226
PASCO COUNTY, FLORIDA Comprehensive Annual Financial Report For The Fiscal Year Ended September 30, 2012
PASCO COUNTY, FLORIDA
Comprehensive Annual Financial ReportFor The Fiscal Year Ended September 30, 2012
On the Cover:
“Seeking and Finding Electronic Solutions”
COMPREHENSIVE ANNUAL FINANCIAL REPORT OF PASCO COUNTY, FLORIDA 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
PASCO COUNTY, FLORIDA 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
PAGEINTRODUCTORY SECTION (UNAUDITED)
ivxiv
ORGANIZATION CHART xv
FINANCIAL SECTION
13
1719
21
To the Statement of Net Assets 22
Fund Balances - Governmental Funds 23
In Fund Balances - Governmental Funds to the Statement of Activities 24
Fund Balances – Budget and Actual – General Fund - Budget Basis 25
Fund Balances – Budget and Actual – State Housing Initiatives Partnership Fund 2627
Net Assets – Proprietary Funds 29303233
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) 81Notes to Financial Statements
Statement of Net Assets
i
Statement of ActivitiesFund Financial Statements:
Balance Sheet - Governmental Funds
Statement of Revenues, Expenditures and Changes in
Statement of Cash Flows – Proprietary Funds
Statement of Net Assets – Proprietary FundsStatement of Revenues, Expenses, and Changes in Fund
PASCO COUNTY, FLORIDACOMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2012
TABLE OF CONTENTS
LETTER OF TRANSMITTAL
Statement of Revenues, Expenditures and Changes in
Reconciliation of the Statement of Revenues, Expenditures, and Changes
Statement of Revenues, Expenditures and Changes in
GFOA CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING
BASIC FINANCIAL STATEMENTS
INDEPENDENT AUDITORS’ REPORTMANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
Government-wide Financial Statements:
Reconciliation of the Balance Sheet – Governmental Funds
Statement of Fiduciary Net Assets – Agency Funds
PAGE
83
8485
96
107108109110111112113114115116117118119120121122123124125126127128129130131132133134135136137138139140141142143144145Tree Fund
Municipal Services FundLocal Option Gas Tax FundBuilding Inspections and Permitting FundWest Pasco Law Library FundEast Pasco Law Library Fund
Tourist Development Tax FundSpecial Assessment FundIntergovernmental Radio Communication FundQuail Hollow Village MSBU Fund
Road and Bridge FundLaw Enforcement Fund
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
Municipal Fire Service Unit FundDepartment of HUD FundHome Program FundLibrary Cooperative Grant FundRural Economic and Development Administration Fund
911 Emergency Services FundFlorida Boating and Improvement FundUS 19 Concurrency FundTransportation Impact Fee Fund – West
Public Transportation FundDepartment of Children and Families FundAffordable Housing FundWilliamsburg West MSTU Fund
Park Impact Fee Fund – East
Transportation Impact Fee Fund – CentralTransportation Impact Fee Fund – EastSchool Impact Fees FundCourt Facilities Improvement 939.18 F.S. Fund
Rescue Impact Fee Fund
ii
Alcohol and Other Drug Abuse Fund
Library Impact Fee FundHurricane Mitigation Fee Fund
Teen Court FundCombat Impact Fee FundPark Impact Fee Fund – WestPark Impact Fee Fund – Central
Combining Balance Sheet – Nonmajor Governmental Funds
TABLE OF CONTENTS (CONTINUED)
Combining Statement of Revenues, Expenses, and Changes in FundBalances – General Fund
Combining Balance Sheet – General Fund
Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual:
Combining Statement of Revenues, Expenditures, and Changes inFund Balances – Nonmajor Governmental Funds
Stormwater Management Fund
PAGE
146147148149150151152
Mobility Fee District - West 153Mobility Fee District - Central 154Mobility Fee District - East 155
156157158
159160162163
164165166167
Direct and Overlapping Property Tax Rates (Millage) – Last Ten Fiscal Years 168Assessed Value and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years 169Principal Taxpayers – Current Year and Ten Years Ago 170Property Tax Levies and Collections – Last Ten Fiscal Years 171Ratio of Outstanding Debt by Type – Last Ten Fiscal Years 172Schedule of Bond Coverage – Last Ten Fiscal Years (or as indicated):
173173174174175176177178179180181182183
184
Half-Cent Sales Tax Revenue Bonds, Series 2003 Fund
HUD Section 108 Note, Series 2006 FundGuaranteed Entitlement Refunding Revenue Bonds, Series 2003 Fund
Lighting Districts FundGas Tax Refunding Revenue Bonds, Series 2002 Fund
Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual (Continued):
as Trustee (Bond Compliance Disclosure)
STATISTICAL SECTION (UNAUDITED)
Board Capital Improvements Fund
Tommytown Capital FundHalf-Cent Sales Tax Construction Fund
Net Assets – Internal Service Funds
Combining Statement of Net Assets – Internal Service Funds
Guaranteed Entitlement Refunding Revenue BondHalf-Cent Sales Tax Revenue Bond – Last Ten Fiscal Years
Refunding Improvement Revenue BondWater and Sewer Unit BondSolid Waste Disposal and Resource Recovery System Bond
Direct and Overlapping Governmental Activities Debt as of September 30, 2012
in Compliance With Section 714(3), Indenture of Trust Between Pasco County, Floridaand First Union National Bank of Florida (“U.S. Bank”)
Schedules of Demographic and Economic Information – Last Ten YearsPrincipal Employers – Current and Ten Years AgoEmployment Statistics by Function – Last Ten YearsOperating Indicators by Function/Program – Last Ten Fiscal YearsCapital Assets and Infrastructure Statistics by Function/Program – Last Ten Fiscal Years
Schedules of Receipts, Disbursements and Balances - All Funds and Accounts,
Changes in Net assets – Last Ten Fiscal YearsNet Assets by Component – Last Ten Fiscal Years
Combining Statement of Revenues, Expenses, and Changes in Fund
Combining Statement of Cash Flows – Internal Service Funds
iii
TABLE OF CONTENTS (CONTINUED)
Fund Balances, Governmental Funds – Last Ten Fiscal Years
Gas Tax Refunding Revenue BondPublic Improvement Refunding Revenue Bond
Net Changes in Fund Balances, Governmental Funds – Last Ten Fiscal Years
Combining Statement of Fiduciary Net Assets – Agency FundsCombining Statement of Changes in Assets and Liabilities – Agency Funds
Penny For Pasco Fund
INTRODUCTORY SECTION
April 2, 2013
The Honorable Ted J. Schrader, Chairman The Honorable Ted J. Schrader, Chairman Board of County Commissioners Board of County Commissioners Pasco County, Florida Pasco County, Florida 37918 Meridian Avenue 37918 Meridian Avenue Dade City, FL 33525 Dade City, FL 33525 Dear Chairman Schrader: 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.
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.
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 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 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.
Phone: (727) 847-8031 Fax: (727) 847-8121
www.pascoclerk.com
Excellence…Always
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 New Port Richey, FL 34654
East Pasco Records Center 38319 McDonald Street
Dade City, FL 33525
West Pasco Records Center Jack Albert Records Retention Center
8901 Government Drive New Port Richey, FL 34654
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
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
($100)
($50)
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
$550
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Mil
lio
ns Changes in Fund Balance
Expendtitures & Other Uses
Revenues & Other Sources
v
$1,320
$977
$162
$388
$1,158
$589
$-$100$200$300$400$500$600$700$800$900
$1,000$1,100$1,200$1,300$1,400$1,500$1,600$1,700$1,800$1,900$2,000
Mill
ion
s
Total Assets Total Liabilities Total Net Assets
Net Assetsat September 30, 2012
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
vi
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
469
439 440436
464
400
410
420
430
440
450
460
470
480
490
500
2008 2009 2010 2011 2012
Th
ou
san
ds
vii
Unemployment Rate
9.7%
13.2%12.5%
8.1%
11.7%
8.6%
6.9%
11.0%
11.8%
10.4%
7.6%
9.5% 9.0%9.2%
6.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2008 2009 2010 2011 2012
Pasco County
Florida
National
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.
$451 $420 $356$140
$480 $489
$1,997
$1,063 $1,004 $1,023
$-
$250
$500
$750
$1,000
$1,250
$1,500
$1,750
$2,000
$2,250
$2,500
Th
ou
san
ds
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Outstanding Delinquent Taxesat September 30
viii
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.
$585 $522
$206 $215 $227
$0
$500
$1,000
$1,500
Mill
ion
s
2008 2009 2010 2011 2012
Building Permit Valuesat September 30
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.
ix
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.
x
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.
xi
Debt Administration Long-term debt, including bonds, notes payable, and compensated absences, totaled $381.4 million as of September 30, 2012.
$295
$429 $411 $393 $381
$0
$100
$200
$300
$400
$500
$600
$700
$800
Mil
lio
ns
2008 2009 2010 2011 2012
Long Term Debtat September 30
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.
$706 $737 $736 $734 $738
$0
$100
$200
$300
$400
$500
$600
$700
$800
Mil
lio
ns
2008 2009 2010 2011 2012
Pooled Cash, Cash Equivalents, and Investmentsat September 30
xii
Organizational Chart of Pasco County
Citizens of Pasco County
Supervisor of ElectionsBrian Corley
PropertyAppraiserMike Wells
TaxCollector
Mike Olson
Boardof
CountyCommissioners
Clerk & ComptrollerPaula S. O’Neil, Ph.D.
SheriffChris Nocco Judicial
County AttorneyJeffrey N. Steinsnyder
County AdministratorJohn J. Gallagher
Chief AssistantCounty Administrator
Michele L. Baker
Office of Managementand Budget
Michael Nurrenbrock
BudgetingCommunity DevelopmentInformation Technology
Document ProcessingCommunications
PurchasingCentral Stores
Fleet ManagementMisdemeanor Probation
Assistant CountyAdministrator for
UtilitiesBruce E. Kennedy
Assistant CountyAdministrator for
Development ServicesBipin Parikh
Assistant CountyAdministrator for Public Services
Daniel R. Johnson
Water & Sewer UtilitiesEnvironmental LaboratorySolid Waste/Resource RecoveryStreet Lighting
Development ServicesEngineering ServicesBuilding Construction ServicesPlanning and Growth
ManagementRoad and BridgeZoning and Site DevelopmentStormwater Management
Community ServicesEmergency ServicesLibrary ServicesParks and RecreationFacilities Management
PersonnelCustomer ServiceRisk ManagementEmergency ManagementTourist Development
Fiscal Year 2012Board of County CommissionersTed J. Schrader District 1Pat Mulieri, Ed. D. District 2Ann Hildebrand District 3Henry Wilson District 4Jack Mariano District 5
vi
FINANCIAL SECTION
Independent Auditors' Report
Management’s Discussion and Analysis (Unaudited)
Basic Financial Statements
Government-Wide Financial Statements Fund Financial Statements
Notes to 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 government-wide financial statements, emphasis is placed on the net assets of governmental activities and business-type 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
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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 (business-type 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. Fund Financial Statements 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.
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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.
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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, $320.2 million (or 18.3%), is unrestricted and may be used to meet the County’s ongoing obligations to citizens and creditors.
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Table of Net Assets and Table of Changes in Net Assets As shown in the table of Net Assets, below, the County reported positive Net Assets balances at September 30, 2012 and 2011 for both governmental activities and business-type activities.
Pasco County, Florida Net Assets
September 30, 2012 and 2011 (in thousands)
2012 2011 2012 2011 2012 2011
Current Assets: Unrestricted 503,892$ 502,603$ 96,858$ 60,955$ 600,750$ 563,558$ Restricted - - 54,599 64,207 54,599 64,207 Noncurrent assets: Restricted - - 139,552 163,837 139,552 163,837 Unrestricted 45,883 48,709 22,115 24,418 67,998 73,127 Capital, net 770,436 726,976 663,988 636,977 1,434,424 1,363,953 Total assets 1,320,211 1,278,288 977,112 950,394 2,297,323 2,228,682
Current Liabilities:Payable from Current assets 48,951 47,010 18,942 17,693 67,893 64,703 Payable from restricted assets - - 18,258 17,384 18,258 17,384 Noncurrent liabilities 113,331 115,982 351,189 362,319 464,520 478,301
Total liabilities 162,282 162,992 388,389 397,396 550,671 560,388
Net assets:Invested in capital assets, net of related debt 704,806 656,243 452,675 451,324 1,157,481 1,107,567 Restricted 163,700 183,279 105,309 111,888 269,009 295,167 Unrestricted (deficit) 289,422 275,773 30,739 (10,214) 320,161 265,559 Total net assets 1,157,928$ 1,115,295$ 588,723$ 552,998$ 1,746,651$ 1,668,293$
Governmental Business-TypeActivities Activities Total – All Activities
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.
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Pasco County, Florida Changes in Net Assets
For the Years Ended September 30, 2012 and 2011 (in thousands)
2012 2011 2012 2011 2012 2011Revenues:Program revenues: Charges for services 81,916$ 50,616$ 134,338$ 128,490$ 216,254$ 179,106$ Operating grants and contributions 40,263 80,959 1,935 866 42,198 81,825 Capital grants and contributions 27,489 23,250 19,421 12,630 46,910 35,880 General revenues: Property taxes 151,064 154,299 - - 151,064 154,299 State-shared revenue 32,989 30,876 - - 32,989 30,876 Grants/contributions 2,084 6,333 - - 2,084 6,333 Other taxes 33,578 32,690 - - 33,578 32,690 Investment earnings 3,794 2,691 4,467 2,962 8,261 5,653 Miscellaneous 21,167 19,004 421 52 21,588 19,056 Total revenues 394,344 400,718 160,582 145,000 554,926 545,718
Expenses: General government 67,812 71,687 - - 67,812 71,687 Public Safety 149,111 152,618 - - 149,111 152,618 Physical environment 722 2,065 - - 722 2,065 Transportation 61,374 66,416 - - 61,374 66,416 Economic environment 16,134 25,284 - - 16,134 25,284 Human services 13,796 15,141 - - 13,796 15,141 Culture and recreation 17,292 16,431 - - 17,292 16,431 Court-related 21,301 20,492 - - 21,301 20,492 Interest – long-term debt 4,112 4,383 - - 4,112 4,383 Water/Sewer and Solid Waste Disposal/ Resource Recovery 124,914 136,389 124,914 136,389 Total expenses 351,654 374,517 124,914 136,389 476,568 510,906
Increase in net assets before transfers 42,690 26,201 35,668 8,611 78,358 34,812 Transfers (net) (57) (57) 57 57 - - Change in net assets 42,633 26,144 35,725 8,668 78,358 34,812 Net assets, October 1 1,115,295 1,089,151 552,998 544,330 1,668,293 1,633,481 Net assets, September 30 1,157,928$ 1,115,295$ 588,723$ 552,998$ 1,746,651$ 1,668,293$
Governmental Business-TypeActivities Activities Total – All Activities
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Business-type ActivitiesGovernmental Activities
Fiscal Year 2012
Revenues by Type
Charges for Services20.8%Operating Grants
10.2%
Other Revenues*6.9%
State Shared Revenue8.4%
Property Taxes38.2%
Capital Grants7.0%
Local Government Sales Tax
3.8%
Other Taxes4.7%
* Includes Interest earnings, Unrestricted Grants and Contributions, and Miscellaneous
17.8
67.1
35.4
149.0
2.0 0.7
59.4 61.3
11.116.1
2.313.8
6.517.2 15.2
21.3
0.04.1
$-$10$20$30$40$50$60$70$80$90
$100$110$120$130$140$150$160$170$180$190$200
Mil
lio
ns
Gener
al go
vern
men
t
Public
safe
ty
Physic
al en
viron
men
t
Trans
porta
tion
Econo
mic
envir
onm
ent
Human
serv
ices
Cultur
e an
d re
crea
tion
Court
relat
ed
Debt s
ervic
e
Revenues and Expenses
Revenues
Expenses
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Business-type Activities
$112.9
$100.8
$42.7
$24.0
$-
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
$110
$120
$130
$140
Mill
ion
s
Revenues and Expenses
Revenues
Expenses
Water and Sewer Unit Solid Waste Disposal andResource Recovery System
Revenues by Type
Interest2.8%
Capital Grants and Contributions
12.1%
Operating Grants and Contributions
1.2%
Charges for Services83.9%
Business-type ActivitiesFiscal Year 2012
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Governmental Activities 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. Business-type Activities 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
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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
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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.
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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.
Pasco County, Florida Capital Assets
At September 30, 2012 and 2011 (in thousands)
2012 2011 2012 2011 2012 2011Land $ 116,301 $ 93,637 $ 25,983 $ 24,844 $ 142,284 $ 118,481 Buildings 221,360 219,980 153,060 152,863 374,420 372,843 Improvements 39,885 39,545 773,172 732,663 813,057 772,208 Equipment 140,842 134,907 4,874 4,927 145,716 139,834 Construction in process 80,789 75,448 54,076 41,028 134,865 116,476 Infrastructure 497,373 461,615 - - 497,373 461,615 Intangibles 4,314 2,562 1,287 176 5,601 2,738
1,100,864 1,027,694 1,012,452 956,501 2,113,316 1,984,195 Accumulated depreciation (330,428) (300,718) (348,464) (319,524) (678,892) (620,242) Total capital assets $ 770,436 $ 726,976 $ 663,988 $ 636,977 $ 1,434,424 $ 1,363,953
Governmental Business-Type TotalActivities Activities All Activities
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.
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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.
Pasco County, Florida Bonded Debt – Revenue Bonds At September 30, 2012 and 2011
(in thousands)
Governmental Business-Type Activities Activities Total – All Activities
2012 2011 2012 2011 2012 2011 $69,870 $75,360 $281,883 $288,667 $351,753 $364,027
Debt Ratings The following table shows the ratings for each County bond issue as of September 30, 2012:
Standard and
Debt Issues Poors Fitch Moody’s
Governmental Activities: $32,250,000 Guaranteed Entitlement Refunding Revenue Bonds, Series 2003 - - - $47,870,000 Half-cent Sales Tax Revenue Bonds, Series 2003 - - Aa3 $19,435,000 Gas Tax Refunding Revenue Bonds, Series 2002 - - - Business-Type Activities: $71,160,000 Water and Sewer Refunding Revenue Bonds, Series 2006 AA AA Aa2 $31,715,000 Water and Sewer Revenue Bonds, Series 2009A (1) AA AA Aa2 $115,655,000 Water and Sewer Revenue Bonds, Series 2009B (1) AA AA Aa2 $15,090,000 Solid Waste Disposal and Resource Recovery System, Revenue Bonds, Series 2008B - - - $4,545,000 Solid Waste Disposal and Resource Recovery System
Revenue Bonds, Series 2008C - - - $19,945,000 Solid Waste Disposal and Resource Recovery System Refunding Revenue Bonds, Series 2008D AA- - A1 $39,150,000 Solid Waste Disposal and Resource Recovery System Refunding Revenue Bonds, Series 2011 (AMT) AA- - A1
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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 non-homestead 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 $521.8 million.
The County’s 2012 population of 468,562 represents an increase of 3,865, or .8%, over 2011.
The unemployment rate for Pasco County at September 30, 2012 was 9.7%, a 17.1% decline from 2011, and the second decline since 2005. However, the 2012 rate is above the State of Florida unemployment rate of 8.4%.
Requests for Information This financial report is designed to provide a general overview of Pasco County’s finances. Questions concerning information provided in this report, or requests for additional information, should be addressed to the Director of Financial Services, Office of the Clerk & Comptroller, Pasco County, 38053 Live Oak Avenue, Dade City, FL 33523.
BASIC FINANCIAL STATEMENTS
The Basic Financial Statements include:
Government-Wide Financial Statements
Fund Financial Statements
Notes to Financial Statements
The Government-Wide Financial Statements are prepared using the accrual method of accounting
and provide a broad overview of the County’s finances. The Government-Wide Financial Statements include
the Statement of Net Assets, and the Statement of Activities.
The Fund Financial Statements are prepared using the modified accrual or accrual basis of accounting
and provide additional and detailed information for the County’s major funds, individually,
and nonmajor funds, in the aggregate, for governmental, proprietary and fiduciary fund types,
including budgetary comparison statements.
Notes to Financial Statements include disclosures necessary
to provide a complete picture of the financial statements.
