program revenues, taxes, and intergovernmental revenues (governmental
activities) and activities that recover all or most of their costs through user fees and charges (businesstype activities).
Within the government-wide financial statements, all assets of the County, including land, buildings,
improvements other than buildings, equipment, infrastructure, and intangible assets are reported in the
statement of net assets, as are all liabilities, including the principal outstanding on bonds, and future
employment benefits obligated but not yet paid by the County. The statement of activities includes
depreciation on all long lived assets of the County, but transactions between the different functions of the
County have been eliminated in order to avoid “doubling up” the revenues and expenses.
The government-wide financial statements include not only the County itself (known as the primary
government), but also the Pasco County Housing Finance Authority, a legally separate entity, for which
the County is financially accountable. The financial information for this component unit is reported
separately from the financial information of the primary government. To obtain separately issued financial
statements of this discretely presented component unit, see Note 1, Summary of Significant Accounting
Policies, Reporting Entity, in the Notes to Financial Statements. The J. “Ben” Harrill Villages of Pasadena
Hills Stewardship District, the other discretely presented component unit, had no financial activities during
the year.
A fund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The County uses fund accounting to ensure and
demonstrate compliance with finance-related legal requirements, including those involving legislative,
administrative and contractual obligations. The fund financial statements provide a picture of each of the
major funds of the County as well as a column that groups all nonmajor funds.
All of the County’s funds can be divided into three categories: governmental, proprietary, and fiduciary.
The governmental fund financial statements provide information on the current assets and liabilities of the
funds, as well as changes in current financial resources (revenues and expenditures) and current
available resources. In the case of governmental activities, outlays for long-lived assets are reported as
expenditures and long-term liabilities, such as bonds, are not included in the fund financial statements.
The proprietary funds financial statements provide information on all assets and liabilities of the funds, as
well as changes in economic resources (revenues and expenses), and total economic resources. The
fiduciary fund statement provides information concerning assets held in an agency capacity by the County
on behalf of others.
Notes to the Financial Statements
The notes provide additional information that is essential for a full understanding of the data provided in
both the government-wide financial and fund financial statements. The notes begin on page 33 of this
report.
Reconciliations – The Link Between Government-Wide and Fund Financial Statements
The government-wide financial statements and the fund financial statements provide different pictures of
the County. In order to link the fund financial statements to the government-wide financial statements,
reconciliations are provided from the fund financial statements to the government-wide financial
statements.
4
The reconciliations describe the relationship (or differences) between governmental activities (reported in
the Statement of Net Assets and the Statement of Activities in the government-wide financial statements)
and governmental funds (reported in the fund financial statements). These reconciliations are located
after the Balance Sheet – Governmental Funds and after the Statement of Revenues, Expenditures, and
Changes in Fund Balances – Governmental Funds, in the Basic Financial Statements.
The Funds of the County
Governmental Funds
Most of the County’s basic services are reported in governmental funds. Governmental funds are used to
account for essentially the same functions as governmental activities in the government-wide financial
statements. However, unlike the government-wide financial statements, governmental fund financial
statements are reported using the modified accrual accounting method, which measures cash and all
other financial assets that can readily be converted to cash. Consequently, governmental fund financial
statements provide a detailed focus on near-term inflows and outflows of spendable resources, as well as
on balances of spendable resources available at the end of the fiscal year. This information may be
useful in evaluating a government’s near-term financing requirements.
Funds that are most significant in terms of revenues, expenditures, assets or liabilities are identified as
major funds in the Basic Financial Statements. In addition, budget and actual comparison statements are
presented in the Basic Financial Statements for the General Fund and for each major special revenue
fund with a legally adopted annual budget. The County’s nonmajor funds, and budget and actual
comparison schedules for any nonmajor funds with legally adopted annual budgets, are presented as
supplemental information in the Combining and Individual Fund Statements and Schedules section of this
report.
Proprietary Funds
The County maintains two types of proprietary funds. The first type, enterprise funds, is used to report
the same functions presented as business-type activities in the government-wide financial statements.
The County uses enterprise funds to account for its Water and Sewer Unit and its Solid Waste Disposal
and Resource Recovery System. Both of these operations are considered to be major funds of the
County. The second type of proprietary funds, internal service funds, is used to account for the
Equipment Service, County Insurance, and Clerk and Comptroller’s Insurance operations. Internal service
funds are used to accumulate and allocate costs internally among the County’s various functions. As
these operations predominantly benefit governmental rather than business-type functions, they are
included within governmental activities in the government-wide financial statements. The three internal
service funds are combined into a single column in the proprietary fund financial statements. The
proprietary fund financial statements can be found in the Basic Financial Statements. Individual fund data
for the internal service funds are provided in the Combining and Individual Fund Statements and
Schedules section of this report.
Fiduciary Funds
Fiduciary funds are used to account for resources held for the benefit of parties outside the government.
Agency funds are the only type of fiduciary fund used by the County in fiscal year 2012. These agency
funds are not included in the government-wide financial statements because the resources of these funds
are not available to support the County’s own programs. However, the separate Statement of Fiduciary
Net Assets – Agency Funds is included in the Basic Financial Statements, since the County has custodial
responsibility. Additionally, the individual agency funds are included in the Combining and Individual
Fund Statements and Schedules section of this report.
5
Other Information
The combining statements for the nonmajor funds, internal service funds, agency funds, as well as
individual fund budget and actual comparison schedules, are found in the Combining and Individual Fund
Statements and Schedules section of this report beginning on page 83.
Also, see the Statistical Section beginning on page 164 for additional financial, demographic and
economic information about the County.
Government-Wide Financial Analysis
In accordance with the requirements of Governmental Accounting Standards Board Statement No. 34,
Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local
Governments (GASBS No. 34), the government-wide financial statements have been prepared using
accrual accounting for all of the County’s activities. Accrual accounting measures not just current assets
and liabilities but also long-term assets and liabilities, such as capital assets and bond issue debt. The
use of accrual accounting results in the reporting of all revenues and all costs of providing services each
year, not just those received or paid in the current year or soon after year-end, as does modified accrual
basis accounting.
As noted earlier, net assets may serve, over time, as a useful gauge of a government’s financial position.
At September 30, 2012, the County’s total net assets, or total assets less total liabilities, were $1.747
billion. The largest portion of the County’s net assets, $1.2 billion (or 66.3%), is reflected in its investment
in capital assets (e.g., land, buildings, equipment, infrastructure, intangibles), less any related debt
outstanding that was used to acquire those assets. Since Pasco County uses these capital assets to
provide services to its citizens, the net assets represented by “investment in capital assets, net of related
debt”, are not available for future spending. Although the County’s investment in capital assets is
reported net of related debt, the resources needed to repay this debt must be provided from other
sources, since the capital assets themselves cannot be used to liquidate these liabilities. Pasco County’s
net assets include restricted net assets of $269.0 million (or 15.4%) that are subject to external
restrictions on how they may be used, such as those imposed by debt covenants, grantors, laws and
regulations. The balance in net assets, $320.2 million (or 18.3%), is unrestricted and may be used to
meet the County’s ongoing obligations to citizens and creditors.
6
Table of Net Assets and Table of Changes in Net Assets
As shown in the table of Net Assets, below, the County reported positive Net Assets balances at
September 30, 2012 and 2011 for both governmental activities and business-type activities.
Net Assets
September 30, 2012 and 2011
(in thousands)
Governmental
Activities
2012
2011
Current Assets:
Unrestricted
Restricted
Noncurrent assets:
Restricted
Unrestricted
Capital, net
Total assets
Current Liabilities:
Payable from
Current assets
Payable from
restricted assets
Noncurrent liabilities
Total liabilities
Net assets:
Invested in capital assets,
net of related debt
Restricted
Unrestricted (deficit)
Total net assets
$
503,892 $
-
Business-Type
Activities
2012
2011
502,603
-
$
96,858
54,599
$
60,955
64,207
Total – All Activities
2012
2011
$
600,750
54,599
$
563,558
64,207
45,883
770,436
1,320,211
48,709
726,976
1,278,288
139,552
22,115
663,988
977,112
163,837
24,418
636,977
950,394
139,552
67,998
1,434,424
2,297,323
163,837
73,127
1,363,953
2,228,682
48,951
47,010
18,942
17,693
67,893
64,703
113,331
162,282
115,982
162,992
18,258
351,189
388,389
17,384
362,319
397,396
18,258
464,520
550,671
17,384
478,301
560,388
704,806
656,243
163,700
183,279
289,422
275,773
$ 1,157,928 $ 1,115,295
452,675
105,309
30,739
$ 588,723
1,157,481
269,009
320,161
1,746,651
1,107,567
295,167
265,559
$ 1,668,293
451,324
111,888
(10,214)
$ 552,998
$
The changes in net assets for the years ended September 30, 2012 and 2011 are presented below,
followed by information regarding those governmental and business-type activities contributing most
significantly to the changes.
7
Changes in Net Assets
For the Years Ended September 30, 2012 and 2011
(in thousands)
Governmental
Activities
2012
2011
Business-Type
Activities
2012
2011
2012
2011
Revenues:
Program revenues:
Charges for services
Operating grants
and contributions
Capital grants and
contributions
General revenues:
Property taxes
State-shared revenue
Grants/contributions
Other taxes
Investment earnings
Miscellaneous
Total revenues
$
81,916
$
50,616
$ 134,338
$ 128,490
$
216,254
$
179,106
40,263
80,959
1,935
866
42,198
81,825
27,489
23,250
19,421
12,630
46,910
35,880
151,064
32,989
2,084
33,578
3,794
21,167
394,344
154,299
30,876
6,333
32,690
2,691
19,004
400,718
4,467
421
160,582
2,962
52
145,000
151,064
32,989
2,084
33,578
8,261
21,588
554,926
154,299
30,876
6,333
32,690
5,653
19,056
545,718
67,812
149,111
722
61,374
16,134
13,796
17,292
21,301
71,687
152,618
2,065
66,416
25,284
15,141
16,431
20,492
-
-
67,812
149,111
722
61,374
16,134
13,796
17,292
21,301
71,687
152,618
2,065
66,416
25,284
15,141
16,431
20,492
4,112
4,383
-
-
4,112
4,383
351,654
374,517
124,914
124,914
136,389
136,389
124,914
476,568
136,389
510,906
42,690
(57)
42,633
1,115,295
26,201
(57)
26,144
1,089,151
35,668
57
35,725
552,998
8,611
57
8,668
544,330
78,358
78,358
1,668,293
34,812
34,812
1,633,481
$ 588,723
$ 552,998
$ 1,746,651
$ 1,668,293
Expenses:
General government
Public Safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Court-related
Interest – long-term
debt
Water/Sewer and
Solid Waste Disposal/
Resource Recovery
Total expenses
Increase in net
assets before transfers
Transfers (net)
Change in net assets
Net assets, October 1
Net assets,
September 30
$ 1,157,928
$ 1,115,295
8
Business-type Activities
Governmental Activities
Fiscal Year 2012
$200
$190
$180
$170
$160
$150
$140
$130
$120
$110
$100
$90
$80
$70
$60
$50
$40
$30
$20
$10
$-
149.0
Revenues
Expenses
67.1
59.4 61.3
35.4
17.8
11.1
0.7
16.1
17.2
13.8
2.3
15.2
21.3
6.5
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Millions
Revenues and Expenses
Revenues by Type
Charges for Services
20.8%
Operating Grants
10.2%
Other Revenues*
6.9%
Capital Grants
7.0%
State Shared Revenue
8.4%
Other Taxes
4.7%
Property Taxes
38.2%
Local Government Sales
Tax
3.8%
* Includes Interest earnings, Unrestricted Grants and Contributions, and Miscellaneous
9
4.1
Fiscal Year 2012
Revenues and Expenses
$140
$130
$120
$112.9
$110
$100.8
$100
Revenues
Expenses
Millions
$90
$80
$70
$60
$50
$42.7
$40
$30
$24.0
$20
$10
$-
Solid Waste Disposal and
Resource Recovery System
Water and Sewer Unit
Revenues by Type
Interest
2.8%
Capital Grants and
Contributions
12.1%
Charges for Services
83.9%
Operating Grants and
Contributions
1.2%
10
Governmental activities increased Pasco County’s net assets by $42.6 million during fiscal year 2012.
The cost of all governmental activities in 2012 was $351.7 million. However, the amount that taxpayers
paid for these activities through property, sales, franchise, telecommunications, gasoline, and tourist
development taxes was only $184.6 million. Those who directly benefited from the programs paid some
of the cost ($81.9 million), while other governments and organizations subsidized programs with grants
and contributions, and shared revenues ($102.8 million). Interest earnings and a variety of other general
revenues and transfers ($25.0 million) offset the balance of the costs.
As stated earlier, the County has two business-type activities, the Water and Sewer Unit and the Solid
Waste Disposal and Resource Recovery System.
The Water and Sewer Unit provides a potable water supply, and its distribution, as well as wastewater
collection and treatment, disposal and reuse. These services are provided through facilities owned by the
County and through contracts with other entities. The water distribution system, including pump stations,
treatment plants, water mains, and water storage facilities, is connected to two major supply sources Tampa Bay Water (Starkey, Cypress Creek, and Lake Bridge) and fifty-eight individual water supply wells
throughout the County. The County also operates eight wastewater treatment plants, in addition to a
Residual Management Facility and a Grease Facility. Effluent disposal is primarily accomplished through
the use of reclaimed water systems, spray irrigation evaporation/percolation ponds, and cooling tower
water for the County’s Waste-to Energy Facility (see below).
The County is proceeding with a Capital Improvements Plan Update which will produce population and
wastewater flow projections, examine service areas, wastewater treatment and disposal alternatives, and
include recommendations concerning construction and implementation schedules.
The Solid Waste Disposal and Resource Recovery System provides an integrated approach to waste
management. Collection is primarily achieved by private hauling firms that are licensed by the Board of
County Commissioners. Processible solid waste is trucked either directly to the mass-burn resource
recovery facility (the “Facility”) or to the East Pasco Transfer Station, for subsequent transportation to the
Facility. The Facility converts solid waste to electrical power through a combustion process that
generates approximately 23 megawatts of electricity per hour for sale to Progress Energy under a power
purchase agreement. The facility has a current capacity of 1,050 tons per day.
Non-processible solid waste disposal is provided for by landfill facilities. The County also actively pursues
recycling, following the mandate provided for in the Recycling Act. The recycling rate in the County was
24% (2011 rate published by the State of Florida).
The activities of the Water and Sewer Unit, and the Solid Waste Disposal and Resource Recovery
System are analyzed below in the proprietary funds section of the Financial Analysis of the County’s
Funds.
Financial Analysis of the County’s Funds
As noted earlier, Pasco County uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements.
Governmental Funds
The focus of the County’s governmental funds is to provide information on near-term inflows, outflows,
and balances of spendable resources. This information is useful in assessing Pasco County’s financing
requirements. In particular, unreserved fund balance may serve as a useful measure of the net resources
11
available for spending at the end of the fiscal year. The governmental fund types include the general,
special revenue, debt service, and capital projects funds.
As noted above, at September 30, 2012, Pasco County governmental funds reported a decrease in
combined fund balances of $6.0 million from the prior year. Of the total combined ending fund balances of
$396.2 million, 43.0%, or $ 170.4 million, represents restricted amounts that can only be used for specific
purposes that are imposed by external constraints such as bond covenants, grantors, or regulations of
other governments; 42.0%, or $166.5 million, are committed amounts that can only be used in
accordance with the formal action taken by the Board of County Commissioners; and 0.6%, or $2.2
million, are amounts assigned by either the Board, or the Office of the Clerk & Comptroller, to be used for
specific purposes that are neither restricted nor committed, such as disaster recovery.
Major Governmental Funds
As noted above, the fund balance of the General Fund, the chief operating fund of the County, increased
by $4.7 million during fiscal 2012. Overall, revenues increased by $2.4 million from 2011, primarily due to
an increase in state intergovernmental revenue of $5.7 million, offset by a decline in taxes of $2.7 million.
The County’s tax base declined for the fourth consecutive year, with assessed values decreasing by
$426.1 million, or 2.1%, from the previous year. The General Fund’s expenditures decreased by $6.0
million, or 3.2%, from 2011. The State Housing Initiatives Partnership Fund, a special revenue fund,
experienced an increase of $.5 million in fund balance from the prior year. While the fund’s expenditures
decreased by $.84 million, to $.5 million, its revenues totaled $1.02 million.
Nonmajor Governmental Funds
Those funds that do not meet the GASBS No. 34 criteria for major fund classification are considered
nonmajor. Total fund balances of all nonmajor special revenue funds decreased by $25.2 million from the
prior year. The largest decreases were found in the Local Option Gas Tax Fund ($9.3 million), the
Transportation Impact Fee West Fund ($9.8 million), the Transportation Impact Fee East Fund ($3.7
million), and the Municipal Services Fund ($2.8 million) which had state intergovernmental revenue
decline by $4.3 million.
Debt service funds, all of which are classified as nonmajor, are used to account for the accumulation of
resources for, and the payment of long-term debt principal and interest. During fiscal year 2012, there
was no significant overall change in fund balances in the debt service funds.
Capital projects funds, which account for financial resources to be used for the acquisition or construction
of major capital facilities (other than those financed by proprietary funds), exhibited an overall increase in
fund balances of $14.6 million during fiscal 2012, as licenses and permits increased from $1.8 million in
2011 to $7.8 million in 2012. Among the capital projects funds, fund balance increased by $7.2 million in
the Penny for Pasco Fund, as total revenues increased by $3.4 million to $17.4 million. This was coupled
with a decrease in expenditures of $.2 million. The Mobility Fee District West and the Mobility Fee District
Central Funds both experienced increases of $2.9 million in fund balance, as licenses and permits
revenues rose by of $2.3 million and $2.1 million, respectively, over the prior year.
General Governmental Functions
For the purpose of this section, general governmental functions are defined as those that include the
General, Special Revenue, Debt Service, and Capital Projects Funds. This data is the result of the
application of the modified accrual basis of accounting for general governmental functions.
Revenues for general governmental functions totaled $371.0 million in fiscal 2012, a decline of 7.5% from
fiscal 2011. Current tax collections were 96.4% of the tax levy, the same as in the prior year. The ratio of
total collections (current and delinquent) to the current tax levy was also 96.3%, the same ratio as in the
prior year.
The decrease of $1.9 million in tax revenues was primarily due to the decrease in the assessed taxable
value of property which declined from $20.7 billion in 2011 to $20.3 billion in 2012. There was an overall
decrease of $23.4 million in intergovernmental revenues. While the General Fund experienced an increase
of $5.7 million in state grant revenue, all other governmental funds saw an overall decrease in federal grant
12
revenues $17.6 million and in state grant revenues of $11.1. Most notably, state grant revenues declined
from 2011 by the amounts noted for the following funds: Municipal Services Fund ($4.3 million); HUD
Housing and Recovery NSP II Fund ($8.5 million); American Recovery and Reinvestment Act Fund ($3.2
million); and Department of Transportation ($5.1 million). Special assessments declined $8.4 million, with
the Transportation Impact Fee West, Transportation Impact Fee Central, and Transportation Impact Fee
East Funds reporting decreases from 2011 of $3.9 million, $2.8 million, and $2.2 million, respectively.
However, the School Impact Fee Fund’s assessment revenue rose by $1.0 million.
Expenditures for general governmental functions totaled $377.0 million in fiscal 2012, a decrease of $19.2
million, or 4.8%, from fiscal 2011. The largest declines were $3.7 million in public safety, and $10.5 million
in economic environment.
Proprietary Funds
Proprietary funds statements provide the same type of information found in the government-wide financial
statements, because they follow the accrual method of accounting; however, the information is in more
detail.
As noted above, the County’s proprietary funds include enterprise funds, comprised of the Water and
Sewer Unit Fund and the Solid Waste Disposal and Resource Recovery System Fund, both of which are
classified as major funds of the County, and internal service funds that account for equipment and
insurance services.
The Water and Sewer Unit Fund had total net assets of $548.7 million at September 30, 2012, which
represented a $16.2 million increase over the prior year. Net asset changes are a result of operations,
and of non-operating revenues and expenses, including interest earnings, interest expense, grants, and
capital contributions. Operating revenues, in the form of charges for services, increased in 2012 by $5.2
million, accompanied by an increase in operating expenses of $4.6 million. The most significant element
of the increase in net assets was in capital contributions, which were $19.4 million in 2012 as compared
to $12.6 million in 2011.
The Solid Waste Disposal and Resource Recovery System Fund’s net assets at year-end were $40.0
million, which represented an increase of $19.5 million from 2011, as compared with the 2011 increase of
$1.4 million. Total revenues (operating and non-operating) were $43.5 million, an increase of $1.0
million. There were two significant contributing factors to the net asset increase. In 2011, there was a
swap investment termination expense of $5.7 million related to the $45,700,000 Solid Waste Disposal
and Resource Recovery System Revenue Bonds, Series 2008A, which was refunded in 2011. In 2012,
there was a reduction in contractual services expenses of $9.9 million.
The Internal Service Funds had net assets at year-end of $59.1 million, an increase of $5.2 million over
the prior year, just slightly higher than the $5.0 million increase in 2011. Expenses were consistent in
2012 and 2011, at $27.3 million and $27.1 million, respectively. The most significant change involved the
increase in operating and non operating revenues which rose by $1.5 million.
General Fund Budgetary Highlights
The budget and actual comparison statement for the General Fund displays the original adopted budget,
the final revised budget, and actual costs. The original budget, as approved, may be revised during the
year for a number of reasons. The General Fund’s amendments and supplemental appropriations for the
year were not material. Actual expenditures for fiscal year 2012 were $47.0 million less than budgeted.
This included $7.2 million less in general government (non-court related) costs, of which $5.0 million
related to the Board of County Commissioners. Total court-related expenditures were under budget by
$2.8 million, primarily due to human services costs being under budget by $2.7 million. . Appropriations of
$33.9 million, in reserve for contingencies, were not expended. Overall, actual revenues in the General
Fund exceeded budgeted revenues by $8.6 million. The largest positive variances were in taxes, state
grants, and charges for services, where actual revenues for the year exceeded the budget by $1.8 million,
$2.5 million, and $2.9 million, respectively.
13
Capital Assets
The County’s capital assets, for both governmental and business-type activities at September 30, 2012,
totaled approximately $1.43 billion, net of accumulated depreciation. Capital assets include land,
buildings, improvements other than buildings, equipment, construction in process, infrastructure, and
intangibles. Infrastructure includes roads, streets, and sidewalks; the County’s intangible assets include
easements and internally generated software. The balances are summarized below.
Capital Assets
At September 30, 2012 and 2011
(in thousands)
Governmental
Activities
2012
2011
Land
Buildings
Improvements
Equipment
Construction in process
Infrastructure
Intangibles
$ 116,301 $ 93,637
221,360
219,980
39,885
39,545
140,842
134,907
80,789
75,448
497,373
461,615
4,314
2,562
1,100,864
1,027,694
Accumulated depreciation
(330,428) (300,718)
Total capital assets $ 770,436 $ 726,976
Business-Type
Activities
2012
2011
$
25,983 $ 24,844
153,060
152,863
773,172
732,663
4,874
4,927
54,076
41,028
1,287
176
1,012,452
956,501
(348,464) (319,524)
$ 663,988 $ 636,977
Total
All Activities
2012
2011
$
142,284 $
118,481
374,420
372,843
813,057
772,208
145,716
139,834
134,865
116,476
497,373
461,615
5,601
2,738
2,113,316
1,984,195
(678,892)
(620,242)
$ 1,434,424 $ 1,363,953
The increase in total capital assets from the prior year was $70.5 million, or 5.2%.
Additional information about Pasco County’s capital assets can be found in Note 7.
14
Debt Administration
At September 30, 2012 Pasco County had total bonded debt (net) outstanding of $351.8 million. Of this
amount, $69.9 million comprises debt related to governmental activities, and $281.9 million of the total is
bonded debt of business-type activities. All bonded debt of the County is in the form of revenue bonds.
Additional information regarding bond issues can be found in Note 9.
Bonded Debt – Revenue Bonds
At September 30, 2012 and 2011
(in thousands)
Governmental
Activities
2012
2011
$69,870
$75,360
Business-Type
Activities
2012
2011
$281,883
$288,667
2012
2011
$351,753
$364,027
Debt Ratings
The following table shows the ratings for each County bond issue as of September 30, 2012:
Standard
and
Poors
Fitch
Moody’s
-
-
-
-
-
Aa3
-
-
-
AA
AA
Aa2
(1)
AA
AA
Aa2
(1)
AA
AA
Aa2
Revenue Bonds, Series 2008B
-
-
-
$4,545,000 Solid Waste Disposal and
Revenue Bonds, Series 2008C
-
-
-
AA-
-
A1
AA-
-
A1
Debt Issues
Governmental Activities:
$32,250,000 Guaranteed Entitlement
Refunding Revenue Bonds, Series 2003
$47,870,000 Half-cent Sales Tax
Revenue Bonds, Series 2003
$19,435,000 Gas Tax Refunding
Business-Type Activities:
$71,160,000 Water and Sewer Refunding
$31,715,000 Water and Sewer
Revenue Bonds, Series 2009A
Revenue Bonds, Series 2009B
Resource Recovery System,
Resource Recovery System Refunding
Revenue Bonds, Series 2008D
Revenue Bonds, Series 2011 (AMT)
15
The highest quality ratings available from the respective services are as follows: S&P AAA; Fitch AAA; Moody’s Aaa.
With the exception of the bank qualified issues (1), all Pasco County bond issues are insured, and the payment of
principal and interest is guaranteed. Such insurance is noncancellable.
(Note: Bonds with higher ratings offer cost savings to issuers like Pasco County)
Currently Known Facts and Conditions
While the County has experienced growth, it is markedly slowed, as the economic downturns felt
nationwide are still affecting Pasco County, as well. While there continues to be a decline in taxable
property values, the approved total County budget for fiscal 2013 is $1.169 billion, an increase of 1.35%
over the 2012 budget.
In 2008 the Florida electorate approved an amendment to the Florida Constitution relative to property
taxation. This amendment, referred to as Amendment 1, increases the current homestead exemption by
an additional $25,000 (for property values between $50,000 and $75,000), except for school district
taxes. Amendment 1 also allows property owners to transfer (make portable) up to $500,000 of their
Save Our Homes benefits to their next homestead, when they move. Save Our Homes became effective
in 1995 and limits (caps) the annual increase in assessed value for homestead property to three percent
(3%) or the percentage change in the Consumer Price Index, whichever is less. With respect to nonhomestead property, Amendment 1 limits (caps) the annual increase in assessed value for such property
(e.g., businesses, industrial property, rental property, and second homes) to ten percent (10%), except for
school district taxes. The Amendment also provides a $25,000 exemption for tangible personal property.
County Administration estimates that with the reduction in taxable value, had the County maintained the
millage rates at the fiscal 2012 level, the combined revenue deficit in the General Fund and the Municipal
Fire Service Unit Fund would reach $9.25 million.
Economic Factors and Next Year’s Budgets and Rates
Pasco County considered many factors in preparing the budget for the 2013 fiscal year, including the
following:

The cumulative loss in the last five years due to Amendment 1, coupled with the dramatic drop in real
estate values, has resulted in a reduction of taxable property values in the General Fund of nearly
$13.2 billion. This decline is more than the total value of all new construction in Pasco County for the
last 27 years.

Building permit values were $227.2 million in 2012, a slight increase over the $214.9 million in values
in 2011, but well off the 2009 level of $521.8 million.

The County’s 2012 population of 468,562 represents an increase of 3,865, or .8%, over 2011.