GOVERNMENT-WIDE FINANCIAL STATEMENTS
AND
FUND FINANCIAL STATEMENTS
PASCO COUNTY, FLORIDA
STATEMENT OF NET ASSETSSeptember 30, 2012
PRIMARY GOVERNMENT
GOVERNMENTAL BUSINESS-TYPE COMPONENTACTIVITIES ACTIVITIES TOTALS UNIT
ASSETS Current assets: Cash and cash equivalents 453,170,063$ 70,230,748$ 523,400,811$ 28,013$ Investments 18,065 - 18,065 - Restricted assets: Cash and cash equivalents - 54,600,407 54,600,407 - Accounts receivable, net 5,384,830 24,915,424 30,300,254 54,289 Notes receivable 3,453,541 - 3,453,541 - Assessments receivable 16,563,416 - 16,563,416 - Impact fee receivable 3,777,305 - 3,777,305 - Due from other governments 19,954,306 869,120 20,823,426 - Inventories 394,296 841,368 1,235,664 - Other 1,175,815 - 1,175,815 -
Total current assets 503,891,637 151,457,067 655,348,704 82,302
Noncurrent assets: Restricted cash and cash equivalents - 56,333,120 56,333,120 - Restricted investments - 83,218,786 83,218,786 - Notes receivable 45,882,752 - 45,882,752 - Due from other governments - 19,424,860 19,424,860 - Deferred charges - 1,343,988 1,343,988 - Water entitlements - 1,346,331 1,346,331 - Capital assets: Land 116,301,245 25,982,851 142,284,096 - Intangibles 4,314,297 1,287,034 5,601,331 - Buildings 221,359,431 153,060,548 374,419,979 - Improvements other than buildings 39,884,627 773,171,710 813,056,337 - Equipment 140,842,213 4,873,989 145,716,202 - Construction in process 80,789,180 54,076,006 134,865,186 - Infrastructure 497,372,857 - 497,372,857 - Less accumulated depreciation (330,427,643) (348,464,216) (678,891,859) -
Capital assets, net 770,436,207 663,987,922 1,434,424,129 -
Total noncurrent assets 816,318,959 825,655,007 1,641,973,966 -
Total assets 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 GOVERNMENTGOVERNMENTAL BUSINESS-TYPE COMPONENT
ACTIVITIES ACTIVITIES TOTALS UNIT
LIABILITIES Current liabilities: Vouchers payable 18,391,437 12,651,928 31,043,365 - Contracts payable 624,261 1,122,412 1,746,673 - Accrued liabilities 6,100,512 340,664 6,441,176 - Claims payable 3,491,753 - 3,491,753 - Due to other governments 616,883 660 617,543 12,938 Deposits 2,619,044 - 2,619,044 - Unearned revenue 8,301,737 4,730,008 13,031,745 54,289 Interest payable 1,173,924 - 1,173,924 - Other liabilities 13,286 - 13,286 - Compensated absences 1,374,359 96,373 1,470,732 - Notes payable 499,000 - 499,000 - Bonds payable, net 5,745,000 - 5,745,000 - Payable from restricted assets: Deposits - 4,119,274 4,119,274 - Interest payable - 7,573,379 7,573,379 - Bonds payable, net - 6,565,212 6,565,212 -
Total current liabilities 48,951,196 37,199,910 86,151,106 67,227
Noncurrent liabilities:
Estimated landfill closure costs - 50,434,221 50,434,221 - Pollution remediation costs - 430,000 430,000 - Claims payable 7,209,328 - 7,209,328 - Compensated absences 16,041,067 1,746,438 17,787,505 - Unearned revenue - 21,844,776 21,844,776 - Notes payable 9,964,000 - 9,964,000 - Other post employee benefits 15,991,312 1,415,247 17,406,559 Bonds payable, net 64,125,000 275,318,267 339,443,267 -
Total noncurrent liabilities 113,330,707 351,188,949 464,519,656 -
Total liabilities 162,281,903 388,388,859 550,670,762 67,227
NET ASSETSInvested in capital assets, net of related debt 704,806,218 452,675,282 1,157,481,500 - Restricted for: Debt service 3,716,766 41,026,195 44,742,961 - Road projects 95,127,019 - 95,127,019 - Public safety 14,132,472 - 14,132,472 - Economic environment 12,336,089 - 12,336,089 - Culture and recreation 29,720,870 - 29,720,870 - Impact fees - 27,956,382 27,956,382 - Renewal and replacement - 10,815,682 10,815,682 - Landfill closure - 16,358,723 16,358,723 - Other purposes 8,666,764 9,151,680 17,818,444 15,075 Unrestricted 289,422,495 30,739,271 320,161,766 -
Total net assets 1,157,928,693$ 588,723,215$ 1,746,651,908$ 15,075$
18
PASCO COUNTY, FLORIDA
STATEMENT OF ACTIVITIESFOR THE YEAR ENDED SEPTEMBER 30, 2012
PROGRAM REVENUES
OPERATING CAPITAL
CHARGES FOR GRANTS AND GRANTS AND
FUNCTIONS/PROGRAMS EXPENSES SERVICES CONTRIBUTIONS CONTRIBUTIONS
PRIMARY GOVERNMENT:
Governmental activities:
General government 67,811,837$ 11,097,654$ 6,707,765$ -$
Public safety 149,110,755 24,703,516 10,385,565 254,984
Physical environment 721,719 994,063 1,062,676 -
Transportation 61,374,378 24,334,758 8,295,840 26,800,886
Economic environment 16,133,648 - 11,063,658 722
Human services 13,795,649 725,436 1,594,523 -
Culture and recreation 17,292,127 4,910,252 1,152,851 432,296
Court-related 21,301,041 15,150,470 - -
Interest and debt service charges 4,112,107 - - -
Total governmental activities 351,653,260 81,916,149 40,262,878 27,488,888
Business-type activities:
Water and sewer unit 100,879,217 91,642,803 1,935,275 19,421,300
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$
COMPONENT UNIT:
Housing Finance Authority 28,981$ -$ 34,075$ -$
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
Change in net assets
Net assets - beginning
Net assets - ending
The notes to the financial statements are an integral part of this statement.
19
NET (EXPENSE) REVENUE AND
CHANGES IN NET ASSETS
PRIMARY GOVERNMENT
GOVERNMENTAL BUSINESS-TYPE COMPONENT
ACTIVITIES ACTIVITIES TOTAL UNIT
(50,006,418)$ -$ (50,006,418)$ -$
(113,766,690) - (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 -
(201,985,345) 30,779,434 (171,205,911) -
- - - 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) 56,991 - -
244,618,961 4,944,980 249,563,941 4,396
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
PASCO COUNTY, FLORIDA
GOVERNMENTAL FUNDS
BALANCE SHEETSeptember 30, 2012
B001 B157
STATEHOUSING OTHER TOTAL
GENERAL INITIATIVES GOVERNMENTAL GOVERNMENTALFUND PARTNERSHIP FUNDS FUNDS
ASSETS
Cash and cash equivalents 53,141,535$ 690,453$ 350,462,986$ 404,294,974$ Investments 18,065 - - 18,065 Accounts receivable 4,433,217 - 926,516 5,359,733 Notes receivable - 22,853,171 26,483,122 49,336,293 Assessments receivable 163 - 16,563,253 16,563,416 Due from: Other funds 18,099,592 - 5,100,632 23,200,224 Other governments 2,212,262 12,938 17,468,149 19,693,349 Inventories 154,343 - 86,533 240,876 Other assets 12,620 - 561,194 573,814
Total assets 78,071,797$ 23,556,562$ 417,652,385$ 519,280,744$
LIABILITIES AND FUND BALANCES
Liabilities: Vouchers payable 4,835,260$ 31,294$ 12,306,245$ 17,172,799$ Contracts payable - - 624,261 624,261 Accrued liabilities 4,678,022 - 1,388,095 6,066,117 Due to: Other funds 4,786,711 86,539 18,326,974 23,200,224 Other governments 379,162 373 230,458 609,993 Deposits 2,556,644 - 62,400 2,619,044 Deferred revenue 1,895,606 22,853,171 48,038,928 72,787,705 Other liabilities 1,784 - 11,502 13,286
Total liabilities 19,133,189 22,971,377 80,988,863 123,093,429
Fund balances:Nonspendable: Inventories and prepaid items 161,912 - 560,586 722,498 Spendable:Restricted for: Bond covenants or debt service - - 3,716,766 3,716,766 Grant programs and projects 61,403 - 3,464,223 3,525,626 Federal or state law 2,746 585,185 31,593,479 32,181,410 Impact fees - - 128,671,120 128,671,120 Other purposes 193,295 - 2,117,650 2,310,945 Committed to: Capital projects - - 88,631,756 88,631,756 Major maintenance & repair - - 44,188,824 44,188,824 By ordinances or other 13,726 - 33,686,521 33,700,247 Assigned to: Other purposes 2,120,521 - 92,700 2,213,221 Unassigned: 56,385,005 - (60,103) 56,324,902
Total fund balances 58,938,608 585,185 336,663,522 396,187,315
Total liabilities and fund balances 78,071,797$ 23,556,562$ 417,652,385$ 519,280,744$
The notes to the financial statements are an integral part of this statement.
21
Total fund balances for governmental funds 396,187,315$
Total net assets reported for governmental activities in theStatement of Net Assets is different because:
Capital assets used in governmental activities are notfinancial 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($17,179,492) are not due and payable in the current periodand, therefore, are not reported in the funds. (97,512,492)
Accrued long-term debt interest expense is not a financial useand, therefore, is not reported in the fund. (1,173,924)
Notes receivables are not financial resources in the current periodand, therefore, are deferred in the funds. 49,336,293
Impact fee receivables are not financial resources in the current period and, therefore, are not reported in the funds. 3,777,305
Special assessment receivables are not financial resources in thecurrent period and, therefore, are deferred in the fund. 15,149,676
Other post employee benefits are not due and payable in the current period and, therefore, are not reported in the funds (15,991,312)
Internal service funds are used by management to charge thecosts of certain activities, such as insurance and equipmentservices, to individual funds. The assets and liabilities of theinternal service funds are included in governmental activitiesin the Statement of Net Assets. 59,094,424
Total net assets of governmental activities 1,157,928,693$
The notes to the financial statements are an integral part of this statement.
PASCO COUNTY, FLORIDA
RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET ASSETS
SEPTEMBER 30, 2012
22
PASCO COUNTY, FLORIDA
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESFOR THE YEAR ENDED SEPTEMBER 30, 2012
B001 B157STATE
HOUSING OTHER TOTALGENERAL INITIATIVES GOVERNMENTAL GOVERNMENTAL
FUND PARTNERSHIP FUNDS FUNDS
REVENUES Taxes 125,176,798$ -$ 59,956,075$ 185,132,873$ Special assessments - - 24,514,641 24,514,641 Licenses and permits 6,408 - 11,679,332 11,685,740 Intergovernmental: Federal 475,998 - 19,037,035 19,513,033 State 18,536,501 - 48,356,720 66,893,221 Local 145,016 - 476,006 621,022 Charges for services 25,528,546 - 10,381,876 35,910,422 Fines and forfeits 298,283 - 1,297,002 1,595,285 Interest and other earnings 506,837 38,082 2,939,569 3,484,488 Miscellaneous 12,442,163 978,993 8,246,432 21,667,588
Total revenues 183,116,550 1,017,075 186,884,688 371,018,313
EXPENDITURES Current: General government (noncourt-related) 48,132,913 - 11,711,687 59,844,600 Public safety 98,647,843 - 46,659,571 145,307,414 Physical environment 312,478 - 1,520,049 1,832,527 Transportation 106,992 - 74,752,838 74,859,830 Economic environment 226,798 506,140 14,037,191 14,770,129 Human services 9,321,281 - 3,125,017 12,446,298 Culture and recreation 12,576,406 - 1,337,755 13,914,161 Court-related 4,665,940 - 16,256,480 20,922,420 Miscellaneous 6,433,466 - 5,094,381 11,527,847 Capital outlay - - 11,436,144 11,436,144 Debt service: - Principal - - 5,964,000 5,964,000 Interest and debt service charges - - 4,167,644 4,167,644
Total expenditures 180,424,117 506,140 196,062,757 376,993,014
Excess (deficiency) of revenues over expenditures 2,692,433 510,935 (9,178,069) (5,974,701)
OTHER FINANCING SOURCES (USES) Transfers in 6,949,018 - 16,612,464 23,561,482 Transfers out (4,884,980) - (18,733,493) (23,618,473)
Total other financing sources (uses) 2,064,038 - (2,121,029) (56,991)
Net change in fund balances 4,756,471 510,935 (11,299,098) (6,031,692)
Fund balances at beginning of year 54,182,137 74,250 347,962,620 402,219,007
Fund balances at end of year 58,938,608$ 585,185$ 336,663,522$ 396,187,315$
The notes to the financial statements are an integral part of this statement.
23
Net change in fund balances reported on theStatement of Revenues, Expenditures, and Changes inFund 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 thoseassets is allocated over their estimated useful lives as depreciationexpense. 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 involvingcapital 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 notespayable ($474,000) are expenditures in thegovernmental funds, but the repayments reducelong-term liabilities in the Statement of Net Assets. 5,964,000
Some expenses reported in the Statement of Activities do not requirethe use of current financial resources and, therefore, are not reported asexpenditures in governmental funds [Compensated absences of $606,019 and accrued bond and note interest of $55,537, the net of prior yearaccrual 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 ofinsurance and equipment services to individual funds. $3,067,213 of totaloperating 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 notrequire the use of current financial resources and, therefore are note reported reported as expenditures in the governmental funds [Community Development Notes Receivable forgiveness $3,038,797]. (3,038,797)
Other post - employment benefits reported in the Statementof Activities do not require the use of current financial resources and,are not reported as expenditures in governmental funds. (3,030,525)
Some special assessment revenues reported in the Statementof Activities do not provide current financial resources and,therefore, are not reported as revenues in governmental funds. 1,202,918
Change in net assets of governmental activities 42,633,616$
The notes to the financial statements are an integral part of this statement.
PASCO COUNTY, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
TO THE STATEMENT OF ACTIVITIESFOR THE YEAR ENDED SEPTEMBER 30, 2012
AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
24
PASCO COUNTY, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL -BUDGET BASIS
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Taxes 123,399,920$ 123,399,920$ 125,176,798$ 1,776,878$ Licenses and permits 6,859 6,859 6,408 (451) Intergovernmental: Federal 300,037 300,037 475,998 175,961 State 15,950,787 16,042,600 18,536,501 2,493,901 Local 123,836 123,836 145,016 21,180 Charges for services 22,285,636 22,622,366 25,528,546 2,906,180 Fines and forfeits 302,101 302,101 298,283 (3,818) Interest and other earnings 391,584 378,384 505,490 127,106 Miscellaneous 11,702,805 11,325,839 12,442,163 1,116,324 Total revenues 174,463,565 174,501,942 183,115,203 8,613,261
EXPENDITURES Current: General government (noncourt-related) 54,282,857 55,306,070 48,132,913 7,173,157 Public safety 97,437,687 98,100,520 98,647,843 (547,323) Physical environment 337,953 337,953 312,478 25,475
Economic environment 250,037 250,037 226,798 23,239 Human services 8,863,958 12,062,387 9,321,281 2,741,106 Culture and recreation 13,520,571 13,466,350 12,561,851 904,499 Court-related 7,318,690 7,455,736 4,665,940 2,789,796 Miscellaneous 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
Excess (deficiency) of revenues over expenditures (49,384,056) (52,813,584) 2,812,633 55,626,217
OTHER FINANCING SOURCES (USES) Transfers in 19,308 7,586,106 6,949,018 (637,088) Transfers out - (8,272,625) (4,884,980) 3,387,645 Total other financing sources 19,308 (686,519) 2,064,038 2,750,557
Net change in fund balances (49,364,748) (53,500,103) 4,876,671 58,376,774
Fund balances at beginning of year 49,364,748 53,500,103 53,984,062 483,959
Fund balances at end of year -$ -$ 58,860,733$ 58,860,733$
25
PASCO COUNTY, FLORIDA
STATE HOUSING INITIATIVES PARTNERSHIP FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Interest and other earnings 22,285$ 22,285$ 38,082$ 15,797$ Miscellaneous 575,746 575,746 978,993 403,247
Total revenues 598,031 598,031 1,017,075 419,044
EXPENDITURES Current: Economic environment 1,128,248 1,128,248 506,140 622,108
Net change in fund balances (530,217) (530,217) 510,935 1,041,152
Fund balances at beginning of year 530,217 530,217 74,250 (455,967)
Fund balances at end of year -$ -$ 585,185$ 585,185$
The notes to the financial statements are an integral part of this statement.
26
PASCO COUNTY, FLORIDA
PROPRIETARY FUNDS
STATEMENT OF NET ASSETSSeptember 30, 2012
BUSINESS-TYPE ACTIVITIES-ENTERPRISE FUNDS
SOLID WASTE GOVERNMENTALDISPOSAL ACTIVITIES-
WATER AND RESOURCE INTERNALAND RECOVERY SERVICE
SEWER UNIT SYSTEM TOTALS FUNDS
ASSETS Current assets: Cash and cash equivalents 35,123,129$ 35,107,619$ 70,230,748$ 48,875,089$ Accounts receivable, net 18,587,070 6,328,354 24,915,424 25,097 Restricted assets: Cash and cash equivalents 11,480,944 43,119,463 54,600,407 - Due from: Other funds - 422,829 422,829 - Other governments 863,203 5,917 869,120 260,957 Inventories 841,368 - 841,368 153,420 Other - - - 602,000 Total current assets 66,895,714 84,984,182 151,879,896 49,916,563
Noncurrent assets: Restricted cash and cash equivalents 56,333,120 - 56,333,120 - Restricted investments 83,218,786 - 83,218,786 - Due from other governments 19,424,860 - 19,424,860 - Deferred charges 536,336 807,652 1,343,988 - Advances to other funds - 1,209,558 1,209,558 - Water entitlements 1,346,331 - 1,346,331 - Capital assets: Land 20,330,072 5,652,779 25,982,851 1,817,318 Intangibles 1,287,034 - 1,287,034 - Buildings 120,329,258 32,731,290 153,060,548 2,368,321 Improvements other than buildings 655,261,244 117,910,466 773,171,710 2,326,545 Equipment 4,196,103 677,886 4,873,989 59,589,740 Construction in process 41,180,068 12,895,938 54,076,006 - Less accumulated depreciation (262,003,338) (86,460,878) (348,464,216) (44,727,125) Capital assets, net 580,580,441 83,407,481 663,987,922 21,374,799 Total noncurrent assets 741,439,874 85,424,691 826,864,565 21,374,799 Total assets 808,335,588 170,408,873 978,744,461 71,291,362
The notes to the financial statements are an integral part of this statement.