The unemployment rate for Pasco County at September 30, 2012 was 9.7%, a 17.1% decline from
2011, and the second decline since 2005. However, the 2012 rate is above the State of Florida
unemployment rate of 8.4%.
Requests for Information
This financial report is designed to provide a general overview of Pasco County’s finances. Questions
concerning information provided in this report, or requests for additional information, should be addressed
to the Director of Financial Services, Office of the Clerk & Comptroller, Pasco County, 38053 Live Oak
Avenue, Dade City, FL 33523.
16
BASIC FINANCIAL STATEMENTS
The Basic Financial Statements include:
Government-Wide Financial Statements
The Government-Wide Financial Statements
are prepared using the accrual method of accounting
and provide a broad overview of the County’s finances.
The Government-Wide Financial Statements include
the Statement of Net Assets, and the Statement of Activities.
The Fund Financial Statements
are prepared using the modified accrual or accrual basis of accounting
and provide additional and detailed information
for the County’s major funds, individually,
and nonmajor funds, in the aggregate,
for governmental, proprietary and fiduciary fund types,
including budgetary comparison statements.
include disclosures necessary
to provide a complete picture of the financial statements.
GOVERNMENT-WIDE FINANCIAL STATEMENTS
AND
FUND FINANCIAL STATEMENTS
STATEMENT OF NET ASSETS
September 30, 2012
PRIMARY GOVERNMENT
GOVERNMENTAL
BUSINESS-TYPE
ACTIVITIES
ACTIVITIES
ASSETS
Current assets:
Cash and cash equivalents
Investments
Restricted assets:
Accounts receivable, net
Notes receivable
Assessments receivable
Impact fee receivable
Due from other governments
Inventories
Other
Total current assets
Noncurrent assets:
Restricted cash and cash equivalents
Restricted investments
Notes receivable
Deferred charges
Water entitlements
Capital assets:
Land
Intangibles
Buildings
Improvements other than buildings
Equipment
Infrastructure
Less accumulated depreciation
Capital assets, net
Total noncurrent assets
Total assets
$
453,170,063
18,065
$
70,230,748
-
$
COMPONENT
UNIT
TOTALS
523,400,811
18,065
$
28,013
-
5,384,830
3,453,541
16,563,416
3,777,305
19,954,306
394,296
1,175,815
54,600,407
24,915,424
869,120
841,368
-
54,600,407
30,300,254
3,453,541
16,563,416
3,777,305
20,823,426
1,235,664
1,175,815
54,289
-
503,891,637
151,457,067
655,348,704
82,302
45,882,752
-
56,333,120
83,218,786
19,424,860
1,343,988
1,346,331
56,333,120
83,218,786
45,882,752
19,424,860
1,343,988
1,346,331
-
116,301,245
4,314,297
221,359,431
39,884,627
140,842,213
80,789,180
497,372,857
(330,427,643)
25,982,851
1,287,034
153,060,548
773,171,710
4,873,989
54,076,006
(348,464,216)
142,284,096
5,601,331
374,419,979
813,056,337
145,716,202
134,865,186
497,372,857
(678,891,859)
-
770,436,207
663,987,922
1,434,424,129
816,318,959
825,655,007
1,641,973,966
-
1,320,210,596
977,112,074
2,297,322,670
82,302
The notes to the financial statements are an integral part of this statement.
17
-
PRIMARY GOVERNMENT
GOVERNMENTAL
BUSINESS-TYPE
ACTIVITIES
ACTIVITIES
LIABILITIES
Current liabilities:
Vouchers payable
Contracts payable
Accrued liabilities
Claims payable
Due to other governments
Deposits
Unearned revenue
Interest payable
Other liabilities
Compensated absences
Notes payable
Bonds payable, net
Payable from restricted assets:
Deposits
Interest payable
Bonds payable, net
COMPONENT
UNIT
TOTALS
18,391,437
624,261
6,100,512
3,491,753
616,883
2,619,044
8,301,737
1,173,924
13,286
1,374,359
499,000
5,745,000
12,651,928
1,122,412
340,664
660
4,730,008
96,373
-
31,043,365
1,746,673
6,441,176
3,491,753
617,543
2,619,044
13,031,745
1,173,924
13,286
1,470,732
499,000
5,745,000
12,938
54,289
-
-
4,119,274
7,573,379
6,565,212
4,119,274
7,573,379
6,565,212
-
48,951,196
37,199,910
86,151,106
67,227
Estimated landfill closure costs
Pollution remediation costs
Claims payable
Unearned revenue
Notes payable
Other post employee benefits
Bonds payable, net
7,209,328
16,041,067
9,964,000
15,991,312
64,125,000
50,434,221
430,000
1,746,438
21,844,776
1,415,247
275,318,267
50,434,221
430,000
7,209,328
17,787,505
21,844,776
9,964,000
17,406,559
339,443,267
-
Total noncurrent liabilities
113,330,707
351,188,949
464,519,656
-
162,281,903
388,388,859
550,670,762
67,227
704,806,218
452,675,282
1,157,481,500
-
3,716,766
95,127,019
14,132,472
12,336,089
29,720,870
8,666,764
289,422,495
41,026,195
27,956,382
10,815,682
16,358,723
9,151,680
30,739,271
44,742,961
95,127,019
14,132,472
12,336,089
29,720,870
27,956,382
10,815,682
16,358,723
17,818,444
320,161,766
15,075
-
Total current liabilities
Noncurrent liabilities:
Total liabilities
NET ASSETS
Invested in capital assets, net of related debt
Restricted for:
Debt service
Road projects
Public safety
Impact fees
Renewal and replacement
Landfill closure
Other purposes
Unrestricted
Total net assets
$
1,157,928,693
18
$
588,723,215
$
1,746,651,908
-
$
15,075
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2012
PROGRAM REVENUES
FUNCTIONS/PROGRAMS
EXPENSES
OPERATING
CAPITAL
CHARGES FOR
GRANTS AND
GRANTS AND
SERVICES
CONTRIBUTIONS
CONTRIBUTIONS
PRIMARY GOVERNMENT:
Governmental activities:
General government
$
Public safety
67,811,837
$
11,097,654
149,110,755
Transportation
$
24,703,516
6,707,765
$
-
10,385,565
254,984
721,719
994,063
1,062,676
-
61,374,378
24,334,758
8,295,840
26,800,886
722
16,133,648
-
11,063,658
Human services
13,795,649
725,436
1,594,523
-
17,292,127
4,910,252
1,152,851
432,296
Court-related
21,301,041
15,150,470
-
-
4,112,107
-
-
-
351,653,260
81,916,149
40,262,878
27,488,888
19,421,300
Interest and debt service charges
Total governmental activities
Business-type activities:
Water and sewer unit
100,879,217
91,642,803
1,935,275
Solid waste and resource recovery
24,035,371
42,694,644
-
-
Total business-type activities
124,914,588
134,337,447
1,935,275
19,421,300
Total primary government
$
476,567,848
$
216,253,596
$
42,198,153
$
46,910,188
$
28,981
$
-
$
34,075
$
-
COMPONENT UNIT:
Housing Finance Authority
General revenues:
Taxes:
Property taxes
Sales tax
Telecommunications tax
Gas taxes
Tourist development tax
State shared revenues not restricted to specific programs
Grants and contributions not restricted to specific programs
Interest earnings
Miscellaneous
Transfers
Total general revenues and transfers
Net assets - beginning
Net assets - ending
19
NET (EXPENSE) REVENUE AND
CHANGES IN NET ASSETS
PRIMARY GOVERNMENT
$
GOVERNMENTAL
BUSINESS-TYPE
ACTIVITIES
ACTIVITIES
(50,006,418) $
(113,766,690)
-
$
-
UNIT
(50,006,418) $
-
(113,766,690)
-
1,335,020
-
1,335,020
-
(1,942,894)
-
(1,942,894)
-
(5,069,268)
-
(5,069,268)
-
(11,475,690)
-
(11,475,690)
-
(10,796,728)
-
(10,796,728)
-
(6,150,571)
-
(6,150,571)
-
(4,112,107)
-
(4,112,107)
-
(201,985,345)
-
(201,985,345)
-
-
12,120,161
12,120,161
-
-
18,659,273
18,659,273
-
-
30,779,434
30,779,434
-
30,779,434
(171,205,911)
-
(201,985,345)
-
-
-
5,094
151,064,056
-
151,064,056
-
15,187,473
-
15,187,473
-
5,502,072
-
5,502,072
-
12,066,316
-
12,066,316
-
822,206
-
822,206
-
32,988,867
-
32,988,867
-
2,083,853
-
2,083,853
-
3,793,826
4,466,674
8,260,500
179
21,167,283
421,315
21,588,598
4,217
56,991
-
-
4,944,980
249,563,941
4,396
(56,991)
244,618,961
$
COMPONENT
TOTAL
42,633,616
35,724,414
78,358,030
9,490
1,115,295,077
552,998,801
1,668,293,878
5,585
1,157,928,693
$
588,723,215
$
1,746,651,908
$
15,075
20
GOVERNMENTAL FUNDS
BALANCE SHEET
September 30, 2012
B001
B157
GENERAL
FUND
STATE
HOUSING
INITIATIVES
PARTNERSHIP
OTHER
GOVERNMENTAL
FUNDS
$
$
TOTAL
GOVERNMENTAL
FUNDS
ASSETS
Investments
Accounts receivable
Notes receivable
Due from:
Other funds
Other governments
Inventories
Other assets
Total assets
$
53,141,535
18,065
4,433,217
163
18,099,592
2,212,262
154,343
12,620
690,453
22,853,171
12,938
-
350,462,986
926,516
26,483,122
16,563,253
$
5,100,632
17,468,149
86,533
561,194
404,294,974
18,065
5,359,733
49,336,293
16,563,416
23,200,224
19,693,349
240,876
573,814
$
78,071,797
$
23,556,562
$
417,652,385
$
519,280,744
$
4,835,260
4,678,022
$
31,294
-
$
12,306,245
624,261
1,388,095
$
17,172,799
624,261
6,066,117
LIABILITIES AND FUND BALANCES
Liabilities:
Vouchers payable
Contracts payable
Accrued liabilities
Due to:
Other funds
Other governments
Deposits
Deferred revenue
Other liabilities
Total liabilities
4,786,711
379,162
2,556,644
1,895,606
1,784
86,539
373
22,853,171
-
18,326,974
230,458
62,400
48,038,928
11,502
23,200,224
609,993
2,619,044
72,787,705
13,286
19,133,189
22,971,377
80,988,863
123,093,429
161,912
-
560,586
722,498
61,403
2,746
193,295
585,185
-
3,716,766
3,464,223
31,593,479
128,671,120
2,117,650
3,716,766
3,525,626
32,181,410
128,671,120
2,310,945
88,631,756
44,188,824
33,686,521
88,631,756
44,188,824
33,700,247
Fund balances:
Nonspendable:
Inventories and prepaid items
Spendable:
Restricted for:
Bond covenants or debt service
Grant programs and projects
Federal or state law
Impact fees
Other purposes
Committed to:
Capital projects
Major maintenance & repair
By ordinances or other
Assigned to:
Other purposes
Unassigned:
13,726
-
2,120,521
56,385,005
-
Total fund balances
58,938,608
585,185
Total liabilities and fund balances
$
78,071,797
$
23,556,562
21
92,700
(60,103)
2,213,221
56,324,902
336,663,522
$
417,652,385
396,187,315
$
519,280,744
RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET ASSETS
SEPTEMBER 30, 2012
Total fund balances for governmental funds
$
396,187,315
Total net assets reported for governmental activities in the
Statement of Net Assets is different because:
Capital assets used in governmental activities are not
financial resources and, therefore are not reported in the funds.
749,061,408
Long-term liabilities, including bonds payable ($69,870,000),
notes payable ($10,463,000) and accrued compensated absences
($17,179,492) are not due and payable in the current period
and, therefore, are not reported in the funds.
(97,512,492)
Accrued long-term debt interest expense is not a financial use
and, therefore, is not reported in the fund.
(1,173,924)
Notes receivables are not financial resources in the current period
and, therefore, are deferred in the funds.
49,336,293
Impact fee receivables are not financial resources in the
current period and, therefore, are not reported in the
funds.
3,777,305
Special assessment receivables are not financial resources in the
current period and, therefore, are deferred in the fund.
15,149,676
Other post employee benefits are not due and payable in the
current period and, therefore, are not reported in the funds
(15,991,312)
Internal service funds are used by management to charge the
costs of certain activities, such as insurance and equipment
services, to individual funds. The assets and liabilities of the
internal service funds are included in governmental activities
in the Statement of Net Assets.
59,094,424
Total net assets of governmental activities
$
22
1,157,928,693
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
REVENUES
Taxes
Special assessments
Licenses and permits
Intergovernmental:
Federal
State
Local
Fines and forfeits
Interest and other earnings
Miscellaneous
$
Total revenues
EXPENDITURES
Current:
General government (noncourt-related)
Public safety
Transportation
Human services
Court-related
Miscellaneous
Capital outlay
Debt service:
Principal
Total expenditures
Excess (deficiency) of
revenues over expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
$
B001
B157
GENERAL
FUND
STATE
HOUSING
INITIATIVES
PARTNERSHIP
125,176,798
6,408
$
OTHER
GOVERNMENTAL
FUNDS
-
$
59,956,075
24,514,641
11,679,332
TOTAL
GOVERNMENTAL
FUNDS
$
185,132,873
24,514,641
11,685,740
475,998
18,536,501
145,016
25,528,546
298,283
506,837
12,442,163
38,082
978,993
19,037,035
48,356,720
476,006
10,381,876
1,297,002
2,939,569
8,246,432
19,513,033
66,893,221
621,022
35,910,422
1,595,285
3,484,488
21,667,588
183,116,550
1,017,075
186,884,688
371,018,313
48,132,913
98,647,843
312,478
106,992
226,798
9,321,281
12,576,406
4,665,940
6,433,466
-
506,140
-
11,711,687
46,659,571
1,520,049
74,752,838
14,037,191
3,125,017
1,337,755
16,256,480
5,094,381
11,436,144
59,844,600
145,307,414
1,832,527
74,859,830
14,770,129
12,446,298
13,914,161
20,922,420
11,527,847
11,436,144
-
5,964,000
4,167,644
5,964,000
4,167,644
180,424,117
506,140
196,062,757
376,993,014
2,692,433
510,935
(9,178,069)
(5,974,701)
6,949,018
(4,884,980)
-
16,612,464
(18,733,493)
23,561,482
(23,618,473)
2,064,038
-
(2,121,029)
(56,991)
4,756,471
510,935
(11,299,098)
(6,031,692)
54,182,137
74,250
347,962,620
58,938,608
$
23
585,185
$
336,663,522
402,219,007
$
396,187,315
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
Net change in fund balances reported on the
Statement of Revenues, Expenditures, and Changes in
Fund Balances – Total Governmental Funds
$
(6,031,692)
The change in net assets reported for governmental activities
in the Statement of Activities is different because:
Governmental funds report capital outlays as expenditures.
However, in the Statement of Activities, the cost of those
assets is allocated over their estimated useful lives as depreciation
expense. This is the amount by which capital outlay ($52,768,704)
exceeded depreciation ($29,840,359) in the current period.
22,928,345
The net effect of various miscellaneous transactions involving
capital assets that are not reported in governmental funds
(i.e., sales, trade-ins) is to an increase net assets.
260,863
Governmental funds do not report capital asset donations.
In the Statement of Activities, donations of capital assets
(road infrastructure) are reported as revenue.
19,764,180
Repayments of bond principal ($5,490,000) and notes
payable ($474,000) are expenditures in the
governmental funds, but the repayments reduce
long-term liabilities in the Statement of Net Assets.
5,964,000
Some expenses reported in the Statement of Activities do not require
the use of current financial resources and, therefore, are not reported as
expenditures in governmental funds [Compensated absences of $606,019
and accrued bond and note interest of $55,537, the net of prior year
accrual of $1,229,461 and current year accrual of $1,173,924].
(550,482)
Internal service funds are used by management to charge the costs of
insurance and equipment services to individual funds. $3,067,213 of total
operating income and $2,097,593 of total non-operating revenues and
capital contributions of the internal service funds are reported with
governmental activities.
5,164,806
Some expenses reported in the Statement of Activities do not
require the use of current financial resources and, therefore are note reported
reported as expenditures in the governmental funds [Community
Development Notes Receivable forgiveness $3,038,797].
(3,038,797)
Other post - employment benefits reported in the Statement
of Activities do not require the use of current financial resources and,
are not reported as expenditures in governmental funds.
(3,030,525)
Some special assessment revenues reported in the Statement
of Activities do not provide current financial resources and,
therefore, are not reported as revenues in governmental funds.
Change in net assets of governmental activities
1,202,918
$
24
42,633,616
GENERAL FUND
BUDGET AND ACTUAL -BUDGET BASIS
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Taxes
Intergovernmental:
Federal
State
Local
Fines and forfeits
Miscellaneous
$
FINAL
123,399,920
6,859
$
ACTUAL
123,399,920
6,859
$
125,176,798
6,408
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
1,776,878
(451)
300,037
15,950,787
123,836
22,285,636
302,101
391,584
11,702,805
300,037
16,042,600
123,836
22,622,366
302,101
378,384
11,325,839
475,998
18,536,501
145,016
25,528,546
298,283
505,490
12,442,163
175,961
2,493,901
21,180
2,906,180
(3,818)
127,106
1,116,324
174,463,565
174,501,942
183,115,203
8,613,261
54,282,857
55,306,070
48,132,913
7,173,157
97,437,687
98,100,520
98,647,843
337,953
337,953
312,478
25,475
Human services
250,037
8,863,958
250,037
12,062,387
226,798
9,321,281
23,239
2,741,106
13,520,571
13,466,350
12,561,851
904,499
7,318,690
7,455,736
4,665,940
2,789,796
Total revenues
EXPENDITURES
Current:
Public safety
Court-related
(547,323)
41,835,868
40,336,473
6,433,466
33,903,007
Total expenditures
223,847,621
227,315,526
180,302,570
47,012,956
(49,384,056)
(52,813,584)
2,812,633
55,626,217
6,949,018
(4,884,980)
(637,088)
3,387,645
Miscellaneous
Transfers in
Transfers out
19,308
-
7,586,106
(8,272,625)
Total other financing sources
19,308
(686,519)
2,064,038
2,750,557
(49,364,748)
(53,500,103)
4,876,671
58,376,774
49,364,748
53,500,103
53,984,062
483,959
$
-
25
$
-
$
58,860,733
$
58,860,733
STATE HOUSING INITIATIVES PARTNERSHIP FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Miscellaneous
$
Total revenues
EXPENDITURES
Current:
FINAL
22,285
575,746
$
ACTUAL
22,285
575,746
$
38,082
978,993
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
15,797
403,247
598,031
598,031
1,017,075
419,044
1,128,248
1,128,248
506,140
622,108
1,041,152
(530,217)
(530,217)
510,935
530,217
530,217
74,250
$
-
26
$
-
$
585,185
(455,967)
$
585,185
PROPRIETARY FUNDS
STATEMENT OF NET ASSETS
September 30, 2012
BUSINESS-TYPE ACTIVITIESENTERPRISE FUNDS
SOLID WASTE
DISPOSAL
WATER
AND RESOURCE
AND
RECOVERY
SEWER UNIT
SYSTEM
TOTALS
ASSETS
Current assets:
Restricted assets:
Due from:
Other funds
Other governments
Inventories
Other
Noncurrent assets:
Restricted cash and cash equivalents
Deferred charges
Advances to other funds
Water entitlements
Capital assets:
Land
Intangibles
Buildings
Equipment
Capital assets, net
Total noncurrent assets
Total assets
$
35,123,129
18,587,070
$
35,107,619
6,328,354
$
70,230,748
24,915,424
GOVERNMENTAL
ACTIVITIESINTERNAL
SERVICE
FUNDS
$
48,875,089
25,097
11,480,944
43,119,463
54,600,407
-
863,203
841,368
-
422,829
5,917
-
422,829
869,120
841,368
-
260,957
153,420
602,000
66,895,714
84,984,182
151,879,896
49,916,563
56,333,120
83,218,786
19,424,860
536,336
1,346,331
807,652
1,209,558
-
56,333,120
83,218,786
19,424,860
1,343,988
1,209,558
1,346,331
-
20,330,072
1,287,034
120,329,258
655,261,244
4,196,103
41,180,068
(262,003,338)
5,652,779
32,731,290
117,910,466
677,886
12,895,938
(86,460,878)
25,982,851
1,287,034
153,060,548
773,171,710
4,873,989
54,076,006
(348,464,216)
1,817,318
2,368,321
2,326,545
59,589,740
(44,727,125)
580,580,441
83,407,481
663,987,922
21,374,799
741,439,874
85,424,691
826,864,565
21,374,799
808,335,588
170,408,873
978,744,461
71,291,362
27
SOLID WASTE
DISPOSAL
WATER
AND RESOURCE
AND
RECOVERY
SEWER UNIT
SYSTEM
TOTALS
LIABILITIES
Vouchers payable
Contracts payable
Accrued liabilities
Claims payable
Due to:
Other funds
Other governments
Unearned revenue
Payable from restricted assets:
Deposits
Interest payable
Bonds payable (net)
Claims payable
Estimated landfill closure and post closure costs
Pollution remediation costs
Unearned revenue
Advances from other funds
Other post employment benefits
Revenue bonds (net)
Total liabilities
NET ASSETS
Invested in capital assets, net of related debt
Restricted for:
Debt service
Impact fees
Landfill closure
Other purposes
Unrestricted (deficit)
Total net assets
$
GOVERNMENTAL
ACTIVITIESINTERNAL
SERVICE
FUNDS
6,466,364
1,073,620
299,247
-
6,185,564
48,792
41,417
-
12,651,928
1,122,412
340,664
-
1,218,638
34,395
3,491,753
422,829
660
81,124
-
15,249
4,730,008
422,829
660
96,373
4,730,008
6,890
18,874
-
4,095,395
6,059,077
1,326,472
23,879
1,514,302
5,238,740
4,119,274
7,573,379
6,565,212
-
19,824,788
17,797,951
37,622,739
4,770,550
1,448,759
21,844,776
1,209,558
677,583
214,610,126
297,679
50,434,221
430,000
737,664
60,708,141
1,746,438
50,434,221
430,000
21,844,776
1,209,558
1,415,247
275,318,267
7,209,328
217,060
-
239,790,802
112,607,705
352,398,507
7,426,388
259,615,590
130,405,656
390,021,246
12,196,938
435,214,682
17,460,600
452,675,282
21,374,799
26,387,279
27,956,382
8,814,124
5,823,282
44,524,249
14,638,916
2,001,558
16,358,723
3,328,398
(13,784,978)
41,026,195
27,956,382
10,815,682
16,358,723
9,151,680
30,739,271
37,719,625
548,719,998
28
$
40,003,217
$
588,723,215
$
59,094,424
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
SOLID WASTE
DISPOSAL
WATER
AND RESOURCE
AND
RECOVERY
SEWER UNIT
SYSTEM
TOTALS
OPERATING REVENUES
$
91,642,803
OPERATING EXPENSES
Personal services
Contractual services
Materials and supplies
Heat, light and power
Equipment rental and maintenance
Communications
Administrative charge from General Fund
Depreciation
Miscellaneous
Total operating expenses
Total nonoperating revenues (expenses)
Income (loss) before contributions and transfers
42,694,644
$
134,337,447
$
30,361,316
18,289,793
28,880,354
5,863,452
4,913,958
2,788,771
125,382
1,680,108
25,641,406
1,717,583
89,900,807
2,497,702
12,944,512
265,187
174,359
609,985
15,077
156,735
3,576,665
820,276
21,060,498
20,787,495
41,824,866
6,128,639
5,088,317
3,398,756
140,459
1,836,843
29,218,071
2,537,859
110,961,305
2,328,116
10,062,106
8,798,397
56,423
281,044
13,414
653,810
5,100,793
27,294,103
1,741,996
21,634,146
23,376,142
3,067,213
1,935,275
3,887,137
(9,415,734)
156,604
(1,562,676)
579,537
(2,946,369)
264,711
(28,504)
1,935,275
4,466,674
(12,362,103)
421,315
(1,591,180)
309,069
277,037
(4,999,394)
(2,130,625)
(7,130,019)
586,106
(3,257,398)
19,503,521
16,246,123
3,653,319
Operating income
NONOPERATING REVENUES (EXPENSES)
Intergovernmental revenue
Net amortization of bond premium (discount)
Miscellaneous
$
GOVERNMENTAL
ACTIVITIESINTERNAL
SERVICE
FUNDS
Capital contributions
Transfers in
19,421,300
56,991
-
19,421,300
56,991
1,511,487
-
16,220,893
19,503,521
35,724,414
5,164,806
532,499,105
20,499,696
552,998,801
53,929,618
Net assets - ending
$
548,719,998
29
$
40,003,217
$
588,723,215
$
59,094,424
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS
SOLID WASTE
DISPOSAL
WATER
AND RESOURCE
AND
RECOVERY
SEWER UNIT
SYSTEM
TOTALS
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Receipts from employees
Receipts from interfund services provided
Payments to suppliers for goods and services
Payments for interfund services used
Payments for personal services
Payments for other operating expenses
$
Net cash provided by
operating activities
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Operating grants received
Transfers in
Cash provided by
noncapital financing activities
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Principal payments - bonds and notes
Amortization of bond issue premium
Interest and fiscal charges paid
Proceeds from sale of assets
Acquisition of capital assets for Fleet
Acquisition of capital assets
Construction
Cash used for capital and
related financing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investment securities
Investment income
84,226,389 $
55,164
(40,345,285)
(3,217,778)
(18,046,797)
(1,464,858)
40,041,183
76,911
$
(15,291,510)
(639,119)
(1,757,408)
(820,199)
GOVERNMENTAL
ACTIVITIESINTERNAL
SERVICE
FUNDS
124,267,572 $
132,075
(55,636,795)
(3,856,897)
(19,804,205)
(2,285,057)
683,270
573,234
29,861,312
(19,503,417)
(957,798)
(1,715,604)
-
21,206,835
21,609,858
42,816,693
8,940,997
1,935,275
56,991
-
1,935,275
56,991
24,479
-
1,992,266
-
1,992,266
24,479
(1,455,000)
(27,243)
(12,164,882)
24,690
(1,562,676)
(1,474,605)
(34,327,005)
13,006,879
(4,930,000)
(484,073)
(2,304,064)
(28,504)
(1,378,409)
(10,352,475)
-
(6,385,000)
(511,316)
(14,468,946)
24,690
(1,591,180)
(2,853,014)
(44,679,480)
13,006,879
278,777
(4,096,494)
-
(37,979,842)
(19,477,525)
(57,457,367)
(3,817,717)
28,043,930
3,887,137
579,537
28,043,930
4,466,674
309,070
31,931,067
579,537
32,510,604
309,070
Net increase (decrease) in cash
and cash equivalents
17,150,326
2,711,870
19,862,196
5,456,829
Cash and cash equivalents at October 1, 2011
85,786,867
75,515,212
161,302,079
43,418,260
Cash provided by investing activities
Cash and cash equivalents at September 30, 2012
$
102,937,193
30
$
78,227,082
$
181,164,275
$
48,875,089
SOLID WASTE
DISPOSAL
WATER
AND RESOURCE
AND
RECOVERY
SEWER UNIT
SYSTEM
TOTALS
Reconciliation of operating income to
net cash provided by operating activities:
Operating income
$
Adjustments to reconcile operating income
to net cash provided by operating activities:
Depreciation
Non-capital, non-financing activity:
(Increase) in accounts receivable
(Increase) decrease in other assets
(Increase) decrease in due from other funds
Decrease in due from other governments
(Increase) decrease in advances from other funds
Decrease in inventory
Increase in vouchers payable
Increase in contracts payable
Increase (decrease) in accrued liabilities
(Decrease) in claims payable
Increase (decrease) in compensated absences
(Decrease) in advances to other funds
(Decrease) in due to other governments
(Decrease) in unearned revenue
Increase (decrease) in deposits
Increase in other post employment benefits
(Decrease) in estimated landfill closure costs
Total adjustments
$
$
Noncash capital activities:
Contributed capital assets
21,634,146
$
23,376,142
25,641,406
3,576,665
29,218,071
(8,271,691)
124,789
(69,710)
1,967,199
16,035
548,138
10,461
47,491
(422,829)
(922,168)
625,744
169,974
-
(1,890,782)
(16,925)
(5,917)
422,829
2,349,806
44,026
3,760
(1,129)
(5,025)
(29,792)
(250)
81,765
(4,553,319)
(10,162,473)
124,789
(86,635)
1,961,282
422,829
16,035
2,897,944
44,026
14,221
46,362
(422,829)
(5,025)
(951,960)
625,494
251,739
(4,553,319)
19,464,839
Total noncash capital activities
1,741,996
(24,288)
GOVERNMENTAL
ACTIVITIESINTERNAL
SERVICE
FUNDS
$
3,067,213
5,100,793
(22,187)
(46,000)
658,669
6,890
9,418
368,258
(143)
(167,341)
(34,573)
-
19,440,551
5,873,784
21,206,835
$
21,609,858
$
42,816,693
$
8,940,997
$
19,421,300
$
-
$
19,421,300
$
1,511,487
$
19,421,300
$
-
$
19,421,300
$
1,511,487
31
AGENCY FUNDS
STATEMENT OF FIDUCIARY NET ASSETS
September 30, 2012
TOTAL
AGENCY
FUNDS
ASSETS
$ 20,020,754
LIABILITIES
Deposits
$
Total liabilities
6,915,269
13,105,485
$ 20,020,754
32
NOTES TO FINANCIAL STATEMENTS
September 30, 2012
INDEX
Note
1.
Page
Summary of Significant Accounting Policies
33
A. Reporting Entity
B. Basic Financial Statements
C. Measurement Focus, Basis of Accounting, and Financial
Statement Presentation
D. Cash, Cash Equivalents and Investments
E. Receivables, Payables, and Amounts Due From/Due To
F. Inventories
G. Restricted Assets
H. Capital Assets
I. Long-term Obligations and Amortization
J. Unearned Revenues
K. Fund Equity
L. Pension Costs
M. Compensated Absences
N. Property Taxes
O. Application of Financial Accounting Standards Board (FASB)
Pronouncements to Proprietary Funds
33
35
36
39
39
40
40
40
40
41
41
42
42
42
43
2.
Budgets and Budgetary Data
43
3.
Cash, Cash Equivalents, and Investments
45
A.
B.
C.
D.
45
46
47
48
Insurance and Collateralization of Demand Deposits
Investments
State Board of Administration (SBA) Investment Holdings
Repurchase Agreements
4.
Accounts and Notes Receivable, and Due From Other Governments
A. Accounts and Notes Receivable
B. Due From Other Governments
49
49
49
5.
Payables and Due To Other Governments
50
A. Payables
B. Due To Other Governments
50
50
Interfund Balances and Interfund Transfers
51
A. Interfund Balances
B. Interfund Transfers
51
52
6.
September 30, 2012
INDEX (CONTINUED)
Note
7.
Page
Capital Assets
53
A. Capital Assets Activity
B. Depreciation Expense
C. Construction in Process
53
56
56
8.
Capitalization of Interest
57
9.
Long-term Liabilities
57
A.
B.
C.
D.
57
60
61
65
Changes in Long-term Liabilities
Debt Service Requirements
Debt Issues
Other Long-term Liabilities Matters
10. Due From Tampa Bay Water
66
11. Restricted Assets of Enterprise Funds
67
12. Enterprise Funds’ Restricted Net Assets
67
13. Landfill Closure and Long-term Care Costs – Solid Waste Disposal
and Resource Recovery System Operations
68
14. Pollution Remediation
68
15. Employee Retirement Plans
69
A. Plan Descriptions
B. Deferred Retirement Option Program (DROP)
C. Funding Policy
16. Other Postemployment Benefits (OPEB)
A.
B.
C.
D.
E.
Plan Description
Funding Policy
Annual OPEB cost and Net OPEB Obligation
Funded Status and Funding Progress of OPEB Plans
Actuarial Methods and Assumptions
69
70
70
71
71
72
74
76
77
17. Risk Management
78
18. Expenditures in Excess of Appropriations
78
19. Deficit Fund Equity
79
20. Commitments, Contingencies, and Other Matters
79
September 30, 2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements in this report have been prepared in conformity with U.S. generally accepted
accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards
Board (GASB) is the standard-setting body for governmental accounting and financial reporting. The following is
a summary of Pasco County's significant accounting policies.
The following is a brief overview of major components of the current reporting model, as prescribed by GASB
Statement No. 34, Basic Financial Statements – and Management’s Discussion and Analysis – for State and
Local Governments:
Management’s Discussion and Analysis
This is a narrative introduction and analytical overview of the County’s financial activities and is similar to
the analysis provided in private sector annual reports.
These financial statements are prepared using full accrual accounting for all of the County’s activities.
This approach includes not just current assets and liabilities but also capital assets and long-term
liabilities. Accrual accounting also reports all of the revenues and costs of providing services each year,
not just those received or paid in the current year or soon thereafter. Included in the government-wide
financial statements are the following:
Statement of Net Assets
This statement is designed to display the financial position of the County, as to both its
government and business-type activities. In this statement, the County reports all capital assets,
including infrastructure acquired since 1980. The net assets of the County are reported in three
categories: invested in capital assets, net of related debt; restricted; and unrestricted.
Statement of Activities
This statement reports revenues and expenses in a format that focuses on each of the
government’s functions. It identifies the extent to which each function draws from the general
revenues of the County or is self-financing through program revenue (fees and intergovernmental
aid).
A.
Reporting Entity
Pasco County (the "County"), founded in 1887, is a non-chartered political subdivision of the State of Florida and
is authorized the power of self-government by the Constitution of the State of Florida and Florida Statutes. The
Board of County Commissioners (the "Board") is the legislative and governing body of the County. A County
Administrator is appointed by the Board and is responsible for administrative and budgetary control of the
resources of the Board.
The Constitution of the State of Florida also provides for five Constitutional Officers with specific duties and
reporting responsibilities prescribed by Statute. These Officers are:
Clerk of Circuit Court and County Comptroller (“Clerk & Comptroller”)
Property Appraiser
Sheriff
Tax Collector
The Constitutional Officers and the Board maintain separate accounting records and budgets.
33
September 30, 2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
A.
Reporting Entity (Continued)
Annual operating budgets of the Clerk & Comptroller, Sheriff, and Supervisor of Elections are submitted to the
Board for approval, as the Board’s share of the funding for the operations of these Officers is provided primarily
from general revenues of the County and is supplemented by fees charged by these Officers pursuant to
Statute. The budgets of the Property Appraiser and the Tax Collector are submitted to the State’s Department
of Revenue for approval. The budget for court-related functions of the Clerk & Comptroller’s operations is
submitted to and approved by the Florida Clerks of Court Operations Corporation, a public corporation created
under Section 28.35, Florida Statutes.
Separate financial reports are prepared for each of the Constitutional Officers. The financial statements in this
report represent a combination of those separate financial reports, together with the operations of the Board.
The Board and the Constitutional Officers constitute the Pasco County primary government.
As required by generally accepted accounting principles, these financial statements comprise the Pasco County
reporting entity, which includes the primary government and its component units. The process of evaluating
potential component units involves the application of criteria set forth in GASB Statement No. 14, The Financial
Reporting Entity, and GASB Statement No. 39, Determining Whether Certain Organizations are Component
Units (an amendment of GASB Statement No. 14). In accordance with the criteria of GASB Statement No. 14,
component units are organizations for which the primary government is financially accountable, or other
organizations, for which the nature and significance of their relationship with the primary government are such
that exclusion would cause the reporting entity's financial statements to be misleading or incomplete. The
definition of the reporting entity is based primarily on the notion of financial accountability. A primary
government is financially accountable for the organizations that make up its legal entity. It is also financially
accountable for legally separate organizations if its officials appoint a voting majority of an organization's
governing body and either it is able to impose its will on that organization or there is a potential for the
organization to provide specific financial benefits to, or to impose specific financial burdens on, the primary
government. GASB Statement No. 39 provides additional guidance to determine whether certain organizations
for which the primary government is not financially accountable should be reported as component units based
on the nature and significance of their relationship with the primary government. Generally, it requires reporting,
as a component unit, an organization that raises and holds economic resources for the direct benefit of a
governmental unit.
Based on the aforementioned criteria, the following determinations have been made:
Discretely Presented Component Unit
Pasco County Housing Finance Authority
The Pasco County Housing Finance Authority was created by County ordinance as a public body
corporate and politic under authority granted by Sec. 159.604, Florida Statutes. The Housing
Finance Authority functions to alleviate a shortage of housing and capital for investment in housing
within the territorial boundaries of Pasco County. The Board appoints all members of the Housing
Finance Authority and may remove members without cause. The Board is empowered to terminate
the Housing Finance Authority and may, at its sole discretion, and at any time, alter or change the
structure, organization, programs, or activities of the Authority. All rules, regulations, and program
guidelines of the Authority are effective only upon approval by the Board. Any and all fees earned
by the Authority are required to be placed in a separate fund and the Board shall determine how
such funds are to be used; funds are to be used only for low and moderate
34
September 30, 2012
A.
Reporting Entity (Continued)
income housing purposes in Pasco County. The component unit column in the government-wide
financial statements includes the financial data of the Pasco County Housing Finance Authority.
J. “Ben” Harrill Villages of Pasadena Hills Stewardship District
The J. “Ben” Harrill Villages of Pasadena Hills Stewardship District (the “District”) was created and
incorporated as a public body corporate and politic, a limited, special-purpose dependent district,
under Chapters 125 and 189, Florida Statutes, and as defined in the Pasco County Land
Development Code (the “Code”). The District functions to provide a framework for the delivery of
infrastructure, facilities and services to accommodate growth, as well as the financing and oversight
of lands, within the District boundaries. The governing board of the District is the Board of
Supervisors, which is the Pasco County Board of County Commissioners. The Board exercises
general and special powers as provided in the Code and District charter, respectively, as well as
other powers, authority, and functions in accordance with Chapter 189, Florida Statutes. The
District will remain in existence until terminated and dissolved pursuant to amendment to the Code
by the Board, after retirement of any bonds or other obligations of the District. There were no
financial activities conducted by the District during the year. However, under current reporting entity
criteria, any future activity of the District would be included by the discrete presentation method.
For information on obtaining separate component unit financial statements, contact the Clerk &
Comptroller, Division of Financial Services, 38053 Live Oak Avenue, Dade City, Florida 33523.
Related Organizations
Pasco County Health Facilities Authority
The Pasco County Health Facilities Authority was created by County ordinance as a public body
corporate and politic under Sec. 154.207, Florida Statutes. It functions to assist health facilities in
the acquisition, construction, financing, and refinancing of projects within Pasco County.
Pasco County Educational Facilities Authority
The Pasco County Educational Facilities Authority was created by County resolution as a public
body corporate and politic under authority granted by Sec. 243.21, Florida Statutes. The
Educational Facilities Authority functions to assist institutions of higher education in the
construction, financing, and refinancing of facilities or projects.
While the Board appoints the members of these authorities, and may abolish the authorities by ordinance
or resolution, the Board is not able to impose its will on these organizations. In addition, the Board is not
able to gain access to their economic resources and the authorities are neither financially accountable to
nor fiscally dependent upon the Board. Consequently, these related organizations are not component
units and are not included in the accompanying financial statements.
B.
Basic Financial Statements
The County’s Basic Financial Statements consist of the government-wide financial statements (based on the
County as a whole) and the fund financial statements, with the focus on the County, as a whole, as well as on its
major individual funds.
The government-wide financial statements include the Statement of Net Assets and the Statement of Activities.
These statements report information on the government’s activities as a whole, which include the primary
government and its component unit. For the most part, the effect of interfund activity has been eliminated from
35
September 30, 2012
B. Basic Financial Statements (Continued)
these statements in order to avoid a distortion of financial results. Net residual amounts due between
governmental and business-type activities are presented as internal balances on the Statement of Net Assets
where they are eliminated in the total primary government column. Fiduciary funds of the government are also
excluded from this presentation since their resources are not available for government funding purposes. The
Statement of Net Assets reports all financial and capital resources of the governmental and business-type
activities. It is presented in a net assets format (assets less liabilities equal net assets) and is shown with three
components: amounts invested in capital assets, net of related debt; restricted net assets; and unrestricted net
assets. The Statement of Activities reports functional categories of programs provided by the County, and
demonstrates the degree to which the direct expenses of a given function are offset by program revenues.
Program revenues are classified into three categories: charges for services; operating grants and contributions;
and capital grants and contributions. Charges for services refer to direct recovery of costs from customers for
services rendered, such as those for emergency services, libraries, court operations, etc. Grants and
contributions refer to revenues restricted for specific programs whose use may be restricted further to
operational or capital items. The general revenues section displays revenue collected which helps support all
functions of Pasco County government and contribute to the change in the net assets for the fiscal year.
General revenues include all taxes.
The fund financial statements appear after the government-wide financial statements and report additional and
detailed information about Pasco County’s operations for its major funds, individually, and nonmajor funds, in
the aggregate, for governmental, proprietary and fiduciary fund types. A major fund is one that meets the criteria
set forth in GASB Statement No. 34 or one which the County considers to be of particular importance. If neither
of these conditions exists, funds are considered to be nonmajor funds. Included are budgetary comparison
statements, which report the County’s original budget together with the comparison of final budget and actual
results. In addition, reconciliations are provided that convert the results of governmental fund accounting to the
government-wide presentation.
C.
Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The accounting and financial reporting treatment is determined by the applicable measurement focus and basis
of accounting. Measurement focus is used to describe the types of transactions and events that are reported, or
measured. Basis of accounting refers to when revenues and expenditures or expenses are recognized in the
accounts and reported in the financial statements and to the timing of the measurements made, regardless of
the measurement focus applied.
The government-wide and proprietary fund financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, respectively. Under the economic resources
measurement focus, net assets (total assets less total liabilities) are measured. Under the accrual basis of
accounting, revenues are recognized in the period in which they are earned and expenses are recognized in the
period incurred.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues
and expenses generally result from providing services and producing and delivering goods in connection with a
proprietary fund’s principal ongoing operations. The operating revenues of the County’s enterprise funds, the
Water and Sewer Unit and the Solid Waste Disposal and Resource Recovery System, are charges for services
to customers. Operating expenses of these operations include salaries, contractual services, materials and
supplies, utilities, equipment rental and maintenance, communications, administrative charges, and
depreciation. All revenues and expenses not meeting this definition are reported as nonoperating revenues and
expenses. In addition, when both restricted and unrestricted resources are available for use, it is the County’s
36
September 30, 2012
C.
Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)
policy to first apply restricted resources when an expense is incurred for purposes for which both restricted and
unrestricted assets are available.
All governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Accordingly, under this measurement focus, only current
assets, except as noted below, and current liabilities are included on their balance sheets, and the reported fund
balances provide an indication of available spendable or appropriable resources. Statements of Revenues,
Expenditures and Changes in Fund Balances increases (revenues and other financing sources) and decreases
(expenditures and other financing uses) in net current assets. Accordingly, they present a summary of sources
and uses of available spendable resources during a period.
Noncurrent portions of long-term receivables due in governmental funds are reported on their balance sheets.
However, recognition of governmental fund type revenues represented by these noncurrent receivables is
deferred until they become current receivables since they do not represent "available spendable resources" in
the spending measurement focus used for governmental funds.
All governmental funds follow the modified accrual basis of accounting. Under the modified accrual basis of
accounting, revenues are recognized when they become susceptible to accrual; that is, measurable and
available to finance expenditures of the current period. Available means collectible within the current period or
soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the County considers
revenues to be available if they are collected within 60 days of the end of the current fiscal period, except for
grant revenues for which the collection period is 365 days.
Expenditures are recorded when the related liability is incurred except for: (1) principal and interest on general
long-term debt, which are recognized when due; (2) the noncurrent portion of accrued compensated absences,
which is recorded as a long-term liability on the government-wide financial statements; and (3) prepaid items,
reported only on the balance sheet when they occur, and do not affect expenditures.
In applying the susceptibility-to-accrual concept to intergovernmental revenues, the legal and contractual
requirements of the numerous individual programs are used as guidance. There are, however, essentially two
types of these revenues. In one, monies must be expended for the specific purpose or project before any
amounts will be paid to the County; therefore, revenues are recognized based upon the expenditures recorded.
In the other, monies are virtually unrestricted as to purpose of expenditure and are substantially irrevocable, the
exception being a failure to comply with prescribed compliance requirements. These resources are reflected as
revenues at the time of receipt, or earlier if they meet the availability criterion.
Licenses and permits and miscellaneous revenues (except investment earnings) are not recorded until actually
received, as, generally, these revenues are not measurable and available until that time. Property taxes and
investment earnings are recorded as earned since they are considered to be measurable and available.
Special assessments are measurable when they are levied. They become available when they are due as long
as the County receives them soon enough after year-end to pay current liabilities. Amounts that are measurable
but not available are recorded as deferred revenue.
Major and Non-major Funds
GASB Statement No. 34 establishes criteria for the determination of major funds. The nonmajor funds are
combined in a column in the fund financial statements and are detailed in the combining statements.
37
September 30, 2012
C.
Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)
Major Funds of the County:
The following governmental funds are reported as major funds:
General Fund
The General Fund is the County’s primary operating fund. It accounts for all financial resources
of the County, except for those required to be accounted for in another fund.
State Housing Initiatives Partnership Fund
This special revenue fund is used to account for assistance provided for the production and
preservation of affordable housing, primarily for homeowners. The major source of funding
comprises repayments of housing loans originally financed through State funding.
Both of the County’s enterprise funds are reported as major funds:
Water and Sewer Unit and Solid Waste Disposal and Resource Recovery System Funds
These funds account for the financing of their respective services to the general public where all
or most of the costs involved are paid in the form of charges to the users of such services.
Non-major Funds
In addition to those funds that are reported as major, the County also reports as nonmajor all funds that
are included in the following fund types:
Special Revenue Funds
These funds are used to account for the proceeds of specific revenue sources (other than for
major capital projects) that are legally restricted to expenditure for specified purposes.
Debt Service Funds
These funds are used to account for the accumulation of resources for, and the payment of,
principal, interest and related costs of governmental activities long-term debt.
Capital Projects Funds
These funds account for resources provided by transfers from the General Fund that are used for
the acquisition or construction of capital facilities and other projects (other than those financed by
Proprietary Fund Types), as well as bond proceeds.
In addition, the County reports the following:
Internal Service Funds
These funds account for the County insurance, Clerk & Comptroller’s insurance, and equipment
service operations that provide respective services and commodities to other operations of the
County.
Agency Funds
These funds account for assets and liabilities held in an agency capacity for other governments
and individuals.
38
September 30, 2012
D.
Cash, Cash Equivalents, and Investments
Cash, cash equivalents and investments consist of cash on hand (petty cash), demand deposits, certificates
of deposit, deposits with the Florida State Board of Administration's (SBA) Florida PRIME and Fund B Surplus
Funds Trust Fund (Fund B), and deposits with the Florida Local Government Investment Trust (FLGIT). In
addition, the County considers short-term, highly liquid investments with a maturity of three months or less
when purchased, that are both readily convertible to cash and so near their maturity that any changes in
interest rates would cause only immaterial risk of change in value, as cash equivalents.
The County pools substantially all cash and temporary investments, except for those situations requiring
separate cash and investment accounts in accordance with legal restrictions. During the year, such temporary
investments included deposits with the SBA and FLGIT, and savings accounts. Each fund's equity in pooled
cash is stated at the respective fund's contributed cost plus interest.
Earnings from pooled cash are allocated to each fund based on a three-month average of the equity balance of
each fund. In fiscal 2012, deposits earned interest at the following rates: SBA’s Florida PRIME, .24% to .35%;
FLGIT Investment Trust Fund (reported at NAV), .57% to .96% (SEC yield); FLGIT Day to Day Fund, (reported
at NAV) .10% to .24%; certificates of deposit, 1.93% to 2.63%; and money market funds at .01%.
The County accounts for its investments in accordance with the provisions of GASB Statement No. 31,
Accounting and Financial Reporting for Certain Investments and for External Investment Pools. This statement
requires governmental entities to report investments at fair value (See Note 3). All changes in fair value of
investments are recognized as gains or losses in the Statements of Activities. The SBA’s Florida PRIME is a
2a7-like pool and is, therefore, reported at its actual pooled share price (its value) as the pool account balance
(amortized cost) is the same as its fair value. A 2a7-like pool is an external investment pool that is not
registered with the SEC as an investment company, but nevertheless has a policy that it will, and does operate
in a manner consistent with the SEC's Rule 2a7. Rule 2a7 allows SEC-registered mutual funds to use
amortized cost to report net assets to compute share prices if certain conditions are met (see Notes 3.B. and
3.C.). The SBA’s Fund B was created to segregate and hold the distressed portfolio investments previously
contained in the pool, as a whole.
Fund B is accounted for as a fluctuating net asset value (NAV) pool. The assets of Fund B are not accessible
by its depositors until released by the SBA. The SBA reports all share information at Net Asset Value (NAV).
For purposes of the Statement of Cash Flows, investments in money market funds are considered cash and
cash equivalents.
E.
Receivables, Payables, and Amounts Due From/Due To
Trade accounts receivable and various payables of the County are recorded in the government-wide, and in the
governmental and proprietary fund financial statements. In proprietary fund types, accounts receivable are
recorded with appropriate allowances for uncollectible accounts, which totaled $2,195,596 at September 30,
2012. Related revenues are recognized as earned. In governmentals, accounts receivable are recorded with
appropriate allowances for uncollectible accounts, which totaled $51,569,259 at September 30, 2012, primarily
related to ambulance billings. In governmental fund types, amounts generated as a result of operations of the
County are offset by deferred revenue, and related revenues are not recognized until the amounts are both
measurable and available. In addition, a receivable was recorded and revenue recognized in the Water and
Sewer Unit Fund for estimated unbilled consumption at year-end. Such unbilled receivables totaled $4,642,472
at September 30, 2012. Activities between funds resulting in balances at year-end are reported as “Due From”
and “Due To” amounts and represent interfund loans. Any residual balances outstanding between
governmental and business-type activities are reported in the government-wide statement of net assets as
internal balances.
39
September 30, 2012
F.
Inventories
Inventories are determined by physical count and are stated at average cost using a moving average cost basis.
Purchases of inventories for governmental fund types are reported as expenditures when used (consumption
method). Inventories for governmental funds are reported on the balance sheet as an asset of their respective
funds with a corresponding classification as a nonspendable amount in fund balance since they do not represent
"available spendable resources". Inventories of proprietary fund types, consisting primarily of operating
materials held for consumption, are reported as an expense when consumed in the operations of the fund.
Inventories that consist of homes held for resale are stated at cost.
G.
Restricted Assets
Certain assets are classified as restricted on the Statement of Net Assets because of requirements imposed by
law, regulation, creditors, grantors, contributors or other controlling provisions.
H. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (roads, streets, bridges
and sidewalks) acquired subsequent to October 1, 1980, as well as intangible assets acquired subsequent to
October 1, 2009, are reported in the applicable governmental or business-type activities columns in the
government-wide financial statements. Capital assets are defined as those assets with an initial, individual
cost of $1,000 or more ($5,000 in the case of intangible assets) and a useful life of at least one year. Capital
contributions or donations are recorded at their estimated fair value at the time received. The cost of normal
maintenance and repairs that do not add to the value of a capital asset or materially extend its useful life are
not capitalized.
Depreciation (termed amortization for intangible assets with identifiable useful lives) is recorded on capital
assets on a government-wide basis. Capital outlays of proprietary funds are recorded as capital assets that
are depreciated over their estimated useful lives on a straight-line basis on both the funds basis and the
government-wide basis. Depreciation is provided over the following estimated useful lives (straight-line
method):
Buildings
Machinery and equipment
Infrastructure
Intangibles:
Computer software
Easements and rights-of-way
(1)
I.
20-50 years
10-40 years
3-10 years
35-40 years
3-5 years
See (1) below
If the value is separable from the underlying land, the useful life is the shorter of the legal or
the estimated useful life; if the life is indefinite or unlimited, then it is not amortized. If the value
is inseparable from the underlying land, it is not amortized.
Long-term Obligations and Amortization
In the government-wide financial statements, and for proprietary fund types in the fund financial statements,
long-term debt and other long-term obligations are reported as liabilities in the applicable governmental
activities, business-type activities, or proprietary fund statements of net assets, net of unamortized bond
discount, premium, and deferred losses on debt refundings.
40
September 30, 2012
I.
Long-term Obligations and Amortization (Continued)
Bond issue costs, discounts and premiums related to Water and Sewer and to Solid Waste Disposal and
Resource Recovery System revenue bonds have been capitalized and are amortized over the term of the
bonds using the effective interest method. Losses related to the refunding and legal defeasance of certain
Solid Waste Disposal and Resource Recovery System Fund debt have been deferred and are being
amortized as a component of interest expense in accordance with GASB Statement No. 23 (See Note 9).
J. Unearned Revenues
Unearned revenues will be recognized as revenue in the fiscal year they are earned. In accordance with the
modified accrual basis of accounting, unearned revenues or revenues which are measurable, but not
available, are reported as deferred revenues in the governmental fund financial statements.
K. Fund Equity
Governmental Funds
Effective October 1, 2010, the County implemented the provisions of GASB Statement No. 54, Fund Balance
Reporting and Governmental Fund Type Definitions. The objective of this Statement is to enhance the
usefulness of fund balance information by providing clearer fund balance classifications that can be more
consistently applied and by clarifying the existing governmental fund type definitions. This Statement
establishes fund balance classifications that comprise a hierarchy based primarily on the extent to which a
government is bound to observe constraints imposed upon the use of the resources reported in governmental
funds.
In accordance with GASB Statement No. 54, the components of the fund balances of governmental funds are
classified as follows:
Nonspendable Fund Balance
Amounts that are not in spendable form (such as inventory, prepaid items), or are legally or contractually
required to be maintained intact.
Spendable Fund Balance
Restricted Fund Balance
Amounts that can be used only for the specific purposes stipulated by either external resource providers,
such as creditors, grantors, contributors, or laws and regulations of other governments; or by laws
imposed through constitutional provisions or enabling legislation.
Committed Fund Balance
Amounts that can be used only for the specific purposes determined by a formal action (ordinance or
resolution) by the Board of County Commissioners, with formal action occurring prior to fiscal year end.
Commitments may be changed or removed only by the Board taking the same formal action that imposed
the constraint originally.
Assigned Fund Balance
Amounts established by the Board, or its designee, which are intended to be used for specific purposes
that are neither considered restricted or committed.
41
September 30, 2012
K. Fund Equity (Continued)
Unassigned Fund Balance
This is the residual classification for the General Fund. This classification represents fund balance that
has not been assigned to other funds and that has not been restricted, committed or assigned to specific
purposes within the General Fund. Unassigned fund balance may also include negative balances for any
governmental fund, except the General Fund, if expenditures exceed amounts restricted, committed, or
assigned for those specific purposes.
The County considers restricted amounts to have been spent first when an expenditure is incurred for
purposes for which both restricted and unrestricted fund balance is available. In addition, the County will first
consider committed fund balance to have been spent, followed by assigned, then unassigned, when an
expenditure is incurred for purposes for which any of these unrestricted classifications could be used.
GASB Statement No. 54 requires that governments should discontinue reporting a special revenue fund, and
instead report a fund’s remaining resources in the general fund, if the government no longer expects that a
substantial portion of the inflows will derive from restricted or committed revenue sources. During the year
ended September 30, 2012 the County determined that the ongoing activities of the Office of State Courts
Administration would no longer meet the criteria of reporting as a special revenue fund. Consequently, the
final balance at October 1, 2011 was reclassified to the General Fund. The result was to increase the fund
balance of the General Fund at October 1, 2011 from $54,179,873 to $54,182,137.
L.
Pension Costs
The County participates in the Florida Retirement System (the "System") which covers substantially all of the
County's full-time employees. The County's rate of contribution, based upon total salaries, is defined by the
System. Pension costs are recorded in the period that salaries are earned (see Note 15).
M.
Compensated Absences
The County accrues accumulated, unpaid vacation, sick pay and associated fringe benefits when such benefits
are earned. Both the current and long-term portion of these compensated absences are accrued and reported
in the government-wide and proprietary fund financial statements. In governmental funds, compensated
absences that have matured are accrued as current-year expenditures.
N.
Property Taxes
Property taxes are levied each November 1, based on assessed values on the previous January 1 (the lien
date). Property taxes become due and payable on November 1 of each year. The Pasco County Tax Collector
bills and collects property taxes on behalf of the County. The tax rate to finance general governmental
services for the fiscal year ended September 30, 2012 was $6.3668 per $1,000 of assessed taxable property
value.
Taxes become delinquent on April 1 of each year. The County records delinquent property tax collections on a
cash basis as delinquent taxes receivable are immaterial at September 30. This is primarily due to an annual
tax certificate sale, held each year, which is advertised by law and creates a lien on the property which must be
paid in full with interest.
42
September 30, 2012
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
O.
Application of Financial Accounting Standards Board (FASB) Pronouncements to
Proprietary Funds
The County follows the provisions of GASB Statement No. 20, Accounting and Financial Reporting for
Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting, with regard to the
application of Financial Accounting Standards Board (FASB) Pronouncements to its proprietary funds. In
accordance with the provisions of GASB Statement No. 20, the County has elected not to apply those FASB
Statements and Interpretations issued after November 30, 1989.
Additionally, the County follows the provisions of FASB Accounting Standards Codification (ASC) Topic 980
Regulated Operations as it applies to Tampa Bay Water transaction of the Water and Sewer Unit enterprise
fund, as discussed in Note 10.
2.
BUDGETS AND BUDGETARY DATA
Chapters 129 and 200, Florida Statutes govern the preparation, adoption, and administration of the County’s
annual appropriated budget. Pursuant to those Statutes, the following procedures are followed by the County in
establishing the operating budget:

The Clerk & Comptroller, the Sheriff and the Supervisor of Elections must submit a tentative budget to
the Board by June 1. In addition to the budget for funding provided by the Board, the Clerk &
Comptroller submits a budget, for court-related functions, to the Florida Clerks of Court Corporation, a
public corporation, for approval.

The Property Appraiser and the Tax Collector prepare budgets, which are approved by the Florida
Department of Revenue.

No later than 15 days after certification of the ad valorem tax roll by the Property Appraiser, the
County budget officer submits, to the Board, a tentative budget for the fiscal year beginning on the
following October 1.

The public is informed of the proposed budget and tentative millage rates through legal advertising.
Public hearings are held to hear comments from the public regarding the budget.

Prior to September 30 the Board legally adopts the budget by resolution.

Budgetary control is generally maintained at the departmental level. The County Administrator acts on
intradepartmental budget changes that do not alter a total departmental budget. All other budgetary
changes must be submitted to and approved by the Board in open session.

Budgets are monitored at varying levels of classification detail with control generally maintained at the
subfunction level. In accordance with Sec. 129.07, Florida Statutes, expenditures cannot legally exceed
total appropriations.

Beginning funds available for financing current appropriations are considered in the budgetary process
but are not included in the financial statements of the Governmental Fund Types as budgeted revenue.

Formal budgetary integration is employed as a management control device during the year for the
General, Special Revenue, Debt Service and Capital Projects Funds.
43
September 30, 2012
2.
BUDGETS AND BUDGETARY DATA (CONTINUED)

The actual results of operations in the Statement of Revenues, Expenditures and Changes in Fund
Balance – Budget to Actual – General Fund are presented on a budgetary basis. Adjustments to
convert the results of operations at the end of the year from the budgetary basis of accounting to the
GAAP basis of accounting for the General Fund are as follows:
Total
Expenditures
Total Revenues
Budgetary basis
Non budgeted activity
Office of State Courts Admin.
Park Development Fund
Education Fund
GAAP basis
$ 183,115,203
$
482
467
398
$ 183,116,550
180,302,570
Fund Balance
$
2,746
61,403
13,726
14,555
106,992
$
180,424,117
58,860,733
$
58,938,608

Budgets for certain Capital Projects Funds, certain Special Revenue Funds, and certain Debt Service
Funds are adopted on a basis consistent with GAAP. Budgets were not prepared for the Department of
Juvenile Justice, Criminal Justice (FDLE), HUD Housing and Recovery NSP II, American Recovery and
Reinvestment Act, HUD Housing and Recovery, Department of Community Affairs, Department of
Transportation, HUD Housing and Recovery NSP 3, U.S. Department of Health and Human Services,
Division of Library Services, Florida Department of Elder Affairs, Department of Elder Affairs, U.S.
Department of Justice, Title III-B Transportation, Elderly Nutrition, Department of Homeland Security,
Office of Tourism, Trade and Economic Development, Department of Environmental Protection, U.S.
Environmental Protection, Clerk & Comptroller, Sheriff, and Supervisor of Election’s special revenue
funds.

All appropriations, except those of Special Revenue Funds representing grants that overlap fiscal
years and are budgeted on a life-to-date basis, lapse at year-end, even if encumbered. However, the
County intends to honor those purchase orders, contracts and commitments represented by
encumbrances outstanding at year-end and reported as assigned fund balance. The subsequent
year's appropriations will provide authority to complete these encumbered transactions.