27
BUSINESS-TYPE ACTIVITIES-ENTERPRISE FUNDS
SOLID WASTE GOVERNMENTALDISPOSAL ACTIVITIES-
WATER AND RESOURCE INTERNALAND RECOVERY SERVICE
SEWER UNIT SYSTEM TOTALS FUNDS
LIABILITIES Current liabilities: Vouchers payable 6,466,364 6,185,564 12,651,928 1,218,638 Contracts payable 1,073,620 48,792 1,122,412 - Accrued liabilities 299,247 41,417 340,664 34,395 Claims payable - - - 3,491,753 Due to: Other funds 422,829 - 422,829 - Other governments 660 - 660 6,890 Compensated absences 81,124 15,249 96,373 18,874 Unearned revenue - 4,730,008 4,730,008 - Payable from restricted assets: Deposits 4,095,395 23,879 4,119,274 - Interest payable 6,059,077 1,514,302 7,573,379 - Bonds payable (net) 1,326,472 5,238,740 6,565,212 - Total current liabilities 19,824,788 17,797,951 37,622,739 4,770,550
Noncurrent liabilities: Claims payable - - - 7,209,328 Compensated absences 1,448,759 297,679 1,746,438 217,060 Estimated landfill closure and post closure costs - 50,434,221 50,434,221 - Pollution remediation costs - 430,000 430,000 - Unearned revenue 21,844,776 - 21,844,776 - Advances from other funds 1,209,558 - 1,209,558 - Other post employment benefits 677,583 737,664 1,415,247 - Revenue bonds (net) 214,610,126 60,708,141 275,318,267 - Total noncurrent liabilities 239,790,802 112,607,705 352,398,507 7,426,388
Total liabilities 259,615,590 130,405,656 390,021,246 12,196,938
NET ASSETSInvested in capital assets, net of related debt 435,214,682 17,460,600 452,675,282 21,374,799 Restricted for: Debt service 26,387,279 14,638,916 41,026,195 - Impact fees 27,956,382 - 27,956,382 - Renewal and replacement 8,814,124 2,001,558 10,815,682 - Landfill closure - 16,358,723 16,358,723 - Other purposes 5,823,282 3,328,398 9,151,680 - Unrestricted (deficit) 44,524,249 (13,784,978) 30,739,271 37,719,625
Total net assets 548,719,998$ 40,003,217$ 588,723,215$ 59,094,424$
28
PASCO COUNTY, FLORIDA
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETSFOR THE YEAR ENDED SEPTEMBER 30, 2012
BUSINESS-TYPE ACTIVITIES-ENTERPRISE FUNDS
SOLID WASTE GOVERNMENTALDISPOSAL ACTIVITIES-
WATER AND RESOURCE INTERNALAND RECOVERY SERVICE
SEWER UNIT SYSTEM TOTALS FUNDS
OPERATING REVENUES Charges for services 91,642,803$ 42,694,644$ 134,337,447$ 30,361,316$
OPERATING EXPENSES Personal services 18,289,793 2,497,702 20,787,495 2,328,116 Contractual services 28,880,354 12,944,512 41,824,866 10,062,106 Materials and supplies 5,863,452 265,187 6,128,639 8,798,397 Heat, light and power 4,913,958 174,359 5,088,317 56,423 Equipment rental and maintenance 2,788,771 609,985 3,398,756 281,044 Communications 125,382 15,077 140,459 13,414 Administrative charge from General Fund 1,680,108 156,735 1,836,843 653,810 Depreciation 25,641,406 3,576,665 29,218,071 5,100,793 Miscellaneous 1,717,583 820,276 2,537,859 - Total operating expenses 89,900,807 21,060,498 110,961,305 27,294,103
Operating income 1,741,996 21,634,146 23,376,142 3,067,213
NONOPERATING REVENUES (EXPENSES) Intergovernmental revenue 1,935,275 - 1,935,275 - Interest and other earnings 3,887,137 579,537 4,466,674 309,069 Interest and debt service charges (9,415,734) (2,946,369) (12,362,103) - Net amortization of bond premium (discount) 156,604 264,711 421,315 - Miscellaneous (1,562,676) (28,504) (1,591,180) 277,037 Total nonoperating revenues (expenses) (4,999,394) (2,130,625) (7,130,019) 586,106
Income (loss) before contributions and transfers (3,257,398) 19,503,521 16,246,123 3,653,319
Capital contributions 19,421,300 - 19,421,300 1,511,487 Transfers in 56,991 - 56,991 -
Change in net assets 16,220,893 19,503,521 35,724,414 5,164,806
Net assets - beginning 532,499,105 20,499,696 552,998,801 53,929,618
Net assets - ending 548,719,998$ 40,003,217$ 588,723,215$ 59,094,424$
The notes to the financial statements are an integral part of this statement.
29
PASCO COUNTY, FLORIDA
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWSFOR THE YEAR ENDED SEPTEMBER 30, 2012
BUSINESS-TYPE ACTIVITIES-ENTERPRISE FUNDS
SOLID WASTE GOVERNMENTALDISPOSAL ACTIVITIES-
WATER AND RESOURCE INTERNALAND RECOVERY SERVICE
SEWER UNIT SYSTEM TOTALS FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 84,226,389$ 40,041,183$ 124,267,572$ 683,270$ Receipts from employees 55,164 76,911 132,075 573,234 Receipts from interfund services provided - - 29,861,312 Payments to suppliers for goods and services (40,345,285) (15,291,510) (55,636,795) (19,503,417) Payments for interfund services used (3,217,778) (639,119) (3,856,897) (957,798) Payments for personal services (18,046,797) (1,757,408) (19,804,205) (1,715,604) Payments for other operating expenses (1,464,858) (820,199) (2,285,057) - Net cash provided by operating activities 21,206,835 21,609,858 42,816,693 8,940,997
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating grants received 1,935,275 - 1,935,275 24,479 Transfers in 56,991 - 56,991 - Cash provided by noncapital financing activities 1,992,266 - 1,992,266 24,479
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Principal payments - bonds and notes (1,455,000) (4,930,000) (6,385,000) - Amortization of bond issue premium (27,243) (484,073) (511,316) - Interest and fiscal charges paid (12,164,882) (2,304,064) (14,468,946) - Proceeds from sale of assets 24,690 - 24,690 278,777 Acquisition of capital assets for Fleet (1,562,676) (28,504) (1,591,180) - Acquisition of capital assets (1,474,605) (1,378,409) (2,853,014) (4,096,494) Construction (34,327,005) (10,352,475) (44,679,480) - Capital contributions 13,006,879 - 13,006,879 - Cash used for capital and related financing activities (37,979,842) (19,477,525) (57,457,367) (3,817,717)
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investment securities 28,043,930 - 28,043,930 - Investment income 3,887,137 579,537 4,466,674 309,070 Cash provided by investing activities 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 and cash equivalents at September 30, 2012 102,937,193$ 78,227,082$ 181,164,275$ 48,875,089$
The notes to the financial statements are an integral part of this statement.
30
BUSINESS-TYPE ACTIVITIES-ENTERPRISE FUNDS
SOLID WASTE GOVERNMENTALDISPOSAL ACTIVITIES-
WATER AND RESOURCE INTERNALAND RECOVERY SERVICE
SEWER UNIT SYSTEM TOTALS FUNDS
Reconciliation of operating income to net cash provided by operating activities: Operating income 1,741,996$ 21,634,146$ 23,376,142$ 3,067,213$
Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation 25,641,406 3,576,665 29,218,071 5,100,793 Non-capital, non-financing activity: (Increase) in accounts receivable (8,271,691) (1,890,782) (10,162,473) (22,187) (Increase) decrease in other assets 124,789 - 124,789 (46,000) (Increase) decrease in due from other funds (69,710) (16,925) (86,635) 658,669 Decrease in due from other governments 1,967,199 (5,917) 1,961,282 6,890 (Increase) decrease in advances from other funds - 422,829 422,829 - Decrease in inventory 16,035 - 16,035 9,418 Increase in vouchers payable 548,138 2,349,806 2,897,944 368,258 Increase in contracts payable - 44,026 44,026 - Increase (decrease) in accrued liabilities 10,461 3,760 14,221 (143) (Decrease) in claims payable - - - (167,341) Increase (decrease) in compensated absences 47,491 (1,129) 46,362 (34,573) (Decrease) in advances to other funds (422,829) - (422,829) - (Decrease) in due to other governments - (5,025) (5,025) - (Decrease) in unearned revenue (922,168) (29,792) (951,960) - Increase (decrease) in deposits 625,744 (250) 625,494 - Increase in other post employment benefits 169,974 81,765 251,739 - (Decrease) in estimated landfill closure costs - (4,553,319) (4,553,319) - Total adjustments 19,464,839 (24,288) 19,440,551 5,873,784
Net cash provided by operating activities 21,206,835$ 21,609,858$ 42,816,693$ 8,940,997$
Noncash capital activities: Contributed capital assets 19,421,300$ -$ 19,421,300$ 1,511,487$ Total noncash capital activities 19,421,300$ -$ 19,421,300$ 1,511,487$
31
PASCO COUNTY, FLORIDA
AGENCY FUNDS
STATEMENT OF FIDUCIARY NET ASSETSSeptember 30, 2012
TOTALAGENCYFUNDS
ASSETS
Cash and cash equivalents 20,020,754$
LIABILITIES
Due to other governments 6,915,269$ Deposits 13,105,485
Total liabilities 20,020,754$
The notes to the financial statements are an integral part of this statement.
32
NOTES TO FINANCIAL STATEMENTS
Note Page
1. 33
A. Reporting Entity 33B. Basic Financial Statements 35C. Measurement Focus, Basis of Accounting, and Financial
Statement Presentation 36D. Cash, Cash Equivalents and Investments 39E. Receivables, Payables, and Amounts Due From/Due To 39F. Inventories 40G. Restricted Assets 40H. Capital Assets 40I. Long-term Obligations and Amortization 40J. Unearned Revenues 41K. Fund Equity 41L. Pension Costs 42M. Compensated Absences 42N. Property Taxes 42O. Application of Financial Accounting Standards Board (FASB)
Pronouncements to Proprietary Funds 43
2. 43
3. 45
A. Insurance and Collateralization of Demand Deposits 45B. Investments 46C. State Board of Administration (SBA) Investment Holdings 47D. Repurchase Agreements 48
4. 49A. Accounts and Notes Receivable 49B. Due From Other Governments 49
5. 50
A. Payables 50B. Due To Other Governments 50
6. 51
A. Interfund Balances 51B. Interfund Transfers 52
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATEMENTS
September 30, 2012
INDEX
Interfund Balances and Interfund Transfers
Summary of Significant Accounting Policies
Payables and Due To Other Governments
Accounts and Notes Receivable, and Due From Other Governments
Cash, Cash Equivalents, and Investments
Budgets and Budgetary Data
Note Page
7. 53
A. Capital Assets Activity 53B. Depreciation Expense 56C. Construction in Process 56
8. 57
9. 57
A. Changes in Long-term Liabilities 57B. Debt Service Requirements 60C. Debt Issues 61D. Other Long-term Liabilities Matters 65
10. 66
11. 67
12. 67
13.68
14. 68
15. 69
A. Plan Descriptions 69B. Deferred Retirement Option Program (DROP) 70C. Funding Policy 70
16. 71
A. Plan Description 71B. Funding Policy 72C. Annual OPEB cost and Net OPEB Obligation 74D. Funded Status and Funding Progress of OPEB Plans 76E. Actuarial Methods and Assumptions 77
17. 78
18. 78
19. 79
20. 79
Landfill Closure and Long-term Care Costs – Solid Waste Disposaland Resource Recovery System Operations
Capital Assets
Capitalization of Interest
Long-term Liabilities
Due From Tampa Bay Water
Expenditures in Excess of Appropriations
Deficit Fund Equity
Commitments, Contingencies, and Other Matters
Pollution Remediation
Employee Retirement Plans
Other Postemployment Benefits (OPEB)
Risk Management
Restricted Assets of Enterprise Funds
Enterprise Funds’ Restricted Net Assets
INDEX (CONTINUED)
PASCO COUNTY, FLORIDA
September 30, 2012NOTES TO FINANCIAL STATEMENTS
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
33
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.
Government-wide Financial Statements 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 Supervisor of Elections Tax Collector The Constitutional Officers and the Board maintain separate accounting records and budgets.
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
34
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
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
35
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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.
Government-wide Financial Statements
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
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
36
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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. Fund Financial Statements 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
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
37
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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.
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
38
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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.
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
39
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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.
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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 20-50 years Improvements other than buildings 10-40 years Machinery and equipment 3-10 years Infrastructure 35-40 years Intangibles: Computer software 3-5 years Easements and rights-of-way See (1) below
(1) 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.
I. 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.
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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.
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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.
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
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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.
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
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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 RevenuesTotal
Expenditures Fund Balance
Budgetary basis 183,115,203$ 180,302,570$ 58,860,733$
Non budgeted activityOffice of State Courts Admin. 482 2,746 Park Development Fund 467 14,555 61,403 Education Fund 398 106,992 13,726
GAAP basis 183,116,550$ 180,424,117$ 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 $6,114,000 in various impact fee funds.
For comparative purposes, certain line items of the budgets in the financial statements have been reclassified to conform to reporting classifications of actual revenues and expenditures. In accordance with Sec. 129.01, Florida Statutes, only 95% of receipts reasonably anticipated from all appropriate sources, including taxes to be levied, are included in the budgetary data for revenues. This is accomplished through the use of a line-item reduction, in the affected Statements of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual, equal to 5% of such appropriated receipts.
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
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3. CASH, CASH EQUIVALENTS, AND INVESTMENTS
The County maintains a pooled cash program that is available for use by all Board and Clerk & Comptroller controlled funds. Earnings are allocated to each of the participating funds based on a three-month average of the equity balance of each fund. Cash and investments which must be segregated due to bond covenants or other legal restrictions are not included in this program.
Cash, cash equivalents and investments consist of the following at September 30, 2012:
Portfolio (1)
Maturity Fair Value Percentage Rating
Petty Cash N/A 32,006$ - N/A
Cash in bank N/A 65,566,996 - N/A
Cash with f iscal agent N/A 7,569,077 - N/A
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) 2.08 years (avg.) 109,694,563 16.5 AAAf
FLGIT Day-to-Day (2) 55.0 days 397,772,317 59.9 AAAm
Firs t American Treasury Obligations Fund
N/A 25,782,495 3.9 AAAm
Federated Treasury Obligation Fund IS
N/A 11,069,188 1.7 AAAm
Ridgeworth U.S. Treasury Money Market Fund
N/A 6,702,121 1 AAAm
Repurchase Agreement 9/30/2016 4,880,300 0.7 AAA
664,423,864 100.0
Notes: 737,591,943$
(2) Florida Local Government Investment Trust (FLGIT)
(1) All ratings are Standard & Poor's
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.
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
46
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, $4,880,300 was held in the County’s name.
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
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3. CASH, CASH EQUIVALENTS, AND INVESTMENTS (CONTINUED) Interest Rate Risk The Investment Policy limits interest rate risk by attempting to match investment maturities with known cash needs and anticipated cash flow requirements. In addition, the investment portfolio must be diversified as to maturity. The maximum stated investment maturity is ten (10) years, and applies to direct obligations of the United States Treasury and to designated United States Government Agencies and Instrumentalities, only. Concentration of Credit Risk The Investment Policy establishes limitations within the investment portfolio in order to reduce the concentration of credit risk. The Investment Policy allows 100% of the portfolio to be invested in the Local Government Surplus Funds Trust Fund (SBA, Florida PRIME), 50% to be placed in direct obligations of the United States Treasury, 20% to be invested in both United States Instrumentalities and identified Agencies, 75% in certificates of deposit, 15% in repurchase agreements, 55% in fixed income money market/mutual funds, and 75% in the Florida Local Government Investment Trust (FLGIT). Except for investments with the SBA, the United States Treasury, and certain United States Agencies, no more than 75% of the total portfolio can be placed with one financial institution. Reconciliation of Cash, Cash Equivalents and Investments to Basic Financial Statements
Primary governmentCurrent Assets
Cash and cash equivalents 523,424,388$ Investments 18,065 Restricted:
Cash and cash equivalents 54,576,830 Noncurrent Assets
Restricted cashand cash equivalents 56,333,120
Restricted investments 83,218,786 Agency Funds:
Cash and cash equivalents 20,020,754
Total 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 business-type 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.
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2012
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3. CASH, CASH EQUIVALENTS, AND INVESTMENTS (CONTINUED) 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 $4,880,300. The County also entered into a tri-party custodial agreement in connection with this repurchase agreement. Under the custodial agreement, all securities are held by the custodian in the County’s name.
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATEMENTS
September 30, 2012
4. ACCOUNTS AND NOTES RECEIVABLE, AND DUE FROM OTHER GOVERNMENTS
A. Accounts and Notes Receivable
Accounts and notes receivable at September 30, 2012, for the County's individual major funds and for the totalof nonmajor funds, including related allowances for doubtful accounts, were as follows:
Accounts/ Allowance Accounts/Notes for Notes
Receivable Doubtful Receivable(Gross) Accounts (Net)
Accounts ReceivableMajor Funds:
General 56,002,476$ 51,569,259$ 4,433,217$ Water and Sewer Unit 20,632,666 2,045,596 18,587,070 Solid Waste Disposal and Resource Recovery System 6,478,354 150,000 6,328,354
Total, major funds 83,113,496 53,764,855 29,348,641
Nonmajor Funds 926,516 - 926,516
Internal Service Funds 25,097 - 25,097 Total, all funds 84,065,109$ 53,764,855$ 30,300,254$
Notes ReceivableMajor Fund:
State Housing Initiatives Partnership 22,853,171 - 22,853,171
Nonmajor Funds 26,483,122 - 26,483,122 Total, all funds 49,336,293$ -$ 49,336,293$
Notes receivable of $XXXXXXXX are expected to be collected after September 30, 2011.
B. Due from Other Governments
The amounts due from other governments at September 30, 2012, for the County's individual major funds andfor the total of nonmajor funds, were as follows:
Major Funds: General 2,212,262$ State Housing Initiatives Partnership 12,938 Water and Sewer Unit 863,203 Solid Waste Disposal and Resource Recovery System 5,917 Total, major funds 3,094,320 Nonmajor Funds 17,468,149 Internal Service Funds 260,957 Total, all funds 20,823,426$
See Note 10 for discussion of long-term amounts due from other governments.
49
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATEMENTS
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$ State Housing Initiatives Partnership 31,294 Water and Sewer Unit 7,539,984 Solid Waste Disposal and Resource Recovery System 6,234,356
Nonmajor Funds 12,930,506
Internal Service Funds 1,218,638 Total, all funds 32,790,038$
B. 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 379,162$ State Housing Initiatives Partnership 373 Water and Sewer Unit 660
Total, major funds 380,195
Nonmajor Funds 230,458
Internal Service Funds 6,890 Total, all funds 617,543$
50
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATEMENTS
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 FundsDue From Due To
Other Funds Other FundsMajor Funds:
General 18,099,592$ 4,786,711$ State Housing Initiatives Partnership - 86,539 Water and Sewer Unit - 422,829 Solid Waste Disposal and Resource Recovery System - 422,829 -
Total, major funds 18,522,421 5,296,079
Nonmajor Funds:Special Revenue 3,562,120$ 10,259,005$ Debt Service 1,538,512 7,956,951 Capital Projects 111,018
Total, nonmajor funds 5,100,632 18,326,974
Internal Service FundsTotal, all funds 23,623,053$ 23,623,053$
Advance From Advance ToAdvance To/From Other Funds Other Funds Other FundsMajor Funds:
Water and Sewer Unit 1,209,558$ Solid Waste Disposal and Resource Recovery System 1,209,558
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.
provide short-term loans to other governmental funds.
recognize amounts representing interfund transfers occurring after the posting of interest allocations among the various 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 July, 2011 Solid Waste System advance to/due from Water and Sewer Unitfor property acquisition, payable monthly in 5 years at .5% interest. Of the advanced funds, $803,081 is not expected to be repaid within the next fiscal year.
51
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATEMENTS
September 30, 2012
6. INTERFUND BALANCES AND INTERFUND TRANSFERS (CONTINUED)
B. Interfund Transfers
Amounts transferred between funds for the fiscal year ended September 30, 2012 were as follows:
Transfers In Transfers OutMajor Funds:
General 6,949,018$ 4,884,980$ Water and Sewer Unit 56,991 -
Total, major funds 7,006,009 4,884,980
Nonmajor FundsSpecial Revenue 8,626,896$ 10,799,943$ Debt Service 7,515,568 7,902,405 Capital Projects 470,000 31,145
Total, nonmajor funds 16,612,464 18,733,493
Total, all funds 23,618,473$ 23,618,473$
Transfers are used to:
provide matching funds for grants.
provide funding from the Municipal Service Fund to the General Fund for the Sheriff's road patrol in the unincorporated area of the County.
distribute excess amounts to other funds after all debt service reserve amounts have been satisfied for the period in the debt service funds.
provide unrestricted General Fund revenues to finance capital projects which must be accounted for in another fund.