Budgeted amounts are as originally adopted, or as amended by Board approval. Such amendments
resulted in supplemental appropriations during the year of approximately $44,487,000. Included in this
amount was approximately $7,277,000 in grants appropriations, $6,568,000 in capital projects, and
$6,114,000 in various impact fee funds.
For comparative purposes, certain line items of the budgets in the financial statements have been reclassified
to conform to reporting classifications of actual revenues and expenditures. In accordance with Sec. 129.01,
Florida Statutes, only 95% of receipts reasonably anticipated from all appropriate sources, including taxes to
be levied, are included in the budgetary data for revenues. This is accomplished through the use of a line-item
reduction, in the affected Statements of Revenues, Expenditures and Changes in Fund Balance, Budget and
Actual, equal to 5% of such appropriated receipts.
44
September 30, 2012
3.
CASH, CASH EQUIVALENTS, AND INVESTMENTS
The County maintains a pooled cash program that is available for use by all Board and Clerk & Comptroller
controlled funds. Earnings are allocated to each of the participating funds based on a three-month average of
the equity balance of each fund. Cash and investments which must be segregated due to bond covenants or
other legal restrictions are not included in this program.
Cash, cash equivalents and investments consist of the following at September 30, 2012:
Petty Cash
Cash in bank
Maturity
N/A
N/A
Fair Value
$
32,006
65,566,996
Portfolio
(1)
Percentage
Rating
N/A
N/A
-
Cash with fiscal agent
N/A
7,569,077
73,168,079
-
Florida PRIME (SBA)
39 days (weighted
avg. days)
99,096,479
14.9
AAAm
SBA Fund B
4.08 years
(weighted avg.life)
9,426,401
1.4
Unrated
FLGIT Investment Trust (2)
FLGIT Day-to-Day (2)
Firs t American Treasury Obligations
Fund
Federated Treasury Obligation Fund
IS
Ridgeworth U.S. Treasury Money
Market Fund
Repurchase Agreement
2.08 years (avg.)
N/A
109,694,563
16.5
AAAf
55.0 days
N/A
397,772,317
25,782,495
59.9
3.9
AAAm
AAAm
N/A
11,069,188
1.7
AAAm
N/A
6,702,121
1
AAAm
4,880,300
664,423,864
0.7
100.0
9/30/2016
Notes:
(1) All ratings are Standard & Poor's
AAA
$ 737,591,943
(2) Florida Local Government Investment Trust (FLGIT)
A.
Insurance and Collateralization of Demand Deposits
The County's demand deposits are insured by Federal depository insurance or collateralized in accordance
with Chapter 280, Florida Statutes. This Statute establishes a multiple financial institution collateral pool in
which all financial institutions holding public deposits together pledge a pool of collateral against all public
deposits they collectively hold. In the event of a default or insolvency by a qualified public depository, any loss
not covered by deposit insurance or the proceeds from the sale of securities pledged by the defaulting
depository is covered by an assessment against the other qualified public depositories of the same type as the
depository in default. The assessment is based upon the average share of the public fund deposits held by
each of these depositories during the previous 12 months in relation to total public deposits held by all
depositories of the same type during the same period.
45
September 30, 2012
3.
CASH, CASH EQUIVALENTS, AND INVESTMENTS (CONTINUED)
B.
Investments
The County's formally adopted Investment Policy, originally developed in accordance with Section 125.31,
Florida Statutes, and subsequently superseded by Section 218.415, Florida Statutes, gives the County the
authority to invest surplus public funds in certain permitted investments, establishes limits for investment
allocation, issuers and maturities, and prescribes collateralization and safekeeping requirements, among other
controls.
Credit Risk
The Investment Policy limits credit risk by restricting authorized investments to the following:
•
State of Florida Local Government Surplus Funds Trust Fund Investment Pool (SBA).
•
Florida Local Government Investment Trust (FLGIT).
•
Securities and Exchange Commission registered money market funds with the highest credit
quality rating from a nationally recognized rating agency.
•
Interest-bearing time deposits or savings accounts in qualified public depositories as defined in
Section 280.02, Florida Statutes.
•
Direct obligations of the United States Treasury.
•
Federal agencies and instrumentalities.
•
Securities of, or other interests in, any open-end or closed-end management- type investment
company or investment trust registered under the Investment Company Act of 1940 provided the
portfolio of such investment company or investment trust is limited to obligations of the United
States Government or any agency or instrumentality thereof and to repurchase agreements fully
collateralized by such United States Government obligations, and provided that such investment
company or investment trust takes delivery of such collateral either directly or through an
authorized custodian.
•
Repurchase agreements with Primary Dealers of the Federal Reserve Bank of New York, or
Qualified Public Depositories under Chapter 280, Florida Statutes, fully collateralized by United
States Government obligations. Collateral requirements are based on economic and financial
conditions existing at the time of execution, as well as the credit risk of the broker/dealer or
financial institution which enters into a repurchase agreement with the County. Generally, the
broker/dealer or financial institution may substitute equal value securities for any pledged
securities only with the written consent of the County and, at all times, the aggregate value of
such securities must be marked to market.
Custodial Credit Risk
The Investment Policy, pursuant to Section 218.415(18), Florida Statutes, requires that all securities
purchased by, and all collateral obtained by the County, must be held in the County’s name through
execution of a third-party custodial safekeeping agreement. As of September 30, 2012, $4,880,300 was
held in the County’s name.
46
September 30, 2012
3.
Interest Rate Risk
The Investment Policy limits interest rate risk by attempting to match investment maturities with known cash
needs and anticipated cash flow requirements. In addition, the investment portfolio must be diversified as to
maturity. The maximum stated investment maturity is ten (10) years, and applies to direct obligations of the
United States Treasury and to designated United States Government Agencies and Instrumentalities, only.
Concentration of Credit Risk
The Investment Policy establishes limitations within the investment portfolio in order to reduce the
concentration of credit risk. The Investment Policy allows 100% of the portfolio to be invested in the Local
Government Surplus Funds Trust Fund (SBA, Florida PRIME), 50% to be placed in direct obligations of the
United States Treasury, 20% to be invested in both United States Instrumentalities and identified Agencies,
75% in certificates of deposit, 15% in repurchase agreements, 55% in fixed income money market/mutual
funds, and 75% in the Florida Local Government Investment Trust (FLGIT). Except for investments with
the SBA, the United States Treasury, and certain United States Agencies, no more than 75% of the total
portfolio can be placed with one financial institution.
Reconciliation of Cash, Cash Equivalents and Investments to Basic Financial Statements
Primary government
Current Assets
Investments
Restricted:
Noncurrent Assets
Restricted cash
Agency Funds:
Total
$ 523,424,388
18,065
54,576,830
56,333,120
83,218,786
20,020,754
$ 737,591,943
The unrestricted total of $543,463,207 included $453,170,063, $70,254,325 and $20,020,754 in cash and
cash equivalents reported in governmental, business-type activities and fiduciary funds, respectively, as well
as $18,065 in investments reported in governmental activities. The restricted total of $194,128,736 included
$110,909,950 in cash and cash equivalents, as well as $83,218,786 in investments reported in businesstype activities.
C. State Board of Administration (SBA) Investment Holdings
The SBA administers the Florida Local Government Surplus Funds Trust Fund (Florida PRIME). Florida
PRIME’s investment policies can be found at www.sbafla.com/prime. As stated in Note 1.D., above, Florida
PRIME is a 2A-7 like external investment pool and is rated AAAm by Standard & Poors.
47
September 30, 2012
3.
C. State Board of Administration (SBA) Investment Holdings (Continued)
Fund B, consists of segregated securities which (1) defaulted in the payment of principal and interest; (2) were
extended; (3) were restructured or otherwise subject to workout; (4) experienced elevated market illiquidity; or
(5) did not meet the criteria that provide Florida PRIME’s AAAm rating. Fund B does not meet the
requirements of a SEC 2a7-like fund. Therefore, SBA provided a fair value factor of .94896811 (total net asset
value of Fund B divided by total participant balances of Fund B) at September 30, 2012 to be applied against a
participant’s account balances in order to determine the fair value of investments in Fund B. Consequently, the
fair value of the County’s investment in Fund B at September 30, 2012 is $ 9,426,401.
D. Repurchase Agreements
In connection with the issuance of the $71,160,000 Water and Sewer Refunding Revenue Bonds, Series 2006
(see Note 9), the County entered into a repurchase agreement involving the investment of various proceeds
from the bond issue, including $4,880,300 representing a reserve account. At September 30, 2012, the
balance of the repurchase agreement, which is fully collateralized in accordance with Section 218.415, Florida
Statutes, is $4,880,300. The County also entered into a tri-party custodial agreement in connection with this
repurchase agreement. Under the custodial agreement, all securities are held by the custodian in the County’s
name.
48
September 30, 2012
4. ACCOUNTS AND NOTES RECEIVABLE, AND DUE FROM OTHER GOVERNMENTS
A. Accounts and Notes Receivable
Accounts and notes receivable at September 30, 2012, for the County's individual major funds and for the total
of nonmajor funds, including related allowances for doubtful accounts, were as follows:
Accounts/
Notes
Receivable
(Gross)
Accounts Receivable
Major Funds:
General
Solid Waste Disposal and Resource Recovery System
Total, major funds
$
Nonmajor Funds
Total, all funds
$
Notes Receivable
Major Fund:
State Housing Initiatives Partnership
Nonmajor Funds
Total, all funds
$
Allowance
for
Doubtful
Accounts
Accounts/
Notes
Receivable
(Net)
56,002,476
20,632,666
6,478,354
83,113,496
$ 51,569,259
2,045,596
150,000
53,764,855
926,516
-
25,097
84,065,109
$ 53,764,855
22,853,171
-
26,483,122
49,336,293
$
-
$
4,433,217
18,587,070
6,328,354
29,348,641
926,516
$
25,097
30,300,254
22,853,171
$
26,483,122
49,336,293
Notes receivable of $XXXXXXXX are expected to be collected after September 30, 2011.
B.
Due from Other Governments
The amounts due from other governments at September 30, 2012, for the County's individual major funds and
for the total of nonmajor funds, were as follows:
Major Funds:
General
Total, major funds
Nonmajor Funds
Total, all funds
$
$
2,212,262
12,938
863,203
5,917
3,094,320
17,468,149
260,957
20,823,426
See Note 10 for discussion of long-term amounts due from other governments.
49
September 30, 2012
5. PAYABLES AND DUE TO OTHER GOVERNMENTS
A.
Payables
Payables (vouchers and contracts) at September 30, 2012, for the County's individual major funds
and for the total of nonmajor funds, were as follows:
Major Funds:
General
$ 4,835,260
31,294
7,539,984
6,234,356
Nonmajor Funds
12,930,506
Total, all funds
B.
1,218,638
$ 32,790,038
Due To Other Governments
Amounts due to other governments at September 30, 2012, for the County's individual major funds
and for the total of nonmajor funds, were as follows:
-
Major Funds:
General
Total, major funds
$
Nonmajor Funds
379,162
373
660
380,195
230,458
Total, all funds
$
50
6,890
617,543
September 30, 2012
6.
INTERFUND BALANCES AND INTERFUND TRANSFERS
A. Interfund Balances
Amounts due from/due to other funds, and advances to/from other funds at September 30, 2012, were as follows:
Due From/To Other Funds
Due From
Other Funds
Major Funds:
General
Total, major funds
Nonmajor Funds:
Special Revenue
Debt Service
Capital Projects
Total, nonmajor funds
Total, all funds
$
18,099,592
422,829
18,522,421
$ 4,786,711
86,539
422,829
5,296,079
$
3,562,120
1,538,512
5,100,632
$ 10,259,005
7,956,951
111,018
18,326,974
23,623,053
$ 23,623,053
Advance From
Other Funds
Advance To
Other Funds
-
$
Advance To/From Other Funds
Major Funds:
Total all major and all funds
$
1,209,558
$
1,209,558
The purposes of these interfund transactions are to:
eliminate deficits in the equity in pooled cash of certain grant funds.
recognize excess amounts to be distributed to other funds by debt service funds after
all debt service reserve amounts have been satisfied for the period.
recognize amounts representing interfund transfers occurring after the posting of
interest allocations among the various funds.
provide short-term loans to other governmental funds.
recognize July, 2011 Solid Waste System advance to/due from Water and Sewer Unit
for property acquisition, payable monthly in 5 years at .5% interest. Of the advanced
funds, $803,081 is not expected to be repaid within the next fiscal year.
51
Due To
Other Funds
1,209,558
$ 1,209,558
September 30, 2012
6.
INTERFUND BALANCES AND INTERFUND TRANSFERS (CONTINUED)
B. Interfund Transfers
Amounts transferred between funds for the fiscal year ended September 30, 2012 were as follows:
Transfers In
Transfers Out
Major Funds:
General
Total, major funds
$ 6,949,018
56,991
7,006,009
$
Nonmajor Funds
Special Revenue
Debt Service
Capital Projects
Total, nonmajor funds
$ 8,626,896
7,515,568
470,000
16,612,464
$ 10,799,943
7,902,405
31,145
18,733,493
$ 23,618,473
$ 23,618,473
Total, all funds
4,884,980
4,884,980
Transfers are used to:
provide matching funds for grants.
provide unrestricted General Fund revenues to finance capital projects which must be
accounted for in another fund.
distribute excess amounts to other funds after all debt service reserve amounts have been
satisfied for the period in the debt service funds.
provide funding from the Municipal Service Fund to the General Fund for the Sheriff's road
patrol in the unincorporated area of the County.
52
September 30, 2012
7.
CAPITAL ASSETS
A. Capital Assets Activity
Capital assets activity for the fiscal year ended September 30, 2012 was as follows:
Governmental
Activities:
Balance
September 30,
2011
Decrease
Balance
September 30,
2012
Increase
$ 93,636,929
1,934,209
75,447,835
$ 22,923,010
1,325,486
37,480,478
258,694
32,139,133
$ 116,301,245
3,259,695
80,789,180
171,018,973
61,728,974
32,397,827
200,350,120
219,979,558
1,935,505
555,632
221,359,431
39,544,736
134,906,831
461,614,873
628,151
350,501
11,085,521
35,757,984
426,451
10,610
5,150,139
-
39,884,627
140,842,213
497,372,857
1,054,602
856,674,149
49,555,962
5,716,381
900,513,730
95,232,484
9,210,499
181,931
104,261,052
Capital Assets,
not being depreciated:
Land
Intangibles - easements
Total capital assets
not being depreciated
$
Capital assets,
being depreciated:
Buildings
Improvements
other than buildings
Equipment
Infrastructure
Intangibles - other
being depreciated
Less accumulated
depreciation for:
Buildings
Improvements
Equipment
Infrastructure
Intangibles
Total accumulated
depreciation
28,813,773
93,854,895
82,701,224
115,117
2,101,327
11,792,589
11,627,353
209,384
10,610
5,038,461
-
30,904,490
100,609,023
94,328,577
324,501
300,717,493
34,941,152
5,231,002
330,427,643
Total capital assets,
being depreciated, net
555,956,656
14,614,810
485,379
570,086,087
$ 726,975,629
$ 76,343,784
$ 32,883,206
$ 770,436,207
Governmental activities
capital assets, net
53
September 30, 2012
7.
CAPITAL ASSETS (CONTINUED)
A. Capital Assets Activity (Continued)
Business-type
Activities:
Balance
September 30,
2011
Increase
Decrease
Balance
September 30,
2012
33,829,238
$ 20,330,072
1,287,034
41,180,068
33,829,238
62,797,174
Water and Sewer Unit:
Capital Assets,
Land
Intangibles - easements
$ 20,052,671
176,487
38,802,048
$
277,401
1,110,547
36,207,258
$
59,031,206
37,595,206
120,131,612
197,646
615,235,809
4,282,580
40,025,435
210,859
297,336
655,261,244
4,196,103
739,650,001
40,433,940
297,336
779,786,605
19,421,098
4,139,629
214,511,198
2,707,886
21,194,739
307,038
278,250
235,705,937
2,736,674
236,640,182
25,641,406
278,250
262,003,338
503,009,819
14,792,534
19,086
517,783,267
$ 562,041,025
$ 52,387,740
$ 33,848,324
$ 580,580,441
Capital assets,
being depreciated:
Buildings
Improvements
Equipment
being depreciated
-
120,329,258
Less accumulated
depreciation for:
Buildings
Improvements
Equipment
Total accumulated
depreciation
Total capital assets, net
54
-
23,560,727
September 30, 2012
7.
CAPITAL ASSETS (CONTINUED)
Business-type
Activities (Continued):
Balance
September 30,
2011
Increase
Balance
September 30,
2012
Decrease
Resource Recovery System:
Capital Assets,
Land
$
4,791,264
2,225,755
$
7,017,019
861,515
11,110,913
1,110,547
11,972,428
$
440,730
$
5,652,779
12,895,938
32,731,290
-
117,427,062
644,396
483,404
33,490
150,802,748
516,894
16,757,447
849,681
17,607,128
65,714,991
411,775
2,685,052
41,932
68,400,043
453,707
82,884,213
3,576,665
-
86,460,878
67,918,535
(3,059,771)
-
64,858,764
74,935,554
8,912,657
440,730
83,407,481
$ 636,976,579
$ 61,300,397
$ 34,289,054
$ 663,987,922
440,730
18,548,717
-
32,731,290
Capital assets,
being depreciated:
Buildings
Improvements
Equipment
being depreciated
117,910,466
677,886
-
151,319,642
Less accumulated
depreciation for:
Buildings
Improvements
Equipment
Total accumulated
depreciation
Business-Type Activities
55
September 30, 2012
7. CAPITAL ASSETS (CONTINUED)
B. Depreciation Expense
Depreciation expense in fiscal year 2012 was charged to the functions or programs of the County as follows:
General government
Public safety
Transportation
Econonomic environment
Human services
Court-related
Total
$
Total
$
6,707,215
7,527,848
1,095,470
14,455,188
1,365
968,053
3,138,876
1,047,137
34,941,152
$
25,641,406
$
3,576,665
29,218,071
C. Construction in Process
Construction in process at September 30, 2012 consists of the following:
General government
Public safety
Transportation
Econonomic environment
Human services
Total
$
$
Water and Sewer unit
Water supply and distribution
Water and sewer combined
Wastewater treatment, collection and transmission
Effluent reuse
Pipe relocation
Other
Total
$
Landfill leachate management
Total, business-type activities
Total
56
1,761,879
1,710,730
109,507
69,635,574
5,645
6,221,694
1,344,151
80,789,180
$
4,352,148
8,779,877
4,828,253
19,432,844
3,039,181
747,765
41,180,068
$
12,895,938
54,076,006
134,865,186
NOTES TO FINANCIAL STATMENTS
September 30, 2012
8. CAPITALIZATION OF INTEREST
Interest costs incurred in enterprise funds during the period of construction of qualifying assets are capitalized as a part of the
historical cost of those assets in accordance with FASB Statement No. 34, as amended by FASB Statement 62. For the fiscal
ended September 30, 2012, the Water and Sewer Unit Fund incurred total interest expense of $12,127,852 of which $2,720,048
was capitalized; the Solid Waste Dispsal and Resource Recovery System Fund incurred total interest expense of $3,028,602 of
which $317,708 was capitalized.
9. LONG-TERM LIABILITIES
A.
Changes in Long-term Liabilities
Changes in Long-term liabilities for the year ended September 30, 2012 were as follows:
Balance
September 30,
2011
Retirements
Balance
September 30,
2012
Amount Due
In One Year
-
$ 1,455,000
$
$ 1,510,000
31,715,000
-
-
31,715,000
115,655,000
-
-
115,655,000
-
216,875,000
-
1,455,000
215,420,000
1,510,000
Issuances/
Additions
Refunding Revenue Bonds,
Series 2006
Revenue Bonds
Series 2009A
Revenue Bonds
Series 2009B - "Build America Bonds"
Total, Bonded Debt
Less: unamortized bond discount (premium)
Total bonded debt, net
Total long-term liabilities,
$
69,505,000
$
(700,445)
-
(183,847)
68,050,000
(516,598)
(183,528)
217,575,445
1,482,392
141,052
1,638,847
93,561
215,936,598
1,529,883
1,326,472
81,124
219,057,837
141,052
1,732,408
217,466,481
1,407,596
57
September 30, 2012
9. LONG-TERM LIABILITIES (CONTINUED)
A.
Changes in Long-term Liabilities (Continued)
Balance
September 30,
2011
Issuances/
Additions
Retirements
Balance
September 30,
2012
Amount Due
In One Year
Revenue Bonds, Series 2008B (Non-AMT)
8,375,000
-
3,770,000
4,605,000
4,605,000
Revenue Bonds, Series 2008C (AMT)
2,365,000
-
1,160,000
1,205,000
1,205,000
Resource Recovery System Revenue
Bonds, Series 2008D (Non-AMT)
19,945,000
-
-
19,945,000
-
Revenue Bonds, Series 2011 (AMT)
39,150,000
-
-
39,150,000
-
Total, bonded debt
69,835,000
-
4,930,000
64,905,000
5,810,000
Less: unamortized bond discount (premium)
Less: unamortized loss on early
retirement of debt
Total bonded debt, net
(2,714,069)
-
437,151
1,457,188
71,091,881
314,057
24,529
222,151
5,145,000
25,658
1,235,037
65,946,881
312,928
154,380
5,238,740
15,249
71,405,938
24,529
5,170,658
66,259,809
5,253,989
165,581
$ 6,903,066
Resource Recovery
System:
business-type activities
$ 290,463,775
$
58
(2,276,918)
$ 283,726,290
416,880
$ 6,661,585
September 30, 2012
A.
Changes in Long-term Liabilities (Continued)
Balance
September 30,
2011
Issuances/
Additions
Retirements
Balance
September 30,
2012
Amount Due
In One Year
$32,250,000 Guaranteed
Entitlement Refunding Revenue
Bonds, Series 2003
$
27,200,000
$
-
$
730,000
$
26,470,000
$
755,000
$47,870,000 Half-Cent Sales Tax
40,515,000
-
1,035,000
39,480,000
1,070,000
$19,435,000 Gas Tax Refunding
7,645,000
-
3,725,000
3,920,000
3,920,000
Total, bonded debt
75,360,000
-
5,490,000
69,870,000
5,745,000
10,937,000
-
474,000
10,463,000
499,000
16,804,975
2,548,040
1,937,589
17,415,426
1,374,359
103,101,975
2,548,040
7,901,589
97,748,426
7,618,359
$ 393,565,750
$ 2,713,621
$14,804,655
$ 381,474,716
$ 14,279,944
$13,000,000 Note,
HUD Section 108, 2006
Total long-term liabilities
Compensated absences typically have been liquidated in the General and other governmental funds.
59
September 30, 2012
B.
Debt service requirements on long-term debt, including current maturities, at September 30, 2012 are as follows:
Revenue Bonds
September 30
Principal
2013
2014
2015
2016
2017
2018-2022
2023-2027
2028-2032
2033-2034
$
5,745,000
1,885,000
1,945,000
2,015,000
2,110,000
12,115,000
15,320,000
19,520,000
9,215,000
69,870,000
Notes Payable
Interest
Principal
3,152,525
3,070,525
3,004,680
2,934,593
2,842,193
12,645,947
9,443,158
5,254,712
696,750
$ 43,045,083
499,000
529,000
556,000
588,000
622,000
3,732,000
3,937,000
$ 10,463,000
Interest
$
574,297
549,097
522,277
493,976
463,930
1,772,510
582,307
4,958,393
Revenue Bonds
September 30
2013
2014
2015
2016
2017
2018-2022
2023-2027
2028-2032
2033-2037
2038-2039
Principal
Interest
Total
1,510,000
2,590,000
4,815,000
5,160,000
5,475,000
30,625,000
32,990,000
42,115,000
53,170,000
36,970,000
$ 215,420,000
12,045,802
11,955,090
11,730,790
11,535,641
11,266,922
52,442,610
44,555,840
33,760,224
19,233,413
2,105,233
$ 210,631,565
13,555,802
14,545,090
16,545,790
16,695,641
16,741,922
83,067,610
77,545,840
75,875,224
72,403,413
39,075,233
$ 426,051,565
Solid Waste Disposal and Resource Recovery System:
Revenue Bonds
September 30
2013
2014
2015
2016
2017
2018-2022
2023-2025
Total, business-type activities
Principal
Interest
Total
5,810,000
4,125,000
4,325,000
4,505,000
4,685,000
26,140,000
15,315,000
$ 64,905,000
2,842,250
2,718,500
2,502,250
2,277,000
2,042,750
6,375,750
790,500
$ 19,549,000
8,652,250
6,843,500
6,827,250
6,782,000
6,727,750
32,515,750
16,105,500
$ 84,454,000
$ 280,325,000
$ 230,180,565
$ 510,505,565
60
Total
$
9,970,822
6,033,622
6,027,957
6,031,569
6,038,123
30,265,457
29,282,465
24,774,712
9,911,750
128,336,476
September 30, 2012
C.
Debt Issues
Business-Type Activities - Enterprise Funds
$71,160,000 Water and Sewer Refunding Revenue Bonds, Series 2006
to advance refund and legally defease the outstanding Subordinate
Purpose:
Water and Sewer Revenue Bonds, Series 2003 (East Pasco Utilities,
Inc.) and 2004 (Forest Hills Utilities, Inc.), pay certain issuance costs,
and finance certain costs associated with the 2006 Project.
Range of principal installments: $65,000 to $19,965,000 ($34,860,000 serial bonds through 2026 and
$36,245,000 term bonds with redemptions in 2031 and 2036).
3.75% to 5.00% (serial bonds); 4.75% (2031 term bonds); 5% (2036
Range of interest rates:
revenues of the Water and Sewer System and available impact fees.
Source of payments:
2036
Year of final maturity:
guaranteed payment of principal and interest; insurance is
Insured by Financial Security
noncancellable.
Assurance, Inc. (FSA)
$31,715,000 Water and Sewer Revenue Bonds, Series 2009A
Purpose:
to pay the cost of terminating, canceling and unwinding the County's
rights, duties and obligations under the forward interest Swap
Agreement, funding the 2009A Bonds' Reserve Account
Requirement in the 2009A Bonds' Reserve Subaccount, and pay
certain costs associated with the issuance of the 2009A Bonds.
Range of principal installments:
Source of payments:
$1,000,000 to $4,570,000
3.00% to 5.00%
2021
noncancellable.
$115,655,000 Water and Sewer Revenue Bonds, Series 2009B - "Build America Bonds"
Purpose:
to pay the cost of acquiring, constructing and erecting a portion of
the 2009 Project, funding capitalized interest, funding the 2009B
Bonds' Reserve Account Requirement in the 2009B Bonds' Reserve
Subaccount, and to pay certain costs associated with the issuance of
the 2009B Bonds.
Range of principal installments: $3,455,000 to 12,715,000
5.36% to 6.76%
Source of payments:
2039
noncancellable.
61
September 30, 2012
C.
Debt Issues (Continued)
Business-Type Activities - Enterprise Funds (Continued)
$15,090,000 Solid Waste Disposal and Resource Recovery System Refunding Revenue Bonds,
Series 2008B (Non-AMT)
to advance refund and legally defease the outstanding Solid Waste
Purpose:
Disposal and Resource Recovery System Refunding Revenue
Bonds, Series 1992 and the outstanding Solid Waste Disposal and
Resource Recovery System Refunding Revenue Bonds, Series
1997A.
Range of principal installments: $3,225,000 to $4,605,000
3.00% to 4.00%
Source of payments:
assessment revenues and net revenues of the Solid Waste Disposal
and Resource Recovery System and available impact fees.
2013
noncancellable.
$4,545,000 Solid Waste Disposal and Resource Recovery System Refunding Revenue Bonds, Series 2008C (AMT)
Purpose:
Disposal and Resource Recovery System Refunding Revenue
Bonds, Series 1997B.
4.00% to 4.50%
Source of payments:
2013
noncancellable.
62
September 30, 2012
C.
Business-Type Activities - Enterprise Funds (Continued)
$19,945,000 Solid Waste Disposal and Resource Recovery System Revenue Bonds, Series 2008D (Non-AMT)
to fund the 2008 Project Improvement of the Solid Waste Disposal
Purpose:
Range of principal installments: $4,630,000 to $5,355,000 ($9,490,000 term bond due 2022 with
mandatory redemption of $4,630,000 due 2021 and $4,860,000 due
2022; and $10,455,000 term bond due 2024 with mandatory
redemption of $5,100,000 due 2023 and $5,355,000 due 2024).
5.00%
Source of payments:
2022 and 2024
noncancellable.
$39,150,000 Solid Waste Disposal and Resource Recovery System Refunding Revenue Bonds, Series 2011 (AMT)
Purpose:
Disposal and Resource Recovery System Revenue Bonds, Series
2008A, and terminate the Swap Agreement associated with Series
2008A.
3.00% to 5.00%
Source of payments:
2020
noncancellable.
$19,435,000 Gas Tax Refunding Revenue Bonds, Series 2002
to refund and legally defease the County's Gas Tax Refunding
Purpose:
Revenue Bonds, Series 1992.
Range of principal installments:
Source of payments:
Insured by FGIC:
$160,000 to $3,920,000
4.00% to 5.25%
six cent local option gas tax.
2013
noncancellable.
63
September 30, 2012
C.
Governmental Activities (Continued)
$47,870,000 Half-cent Sales Tax Revenue Bonds, Series 2003
Purpose:
to finance the cost of various capital projects.
Range of principal installments: $920,000 to $1,745,000 ($21,220,000 serial bonds through 2023);
$1,830,000 to $2,240,000 ($10,150,000 term bonds with mandatory
redemptions from 2024 through 2028); $2,350,000 to $2,860,000
($13,000,000 term bonds with mandatory redemptions from 2029
through 2033)
Source of payments:
Insured by Ambac Financial
Group:
3.0 to 5.0% (serial bonds); 5.125% (2028 term bonds); 5.0% (2033
term bonds).
half-cent local sales tax
2033
noncancellable.
$32,250,000 Guaranteed Entitlement Refunding Revenue Bonds, Series 2003
Purpose:
to legally defease all of the outstanding Guaranteed Entitlement
Refunding Revenue Bonds, both Series 1989 and Series 1992.
Range of principal installments: $655,000 to $1,170,000 ($14,705,000 serial bonds through 2023);
$1,220,000 to $1,345,000 ($3,845,000 term bonds with mandatory
redemptions from 2024 through 2026); $1,415,000 to $1,615,000
($6,050,000 term bonds with mandatory redemptions from 2027
through 2030); $1,685,000 to $1,860,000 ($5,315,000 term bonds
with mandatory redemptions from 2031 through 2033).
Source of payments:
Insured by FSA:
2.0% to 4.5% (serial bonds); 5.0% (2026 term bonds); 4.5%(2030
term bonds).
guaranteed entitlement and second guaranteed entitlement monies
from State of Florida Revenue Sharing Trust Funds.
2033
noncancellable.
$13,000,000 Housing and Urban Development (HUD) Section 108 Note, Series 2006
Purpose:
to provide funding for the Tommytown Neighborhood revitalization
project.
Range of principal installments: $394,000 to $1,077,000
Interest rate:
4.96 to 5.77%
Source of payments:
pledged future Community Development Block Grant (CDBG) funds
and other non ad valorem funds as security for the guaranteed loan
funds.
2026
64
September 30, 2012
9.
LONG-TERM LIABILITIES (CONTINUED)
D. Other Long-term Liabilities Matters
Arbitrage Rebate
The Tax Reform Act of 1986 generally requires earnings from investments of bond proceeds that exceed the
issuer's bond yield to be rebated to the U.S. Treasury at periodic intervals, usually every five years.
Computations are performed to determine the yield on the bonds, the yield on the invested funds and the
determination of the resulting arbitrage rebate liability. The computation period begins at issue date and
extends to the 2012 fiscal year end. When arbitrage rebate liabilities occur they are included in amounts Due
to Other Governments and are charged against interest income.
The County had no rebate liability as of September 30, 2012.
Legal Debt Limits
The Florida Constitution and Pasco County set no legal debt limits.
Restrictions
The official statements and Commission resolutions authorizing the issuance of the bonds contain certain
restrictive covenants. The Board of County Commissioners has covenanted that, on a monthly basis, it will
deposit specified amounts derived from specific revenue sources into accounts and funds established by
resolutions. The deposits into these accounts and funds are used to repay principal and interest coming due
on the bonds and to provide sinking funds established for the purpose of retiring term bonds due in future
years. The most restrictive of these covenants include rate covenants of not less than 125% of the current
Debt Service Requirements and 100% of all reserve and other required payments. The Board believes that it
is in compliance with all significant bond covenants.
Conduit Debt
Pasco County, through the Board, has issued various bonded debt to provide financial assistance to privatesector entities for the acquisition, construction and equipping of industrial and commercial facilities deemed to
be in the public interest. The bonds are secured by the property financed and are payable solely from
payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the
acquired facilities transfers to the private-sector entity served by the bond issuance.
As of September 30, 2012, there were several series of industrial revenue and industrial development bonds
outstanding for which the Board was unable to determine the outstanding balances; however, the original
aggregate principal amount payable of these bonds was approximately $ 46.9 million.
Additionally, as of September 30, 2012, the Pasco County Housing Finance Authority, a discretely presented
component unit, had issued $8.4 million Multifamily Housing Revenue Bonds and $500,000 Taxable Multifamily
Housing Revenue Bonds to provide assistance in the construction of an apartment project; the bonds are
secured by loan payments and other trust funds. Also, the Pasco County Educational Facilities Authority, a
related organization, had issued $8.3 million Variable Rate Demand Revenue Bonds (the Saint Leo Project) in
order to provide financial assistance to Saint Leo University for construction of facilities; the bonds are secured
by a line of credit and loan payments.
Neither the Board, the State, nor any political subdivision thereof is obligated in any manner for the repayment
of the bonds issued by the Pasco County Housing Finance Authority or the Pasco County Educational
Facilities Authority. Accordingly, these bonds are not reported as liabilities in the accompanying financial
statements.
65
September 30, 2012
10.
DUE FROM TAMPA BAY WATER
In May, 1998, the County, along with the counties of Hillsborough and Pinellas, and the cities of New Port
Richey, St. Petersburg and Tampa, entered into an interlocal agreement to reorganize the West Coast
Regional Water Supply Authority (the "Authority") from which the County purchased the majority of its water.
In October 1998, the Authority was reorganized under the new name of Tampa Bay Water, a Regional Water
Supply Authority. As part of this agreement, each party conveyed certain assets (consisting primarily of land,
equipment and water rights) to the Authority in exchange for credits that will be applied against the cost of
purchased water over the next thirty years. These credits are to be applied on a monthly basis, with interest
(3.43% to 5.03%) compounded semi-annually.
Pasco County conveyed 6.328 acres at the North Pasco Wellfield, its production capacity at the North Pasco
and Starkey Wellfields, and its equity in the Regional System and Cypress Creek Wellfield for a net amount of
$32,235,683 ($3,000,000 in cash and $29,235,683 recorded as due from other governments, a receivable that
will be received in the form of credits, as noted above).
These deferred credits will be recognized as a reduction of the cost of purchased water as the credits are
received from the Authority. These deferred credits are recorded in the Water and Sewer Fund.
The amount outstanding at September 30, 2012 totaled $20,287,656 and is receivable in future fiscal years as
follows:
2013
2014
2015
2016
2017
2018-2022
2023-2027
2028
$
Total
863,203
903,946
947,245
993,092
1,041,654
6,038,258
7,716,469
1,783,788
$ 20,287,656
66
September 30, 2012
11.
RESTRICTED ASSETS OF ENTERPRISE FUNDS
Amounts accumulated as restricted assets at September 30, 2012, in the County's two Enterprise Funds
(Water and Sewer Unit Fund, and Solid Waste Disposal and Resource Recovery System Fund, both classified
as major funds), in accordance with the terms of bond indentures and state grant requirements, consisted of
the following:
Cash and
Cash
Equivalents
W ater and Sewer Un it:
C ash with fiscal agent
C onstruction funds
D ebt service
Im pact fees
Operations & m aintenance
R enewal and replacem ent
C ustom er deposits
T otal
$
Total
7,569,077
13,555,804
27,956,382
5,823,282
8,814,124
4,095,395
$
70,570,839
12,647,947
-
$
$ 67,814,064
$
83,218,786
$ 151,032,850
$
-
Solid W aste D isposal and
R esource R ecovery System:
C ash with fiscal agent
$ 4,138,147
D ebt service
14,638,916
R enewal and replacem ent
2,001,557
System reserve
5,958,541
C ustom er deposits
23,879
Landfill c losure
16,358,723
T otal
$ 43,119,763
12.
Investments
$
$
$
7,569,077
70,570,839
26,203,751
27,956,382
5,823,282
8,814,124
4,095,395
4,138,147
14,638,916
2,001,557
5,958,541
23,879
16,358,723
43,119,763
ENTERPRISE FUNDS’ RESTRICTED NET ASSETS
At September 30, 2012, restrictions of net assets in the County’s Enterprise Funds comprised the following:
Solid Waste
and Resource
Recovery
Water and
System
Sewer Unit
Total
Debt service
26,387,279
14,638,916
41,026,195
Operations and maintenance
5,823,282
5,823,282
8,814,124
2,001,558
10,815,682
Impact fees
27,956,382
27,956,382
System reserve
3,328,398
3,328,398
Landfill closure
16,358,723
16,358,723
Total
$ 68,981,067
$ 36,327,595
$ 105,308,662
67
September 30, 2012
13.
LANDFILL CLOSURE AND LONG-TERM CARE COSTS - SOLID WASTE DISPOSAL AND RESOURCE
RECOVERY SYSTEM OPERATIONS
State and federal laws require that Pasco County place a final cover on its landfill sites when it stops accepting
waste and that these sites be monitored for thirty years after closure. Although closure and long-term care
costs will be paid only near or after the date that the landfills stop accepting waste, the County reports a portion
of these costs as an operating expense in each period based on landfill capacity used as of the balance sheet
date.
For the year ended September 30, 2012 the combined liability for landfill closure and post closure costs
decreased by $4,553,319.The accrued costs of closure and long-term care as of September 30, 2012 are
$17,546,493 (a decrease of $1,609,946 from 2011) and $32,887,728 (a decrease of $2,943,373 from 2011),
respectively. The estimated total current costs of closure and long-term care remaining to be recognized are
$8,990,954 and $16,792,286, respectively. All amounts recognized are based on an estimate by the County's
consulting engineers of the cost to perform all closure and long-term care as of September 30, 2012. Actual
costs may be higher due to inflation.
The County is required by state and federal laws to make annual contributions to an escrow account to meet
financial assurance requirements. The County believes that it is in compliance with these requirements at
September 30, 2012 with cash of $16,358,723 held for this purpose. In the event that the annual escrow
contributions and interest earnings prove to be inadequate due to inflation, changes in technology or additional
closure and long-term requirements, these costs may need to be covered by charges to future landfill users.
The capacity utilized and estimated remaining useful life for each of the County's landfills is as follows:
Landfill
East Pasco Class I (13 and 107 acres)
West Pasco Class 1 AI, AII, and AIII
West Pasco Class III
West Pasco Class 1SW-I and SW-2
Ridge Road
Capacity
Utilized
100.00%
56.85%
45.63%
72.55%
100.00%
Estimated
Remaining
Life (Years)
0
16.00
40.00
43.00
0
14. POLLUTION REMEDIATION
Governmental Accounting Standards Board Statement (GASBS) 49
GASBS 49 provides guidance for estimating and reporting the potential costs of pollution remediation. While
GASBS 49 does not require the County to search for pollution, it does require the County to reasonably
estimate and report a remediation liability when any of the following obligating events has occurred:
 Pollution poses an imminent danger to the public and the County is compelled to take action;
 The County is in violation of a pollution related permit or license;
 The County is named or has evidence that it will be named as a responsible party by a regulator;
 The County is named or has evidence that it will be named in a lawsuit to enforce a cleanup; or
 The County commences or legally obligates itself to conduct remediation activities.
68
September 30, 2012
14. POLLUTION REMEDIATION (CONTINUED)
Site investigation, planning and design, cleanup and site monitoring are typical remediation activities under way
in the County. The County has knowledge and expertise to estimate the remediation obligations presented
herein based upon prior experience in identifying and funding similar remediation activities. The standard
requires the County to calculate pollution remediation liabilities using the expected cash flow technique. Where
the County cannot reasonably estimate a pollution remediation obligation, it does not report a liability; however,
the County has not identified any of these situations.
The remediation obligation estimates that appear in this report are subject to change over time. Cost may vary
due to price fluctuations, changes in technology, changes in potential responsible parties, results of
environmental studies, changes to statutes or regulations and other factors that could result in revisions to
these estimates. Prospective recoveries from responsible parties may reduce the County’s obligation. Capital
assets may be created when pollution remediation outlays are made under specific circumstances.
At September 30, 2012, the County has recorded estimated liabilities of $430,000 as a result of exceedances
of certain groundwater quality limits at the East Pasco Sanitary Landfill. The Florida Department of
Environmental Protection is requiring further investigation and monitoring to determine whether remediation is
necessary. A contract with the County’s Consultant has been executed in the amount of $430,000 to perform
investigation and an assessment of the exceedances, in addition to beginning the initial stages of formal
closure of this solid waste facility.
The County has not received any other information and does not have any evidence regarding any other
violations of a pollution related permit or license. The County has not been named as a responsible party in a
lawsuit to enforce a cleanup nor is it aware of any other conditions requiring pollution remediation.
15.
EMPLOYEE RETIREMENT PLANS
A.
Plan Descriptions
The County participates in the State of Florida Retirement System ("FRS"), a cost-sharing multiple-employer
public employee retirement system (PERS), which covers substantially all of the County's full-time employees.
The FRS is controlled by the State Legislature and is administered by the Florida Department of
Administration, Division of Retirement. The FRS provides retirement and disability benefits, annual cost-ofliving adjustments, and a health insurance subsidy to plan members, and survivor benefits to beneficiaries.
The FRS was established in 1970 by Chapter 121, Florida Statutes. Changes to the law can be made only by
an act of the Florida Legislature. Rules governing the operations and administration of the FRS are found in
Chapter 60S of the Florida Administrative Code.
The FRS Pension Plan is a defined benefit plan. The amount of future benefits is determined by a formula,
based on earnings, length of service, and membership class. The benefit is pre-funded by contributions paid
by employers, and effective July 1, 2011, employees. The FRS must ensure that sufficient funds are available
when benefits are due, and bears the market risk and investment decisions.
69
September 30, 2012
15.
EMPLOYEE RETIREMENT PLANS (CONTINUED)
A.
Plan Descriptions (continued)
The FRS Investment Plan is a defined contribution plan, in which employer contributions are defined by law,
but the ultimate benefit depends, in part, on the performance of investment funds. The Investment Plan directs
contributions to individual member accounts. Members allocate such contributions and account balances
among various investment funds. Participant contributions are not allowed. The Investment Plan retirement
benefit is the value of the participant’s account at termination. Unlike the Pension Plan, there is no fixed benefit
level at retirement. However, a guaranteed lifetime payment option (based on the benefit to be distributed) can
be purchased and is available with annual benefit increases, like the Pension Plan.
The Florida Retirement System Annual Report reflects the financial operation and condition of stateadministered retirement systems and is available to the public. The publication contains financial statements,
actuarial and investment information, and other statistical data related to the FRS. A copy of the report can be
obtained on line at www.frs.state.fl.us., or by writing to Division of Retirement, Research, Education and Policy
Section, P.O. Box 9000, Tallahassee, Florida 32315-9000, or by calling 850-488-5290 or toll free at
877-377-1737.
B.
Deferred Retirement Option Program (DROP)
DROP was established by legislation passed in 1997; the effective date of the program was July 1, 1998.
Under the program, eligible FRS members have their retirement benefits deposited monthly into their DROP
account, where it earns interest, tax deferred until withdrawn, while they simultaneously continue to work. The
DROP begins when an employee first reaches normal retirement date. No additional credit is earned for
retirement. Maximum participation in the DROP is 60 months, at the end of which, the employee must
terminate employment. At that time, the employee receives payment of the accumulated DROP benefits, and
direct receipt, thereafter, of the FRS monthly retirement benefit (in the same amount as determined at
retirement).
C.
Funding Policy
Effective July 1, 2011, all FRS Investment Plan and Pension Plan members (except those in DROP) are
required to make 3% employee contributions on a pretax basis. In addition, the County is required to
contribute at an actuarially determined rate. The contribution rates at September 30, 2012, based upon a
covered employee’s gross earnings, are as follows:
Regular
Special risk
Special risk, administrative support
Senior management service
County elected officers
DROP participants
5.18%
14.90%
5.91%
6.30%
10.23%
5.44%
The contribution requirements of the County and employees are established and may be amended by the
State Legislature. Pension contributions for County employees for the fiscal years ended September 30, 2012,
2011, and 2010 were approximately $14,221,517, $23,188,000, and $23,437,000, respectively, and were
equal to the required contributions for each year.
70
September 30, 2012
16.
OTHER POSTEMPLOYMENT BENEFITS (OPEB)
A.
Plan Description
Pasco County Board of County Commissioners
The Board of County Commissioners defined benefit postemployment healthcare plan, the Group Health
Program for Pasco County (GHPPC), is a cost-sharing multiple-employer health care plan that primarily
provides medical, dental, vision and life insurance benefits (OPEB benefits) to eligible County retirees and
their spouses. The Board of County Commissioners and the Constitutional Officers, except the Pasco County
Sheriff and Pasco County Clerk & Comptroller, participate in GHPPC.
In order to be eligible for benefits an employee must satisfy either normal or early retirement conditions under
the Florida Retirement System (FRS). The Board of County Commissioners has the authority to establish and
amend the benefit provisions of the plan in accordance with Sec. 110.123, Florida Statutes.
Pasco County Sheriff
The Pasco County Sheriff’s Office (PCSO) operates a separate, single-employer cost-sharing health care plan.
Pasco County Sheriff Health Care Plan (PCSOHP) offers medical, dental, vision and life insurance benefits
(OPEB benefits) to PCSO retirees and eligible dependents. In order to be eligible for benefits, a Sheriff’s Office
employee must satisfy either normal or early retirement conditions under the Florida Retirement System (FRS).
For special risk (certified) employees, normal retirement requires attainment of age 55 with at least six (6) years
of service or completion of 25 years of service at any age. For all other employees, normal retirement requires
attainment of age 62 with at least six (6) years of service or completion of 30 years of service at any age. For
members first enrolled in the FRS on or after July 1, 2011, vesting for Pension Plan benefit eligibility will be after
eight (8) years of credited service. Eligible employees may elect to continue medical coverage after they retire
for themselves and their dependents, by paying the full premium. Authority to establish and amend the benefit
provisions of the plan is in accordance with Sec. 110.123, Florida Statutes.
Pasco County Clerk & Comptroller
The Pasco County Clerk & Comptroller’s Office (PCCC) offers a separate single-employer self-funded HMO
health care plan (PCCCHP) that offers medical, dental, vision and life insurance benefits (OPEB benefits) to
eligible retirees and their dependents. In order to be eligible for benefits, a Clerk & Comptroller’s office
employee must satisfy either normal or early retirement conditions under the Florida Retirement System (FRS).
Authority to establish and amend the benefit provisions of the plan is in accordance with Sec. 110.123, Florida
Statutes.
71
September 30, 2012
16. OTHER POSTEMPLOYMENT BENEFITS (CONTINUED)
A. Plan Description (continued)
Membership of each plan consisted of the following at September 30, 2012, the date of the latest actuarial
valuation:
GHPPC
Retirees and beneficiaries receiving benefits
Active plan members
Total
97
2,152
2,249
Number of participating employers
4
PCSOHP
PCCCHP
57
1,257
1,314
96
334
430
1
1
The County follows the provisions of Governmental Accounting Standards Board Statement No. 45 (GASBS 45)
“Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions” in
accounting for these plans. Although all three plans are cost-sharing, they are not administered as formal trusts,
nor are they an equivalent arrangement as of September 30, 2012, and, as such, in accordance with GASB 45,
the plans must follow the accounting and reporting requirements of an agent multi-employer retirement plan.
B.
Funding Policy
Pasco County Board of County Commissioners
Eligible employees with less than 30 years of service may elect to continue medical coverage after they retire,
for themselves and their dependents, by paying the full premium. Retirees under age 65, with 30 or more years
of service, receive subsidized medical benefits from the County, and pay $150 per month towards medical
benefits for single coverage, with the balance paid by the County, until they reach age 65. No subsidy exists for
spousal or other dependent medical coverage. Surviving spouses of retired employees are eligible for health
care benefits if they were covered as dependents of the retirees prior to their demise. Spouses are not eligible
for continuing retiree benefits if retirees cancel coverage due to Medicare eligibility/enrollment. Dental coverage
is voluntary, and the cost is fully covered by retirees. Retirees are eligible to continue $2,500 in life insurance
coverage after retirement, and the premiums are paid for, in full, by retirees. The Program is currently unfunded.
There is no separate trust through which benefits for retirees are funded. No assets are currently accumulated or
earmarked for this purpose. All approved benefits are paid from the County’s general assets, when due. The
table below summarizes monthly contribution rates for 2012.
2012 Monthly Premium Rates
Coverage
Tier
Retiree Only
Retiree + Spouse
Retiree + Children
Family
Blue Cross/Blue Shield
Bluecare
Bluecare
BlueOptions
PPO
Standard HMO Alternate HMO
$
$
$
$
747
1,345
1,166
1,898
The GHPPC is funded on a pay-as-you-go basis.
72
$
$
$
$
723
1,301
1,128
1,836
$
$
$
$
735
1,323
1,147
1,867
September 30, 2012
B.
Funding Policy (Continued)
Eligible employees may elect to continue medical coverage after they retire, for themselves and their
dependents, by paying the blended premium. Covered Spouses of retirees may remain covered under the
retiree health insurance program (PCSOHP) even when the retiree is not covered or becomes ineligible upon
eligibility for Medicare, by payment of the full blended premium for spousal coverage. For members who retire
with 30 years of service or more, and who receive benefits from the Florida Retirement System (FRS), the
Sheriff’s Office pays for individual coverage in the lowest cost plan, less the amount of health insurance subsidy
received from FRS, until age 65. Retirees with less than 30 years of service are required to pay the total
blended premium cost less FRS subsidies, if any. After attainment of age 65, all retirees are required to pay the
total blended premium in order to continue coverage. Group dental, vision and life insurance are 100% paid by
retirees. The Program is currently unfunded. There is no separate trust through which benefits for retirees are
funded. No assets are currently accumulated or earmarked for this purpose. All approved benefits are paid from
the Sheriff’s general assets when due. The table below summarizes monthly contribution rates for 2012.
Sheriff's Office
BlueCare
Economy
HMO
Coverage
Tier
Retiree Only
Retiree Plus One
Family
$
$
$
BlueCare
Middle
HMO
691 $
862 $
1,079 $
728 $
909 $
1,137 $
BlueOptions
PPO
761
1,042
1,405
The PSCOHP is funded on a pay-as-you-go basis.
Pasco County Clerk & Comptroller
In order to be eligible for benefits, a Clerk’s office employee must satisfy either normal or early retirement
conditions under the Florida Retirement System (FRS). Medical benefits for retirees are subsidized by the Clerk
& Comptroller. For retirees under age 65, with less than 30 years of service, the Clerk & Comptroller pays $5 per
month per year of service for Pre-65 medical coverage. Retirees under age 65 with 30 or more years of service
pay $150 per month for single coverage, plus the full difference in the blended premium between single and
employee-plus-one coverage if they cover their spouses. Retirees over age 65 pay 100% of the blended
premium if they wish to continue coverage. Spouses of retired employees are only eligible to receive health care
benefits as dependents of retirees. Coverage is not extended to surviving spouses of deceased retirees, except
as provided by COBRA. Dental and vision benefits are separated out. The retiree may elect to continue or
terminate each benefit on an individual basis. For purposes of the actuarial calculation OPEB liability, dental
and vision benefits are part of the overall Medical package and are not separated out. There is no additional
premium/contribution for dental and vision benefits. The Clerk & Comptroller’s Office pays for 100% of the
group life insurance premiums for all retirees (Accidental Death & Dismemberment benefit is terminated). The
73
September 30, 2012
B.
Funding Policy (Continued)
amount of life insurance coverage varies based on retirement date, job classification, and age. Employees who
retire(d) on or after October 1, 2007 receive(d) life insurance in the amount equal to their annual salary
as of the January 1 prior to their retirement. Employees who retired prior to October 1, 2007 received life
insurance based on their job classification as follows: Regular Non-Exempt, $20,000; Regular Exempt, $30,000;
Directors, $40,000; Chief Deputy Clerk, $50,000; Clerk, $100,000. Life insurance coverage for all retirees
reduces to 50% of the above amounts at age 65, and to 35% at age 70. The Program is currently unfunded.
There is no separate trust through which benefits for retirees are funded. No assets are currently accumulated or
earmarked for this purpose. All approved benefits are paid from the Clerk’s general assets, when due. The table
below summarizes monthly contribution rates for 2012.
Clerk of Circuit Court and Comptroller
Self-Insured
Equivalent
Premium
Coverage
Tier
Retiree Only
Retiree Plus One
Family
$
$
$
568
1,141
1,664
The PCCCHP is funded on a pay-as-you-go basis.
C.
Annual OPEB Cost and Net OPEB Obligation
The annual other postemployment benefit (OPEB) cost (expense) is calculated based on the Annual Required
Contribution (ARC) of the employer, an amount actuarially determined in accordance with the parameters of
GASB 45. The ARC represents a level funding that, if paid on an ongoing basis, is projected to cover normal
cost each year and amortize any unfunded actuarial liabilities (or funding excess) over 30 years. The current
ARC rate as a percentage of annual covered payroll is 2.2 percent, 3.8 percent and 3.8 percent for the GHPPC,
PCSOHP and PCCCHP, respectively.
74
September 30, 2012
C.
Annual OPEB Cost and Net OPEB Obligation (continued)
The following table shows the components of the County, Sheriff, and Clerk & Comptroller’s OPEB cost for the
year, the estimated contributions to the plan per the actuary report, and the changes in the net OPEB obligation
(NOO).
ARC
Interest
Adjustment to ARC
Annual OPEB Cost
Employer Contribution
Increase (Decrease) in NOO
NOO (beginning of year)
NOO (end of year)
GHPPC
PCSOHP
$ 1,834,383
275,649
(244,448)
$ 1,865,584
704,591
$ 1,160,993
6,125,525
$ 7,286,518
$ 2,125,777
256,027
(227,047)
$ 2,154,757
280,946
$ 1,873,811
5,689,485
$ 7,563,296
PCCCHP
$
439,300
103,918
(92,155)
$ 451,063
203,603
$ 247,460
2,309,285
$ 2,556,745
The annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB
obligation for fiscal year 2012 and the two preceding years were as follows:
Year Ended
Annual OPEB
Cost
Percent of
Annual OPEB
Cost Contributed
to the Plan
Net OPEB
Obligation
GHPPC
9/30/2012
9/30/2011
9/30/2010
$
$
$
1,865,584
1,981,409
1,853,033
37.8%
26.0%
26.7%
$ 7,286,518
$ 6,125,525
$ 4,660,272
PCSOHP
9/30/2012
9/30/2011
9/30/2010
$
$
$
2,154,757
2,277,201
2,112,226
13.0%
20.2%
20.8%
$ 7,563,296
$ 5,689,485
$ 3,871,642
PCCCHP
9/30/2012
9/30/2011
9/30/2010
$
$
$
451,063
338,020
323,108
45.1%
47.0%
47.1%
$ 2,556,745
$ 2,309,285
$ 2,130,192
75
September 30, 2012
D. Funded Status and Funding Progress of OPEB Plans
The funded status of each plan as of the most recent actuarial valuation date is as follows:
Schedule of Funding Progress
Pay-As-You-Go Funding
Actuarial
Valuation
Date
Actuarial
Value of
Assets
(a)
Actuarial Accrued
Liability (AAL)
- Entry Age
(b)
Unfunded
AAL
(UAAL)
(b - a)
Funded
Ratio
(a / b)
Covered
Payroll
(c)
UAAL as a
Percentage of
Covered Payroll
([b - a] / c)
GHPPC
9/30/2012
$
-
$
19,954,739
$ 19,954,739
0.0%
$ 82,847,911
24.1%
PCSOHP
9/30/2012
$
-
$
18,375,400
$ 18,375,400
0.0%
$ 56,541,259
32.5%
PCCCHP
9/30/2012
$
-
$
4,793,018
$
0.0%
$ 11,626,888
41.2%
4,793,018
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions
about the probability of occurrence of events far into the future. Examples include assumptions about future
employment, mortality, and the healthcare cost trend. Actuarially determined amounts are subject to continual
revision as actual results are compared with past expectations and new estimates are made about the future.
The schedule of funding progress, presented as required supplementary information following the notes to the
financial statements, presents multi-year trend information about whether the actuarial values of plan assets are
increasing or decreasing over time relative to the actuarial accrued liabilities for benefits.
76
September 30, 2012
D.
Funded Status and Funding Progress of OPEB Plans (Continued)
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as
understood by the employer and plan members) and include the types of benefits provided at the time of each
valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that
point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects
of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the longterm perspective of the calculations.
E.
Actuarial Methods and Assumptions
Significant methods and assumptions were as follows:
Contribution rate
Actuarial valuation date
Annual OPEB Cost
Contributions made
Actuarial cost method
Amortization method
Remaining amortization period
Asset valuation method
Actuarial assumptions:
Investment rate of return*
Projected salary increases *
Payroll growth assumption
Initial trend rate
Ultimate trend rate
GHPPC
PCSOHP
PCCCHP
2.2%
9/30/2012
$1,865,584
704,591
Entry Age
Level percent, open
30 years
Unfunded
3.8%
9/30/2012
$2,154,757
280,946
Entry Age
Level percent, open
30 years
Unfunded
3.8%
9/30/2012
$451,063
203,603
Entry Age
Level percent, open
30 years
Unfunded
4.5%
4.0% - 9.5%
3.5%
9.0%
4.5%
4.5%
4.0% - 9.5%
3.5%
9.0%
4.5%
4.5%
4.0% - 9.5%
3.5%
9.0%
4.5%
* Includes inflation at 3.5%
77
September 30, 2012
17.
RISK MANAGEMENT
Self-insurance fund operations have been established to handle the County's worker's compensation, general
liability, automobile liability, and the Clerk & Comptroller health claims. The County uses a combination of selfinsurance and third-party insurance to protect itself against risks that cannot be eliminated.
The County has worker's compensation insurance with a $500,000 deductible per occurrence with limits of
$10,000,000. The County's general liability insurance has a $100,000 retention per claim and $200,000
retention per occurrence. Negligence claims in excess of the statutory limits set in Section 768.28, Florida
Statutes, which provide for limited sovereign immunity of $100,000/$200,000 per occurrence can only be
recovered through an act of the State Legislature. Effective October 1, 2011, sovereign immunity limits were
increased to $200,000 per claim and $300,000 per occurrence for claims incurred after that date. The County
has workers compensation insurance with a $500,000 deductible per occurrence with limits of $10,000,000.
Effective October 1, 2012, the self insured retention/deductible for workers’ compensation has increased to
$600,000 for claims occurring after that date. The automobile liability is self-insured. The County also has an
excess liability policy that carries a $1,000,000 self-insured retention and an aggregate limit of $2,000,000 for
auto and general liability.
Almost all funds of the County participate in the worker's compensation, general liability, and automobile liability
program and make payments to the County's insurance fund in accordance with cost allocations based upon
the level of personnel staffing.
For the year ended September 30, 2012, the County reviewed its historical claims experience for purposes of
determining estimates of the total claims and loss reserves for all self-insurance risks. The claim liability of
$10,701,081 reported in the fund at September 30, 2012, of which an estimated $3,491,753 is due within one
year, is based on the provisions of GASB Statement No. 10 which requires that a liability for unpaid claims
costs, including estimates of costs related to incurred but not reported claims, be accrued when insured events
occur. Changes in the funds claims liability amounts during the past two fiscal years are as follows:
Fiscal
Year
2011
2012
Beginning-ofFiscal-Year-Liability
Current Year
Claims and
Changes in
Estimates
10,316,913
10,868,423
5,978,138
5,089,506
Claim
Payments
5,426,628
5,256,848
Balance at
Fiscal Year
End
10,868,423
10,701,081
The County had no significant reductions in insurance coverage during the fiscal year ended September 30,
2012. There were no settlements which exceeded the County's insurance coverage in any of the past three
fiscal years.
18.
EXPENDITURES IN EXCESS OF APPROPRIATIONS
The following excesses are noted at September 30, 2012:
General Fund
 Court-related ($278,108)
Municipal Services Fund
 Transportation ($22,692)
78
September 30, 2012
18.
EXPENDITURES IN EXCESS OF APPROPRIATIONS (CONTINUED)
Public Transportation Fund
Tree Fund
 Physical Environment ($8,785)
The excesses noted in the General, Municipal Services and Tree Funds are the result of overages of line item
expenditures; however, overall appropriations in these funds are not exceeded. The excesses in the Public
Transportation Fund were budgeted with an offsetting budgeted transfer in from the General Fund.
19.
DEFICIT FUND EQUITY
The following funds had deficit fund balances at September 30, 2012:
20.

HUD Housing and Recovery NSP-II Fund ($3,199) – Certain administrative costs had not been
billed to a grantor during fiscal 2011. Fiscal year 2012, reflects appropriate administrative costs
offset by grant revenue with a deficit due to prior year administrative costs. These costs will be
recouped in fiscal year 2013.

Public Transportation Fund ($56,124) – During fiscal 2010 certain administrative costs had not
been billed to the grantor and were anticipated to be recouped in fiscal 2011. A portion of those
costs have been submitted to and reimbursed by the grantor in fiscal 2011 and fiscal 2012, with the
remaining deficit fund balance, noted herein, expected to be cleared after submission of additional
reimbursement requests by the County.

U.S. Environmental Protection Agency Fund ($780) – The deficit resulted from the grantor’s preaward authorization to incur travel expenses which will be reimbursed during the grant period.
COMMITMENTS, CONTINGENCIES, AND OTHER MATTERS
General Government Construction Commitments
At September 30, 2012, the County had various contract commitments for general government construction
projects totaling approximately $20.2 million.
Solid Waste Disposal and Resource Recovery System Commitments
At September 30, 2012, purchase and construction contract commitments in the Enterprise Funds were
approximately $18.35 million. On March 28, 1989, the Board entered into a service agreement with Covanta
Pasco, Inc. ("Covanta"), formerly known as Ogden Martin Systems of Pasco, Inc., for the operation and
maintenance of the Solid Waste Disposal and Resource Recovery System Facility. The agreement
commenced on May 15, 1991 and was extended through the earlier of May 15, 2016 or the final maturity of the
Solid Waste Disposal and Resource Recovery System Revenue Bonds, Series 1989A, 1989B and 1989C.
Under the agreement, Covanta is paid a monthly service fee based on an annual operation and maintenance
charge of $5,375,000, as adjusted by additional revenues and expenses related to the operation and
maintenance of the Facility, as defined in the service agreement. For the year ended September 30, 2012,
charges to the Board under the service agreement totaled $15,389,682.
79
September 30, 2012
20.
COMMITMENTS, CONTINGENCIES, AND OTHER MATTERS (CONTINUED)
Also, on March 28, 1989, the Board entered into an agreement with Progress Energy (formerly Florida Power
Corporation) wherein the Board sells and Progress Energy purchases the net electrical energy generated from
the Solid Waste Disposal Resource Recovery System Facility. For the year ended September 30, 2012, the
Board's power sales to Progress Energy totaled $20,691,165. Under the terms of the agreement, the Board
has committed to having available annually, 23 megawatts of electrical energy for purchase by Progress
Energy through December 2024. The capacity of energy committed by the Board is subject to adjustment for
the period January 2015 through December 2024, as defined in the agreement.
Grants
All expenditures financed by Federal and State of Florida grants are subject to audit by the granting agencies
to determine if such expenditures comply with the conditions of a grant. Management believes that no material
liability will arise from any such audits.
Claims and Lawsuits
A number of claims and lawsuits are pending against the County. However, based on knowledge of facts and
advice of the County Attorney and outside counsel, Management believes that the outcome of these actions
will not have a material adverse effect on the County's financial position or results of operations.
In March 2009 a verdict was asserted against the Pasco County Sheriff’s Office awarding approximately $8.7
million to the claimant. The Florida statutory sovereign immunity provisions at that time put a cap of $100,000
on damages and such damages were paid through the Florida Sheriff’s Automobile Risk Program (SHARP).
However, the claimant has indicated their intent to pursue the remainder of the verdict award through a claim
bill with the Florida Legislature. Should such claim bill be passed by the Florida Legislature, there is an
additional $322,000 of insurance coverage available through SHARP. Any claim in excess of available
insurance coverage would be paid for from funding by the Board of County Commissioners. No liability has
been recorded in the accompanying financial statements due to the uncertainty of the outcome.
In February 2012, a verdict was asserted against Pasco County awarding approximately $7million to the
claimant. The Florida statutory sovereign immunity provisions put a cap on damages of $100,000 per claim
and $200,000 per occurrence. The claimant has the option to pursue collection of the verdict award through
a claim bill with the Florida Legislature. Should such claim bill be passed by the Florida Legislature, the
County has insurance coverage of up to $2 million. Any claim in excess of the available insurance coverage
would become a liability of the County. No liability has been recorded in the accompanying financial
statements due to the uncertainty of the outcome.
80
OTHER POSTEMPLOYMENT BENEFITS
REQUIRED SUPPLEMENTARY INFORMATION
September 30, 2012
(unaudited)
Schedule of Funding Progress for Pasco County:
Group Health Plan for Pasco Board of County Commissioners
Actuarial
Valuation
Date
Actuarial
Value of
Assets
(a)
Actuarial Accrued
Liability (AAL)
- Entry Age
(b)
9/30/2012
9/30/2011
9/30/2010
$
$
$
$
$
$
-
19,954,739
19,909,072
18,424,023
Unfunded
AAL
(UAAL)
(b - a)
Funded
Ratio
(a / b)
Covered
Payroll
(c)
UAAL as a
Percentage of
Covered Payroll
([b - a] / c)
$ 19,954,739
$ 19,909,072
$ 18,424,023
0.0%
0.0%
0.0%
$ 82,847,911
$ 80,989,033
$ 80,854,667
24.1%
24.6%
22.8%
Unfunded
AAL
(UAAL)
(b - a)
Funded
Ratio
(a / b)
Covered
Payroll
(c)
UAAL as a
Percentage of
Covered Payroll
([b - a] / c)
$ 18,375,400
$ 19,376,241
$ 17,560,804
0.0%
0.0%
0.0%
$ 56,541,259
$ 60,653,895
$ 55,753,342
32.5%
31.9%
31.5%
Funded
Ratio
(a / b)
Covered
Payroll
(c)
UAAL as a
Percentage of
Covered Payroll
([b - a] / c)
0.0%
0.0%
0.0%
$ 11,626,888
$ 12,123,421
$ 11,639,091
41.2%
34.2%
34.1%
Pasco County Sheriff's Office Health Plan
Actuarial
Valuation
Date
Actuarial
Value of
Assets
(a)
Actuarial Accrued
Liability (AAL)
- Entry Age
(b)
9/30/2012
9/30/2011
9/30/2010
$
$
$
$
$
$
-
18,375,400
19,376,241
17,560,804
Pasco County Clerk & Comptroller's Office Health Plan
Actuarial
Valuation
Date
Actuarial
Value of
Assets
(a)
Actuarial Accrued
Liability (AAL)
- Entry Age
(b)
9/30/2012
9/30/2011
9/30/2010
$
$
$
$
$
$
-
4,793,018
4,148,577
3,963,632
Unfunded
AAL
(UAAL)
(b - a)
$
$
$
4,793,018
4,148,577
3,963,632
See accompanying independent auditors’ report.
81
OTHER POSTEMPLOYMENT BENEFITS
REQUIRED SUPPLEMENTARY INFORMATION
September 30, 2012
(unaudited)
Schedule of Employer Contributions for Pasco County:
Annual
Required
Contribution
Percentage
Contributed
1,834,383
38.4%
2,125,777
13.2%
439,300
46.3%
1,957,670
26.4%
2,257,481
20.3%
327,169
48.6%
1,836,218
26.9%
2,101,025
20.9%
313,128
48.6%
Fiscal
Year Ended
September 30
2012
2011
2010
See accompanying independent auditors’ report.
82
COMBINING AND INDIVIDUAL FUND
STATEMENTS
AND SCHEDULES
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
MUNICIPAL SERVICES FUND To account for various municipal services including planning,
code enforcement, animal control, emergency services administration, engineering services and
law enforcement that are provided in the unincorporated areas of the County.
LOCAL OPTION GAS TAX FUND
This special revenue fund is used to account for the
construction, reconstruction and major maintenance of County roads. Arterial and collector roads
are funded through gas tax bonds, the constitutional gas tax, and the six-cent local option gas tax.
BUILDING INSPECTIONS AND PERMITTING FUND
Florida Building Code pursuant to Senate Bill 442.
To account for the administration of the
EAST AND WEST PASCO LAW LIBRARY FUNDS To account for the purchase of books,
supplies and equipment, and the payment of librarian salaries in the East and West Pasco Law
Libraries.
ROAD AND BRIDGE FUND
To principally account for the maintenance of County roads,
including traffic engineering services, and signs and signals.
LAW ENFORCEMENT FUND To account for the proceeds from the sale of forfeited property to
be expended for law enforcement purposes such as protracted or complex investigations,
additional technical equipment or expertise, matching funds to obtain federal grants or other law
enforcement purposes which the Board of County Commissioners deems appropriate, in
accordance with Chapter 932, Florida Statutes.
TOURIST DEVELOPMENT TAX FUND To account for the collection and use of a 2% Tourist
Development Tax imposed pursuant to County ordinance and in accordance with Section
125.0104, Florida Statutes.
SPECIAL ASSESSMENT FUND To account for special assessments levied to finance road
improvements deemed to benefit the properties against which the assessments are levied.
INTERGOVERNMENTAL RADIO COMMUNICATION FUND To account for monies received
from the moving violation surcharge for use in providing a radio communications system that
allows access to, or increases the capability of, public entities for purposes of intergovernmental
communications, in accordance with Florida Statutes.
(CONTINUED)
SPECIAL REVENUE FUNDS (CONTINUED)
QUAIL HOLLOW VILLAGE MSBU
To account for special assessments levied to finance
services provided for the common area of the unit.
MUNICIPAL FIRE SERVICE UNIT FUND
To account for fire prevention and suppression
services provided to unincorporated areas within the County.
DEPARTMENT OF JUVENILE JUSTICE FUND
Court Grant.
To account for funds received for the Teen
CRIMINAL JUSTICE (FDLE) FUND
To account for those funds received from the Florida
Department of Law Enforcement for improvements to the criminal justice system.
HUD HOUSING AND RECOVERY NEIGHBORHOOD STABILIZATION PROGRAM (NSP)
(I, II AND III) FUND To account for the purchase and rehabilitation of foreclosed properties for
families with median incomes under 120% of the AMI.
AMERICAN RECOVERY AND REINVESTMENT ACT FUND To account for the revenues and
expenditures associated with grants awarded from the Federal Government under the American
Recovery and Reinvestment Act (ARRA).
HUD HOUSING AND RECOVERY FUND To account for revenues and expenditures associated
with grants awarded from the Department of Housing and Urban Development for the
Neighborhood Stabilization Programs (NSP).
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) FUND To account for the
providing of infrastructure improvements, public facilities, public services, housing-related
activities, code enforcement, planning activities, clearance of public hazards and other activities
which are related to neighborhood/community improvements principally benefiting low and
moderate income persons; to account for the prevention or elimination of slum or blight, or the
providing for urgent needs; to account for the providing of shelter and direct services to the
homeless or those at risk of becoming homeless, as well as homeless prevention activities and
the conversion of facilities for use as emergency shelters; to account for the providing of low
interest loans to property owners in order to improve rental property for the principal benefit of low
income families.
(CONTINUED)
DEPARTMENT OF COMMUNITY AFFAIRS GRANTS FUND To account for the maintenance of
local emergency plans and implementation procedures through the Emergency Management
Assistance Program; to account for assistance provided to the Sheriff in implementing the AntiDrug Program through the Community Oriented Policing Unit; to account for assistance provided
to the Clerk of the Circuit Court and the Sheriff for the Domestic Violence Program; to account for
preparation of a statewide mitigation strategy project; to account for funding provided to update the
Hazardous Materials Emergency Plan; to account for funding provided to implement Countywide
Drug Control System Improvement Formula Grant Programs under Program Area 15, Criminal
Justice Records Improvement.
DEPARTMENT OF TRANSPORTATION FUND
To account for the transportation planning
process as approved by the Florida State Department of Transportation; to account for the
purchase of certain equipment used in the Pasco County Transportation System; to account for
the providing of capital equipment as it relates to the transportation disadvantaged; to account for
the implementation of a countywide education and prevention program to aid students in resisting
the use of alcohol and other drugs; to account for the providing of improvements for intermodal
access to US Highway 19.
HOME PROGRAM FUND To account for the expansion and supply of decent, safe, sanitary, and
affordable housing for very low and low income Americans.
U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES FUND To account for grant funds
received from the U.S. Department for Health and Human Services.
DIVISION OF LIBRARY SERVICES To account for grants received from the State to improve
capabilities of the public library system.
LIBRARY COOPERATIVE GRANT FUND To account for monies received for the Pasco County
Public Library Cooperative in order to enhance and expand coordination of equal access to free
public library services for residents.
RURAL ECONOMIC AND DEVELOPMENT ADMINISTRATION FUND To account for funds
received from the Rural Economic and Development Administration to be used for housing
rehabilitation of single family homes in the East Pasco area.
FLORIDA DEPARTMENT OF ELDER AFFAIRS FUND To account for providing emergency
funding from the State for elderly residents of the County in order to assist in the payment of
energy bills and to purchase fans and air conditioners.
DEPARTMENT OF ELDER AFFAIRS FUND To account for the providing of emergency funding
for elderly residents of the County in order to assist in the payment of energy bills and to purchase
fans and air conditioners.
(CONTINUED)
U.S. DEPARTMENT OF JUSTICE FUND To account for assistance provided to the Sheriff for
certain law enforcement activities and the purchase of equipment.
TRANSPORTATION SERVICES FUND To account for the undertaking of non-urbanized area
public transportation project consisting of operating assistance for the Pasco County Public
Transportation System; to account for the operating, administrative and management costs in
providing public transportation services; to account for the providing of transportation and planning
related services to the transportation disadvantaged.
PUBLIC TRANSPORTATION FUND To account for the undertaking of a non-urbanized area
public transportation project consisting of operating assistance for the Pasco County Public
Transportation System; to account for the operating, administrative and management costs in
providing public transportation services; to account for the providing of transportation and planning
related services to the transportation disadvantaged.
TITLE III-B TRANSPORTATION FUND
To account for transportation services provided to
citizens of the County who are 60 years of age and older.
DEPARTMENT OF CHILDREN AND FAMILIES FUND
To account for grants received to
improve professional education, equipment and medical supplies provided to the emergency
services operation; to assist homeless families in their pursuit of safe and affordable housing.
ELDERLY NUTRITION FUND To account for congregate and home delivered meals, nutrition
education services and outreach services provided to citizens of the County who are 60 years of
age and older.
DEPARTMENT OF HOMELAND SECURITY FUND To account for those federal grants received
to provide direct assistance to fire departments for the purpose of protecting the health and safety
of the public and firefighting personnel against fire and fire-related hazards and to increase the
number of firefighters in the community.
OFFICE OF TOURISM, TRADE AND ECONOMIC DEVELOPMENT FUND To account for those
grants received to improve the economic base or tourist-related activities in the County.
DEPARTMENT OF ENVIRONMENTAL PROTECTION FUND
To account for those grants
received from the Florida Department of Environmental Protection.
U.S. ENVIRONMENTAL PROTECTION AGENCY FUND To account for grant funds received
from the U.S. Department of Environmental Protection for the Brownfield’s Coalition Assessment
Grant.
(CONTINUED)
AFFORDABLE HOUSING FUND To account for funds received as a result of development
orders to be expended for affordable housing.
WILLIAMSBURG WEST MUNICIPAL SERVICE TAXING UNIT (MSTU) FUND To account for
special assessments levied to finance services provided for the common area of the unit.
911 EMERGENCY SERVICES FUND To account for the maintenance of an enhanced 911
emergency communication system that links ambulance, law enforcement and fire dispatching
service for the County and all cities within the County.
FLORIDA BOATING AND IMPROVEMENT FUND To account for funds received from the
Florida Boating Improvement Program administered by the State Department of Environmental
Protection in support of local recreational boating needs.
U.S. 19 CONCURRENCY FUND To account for impact fees charged to new construction
activity near U.S. Highway 19 under the County's "New Development Fair Share Contribution
for Road Improvement Ordinance." These fees will assist in providing increased capacity for
U.S. Highway 19 to accommodate the increased demand generated by each activity.
TRANSPORTATION IMPACT FEE (WEST AND CENTRAL) FUNDS To account for impact fees
charged to new land development activity under the County's "New Development Fair Share
Contribution for Road Improvements Ordinance". These fees will assist in providing increased
capacity for the major road network system to accommodate the increased demand generated by
such activity. These fees are restricted for use in the zone in which the fee was collected.
TRANSPORTATION IMPACT FEE EAST FUND This special revenue fund is used to account for
impact fees charged, to new land development, that assist in providing increased capacity to the
County’s major road network. The fees collected in this zone are restricted for use in this zone.
SCHOOL IMPACT FEES FUND
To account for impact fees imposed on new residential
construction, under County ordinance, for the financing of new school facilities necessitated by
such construction.
COURT FACILITIES IMPROVEMENT FUND To account for additional court costs imposed by the
court when a person pleads guilty or nolo contendere to, or is found guilty of, any felony,
misdemeanor, or criminal traffic offense under the laws of this state. Such additional assessment
shall be accounted for separately by the county in which the offense occurred and be used only in
the county imposing this cost. (In accordance with Sec. 939.185, Florida Statutes.)
.
(CONTINUED)
ALCOHOL AND OTHER DRUG ABUSE FUND To account for additional court costs assessed
against any person found guilty of a misdemeanor involving illegal use of alcohol or drugs. The
additional money is to be allocated to local drug and alcohol abuse treatment programs.
TEEN COURT FUND To account for those costs assessed in Circuit and County criminal cases,
juvenile delinquency, and traffic cases to finance the Pasco County Teen Court and Juvenile
Diversion Programs.
COMBAT IMPACT FEE FUND To account for impact fees imposed on new construction, in
order to assist in providing capital expansion of the County’s firefighting capability.
PARK IMPACT FEE (WEST, CENTRAL AND EAST AREAS) FUND To account for impact fees
imposed on new construction activity. These fees will assist in providing additional parks to
accommodate growth.
RESCUE IMPACT FEE FUND To account for impact fees, imposed on new construction, used to
assist in providing capital expansion of the County’s emergency medical service capability.
LIBRARY IMPACT FEE FUND To account for impact fees imposed on new construction, under
County ordinance, which assist in financing the County library system to accommodate growth.
HURRICANE MITIGATION FEE FUND To account for hurricane shelter retrofitting and traffic
management services in the County.
STORMWATER MANAGEMENT FUND To account for non ad valorem assessments based on
an equivalent residential unit (ERU) of impervious service area. Funds are used to identify, design
and construct drainage projects, and maintain various drainage components.
TREE FUND To account for monies collected for the unlawful removal, topping, or irreversible
damage of trees, per County ordinance; to purchase, plant, and maintain native trees in the
County.
LIGHTING DISTRICTS FUND
To account for special assessments levied to finance street
lighting services deemed to benefit the properties against which the assessments are levied.
(CONTINUED)
CLERK & COMPTROLLER SPECIAL REVENUE FUND To account for service charges paid to
the Clerk for recording instruments in the official records, which are to be used exclusively for
equipment, personnel training and technical assistance in modernizing the official records system,
in accordance with Florida Statutes; to account for additional fees paid to the Clerk by parties
instituting or filing probate matters, civil actions or proceedings, which are to be used for providing
and maintaining facilities for the use of the courts, including court support services, in accordance
with County ordinance.
SHERIFF'S SPECIAL REVENUE FUND To account for the receipt and expenditure of noncriminal traffic infraction collections; confiscated funds resulting from arrests; unclaimed evidence;
fines and filing fees related to juvenile court; parking citations collections; net proceeds under
federal forfeitures; federal funds received to provide a vocational facility for incarcerated aliens;
funding to provide child care and protective services; and various federal and state grants.
SUPERVISOR OF ELECTIONS SPECIAL REVENUE FUND To account for funds received from
the State of Florida for various Voter Education Grants.
DEBT SERVICE FUNDS
GAS TAX REFUNDING REVENUE BONDS, SERIES 2002 FUND To account for the payment
of principal and interest on the Gas Tax Refunding Revenue Bonds, Series 2002. Amounts are
payable from the proceeds of the six-cent local option gas tax distributed to the County by the
State of Florida.
HUD SECTION 108 NOTE, SERIES 2006 FUND To account for the payment of principal and
interest on the Section 108, Housing and Urban Development (HUD) $13,000,000 Note for the
Tommytown Neighborhood revitalization project. The County has pledged future Community
Development Block Grant (CDBG) funds and other non ad valorem funds as security for the
guaranteed loan funds in the HUD contract.
GUARANTEED ENTITLEMENT REFUNDING REVENUE BONDS, SERIES 2003 FUND
To
account for the payment of principal and interest on the Guaranteed Entitlement Refunding
Revenue Bonds, Series 2003. Amounts are payable from the guaranteed entitlement portion of
Revenue Sharing Trust Funds of the State of Florida.
HALF-CENT SALES TAX REVENUE BONDS, SERIES 2003 FUND To account for the payment
of principal and interest on the Half-cent Sales Tax Revenue Bonds, Series 2003. Amounts are
payable from the proceeds of the one-half cent sales tax distributed to the County by the State of
Florida.
(CONTINUED)
CAPITAL PROJECTS FUNDS
PENNY FOR PASCO FUND To account for capital costs associated with the County’s portion of
the proceeds of the voter-approved local option sales surtax.
BOARD CAPITAL IMPROVEMENTS FUND To account for the costs of renovations, additions,
or new construction of various governmental facilities (except roads), including drainage projects
of diverse types and uses. Financing is provided through operating transfers from several funds,
Federal and State grants, the sale of bonds, and interest revenue thereon.
MOBILITY FEE (WEST, CENTRAL AND EAST AREAS) FUNDS To account for the
transportation system charge to recoup the proportionate cost of transportation demand generated
by new development.
TOMMYTOWN CAPITAL FUND To account for the infrastructure construction costs of the
Tommytown Neighborhood revitalization project funded through the Section 108, Housing and
Urban Development (HUD) $13,000,000 note.
HALF-CENT SALES TAX CONSTRUCTION FUND To account for the costs of various County
governmental facilities, including park, recreation and library facilities; public safety, transportation,
drainage and general County governmental buildings and/or improvements; and any land or other
related improvements. Financing is provided from the proceeds of the Half-cent Sales Tax
Revenue Bonds, Series 2003.
GENERAL FUND
COMBINING BALANCE SHEET
September 30, 2012
B001
B121
B150
B152
GENERAL
FUND
OFFICE OF
STATE COURTS
ADMIN
PARK
DEVELOPMENT
$
$
TOTAL
GENERAL
FUND
EDUCATION
ASSETS
Investments
Accounts receivable
Due from:
Other funds
Other governments
Inventories
Other assets
Total assets
$
52,932,106
18,065
4,433,217
163
68,725
-
18,099,592
2,212,262
154,343
12,620
-
61,403
-
$
-
79,301
-
$
-
53,141,535
18,065
4,433,217
163
18,099,592
2,212,262
154,343
12,620
$
77,862,368
$
68,725
$
61,403
$
79,301
$
78,071,797
$
4,772,627
4,675,080
$
-
$
-
$
62,633
2,942
$
4,835,260
4,678,022
Liabilities:
Vouchers payable
Accrued liabilities
Due to:
Other funds
Other governments
Deposits
Deferred revenue
Other liabilities
Total liabilities
4,786,711
379,162
2,556,644
1,829,627
1,784
65,979
-
-
-
4,786,711
379,162
2,556,644
1,895,606
1,784
19,001,635
65,979
-
65,575
19,133,189
161,912
-
-
-
161,912
193,295
2,746
-
61,403
-
-
61,403
2,746
193,295
Fund balances:
Nonspendable:
Spendable:
Restricted for:
Other purposes
Committed to:
Assigned to:
Other purposes
Unassigned:
-
-
-
13,726
13,726
2,120,521
56,385,005
-
-
-
2,120,521
56,385,005
Total fund balances
58,860,733
2,746
61,403
13,726
58,938,608
$
77,862,368
$
68,725
83
$
61,403
$
79,301
$
78,071,797
GENERAL FUND
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
REVENUES
Taxes
Intergovernmental:
Federal
State
Local
Fines and forfeits
Miscellaneous
$
Total revenues
EXPENDITURES
Current:
Public safety
Transportation
Human services
Court-related
Miscellaneous
Total expenditures
Transfers in
Transfers out
Fund balances at beginning of year, as
restated
$
B001
B121
B150
GENERAL
FUND
OFFICE OF
STATE COURTS
ADMIN
PARK
DEVELOPMENT
$
$
125,176,798
6,408
-
B152
-
TOTAL
GENERAL
FUND
EDUCATION
$
-
$
125,176,798
6,408
475,998
18,536,501
145,016
25,528,546
298,283
505,490
12,442,163
482
-
467
-
398
-
475,998
18,536,501
145,016
25,528,546
298,283
506,837
12,442,163
183,115,203
482
467
398
183,116,550
48,132,913
98,647,843
312,478
226,798
9,321,281
12,561,851
4,665,940
6,433,466
-
14,555
-
106,992
-
48,132,913
98,647,843
312,478
106,992
226,798
9,321,281
12,576,406
4,665,940
6,433,466
180,302,570
-
14,555
106,992
180,424,117
2,812,633
482
(14,088)
(106,594)
2,692,433
6,949,018
(4,884,980)
-
-
-
6,949,018
(4,884,980)
2,064,038
-
-
-
2,064,038
4,876,671
482
53,984,062
2,264
58,860,733
$
84
2,746
$
(14,088)
(106,594)
4,756,471
75,491
120,320
54,182,137
61,403
$
13,726
$
58,938,608
September 30, 2012
102
103
MUNICIPAL
SERVICES
GAS TAX
104
105
106
LOCAL
BUILDING
WEST PASCO
EAST PASCO
OPTION
INSPECTIONS
LAW
LAW
AND PERMITTING
LIBRARY
LIBRARY
ASSETS
Accounts receivable
Notes receivable
Due from:
Other funds
Other governments
Inventories
Other assets
Total assets
$
12,206,145
78,760
-
$
161,907
991,751
-
31,907,495
139
-
$
319
1,343,938
-
1,969,510
-
$
30,599
-
-
$
4,305
-
57,510
4,305
-
$
13,438,563
$
33,251,891
$
1,969,510
$
34,904
$
61,815
$
391,753
180,578
$
557,734
49,774
-
$
17,105
53,976
$
2,255
759
$
246
759
Liabilities:
Vouchers payable
Contracts payable
Accrued liabilities
Due to:
Other funds
Other governments
Deposits
Deferred revenue
Other liabilities
Total liabilities
Fund balances:
Nonspendable:
Spendable:
Restricted for:
Impact fees
Other purposes
Committed to:
Capital projects
Assigned to:
Other purposes
Unassigned:
Total fund balances (deficit)
$
38,355
41,059
600
-
272
290,706
-
-
-
-
652,345
898,486
71,081
3,014
1,005
-
-
-
-
-
-
-
1,898,429
-
-
-
12,786,218
32,353,405
-
-
-
-
-
-
-
31,890
-
60,810
-
12,786,218
32,353,405
1,898,429
31,890
60,810
13,438,563
$
33,251,891
$
1,969,510
$
34,904
See accompanying independent auditors' report.
85
$
61,815
107
108
113
ROAD
$
114
115
TOURIST
118
119
INTER-
QUAIL
GOVERNMENTAL
HOLLOW
MUNICIPAL
AND
LAW
DEVELOPMENT
SPECIAL
RADIO
VILLAGE
FIRE SERVICE
BRIDGE
ENFORCEMENT
TAX
ASSESSMENT
COMMUNICATION
MSBU
UNIT
3,125,574
4,809
-
$
416,680
-
420,387
-
$
5,668
-
12,197,960
-
$
64,503
-
8,912,423
14,238,002
$
-
1,738,401
-
$
67,036
-
19,058
-
$
-
2,394,404
20,993
2,248
8,648
-
$
3,547,063
$
426,055
$
12,262,463
$
23,150,425
$
1,757,459
$
67,036
$
2,426,293
$
353,624
99,828
$
-
$
11,514
1,393
$
128,453
-
$
1,317
-
$
1,191
-
$
248,352
357,539
$
-
14,706
-
-
9,873
2,440
14,267,851
-
107
-
-
-
453,452
14,706
12,907
14,408,617
1,424
1,191
605,891
-
-
-
-
-
-
-
-
411,349
-
12,249,556
-
-
1,756,035
-
-
-
3,093,611
-
-
-
8,741,808
-
-
65,845
1,820,402
-
-
-
-
-
-
-
3,093,611
411,349
12,249,556
8,741,808
1,756,035
65,845
1,820,402
3,547,063
$
426,055
$
12,262,463
$
23,150,425
$
1,757,459
$
67,036
$
2,426,293
(Continued)
86
September 30, 2012
120
122
123
124
125
126
127
128
129
HUD
DEPT.
HOUSING
AMERICAN
HUD
DEPT. OF
OF
CRIMINAL
AND
RECOVERY
HOUSING
COMMUNITY
JUVENILE
JUSTICE
RECOVERY
& REINV
AND
DEPARTMENT
AFFAIRS
OF TRANS-
HOME
JUSTICE
(FDLE)
NSP - II
ACT
RECOVERY
OF HUD
GRANTS
PORTATION
PROGRAM
DEPARTMENT
ASSETS
Accounts receivable
Notes receivable
Due from:
Other funds
Other governments
Inventories
Other assets
Total assets
$
-
$
940
-
47
-
$
40,887
-
130,252
6,595,364
-
$
90,114
2,000,013
-
-
$
305,175
177,854
5,059,566
-
627,165
-
$
831,166
86,533
-
476,044
409,127
2,149,508
$
10,000
330,697
-
2,567
-
$
41,343
175,095
-
-
$
912
4,242,777
-
14,113,659
193,265
-
$
940
$
40,934
$
8,815,743
$
627,165
$
6,460,294
$
3,375,376
$
219,005
$
4,243,689
$
14,306,924
$
-
$
40,887
-
$
1,351,829
17,210
$
450,024
1,260
-
$
129,126
-
$
76,277
33,676
4,776
$
435
2,068
$
387,680
106,856
-
$
23,347
-
Liabilities:
Vouchers payable
Contracts payable
Accrued liabilities
Due to:
Other funds
Other governments
Deposits
Deferred revenue
Other liabilities
Total liabilities
940
-
47
-
714,748
9,736
6,725,419
-
148,171
22,816
4,894
-
3,575
120
6,240,940
-
217,052
5,099
166
3,038,330
-
153,082
60,853
-
3,250,855
498,298
-
170,080
10
14,113,487
-
940
40,934
8,818,942
627,165
6,373,761
3,375,376
216,438
4,243,689
14,306,924
-
-
-
-
-
-
-
-
-
-
-
-
-
86,533
-
-
2,567
-
-
-
-
-
-
-
-
-
-
-
-
Fund balances:
Nonspendable:
Spendable:
Restricted for:
Impact fees
Other purposes
Committed to:
Capital projects
Assigned to:
Other purposes
Unassigned:
-
-
$
940
(3,199)
$
40,934
-
(3,199)
$
8,815,743
-
$
627,165
-
86,533
$
6,460,294
87
-
$
3,375,376
-
2,567
$
219,005
-
$
4,243,689
$
14,306,924
130
131
HUD
U.S. DEPT. OF
HOUSING
HEALTH
AND
AND
DIVISION
LIBRARY
RECOVERY
HUMAN
OF LIBRARY
COOPERATIVE
NSP III
SERVICES
SERVICES
GRANT
ADMIN
$
132,463
-
134
136
137
138
139
140
141
AND
FL DEPT. OF
DEPT. OF
U.S.
TRANS-
PUBLIC
DEVELOPMENT
ELDER
ELDER
DEPT.
PORTATION
TRANS-
AFFAIRS
AFFAIRS
OF JUSTICE
SERVICES