52
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATEMENTS
September 30, 2012
7. CAPITAL ASSETS
A. Capital Assets Activity
Capital assets activity for the fiscal year ended September 30, 2012 was as follows:
Balance BalanceGovernmental September 30, September 30,
Activities: 2011 Increase Decrease 2012
Capital Assets,not being depreciated:
Land 93,636,929$ 22,923,010$ 258,694$ 116,301,245$ Intangibles - easements 1,934,209 1,325,486 - 3,259,695 Construction in process 75,447,835 37,480,478 32,139,133 80,789,180 Total capital assets
not being depreciated 171,018,973 61,728,974 32,397,827 200,350,120
Capital assets,being depreciated:
Buildings 219,979,558 1,935,505 555,632 221,359,431 Improvements
other than buildings 39,544,736 350,501 10,610 39,884,627 Equipment 134,906,831 11,085,521 5,150,139 140,842,213 Infrastructure 461,614,873 35,757,984 - 497,372,857 Intangibles - other 628,151 426,451 - 1,054,602 Total capital assets
being depreciated 856,674,149 49,555,962 5,716,381 900,513,730
Less accumulateddepreciation for:
Buildings 95,232,484 9,210,499 181,931 104,261,052 Improvements
other than buildings 28,813,773 2,101,327 10,610 30,904,490 Equipment 93,854,895 11,792,589 5,038,461 100,609,023 Infrastructure 82,701,224 11,627,353 - 94,328,577 Intangibles 115,117 209,384 - 324,501 Total accumulated
depreciation 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
Governmental activitiescapital assets, net 726,975,629$ 76,343,784$ 32,883,206$ 770,436,207$
53
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATEMENTS
September 30, 2012
7. CAPITAL ASSETS (CONTINUED)
A. Capital Assets Activity (Continued)
Balance BalanceBusiness-type September 30, September 30,
Activities: 2011 Increase Decrease 2012
Water and Sewer Unit:
Capital Assets,not being depreciated:
Land 20,052,671$ 277,401$ -$ 20,330,072$ Intangibles - easements 176,487 1,110,547 - 1,287,034 Construction in process 38,802,048 36,207,258 33,829,238 41,180,068
Total capital assetsnot being depreciated 59,031,206 37,595,206 33,829,238 62,797,174
Capital assets,being depreciated:
Buildings 120,131,612 197,646 - 120,329,258 Improvements
other than buildings 615,235,809 40,025,435 - 655,261,244 Equipment 4,282,580 210,859 297,336 4,196,103 Total capital assets
being depreciated 739,650,001 40,433,940 297,336 779,786,605
Less accumulateddepreciation for:
Buildings 19,421,098 4,139,629 - 23,560,727 Improvements
other than buildings 214,511,198 21,194,739 - 235,705,937 Equipment 2,707,886 307,038 278,250 2,736,674 Total accumulated
depreciation 236,640,182 25,641,406 278,250 262,003,338
Total capital assets,being depreciated, net 503,009,819 14,792,534 19,086 517,783,267
Water and Sewer UnitTotal capital assets, net 562,041,025$ 52,387,740$ 33,848,324$ 580,580,441$
54
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATEMENTS
September 30, 2012
7. CAPITAL ASSETS (CONTINUED)
Balance BalanceBusiness-type September 30, September 30,
Activities (Continued): 2011 Increase Decrease 2012
Solid Waste Disposal and Resource Recovery System:
Capital Assets,not being depreciated:
Land 4,791,264$ 861,515$ -$ 5,652,779$ Construction in process 2,225,755 11,110,913 440,730 12,895,938 Total capital assets 1,110,547
not being depreciated 7,017,019 11,972,428 440,730 18,548,717
Capital assets,being depreciated:
Buildings 32,731,290 - - 32,731,290 Improvements
other than buildings 117,427,062 483,404 117,910,466 Equipment 644,396 33,490 677,886 Total capital assets
being depreciated 150,802,748 516,894 - 151,319,642
Less accumulateddepreciation for:
Buildings 16,757,447 849,681 17,607,128 Improvements
other than buildings 65,714,991 2,685,052 68,400,043 Equipment 411,775 41,932 453,707 Total accumulated
depreciation 82,884,213 3,576,665 - 86,460,878
Total capital assets,being depreciated, net 67,918,535 (3,059,771) - 64,858,764
Solid Waste Disposal and Resource Recovery System
Total capital assets, net 74,935,554 8,912,657 440,730 83,407,481
Business-Type ActivitiesTotal capital assets, net 636,976,579$ 61,300,397$ 34,289,054$ 663,987,922$
55
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATEMENTS
September 30, 2012
7. CAPITAL ASSETS (CONTINUED)
B. Depreciation Expense
Governmental ActivitiesGeneral government 6,707,215$ Public safety 7,527,848 Physical environment 1,095,470 Transportation 14,455,188 Econonomic environment 1,365 Human services 968,053 Culture and recreation 3,138,876 Court-related 1,047,137
Total 34,941,152$
Business-type ActivitiesWater and Sewer Unit 25,641,406$ Solid Waste Disposal and Resource Recovery System 3,576,665
Total 29,218,071$
C. Construction in Process
Construction in process at September 30, 2012 consists of the following:
Governmental ActivitiesGeneral government 1,761,879$ Public safety 1,710,730 Physical environment 109,507 Transportation 69,635,574 Econonomic environment 5,645 Human services 6,221,694 Culture and recreation 1,344,151
Total 80,789,180$
Business-type ActivitiesWater and Sewer unit
Water supply and distribution 4,352,148$ Water and sewer combined 8,779,877 Wastewater treatment, collection and transmission 4,828,253 Effluent reuse 19,432,844 Pipe relocation 3,039,181 Other 747,765
Total 41,180,068$
Solid Waste Disposal and Resource Recovery System Landfill leachate management 12,895,938
Total, business-type activities 54,076,006Total 134,865,186$
Depreciation expense in fiscal year 2012 was charged to the functions or programs of the County as follows:
56
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATMENTS
September 30, 2012
8.CAPITALIZATION OF INTEREST
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 BalanceSeptember 30, Issuances/ September 30, Amount Due
2011 Additions Retirements 2012 In One YearBusiness-Type Activities:
Water and Sewer Unit:$71,160,000 Water and SewerRefunding Revenue Bonds,Series 2006 69,505,000$ -$ 1,455,000$ 68,050,000$ 1,510,000$
$31,715,000 Water and SewerRevenue BondsSeries 2009A 31,715,000 - - 31,715,000
$115,655,000 Water and SewerRevenue BondsSeries 2009B - "Build America Bonds" 115,655,000 - - 115,655,000 -
Total, Bonded Debt 216,875,000 - 1,455,000 215,420,000 1,510,000
Less: unamortized bond discount (premium) (700,445) - (183,847) (516,598) (183,528)
Total bonded debt, net 217,575,445 - 1,638,847 215,936,598 1,326,472 Compensated absences 1,482,392 141,052 93,561 1,529,883 81,124
Total long-term liabilities,Water and Sewer Unit 219,057,837 141,052 1,732,408 217,466,481 1,407,596
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.
57
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATMENTS
September 30, 2012
9. LONG-TERM LIABILITIES (CONTINUED)
A. Changes in Long-term Liabilities (Continued)
Balance BalanceSeptember 30, Issuances/ September 30, Amount Due
2011 Additions Retirements 2012 In One YearBusiness-Type Activities:
Solid Waste Disposal and Resource RecoverySystem:
$15,090,000 Solid Waste Disposal and Resource Recovery System Refunding Revenue Bonds, Series 2008B (Non-AMT) 8,375,000 - 3,770,000 4,605,000 4,605,000
$4,545,000 Solid Waste Disposal and Resource Recovery System Refunding Revenue Bonds, Series 2008C (AMT) 2,365,000 - 1,160,000 1,205,000 1,205,000
$19,945,000 Solid Waste Disposal and Resource Recovery System Revenue Bonds, Series 2008D (Non-AMT) 19,945,000 - - 19,945,000 -
$39,150,000 Solid Waste Disposal and Resource Recovery System Refunding 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) (2,714,069) - 437,151 (2,276,918) 416,880
Less: unamortized loss on early retirement of debt 1,457,188 - 222,151 1,235,037 154,380
Total bonded debt, net 71,091,881 - 5,145,000 65,946,881 5,238,740 Compensated absences 314,057 24,529 25,658 312,928 15,249
Total long-term liabilities, Solid Waste Disposal and
Resource Recovery System 71,405,938 24,529 5,170,658 66,259,809 5,253,989
Total long-term liabilities,business-type activities $ 290,463,775 $ 165,581 $ 6,903,066 $ 283,726,290 $ 6,661,585
58
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATMENTS
September 30, 2012
9. LONG-TERM LIABILITIES (CONTINUED)
A. Changes in Long-term Liabilities (Continued)
Balance BalanceSeptember 30, Issuances/ September 30, Amount Due
2011 Additions Retirements 2012 In One YearGovernmental Activities:
$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 Revenue Bonds, Series 2003 40,515,000 - 1,035,000 39,480,000 1,070,000
$19,435,000 Gas Tax Refunding Revenue Bonds, Series 2002 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
$13,000,000 Note, HUD Section 108, 2006 10,937,000 - 474,000 10,463,000 499,000
Compensated absences 16,804,975 2,548,040 1,937,589 17,415,426 1,374,359 Total long-term liabilities,
Governmental activities 103,101,975 2,548,040 7,901,589 97,748,426 7,618,359
Total long-term liabilities $ 393,565,750 $ 2,713,621 $14,804,655 $ 381,474,716 $ 14,279,944
Compensated absences typically have been liquidated in the General and other governmental funds.
59
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATMENTS
September 30, 2012
9. LONG-TERM LIABILITIES (CONTINUED)
B. Debt Service Requirements
Governmental Activities:
September 30 Principal Interest Principal Interest Total
5,745,000 3,152,525 499,000 574,297 9,970,822 1,885,000 3,070,525 529,000 549,097 6,033,622 1,945,000 3,004,680 556,000 522,277 6,027,957 2,015,000 2,934,593 588,000 493,976 6,031,569
2017 2,110,000 2,842,193 622,000 463,930 6,038,123 12,115,000 12,645,947 3,732,000 1,772,510 30,265,457 15,320,000 9,443,158 3,937,000 582,307 29,282,465 19,520,000 5,254,712 - - 24,774,712 9,215,000 696,750 - - 9,911,750
69,870,000$ 43,045,083$ 10,463,000$ 4,958,393$ 128,336,476$
Business-Type Activities:
Principal Interest Total
1,510,000 12,045,802 13,555,802 2,590,000 11,955,090 14,545,090 4,815,000 11,730,790 16,545,790 5,160,000 11,535,641 16,695,641 5,475,000 11,266,922 16,741,922
30,625,000 52,442,610 83,067,610 32,990,000 44,555,840 77,545,840 42,115,000 33,760,224 75,875,224 53,170,000 19,233,413 72,403,413 36,970,000 2,105,233 39,075,233
215,420,000$ 210,631,565$ 426,051,565$
Principal Interest Total
5,810,000 2,842,250 8,652,250 4,125,000 2,718,500 6,843,500 4,325,000 2,502,250 6,827,250 4,505,000 2,277,000 6,782,000 4,685,000 2,042,750 6,727,750
26,140,000 6,375,750 32,515,750 15,315,000 790,500 16,105,500 64,905,000$ 19,549,000$ 84,454,000$
Total, business-type activities 280,325,000$ 230,180,565$ 510,505,565$
Debt service requirements on long-term debt, including current maturities, at September 30, 2012 are as follows:
2013201420152016
2018-20222023-20272028-20322033-2034
20132014
Solid Waste Disposal and Resource Recovery System:
Revenue Bonds
September 30
20152016
2018-20222023-2025
2017
Revenue Bonds Notes Payable
2023-2027
Water and Sewer Unit:
September 30
Revenue Bonds
20132014
2033-20372038-2039
2028-2032
20152016
2018-20222017
60
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATEMENTS
September 30, 2012
9. LONG-TERM LIABILITIES (CONTINUED)
C. Debt Issues
Business-Type Activities - Enterprise Funds
$71,160,000 Water and Sewer Refunding Revenue Bonds, Series 2006Purpose:
Range of principal installments:
Range of interest rates: Source of payments: Year of final maturity:Insured by Financial Security Assurance, Inc. (FSA)
$31,715,000 Water and Sewer Revenue Bonds, Series 2009APurpose:
Range of principal installments:Range of interest rates: Source of payments: Year of final maturity:Insured by Financial Security Assurance, Inc. (FSA)
$115,655,000 Water and Sewer Revenue Bonds, Series 2009B - "Build America Bonds"Purpose:
Range of principal installments:Range of interest rates: Source of payments: Year of final maturity:Insured by Financial Security Assurance, Inc. (FSA)
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.
$1,000,000 to $4,570,000
to advance refund and legally defease the outstanding Subordinate 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.
3.75% to 5.00% (serial bonds); 4.75% (2031 term bonds); 5% (2036 revenues of the Water and Sewer System and available impact fees.2036guaranteed payment of principal and interest; insurance is noncancellable.
2039guaranteed payment of principal and interest; insurance is noncancellable.
revenues of the Water and Sewer System and available impact fees.
$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).
revenues of the Water and Sewer System and available impact fees.2021guaranteed payment of principal and interest; insurance is noncancellable.
3.00% to 5.00%
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.
$3,455,000 to 12,715,0005.36% to 6.76%
61
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATEMENTS
September 30, 2012
9. LONG-TERM LIABILITIES (CONTINUED)
C. Debt Issues (Continued)
Business-Type Activities - Enterprise Funds (Continued)
Purpose:
Range of principal installments:Range of interest rates: Source of payments:
Year of final maturity:Insured by Financial Security Assurance, Inc. (FSA)
Purpose:
Range of principal installments:Range of interest rates: Source of payments:
Year of final maturity:Insured by Financial Security Assurance, Inc. (FSA)
assessment revenues and net revenues of the Solid Waste Disposal and Resource Recovery System and available impact fees.
assessment revenues and net revenues of the Solid Waste Disposal and Resource Recovery System and available impact fees.
2013guaranteed payment of principal and interest; insurance is noncancellable.
to advance refund and legally defease the outstanding Solid Waste Disposal and Resource Recovery System Refunding Revenue Bonds, Series 1997B.
$4,545,000 Solid Waste Disposal and Resource Recovery System Refunding Revenue Bonds, Series 2008C (AMT)
2013guaranteed payment of principal and interest; insurance is noncancellable.
to advance refund and legally defease the outstanding Solid Waste 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.
$15,090,000 Solid Waste Disposal and Resource Recovery System Refunding Revenue Bonds, Series 2008B (Non-AMT)
$3,225,000 to $4,605,0003.00% to 4.00%
$1,070,000 to $1,205,0004.00% to 4.50%
62
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATEMENTS
September 30, 2012
9. LONG-TERM LIABILITIES (CONTINUED)
C. Debt Issues (Continued)
Business-Type Activities - Enterprise Funds (Continued)
Purpose:Range of principal installments:
Range of interest rates: Source of payments:
Year of final maturity:Insured by Financial Security Assurance, Inc. (FSA)
Purpose:
Range of principal installments:Range of interest rates: Source of payments:
Year of final maturity:
Insured by Financial Security Assurance, Inc. (FSA)
Governmental Activities
$19,435,000 Gas Tax Refunding Revenue Bonds, Series 2002Purpose:
Range of principal installments:Range of interest rates:Source of payments:Year of final maturity:Insured by FGIC:
guaranteed payment of principal and interest; insurance is noncancellable.
$39,150,000 Solid Waste Disposal and Resource Recovery System Refunding Revenue Bonds, Series 2011 (AMT)
2020
assessment revenues and net revenues of the Solid Waste Disposal and Resource Recovery System and available impact fees.
$2,525,000 to $5,750,0003.00% to 5.00%
to advance refund and legally defease the outstanding Solid Waste Disposal and Resource Recovery System Revenue Bonds, Series 2008A, and terminate the Swap Agreement associated with Series 2008A.
guaranteed payment of principal and interest; insurance is noncancellable.
$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%
2022 and 2024
to fund the 2008 Project Improvement of the Solid Waste Disposal
assessment revenues and net revenues of the Solid Waste Disposal and Resource Recovery System and available impact fees.
$19,945,000 Solid Waste Disposal and Resource Recovery System Revenue Bonds, Series 2008D (Non-AMT)
2013guaranteed payment of principal and interest; insurance is noncancellable.
to refund and legally defease the County's Gas Tax Refunding Revenue Bonds, Series 1992.
$160,000 to $3,920,0004.00% to 5.25%six cent local option gas tax.
63
PASCO COUNTY, FLORIDANOTES TO FINANCIAL STATEMENTS
September 30, 2012
9. LONG-TERM LIABILITIES (CONTINUED)
C. Debt Issues (Continued)
Governmental Activities (Continued)$47,870,000 Half-cent Sales Tax Revenue Bonds, Series 2003
Purpose:Range of principal installments:
Range of interest rates:
Source of payments:Year of final maturity:Insured by Ambac Financial Group:
$32,250,000 Guaranteed Entitlement Refunding Revenue Bonds, Series 2003Purpose:
Range of principal installments:
Range of interest rates:
Source of payments:
Year of final maturity:Insured by FSA:
Purpose:
Range of principal installments:Interest rate:Source of payments:
Year of final maturity:
$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)
3.0 to 5.0% (serial bonds); 5.125% (2028 term bonds); 5.0% (2033 term bonds).
to finance the cost of various capital projects.
2033guaranteed payment of principal and interest; insurance is noncancellable.
guaranteed payment of principal and interest; insurance is noncancellable.
2033
guaranteed entitlement and second guaranteed entitlement monies from State of Florida Revenue Sharing Trust Funds.
2.0% to 4.5% (serial bonds); 5.0% (2026 term bonds); 4.5%(2030 term bonds).
$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).
to legally defease all of the outstanding Guaranteed Entitlement Refunding Revenue Bonds, both Series 1989 and Series 1992.
$13,000,000 Housing and Urban Development (HUD) Section 108 Note, Series 2006
half-cent local sales tax
pledged future Community Development Block Grant (CDBG) funds and other non ad valorem funds as security for the guaranteed loan funds.2026
$394,000 to $1,077,000
to provide funding for the Tommytown Neighborhood revitalization project.
4.96 to 5.77%
64
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
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 private-
sector 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
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
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 $ 863,203
2014 903,946
2015 947,245
2016 993,092
2017 1,041,654
2018-2022 6,038,258
2023-2027 7,716,469
2028 1,783,788
Total $ 20,287,656
66
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
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 andCash
Equivalents Investments TotalWater and Sewer Unit:Cash with fiscal agent 7,569,077$ -$ 7,569,077$ Construction funds - 70,570,839 70,570,839 Debt service 13,555,804 12,647,947 26,203,751 Impact fees 27,956,382 - 27,956,382 Operations & maintenance 5,823,282 - 5,823,282 Renewal and replacement 8,814,124 - 8,814,124 Customer deposits 4,095,395 - 4,095,395
Total 67,814,064$ 83,218,786$ 151,032,850$
Solid Waste Disposal andResource Recovery System:Cash with fiscal agent 4,138,147$ -$ 4,138,147$ Debt service 14,638,916 - 14,638,916 Renewal and replacement 2,001,557 - 2,001,557 System reserve 5,958,541 - 5,958,541 Customer deposits 23,879 - 23,879 Landfil l c losure 16,358,723 - 16,358,723
Total 43,119,763$ -$ 43,119,763$
12. ENTERPRISE FUNDS’ RESTRICTED NET ASSETS At September 30, 2012, restrictions of net assets in the County’s Enterprise Funds comprised the following:
Water and Sewer Unit
Solid Waste and Resource
Recovery System Total
Debt service 26,387,279 14,638,916 41,026,195 Operations and maintenance 5,823,282 - 5,823,282 Renewal and replacement 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
PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
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:
EstimatedCapacity Remaining
Landfill Utilized Life (Years)East Pasco Class I (13 and 107 acres) 100.00% 0West Pasco Class 1 AI, AII, and AIII 56.85% 16.00West Pasco Class III 45.63% 40.00West Pasco Class 1SW-I and SW-2 72.55% 43.00Ridge Road 100.00% 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.
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PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
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-of-living 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.
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PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
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 state-
administered 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 5.18% Special risk 14.90% Special risk, administrative support 5.91% Senior management service 6.30% County elected officers 10.23% DROP participants 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.
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PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
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.
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PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
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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 PCSOHP PCCCHP Retirees and beneficiaries receiving benefits 97 57 96Active plan members 2,152 1,257 334 Total 2,249 1,314 430 Number of participating employers 4 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 $2,500 in life insurance coverage after retirement, and the premiums are paid for, in full, by retirees. The Program is currently unfunded. There is no separate trust through which benefits for retirees are funded. No assets are currently accumulated or earmarked for this purpose. All approved benefits are paid from the County’s general assets, when due. The table below summarizes monthly contribution rates for 2012.
Coverage Bluecare Bluecare BlueOptionsTier Standard HMO Alternate HMO PPO
Retiree Only 747$ 723$ 735$ Retiree + Spouse 1,345$ 1,301$ 1,323$ Retiree + Children 1,166$ 1,128$ 1,147$ Family 1,898$ 1,836$ 1,867$
2012 Monthly Premium RatesBoard of County Commissioners
Blue Cross/Blue Shield
The GHPPC is funded on a pay-as-you-go basis.
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PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
September 30, 2012
16. OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) B. Funding Policy (Continued)
Pasco County Sheriff 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.
BlueCare BlueCareCoverage Economy Middle BlueOptions
Tier HMO HMO PPO
Retiree Only 691$ 728$ 761$ Retiree Plus One 862$ 909$ 1,042$ Family 1,079$ 1,137$ 1,405$
2012 Monthly Premium RatesSheriff's Office
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
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PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
September 30, 2012
16. OTHER POSTEMPLOYMENT BENEFITS (CONTINUED)
. Funding Policy (Continued)
from the Clerk’s general assets, when due. The table below summarizes monthly contribution rates for 2012.
B 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, $100,000. Life insurance coverage for all retirees reduces to 50% of the above amounts at age 65, and to 35% at age 70. The Program is currently unfunded. There is no separate trust through which benefits for retirees are funded. No assets are currently accumulated or earmarked for this purpose. All approved benefits are paid
Self-InsuredCoverage Equivalent
Tier Premium
Retiree Only 568$ Retiree Plus One 1,141$ Family 1,664$
2012 Monthly Premium RatesClerk of Circuit Court and Comptroller
he PCCCHP is funded on a pay-as-you-go basis.
. Annual OPEB Cost and Net OPEB Obligation
vered payroll is 2.2 percent, 3.8 percent and 3.8 percent for the GHPPC, PCSOHP and PCCCHP, respectively.
T C 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 co
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PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
September 30, 2012
16. OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) 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).
GHPPC PCSOHP PCCCHP
ARC 1,834,383$ 2,125,777$ 439,300$ Interest 275,649 256,027 103,918 Adjustment to ARC (244,448) (227,047) (92,155) Annual OPEB Cost 1,865,584$ 2,154,757$ 451,063$ Employer Contribution 704,591 280,946 203,603 Increase (Decrease) in NOO 1,160,993$ 1,873,811$ 247,460$ NOO (beginning of year) 6,125,525 5,689,485 2,309,285 NOO (end of year) 7,286,518$ 7,563,296$ 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:
Percent ofAnnual OPEB
Annual OPEB Cost Contributed Net OPEBYear Ended Cost to the Plan Obligation
GHPPC 9/30/2012 1,865,584$ 37.8% 7,286,518$ 9/30/2011 1,981,409$ 26.0% 6,125,525$ 9/30/2010 1,853,033$ 26.7% 4,660,272$
PCSOHP 9/30/2012 2,154,757$ 13.0% 7,563,296$ 9/30/2011 2,277,201$ 20.2% 5,689,485$ 9/30/2010 2,112,226$ 20.8% 3,871,642$
PCCCHP 9/30/2012 451,063$ 45.1% 2,556,745$ 9/30/2011 338,020$ 47.0% 2,309,285$ 9/30/2010 323,108$ 47.1% 2,130,192$
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PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
September 30, 2012
16. OTHER POSTEMPLOYMENT BENEFITS (CONTINUED)
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:
Actuarial Actuarial Accrued Unfunded UAAL as aActuarial Value of Liability (AAL) AAL Funded Covered Percentage ofValuation Assets - Entry Age (UAAL) Ratio Payroll Covered Payroll
Date (a) (b) (b - a) (a / b) (c) ([b - a] / c)
GHPPC9/30/2012 -$ 19,954,739$ 19,954,739$ 0.0% 82,847,911$ 24.1%
PCSOHP9/30/2012 -$ 18,375,400$ 18,375,400$ 0.0% 56,541,259$ 32.5%
PCCCHP9/30/2012 -$ 4,793,018$ 4,793,018$ 0.0% 11,626,888$ 41.2%
Schedule of Funding ProgressPay-As-You-Go Funding
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.
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PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
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16. OTHER POSTEMPLOYMENT BENEFITS (CONTINUED)
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 long-term perspective of the calculations. E. Actuarial Methods and Assumptions Significant methods and assumptions were as follows:
GHPPC PCSOHP PCCCHP
Contribution rate 2.2% 3.8% 3.8%Actuarial valuation date 9/30/2012 9/30/2012 9/30/2012Annual OPEB Cost $1,865,584 $2,154,757 $451,063Contributions made 704,591 280,946 203,603Actuarial cost method Entry Age Entry Age Entry AgeAmortization method Level percent, open Level percent, open Level percent, openRemaining amortization period 30 years 30 years 30 yearsAsset valuation method Unfunded Unfunded UnfundedActuarial assumptions:
Investment rate of return* 4.5% 4.5% 4.5%Projected salary increases * 4.0% - 9.5% 4.0% - 9.5% 4.0% - 9.5%Payroll growth assumption 3.5% 3.5% 3.5%Initial trend rate 9.0% 9.0% 9.0%Ultimate trend rate 4.5% 4.5% 4.5%
* Includes inflation at 3.5%
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PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
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 self-insurance 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:
Current Year Claims and Balance at Fiscal Beginning-of- Changes in Claim Fiscal Year Year Fiscal-Year-Liability Estimates Payments End
2011 10,316,913 5,978,138 5,426,628 10,868,423 2012 10,868,423 5,089,506 5,256,848 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)
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PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
September 30, 2012
18. EXPENDITURES IN EXCESS OF APPROPRIATIONS (CONTINUED)
Public Transportation Fund Transportation ($229,369) Tree Fund Transportation ($3,335) 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:
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 pre-
award authorization to incur travel expenses which will be reimbursed during the grant period. 20. 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.
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PASCO COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS
September 30, 2012
80
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 $2 million. Any claim in excess of the available insurance coverage would become a liability of the County. No liability has been recorded in the accompanying financial statements due to the uncertainty of the outcome.
PASCO COUNTY, FLORIDA OTHER POSTEMPLOYMENT BENEFITS
REQUIRED SUPPLEMENTARY INFORMATION September 30, 2012
(unaudited)
81
Schedule of Funding Progress for Pasco County:
Group Health Plan for Pasco Board of County Commissioners
Actuarial Actuarial Accrued Unfunded UAAL as aActuarial Value of Liability (AAL) AAL Funded Covered Percentage ofValuation Assets - Entry Age (UAAL) Ratio Payroll Covered Payroll
Date (a) (b) (b - a) (a / b) (c) ([b - a] / c)
9/30/2012 -$ 19,954,739$ 19,954,739$ 0.0% 82,847,911$ 24.1%9/30/2011 -$ 19,909,072$ 19,909,072$ 0.0% 80,989,033$ 24.6%9/30/2010 -$ 18,424,023$ 18,424,023$ 0.0% 80,854,667$ 22.8%
Pasco County Sheriff's Office Health Plan
Actuarial Actuarial Accrued Unfunded UAAL as aActuarial Value of Liability (AAL) AAL Funded Covered Percentage ofValuation Assets - Entry Age (UAAL) Ratio Payroll Covered Payroll
Date (a) (b) (b - a) (a / b) (c) ([b - a] / c)
9/30/2012 -$ 18,375,400$ 18,375,400$ 0.0% 56,541,259$ 32.5%9/30/2011 -$ 19,376,241$ 19,376,241$ 0.0% 60,653,895$ 31.9%9/30/2010 -$ 17,560,804$ 17,560,804$ 0.0% 55,753,342$ 31.5%
Pasco County Clerk & Comptroller's Office Health Plan
Actuarial Actuarial Accrued Unfunded UAAL as aActuarial Value of Liability (AAL) AAL Funded Covered Percentage ofValuation Assets - Entry Age (UAAL) Ratio Payroll Covered Payroll
Date (a) (b) (b - a) (a / b) (c) ([b - a] / c)
9/30/2012 -$ 4,793,018$ 4,793,018$ 0.0% 11,626,888$ 41.2%9/30/2011 -$ 4,148,577$ 4,148,577$ 0.0% 12,123,421$ 34.2%9/30/2010 -$ 3,963,632$ 3,963,632$ 0.0% 11,639,091$ 34.1%
See accompanying independent auditors’ report.
PASCO COUNTY, FLORIDA OTHER POSTEMPLOYMENT BENEFITS
REQUIRED SUPPLEMENTARY INFORMATION September 30, 2012
(unaudited)
82
Schedule of Employer Contributions for Pasco County:
AnnualRequired Percentage
Contribution Contributed
Group Health Plan for Pasco Board of County Commissioners 1,834,383 38.4%
Pasco County Sheriff's Office Health Plan 2,125,777 13.2%
Pasco County Clerk & Comptroller's Office Health Plan 439,300 46.3%
Group Health Plan for Pasco Board of County Commissioners 1,957,670 26.4%
Pasco County Sheriff's Office Health Plan 2,257,481 20.3%
Pasco County Clerk & Comptroller's Office Health Plan 327,169 48.6%
Group Health Plan for Pasco Board of County Commissioners 1,836,218 26.9%
Pasco County Sheriff's Office Health Plan 2,101,025 20.9%
Pasco County Clerk & Comptroller's Office Health Plan 313,128 48.6%
Fiscal
September 30
2010
2011
Year Ended
2012
See accompanying independent auditors’ report.
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 To account for the administration of the Florida Building Code pursuant to Senate Bill 442. 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.
NONMAJOR GOVERNMENTAL FUNDS (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 To account for funds received for the Teen Court Grant. 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.
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
SPECIAL REVENUE FUNDS (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 Anti-Drug 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.
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
SPECIAL REVENUE FUNDS (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.
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
SPECIAL REVENUE FUNDS (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.) .
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
SPECIAL REVENUE FUNDS (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.
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
SPECIAL REVENUE FUNDS (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 non-criminal 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.
NONMAJOR GOVERNMENTAL FUNDS (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) $13,000,000 note. HALF-CENT SALES TAX CONSTRUCTION FUND To account for the costs of various County governmental facilities, including park, recreation and library facilities; public safety, transportation, drainage and general County governmental buildings and/or improvements; and any land or other related improvements. Financing is provided from the proceeds of the Half-cent Sales Tax Revenue Bonds, Series 2003.
PASCO COUNTY, FLORIDA
GENERAL FUND
COMBINING BALANCE SHEETSeptember 30, 2012
B001 B121 B150 B152
OFFICE OF TOTALGENERAL STATE COURTS PARK GENERAL
FUND ADMIN DEVELOPMENT EDUCATION FUND
ASSETS
Cash and cash equivalents 52,932,106$ 68,725$ 61,403$ 79,301$ 53,141,535$ Investments 18,065 - - - 18,065 Accounts receivable 4,433,217 - - - 4,433,217 Assessments receivable 163 - - - 163 Due from: Other funds 18,099,592 - - - 18,099,592 Other governments 2,212,262 - - - 2,212,262 Inventories 154,343 - - - 154,343 Other assets 12,620 - - - 12,620
Total assets 77,862,368$ 68,725$ 61,403$ 79,301$ 78,071,797$
LIABILITIES AND FUND BALANCES
Liabilities: Vouchers payable 4,772,627$ -$ -$ 62,633$ 4,835,260$ Accrued liabilities 4,675,080 - - 2,942 4,678,022 Due to: Other funds 4,786,711 - - - 4,786,711 Other governments 379,162 - - - 379,162 Deposits 2,556,644 - - - 2,556,644 Deferred revenue 1,829,627 65,979 - - 1,895,606 Other liabilities 1,784 - - - 1,784
Total liabilities 19,001,635 65,979 - 65,575 19,133,189
Fund balances:Nonspendable: Inventories and prepaid items 161,912 - - - 161,912 Spendable:Restricted for: Grant programs and projects - - 61,403 - 61,403 Federal or state law - 2,746 - - 2,746 Other purposes 193,295 - - - 193,295 Committed to: By ordinances or other - - - 13,726 13,726 Assigned to: Other purposes 2,120,521 - - - 2,120,521 Unassigned: 56,385,005 - - - 56,385,005
Total fund balances 58,860,733 2,746 61,403 13,726 58,938,608
Total liabilities and fund balances 77,862,368$ 68,725$ 61,403$ 79,301$ 78,071,797$
The notes to the financial statements are an integral part of this statement.
83
PASCO COUNTY, FLORIDA
GENERAL FUND
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESFOR THE YEAR ENDED SEPTEMBER 30, 2012
B001 B121 B150 B152
OFFICE OF TOTALGENERAL STATE COURTS PARK GENERAL
FUND ADMIN DEVELOPMENT EDUCATION FUND
REVENUES Taxes 125,176,798$ -$ -$ -$ 125,176,798$ Licenses and permits 6,408 - - - 6,408 Intergovernmental: Federal 475,998 - - - 475,998 State 18,536,501 - - - 18,536,501 Local 145,016 - - - 145,016 Charges for services 25,528,546 - - - 25,528,546 Fines and forfeits 298,283 - - - 298,283 Interest and other earnings 505,490 482 467 398 506,837 Miscellaneous 12,442,163 - - - 12,442,163
Total revenues 183,115,203 482 467 398 183,116,550
EXPENDITURES Current: General government (noncourt-related) 48,132,913 - - - 48,132,913 Public safety 98,647,843 - - - 98,647,843 Physical environment 312,478 - - - 312,478 Transportation - - - 106,992 106,992 Economic environment 226,798 - - - 226,798 Human services 9,321,281 - - - 9,321,281 Culture and recreation 12,561,851 - 14,555 - 12,576,406 Court-related 4,665,940 - - - 4,665,940 Miscellaneous 6,433,466 - - - 6,433,466
Total expenditures 180,302,570 - 14,555 106,992 180,424,117
Excess (deficiency) of revenues over expenditures 2,812,633 482 (14,088) (106,594) 2,692,433
OTHER FINANCING SOURCES (USES) Transfers in 6,949,018 - - - 6,949,018 Transfers out (4,884,980) - - - (4,884,980)
Total other financing sources (uses) 2,064,038 - - - 2,064,038
Net change in fund balances 4,876,671 482 (14,088) (106,594) 4,756,471
Fund balances at beginning of year, as restated 53,984,062 2,264 75,491 120,320 54,182,137
Fund balances at end of year 58,860,733$ 2,746$ 61,403$ 13,726$ 58,938,608$
The notes to the financial statements are an integral part of this statement.
84
PASCO COUNTY, FLORIDA
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEETSeptember 30, 2012
102 103 104 105 106
LOCAL BUILDING WEST PASCO EAST PASCOMUNICIPAL OPTION INSPECTIONS LAW LAWSERVICES GAS TAX AND PERMITTING LIBRARY LIBRARY
ASSETS
Cash and cash equivalents 12,206,145$ 31,907,495$ 1,969,510$ 30,599$ 57,510$ Accounts receivable 78,760 139 - - - Notes receivable - - - - - Assessments receivable - - - - - Due from: Other funds 161,907 319 - - - Other governments 991,751 1,343,938 - 4,305 4,305 Inventories - - - - - Other assets - - - - -
Total assets 13,438,563$ 33,251,891$ 1,969,510$ 34,904$ 61,815$
LIABILITIES AND FUND BALANCES
Liabilities: Vouchers payable 391,753$ 557,734$ 17,105$ 2,255$ 246$ Contracts payable - 49,774 - - - Accrued liabilities 180,578 - 53,976 759 759 Due to: Other funds 38,355 - - - - Other governments 41,059 272 - - - Deposits 600 - - - - Deferred revenue - 290,706 - - - Other liabilities - - - - - Total liabilities 652,345 898,486 71,081 3,014 1,005
Fund balances:Nonspendable: Inventories and prepaid items - - - - - Spendable:Restricted for: Bond covenants or debt service - - - - - Grant programs and projects - - - - - Federal or state law - - 1,898,429 - - Impact fees - - - - - Other purposes - - - - - Committed to: Capital projects - - - - - Major maintenance & repair - 32,353,405 - - - By ordinances or other 12,786,218 - - - - Assigned to: Other purposes - - - 31,890 60,810 Unassigned: - - - - -
Total fund balances (deficit) 12,786,218 32,353,405 1,898,429 31,890 60,810
Total liabilities and fund balances 13,438,563$ 33,251,891$ 1,969,510$ 34,904$ 61,815$
See accompanying independent auditors' report.