PORTATION
RURAL
ECONOMIC
$
27,741
-
135
-
$
5
-
107,821
-
$
29
-
-
$
-
43,644
172,943
-
$
-
-
$
997,700
-
-
$
46,925
-
-
$
155,999
-
4,408
-
$
126,167
608
165,664
27,292
-
$
160,204
$
107,821
$
5
$
29
$
216,587
$
997,700
$
46,925
$
155,999
$
131,183
$
192,956
$
15,719
-
$
43,615
-
$
-
$
29
-
$
-
$
49,885
-
$
3,116
-
$
9,738
-
$
-
$
199,065
50,015
61,734
20
82,731
-
64,206
-
5
-
-
202,226
-
947,815
-
43,809
-
26,649
118,881
731
-
69,198
61,985
-
-
160,204
107,821
5
29
202,226
997,700
46,925
155,999
131,183
249,080
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14,361
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$
160,204
-
-
$
107,821
-
$
-
5
$
-
14,361
29
$
216,587
-
$
-
-
997,700
$
46,925
-
$
155,999
(56,124)
$
131,183
(56,124)
$
192,956
(Continued)
88
September 30, 2012
142
143
144
TITLE III-B
DEPARTMENT
TRANS-
OF CHILDREN
PORTATION
AND FAMILIES
146
145
147
DEPARTMENT
OFFICE OF
OF
TOURISM, TRADE
DEPT. OF
ELDERLY
HOMELAND
AND ECONOMIC
ENVIRONMENTAL
NUTRITION
SECURITY
DEVELOPMENT
PROTECTION
ASSETS
Accounts receivable
Notes receivable
Due from:
Other funds
Other governments
Inventories
Other assets
Total assets
$
-
$
54,350
-
67,158
-
$
-
-
$
-
207,187
-
$
2,325
-
-
$
1,680,503
-
37,442
38,118
-
$
67,158
$
54,350
$
207,187
$
2,325
$
1,680,503
$
75,560
$
-
$
25,296
-
$
-
$
-
$
-
$
-
Liabilities:
Vouchers payable
Contracts payable
Accrued liabilities
Due to:
Other funds
Other governments
Deposits
Deferred revenue
Other liabilities
Total liabilities
66,868
290
-
29,054
-
207,180
7
-
2,325
-
1,680,503
-
65,425
602
-
67,158
54,350
207,187
2,325
1,680,503
66,027
-
-
-
-
-
-
-
-
-
-
-
9,533
-
-
-
-
-
-
-
Fund balances:
Nonspendable:
Spendable:
Restricted for:
Impact fees
Other purposes
Committed to:
Capital projects
Assigned to:
Other purposes
Unassigned:
-
-
$
67,158
-
-
$
54,350
-
$
207,187
-
$
2,325
89
-
$
1,680,503
9,533
$
75,560
149
154
155
156
159
FLORIDA
TRANS-
911
BOATING
PORTATION
U.S.
ENVIRONMENTAL
$
160
161
PROTECTION
AFFORDABLE
WILLIAMSBURG
EMERGENCY
AND
US 19
IMPACT FEE
AGENCY
HOUSING
WEST MSTU
SERVICES
IMPROVEMENT
CONCURRENCY
WEST
$
$
-
$
111,960
-
167,592
-
$
-
13,705
-
$
-
4,356,578
173,576
-
1,343,361
-
1,160,277
-
7,764
-
$
-
19,095,433
-
$
111,960
$
167,592
$
13,705
$
4,530,154
$
1,351,125
$
1,160,277
$
19,095,433
$
-
$
-
$
1,468
-
$
6,045
3,923
$
39,876
-
$
-
$
1,327,753
36,990
-
$
112,740
-
-
-
5
-
-
-
52,100
-
112,740
-
1,468
9,973
39,876
-
1,416,843
-
-
-
-
-
-
-
-
-
-
4,520,181
-
1,311,249
-
1,160,277
-
17,678,590
-
-
167,592
12,237
-
-
-
-
(780)
-
-
-
-
-
-
(780)
167,592
12,237
4,520,181
1,311,249
1,160,277
17,678,590
111,960
$
167,592
$
13,705
$
4,530,154
$
1,351,125
$
1,160,277
$
19,095,433
(Continued)
90
September 30, 2012
165
163
168
170
171
ALCOHOL
172
TRANSTRANS-
PORTATION
COURT
PORTATION
IMPACT
FACILITIES
AND
IMPACT FEE
FEE
SCHOOL
IMPROVEMENT
OTHER
TEEN
CENTRAL
EAST
IMPACT FEES
939.185 F.S.
DRUG ABUSE
COURT
ASSETS
Accounts receivable
Notes receivable
Due from:
Other funds
Other governments
Inventories
Other assets
Total assets
$
62,456,341
-
$
-
13,830,105
1,218
-
$
1,840,250
-
91,518
-
$
-
6,624,285
$
-
50,648
-
81,602
-
1,312
-
$
446,066
16,802
-
$
62,456,341
$
13,922,841
$
1,840,250
$
6,705,887
$
51,960
$
462,868
$
411,938
62,458
-
$
738,386
171,606
-
$
1,836,052
-
$
-
$
-
$
1,663
2,510
Liabilities:
Vouchers payable
Contracts payable
Accrued liabilities
Due to:
Other funds
Other governments
Deposits
Deferred revenue
Other liabilities
Total liabilities
Fund balances:
Nonspendable:
Spendable:
Restricted for:
Impact fees
Other purposes
Committed to:
Capital projects
Assigned to:
Other purposes
Unassigned:
Total liabilities and fund balances $
5
14,915
-
940
2,031
-
4,198
-
-
-
-
489,316
912,963
1,840,250
-
-
4,173
-
-
-
-
-
-
61,967,025
-
13,009,878
-
-
6,705,887
-
51,960
-
458,695
-
-
-
-
-
-
-
-
-
61,967,025
13,009,878
62,456,341
$
13,922,841
$
1,840,250
$
-
-
-
6,705,887
51,960
458,695
6,705,887
91
$
51,960
$
462,868
180
$
181
182
183
184
185
188
COMBAT
PARK
PARK
PARK
RESCUE
IMPACT
IMPACT FEE
IMPACT FEE
IMPACT FEE
IMPACT
LIBRARY
MITIGATION
FEE
WEST
CENTRAL
EAST
FEE
IMPACT FEE
FEE
6,044,467
-
$
-
10,045,393
-
$
-
9,176,297
-
$
-
2,469,974
-
$
-
HURRICANE
5,685,272
-
$
-
2,104,384
-
$
-
160,025
-
$
6,044,467
$
10,045,393
$
9,176,297
$
2,469,974
$
5,685,272
$
2,104,384
$
160,025
$
145,675
31,414
-
$
86,320
9,294
-
$
9,013
1,002
-
$
11,252
-
$
72,837
15,707
-
$
-
$
-
$
-
-
859,297
-
-
-
-
-
177,089
95,614
869,312
11,252
88,544
-
-
-
-
-
-
-
-
-
5,867,378
-
9,949,779
-
8,306,985
-
2,458,722
-
5,596,728
-
2,104,384
-
160,025
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,867,378
9,949,779
8,306,985
2,458,722
5,596,728
2,104,384
160,025
6,044,467
$
10,045,393
$
9,176,297
$
2,469,974
$
5,685,272
$
2,104,384
$
160,025
(Continued)
92
September 30, 2012
193
195
701
CLERK &
SUPERVISOR
COMPTROLLER
STORMWATER
SHERIFF'S
OF ELECTIONS
LIGHTING
SPECIAL
SPECIAL
SPECIAL
TREE
DISTRICTS
REVENUE
REVENUE
REVENUE
17,376,169
4,747
-
$ 1,317,072
-
$ 2,485,513
175,743
-
-
851
-
$
17,380,916
$ 1,317,072
$ 2,662,107
$
5,184,946
$
7,862,603
$
147,982
$
316,691,870
$
1,188,419
20,421
43,437
$
$
$
800,818
326,201
$
257,281
243,123
$
-
$
11,796,284
590,343
1,388,095
MANAGEMENT
TOTAL
ASSETS
Accounts receivable
Notes receivable
Due from:
Other funds
Other governments
Inventories
Other assets
Total assets
$
$
5,005,505
-
$
179,441
3,798,814
-
$
2,978,335
704,309
381,145
-
$
147,982
-
252,652,451
926,516
26,483,122
16,563,253
3,562,120
15,856,681
86,533
561,194
Liabilities:
Vouchers payable
Contracts payable
Accrued liabilities
Due to:
Other funds
Other governments
Deposits
Deferred revenue
Other liabilities
Total liabilities
Fund balances:
Nonspendable:
Spendable:
Restricted for:
Impact fees
Other purposes
Committed to:
Capital projects
Assigned to:
Other purposes
Unassigned:
Total liabilities and fund balances $
25,455
-
366,306
-
6
-
-
881,824
-
781
11,502
2,203,715
10,000
529,002
-
142,156
-
10,259,005
230,313
62,400
48,038,928
11,502
1,252,283
25,455
1,248,130
1,139,302
3,243,121
142,156
72,376,870
-
-
-
179,441
381,145
-
560,586
-
-
-
3,866,203
-
2,120,687
2,117,650
5,826
-
16,128,633
1,291,617
1,413,977
-
-
-
-
-
-
-
-
-
16,128,633
1,291,617
1,413,977
4,045,644
4,619,482
5,826
17,380,916
$ 1,317,072
$ 2,662,107
$
5,184,946
93
$
7,862,603
$
147,982
3,464,223
31,593,479
128,671,120
2,117,650
44,188,824
33,686,521
92,700
(60,103)
244,315,000
$
316,691,870
225
DEBT SERVICE FUNDS
230
226
231
GUARANTEED
GAS TAX
HUD
ENTITLEMENT
REFUNDING
SECTION 108
REFUNDING
SALES TAX
REVENUE BONDS
NOTE
REVENUE BONDS
REVENUE BONDS
SERIES 2002
SERIES 2006
SERIES 2003
SERIES 2003
$
319
-
$
-
1,191,775
-
$
-
HALF-CENT
8,943,111
-
$
-
TOTAL
-
$
1,538,512
-
10,135,205
1,538,512
-
$
319
$
1,191,775
$
8,943,111
$
1,538,512
$
11,673,717
$
-
$
-
$
-
$
-
$
-
319
-
51,775
-
7,902,405
-
2,452
-
7,956,951
-
319
51,775
7,902,405
2,452
7,956,951
-
-
-
-
-
-
1,140,000
-
1,040,706
-
1,536,060
-
3,716,766
-
-
-
-
-
-
$
319
$
-
-
-
-
1,140,000
1,040,706
1,536,060
3,716,766
1,191,775
$
8,943,111
$
1,538,512
$
11,673,717
(Continued)
94
September 30, 2012
300
301
311
312
313
326
331
BOARD
MOBILITY
MOBILITY
MOBILITY
TOMMY -
HALF-CENT
TOTAL
PENNY FOR
CAPITAL
FEE
FEE
FEE
TOWN
SALES TAX
PASCO
IMPROVEMENTS
WEST
CENTRAL
EAST
CAPITAL
CONSTRUCTION
43,059,973
-
$ 20,091,446
-
$ 3,490,603
-
1,610,093
-
1,375
-
-
$
44,670,066
$ 20,092,821
$ 3,490,603
$
3,686,936
$
410,227
21,452
-
$
$
$
-
NONMAJOR
GOVERNMENTAL
TOTAL
FUNDS
ASSETS
Accounts receivable
Notes receivable
Due from:
Other funds
Other governments
Inventories
Other assets
Total assets
$
$
3,686,936
-
$
2,600,272
-
$ 5,510,345
-
-
-
$
2,600,272
$ 5,510,345
$
-
$
-
$
9,235,755
-
$ 87,675,330
-
$
350,462,986
926,516
26,483,122
16,563,253
-
1,611,468
-
$
9,235,755
$ 89,286,798
$
417,652,385
$
21,286
6,093
-
$
$
12,306,245
624,261
1,388,095
5,100,632
17,468,149
86,533
561,194
Liabilities:
Vouchers payable
Contracts payable
Accrued liabilities
Due to:
Other funds
Other governments
Deposits
Deferred revenue
Other liabilities
Total liabilities
Fund balances:
Nonspendable:
Spendable:
Restricted for:
Impact fees
Other purposes
Committed to:
Capital projects
Assigned to:
Other purposes
Unassigned:
$
78,337
6,373
-
-
111
-
509,961
33,918
-
145
-
3,901
-
-
-
91,518
-
15,599
-
-
111,018
145
-
18,326,974
230,458
62,400
48,038,928
11,502
431,824
88,611
-
-
91,518
15,710
27,379
655,042
80,988,863
-
-
-
-
-
-
-
-
560,586
-
-
-
-
-
-
-
-
3,716,766
3,464,223
31,593,479
128,671,120
2,117,650
44,238,242
-
20,004,210
-
3,490,603
-
3,686,936
-
2,508,754
-
5,494,635
-
9,208,376
-
88,631,756
-
88,631,756
44,188,824
33,686,521
-
-
-
-
-
-
-
-
44,238,242
20,004,210
3,490,603
3,686,936
2,508,754
5,494,635
9,208,376
88,631,756
44,670,066
$ 20,092,821
$ 3,490,603
2,600,272
$ 5,510,345
9,235,755
$ 89,286,798
$
3,686,936
$
95
$
92,700
(60,103)
336,663,522
$
417,652,385
REVENUES
Taxes
Special assessments
Intergovernmental:
Federal
State
Local
Fines and forfeits
Miscellaneous
$
Total revenues
EXPENDITURES
Current:
Public safety
Transportation
Human services
Court-related
Miscellaneous
Capital outlay
Debt service:
Principal
Total expenditures
Transfers in
Transfers out
B103
LOCAL
MUNICIPAL
OPTION
SERVICES
GAS TAX
AND PERMITTING
5,839,706
746,442
$
10,017,305
-
$
105
106
BUILDING
WEST PASCO
EAST PASCO
INSPECTIONS
LAW
LAW
ROAD AND
LIBRARY
LIBRARY
BRIDGE
153,115
3,099,090
$
-
$
107
-
$
2,049,011
-
4,928,679
1,732,239
2,490
108,364
444,273
3,425,384
268,953
310,070
1,416,236
50,114
12,285
126,789
70,844
213
(16)
67,045
440
-
2,481,841
405,514
14,559
45,947
13,802,193
14,021,712
4,857,629
71,041
67,485
4,996,872
4,237,484
1,919,726
277,137
968,238
151,103
1,758,502
3,074,560
-
17,893,085
953
-
841,911
2,761,033
1,079,937
-
70,883
-
75,978
-
7,222,392
929,102
-
-
-
-
-
-
-
12,386,750
17,894,038
4,682,881
70,883
75,978
8,151,494
1,415,443
(3,872,326)
174,748
158
(8,493)
(3,154,622)
(4,232,625)
(5,438,316)
-
-
(4,232,625)
(5,438,316)
-
-
(2,817,182)
(9,310,642)
174,748
158
15,603,400
$
104
102
12,786,218
41,664,047
$
32,353,405
1,723,681
$
1,898,429
96
31,890
4,187,032
-
-
4,187,032
(8,493)
31,732
$
-
1,032,410
69,303
$
60,810
2,061,201
$
3,093,611
108
114
113
115
118
119
INTERTOURIST
$
GOVERNMENTAL
QUAIL HOLLOW
MUNICIPAL
LAW
DEVELOPMENT
SPECIAL
RADIO
VILLAGE
FIRE SERVICE
ENFORCEMENT
TAX
ASSESSMENT
COMMUNICATION
MSBU
UNIT
-
$
171,183
2,814
-
84,416
339
395,853
45,578
258,580
11,841
-
486
-
25,887,258
33,923
3,288
67,935
2,858
173,997
906,962
2,513,197
270,421
6,211
25,995,262
104,523
-
430,132
19,959
-
3,645,089
-
30,044
69,484
488
-
8,435
-
27,200,421
-
$
2,071,766
-
$
-
$
5,725
-
$
-
-
-
-
-
-
104,523
450,091
3,645,089
100,016
8,435
27,200,421
69,474
456,871
(1,131,892)
170,405
(2,224)
(1,205,159)
-
-
2,000,000
-
-
-
2,000,000
-
69,474
456,871
868,108
170,405
341,875
$
822,207
-
411,349
11,792,685
$
12,249,556
-
7,873,700
$
8,741,808
-
1,756,035
-
(2,224)
1,585,630
$
-
(1,205,159)
68,069
$
65,845
3,025,561
$
1,820,402
(Continued)
97
122
124
125
123
126
127
HUD
REVENUES
Taxes
Special assessments
Intergovernmental:
Federal
State
Local
Fines and forfeits
Miscellaneous
HOUSING
AMERICAN
CRIMINAL
AND
RECOVERY
HUD
JUSTICE
RECOVERY
& REINV.
HOUSING
DEPT.
AFFAIRS
(FDLE)
NSP - II
ACT
& RECOVERY
OF HUD
GRANTS
$
Total revenues
EXPENDITURES
Current:
Public safety
Transportation
Human services
Court-related
Miscellaneous
Capital outlay
Debt service:
Principal
Total expenditures
Transfers in
Transfers out
-
$
$
-
$
COMMUNITY
-
$
200,711
-
$
-
226,523
-
7,950,168
-
1,861,422
-
49,402
11,681
2,944,452
2,542,180
13,617
10,628
33,899
323,684
85,536
-
226,523
7,950,168
1,861,422
3,005,535
2,801,035
409,220
226,523
-
7,950,168
-
152,123
1,062,676
115,328
358,995
172,300
-
2,919,002
-
412,831
45,766
232,000
882,437
155,990
-
410,114
12,803
52,323
-
-
-
-
-
-
-
226,523
7,950,168
1,861,422
2,919,002
1,729,024
475,240
-
-
-
86,533
1,072,011
(66,020)
-
-
-
-
(1,072,011)
68,587
-
-
-
-
-
(1,072,011)
68,587
-
-
-
86,533
$
-
DEPT OF
-
$
(3,199)
-
(3,199) $
-
-
$
86,533
98
2,567
$
-
$
2,567
128
129
130
131
HUD
U.S. DEPT. OF
HOUSING
HEALTH
DEPT.
$
135
136
137
138
139
RURAL
AND
AND
DIVISION
LIBRARY
ECONOMIC AND
FLORIDA DEPT.
DEPT. OF
U.S.
OF TRANS-
HOME
RECOVERY
HUMAN
OF LIBRARY
COOPERATIVE
DEVELOPMENT
OF ELDER
ELDER
DEPT.
PORTATION
PROGRAM
NSP III
SERVICES
SERVICES
GRANT
ADMINISTRATION
AFFAIRS
AFFAIRS
OF JUSTICE
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
1,887,505
6,605,812
-
199,513
12,747
699,382
296,345
267
351,305
-
20,000
-
6,901
-
284
6,324
997,700
-
164,747
-
421,593
-
8,493,317
911,642
296,612
351,305
20,000
6,901
6,608
997,700
164,747
421,593
600,240
8,943,237
-
911,642
-
296,612
-
351,305
-
20,000
-
6,901
-
-
997,700
-
164,747
-
111,039
200,196
110,358
-
-
-
-
-
-
-
-
-
-
-
9,543,477
911,642
296,612
351,305
20,000
6,901
-
997,700
164,747
421,593
(1,050,160)
-
-
-
-
-
6,608
-
-
-
1,050,160
-
-
-
-
-
-
-
-
-
-
1,050,160
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,608
-
-
-
$
134
-
$
-
$
-
$
-
$
-
$
-
7,753
$
14,361
$
-
$
-
$
-
(Continued)
99
REVENUES
Taxes
Special assessments
Intergovernmental:
Federal
State
Local
Fines and forfeits
Miscellaneous
$
Total revenues
EXPENDITURES
Current:
Public safety
Transportation
Human services
Court-related
Miscellaneous
Capital outlay
Debt service:
Principal
Total expenditures
Transfers in
Transfers out
141
142
147
149
PUBLIC
TITLE III-B
DEPT.
DEPT. OF
U.S.
TRANS-
TRANS-
OF CHILDREN
ELDERLY
ENVIRONMENTAL
ENVIRONMENTAL
PORTATION
PORTATION
AND FAMILIES
NUTRITION
PROTECTION
PROTECTION
-
$
-
$
-
$
-
$
-
$
-
943,752
122,531
279,283
15,288
164,790
-
904,910
121,238
28,926
37,442
9,534
111,960
-
1,066,283
294,571
164,790
1,055,074
46,976
111,960
1,224,314
-
324,969
-
58,346
106,444
-
168,063
887,011
-
74,885
-
111,960
-
-
-
-
-
-
-
-
1,224,314
324,969
164,790
1,055,074
74,885
111,960
(158,031)
(30,398)
-
-
(27,909)
-
299,890
-
30,398
-
-
-
37,442
-
-
299,890
30,398
-
-
37,442
-
141,859
-
-
-
9,533
-
(197,983)
$
143
144
(56,124) $
-
$
-
$
100
-
$
9,533
(780)
$
(780)
154
156
159
155
160
FLORIDA
$
163
TRANS-
911
BOATING
PORTATION
PORTATION
AFFORDABLE
WILLIAMSBURG
EMERGENCY
AND
US 19
IMPACT FEE
IMPACT FEE
HOUSING
WEST MSTU
SERVICES
IMPROVEMENT
CONCURRENCY
WEST
CENTRAL
-
$
5,115
-
$
-
$
-
$
-
$
111,117
-
$
979,921
-
28,855
1,472
-
143
-
1,295,406
1,023,568
30,932
-
117,708
8,949
-
8,125
-
185,646
-
439,457
62,169
30,327
5,258
2,349,906
126,657
8,125
296,763
1,481,547
136,000
-
17,997
-
2,243,726
-
69,058
-
-
10,127,907
-
3,164,991
-
-
-
-
-
-
-
-
136,000
17,997
2,243,726
69,058
-
10,127,907
3,164,991
(105,673)
(12,739)
106,180
57,599
8,125
(9,831,144)
(1,683,444)
-
-
-
-
-
-
-
(105,673)
(12,739)
273,265
$
161
TRANS-
167,592
24,976
$
12,237
-
-
-
106,180
57,599
8,125
4,414,001
$
4,520,181
1,253,650
$
1,311,249
-
1,160,277
-
(9,831,144)
1,152,152
$
-
(1,683,444)
27,509,734
$
17,678,590
63,650,469
$
61,967,025
(Continued)
101
165
170
171
168
TRANS-
COURT
PORTATION
REVENUES
Taxes
Special assessments
Intergovernmental:
Federal
State
Local
Fines and forfeits
Miscellaneous
180
181
FACILITIES
AND
IMPACT FEE
SCHOOL
IMPROVEMENT
OTHER
TEEN
COMBAT
IMPACT FEE
EAST
IMPACT FEES
939.185 F.S.
DRUG ABUSE
COURT
IMPACT FEE
WEST
$
Total revenues
EXPENDITURES
Current:
Public safety
Transportation
Human services
Court-related
Miscellaneous
Capital outlay
Debt service:
Principal
Total expenditures
38,444
-
$
-
$
-
$
-
$
149,848
-
$
80,328
-
1,146,088
43,678
-
16,825
116
-
220,184
3,007
-
42,008
200,000
70,337
-
230,079
5,335,163
1,189,766
16,941
223,191
391,856
150,665
3,904,553
-
5,335,163
-
327,205
-
-
174,989
-
425,204
3,271
-
166,141
2,113
-
-
-
-
-
-
-
-
3,904,553
5,335,163
327,205
-
174,989
428,475
168,254
-
862,561
16,941
48,202
(36,619)
(17,589)
-
-
-
-
-
-
-
-
-
-
-
862,561
16,941
48,202
16,684,352
$
$
-
(3,674,474)
5,335,163
-
PARK
103,232
88,403
(3,674,474)
Transfers in
Transfers out
Fund balances (deficit) at end of year
172
ALCOHOL
13,009,878
$
-
5,843,326
$
6,705,887
35,019
$
102
51,960
-
458,695
-
(36,619)
410,493
$
-
(17,589)
5,903,997
$
5,867,378
9,967,368
$
9,949,779
182
183
184
185
188
193
195
701
TREE
DISTRICTS
183
$
PARK
PARK
IMPACT FEE
IMPACT FEE
RESCUE
LIBRARY
MITIGATION
STORMWATER
CENTRAL
EAST
IMPACT FEE
IMPACT FEE
FEE
MANAGEMENT
291,953
-
$
12,542
-
$
105,136
-
$
47,474
-
$
722
-
$
11,620,211
-
LIGHTING
63,135
-
17,446
-
40,125
-
14,537
6,975
1,121
-
34,925
150,698
99,750
141,188
8,509
-
355,088
29,988
145,261
68,986
1,843
11,905,584
149,697
3,522,725
13,510
717
-
44,486
-
214,530
2,268
-
490
-
482
-
13,247,651
-
28,785
36,085
1,100
-
3,326,305
-
$
$
3,458,465
(56)
29,914
34,402
-
-
-
-
-
-
-
-
14,227
44,486
216,798
490
482
13,247,651
65,970
3,326,305
340,861
(14,498)
(71,537)
68,496
1,361
(1,342,067)
83,727
196,420
-
-
-
-
-
-
(14,498)
7,966,124
8,306,985
-
-
340,861
$
HURRICANE
(71,537)
2,473,220
$
2,458,722
5,668,265
$
5,596,728
-
-
68,496
1,361
2,035,888
$
2,104,384
-
160,025
16,128,633
(56,991)
83,727
17,470,700
$
(56,991)
-
(1,342,067)
158,664
$
-
139,429
1,207,890
$
1,291,617
1,274,548
$
1,413,977
(Continued)
103
CLERK &
SUPERVISOR
COMPTROLLER'S
REVENUES
Taxes
Special assessments
Intergovernmental:
Federal
State
Local
Fines and forfeits
Miscellaneous
$
Total revenues
EXPENDITURES
Current:
Public safety
Transportation
Human services
Court-related
Miscellaneous
Capital outlay
Debt service:
Principal
Total expenditures
SPECIAL
SPECIAL
SPECIAL
REVENUE
REVENUE
-
$
-
$
44,768,602
24,514,641
3,845,532
110,246
362
-
19,034,003
38,534,210
476,006
10,381,876
1,297,002
2,291,316
6,308,841
14,770,459
10,208,582
110,608
151,452,029
31,808
14,973,462
-
10,762,779
-
110,246
-
11,711,687
46,659,571
1,520,049
74,752,838
14,037,191
3,125,017
1,337,755
16,256,480
5,094,381
-
-
-
-
-
15,005,270
10,762,779
110,246
174,494,969
(554,197)
(23,042,940)
-
8,626,896
(10,799,943)
(554,197)
3,327,068
4,045,644
362
-
718,576
$
$
1,492,865
5,510,263
476,006
1,877,580
581,945
6,663
263,260
953,387
-
TOTAL
12,611,341
932,202
491,270
18,205
717,441
953,387
-
OF ELECTION'S
REVENUE
(234,811)
Transfers in
Transfers out
SHERIFF'S
5,173,679
$
4,619,482
-
(2,173,047)
362
(25,215,987)
5,464
$
5,826
104
269,530,987
$
244,315,000
225
226
DEBT SERVICE FUNDS
230
GAS TAX
HUD
ENTITLEMENT
HALF-CENT
REFUNDING
SALES TAX
231
GUARANTEED
REFUNDING
SECTION 108
REVENUE BONDS
NOTE
SERIES 2002
SERIES 2006
$
-
$
REVENUE BONDS REVENUE BONDS
-
SERIES 2003
$
SERIES 2003
-
2,838
-
-
9,822,510
-
128
-
2,838
$
TOTAL
-
$
-
35,867
-
-
9,822,510
38,833
-
128
9,858,377
-
9,861,343
-
-
-
-
3,725,000
403,788
474,000
598,139
730,000
1,213,947
1,035,000
1,951,770
5,964,000
4,167,644
4,128,788
1,072,139
1,943,947
2,986,770
10,131,644
(4,125,950)
(1,072,011)
7,914,430
(2,986,770)
3,438,316
-
1,072,011
-
(7,902,405)
3,005,241
-
7,515,568
(7,902,405)
3,438,316
1,072,011
(7,902,405)
3,005,241
(386,837)
18,471
(657,138)
(687,634)
-
687,634
$
-
12,025
1,140,000
$
1,140,000
1,028,681
$
1,040,706
(270,301)
1,517,589
$
1,536,060
4,373,904
$
3,716,766
(Continued)
105
300
312
313
301
311
326
331
BOARD
MOBILITY
MOBILITY
MOBILITY
TOMMY-
HALF-CENT
PENNY
CAPITAL
FEE DISTRICT
FEE DISTRICT
FEE DISTRICT
TOWN
SALES TAX
FOR PASCO
IMPROVEMENTS
WEST
CENTRAL
EAST
CAPITAL
CONSTRUCTION
TOTAL
REVENUES
Taxes
Special assessments
Intergovernmental:
Federal
State
Local
Fines and forfeits
Miscellaneous
$
Total revenues
EXPENDITURES
Current:
Public safety
Transportation
Human services
Court-related
Miscellaneous
Capital outlay
Debt service:
Principal
$
-
$
2,891,165
$
2,901,940
$
2,040,695
$
-
$
GOVERNMENTAL
-
TOTAL
$
FUNDS
15,187,473
7,833,800
$
59,956,075
24,514,641
11,679,332
351,685
1,914,966
3,032
141,479
-
17,941
-
17,032
-
12,569
22,625
580
-
68,134
-
3,032
609,420
1,937,591
19,037,035
48,356,720
476,006
10,381,876
1,297,002
2,939,569
8,246,432
17,454,124
144,511
2,909,106
2,918,972
2,075,889
580
68,134
25,571,316
186,884,688
10,252,904
239,028
-
-
14,265
915,160
11,436,144
11,711,687
46,659,571
1,520,049
74,752,838
14,037,191
3,125,017
1,337,755
16,256,480
5,094,381
11,436,144
-
Total expenditures
Transfers in
Transfers out
15,187,473
-
NONMAJOR
-
-
-
-
-
-
-
-
5,964,000
4,167,644
10,252,904
239,028
-
-
14,265
14,787
915,160
11,436,144
196,062,757
7,201,220
(94,517)
2,909,106
2,918,972
2,061,624
(14,207)
(847,026)
14,135,172
-
470,000
(31,145)
-
-
-
-
438,855
-
-
-
7,201,220
344,338
2,909,106
2,918,972
2,061,624
37,037,022
$
14,787
44,238,242
19,659,872
$
20,004,210
581,497
$
3,490,603
767,964
$
106
3,686,936
$
-
-
-
447,130
5,508,842
2,508,754
$ 5,494,635
470,000
(31,145)
-
(14,207)
(847,026)
10,055,402
$
9,208,376
(9,178,069)
16,612,464
(18,733,493)
438,855
(2,121,029)
14,574,027
(11,299,098)
74,057,729
$
88,631,756
347,962,620
$
336,663,522
MUNICIPAL SERVICES FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Taxes
Intergovernmental - State
Fines and forfeitures
Miscellaneous
$
Total revenues
FINAL
5,652,500
735,245
4,300,390
937,346
1,995
137,750
224,945
$
11,990,171
ACTUAL
5,652,500
735,245
4,300,390
937,346
1,995
137,750
224,945
$
11,990,171
5,839,706
746,442
4,928,679
1,732,239
2,490
108,364
444,273
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
187,206
11,197
628,289
794,893
495
(29,386)
219,328
13,802,193
1,812,022
879,294
EXPENDITURES
Current:
4,841,949
5,116,778
4,237,484
Public safety
2,118,405
2,118,405
1,919,726
198,679
3,382,766
3,457,528
277,137
3,180,391
Transportation
944,706
945,546
968,238
170,390
170,390
151,103
19,287
1,937,535
8,574,412
1,983,098
9,500,543
1,758,502
3,074,560
224,596
6,425,983
Total expenditures
21,970,163
23,292,288
12,386,750
10,905,538
(9,979,992)
(11,302,117)
1,415,443
12,717,560
Transfers out
(4,201,284)
(4,301,284)
(4,232,625)
68,659
(4,201,284)
(4,301,284)
(4,232,625)
68,659
(14,181,276)
(15,603,401)
(2,817,182)
12,786,219
14,181,276
15,603,401
15,603,400
Human services
Miscellaneous
$
-
107
$
-
$
12,786,218
(22,692)
(1)
$
12,786,218
LOCAL OPTION GAS TAX FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Taxes
Miscellaneous
$
Total revenues
FINAL
9,218,792
3,171,728
250,017
14,250
$
ACTUAL
9,218,792
3,171,728
250,017
14,250
$
10,017,305
3,425,384
268,953
310,070
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
798,513
253,656
18,936
295,820
12,654,787
12,654,787
14,021,712
1,366,925
32,847,555
-
48,193,064
953
17,893,085
953
30,299,979
-
32,847,555
48,194,017
17,894,038
30,299,979
(20,192,768)
(35,539,230)
(3,872,326)
31,666,904
OTHER FINANCING USES
Transfers out
(6,124,817)
(6,124,817)
(5,438,316)
686,501
(26,317,585)
(41,664,047)
(9,310,642)
32,353,405
26,317,585
41,664,047
41,664,047
EXPENDITURES
Current:
Transportation
Miscellaneous
Total expenditures
$
-
108
$
-
$
32,353,405
$
32,353,405
BUILDING INSPECTIONS AND PERMITTING FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Taxes
Miscellaneous
$
Total revenues
FINAL
153,900
3,071,350
1,549,413
61,750
14,915
-
$
4,851,328
ACTUAL
153,900
3,071,350
1,549,413
61,750
14,915
-
$
4,851,328
153,115
3,099,090
1,416,236
50,114
12,285
126,789
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
(785)
27,740
(133,177)
(11,636)
(2,630)
126,789
4,857,629
6,301
EXPENDITURES
Current:
General government
Public safety
Miscellaneous
Total expenditures
834,327
862,502
841,911
20,591
2,756,825
2,892,464
2,762,487
2,961,766
2,761,033
1,079,937
1,454
1,881,829
6,483,616
6,586,755
4,682,881
1,903,874
(1,632,288)
(1,735,427)
174,748
1,910,175
(1,632,288)
(1,735,427)
174,748
1,910,175
1,632,288
1,735,427
$
-
109
$
-
1,723,681
$
1,898,429
(11,746)
$
1,898,429
WEST PASCO LAW LIBRARY FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Miscellaneous
$
Total revenues
FINAL
72,770
333
-
$
ACTUAL
72,770
333
-
$
70,844
213
(16)
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
(1,926)
(120)
(16)
73,103
73,103
71,041
(2,062)
EXPENDITURES
Current:
Court-related:
101,280
105,083
70,883
34,200
(28,177)
(31,980)
158
32,138
28,177
31,980
$
-
110
$
-
31,732
$
31,890
(248)
$
31,890
EAST PASCO LAW LIBRARY FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
Total revenues
FINAL
66,500
831
$
ACTUAL
66,500
831
$
67,045
440
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
545
(391)
67,331
67,331
67,485
154
EXPENDITURES
Current:
Court-related
134,999
137,060
75,978
61,082
(67,668)
(69,729)
(8,493)
61,236
67,668
69,729
69,303
$
-
111
$
-
$
60,810
(426)
$
60,810
ROAD AND BRIDGE FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Taxes
Intergovernmental:
State
Miscellaneous
$
FINAL
1,995,000
$
ACTUAL
1,995,000
$
2,049,011
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
54,011
2,322,750
182,400
20,900
27,645
2,322,750
182,400
20,900
63,645
2,481,841
405,514
14,559
45,947
159,091
223,114
(6,341)
(17,698)
4,548,695
4,584,695
4,996,872
412,177
7,746,458
7,978,747
7,222,392
756,355
2,520,573
2,576,065
929,102
1,646,963
Total expenditures
10,267,031
10,554,812
8,151,494
2,403,318
Deficiency of revenues
over expenditures
(5,718,336)
(5,970,117)
(3,154,622)
2,815,495
4,187,032
4,187,032
4,187,032
-
(1,531,304)
(1,783,085)
1,032,410
2,815,495
1,531,304
1,783,085
2,061,201
278,116
Total revenues
EXPENDITURES
Current:
Transportation
Miscellaneous
OTHER FINANCING SOURCES
Transfers in
$
-
112
$
-
$
3,093,611
$
3,093,611
LAW ENFORCEMENT FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Fines and forfeits
$
Total revenues
EXPENDITURES
Current:
Public safety
$
FINAL
80,750
2,565
$
ACTUAL
80,750
2,565
$
171,183
2,814
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
90,433
249
83,315
83,315
173,997
90,682
320,591
320,591
104,523
216,068
(237,276)
(237,276)
69,474
306,750
237,276
237,276
341,875
104,599
-
113
$
-
$
411,349
$
411,349
TOURIST DEVELOPMENT TAX FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Taxes
Miscellaneous
$
Total revenues
FINAL
620,000
95,000
-
$
ACTUAL
620,000
95,000
-
$
822,207
84,416
339
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
202,207
(10,584)
339
715,000
715,000
906,962
191,962
EXPENDITURES
Current:
12,378,907
12,365,218
430,132
11,935,086
Miscellaneous
12,028
130,000
12,467
19,959
-
110,041
12,467
Total expenditures
12,390,935
12,507,685
450,091
12,057,594
(11,675,935)
(11,792,685)
456,871
12,249,556
11,675,935
11,792,685
11,792,685
-
$
-
114
$
-
$
12,249,556
$
12,249,556
SPECIAL ASSESSMENT FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
Miscellaneous
$
Total revenues
EXPENDITURES
Current:
Transportation
Transfers in
$
FINAL
1,900,000
399,000
-
$
ACTUAL
1,900,000
399,000
-
$
2,071,766
395,853
45,578
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
171,766
(3,147)
45,578
2,299,000
2,299,000
2,513,197
214,197
9,151,799
11,351,799
3,645,089
7,706,710
(6,852,799)
(9,052,799)
(1,131,892)
(7,920,907)
2,000,000
2,000,000
2,000,000
-
(4,852,799)
(7,052,799)
868,108
7,920,907
4,852,799
7,052,799
7,873,700
820,901
-
115
$
-
$
8,741,808
$
8,741,808
INTERGOVERNMENTAL RADIO COMMUNICATION FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
Total revenues
FINAL
228,000
17,100
$
245,100
ACTUAL
228,000
17,100
$
245,100
258,580
11,841
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
30,580
(5,259)
270,421
25,321
EXPENDITURES
Current:
Public safety
Miscellaneous
Total expenditures
$
148,852
150,630
30,044
120,586
102,344
1,573,472
156,344
1,519,472
69,484
488
86,860
1,518,984
1,824,668
1,826,446
100,016
1,726,430
(1,579,568)
(1,581,346)
170,405
1,751,751
1,579,568
1,581,346
1,585,630
4,284
-
116
$
-
$
1,756,035
$
1,756,035
QUAIL HOLLOW VILLAGE MSBU FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
$
Total revenues
EXPENDITURES
Current:
Transportation:
$
FINAL
5,605
846
$
ACTUAL
5,605
846
$
5,725
486
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
120
(360)
6,451
6,451
6,211
71,263
71,263
8,435
62,828
(64,812)
(64,812)
(2,224)
62,588
64,812
64,812
68,069
3,257
-
117
$
-
$
65,845
(240)
$
65,845
MUNICIPAL FIRE SERVICE UNIT FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Taxes
Miscellaneous
$
Total revenues
FINAL
25,490,690
29,000
47,500
3,904
$
ACTUAL
25,490,690
29,000
47,500
3,904
$
25,887,258
33,923
3,288
67,935
2,858
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
396,568
4,923
3,288
20,435
(1,046)
25,571,094
25,571,094
25,995,262
424,168
28,319,828
28,596,655
27,200,421
1,396,234
(2,748,734)
(3,025,561)
(1,205,159)
1,820,402
2,748,734
3,025,561
3,025,561
EXPENDITURES
Current:
Public safety
$
-
118
$
-
$
1,820,402
$
1,820,402
DEPARTMENT OF HUD FUND
BUDGET AND ACTUAL
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
Intergovernmental - Federal
Miscellaneous
$
Total revenues
FINAL
-
$
ACTUAL
1,500
4,514,450
10,000
7,000
15,000
$
200,711
2,542,180
13,617
10,628
33,899
-
4,547,950
2,801,035
$
199,211
(1,972,270)
3,617
3,628
18,899
(1,746,915)
EXPENDITURES
Current:
-
434,180
412,831
21,349
-
74,810
45,766
29,044
Transportation
-
232,000
2,466,844
232,000
882,437
1,584,407
Human services
Miscellaneous
-
207,935
60,042
155,990
-
51,945
60,042
-
3,475,811
1,729,024
1,746,787
Excess of revenues
over expenditures
-
1,072,139
1,072,011
(128)
Transfers out
-
(1,072,139)
(1,072,011)
128
-
-
-
-
-
-
-
-
Total expenditures
$
-
119
$
-
$
-
$
-
HOME PROGRAM FUND
BUDGET AND ACTUAL
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Miscellaneous
$
FINAL
-
$
ACTUAL
1,711,275
500,000
$
199,513
12,747
699,382
$
(1,511,762)
12,747
199,382
Total revenues
-
2,211,275
911,642
(1,299,633)
EXPENDITURES
Current:
-
2,211,275
911,642
1,299,633
-
2,211,275
911,642
1,299,633
-
-
-
-
-
-
-
-
Total expenditures
$
-
120
$
-
$
-
$
-
LIBRARY COOPERATIVE GRANT FUND
BUDGET AND ACTUAL
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
EXPENDITURES
Current:
Culture and recreation:
FINAL
-
$
ACTUAL
6,901
$
6,901
$
-
-
6,901
6,901
-
-
6,901
6,901
-
-
-
-
-
-
-
-
-
Total expenditures
$
-
121
$
-
$
-
$
-
RURAL ECONOMIC AND DEVELOPMENT ADMINISTRATION FUND
BUDGET AND ACTUAL
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Miscellaneous
$
Total revenues
FINAL
-
$
ACTUAL
398
3,989
$
284
6,324
$
(114)
2,335
-
4,387
6,608
2,221
-
10,434
-
10,434
-
10,434
-
10,434
-
(6,047)
6,608
12,655
-
6,047
7,753
1,706
EXPENDITURES
Current:
Total expenditures
$
-
122
$
-
$
14,361
$
14,361
PUBLIC TRANSPORTATION FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Miscellaneous
$
Total revenues
EXPENDITURES
Current:
Transportation
Total expenditures
Excess (deficiency) of revenues
over expenditures
FINAL
762,799
7,201
$
ACTUAL
801,241
43,759
$
943,752
122,531
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
142,511
78,772
770,000
845,000
1,066,283
221,283
770,000
994,945
1,224,314
(229,369)
770,000
994,945
1,224,314
(229,369)
-
(149,945)
(158,031)
Transfers in
-
149,945
299,890
149,945
-
-
141,859
(141,859)
Fund balances (deficit) at beginning of year
-
-
(197,983)
(197,983)
Fund balances (deficit) at end of year