SPECIAL REVENUE FUNDS
85
107 108 113 114 115 118 119
INTER- QUAILROAD TOURIST GOVERNMENTAL HOLLOW MUNICIPALAND LAW DEVELOPMENT SPECIAL RADIO VILLAGE FIRE SERVICE
BRIDGE ENFORCEMENT TAX ASSESSMENT COMMUNICATION MSBU UNIT
3,125,574$ 420,387$ 12,197,960$ 8,912,423$ 1,738,401$ 67,036$ 2,394,404$ 4,809 - - - - - 20,993
- - - - - - - - - - 14,238,002 - - -
- - - - - - 2,248 416,680 5,668 64,503 - 19,058 - 8,648
- - - - - - - - - - - - - -
3,547,063$ 426,055$ 12,262,463$ 23,150,425$ 1,757,459$ 67,036$ 2,426,293$
353,624$ -$ 11,514$ 128,453$ 1,317$ 1,191$ 248,352$ - - - - - - -
99,828 - 1,393 - - - 357,539
- - - 9,873 107 - - - 14,706 - 2,440 - - - - - - - - - - - - - 14,267,851 - - - - - - - - - -
453,452 14,706 12,907 14,408,617 1,424 1,191 605,891
- - - - - - -
- - - - - - - - - - - - - - - - 12,249,556 - 1,756,035 - - - 411,349 - - - - - - - - - - - -
- - - - - - - 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)
SPECIAL REVENUE FUNDS
86
120 122 123 124 125 126 127 128 129
HUD DEPT. HOUSING AMERICAN HUD DEPT. OF
OF CRIMINAL AND RECOVERY HOUSING COMMUNITY DEPARTMENTJUVENILE JUSTICE RECOVERY & REINV AND DEPARTMENT AFFAIRS OF TRANS- HOMEJUSTICE (FDLE) NSP - II ACT RECOVERY OF HUD GRANTS PORTATION PROGRAM
ASSETS
Cash and cash equivalents -$ 47$ -$ -$ 305,175$ -$ 2,567$ -$ -$ Accounts receivable - - 130,252 - 177,854 476,044 - - - Notes receivable - - 6,595,364 - 5,059,566 409,127 - - 14,113,659 Assessments receivable - - - - - 2,149,508 - - - Due from: Other funds - - 90,114 - - 10,000 41,343 912 - Other governments 940 40,887 2,000,013 627,165 831,166 330,697 175,095 4,242,777 193,265 Inventories - - - - 86,533 - - - - Other assets - - - - - - - - -
Total assets 940$ 40,934$ 8,815,743$ 627,165$ 6,460,294$ 3,375,376$ 219,005$ 4,243,689$ 14,306,924$
LIABILITIES AND FUND BALANCES
Liabilities: Vouchers payable -$ 40,887$ 1,351,829$ 450,024$ 129,126$ 76,277$ 435$ 387,680$ 23,347$ Contracts payable - - - 1,260 - 33,676 - 106,856 - Accrued liabilities - - 17,210 - - 4,776 2,068 - - Due to: Other funds 940 - 714,748 148,171 3,575 217,052 153,082 3,250,855 170,080 Other governments - - 9,736 22,816 120 5,099 - - 10 Deposits - - - - - 166 60,853 - - Deferred revenue - 47 6,725,419 4,894 6,240,940 3,038,330 - 498,298 14,113,487 Other liabilities - - - - - - - - - Total liabilities 940 40,934 8,818,942 627,165 6,373,761 3,375,376 216,438 4,243,689 14,306,924
Fund balances:Nonspendable: Inventories and prepaid items - - - - - - - - - Spendable:Restricted for: Bond covenants or debt service - - - - - - - - - Grant programs and projects - - - - - - 2,567 - - Federal or state law - - - - 86,533 - - - - Impact fees - - - - - - - - - Other purposes - - - - - - - - - Committed to: Capital projects - - - - - - - - - Major maintenance & repair - - - - - - - - - By ordinances or other - - - - - - - - - Assigned to: Other purposes - - - - - - - - - Unassigned: - - (3,199) - - - - - - Total fund balances (deficit) - - (3,199) - 86,533 - 2,567 - -
Total liabilities and fund balances 940$ 40,934$ 8,815,743$ 627,165$ 6,460,294$ 3,375,376$ 219,005$ 4,243,689$ 14,306,924$
September 30, 2012
SPECIAL REVENUE FUNDS
PASCO COUNTY, FLORIDA
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
87
130 131 134 135 136 137 138 139 140 141
HUD U.S. DEPT. OF RURALHOUSING HEALTH ECONOMIC
AND AND DIVISION LIBRARY AND FL DEPT. OF DEPT. OF U.S. TRANS- PUBLICRECOVERY HUMAN OF LIBRARY COOPERATIVE DEVELOPMENT ELDER ELDER DEPT. PORTATION TRANS-
NSP III SERVICES SERVICES GRANT ADMIN AFFAIRS AFFAIRS OF JUSTICE SERVICES PORTATION
-$ -$ 5$ 29$ 43,644$ -$ -$ -$ -$ 165,664$ - - - - - - - - 4,408 27,292
132,463 - - - 172,943 - - - - - - - - - - - - - - -
- - - - - - - - - - 27,741 107,821 - - - 997,700 46,925 155,999 126,167 -
- - - - - - - - - - - - - - - - - - 608 -
160,204$ 107,821$ 5$ 29$ 216,587$ 997,700$ 46,925$ 155,999$ 131,183$ 192,956$
15,719$ 43,615$ -$ 29$ -$ -$ 3,116$ 9,738$ -$ 199,065$ - - - - - 49,885 - - - - - - - - - - - - - 50,015
61,734 64,206 - - - 947,815 43,809 26,649 69,198 - 20 - 5 - - - - 118,881 - -
- - - - - - - - - - 82,731 - - - 202,226 - - 731 61,985 -
- - - - - - - - - - 160,204 107,821 5 29 202,226 997,700 46,925 155,999 131,183 249,080
- - - - - - - - - -
- - - - - - - - - - - - - - 14,361 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - (56,124)
- - - - 14,361 - - - - (56,124)
160,204$ 107,821$ 5$ 29$ 216,587$ 997,700$ 46,925$ 155,999$ 131,183$ 192,956$
(Continued)
SPECIAL REVENUE FUNDS
88
PASCO COUNTY, FLORIDA
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEETSeptember 30, 2012
142 143 144 145 146 147
DEPARTMENT OFFICE OFTITLE III-B DEPARTMENT OF TOURISM, TRADE DEPT. OF
TRANS- OF CHILDREN ELDERLY HOMELAND AND ECONOMIC ENVIRONMENTALPORTATION AND FAMILIES NUTRITION SECURITY DEVELOPMENT PROTECTION
ASSETS
Cash and cash equivalents -$ 54,350$ -$ -$ -$ -$ Accounts receivable - - - - - - Notes receivable - - - - - - Assessments receivable - - - - - - Due from: Other funds - - - - - 37,442 Other governments 67,158 - 207,187 2,325 1,680,503 38,118 Inventories - - - - - - Other assets - - - - - -
Total assets 67,158$ 54,350$ 207,187$ 2,325$ 1,680,503$ 75,560$
LIABILITIES AND FUND BALANCES
Liabilities: Vouchers payable -$ 25,296$ -$ -$ -$ -$ Contracts payable - - - - - - Accrued liabilities - - - - - - Due to: Other funds 66,868 - 207,180 2,325 1,680,503 65,425 Other governments - - - - - - Deposits - - - - - - Deferred revenue 290 29,054 7 - - 602 Other liabilities - - - - - - Total liabilities 67,158 54,350 207,187 2,325 1,680,503 66,027
Fund balances:Nonspendable: Inventories and prepaid items - - - - - - Spendable:Restricted for: Bond covenants or debt service - - - - - - Grant programs and projects - - - - - 9,533 Federal or state law - - - - - - Impact fees - - - - - - Other purposes - - - - - - Committed to: Capital projects - - - - - - Major maintenance & repair - - - - - - By ordinances or other - - - - - - Assigned to: Other purposes - - - - - - Unassigned: - - - - - - Total fund balances (deficit) - - - - - 9,533
Total liabilities and fund balances 67,158$ 54,350$ 207,187$ 2,325$ 1,680,503$ 75,560$
SPECIAL REVENUE FUNDS
89
149 154 155 156 159 160 161
U.S. FLORIDA TRANS-ENVIRONMENTAL 911 BOATING PORTATION
PROTECTION AFFORDABLE WILLIAMSBURG EMERGENCY AND US 19 IMPACT FEEAGENCY HOUSING WEST MSTU SERVICES IMPROVEMENT CONCURRENCY WEST
-$ 167,592$ 13,705$ 4,356,578$ 1,343,361$ 1,160,277$ 19,095,433$ - - - - - - - - - - - - - - - - - - - - -
- - - - - - - 111,960 - - 173,576 7,764 - -
- - - - - - - - - - - - - -
111,960$ 167,592$ 13,705$ 4,530,154$ 1,351,125$ 1,160,277$ 19,095,433$
-$ -$ 1,468$ 6,045$ 39,876$ -$ 1,327,753$ - - - - - - 36,990 - - - 3,923 - - -
112,740 - - - - - - - - - - - - - - - - - - - - - - - 5 - - 52,100 - - - - - - -
112,740 - 1,468 9,973 39,876 - 1,416,843
- - - - - - -
- - - - - - - - - - - 1,311,249 - - - - - 4,520,181 - - - - - - - - 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)
SPECIAL REVENUE FUNDS
90
PASCO COUNTY, FLORIDA
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEETSeptember 30, 2012
163 165 168 170 171 172
TRANS-TRANS- PORTATION COURT ALCOHOL
PORTATION IMPACT FACILITIES ANDIMPACT FEE FEE SCHOOL IMPROVEMENT OTHER TEEN
CENTRAL EAST IMPACT FEES 939.185 F.S. DRUG ABUSE COURT
ASSETS
Cash and cash equivalents 62,456,341$ 13,830,105$ 1,840,250$ 6,624,285$ 50,648$ 446,066$ Accounts receivable - 1,218 - - - Notes receivable - - - - - - Assessments receivable - - - - - - Due from: Other funds - 91,518 - - - - Other governments - - - 81,602 1,312 16,802 Inventories - - - - - - Other assets - - - - - -
Total assets 62,456,341$ 13,922,841$ 1,840,250$ 6,705,887$ 51,960$ 462,868$
LIABILITIES AND FUND BALANCES
Liabilities: Vouchers payable 411,938$ 738,386$ 1,836,052$ -$ -$ 1,663$ Contracts payable 62,458 171,606 - - - - Accrued liabilities - - - - - 2,510 Due to: Other funds - - - - - - Other governments 5 940 4,198 - - - Deposits - - - - - - Deferred revenue 14,915 2,031 - - - - Other liabilities - - - - - - Total liabilities 489,316 912,963 1,840,250 - - 4,173
Fund balances:Nonspendable: Inventories and prepaid items - - - - - - Spendable:Restricted for: Bond covenants or debt service - - - - - - Grant programs and projects - - - - - - Federal or state law - - - 6,705,887 51,960 458,695 Impact fees 61,967,025 13,009,878 - - - - Other purposes - - - - - - Committed to: Capital projects - - - - - - Major maintenance & repair - - - - - - By ordinances or other - - - - - - Assigned to: Other purposes - - - - - - Unassigned: - - - - - - Total fund balances (deficit) 61,967,025 13,009,878 - 6,705,887 51,960 458,695
Total liabilities and fund balances 62,456,341$ 13,922,841$ 1,840,250$ 6,705,887$ 51,960$ 462,868$
SPECIAL REVENUE FUNDS
91
SPECIAL REVENUE FUNDS180 181 182 183 184 185 188
COMBAT PARK PARK PARK RESCUE HURRICANEIMPACT 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$ 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$ 86,320$ 9,013$ 11,252$ 72,837$ -$ -$ 31,414 9,294 1,002 - 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
PASCO COUNTY, FLORIDA
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEETSeptember 30, 2012
193 195 701
CLERK & SUPERVISORCOMPTROLLER SHERIFF'S OF ELECTIONS
STORMWATER LIGHTING SPECIAL SPECIAL SPECIALMANAGEMENT TREE DISTRICTS REVENUE REVENUE REVENUE TOTAL
ASSETS
Cash and cash equivalents 17,376,169$ 1,317,072$ 2,485,513$ 5,005,505$ 3,798,814$ -$ 252,652,451$ Accounts receivable 4,747 - - - - - 926,516 Notes receivable - - - - - - 26,483,122 Assessments receivable - - 175,743 - - - 16,563,253 Due from: Other funds - - - - 2,978,335 147,982 3,562,120 Other governments - - 851 - 704,309 - 15,856,681 Inventories - - - - - - 86,533 Other assets - - - 179,441 381,145 - 561,194
Total assets 17,380,916$ 1,317,072$ 2,662,107$ 5,184,946$ 7,862,603$ 147,982$ 316,691,870$
LIABILITIES AND FUND BALANCES
Liabilities: Vouchers payable 1,188,419$ 25,455$ 366,306$ 800,818$ 257,281$ -$ 11,796,284$ Contracts payable 20,421 - - - - - 590,343 Accrued liabilities 43,437 - - 326,201 243,123 - 1,388,095 Due to: Other funds - - - - 2,203,715 - 10,259,005 Other governments 6 - - - 10,000 - 230,313 Deposits - - - 781 - - 62,400 Deferred revenue - - 881,824 - 529,002 142,156 48,038,928 Other liabilities - - - 11,502 - - 11,502 Total liabilities 1,252,283 25,455 1,248,130 1,139,302 3,243,121 142,156 72,376,870
Fund balances:Nonspendable: Inventories and prepaid items - - - 179,441 381,145 - 560,586 Spendable:Restricted for: - Bond covenants or debt service - - - - - - - Grant programs and projects - - - - 2,120,687 5,826 3,464,223 Federal or state law - - - 3,866,203 - - 31,593,479 Impact fees - - - - - - 128,671,120 Other purposes - - - - 2,117,650 - 2,117,650 Committed to: - Capital projects - - - - - - - Major maintenance & repair - - - - - - 44,188,824 By ordinances or other 16,128,633 1,291,617 1,413,977 - - - 33,686,521 Assigned to: - Other purposes - - - - - - 92,700 Unassigned: - - - - - - (60,103) Total fund balances (deficit) 16,128,633 1,291,617 1,413,977 4,045,644 4,619,482 5,826 244,315,000
Total liabilities and fund balances 17,380,916$ 1,317,072$ 2,662,107$ 5,184,946$ 7,862,603$ 147,982$ 316,691,870$
SPECIAL REVENUE FUNDS
93
225 226 230 231
GUARANTEEDGAS TAX HUD ENTITLEMENT HALF-CENT
REFUNDING SECTION 108 REFUNDING SALES TAXREVENUE BONDS NOTE REVENUE BONDS REVENUE BONDS
SERIES 2002 SERIES 2006 SERIES 2003 SERIES 2003 TOTAL
319$ 1,191,775$ 8,943,111$ -$ 10,135,205$ - - - - - - - - - - - - - - -
- - - 1,538,512 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 - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - -
- - - - - - - - - -
- 1,140,000 1,040,706 1,536,060 3,716,766
319$ 1,191,775$ 8,943,111$ 1,538,512$ 11,673,717$
(Continued)
DEBT SERVICE FUNDS
94
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEETSeptember 30, 2012
CAPITAL PROJECTS FUNDS300 301 311 312 313 326 331
TOTALBOARD MOBILITY MOBILITY MOBILITY TOMMY - HALF-CENT NONMAJOR
PENNY FOR CAPITAL FEE FEE FEE TOWN SALES TAX GOVERNMENTALPASCO IMPROVE- WEST CENTRAL EAST CAPITAL CONS- TOTAL FUNDS
MENTS TRUCTIONASSETS
Cash and cash equivalents 43,059,973$ 20,091,446$ 3,490,603$ 3,686,936$ 2,600,272$ 5,510,345$ 9,235,755$ 87,675,330$ 350,462,986$ Accounts receivable - - - - - - - - 926,516 Notes receivable - - - - - - - - 26,483,122 Assessments receivable - - - - - - - - 16,563,253 Due from: Other funds - - - - - - - - 5,100,632 Other governments 1,610,093 1,375 - - - - - 1,611,468 17,468,149 Inventories - - - - - - - - 86,533 Other assets - - - - - - - - 561,194
Total assets 44,670,066$ 20,092,821$ 3,490,603$ 3,686,936$ 2,600,272$ 5,510,345$ 9,235,755$ 89,286,798$ 417,652,385$
LIABILITIES AND FUND BALANCES
Liabilities: Vouchers payable 410,227$ 78,337$ -$ -$ -$ 111$ 21,286$ 509,961$ 12,306,245$ Contracts payable 21,452 6,373 - - - - 6,093 33,918 624,261 Accrued liabilities - - - - - - - - 1,388,095 Due to: Other funds - 3,901 - - 91,518 15,599 - 111,018 18,326,974 Other governments 145 - - - - - - 145 230,458 Deposits - - - - - - - - 62,400 Deferred revenue - - - - - - - - 48,038,928 Other liabilities - - - - - - - - 11,502 Total liabilities 431,824 88,611 - - 91,518 15,710 27,379 655,042 80,988,863
Fund balances:Nonspendable: Inventories and prepaid items - - - - - - - - 560,586 Spendable:Restricted for: Bond covenants or debt service - - - - - - - - 3,716,766 Grant programs and projects - - - - - - - - 3,464,223 Federal or state law - - - - - - - - 31,593,479 Impact fees - - - - - - - - 128,671,120 Other purposes - - - - - - - - 2,117,650 Committed to: Capital projects 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 Major maintenance & repair - - - - - - - - 44,188,824 By ordinances or other - - - - - - - - 33,686,521 Assigned to: Other purposes - - - - - - - - 92,700 Unassigned: - - - - - - - - (60,103) Total fund balances (deficit) 44,238,242 20,004,210 3,490,603 3,686,936 2,508,754 5,494,635 9,208,376 88,631,756 336,663,522
Total liabilities and fund balances 44,670,066$ 20,092,821$ 3,490,603$ 3,686,936$ 2,600,272$ 5,510,345$ 9,235,755$ 89,286,798$ 417,652,385$
PASCO COUNTY, FLORIDA
95
102 B103 104 105 106 107
LOCAL BUILDING WEST PASCO EAST PASCOMUNICIPAL OPTION INSPECTIONS LAW LAW ROAD ANDSERVICES GAS TAX AND PERMITTING LIBRARY LIBRARY BRIDGE
REVENUES Taxes 5,839,706$ 10,017,305$ 153,115$ -$ -$ 2,049,011$ Special assessments - - - - - - Licenses and permits 746,442 - 3,099,090 - - - Intergovernmental: Federal - - - - - - State 4,928,679 3,425,384 - - - 2,481,841 Local - - - - - - Charges for services 1,732,239 - 1,416,236 70,844 67,045 405,514 Fines and forfeits 2,490 - 50,114 - - - Interest and other earnings 108,364 268,953 12,285 213 440 14,559 Miscellaneous 444,273 310,070 126,789 (16) - 45,947 Total revenues 13,802,193 14,021,712 4,857,629 71,041 67,485 4,996,872
EXPENDITURES Current: General government (noncourt-related) 4,237,484 - 841,911 - - - Public safety 1,919,726 - 2,761,033 - - - Physical environment 277,137 - - - - - Transportation 968,238 17,893,085 - - - 7,222,392 Economic environment 151,103 - - - - - Human services 1,758,502 - - - - - Culture and recreation - - - - - - Court-related - - - 70,883 75,978 - Miscellaneous 3,074,560 953 1,079,937 - - 929,102 Capital outlay - - - - - - Debt service: Principal - - - - - - Interest and debt service charges - - - - - - Total expenditures 12,386,750 17,894,038 4,682,881 70,883 75,978 8,151,494
Excess (deficiency) of revenues over expenditures 1,415,443 (3,872,326) 174,748 158 (8,493) (3,154,622)
OTHER FINANCING SOURCES (USES) Transfers in - - - - - 4,187,032 Transfers out (4,232,625) (5,438,316) - - - - Total other financing sources (uses) (4,232,625) (5,438,316) - - - 4,187,032
Net change in fund balances (2,817,182) (9,310,642) 174,748 158 (8,493) 1,032,410
Fund balances at beginning of year 15,603,400 41,664,047 1,723,681 31,732 69,303 2,061,201
Fund balances at end of year 12,786,218$ 32,353,405$ 1,898,429$ 31,890$ 60,810$ 3,093,611$
See accompanying independent auditors' report.