$
-
123
$
-
$
(56,124)
(8,086)
$
(56,124)
DEPARTMENT OF CHILDREN AND FAMILIES FUND
BUDGET AND ACTUAL
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
Total revenues
FINAL
-
$
ACTUAL
178,691
29
$
164,790
-
$
(13,901)
(29)
-
178,720
164,790
(13,930)
-
58,652
120,068
58,346
106,444
306
13,624
-
178,720
164,790
13,930
-
-
-
-
-
-
-
-
EXPENDITURES
Current:
Public safety:
Human services
Total expenditures
$
-
124
$
-
$
-
$
-
AFFORDABLE HOUSING FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
Total revenues
EXPENDITURES
Current:
Total expenditures
Excess (deficiency) of revenues
over expenditures
$
FINAL
-
$
ACTUAL
-
$
28,855
1,472
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
28,855
1,472
-
-
30,327
30,327
210,324
210,324
136,000
74,324
210,324
210,324
136,000
74,324
(210,324)
(210,324)
(105,673)
104,651
(210,324)
(210,324)
(105,673)
104,651
210,324
210,324
273,265
62,941
-
125
$
-
$
167,592
$
167,592
WILLIAMSBURG WEST MSTU FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
$
FINAL
5,033
286
$
ACTUAL
5,033
286
$
5,115
143
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
82
(143)
Total revenues
5,319
5,319
5,258
EXPENDITURES
Current:
31,904
31,904
17,997
13,907
31,904
31,904
17,997
13,907
(26,585)
(26,585)
(12,739)
13,846
26,585
26,585
24,976
(1,609)
Total expenditures
$
-
126
$
-
$
12,237
(61)
$
12,237
911 EMERGENCY SERVICES FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
Total revenues
EXPENDITURES
Current:
Public safety
Total expenditures
$
FINAL
1,239,750
1,147,735
49,115
$
ACTUAL
1,239,750
1,147,735
49,115
$
1,295,406
1,023,568
30,932
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
55,656
(124,167)
(18,183)
2,436,600
2,436,600
2,349,906
800,000
5,588,021
800,000
5,751,803
2,243,726
3,508,077
6,388,021
6,551,803
2,243,726
4,308,077
(3,951,421)
(4,115,203)
106,180
4,221,383
3,951,421
4,115,203
4,414,001
298,798
-
127
$
-
$
4,520,181
(86,694)
$
4,520,181
FLORIDA BOATING AND IMPROVEMENT FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
Total revenues
FINAL
95,000
9,500
$
ACTUAL
95,000
9,500
$
117,708
8,949
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
22,708
(551)
104,500
104,500
126,657
22,157
1,274,667
1,358,150
69,058
1,289,092
Total expenditures
1,274,667
1,358,150
69,058
1,289,092
(1,170,167)
(1,253,650)
57,599
1,311,249
1,170,167
1,253,650
1,253,650
-
EXPENDITURES
Current:
$
-
128
$
-
$
1,311,249
$
1,311,249
US 19 CONCURRENCY FUND
BUDGET AND ACTUAL
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
$
Total revenues
EXPENDITURES
Current:
Transportation
Total expenditures
$
FINAL
85,500
9,025
$
ACTUAL
85,500
9,025
$
8,125
$
(85,500)
(900)
94,525
94,525
8,125
1,264,682
1,264,682
-
1,264,682
1,264,682
1,264,682
-
1,264,682
(1,170,157)
(1,170,157)
8,125
1,178,282
1,170,157
1,170,157
-
129
$
-
(86,400)
1,152,152
$
1,160,277
(18,005)
$
1,160,277
TRANSPORTATION IMPACT FEE FUND - WEST
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
$
Total revenues
EXPENDITURES
Current:
Transportation
Total expenditures
$
FINAL
4,739,523
177,692
$
ACTUAL
4,739,523
177,692
$
111,117
185,646
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
(4,628,406)
7,954
4,917,215
4,917,215
296,763
23,621,664
23,621,664
10,127,907
13,493,757
23,621,664
23,621,664
10,127,907
13,493,757
(18,704,449)
(18,704,449)
(9,831,144)
8,873,305
18,704,449
18,704,449
27,509,734
8,805,285
-
130
$
-
$
17,678,590
(4,620,452)
$
17,678,590
TRANSPORTATION IMPACT FEE FUND - CENTRAL
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
Miscellaneous
$
Total revenues
EXPENDITURES
Current:
Transportation
Miscellaneous
Total expenditures
$
FINAL
899,863
525,706
58,319
$
ACTUAL
899,863
525,706
58,319
$
979,921
439,457
62,169
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
80,058
(86,249)
3,850
1,483,888
1,483,888
1,481,547
56,821,418
-
56,796,418
25,000
3,164,991
-
53,631,427
25,000
56,821,418
56,821,418
3,164,991
53,656,427
(55,337,530)
(55,337,530)
(1,683,444)
53,654,086
55,337,530
55,337,530
63,650,469
8,312,939
-
131
$
-
$
61,967,025
(2,341)
$
61,967,025
TRANSPORTATION IMPACT FEE FUND - EAST
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
Miscellaneous
$
Total revenues
EXPENDITURES
Current:
Transportation:
Total expenditures
$
FINAL
4,640,261
68,432
425,000
$
ACTUAL
4,640,261
68,432
425,000
$
38,444
103,232
88,403
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
(4,601,817)
34,800
(336,597)
5,133,693
5,133,693
230,079
12,337,100
17,437,100
3,904,553
13,532,547
12,337,100
17,437,100
3,904,553
13,532,547
(7,203,407)
(12,303,407)
(3,674,474)
8,628,933
7,203,407
12,303,407
16,684,352
4,380,945
-
132
$
-
$
13,009,878
(4,903,614)
$
13,009,878
SCHOOL IMPACT FEES FUND
BUDGET AND ACTUAL
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
$
Total revenues
FINAL
3,641,800
$
ACTUAL
5,335,163
$
5,335,163
$
-
3,641,800
5,335,163
5,335,163
-
3,641,800
5,335,163
5,335,163
-
3,641,800
5,335,163
5,335,163
-
-
-
-
-
Fund deficit at beginning of year
-
-
-
-
EXPENDITURES
Current:
Total expenditures
Fund deficit at end of year
$
-
133
$
-
$
-
$
-
COURT FACILITIES IMPROVEMENT 939.185 F.S. FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
Total revenues
EXPENDITURES
Current:
Court-related
Total expenditures
$
FINAL
988,000
49,020
$
ACTUAL
988,000
49,020
$
1,146,088
43,678
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
158,088
(5,342)
1,037,020
1,037,020
1,189,766
152,746
6,216,178
6,216,178
327,205
5,888,973
6,216,178
6,216,178
327,205
5,888,973
(5,179,158)
(5,179,158)
862,561
6,041,719
5,179,158
5,179,158
5,843,326
664,168
-
134
$
-
$
6,705,887
$
6,705,887
ALCOHOL AND OTHER DRUG ABUSE FUND
BUDGET AND ACTUAL
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
FINAL
16,150
-
$
ACTUAL
16,150
-
$
16,825
116
$
675
116
Total revenues
16,150
16,150
16,941
791
EXPENDITURES
Current:
Human services
17,219
17,219
-
17,219
17,219
17,219
-
17,219
(1,069)
(1,069)
16,941
18,010
1,069
1,069
35,019
33,950
Total expenditures
$
-
135
$
-
$
51,960
$
51,960
TEEN COURT FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
Total revenues
EXPENDITURES
Current:
Court-related
Total expenditures
$
FINAL
213,750
4,360
$
ACTUAL
213,750
4,360
$
220,184
3,007
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
6,434
(1,353)
218,110
218,110
223,191
5,081
615,744
628,603
174,989
453,614
615,744
628,603
174,989
453,614
(397,634)
(410,493)
48,202
458,695
397,634
410,493
410,493
-
-
136
$
-
$
458,695
$
458,695
COMBAT IMPACT FEE FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
Miscellaneous
$
Total revenues
FINAL
51,854
10,421
-
$
ACTUAL
51,854
10,421
-
$
149,848
42,008
200,000
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
97,994
31,587
200,000
62,275
62,275
391,856
329,581
2,951,952
2,595,727
3,016,844
2,599,527
425,204
3,271
2,591,640
2,596,256
5,547,679
5,616,371
428,475
5,187,896
over expenditures
(5,485,404)
(5,554,096)
(36,619)
(5,517,477)
(5,485,404)
(5,554,096)
(36,619)
5,517,477
5,485,404
5,554,096
EXPENDITURES
Current:
Public safety
Miscellaneous
Total expenditures
$
-
137
$
-
5,903,997
$
5,867,378
349,901
$
5,867,378
PARK IMPACT FEE FUND - WEST
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
$
Total revenues
FINAL
160,063
94,402
$
ACTUAL
160,063
94,402
$
80,328
70,337
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
(79,735)
(24,065)
254,465
254,465
150,665
(103,800)
Miscellaneous
322,760
9,868,766
482,646
9,739,187
166,141
2,113
316,505
9,737,074
Total expenditures
10,191,526
10,221,833
168,254
10,053,579
(9,937,061)
(9,967,368)
(17,589)
9,949,779
9,937,061
9,967,368
EXPENDITURES
Current:
$
-
138
$
-
9,967,368
$
9,949,779
$
9,949,779
PARK IMPACT FEE FUND - CENTRAL
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
$
Total revenues
FINAL
128,962
35,125
$
ACTUAL
128,962
35,125
$
291,953
63,135
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
162,991
28,010
164,087
164,087
355,088
191,001
Miscellaneous
185,000
8,067,462
185,000
8,067,462
13,510
717
171,490
8,066,745
Total expenditures
8,252,462
8,252,462
14,227
8,238,235
(8,088,375)
(8,088,375)
340,861
(8,047,234)
(8,088,375)
(8,088,375)
340,861
8,429,236
8,088,375
8,088,375
EXPENDITURES
Current:
$
-
139
$
-
7,966,124
$
8,306,985
(122,251)
$
8,306,985
PARK IMPACT FEE FUND - EAST
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
$
Total revenues
FINAL
139,272
22,525
$
ACTUAL
139,272
22,525
$
12,542
17,446
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
(126,730)
(5,079)
161,797
161,797
29,988
(131,809)
1,849,209
683,592
1,849,209
683,592
44,486
-
1,804,723
683,592
2,532,801
2,532,801
44,486
2,488,315
(2,371,004)
(2,371,004)
(14,498)
2,356,506
(2,371,004)
(2,371,004)
(14,498)
2,356,506
2,371,004
2,371,004
EXPENDITURES
Current
Miscellaneous
Total expenditures
$
-
140
$
-
2,473,220
$
2,458,722
102,216
$
2,458,722
RESCUE IMPACT FEE FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
$
Total revenues
FINAL
40,727
10,683
$
51,410
EXPENDITURES
Current
Public safety
Miscellaneous
Total expenditures
ACTUAL
40,727
10,683
$
105,136
40,125
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
64,409
29,442
51,410
145,261
93,851
1,255,941
1,294,449
214,530
1,079,919
4,418,447
4,422,247
2,268
4,419,979
5,674,388
5,716,696
216,798
5,499,898
(5,622,978)
(5,665,286)
(71,537)
5,593,749
(5,622,978)
(5,665,286)
(71,537)
5,593,749
5,622,978
5,665,286
$
-
141
$
-
5,668,265
$
5,596,728
2,979
$
5,596,728
LIBRARY IMPACT FEE FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
Miscellaneous
$
$
Total revenues
EXPENDITURES
Current
Miscellaneous
Total expenditures
$
FINAL
14,939
3,900
-
$
$
ACTUAL
14,939
3,900
-
$
$
47,474
14,537
6,975
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
32,535
10,637
6,975
18,839
18,839
68,986
50,147
2,071,133
2,071,133
490
2,070,643
2,071,133
2,071,133
490
2,070,643
(2,052,294)
(2,052,294)
68,496
2,120,790
2,052,294
2,052,294
-
142
$
-
2,035,888
$
2,104,384
(16,406)
$
2,104,384
HURRICANE MITIGATION FEE FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
$
Total revenues
EXPENDITURES
Current:
Miscellaneous
Total expenditures
$
FINAL
291
$
ACTUAL
291
$
722
1,121
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
722
830
291
291
1,843
1,552
153,854
153,854
482
153,372
153,854
153,854
482
153,372
(153,563)
(153,563)
1,361
154,924
153,563
153,563
158,664
5,101
-
143
$
-
$
160,025
$
160,025
STORMWATER MANAGEMENT FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Taxes
Special assessments
Miscellaneous
$
Total revenues
EXPENDITURES
Current:
Transportation
Total expenditures
$
FINAL
10,993,525
19,000
165,193
1,425,500
$
ACTUAL
10,993,525
19,000
165,193
1,425,500
$
11,620,211
34,925
150,698
99,750
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
626,686
15,925
(14,495)
(1,325,750)
12,603,218
12,603,218
11,905,584
25,857,927
30,081,636
13,247,651
16,833,985
25,857,927
30,081,636
13,247,651
16,833,985
(13,254,709)
(17,478,418)
(1,342,067)
16,136,351
13,254,709
17,478,418
17,470,700
-
144
$
-
$
16,128,633
(697,634)
(7,718)
$
16,128,633
TREE FUND
BUDGET AND ACTUAL
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
Total revenues
FINAL
11,495
15,084
$
26,579
EXPENDITURES
Current
Public safety
ACTUAL
11,495
15,084
$
26,579
141,188
8,509
$
129,693
(6,575)
149,697
123,118
30,000
30,000
30,000
-
20,000
20,000
28,785
(8,785)
Transportation
Economic Environment
Miscellaneous
32,750
355,675
762,684
32,750
355,675
762,684
36,085
1,100
-
(3,335)
354,575
762,684
Total expenditures
1,201,109
1,201,109
65,970
1,135,139
(1,174,530)
(1,174,530)
83,727
1,258,257
1,174,530
1,174,530
1,207,890
33,360
$
-
145
$
-
$
1,291,617
$
1,291,617
LIGHTING DISTRICTS FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Special assessments
Miscellaneous
$
Total revenues
FINAL
3,352,514
1,900
31,050
32,482
$
ACTUAL
3,352,514
1,900
31,050
32,482
$
3,458,465
(56)
29,914
34,402
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
105,951
(1,956)
(1,136)
1,920
3,417,946
3,417,946
3,522,725
104,779
4,476,797
4,476,797
3,326,305
1,150,492
(1,058,851)
(1,058,851)
196,420
1,255,271
Transfers out
(56,991)
(56,991)
(1,115,842)
(1,115,842)
1,115,842
1,115,842
EXPENDITURES
Current:
Transportation:
$
-
146
$
-
(56,991)
$
-
139,429
1,255,271
1,274,548
158,706
1,413,977
$
1,413,977
GAS TAX REFUNDING REVENUE BONDS, SERIES 2002 FUND
BUDGET AND ACTUAL
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
Total revenues
EXPENDITURES
Debt service:
Principal
Total debt service
over expenditures
Transfers in
$
FINAL
3,546
$
ACTUAL
3,546
$
2,838
$
(708)
3,546
3,546
2,838
(708)
3,725,000
1,090,997
3,725,000
1,090,997
3,725,000
403,788
687,209
4,815,997
4,815,997
4,128,788
687,209
(4,812,451)
(4,812,451)
(4,125,950)
686,501
4,124,817
4,124,817
3,438,316
(686,501)
(687,634)
(687,634)
(687,634)
-
687,634
687,634
687,634
-
-
147
$
-
$
-
$
-
HUD SECTION 108 NOTE, SERIES 2006 FUND
BUDGET AND ACTUAL
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
Total revenues
EXPENDITURES
Debt service:
Principal
Total debt service
over expenditures
Transfers in
$
FINAL
400
$
ACTUAL
400
$
128
$
(272)
400
400
128
474,000
1,740,139
474,000
1,740,139
474,000
598,139
1,142,000
2,214,139
2,214,139
1,072,139
1,142,000
(2,213,739)
(2,213,739)
(1,072,011)
1,141,728
1,073,739
1,073,739
1,072,011
(1,140,000)
(1,140,000)
1,140,000
1,140,000
-
148
$
-
$
(272)
(1,728)
-
1,140,000
1,140,000
-
1,140,000
$
1,140,000
GUARANTEED ENTITLEMENT REFUNDING REVENUE BONDS, SERIES 2003 FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
Total revenues
FINAL
9,099,602
33,900
$
ACTUAL
9,099,602
33,900
$
9,822,510
35,867
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
722,908
1,967
9,133,502
9,133,502
9,858,377
724,875
730,000
2,241,634
730,000
2,241,634
730,000
1,213,947
1,027,687
Total debt service
2,971,634
2,971,634
1,943,947
1,027,687
Excess of revenues
over expenditures
6,161,868
6,161,868
7,914,430
1,752,562
Transfers out
(7,190,549)
(7,190,549)
(7,902,405)
(1,028,681)
(1,028,681)
1,028,681
1,028,681
EXPENDITURES
Debt service:
Principal
$
-
149
$
-
$
(711,856)
12,025
1,040,706
1,028,681
-
1,040,706
$
1,040,706
HALF-CENT SALES TAX REVENUE BONDS, SERIES 2003 FUND
BUDGET AND ACTUAL
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
EXPENDITURES
Debt service:
Principal
Total debt service
over expenditures
Transfers in
$
FINAL
3,096
$
ACTUAL
3,096
$
-
$
(3,096)
1,035,000
3,487,286
1,035,000
3,487,286
1,035,000
1,951,770
1,535,516
4,522,286
4,522,286
2,986,770
1,535,516
(4,519,190)
(4,519,190)
(2,986,770)
1,532,420
3,001,601
3,001,601
3,005,241
3,640
(1,517,589)
(1,517,589)
18,471
1,536,060
1,517,589
1,517,589
1,517,589
-
-
150
$
-
$
1,536,060
$
1,536,060
PENNY FOR PASCO FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Taxes
Miscellaneous
$
FINAL
12,778,184
115,003
491,931
$
ACTUAL
12,778,184
115,003
491,931
$
15,187,473
351,685
1,914,966
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
2,409,289
236,682
1,423,035
Total revenues
13,385,118
13,385,118
17,454,124
4,069,006
EXPENDITURES
Capital outlay:
Public safety
Transportation
5,462,673
16,282,820
24,410,279
5,462,673
16,282,820
25,252,883
2,587,761
2,432,175
5,232,968
2,874,912
13,850,645
20,019,915
Total capital outlay
46,155,772
46,998,376
10,252,904
36,745,472
(32,770,654)
(33,613,258)
7,201,220
40,814,478
32,770,654
33,613,258
37,037,022
3,423,764
$
-
151
$
-
$
44,238,242
$
44,238,242
BOARD CAPITAL IMPROVEMENTS FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
Miscellaneous
$
Total revenues
FINAL
247,500
32,442
-
$
ACTUAL
247,500
32,442
30,000
$
3,032
141,479
-
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
3,032
(247,500)
109,037
(30,000)
279,942
309,942
144,511
9,295,740
500,000
247,500
2,525,478
7,242,254
9,650,740
500,000
10,000
247,500
2,670,478
63,587
7,242,254
10,146
4,040
5,600
127,459
84,135
7,648
-
9,640,594
495,960
4,400
120,041
2,586,343
55,939
7,242,254
19,810,972
20,384,559
239,028
20,145,531
(19,531,030)
(20,074,617)
(94,517)
19,980,100
Transfers in
Transfers out
(35,225)
470,000
(35,225)
470,000
(31,145)
4,080
Total other financing sources
(35,225)
434,775
438,855
4,080
344,338
19,984,180
19,659,872
20,030
EXPENDITURES
Capital outlay:
Public safety
Transportation
Econcomic environment
Court-related
Miscellaneous
over expenditures
$
(19,566,255)
(19,639,842)
19,566,255
19,639,842
-
152
$
-
$
20,004,210
(165,431)
$
20,004,210
MOBILITY FEE DISTRICT - WEST
BUDGET AND ACTUAL
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
BUDGETED AMOUNTS
ORIGINAL
FINAL
ACTUAL
REVENUES
$
Total revenues
2,403,006
12,480
$
2,403,006
12,480
$
2,891,165
17,941
$
488,159
5,461
2,415,486
2,415,486
2,909,106
493,620
1,351,613
2,377,585
3,237,886
491,312
-
3,237,886
491,312
3,729,198
3,729,198
-
3,729,198
(1,313,712)
(1,313,712)
2,909,106
4,222,818
1,313,712
1,313,712
EXPENDITURES
Capital outlay:
Transportation
Miscellaneous
$
-
153
$
-
581,497
$
3,490,603
(732,215)
$
3,490,603
MOBILITY FEE DISTRICT - CENTRAL
BUDGET AND ACTUAL
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
BUDGETED AMOUNTS
ORIGINAL
FINAL
ACTUAL
REVENUES
$
Total revenues
EXPENDITURES
Capital outlay:
Miscellaneous
2,712,394
13,595
$
2,712,394
13,595
$
2,901,940
17,032
$
189,546
3,437
2,725,989
2,725,989
2,918,972
192,983
4,156,951
4,156,951
-
4,156,951
4,156,951
4,156,951
-
4,156,951
(1,430,962)
(1,430,962)
2,918,972
4,349,934
1,430,962
1,430,962
$
-
154
$
-
767,964
$
3,686,936
(662,998)
$
3,686,936
MOBILITY FEE DISTRICT - EAST
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
FINAL
ACTUAL
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
REVENUES
$
Miscellaneous
3,389,567
$
3,389,567
$
2,040,695
$
(1,348,872)
10,342
-
10,342
-
12,569
22,625
3,399,909
3,399,909
2,075,889
2,500,000
1,988,498
2,500,000
1,347,039
1,945
12,320
2,498,055
1,334,719
4,488,498
3,847,039
14,265
3,832,774
(1,088,589)
(447,130)
2,061,624
2,508,754
1,088,589
447,130
447,130
-
Total revenues
EXPENDITURES
Capital outlay:
Transportation
Miscellaneous
$
-
155
$
-
$
2,508,754
2,227
22,625
(1,324,020)
$
2,508,754
TOMMYTOWN CAPITAL FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
Total revenues
EXPENDITURES
Capital outlay:
FINAL
-
$
ACTUAL
-
$
580
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
580
-
-
580
580
5,509,612
5,509,612
14,787
5,494,825
5,509,612
5,509,612
14,787
5,494,825
(5,509,612)
5,509,612
(5,509,612)
5,509,612
(14,207)
5,495,405
$
-
156
$
-
5,508,842
$
5,494,635
(770)
$
5,494,635
HALF-CENT SALES TAX CONSTRUCTION FUND
BUDGET AND ACTUAL
BUDGETED AMOUNTS
ORIGINAL
REVENUES
$
Total revenues
FINAL
-
$
ACTUAL
-
$
68,134
VARIANCE WITH
FINAL BUDGET
POSITIVE
(NEGATIVE)
$
68,134
-
-
68,134
68,134
2,141,445
2,154,482
5,358,945
2,169,145
70,000
2,343,032
5,358,945
27,689
55,575
831,896
-
2,141,456
14,425
1,511,136
5,358,945
9,654,872
9,941,122
915,160
9,025,962
(9,654,872)
(9,941,122)
(847,026)
9,094,096
9,654,872
9,941,122
EXPENDITURES
Capital outlay:
Public safety
Other
$
-
157
$
-
10,055,402
$
9,208,376
114,280
$
9,208,376
INTERNAL SERVICE FUNDS
EQUIPMENT SERVICE, COUNTY INSURANCE, AND CLERK & COMPTROLLER’S
INSURANCE FUNDS To account for respective services and commodities furnished by
one operation to other operations of the County.
COMBINING STATEMENT OF NET ASSETS
September 30, 2012
EQUIPMENT
SERVICE
ASSETS
Current assets:
Inventories
Other
$
24,108,111
22,473
260,957
153,420
-
CLERK &
COMPTROLLER'S
INSURANCE
COUNTY
INSURANCE
$
24,544,961
21,081,118
2,624
481,000
$
TOTALS
3,685,860
121,000
$
48,875,089
25,097
260,957
153,420
602,000
21,564,742
3,806,860
1,817,318
2,368,321
2,326,545
59,589,740
(44,727,125)
-
-
1,817,318
2,368,321
2,326,545
59,589,740
(44,727,125)
21,374,799
-
-
21,374,799
45,919,760
21,564,742
3,806,860
71,291,362
LIABILITIES
Vouchers payable
Accrued liabilities
Claims payable
1,036,910
29,716
14,683
181,728
4,679
6,890
2,988,671
4,191
503,082
-
1,218,638
34,395
6,890
3,491,753
18,874
1,081,309
3,186,159
503,082
4,770,550
Claims payable
168,860
7,209,328
48,200
-
7,209,328
217,060
168,860
7,257,528
-
7,426,388
1,250,169
10,443,687
503,082
12,196,938
21,374,799
23,294,792
11,121,055
3,303,778
21,374,799
37,719,625
Capital assets:
Land
Buildings
Equipment
Capital assets, net
Total assets
Total liabilities
NET ASSETS
Invested in capital assets, net
of related debt
Unrestricted
Total net assets
$
44,669,591
$
158
11,121,055
$
3,303,778
49,916,563
$
59,094,424
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
EQUIPMENT
SERVICE
OPERATING REVENUES
$
OPERATING EXPENSES
Personal services
Contractual services
Materials and supplies
Heat, light and power
Equipment rental and maintenance
Communications
Administrative charge from General Fund
Depreciation
Total operating expenses
Operating income (loss)
16,585,268
$
Total nonoperating revenues (expenses)
(Loss) income before contributions
10,062,186
$
TOTALS
3,713,862
$
30,361,316
1,838,890
721,564
8,794,947
56,423
279,911
12,936
385,018
5,100,793
489,226
6,346,489
3,450
1,133
478
268,792
-
2,994,053
-
2,328,116
10,062,106
8,798,397
56,423
281,044
13,414
653,810
5,100,793
17,190,482
7,109,568
2,994,053
27,294,103
2,952,618
719,809
3,067,213
159,628
277,037
129,480
-
19,961
-
309,069
277,037
436,665
129,480
19,961
586,106
3,082,098
739,770
3,653,319
(605,214)
NONOPERATING REVENUES
Interest and other earnings (losses)
Miscellaneous
CLERK &
COMPTROLLER'S
INSURANCE
COUNTY
INSURANCE
(168,549)
1,511,487
-
-
1,511,487
1,342,938
3,082,098
739,770
5,164,806
43,326,653
8,038,957
2,564,008
53,929,618
Net assets - ending
$
44,669,591
$
11,121,055
159
$
3,303,778
$
59,094,424
COMBINING STATEMENT OF CASH FLOWS
EQUIPMENT
SERVICE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Receipts from employees
Receipts from interfund services provided
Payments to suppliers for goods and services
Payments for interfund services used
Payments for personal services
$
Net cash provided by operating activities
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Operating grants received
Cash provided by noncapital financing activities
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from sale of capital assets
Acquisition of capital assets
Net cash used for capital and
related financing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Investment income
Net increase in cash
Cash and cash equivalents at October 1, 2011
Cash and cash equivalents at September 30, 2012
$
CLERK &
COMPTROLLER'S
INSURANCE
COUNTY
INSURANCE
- $
15,975,491
(9,241,827)
(611,034)
(1,485,544)
528,725 $
10,868,356
(7,121,597)
(346,764)
(230,060)
TOTALS
154,545 $
573,234
3,017,465
(3,139,993)
-
683,270
573,234
29,861,312
(19,503,417)
(957,798)
(1,715,604)
4,637,086
3,698,660
605,251
8,940,997
24,479
-
-
24,479
24,479
-
-
24,479
278,777
(4,096,494)
-
-
278,777
(4,096,494)
(3,817,717)
-
-
(3,817,717)
159,628
129,481
19,961
309,070
1,003,476
3,828,141
625,212
5,456,829
23,104,635
17,252,977
3,060,648
43,418,260
24,108,111
160
$
21,081,118
$
3,685,860
$
48,875,089
EQUIPMENT
SERVICE
Reconciliation of operating income (loss)
to net cash provided by operating
activities:
Operating income (loss)
$
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Depreciation
Changes in assets and liabilities:
(Increase) in accounts receivable
(Increase) in other assets
(Increase) decrease in due from other funds
Increase in due to other governments
Decrease in inventory
Increase (decrease) in vouchers payable
(Decrease) in accrued liabilities
(Decrease) in claims payable
(Decrease) in compensated absences
5,242,300
$
4,637,086
$
1,511,487
$
1,511,487
161
2,952,618
$
-
(22,187)
(253,443)
9,418
441,602
(123)
(33,760)
Noncash capital activities:
Contributed capital assets
Total noncash capital activities
(605,214) $
5,100,793
Total adjustments
CLERK &
COMPTROLLER'S
INSURANCE
COUNTY
INSURANCE
719,809
813,329
6,890
(73,344)
(20)
(813)
(46,000)
98,783
(167,341)
-
746,042
(114,558)
3,698,660
-
$
-
$
$
TOTALS
$
3,067,213
5,100,793
(22,187)
(46,000)
658,669
6,890
9,418
368,258
(143)
(167,341)
(34,573)
5,873,784
605,251
$
8,940,997
-
$
1,511,487
-
$
1,511,487
FIDUCIARY FUNDS
AGENCY FUNDS To account for assets held in an agency capacity for other funds,
governmental units, and individuals by the Board of County Commissioners, Clerk of
Circuit Court and County Comptroller, Tax Collector, and Sheriff.
AGENCY FUNDS
COMBINING STATEMENT OF FIDUCIARY NET ASSETS
September 30, 2012
AGENCY FUNDS
BOARD OF
COUNTY
COMMISSIONERS
CLERK &
COMPTROLLER
TAX
COLLECTOR
SHERIFF
TOTAL
ASSETS
Total assets
$
896,275
$
12,553,943
$
5,566,516
$
1,004,020
$
20,020,754
$
896,275
$
12,553,943
$
5,566,516
$
1,004,020
$
20,020,754
$
896,275
$
2,223,325
10,330,618
$
4,691,944
874,572
$
1,004,020
$
6,915,269
13,105,485
$
896,275
$
12,553,943
$
5,566,516
$
1,004,020
$
20,020,754
LIABILITIES
Liabilities:
Deposits
Total liabilities
162
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
BALANCE
OCTOBER 1,
2011
ADDITIONS
DELETIONS
BALANCE
SEPTEMBER 30,
2012
BOARD OF COUNTY COMMISSIONERS
Assets:
$
1,178,495
$
321,172
$
603,392
$
896,275
Liabilities:
Deposits
$
1,178,495
$
321,172
$
603,392
$
896,275
$
7,410,102
$
90,308,004
$
85,164,163
$
12,553,943
$
2,012,773
5,397,329
$
96,570,940
72,762,332
$
96,360,388
67,829,043
$
2,223,325
10,330,618
$
7,410,102
$
169,333,272
$
164,189,431
$
12,553,943
$
5,694,631
$
617,859,114
$
617,987,229
$
5,566,516
$
4,957,352
737,279
$
458,249,806
30,718,343
$
458,515,214
30,581,050
$
4,691,944
874,572
$
5,694,631
$
488,968,149
$
489,096,264
$
5,566,516
Assets:
$
829,784
$
2,719,431
$
2,545,195
$
1,004,020
Liabilities:
Deposits
$
829,784
$
1,111,250
$
937,014
$
1,004,020
$
829,784
$
1,111,250
$
937,014
$
1,004,020
$
15,113,012
$
711,207,721
$
706,299,979
$
20,020,754
$
6,970,125
8,142,887
$
554,820,746
104,913,097
$
554,875,602
99,950,499
$
6,915,269
13,105,485
$
15,113,012
$
659,733,843
$
654,826,101
$
20,020,754
CLERK & COMPTROLLER
Assets:
Liabilities:
Deposits
Total liabilities
TAX COLLECTOR
Assets:
Liabilities:
Deposits
Total liabilities
SHERIFF
Total liabilities
TOTAL - ALL AGENCY FUNDS
Assets:
Liabilities:
Deposits
Total liabilities
163
STATISTICAL SECTION
The Computation of Legal Debt Margin table is excluded from this section
as the Florida Constitution and Pasco County set no legal debt limits.
This part of Pasco County’s Comprehensive Annual Financial Report presents detailed
information as a context for understanding what the information in the financial statements and
note disclosures says about the County’s overall health.
Contents
Page
Financial Trends
These schedules contain trend information to help the reader understand
how the County’s financial performance and well-being have changed over time.
164
Revenue Capacity
These schedules contain information to help the reader assess the County’s
most significant local revenue source, the property tax.
168
Debt Capacity
These schedules present information to help the reader assess the affordability
of the County’s current levels of outstanding debt and its ability to issue
additional debt in the future.
172
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the County’s financial activities take
place.
179
Operating Information
These schedules contain service and infrastructure data to help the reader
understand how the information in the County’s financial report relates to the
services the County provides and the activities it performs.
182
NET ASSETS BY COMPONENT
LAST TEN FISCAL YEARS
(Accrual basis of accounting )
(in thousands )
(Unaudited)
2003
net of related debt
Restricted
Unrestricted
Total governmental activities net assets
99,700
111,641
87,854
$ 299,195
net of related debt
Restricted
Unrestricted
Total business-type activities net assets
$ 178,042
69,484
24,523
$ 272,049
Primary government:
net of related debt
Restricted
Unrestricted
Total primary government net assets
$ 277,742
181,125
112,377
$ 571,244
$
2004
$
$
$
$
$
$
2005
113,810
160,373
68,315
342,498
$ 289,547
203,274
97,711
$ 590,532
217,342
82,550
17,466
317,358
$ 241,634
87,589
26,254
$ 355,477
331,152
242,923
85,781
659,856
$ 531,181
290,863
123,965
$ 946,010
2006
$
$
$
$
342,891
260,052
140,440
743,383
284,363
94,283
24,088
402,734
$
627,254
354,335
164,528
$ 1,146,117
164
2007
$
$
$
$
$
2008
628,162
258,878
202,111
$ 1,089,151
656,243
183,279
275,773
$ 1,115,295
704,806
163,700
289,423
$ 1,157,929
359,798
78,961
24,448
463,207
$
$
$
$
$
$
$
959,165
255,226
316,292
$ 1,530,683
$
$ 1,051,933
296,952
262,072
$ 1,610,957
$
447,067
110,989
(13,726)
544,330
$ 1,075,229
369,867
188,385
$ 1,633,481
$
2012
635,571
183,647
287,115
$ 1,106,333
416,362
99,310
(11,048)
504,624
$
2011
525,317
180,065
307,379
$ 1,012,761
433,848
75,161
8,913
517,922
$
2010
435,255
287,408
175,199
897,862
795,053
366,369
199,647
$ 1,361,069
$
2009
$
451,324
111,889
(10,214)
552,999
$ 1,107,567
295,168
265,559
$ 1,668,294
$
$
452,675
105,309
30,739
588,723
$ 1,157,481
269,009
320,162
$ 1,746,652
CHANGES IN NET ASSETS
(Accrual basis of accounting )
(in thousands)
(Unaudited)
2003
Expenses
General government
Public safety
Transportation
Human services
Court-related
Total government activities expenses
Total business-type activities expenses
$
Total primary government expenses
Program Revenues
Charges for services:
General government
Public safety
Transportation
Human services
Court-related
Operating grants and contributions
Capital grants and contributions
Program revenues
Charges for services:
Operating grants and contributions
Capital grants and contributions
program revenues
program revenues
Net (Expense) Revenue
Business-type activities
Total primary government net expense
General Revenues and Other Changes
in Net Assets
Taxes:
Property taxes
Sales taxes
Franchise taxes
Telecommunications taxes
Gas taxes
Tourist development tax
State shared revenues
Unrestricted grants and contributions
Interest earnings
Miscellaneous
Transfers
Interest earnings
Miscellaneous
Change in Net assets
Business-type activities
2005
$
77,669
121,402
1,716
41,675
11,829
11,738
19,459
16,647
6,711
308,846
2006
$
98,005
138,566
1,090
21,919
12,760
12,841
17,718
18,029
6,854
327,782
2007
$
88,258
152,172
2,676
42,110
14,600
11,483
21,297
24,148
7,336
364,080
2008
$
88,666
161,257
5,713
35,630
18,279
12,051
20,025
25,914
6,962
374,497
2009
$
64,985
174,785
3,894
31,514
18,488
3,586
19,237
22,469
4,892
343,850
2010
$
78,208
158,504
1,809
121,436
30,985
8,408
16,920
21,672
4,626
442,568
2011
$
71,687
152,617
2,066
66,416
25,284
15,141
16,431
20,492
4,383
374,517
2012
51,326
107,760
2,589
33,767
8,440
8,889
15,091
20,484
7,493
255,839
$70,893
115,168
1,249
43,662
8,501
11,363
14,085
13,735
6,719
285,375
42,905
29,876
72,781
49,523
27,371
76,894
55,640
28,922
84,562
64,776
30,207
94,983
75,063
30,333
105,396
84,093
31,176
115,269
119,764