PASCO COUNTY, FLORIDA
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESFOR THE YEAR ENDED SEPTEMBER 30, 2012
SPECIAL REVENUE FUNDS
96
108 113 114 115 118 119
INTER-TOURIST GOVERNMENTAL QUAIL HOLLOW MUNICIPAL
LAW DEVELOPMENT SPECIAL RADIO VILLAGE FIRE SERVICEENFORCEMENT TAX ASSESSMENT COMMUNICATION MSBU UNIT
-$ 822,207$ -$ -$ -$ 25,887,258$ - - 2,071,766 - 5,725 - - - - - - -
- - - - - - - - - - - - 33,923 - - - - - - - - - 258,580 - 3,288
171,183 - - - - - 2,814 84,416 395,853 11,841 486 67,935
- 339 45,578 - - 2,858 173,997 906,962 2,513,197 270,421 6,211 25,995,262
- - - 30,044 - - 104,523 - - 69,484 - 27,200,421
- - - - - - - - 3,645,089 - 8,435 - - 430,132 - - - - - - - - - - - 19,959 - - - - - - - - - - - - - 488 - - - - - - - -
- - - - - - - - - - - -
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 (2,224) (1,205,159)
341,875 11,792,685 7,873,700 1,585,630 68,069 3,025,561
411,349$ 12,249,556$ 8,741,808$ 1,756,035$ 65,845$ 1,820,402$
(Continued)
SPECIAL REVENUE FUNDS
97
122 123 124 125 126 127 HUD
HOUSING AMERICAN DEPT OFCRIMINAL AND RECOVERY HUD COMMUNITY
JUSTICE RECOVERY & REINV. HOUSING DEPT. AFFAIRS(FDLE) NSP - II ACT & RECOVERY OF HUD GRANTS
REVENUES Taxes -$ -$ -$ -$ -$ -$ Special assessments - - - - 200,711 - Licenses and permits - - - - - - Intergovernmental: Federal 226,523 7,950,168 1,861,422 - 2,542,180 323,684 State - - - - - 85,536 Local - - - - - - Charges for services - - - 49,402 13,617 - Fines and forfeits - - - - - - Interest and other earnings - - - 11,681 10,628 - Miscellaneous - - - 2,944,452 33,899 - Total revenues 226,523 7,950,168 1,861,422 3,005,535 2,801,035 409,220
EXPENDITURES Current: General government (noncourt-related) - - - - 412,831 - Public safety 226,523 - 152,123 - - 410,114 Physical environment - - 1,062,676 - 45,766 12,803 Transportation - - 115,328 - 232,000 - Economic environment - 7,950,168 358,995 2,919,002 882,437 - Human services - - - - 155,990 52,323 Culture and recreation - - - - - - Court-related - - 172,300 - - - Miscellaneous - - - - - - Capital outlay - - - - - - Debt service: Principal - - - - - - Interest and debt service charges - - - - - - Total expenditures 226,523 7,950,168 1,861,422 2,919,002 1,729,024 475,240
Excess (deficiency) of revenues over expenditures - - - 86,533 1,072,011 (66,020)
OTHER FINANCING SOURCES (USES) Transfers in - - - - - 68,587 Transfers out - - - - (1,072,011) - Total other financing sources (uses) - - - - (1,072,011) 68,587
Net change in fund balances - - - 86,533 - 2,567
Fund balances at beginning of year - (3,199) - - - -
Fund balances at end of year -$ (3,199)$ -$ 86,533$ -$ 2,567$
PASCO COUNTY, FLORIDA
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESFOR THE YEAR ENDED SEPTEMBER 30, 2012
SPECIAL REVENUE FUNDS
98
128 129 130 131 134 135 136 137 138 139HUD U.S. DEPT. OF
HOUSING HEALTH RURALDEPT. 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
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - -
1,887,505 199,513 296,345 351,305 20,000 - - - 164,747 421,593 6,605,812 - - - - 6,901 - 997,700 - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 12,747 - - - - 284 - - - - 699,382 267 - - - 6,324 - - -
8,493,317 911,642 296,612 351,305 20,000 6,901 6,608 997,700 164,747 421,593
600,240 - - - - - - - - - - - - - - - - - - 111,039 - - - - - - - - - -
8,943,237 - - - - - - - - 200,196 - 911,642 296,612 - - - - - - - - - - - - - - - 164,747 - - - - - 20,000 6,901 - 997,700 - - - - - 351,305 - - - - - 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 - - -
- - - - - - 7,753 - - -
-$ -$ -$ -$ -$ -$ 14,361$ -$ -$ -$
(Continued)
SPECIAL REVENUE FUNDS
99
141 142 143 144 147 149
PUBLIC TITLE III-B DEPT. DEPT. OF U.S.TRANS- TRANS- OF CHILDREN ELDERLY ENVIRONMENTAL ENVIRONMENTAL
PORTATION PORTATION AND FAMILIES NUTRITION PROTECTION PROTECTION
REVENUES Taxes -$ -$ -$ -$ -$ -$ Special assessments - - - - - - Licenses and permits - - - - - - Intergovernmental: Federal - 279,283 - 904,910 - 111,960 State - - 164,790 121,238 37,442 - Local - - - - - - Charges for services 943,752 - - - - - Fines and forfeits - - - - - - Interest and other earnings - - - - - Miscellaneous 122,531 15,288 - 28,926 9,534 - Total revenues 1,066,283 294,571 164,790 1,055,074 46,976 111,960
EXPENDITURES Current: General government (noncourt-related) - - - - - 111,960 Public safety - - 58,346 - - - Physical environment - - - - 74,885 - Transportation 1,224,314 324,969 - 168,063 - - Economic environment - - - - - - Human services - - 106,444 887,011 - - Culture and recreation - - - - - - Court-related - - - - - - Miscellaneous - - - - - - Capital outlay - - - - - - Debt service: Principal - - - - - - Interest and debt service charges - - - - - - Total expenditures 1,224,314 324,969 164,790 1,055,074 74,885 111,960
Excess (deficiency) of revenues over expenditures (158,031) (30,398) - - (27,909) -
OTHER FINANCING SOURCES (USES) Transfers in 299,890 30,398 - - 37,442 - Transfers out - - - - - - Total other financing sources (uses) 299,890 30,398 - - 37,442 -
Net change in fund balances 141,859 - - - 9,533 -
Fund balances at beginning of year (197,983) - - - - (780)
Fund balances at end of year (56,124)$ -$ -$ -$ 9,533$ (780)$
FOR THE YEAR ENDED SEPTEMBER 30, 2012
SPECIAL REVENUE FUNDS
PASCO COUNTY, FLORIDA
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
100
154 155 156 159 160 161 163
FLORIDA TRANS- TRANS-911 BOATING PORTATION PORTATION
AFFORDABLE WILLIAMSBURG EMERGENCY AND US 19 IMPACT FEE IMPACT FEEHOUSING WEST MSTU SERVICES IMPROVEMENT CONCURRENCY WEST CENTRAL
-$ -$ -$ -$ -$ -$ -$ - 5,115 - - - 111,117 979,921 - - - - - - -
- - - - - - - - - 1,295,406 117,708 - - - - - - - - - -
28,855 - 1,023,568 - - - - - - - - - - -
1,472 143 30,932 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
- - - - - - - - - 2,243,726 - - - - - 17,997 - - - - - - - - - - 10,127,907 3,164,991
136,000 - - - - - - - - - - - - - - - - 69,058 - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - -
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) 106,180 57,599 8,125 (9,831,144) (1,683,444)
273,265 24,976 4,414,001 1,253,650 1,152,152 27,509,734 63,650,469
167,592$ 12,237$ 4,520,181$ 1,311,249$ 1,160,277$ 17,678,590$ 61,967,025$
(Continued)
SPECIAL REVENUE FUNDS
101
165 168 170 171 172 180 181
TRANS- COURT ALCOHOLPORTATION FACILITIES AND PARKIMPACT FEE SCHOOL IMPROVEMENT OTHER TEEN COMBAT IMPACT FEE
EAST IMPACT FEES 939.185 F.S. DRUG ABUSE COURT IMPACT FEE WEST
REVENUES Taxes -$ -$ -$ -$ -$ -$ -$ Special assessments 38,444 5,335,163 - - - 149,848 80,328 Licenses and permits - - - - - - - Intergovernmental: Federal - - - - - - - State - - - - - - - Local - - - - - - - Charges for services - - 1,146,088 16,825 220,184 - - Fines and forfeits - - - - - - - Interest and other earnings 103,232 - 43,678 116 3,007 42,008 70,337 Miscellaneous 88,403 - - - - 200,000 - Total revenues 230,079 5,335,163 1,189,766 16,941 223,191 391,856 150,665
EXPENDITURES Current: General government (noncourt-related) - 5,335,163 - - - - - Public safety - - - - - 425,204 - Physical environment - - - - - - - Transportation 3,904,553 - - - - - - Economic environment - - - - - - - Human services - - - - - - - Culture and recreation - - - - - - 166,141 Court-related - - 327,205 - 174,989 - - Miscellaneous - - - - - 3,271 2,113 Capital outlay - - - - - - - Debt service: Principal - - - - - - - Interest and debt service charges - - - - - - - Total expenditures 3,904,553 5,335,163 327,205 - 174,989 428,475 168,254
Excess (deficiency) of revenues over expenditures (3,674,474) - 862,561 16,941 48,202 (36,619) (17,589)
OTHER FINANCING SOURCES (USES) Transfers in - - - - - - - Transfers out - - - - - - - Total other financing sources (uses) - - - - - - -
Net change in fund balances (3,674,474) - 862,561 16,941 48,202 (36,619) (17,589)
Fund balances at beginning of year 16,684,352 - 5,843,326 35,019 410,493 5,903,997 9,967,368
Fund balances (deficit) at end of year 13,009,878$ -$ 6,705,887$ 51,960$ 458,695$ 5,867,378$ 9,949,779$
SPECIAL REVENUE FUNDS
PASCO COUNTY, FLORIDA
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESFOR THE YEAR ENDED SEPTEMBER 30, 2012
102
182 183 184 185 188 193 195 701
183PARK PARK HURRICANE
IMPACT FEE IMPACT FEE RESCUE LIBRARY MITIGATION STORMWATER LIGHTINGCENTRAL EAST IMPACT FEE IMPACT FEE FEE MANAGEMENT TREE DISTRICTS
-$ -$ -$ -$ -$ -$ -$ -$ 291,953 12,542 105,136 47,474 722 11,620,211 - 3,458,465
- - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - 34,925 141,188 (56) - - - - - - - -
63,135 17,446 40,125 14,537 1,121 150,698 8,509 29,914 - - - 6,975 - 99,750 - 34,402
355,088 29,988 145,261 68,986 1,843 11,905,584 149,697 3,522,725
- - - - - - - - - - 214,530 - - - - - - - - - - - 28,785 - - - - - - 13,247,651 36,085 3,326,305 - - - - - - 1,100 - - - - - - - - -
13,510 44,486 - - - - - - - - - - - - - -
717 - 2,268 490 482 - - - - - - - - - - -
- - - - - - - - - - - - - - - -
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
- - - - - - - - - - - - - - - (56,991) - - - - - - - (56,991)
340,861 (14,498) (71,537) 68,496 1,361 (1,342,067) 83,727 139,429
7,966,124 2,473,220 5,668,265 2,035,888 158,664 17,470,700 1,207,890 1,274,548
8,306,985$ 2,458,722$ 5,596,728$ 2,104,384$ 160,025$ 16,128,633$ 1,291,617$ 1,413,977$
(Continued)
SPECIAL REVENUE FUNDS
103
SPECIAL REVENUE FUNDS
CLERK & SUPERVISOR
COMPTROLLER'S SHERIFF'S OF ELECTION'SSPECIAL SPECIAL SPECIALREVENUE REVENUE REVENUE TOTAL
REVENUES Taxes -$ -$ -$ 44,768,602$ Special assessments - - - 24,514,641 Licenses and permits - - - 3,845,532 Intergovernmental: Federal - 1,492,865 - 19,034,003 State 12,611,341 5,510,263 110,246 38,534,210 Local - 476,006 - 476,006 Charges for services 932,202 1,877,580 - 10,381,876 Fines and forfeits 491,270 581,945 - 1,297,002 Interest and other earnings 18,205 6,663 362 2,291,316 Miscellaneous 717,441 263,260 - 6,308,841 Total revenues 14,770,459 10,208,582 110,608 151,452,029
EXPENDITURES Current: General government (noncourt-related) 31,808 - 110,246 11,711,687 Public safety - 10,762,779 - 46,659,571 Physical environment - - - 1,520,049 Transportation - - - 74,752,838 Economic environment - - - 14,037,191 Human services - - - 3,125,017 Culture and recreation - - - 1,337,755 Court-related 14,973,462 - - 16,256,480 Miscellaneous - - - 5,094,381 Capital outlay - - - - Debt service: Principal - - - - Interest and debt service charges - - - - Total expenditures 15,005,270 10,762,779 110,246 174,494,969
Excess (deficiency) of revenues over expenditures (234,811) (554,197) 362 (23,042,940)
OTHER FINANCING SOURCES (USES) Transfers in 953,387 - - 8,626,896 Transfers out - - - (10,799,943) Total other financing sources (uses) 953,387 - - (2,173,047)
Net change in fund balances 718,576 (554,197) 362 (25,215,987)
Fund balances at beginning of year 3,327,068 5,173,679 5,464 269,530,987
Fund balances at end of year 4,045,644$ 4,619,482$ 5,826$ 244,315,000$
PASCO COUNTY, FLORIDA
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESFOR THE YEAR ENDED SEPTEMBER 30, 2012
104
225 226 230 231GUARANTEED
GAS TAX HUD ENTITLEMENT HALF-CENTREFUNDING SECTION 108 REFUNDING SALES TAX
REVENUE BONDS NOTE REVENUE BONDS REVENUE BONDSSERIES 2002 SERIES 2006 SERIES 2003 SERIES 2003 TOTAL
-$ -$ -$ -$ -$ - - - - - - - - - -
- - - - - - - 9,822,510 - 9,822,510 - - - - - - - - - - - - -
2,838 128 35,867 - 38,833 - - - - -
2,838 128 9,858,377 - 9,861,343
-
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3,725,000 474,000 730,000 1,035,000 5,964,000 403,788 598,139 1,213,947 1,951,770 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) (270,301)
3,438,316 1,072,011 - 3,005,241 7,515,568 - - (7,902,405) - (7,902,405)
3,438,316 1,072,011 (7,902,405) 3,005,241 (386,837)
(687,634) - 12,025 18,471 (657,138)
687,634 1,140,000 1,028,681 1,517,589 4,373,904
-$ 1,140,000$ 1,040,706$ 1,536,060$ 3,716,766$
(Continued)
DEBT SERVICE FUNDS
105
PASCO COUNTY, FLORIDA
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESFOR THE YEAR ENDED SEPTEMBER 30, 2012
CAPITAL PROJECTS FUNDS300 301 311 312 313 326 331
TOTALBOARD MOBILITY MOBILITY MOBILITY TOMMY- HALF-CENT NONMAJOR
PENNY CAPITAL FEE DISTRICT FEE DISTRICT FEE DISTRICT TOWN SALES TAX GOVERNMENTALFOR PASCO IMPROVEMENTS WEST CENTRAL EAST CAPITAL CONSTRUCTION TOTAL FUNDS
REVENUES Taxes 15,187,473$ -$ -$ -$ -$ -$ -$ 15,187,473$ 59,956,075$ Special assessments - - - - - - - - 24,514,641 Licenses and permits - - 2,891,165 2,901,940 2,040,695 - - 7,833,800 11,679,332 Intergovernmental: Federal - 3,032 - - - - - 3,032 19,037,035 State - - - - - - - - 48,356,720 Local - - - - - - - - 476,006 Charges for services - - - - - - - - 10,381,876 Fines and forfeits - - - - - - - - 1,297,002 Interest and other earnings 351,685 141,479 17,941 17,032 12,569 580 68,134 609,420 2,939,569 Miscellaneous 1,914,966 - - - 22,625 - - 1,937,591 8,246,432 Total revenues 17,454,124 144,511 2,909,106 2,918,972 2,075,889 580 68,134 25,571,316 186,884,688
EXPENDITURES - Current: General government (noncourt-related) - - - - - - - - 11,711,687 Public safety - - - - - - - - 46,659,571 Physical environment - - - - - - - - 1,520,049 Transportation - - - - - - - - 74,752,838 Economic environment - - - - - - - - 14,037,191 Human services - - - - - - - - 3,125,017 Culture and recreation - - - - - - - - 1,337,755 Court-related - - - - - - - - 16,256,480 Miscellaneous - - - - - - - - 5,094,381 Capital outlay 10,252,904 239,028 - - 14,265 14,787 915,160 11,436,144 11,436,144 Debt service: Principal - - - - - - - - 5,964,000 Interest and debt service charges - - - - - - - - 4,167,644 Total expenditures 10,252,904 239,028 - - 14,265 14,787 915,160 11,436,144 196,062,757
Excess (deficiency) of revenues over expenditures 7,201,220 (94,517) 2,909,106 2,918,972 2,061,624 (14,207) (847,026) 14,135,172 (9,178,069)
OTHER FINANCING SOURCES (USES) Transfers in - 470,000 - - - - - 470,000 16,612,464 Transfers out - (31,145) - - - - - (31,145) (18,733,493) Total other financing sources (uses) - 438,855 - - - - - 438,855 (2,121,029)
Net change in fund balances 7,201,220 344,338 2,909,106 2,918,972 2,061,624 (14,207) (847,026) 14,574,027 (11,299,098)
Fund balances at beginning of year 37,037,022 19,659,872 581,497 767,964 447,130 5,508,842 10,055,402 74,057,729 347,962,620
Fund balances at end of year 44,238,242$ 20,004,210$ 3,490,603$ 3,686,936$ 2,508,754$ 5,494,635$ 9,208,376$ 88,631,756$ 336,663,522$
106
PASCO COUNTY, FLORIDA
MUNICIPAL SERVICES FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Taxes 5,652,500$ 5,652,500$ 5,839,706$ 187,206$ Licenses and permits 735,245 735,245 746,442 11,197 Intergovernmental - State 4,300,390 4,300,390 4,928,679 628,289 Charges for services 937,346 937,346 1,732,239 794,893 Fines and forfeitures 1,995 1,995 2,490 495 Interest and other earnings 137,750 137,750 108,364 (29,386) Miscellaneous 224,945 224,945 444,273 219,328 Total revenues 11,990,171 11,990,171 13,802,193 1,812,022
EXPENDITURES Current: General government (noncourt-related) 4,841,949 5,116,778 4,237,484 879,294 Public safety 2,118,405 2,118,405 1,919,726 198,679 Physical environment 3,382,766 3,457,528 277,137 3,180,391 Transportation 944,706 945,546 968,238 (22,692) Economic environment 170,390 170,390 151,103 19,287 Human services 1,937,535 1,983,098 1,758,502 224,596 Miscellaneous 8,574,412 9,500,543 3,074,560 6,425,983 Total expenditures 21,970,163 23,292,288 12,386,750 10,905,538
Excess (deficiency) of revenues over expenditures (9,979,992) (11,302,117) 1,415,443 12,717,560
OTHER FINANCING SOURCES (USES) Transfers out (4,201,284) (4,301,284) (4,232,625) 68,659 Total other financing sources (uses) (4,201,284) (4,301,284) (4,232,625) 68,659
Net change in fund balances (14,181,276) (15,603,401) (2,817,182) 12,786,219
Fund balances at beginning of year 14,181,276 15,603,401 15,603,400 (1)
Fund balances at end of year -$ -$ 12,786,218$ 12,786,218$
See accompanying independent auditors' report.
107
PASCO COUNTY, FLORIDA
LOCAL OPTION GAS TAX FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Taxes 9,218,792$ 9,218,792$ 10,017,305$ 798,513$ Intergovernmental - State 3,171,728 3,171,728 3,425,384 253,656 Interest and other earnings 250,017 250,017 268,953 18,936 Miscellaneous 14,250 14,250 310,070 295,820 Total revenues 12,654,787 12,654,787 14,021,712 1,366,925
EXPENDITURES Current: Transportation 32,847,555 48,193,064 17,893,085 30,299,979 Miscellaneous - 953 953 - Total expenditures 32,847,555 48,194,017 17,894,038 30,299,979
Excess (deficiency) of revenues over expenditures (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
Net change in fund balances (26,317,585) (41,664,047) (9,310,642) 32,353,405
Fund balances at beginning of year 26,317,585 41,664,047 41,664,047 -
Fund balances at end of year -$ -$ 32,353,405$ 32,353,405$
See accompanying independent auditors' report.
108
PASCO COUNTY, FLORIDA
BUILDING INSPECTIONS AND PERMITTING FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Taxes 153,900$ 153,900$ 153,115$ (785)$ Licenses and permits 3,071,350 3,071,350 3,099,090 27,740 Charges for services 1,549,413 1,549,413 1,416,236 (133,177) Fines and forfeitures 61,750 61,750 50,114 (11,636) Interest and other earnings 14,915 14,915 12,285 (2,630) Miscellaneous - - 126,789 126,789 Total revenues 4,851,328 4,851,328 4,857,629 6,301
EXPENDITURES Current: General government 834,327 862,502 841,911 20,591 Public safety 2,756,825 2,762,487 2,761,033 1,454 Miscellaneous 2,892,464 2,961,766 1,079,937 1,881,829 Total expenditures 6,483,616 6,586,755 4,682,881 1,903,874
Excess (deficiency) of revenues over expenditures (1,632,288) (1,735,427) 174,748 1,910,175
Net change in fund balances (1,632,288) (1,735,427) 174,748 1,910,175
Fund balances at beginning of year 1,632,288 1,735,427 1,723,681 (11,746)
Fund balances at end of year -$ -$ 1,898,429$ 1,898,429$
See accompanying independent auditors' report.
109
PASCO COUNTY, FLORIDA
WEST PASCO LAW LIBRARY FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Charges for services 72,770$ 72,770$ 70,844$ (1,926)$ Interest and other earnings 333 333 213 (120) Miscellaneous - - (16) (16) Total revenues 73,103 73,103 71,041 (2,062)
EXPENDITURES Current: Court-related: 101,280 105,083 70,883 34,200
Net change in fund balances (28,177) (31,980) 158 32,138
Fund balances at beginning of year 28,177 31,980 31,732 (248)
Fund balances at end of year -$ -$ 31,890$ 31,890$
See accompanying independent auditors' report.
110
PASCO COUNTY, FLORIDA
EAST PASCO LAW LIBRARY FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Charges for services 66,500$ 66,500$ 67,045$ 545$ Interest and other earnings 831 831 440 (391) Total revenues 67,331 67,331 67,485 154
EXPENDITURES Current: Court-related 134,999 137,060 75,978 61,082
Net change in fund balances (67,668) (69,729) (8,493) 61,236
Fund balances at beginning of year 67,668 69,729 69,303 (426)
Fund balances at end of year -$ -$ 60,810$ 60,810$
See accompanying independent auditors' report.
111
PASCO COUNTY, FLORIDA
ROAD AND BRIDGE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Taxes 1,995,000$ 1,995,000$ 2,049,011$ 54,011$ Intergovernmental: State 2,322,750 2,322,750 2,481,841 159,091 Charges for services 182,400 182,400 405,514 223,114 Interest and other earnings 20,900 20,900 14,559 (6,341) Miscellaneous 27,645 63,645 45,947 (17,698) Total revenues 4,548,695 4,584,695 4,996,872 412,177
EXPENDITURES Current: Transportation 7,746,458 7,978,747 7,222,392 756,355 Miscellaneous 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
OTHER FINANCING SOURCES Transfers in 4,187,032 4,187,032 4,187,032 -
Net change in fund balances (1,531,304) (1,783,085) 1,032,410 2,815,495
Fund balances at beginning of year 1,531,304 1,783,085 2,061,201 278,116
Fund balances at end of year -$ -$ 3,093,611$ 3,093,611$
See accompanying independent auditors' report.
112
PASCO COUNTY, FLORIDA
LAW ENFORCEMENT FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Fines and forfeits 80,750$ 80,750$ 171,183$ 90,433$ Interest and other earnings 2,565 2,565 2,814 249 Total revenues 83,315 83,315 173,997 90,682
EXPENDITURES Current: Public safety 320,591 320,591 104,523 216,068
Net change in fund balances (237,276) (237,276) 69,474 306,750
Fund balances at beginning of year 237,276 237,276 341,875 104,599
Fund balances at end of year -$ -$ 411,349$ 411,349$
See accompanying independent auditors' report.
113
PASCO COUNTY, FLORIDA
TOURIST DEVELOPMENT TAX FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Taxes 620,000$ 620,000$ 822,207$ 202,207$ Interest and other earnings 95,000 95,000 84,416 (10,584) Miscellaneous - - 339 339 Total revenues 715,000 715,000 906,962 191,962
EXPENDITURES Current: Economic environment 12,378,907 12,365,218 430,132 11,935,086 Culture and recreation - 130,000 19,959 110,041 Miscellaneous 12,028 12,467 - 12,467 Total expenditures 12,390,935 12,507,685 450,091 12,057,594
Net change in fund balances (11,675,935) (11,792,685) 456,871 12,249,556
Fund balances at beginning of year 11,675,935 11,792,685 11,792,685 -
Fund balances at end of year -$ -$ 12,249,556$ 12,249,556$
See accompanying independent auditors' report.
114
PASCO COUNTY, FLORIDA
SPECIAL ASSESSMENT FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments 1,900,000$ 1,900,000$ 2,071,766$ 171,766$ Interest and other earnings 399,000 399,000 395,853 (3,147) Miscellaneous - - 45,578 45,578 Total revenues 2,299,000 2,299,000 2,513,197 214,197
EXPENDITURES Current: Transportation 9,151,799 11,351,799 3,645,089 7,706,710
Excess (deficiency) of revenues over expenditures (6,852,799) (9,052,799) (1,131,892) (7,920,907)
OTHER FINANCING SOURCES Transfers in 2,000,000 2,000,000 2,000,000 -
Net change in fund balances (4,852,799) (7,052,799) 868,108 7,920,907
Fund balances at beginning of year 4,852,799 7,052,799 7,873,700 820,901
Fund balances at end of year -$ -$ 8,741,808$ 8,741,808$
See accompanying independent auditors' report.