57,745
177,509
92,664
35,723
128,387
95,309
41,080
136,389
100,879
24,035
124,914
328,620
362,269
393,408
422,765
469,476
489,766
521,359
570,955
510,906
476,568
9,929
23,973
120
2,915
2,323
619
915
3,491
35,198
27,015
11,871
26,077
367
4,044
2,605
708
954
4,269
37,912
36,874
11,745
25,948
234
8,966
4,449
756
965
13,197
41,728
48,706
13,263
26,566
133
8,211
2,831
780
943
14,234
56,143
84,934
12,375
23,777
118
10,313
41,998
1,064
1,066
14,433
42,500
73,970
20,128
27,934
992
10,064
3,524
938
1,188
13,938
56,357
67,951
20,472
20,680
2,341
8,375
4,091
614
1,258
11,917
53,419
66,680
10,109
27,932
529
6,904
6,206
677
1,166
2,344
76,855
31,743
9,899
24,875
630
8,553
2,164
724
1,289
2,482
80,959
23,250
11,098
24,704
994
24,335
725
4,910
15,150
40,263
27,489
106,498
125,681
156,694
208,038
221,614
203,014
189,847
164,465
154,825
149,668
44,255
28,403
288
21,298
52,253
30,546
2,411
34,096
63,552
31,843
380
22,041
71,767
35,194
122
26,473
75,966
36,965
2,204
38,856
82,250
38,552
250
42,178
80,924
40,726
474
39,064
86,197
42,163
592
32,009
86,403
42,087
867
12,631
91,643
42,695
1,935
19,421
$
67,812
149,111
722
61,374
16,134
13,796
17,292
21,301
4,112
351,654
94,244
119,306
117,816
133,556
153,991
163,230
161,188
160,961
141,988
155,694
200,742
244,987
274,510
341,594
375,604
366,244
351,035
325,426
296,813
305,362
(149,341)
21,463
(127,878)
(159,694)
42,412
(117,282)
(152,152)
33,254
(118,898)
(119,744)
38,573
(81,171)
(142,466)
48,595
(93,871)
(171,483)
47,961
(123,522)
(154,003)
(16,321)
(170,324)
(278,103)
32,575
(245,528)
(219,692)
5,599
(214,093)
(201,986)
30,780
(171,206)
120,829
9,991
683
26,548
6,126
3,999
12,213
(57)
184,323
132,042
3,732
10,396
691
29,718
3,843
4,806
17,825
(57)
202,996
140,281
10,154
4,052
13,010
808
31,753
4,616
11,231
20,001
(57)
235,849
151,250
16,704
4,275
12,990
787
34,646
5,168
21,253
25,579
(57)
272,595
175,580
15,199
5,177
12,891
752
33,655
6,202
27,111
20,436
(57)
296,946
182,972
13,467
20
5,683
12,301
842
32,172
8,208
9,980
20,794
(57)
286,382
163,458
12,005
5
6,510
12,278
640
29,743
4,511
370
18,112
(57)
247,575
168,384
12,597
381
5,950
12,416
642
29,804
936
5,698
24,170
(57)
260,921
154,299
13,921
429
5,662
11,992
685
30,876
6,333
2,691
19,004
(57)
245,835
151,064
15,188
5,502
12,066
822
32,989
2,084
3,794
21,167
(57)
244,619
3,033
57
3,090
187,413
2,840
57
2,897
205,893
4,809
57
4,866
240,715
8,626
57
8,683
281,278
11,821
57
11,878
308,824
6,697
57
6,754
293,136
2,966
57
3,023
250,598
6,244
887
7,131
268,052
2,962
109
3,071
248,906
4,467
478
4,945
249,564
34,982
24,553
59,535
43,302
45,309
$88,611
83,697
38,120
$ 121,817
152,851
47,256
200,107
154,480
60,473
214,953
114,899
54,714
169,613
93,572
(13,298)
$ 80,274
(17,182)
39,706
$ 22,524
26,143
8,670
34,813
42,633
35,725
78,358
3,991
$
2004
$
165
$
$
$
$
FUND BALANCES, GOVERNMENTAL FUNDS
(Modified accrual basis of accounting)
Pre-GASB Statement No. 54 "Fund Balance Reporting and Governmental Fund Type Definitions"
2003
General Fund
Reserved
Unreserved
Total general fund
All other governmental funds
Reserved
Unreserved, reported in:
Special revenue funds
Capital projects funds
Debt service funds
Total all other governmental funds
$
2,405
17,149
19,554
2004
$
2,218
30,641
32,859
2005
$
4,532
44,143
48,675
2006
$
10,068
50,948
61,016
2007
$
8,221
47,415
55,636
2008
$
6,232
52,852
59,084
2009
$
2,990
43,819
46,809
2010
$
2,094
54,769
56,863
30,078
32,232
52,929
63,666
37,118
48,281
37,247
52,529
143,085
57,021
$ 230,184
162,185
45,859
$ 240,276
200,188
35,609
$ 288,726
236,664
47,567
$ 347,897
267,354
66,397
$ 370,869
261,048
61,465
$ 370,794
246,654
61,067
344,968
224,282
63,694
340,505
$
$
Post-GASB Statement No. 54 "Fund Balance Reporting and Governmental Fund Type Definitions"
2010
General Fund
Nonspendable
Restricted
Committed
Assigned
Unassigned
$
All other governmental funds
Nonspendable
Restricted
Committed
Assigned
Unassigned
$
142
1,952
54,769
56,863
$
243
193,780
132,523
14,282
(323)
340,505
2011
$
$
170
268
120
2,171
51,451
54,180
$
524
183,011
164,605
101
(202)
348,039
GASB Statement No. 54 was implemented in fiscal year 2011. Fiscal years 2010 data was restated for presentation comparable to GASB Statement No. 54.
166
2012
$
$
162
257
14
2,121
56,385
58,939
$
561
170,147
166,507
93
(60)
337,248
NET CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS
(Modified accrual basis of accounting)
(in thousands )
(Unaudited)
2003
Revenues
Taxes
Special assessments
Intergovernmental
Interest
Miscellaneous
Total Revenues
2005
2006
2007
2008
$ 135,494
33,984
8,181
60,693
27,164
3,818
4,561
10,778
284,673
$ 146,893
46,609
9,738
63,814
31,024
3,565
4,795
17,133
323,571
$ 168,336
59,808
10,581
70,111
40,134
2,884
10,924
22,481
385,259
$ 186,036
89,014
9,580
70,029
43,629
3,773
20,480
26,695
449,236
$ 209,620
57,017
6,691
70,930
42,914
4,044
26,016
25,208
442,440
$ 215,850
48,806
4,946
74,310
45,553
3,716
51,692
102,256
2,461
40,476
8,435
9,432
14,025
20,054
5,942
58,257
111,401
821
49,625
8,501
11,297
15,991
22,476
11,174
64,325
118,960
1,549
49,165
11,824
12,119
15,413
27,824
9,770
87,000
135,462
935
49,612
12,737
11,974
22,369
26,898
33,654
2,596
5,976
263,345
3,087
6,722
299,352
3,269
6,718
320,936
21,328
24,219
99,862
(100,083)
1,483
80,120
(19,775)
Expenditures
General government
Public safety
Transportation
Human services
Court—related and miscellaneous
Capital outlay
Debt service
Principal
Interest and charges
Total expenditures
Excess of revenues over (under) expenditures
Other Financing
Sources (Uses)
Transfers in
Notes issued
Transfers out
Bond premium
Bond proceeds
Payment to escrow agents
Total other financing
Sources (uses)
2004
61,607
$
82,935
2010
2011
2012
21,974
424,627
$ 195,449
42,820
4,076
84,564
37,798
3,050
96
18,095
385,948
$ 200,227
38,459
4,051
107,054
37,409
2,282
5,329
23,391
418,202
$ 187,032
32,936
6,055
110,385
36,768
2,975
2,512
22,398
401,061
$ 185,133
24,515
11,686
87,027
35,910
1,595
3,484
21,668
371,018
79,872
148,132
1,162
35,723
13,652
13,237
30,172
35,719
20,516
73,763
156,968
1,232
70,239
18,239
13,459
18,781
36,226
21,041
69,847
152,334
1,018
86,058
14,805
13,556
16,186
31,070
28,170
62,315
150,997
1,332
80,717
30,589
11,635
15,282
32,756
16,797
61,074
148,998
3,760
76,819
25,288
13,319
14,090
31,745
10,926
59,845
145,307
1,833
74,860
14,770
12,446
13,914
32,450
11,436
3,254
6,772
390,667
3,531
7,319
424,791
3,379
7,370
420,697
6,001
4,946
423,991
5,459
4,674
412,553
5,700
4,435
396,154
5,964
4,168
376,993
64,323
58,569
17,649
3,930
(38,043)
5,649
4,907
(5,975)
63,441
36,664
(64,263)
-
(36,721)
-
53,989
13,000
(54,046)
50,347
(50,404)
-
53,947
(54,504)
-
48,746
(48,803)
-
35,833
(35,890)
-
20,295
(20,352)
-
23,561
(23,618)
-
(822)
$
2009
23,397
(57)
$
64,266
12,943
$
71,512
(57)
$
17,592
$
(557)
(57)
3,373
$ (38,100)
(57)
$
5,592
Debt service as a percentage of
Noncapital expenditures *
3.60%
3.70%
3.50%
3.30%
3.20%
3.20%
3.38%
3.25%
*Noncapital expenditures are calculated by deducting total governmental capital outlay expenditures (see Reconciliation, page 24) from total expenditures, above.
167
(57)
$
4,850
2.86%
(57)
$
(6,032)
3.09%
DIRECT AND OVERLAPPING PROPERTY TAX RATES (Millage)
(in thousands )
(Unaudited)
2003
2004
2005
2006
Direct
Countywide Pasco County Operating (1)
Unincorporated Fire Districts
8.6480
8.2820
7.4230
6.6810
3.8160
1.7300
1.6140
OVERLAPPING
Countywide School District
Southwest Florida Water
Management District
8.9390
8.8070
0.4220
Non-Countywide
City and Town Dade City
Saint Leo
Zephyrhills
San Antonio
Port Richey
New Port Richey
Special Districts
2007
2008
2009
2010
2011
2012
5.9880
5.4333
5.4333
6.3668
6.3668
6.3668
1.1570
1.1000
0.9955
0.9955
1.1991
1.4267
1.4267
7.9440
7.7980
7.4090
7.2080
7.2080
7.3400
7.7670
7.6440
0.4220
0.4220
0.4220
0.4220
0.3866
0.3866
0.3866
0.3770
0.3928
7.4000
3.0000
6.4200
2.5330
5.8200
6.2500
9.0000
3.0000
6.4200
2.5330
5.8200
7.0000
7.3860
2.0000
6.4200
2.4155
5.8200
7.0000
7.8400
2.0000
6.4200
2.4155
5.8200
7.0000
7.8400
1.5000
6.4200
2.4155
4.7000
7.0000
7.1040
1.3780
5.5708
2.0735
3.9000
6.7840
7.1040
1.3780
5.5708
2.1077
3.9000
6.6274
7.1000
1.3000
5.5708
2.4086
5.2260
8.1037
7.1000
1.3000
5.9999
2.7434
4.6250
8.1037
7.1000
1.3000
5.9999
2.7434
5.0000
8.3877
1.4390
1.4260
1.4063
1.3786
1.3149
1.1889
1.1907
1.1697
1.1082
0.1920
(1) In fiscal years 1993 through 1998, the County direct operating millage amount included millage for County Library and Park Ad Valorem Tax
Bonds; Ad Valorem. Tax Bonds were paid off in 1997
.
(*Millage Rate Per $1,000 of assessed taxable property value)
Source: Pasco County Property Appraiser
168
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
(in thousands )
(Unaudited)
Estimated Actual Value (1)
Fiscal
Year
Real
Property
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
16,827,459
18,856,854
22,176,530
27,816,171
37,956,299
42,731,726
39,790,826
32,681,664
29,126,577
28,013,760
Personal
Property
2,028,809
2,378,108
2,514,555
2,703,034
2,912,306
3,026,634
3,474,265
3,238,561
3,111,657
3,039,321
Net Exemptions (2)
Real
Property
5,984,669
6,536,758
7,692,987
9,780,678
14,134,555
15,219,564
14,964,346
11,481,883
10,180,753
9,442,866
Personal
Property
607,132
724,111
754,442
801,281
843,243
847,859
1,324,268
1,324,084
1,342,488
1,322,493
Real
Property
10,842,790
12,320,096
14,483,543
18,035,493
23,821,744
27,512,162
24,826,480
21,199,781
18,945,824
18,570,894
Taxable Assessed Value
(3)
Centrally
Personal
Assessed
Property
Property
1,421,677
1,653,997
1,760,113
1,901,753
2,069,063
2,178,775
2,149,997
1,914,477
1,769,169
1,716,828
10,918
17,233
20,075
12,278
3,186
3,678
12,816
13,209
12,438
13,620
Total
12,275,385
13,991,326
16,263,731
19,949,524
25,893,993
29,694,615
26,989,293
23,127,467
20,727,431
20,301,342
(4)
Assessed
Value as a
Percentage of
Estimated
Actual Value
(5)
Total
Direct
Tax Rate
65.06
65.83
65.82
65.34
63.35
64.89
62.36
64.39
64.29
65.38
10.21
9.82
8.9
7.01
5.99
5.43
5.43
6.37
6.37
6.37
(1) Section 192.00(2), Florida Statutes, defines assessed value of property as “an annual determination of the just or fair market value of an item or property….”
Consequently, estimated actual value, above, is assessed value before exemptions.
(2) Chapter 196, Florida Statutes, grants various exemptions for qualifying historic, economic development, governmental, and institutional property, the latter including
charitable, religious, scientific, literary and educational property. Exemptions are also granted for residential property for widows/widowers, disabled/blind, homestead
exemption ($25,000), additional homestead exemption (age 65 or older, $25,000), and homestead differential (just value minus a capped value) [Note: the classified use
value of land classified agricultural (Chapter 193, F.S.) is netted against all real property exemptions in arriving at the net exemptions noted, above, for real property].
(3) Property, such as railroad property, for which valuation is provided to the Property Appraiser by the Florida Department of Revenue [See Sec. 193.085(4), Florida
Statutes]. Amount for 2011 is net of exemptions of $1,276,830.
(4)
Centrally Assessed Property has been added to the total estimated actual value of Real and Personal Property when computing this percentage.
(5)
Total Tax Levy (See P. 171) to Total Taxable Assessed Value (above). Tax rates are per $1,000 of taxable assessed value.
Source: Pasco County Property Appraiser
169
PRINCIPAL TAXPAYERS
CURRENT YEAR and TEN YEARS AGO
(Unaudited)
2012
2002
Percentage of
Taxpayer
Florida Power Corporation
HCA Heath Services of Florida
Withlacoochee River Electric Cooperative
Verizon Communications, Inc.
Shady Hills Power Company LLC
Goodforest LLC
Wal-Mart Stores
Bright House Networks
Florida Gas Transmission Company
Zephyrhills Bottled Water America, Inc.
New Port Richey Hospital, Inc.
Pasco Beverage Company, Inc.
Pasco Cogen, Ltd
Gulf View Associates
Source:
Taxable
Assessed
Value
Rank
Total Taxable
Assessed
Value
$ 304,856,681
226,922,803
213,182,456
167,402,099
110,327,705
96,307,637
83,163,927
80,423,254
83,413,300
63,206,109
-
1
2
3
4
5
6
7
8
9
10
-
1.58
1.18
1.10
0.87
0.57
0.50
0.43
0.41
0.43
0.32
-
Pasco County Property Appraiser
170
Percentage of
Taxable
Assessed
Value
$
234,824,276
56,366,546
124,131,895
160,975,261
48,305,810
55,805,420
34,983,433
43,460,218
41,302,102
37,585,039
Rank
Total Taxable
Assessed
Value
1
5
3
2
6
4
7
8
9
10
1.45
0.34
0.76
0.99
0.29
0.34
0.21
0.26
0.25
0.23
PROPERTY TAX LEVIES AND COLLECTIONS
(Unaudited)
Total
Tax
Levy
(1)
Current
Tax
Collections
Percent
Of
Levy
Collected
Delinquent
Tax
Collections
Total Tax Collections to Date
Amount
Percent of Levy
2003
125,290,467
120,551,759
96.2
203,368
120,755,127
96.4
2004
137,377,758
131,519,184
95.8
628,730
132,147,914
96.2
2005
144,726,897
138,664,877
95.8
290,811
138,955,688
96.0
2006
139,884,018
136,364,396
97.5
161,730
136,526,126
97.6
2007
155,045,174
149,923,317
96.7
246,807
150,170,124
96.9
2008
161,339,729
154,193,198
95.5
230,589
154,423,787
95.7
2009
146,665,245
138,784,006
94.6
259,403
139,043,409
94.8
2010
147,262,098
141,523,432
96.1
191,546
141,714,978
96.2
2011
132,033,454
127,155,960
96.3
81,251
127,237,211
96.4
2012
129,270,424
124,421,515
96.3
133,558
124,555,074
96.4
(2)
Outstanding
Delinquent
Taxes
Ratio of
Delinquent
Taxes
To Tax Levy
2003
450,827
0.4
2004
420,392
0.3
2005
356,177
0.3
2006
139,589
0.1
2007
480,128
0.3
2008
488,739
0.3
2009
1,996,617
1.4
2010
1,062,595
0.7
2011
1,004,313
0.8
2012
1,023,166
0.8
NOTE: Property Taxes become due and payable on November 1st of each year. A 4 percent discount is allowed if the
taxes are paid in November, with the discount declining by 1 percent each month thereafter. Accordingly, taxes
collected will never be 100 percent of the tax levy. Taxes become delinquent on April 1st of each year and tax
certificates for the full amount of any unpaid taxes and assessments must be sold not later than June 1st of each year.
(1) Net of allowable discounts
(2) At September 30 of each year
Source: Pasco County Tax Collector
171
RATIO OF OUTSTANDING DEBT BY TYPE
(in thousands, except for per capita amounts)
(Unaudited)
Revenue
and
Refunding
Revenue
Bonds
Notes
Payable
Capital
Leases
2003
$ 105,902
$ 1,076
-
2004
102,930
960
-
2005
99,785
837
2006
96,663
2007
Water and
Sewer
Unit
Bonds
$
55,540
Solid Waste
Disposal and
Resource
Recovery
System Bonds
$
Total
Primary
Government
Percentage
of Personal
Income
Per
Capita
107,740
270,258
2.90
720
52,095
98,210
254,195
2.46
647
-
44,440
88,015
233,077
2.04
573
13,705
-
105,000
76,675
292,043
2.33
688
93,651
13,185
-
97,100
64,915
268,851
2.02
619
2008
90,815
12,642
-
88,865
85,280
277,602
2.18
633
2009
85,640
11,816
227,600
85,280
410,336
3.22
933
2010
80,610
11,387
218,270
80,985
391,252
2.87
893
2011
75,360
10,937
216,875
69,835
373,007
2.70
803
2012
69,870
10,463
215,420
64,905
360,658
2.55
771
Note: Details regarding the County's outstanding debt can be found in the notes to the financial statements.
See the Demographic and Economic Statistics on page 179 for personal income and population data.
172
SCHEDULE OF GUARANTEED ENTITLEMENT
REFUNDING REVENUE BOND COVERAGE
(Unaudited)
Gross
Revenues
2012
$
Principal
Interest
Total
2,092,907
$
730,000
$ 1,210,953
$
Coverage
1,940,953
1.08
2011
2,092,907
705,000
1,239,272
1,944,272
1.08
2010
2,092,907
685,000
1,256,251
1,941,251
1.08
2009
2,092,907
670,000
1,275,202
1,945,202
1.08
2008
2,092,907
655,000
1,281,173
1,936,173
1.08
2007
2,092,907
645,000
1,302,022
1,947,022
1.07
2006
2,092,907
630,000
1,315,772
1,945,772
1.08
2005
2,092,907
620,000
1,328,050
1,948,050
1.07
2004
2,092,907
440,000
1,345,435
1,785,435
1.17
2003
2,092,907
700,000
1,668,215
2,368,215
0.88
(1) Issued $32,250,000 Guaranteed Entitlement Refunding Revenue Bonds,
Series 2003 to legally defease $19,935,000 of Series 1992 and $23,550,000
of Series 1989.
SCHEDULE OF HALF-CENT
SALES TAX REVENUE BOND COVERAGE
(Unaudited)
Gross
Revenues
2012
$ 22,452,753
2011
Principal
Interest
Total
$
1,035,000
$ 1,949,225
21,158,340
1,005,000
2010
20,545,872
2009
$
Coverage
2,984,225
7.52
1,983,540
2,988,540
7.08
980,000
2,011,612
2,991,612
6.87
20,535,216
950,000
2,040,712
2,990,712
6.87
2008
21,985,043
920,000
2,080,918
3,000,918
7.33
2007
22,984,773
905,000
2,090,611
2,995,611
7.67
2006
23,892,141
885,000
2,109,512
2,994,512
7.98
2005
21,883,753
870,000
2,125,762
2,995,762
7.30
2004
20,449,978
840,000
2,147,862
2,987,862
6.84
2003
18,145,143
-
1,116,335
1,116,335
16.25
173
SCHEDULE OF GAS TAX REFUNDING REVENUE BOND COVERAGE
(Unaudited)
Gross
Revenues
Principal
Interest
Total
2012
10,015,349
$
3,725,000
2011
9,948,726
3,540,000
2010
10,298,219
2009
$
401,363
$
Coverage
4,126,363
2.43
591,449
4,131,449
2.41
3,365,000
764,350
4,129,350
2.49
10,177,942
3,195,000
932,238
4,127,238
2.47
2008
10,193,672
871,414
3,256,599
4,128,013
2.47
2007
10,678,348
921,136
3,208,871
4,130,007
2.59
2006
10,754,647
982,068
3,148,727
4,130,795
2.60
2005
10,771,667
1,040,668
3,089,046
4,129,714
2.61
2004
10,391,124
1,111,357
3,017,557
4,128,914
2.52
2003
9,986,660
1,187,410
2,944,879
4,132,289
2.42
SCHEDULE OF PUBLIC IMPROVEMENT
REFUNDING REVENUE BOND COVERAGE
(Unaudited)
Gross
Revenues
2012
$
Principal
Interest
Total
-
$
-
$
-
Coverage
$
-
-
2011
-
-
-
-
-
2010
-
-
-
-
-
2009
21,161,969
360,000
17,125
377,125
56.11
2008
25,888,748
345,000
34,044
379,044
68.30
2007
27,741,805
325,000
49,753
374,753
74.03
2006
28,471,744
310,000
64,902
374,902
75.94
2005
29,197,677
295,000
79,163
374,163
78.03
2004
24,269,825
285,000
93,050
378,050
64.20
2003
21,592,498
275,000
106,175
381,175
56.65
174
SCHEDULE OF REFUNDING IMPROVEMENT REVENUE BOND COVERAGE
(Unaudited)
Gross
Revenues
2012
$
Principal
Interest
Total
-
$
-
$
-
$
Coverage
-
-
2011
-
-
-
-
-
2010
-
-
-
-
-
2009
-
-
-
-
-
2008
1,695,294
45,000
1,024
46,024
36.83
2007
1,796,974
215,000
8,108
223,108
8.05
2006
1,813,023
315,000
23,310
338,310
5.36
2005
1,796,568
320,000
38,158
358,158
5.02
2004
1,724,630
295,000
52,522
347,522
4.96
2003
1,647,543
280,000
67,908
347,908
4.74
175
SCHEDULE OF WATER AND SEWER UNIT BOND COVERAGE
(Unaudited)
(1)
(2)
Gross
Revenues
Expenses
2012
$ 95,529,940
$ 63,581,818
2011
88,921,490
60,442,432
2010
91,904,436
2009
Net Revenue
Available for
Debt Service
$
31,948,122
Principal
Interest
Total
$
Coverage
1,510,000
$ 12,118,152
$ 13,628,152
2.34
28,479,058
1,395,000
9,970,325
11,365,325
2.51
60,972,218
30,932,218
9,330,000
9,123,912
18,453,912
1.68
83,603,799
62,906,360
20,697,439
8,635,000
4,019,097
12,654,097
1.64
2008
87,043,115
64,157,353
22,885,762
8,235,000
4,463,484
12,698,484
1.80
2007
86,264,142
59,390,355
26,873,787
7,900,000
4,128,780
12,028,780
2.23
2006
78,733,322
51,074,974
27,658,348
7,574,210
1,929,731
9,503,941 (3)
2.91
2005
68,193,536
43,743,797
24,449,739
7,654,667
2,228,445
9,883,112
2.47
2004
56,818,569
37,532,885
19,285,684
6,945,000
2,395,175
9,340,175
2.06
2003
46,543,048
31,138,178
15,404,870
6,945,000
2,500,100
9,445,100
1.63
(1) Gross revenue includes operating revenues, interest and investment earnings. For purposes of the schedule
above, impact fees have been excluded from the calculation. However, bond issue rate covenants permit use of
a limited level of impact fees in calculating coverage levels (See Note 9).
(2) Expenses exclude depreciation of fixed assets and amortization of deferred charges which are reflected as
expenses in the financial statements.
(3) Issued $71,160,000 Water and Sewer Refunding Revenue Bonds, Series 2006 to legally defease $2,000,000, of
Series 2004 and $1,500,000, of Series 2003.
176
SCHEDULE OF SOLID WASTE DISPOSAL AND RESOURCE RECOVERY SYSTEM BOND COVERAGE
(Unaudited)
(1)
(2)
Gross
Revenues
Expenses
2012
$ 67,023,467
$ 16,746,169
2011
68,757,968
21,880,163
2010
73,665,153
2009
Net Revenue
Available for
Debt Service
$
50,277,298
Principal
Interest
Total
$
$
Coverage
5,810,000
$ 2,724,219
8,534,219
5.89
46,877,805
4,600,000
3,475,524
8,075,524 (4)
5.80
22,188,115
51,477,038
4,295,000
3,519,083
7,814,083
6.59
61,814,504
26,518,237
35,296,267
-
4,033,320
4,033,320
8.75
2008
46,640,192
21,509,490
25,130,702
-
4,009,515
4,009,515 (3)
6.27
2007
48,585,881
20,182,633
28,403,248
11,760,000
4,524,050
16,284,050
1.74
2006
45,271,412
18,710,868
26,560,544
11,340,000
5,151,175
16,491,175
1.61
2005
40,886,173
17,644,277
23,241,896
10,195,000
5,726,664
15,921,664
1.46
2004
40,925,802
16,433,935
24,491,867
9,530,000
6,247,177
15,777,177
1.55
2003
43,603,699
16,214,903
27,388,796
8,600,000
6,712,790
15,312,790
1.79
(1)
Gross revenue includes operating revenues, the balances in the system reserve,
renewal and replacement, and landfill closure accounts.
(2)
Expenses exclude depreciation of fixed assets and accruals for landfill closure and long-term care that are
reflected as expenses in the financial statements.
(3)
Issued $85,280,000 Solid Waste Disposal and Resource Recovery System Revenue Bonds, Series 2008A,B,C,D,
to legally defease $11,065,000 of Series 1992, $4,155,000 of Series 1997A, $4,620,000 of Series 1997B,
$45,075,000 of Series 1998.
(4)
Issued $39,150,000 Solid Waste Disposal and Resource Recovery System Refunding Revenue Bonds, Series 2011,
to legally defease Series 2008A, $45,700,000 and terminate the associated SWAP agreement.
177
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF SEPTEMBER 30, 2012
(in thousands)
(Unaudited)
Governmental Unit
Debt Outstanding
Percentage Applicable
Estimated Share
of
Overlapping Debt
Debt repaid with property taxes
School District overlapping debt
$
384,333,904
(1)
100%
$
Pasco County direct debt
384,334
80,333
Total direct and overlapping debt
$
(1) Source: District School board of Pasco County
178
464,667
SCHEDULE OF DEMOGRAPHIC AND ECONOMIC INFORMATION
LAST TEN YEARS
(Unaudited)
(1)
Personal
Income
(000's)
Per
Capita
Personal
Income
(1)
Median
Age
(2)
Four Year
Graduation Rates
(2)
School
Enrollment
(3)
Unemployment
Rate
Year
(1)
Population
2003
375,318
9,327,061
24,851
45.1
74.9%
53,557
5.2
2004
389,776
10,263,464
26,332
44.9
75.9%
55,955
4.7
2005
406,898
11,442,000
28,120
44.8
76.5%
59,236
4.0
2006
424,355
12,569,000
29,619
46.2
74.4%
61,796
4.3
2007
434,425
13,304,700 (4)
30,626
45.1
73.7%
63,713
4.6
2008
438,668
12,750,465 (4)
29,066
45.1
79.5%
64,674
8.1
2009
439,702
12,750,465 (4)
27,628
41.6
(4)
83.5%
67,143
12.5
2010
437,500
13,635,875 (4)
29,113 (4)
45.6
(4)
87.2%
66,994
13.2
2011
464,697
13,790,695 (4)
29,236 (4)
43.6
(4)
88.5%
67,337
11.7
2012
468,562
14,163,668
30,424
43.6
(4)
76.6%
66,497
9.7
(5)
(1) Source: Florida Research and Economic Information Database
(2) School Board of Pasco County, Department of Planning
(3) U.S. Department of Labor, Bureau of Labor Statistics
(4) Office of Economic and Demographic Research
(5) School Board of Pasco County, Graduation Enhancement Program
(Rate based on Federal Uniform Rate (FUR) that does not include Special Diplomas as included in the rate calculated
by the National Governor's Association used in prior years.)
179
PRINCIPAL EMPLOYERS
CURRENT YEAR AND TEN YEARS AGO
(Unaudited)
2012 (1)
Employer
Employees
Rank
2003 (1)
20,757
Percentage
of Total County
Employment
Employees
Rank
Percentage
of Total County
Employment
1
4.57%
2
1.42%
Pasco County School District
9,289
1
44.75%
7,015
WalMart Supercenters
2,050
2
9.88%
-
Pasco County Government
2,000
3
9.64%
2,177
1,300
4
6.26%
899
7
0.59%
State of Florida Government
1,296
5
6.24%
1,220
3
0.79%
5
0.68%
Regional Medical Center Bayonet Point
1,074
6
5.17%
1,050
Florida Hospital Zephyrhills
1,050
7
5.06%
-
Medical Center of Trinity (fka: Community Hospital)
-
-
1,012
8
4.88%
1,050
Florida Medical Clinic
909
9
4.38%
-
-
Morton Plant North Bay Hosp./Recovery Center
777
10
3.74%
-
-
(1) Source: Pasco Economic Development Council
180
4
0.68%
EMPLOYMENT STATISTICS BY FUNCTION
LAST TEN YEARS
(Unaudited)
2002
General Government
County Administration
Office of Management and Budget
County Attorney
Property Appraiser
Tax Collector
Clerk of the Circuit Court
Facilities Management
Information Technology
Central Administration
Fleet Services
Public Safety
Sheriff
Fire
Emergency Management
S.A.V.E.
Physical Environment
Cooperative Extension
Transportation
Road and Bridge
Pasco County Public Transportation
Economic Environment
Veteran Services
Human Services
Community Services
Nutrition
Culture and Recreation
Libraries
Court Related
Judicial Legal
Water and Sewer
Solid Waste/Resource Recovery
Total
2003
2004
2005
2006
9
3
10
17
68
115
23
265
102
61
44
36
257
9
4
9
18
67
135
25
253
101
62
48
38
286
9
4
11
18
65
147
31
298
105
68
46
37
295
9
4
11
20
62
146
25
296
109
70
49
38
306
9
4
11
21
60
148
32
313
899
292
68
2
894
355
63
2
943
355
68
2
9
10
115
60
2007
2008
2009
2010
2011
2012
73
49
40
334
8
5
10
21
59
151
25
344
90
78
49
40
328
9
5
11
20
58
158
32
389
90
76
51
40
304
9
5
10
20
56
152
27
326
84
69
51
38
285
9
16
10
21
55
150
25
316
78
64
45
38
295
9
16
10
21
52
140
22
344
78
64
45
38
295
9
22
8
20
48
158
26
330
51
67
42
38
288
1,085
365
85
3
1,121
416
47
2
1,193
406
80
1
1,208
431
67
2
1,150
410
76
1
1,126
410
67
1
1,126
422
67
1
1,318
427
65
1
9
10
10
11
10
10
7
7
7
122
61
122
68
119
64
123
63
125
73
131
77
126
73
102
69
102
69
105
68
5
5
5
5
4
6
6
4
5
5
5
41
35
43
41
43
40
45
39
49
39
57
41
57
41
47
35
48
23
48
23
46
21
110
147
116
152
125
146
119
146
121
150
132
148
133
141
125
136
113
115
113
115
105
116
26
122
135
28
133
143
12
137
156
10
147
157
11
158
174
15
163
212
14
183
230
16
188
229
16
177
223
16
177
223
16
203
221
3,076
3,223
3,365
3,544
3,687
3,871
3,974
3,758
3,624
3,648
3,830
181
OPERATING INDICATORS BY FUNCTION/PROGRAM
(Unaudited)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
General Government
Registered voters
242,075
269,642
267,796
267,167
263,886
289,424
294,431
297,993
297,993
310,322
Public Safety
Number of Sheriff calls for service
Number of Sheriff reports taken (A)
Number of fire alarms answered
127,944
52,258
22,554
151,569
56,694
27,632
208,142
58,367
28,830
215,023
76,757
32,139
228,559
135,488
33,682
252,664
135,999
33,589
275,807
64,623
35,689
238,221
62,612
35,103
228,738
61,942
35,222
227,351
58,531
56,875
Human Services
Elderly nutrition - number of meals served
269,327
268,060
264,256
269,705
273,000
276,905
223,000
224,758
205,347
211,866
513,472
1,863,708
429,316
1,790,547
554,915
1,959,547
528,659
1,959,643
543,268
2,100,000
533,000
2,017,391
552,305
2,262,919
539,801
2,439,731
495,475
2,308,011
539,691
2,300,842
19.60
40.12
71,675
22.77
40.05
62,441
21.64
53.17
77,237
29.35
56.91
88,911
33.48
62.25
92,134
29.26
62.25
91,572
24.58
62.25
97,000
23.90
62.25
83,224
24.30
62.20
91,687
23.95
81.99
92,756
17.11
17.50
17.60
19.29
20.04
19.09
17.56
16.61
17.80
15.33
29.09
59,344
21.55
62,625
23.75
72,593
26.75
73,005
26.75
76,832
26.07
77,598
26.47
77,872
38.098
67,593
38.07
78,708
38.07
80,288
16.75
18.65
15.77
18.85
19.08
19.83
20.23
20.47
21.44
13.6
463,409
548,736
740,918
860,645
906,000
1,052,630
926,076
779,606
919,183
1,115,862
Libraries
Number of volumes (B)
Number of items circulated
Water System
Daily average consumption (millions of gallons)
Daily plant capacity (millions of gallons)
Water customers
Wastewater System
Daily average treatment (millions of gallons)
Daily maximum capacity of treatment
plants (millions of gallons)
Sewer customers
Reclaimed Water
Daily average consumption (millions of gallons)
Transit
Passenger trips
(A) In 2007, includes initial and supplemental reports.
(B) Includes print, audio, video and electronic materials.
182
CAPITAL ASSETS AND INFRASTRUCTURE STATISTICS BY FUNCTION/PROGRAM
(Unaudited)
2003
Public Safety
Sheriff stations
Fire stations
2004
2005
2006
2007
2008
2009
2010
2011
2012
3
21
3
24
3
24
3
25
3
26
3
26
3
26
3
25
3
27
5
28
9,450
35
19
4
33
9,489
35
17
4
30
9,428
35
17
4
30
10,372
36
17
4
30
10,372
38
17
4
30
10,425
38
22
4
30
10,425
38
22
4
29
10,410
38
22
4
30
10,541
37
21
2
34
10,524
35
21
2
32
Water System
Miles of water mains (greater than 4")
Number of service connections
Deep wells
1,278
67,090
51
1,431
77,237
60
1,506
83,224
58
1,581
88,911
58
1,608
92,134
58
2,906
91,572
58
3,210
97,000
58
1,504
95,338
58
1,523
97,887
58
1,636
98,795
58
Wastewater System
Miles of sanitary sewers
Number of pump stations
Number of service customers
1,005
460
55,383
1,110
456
62,625
1,221
501
67,593
1,235
532
73,005
1,365
579
76,832
863
553
77,598
1,342
573
77,872
1,079
574
67,593
1,090
569
78,708
1,105
567
80,288
185
10
6,750
211
14
8,524
500
24
10,000
560
24
10,172
576
24
10,898
646
25
11,315
648
25
11,452
314
25
12,054
314
25
11,724
360
25
12,040
Acreage
Number of parks
Tennis courts
Swimming pools
Playgrounds
Reclaimed Water
Miles of reuse mains
Number of storage pumping sites
Number of service connections
183
SOLID WASTE DISPOSAL
AND RESOURCE RECOVERY SYSTEM
SCHEDULES OF RECEIPTS, DISBURSEMENTS AND BALANCES
ALL FUNDS AND ACCOUNTS
In compliance with Section 714(3)
of
The Indenture of Trust between
and
First Union National Bank of Florida (“U.S. Bank”), as Trustee
(BOND COMPLIANCE DISCLOSURE)
SOLID WASTE DISPOSAL AND RESOURCE RECOVERY SYSTEM
REVENUE BONDS, SERIES 2008 B,C,D & SERIES 2011
(Unaudited)
REVENUE FUND
Balance, October 1, 2011
$
Receipts:
System revenues
Transfer in
Total available
Disbursements:
Payments to county's operating account
Transfers out
Total disbursements
Balance, September 30, 2012
3,199,403.80
2008 B,C,D
& 2011
RENEWAL AND
REPLACEMENT
FUND
2008 B,C,D
& 2011
RESERVE FUND
$
11,921,871.94
$
2,001,557.74
44,088,925.00
31,358,863.47
33,738,797.14
-
78,647,192.27
45,660,669.08
33,794,275.92
41,316,646.91
31,358,863.47
-
75,110,922.83
31,358,863.47
-
2,001,557.74
$
3,536,269.44
$
14,301,805.61
$
2,001,557.74
$
3,536,269.44
$
14,301,805.61
$
2,001,557.74
$
3,536,269.44
$
14,301,805.61
$
2,001,557.74
Balance is comprised of the following:
Temporary investments
184
SOLID WASTE DISPOSAL AND RESOURCE RECOVERY SYSTEM
REVENUE BONDS, SERIES 2008 B,C,D & SERIES 2011
(Unaudited)
2008 B,C,D
& 2011
DEBT SERVICE
RESERVE ACCOUNT
Balance, October 1, 2011
$
Receipts:
Transfer in
$
-
Total available
Total disbursements
686,340.39
2008 B,C,D
& 2011
PRINCIPAL
ACCOUNT
$
4,931,233.75
1,183,599.84
5,809,999.92
1,869,940.23
10,741,233.67
-
1,268,062.50
4,930,000.00
-
1,268,062.50
4,930,000.00
7,873,014.53
Disbursements:
Debt service
7,873,014.53
DEBT SERVICE FUND
2008 B,C,D
& 2011
INTEREST
ACCOUNT
$
7,873,014.53
$
601,877.73
$
5,811,233.67
$
7,873,014.53
$
601,877.73
$
5,811,233.67
$
7,873,014.53
$
601,877.73
$
5,811,233.67
Balance is comprised of the following:
Temporary investments
185

CAFR for Fiscal Year Ended September 30, 2012

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