115
PASCO COUNTY, FLORIDA
INTERGOVERNMENTAL RADIO COMMUNICATION FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Charges for services 228,000$ 228,000$ 258,580$ 30,580$ Interest and other earnings 17,100 17,100 11,841 (5,259) Total revenues 245,100 245,100 270,421 25,321
EXPENDITURES Current: General government (noncourt-related) 148,852 150,630 30,044 120,586 Public safety 102,344 156,344 69,484 86,860 Miscellaneous 1,573,472 1,519,472 488 1,518,984 Total expenditures 1,824,668 1,826,446 100,016 1,726,430
Net change in fund balances (1,579,568) (1,581,346) 170,405 1,751,751
Fund balances at beginning of year 1,579,568 1,581,346 1,585,630 4,284
Fund balances at end of year -$ -$ 1,756,035$ 1,756,035$
See accompanying independent auditors' report.
116
PASCO COUNTY, FLORIDA
QUAIL HOLLOW VILLAGE MSBU FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments 5,605$ 5,605$ 5,725$ 120$ Interest and other earnings 846 846 486 (360) Total revenues 6,451 6,451 6,211 (240)
EXPENDITURES Current: Transportation: 71,263 71,263 8,435 62,828
Net change in fund balances (64,812) (64,812) (2,224) 62,588
Fund balances at beginning of year 64,812 64,812 68,069 3,257
Fund balances at end of year -$ -$ 65,845$ 65,845$
See accompanying independent auditors' report.
117
PASCO COUNTY, FLORIDA
MUNICIPAL FIRE SERVICE UNIT FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Taxes 25,490,690$ 25,490,690$ 25,887,258$ 396,568$ Intergovernmental - State 29,000 29,000 33,923 4,923 Charges for services - - 3,288 3,288 Interest and other earnings 47,500 47,500 67,935 20,435 Miscellaneous 3,904 3,904 2,858 (1,046) Total revenues 25,571,094 25,571,094 25,995,262 424,168
EXPENDITURES Current: Public safety 28,319,828 28,596,655 27,200,421 1,396,234
Net change in fund balances (2,748,734) (3,025,561) (1,205,159) 1,820,402
Fund balances at beginning of year 2,748,734 3,025,561 3,025,561 -
Fund balances at end of year -$ -$ 1,820,402$ 1,820,402$
See accompanying independent auditors' report.
118
PASCO COUNTY, FLORIDA
DEPARTMENT OF HUD FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments -$ 1,500$ 200,711$ 199,211$ Intergovernmental - Federal - 4,514,450 2,542,180 (1,972,270) Charges for services - 10,000 13,617 3,617 Interest and other earnings - 7,000 10,628 3,628 Miscellaneous - 15,000 33,899 18,899 Total revenues - 4,547,950 2,801,035 (1,746,915)
EXPENDITURES Current: General government (noncourt-related) - 434,180 412,831 21,349 Physical environment - 74,810 45,766 29,044 Transportation - 232,000 232,000 - Economic environment - 2,466,844 882,437 1,584,407 Human services - 207,935 155,990 51,945 Miscellaneous - 60,042 - 60,042 Total expenditures - 3,475,811 1,729,024 1,746,787
Excess of revenues over expenditures - 1,072,139 1,072,011 (128)
OTHER FINANCING USES Transfers out - (1,072,139) (1,072,011) 128
Net change in fund balances - - - -
Fund balances at beginning of year - - - -
Fund balances at end of year -$ -$ -$ -$
See accompanying independent auditors' report.
119
PASCO COUNTY, FLORIDA
HOME PROGRAM FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Intergovernmental - Federal -$ 1,711,275$ 199,513$ (1,511,762)$ Interest and other earnings - - 12,747 12,747 Miscellaneous - 500,000 699,382 199,382 Total revenues - 2,211,275 911,642 (1,299,633)
EXPENDITURES Current: Economic environment - 2,211,275 911,642 1,299,633 Total expenditures - 2,211,275 911,642 1,299,633
Net change in fund balances - - - -
Fund balances at beginning of year - - - -
Fund balances at end of year -$ -$ -$ -$
See accompanying independent auditors' report.
120
PASCO COUNTY, FLORIDA
LIBRARY COOPERATIVE GRANT FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Intergovernmental - State -$ 6,901$ 6,901$ -$
EXPENDITURES Current: Culture and recreation: - 6,901 6,901 - Total expenditures - 6,901 6,901 -
Net change in fund balances - - - -
Fund balances at beginning of year - - - -
Fund balances at end of year -$ -$ -$ -$
See accompanying independent auditors' report.
121
PASCO COUNTY, FLORIDA
RURAL ECONOMIC AND DEVELOPMENT ADMINISTRATION FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Interest and other earnings -$ 398$ 284$ (114)$ Miscellaneous - 3,989 6,324 2,335 Total revenues - 4,387 6,608 2,221
EXPENDITURES Current: Economic environment - 10,434 - 10,434 Total expenditures - 10,434 - 10,434
Net change in fund balances - (6,047) 6,608 12,655
Fund balances at beginning of year - 6,047 7,753 1,706
Fund balances at end of year -$ -$ 14,361$ 14,361$
See accompanying independent auditors' report.
122
PASCO COUNTY, FLORIDA
PUBLIC TRANSPORTATION FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Charges for services 762,799$ 801,241$ 943,752$ 142,511$ Miscellaneous 7,201 43,759 122,531 78,772 Total revenues 770,000 845,000 1,066,283 221,283
EXPENDITURES Current: Transportation 770,000 994,945 1,224,314 (229,369) Total expenditures 770,000 994,945 1,224,314 (229,369)
Excess (deficiency) of revenues over expenditures - (149,945) (158,031) (8,086)
OTHER FINANCING SOURCES Transfers in - 149,945 299,890 149,945
Net change in fund balances - - 141,859 (141,859)
Fund balances (deficit) at beginning of year - - (197,983) (197,983)
Fund balances (deficit) at end of year -$ -$ (56,124)$ (56,124)$
See accompanying independent auditors' report.
123
PASCO COUNTY, FLORIDA
DEPARTMENT OF CHILDREN AND FAMILIES FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Intergovernmental - State -$ 178,691$ 164,790$ (13,901)$ Interest and other earnings - 29 - (29) Total revenues - 178,720 164,790 (13,930)
EXPENDITURES Current: Public safety: - 58,652 58,346 306 Human services - 120,068 106,444 13,624 Total expenditures - 178,720 164,790 13,930
Net change in fund balances - - - -
Fund balances at beginning of year - - - -
Fund balances at end of year -$ -$ -$ -$
See accompanying independent auditors' report.
124
PASCO COUNTY, FLORIDA
AFFORDABLE HOUSING FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Charges for services -$ -$ 28,855$ 28,855$ Interest and other earnings - - 1,472 1,472 Total revenues - - 30,327 30,327
EXPENDITURES Current: Economic environment 210,324 210,324 136,000 74,324 Total expenditures 210,324 210,324 136,000 74,324
Excess (deficiency) of revenues over expenditures (210,324) (210,324) (105,673) 104,651
Net change in fund balances (210,324) (210,324) (105,673) 104,651
Fund balances at beginning of year 210,324 210,324 273,265 62,941
Fund balances at end of year -$ -$ 167,592$ 167,592$
See accompanying independent auditors' report.
125
PASCO COUNTY, FLORIDA
WILLIAMSBURG WEST MSTU FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments 5,033$ 5,033$ 5,115$ 82$ Interest and other earnings 286 286 143 (143) Total revenues 5,319 5,319 5,258 (61)
EXPENDITURES Current: Physical environment 31,904 31,904 17,997 13,907 Total expenditures 31,904 31,904 17,997 13,907
Net change in fund balances (26,585) (26,585) (12,739) 13,846
Fund balances at beginning of year 26,585 26,585 24,976 (1,609)
Fund balances at end of year -$ -$ 12,237$ 12,237$
See accompanying independent auditors' report.
126
PASCO COUNTY, FLORIDA
911 EMERGENCY SERVICES FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Intergovernmental - State 1,239,750$ 1,239,750$ 1,295,406$ 55,656$ Charges for services 1,147,735 1,147,735 1,023,568 (124,167) Interest and other earnings 49,115 49,115 30,932 (18,183) Total revenues 2,436,600 2,436,600 2,349,906 (86,694)
EXPENDITURES Current: General government (noncourt-related) 800,000 800,000 - Public safety 5,588,021 5,751,803 2,243,726 3,508,077 Total expenditures 6,388,021 6,551,803 2,243,726 4,308,077
Net change in fund balances (3,951,421) (4,115,203) 106,180 4,221,383
Fund balances at beginning of year 3,951,421 4,115,203 4,414,001 298,798
Fund balances at end of year -$ -$ 4,520,181$ 4,520,181$
See accompanying independent auditors' report.
127
PASCO COUNTY, FLORIDA
FLORIDA BOATING AND IMPROVEMENT FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Intergovernmental - State 95,000$ 95,000$ 117,708$ 22,708$ Interest and other earnings 9,500 9,500 8,949 (551) Total revenues 104,500 104,500 126,657 22,157
EXPENDITURES Current:
Culture and recreation 1,274,667 1,358,150 69,058 1,289,092 Total expenditures 1,274,667 1,358,150 69,058 1,289,092
Net change in fund balances (1,170,167) (1,253,650) 57,599 1,311,249
Fund balances at beginning of year 1,170,167 1,253,650 1,253,650 -
Fund balances at end of year -$ -$ 1,311,249$ 1,311,249$
See accompanying independent auditors' report.
128
PASCO COUNTY, FLORIDA
US 19 CONCURRENCY FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments 85,500$ 85,500$ -$ (85,500)$ Interest and other earnings 9,025 9,025 8,125 (900) Total revenues 94,525 94,525 8,125 (86,400)
EXPENDITURES Current: Transportation 1,264,682 1,264,682 - 1,264,682 Total expenditures 1,264,682 1,264,682 - 1,264,682
Net change in fund balances (1,170,157) (1,170,157) 8,125 1,178,282
Fund balances at beginning of year 1,170,157 1,170,157 1,152,152 (18,005)
Fund balances at end of year -$ -$ 1,160,277$ 1,160,277$
See accompanying independent auditors' report.
129
PASCO COUNTY, FLORIDA
TRANSPORTATION IMPACT FEE FUND - WEST
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments 4,739,523$ 4,739,523$ 111,117$ (4,628,406)$ Interest and other earnings 177,692 177,692 185,646 7,954 Total revenues 4,917,215 4,917,215 296,763 (4,620,452)
EXPENDITURES Current: Transportation 23,621,664 23,621,664 10,127,907 13,493,757 Total expenditures 23,621,664 23,621,664 10,127,907 13,493,757
Net change in fund balances (18,704,449) (18,704,449) (9,831,144) 8,873,305
Fund balances at beginning of year 18,704,449 18,704,449 27,509,734 8,805,285
Fund balances at end of year -$ -$ 17,678,590$ 17,678,590$
See accompanying independent auditors' report.
130
PASCO COUNTY, FLORIDA
TRANSPORTATION IMPACT FEE FUND - CENTRAL
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments 899,863$ 899,863$ 979,921$ 80,058$ Interest and other earnings 525,706 525,706 439,457 (86,249) Miscellaneous 58,319 58,319 62,169 3,850 Total revenues 1,483,888 1,483,888 1,481,547 (2,341)
EXPENDITURES Current: Transportation 56,821,418 56,796,418 3,164,991 53,631,427 Miscellaneous - 25,000 - 25,000 Total expenditures 56,821,418 56,821,418 3,164,991 53,656,427
Net change in fund balances (55,337,530) (55,337,530) (1,683,444) 53,654,086
Fund balances at beginning of year 55,337,530 55,337,530 63,650,469 8,312,939
Fund balances at end of year -$ -$ 61,967,025$ 61,967,025$
See accompanying independent auditors' report.
131
PASCO COUNTY, FLORIDA
TRANSPORTATION IMPACT FEE FUND - EAST
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments 4,640,261$ 4,640,261$ 38,444$ (4,601,817)$ Interest and other earnings 68,432 68,432 103,232 34,800 Miscellaneous 425,000 425,000 88,403 (336,597) Total revenues 5,133,693 5,133,693 230,079 (4,903,614)
EXPENDITURES Current: Transportation: 12,337,100 17,437,100 3,904,553 13,532,547 Total expenditures 12,337,100 17,437,100 3,904,553 13,532,547
Net change in fund balances (7,203,407) (12,303,407) (3,674,474) 8,628,933
Fund balances at beginning of year 7,203,407 12,303,407 16,684,352 4,380,945
Fund balances at end of year -$ -$ 13,009,878$ 13,009,878$
See accompanying independent auditors' report.
132
PASCO COUNTY, FLORIDA
SCHOOL IMPACT FEES FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments 3,641,800$ 5,335,163$ 5,335,163$ -$ Total revenues 3,641,800 5,335,163 5,335,163 -
EXPENDITURES Current: General government (noncourt-related) 3,641,800 5,335,163 5,335,163 - Total expenditures 3,641,800 5,335,163 5,335,163 -
Net change in fund balances - - - -
Fund deficit at beginning of year - - - -
Fund deficit at end of year -$ -$ -$ -$
See accompanying independent auditors' report.
133
PASCO COUNTY, FLORIDA
COURT FACILITIES IMPROVEMENT 939.185 F.S. FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Charges for services 988,000$ 988,000$ 1,146,088$ 158,088$ Interest and other earnings 49,020 49,020 43,678 (5,342)
Total revenues 1,037,020 1,037,020 1,189,766 152,746
EXPENDITURES Current: Court-related 6,216,178 6,216,178 327,205 5,888,973
Total expenditures 6,216,178 6,216,178 327,205 5,888,973
Net change in fund balances (5,179,158) (5,179,158) 862,561 6,041,719
Fund balances at beginning of year 5,179,158 5,179,158 5,843,326 664,168
Fund balances at end of year -$ -$ 6,705,887$ 6,705,887$
See accompanying independent auditors' report.
134
PASCO COUNTY, FLORIDA
ALCOHOL AND OTHER DRUG ABUSE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Charges for services 16,150$ 16,150$ 16,825$ 675$ Interest and other earnings - - 116 116 Total revenues 16,150 16,150 16,941 791
EXPENDITURES Current: Human services 17,219 17,219 - 17,219 Total expenditures 17,219 17,219 - 17,219
Net change in fund balances (1,069) (1,069) 16,941 18,010
Fund balances at beginning of year 1,069 1,069 35,019 33,950
Fund balances at end of year -$ -$ 51,960$ 51,960$
See accompanying independent auditors' report.
135
PASCO COUNTY, FLORIDA
TEEN COURT FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Charges for services 213,750$ 213,750$ 220,184$ 6,434$ Interest and other earnings 4,360 4,360 3,007 (1,353) Total revenues 218,110 218,110 223,191 5,081
EXPENDITURES Current: Court-related 615,744 628,603 174,989 453,614 Total expenditures 615,744 628,603 174,989 453,614
Net change in fund balances (397,634) (410,493) 48,202 458,695
Fund balances at beginning of year 397,634 410,493 410,493 -
Fund balances at end of year -$ -$ 458,695$ 458,695$
See accompanying independent auditors' report.
136
PASCO COUNTY, FLORIDA
COMBAT IMPACT FEE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments 51,854$ 51,854$ 149,848$ 97,994$ Interest and other earnings 10,421 10,421 42,008 31,587 Miscellaneous - - 200,000 200,000 Total revenues 62,275 62,275 391,856 329,581
EXPENDITURES Current: Public safety 2,951,952 3,016,844 425,204 2,591,640 Miscellaneous 2,595,727 2,599,527 3,271 2,596,256 Total expenditures 5,547,679 5,616,371 428,475 5,187,896
Deficiency of revenues over expenditures (5,485,404) (5,554,096) (36,619) (5,517,477)
Net change in fund balances (5,485,404) (5,554,096) (36,619) 5,517,477
Fund balances at beginning of year 5,485,404 5,554,096 5,903,997 349,901
Fund balances at end of year -$ -$ 5,867,378$ 5,867,378$
See accompanying independent auditors' report.
137
PASCO COUNTY, FLORIDA
PARK IMPACT FEE FUND - WEST
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments 160,063$ 160,063$ 80,328$ (79,735)$ Interest and other earnings 94,402 94,402 70,337 (24,065) Total revenues 254,465 254,465 150,665 (103,800)
EXPENDITURES Current: Culture and recreation 322,760 482,646 166,141 316,505 Miscellaneous 9,868,766 9,739,187 2,113 9,737,074 Total expenditures 10,191,526 10,221,833 168,254 10,053,579
Net change in fund balances (9,937,061) (9,967,368) (17,589) 9,949,779
Fund balances at beginning of year 9,937,061 9,967,368 9,967,368 -
Fund balances at end of year -$ -$ 9,949,779$ 9,949,779$
See accompanying independent auditors' report.
138
PASCO COUNTY, FLORIDA
PARK IMPACT FEE FUND - CENTRAL
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments 128,962$ 128,962$ 291,953$ 162,991$ Interest and other earnings 35,125 35,125 63,135 28,010 Total revenues 164,087 164,087 355,088 191,001
EXPENDITURES Current: Culture and recreation 185,000 185,000 13,510 171,490 Miscellaneous 8,067,462 8,067,462 717 8,066,745 Total expenditures 8,252,462 8,252,462 14,227 8,238,235
Excess (deficiency) of revenues over expenditures (8,088,375) (8,088,375) 340,861 (8,047,234)
Net change in fund balances (8,088,375) (8,088,375) 340,861 8,429,236
Fund balances at beginning of year 8,088,375 8,088,375 7,966,124 (122,251)
Fund balances at end of year -$ -$ 8,306,985$ 8,306,985$
See accompanying independent auditors' report.
139
PASCO COUNTY, FLORIDA
PARK IMPACT FEE FUND - EAST
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments 139,272$ 139,272$ 12,542$ (126,730)$ Interest and other earnings 22,525 22,525 17,446 (5,079) Total revenues 161,797 161,797 29,988 (131,809)
EXPENDITURES Current Culture and recreation 1,849,209 1,849,209 44,486 1,804,723 Miscellaneous 683,592 683,592 - 683,592 Total expenditures 2,532,801 2,532,801 44,486 2,488,315
Excess (deficiency) of revenues over expenditures (2,371,004) (2,371,004) (14,498) 2,356,506
Net change in fund balances (2,371,004) (2,371,004) (14,498) 2,356,506
Fund balances at beginning of year 2,371,004 2,371,004 2,473,220 102,216
Fund balances at end of year -$ -$ 2,458,722$ 2,458,722$
See accompanying independent auditors' report.
140
PASCO COUNTY, FLORIDA
RESCUE IMPACT FEE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments 40,727$ 40,727$ 105,136$ 64,409$ Interest and other earnings 10,683 10,683 40,125 29,442 Total revenues 51,410 51,410 145,261 93,851
EXPENDITURES Current Public safety 1,255,941 1,294,449 214,530 1,079,919 Miscellaneous 4,418,447 4,422,247 2,268 4,419,979 Total expenditures 5,674,388 5,716,696 216,798 5,499,898
Excess (deficiency) of revenues over expenditures (5,622,978) (5,665,286) (71,537) 5,593,749
Net change in fund balances (5,622,978) (5,665,286) (71,537) 5,593,749
Fund balances at beginning of year 5,622,978 5,665,286 5,668,265 2,979
Fund balances at end of year -$ -$ 5,596,728$ 5,596,728$
See accompanying independent auditors' report.
141
PASCO COUNTY, FLORIDA
LIBRARY IMPACT FEE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments 14,939$ 14,939$ 47,474$ 32,535$ Interest and other earnings 3,900$ 3,900$ 14,537$ 10,637 Miscellaneous - - 6,975 6,975 Total revenues 18,839 18,839 68,986 50,147
EXPENDITURES Current Miscellaneous 2,071,133 2,071,133 490 2,070,643 Total expenditures 2,071,133 2,071,133 490 2,070,643
Net change in fund balances (2,052,294) (2,052,294) 68,496 2,120,790
Fund balances at beginning of year 2,052,294 2,052,294 2,035,888 (16,406)
Fund balances at end of year -$ -$ 2,104,384$ 2,104,384$
See accompanying independent auditors' report.
142
PASCO COUNTY, FLORIDA
HURRICANE MITIGATION FEE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments -$ -$ 722$ 722$ Interest and other earnings 291 291 1,121 830 Total revenues 291 291 1,843 1,552
EXPENDITURES Current: Miscellaneous 153,854 153,854 482 153,372 Total expenditures 153,854 153,854 482 153,372
Net change in fund balances (153,563) (153,563) 1,361 154,924
Fund balances at beginning of year 153,563 153,563 158,664 5,101
Fund balances at end of year -$ -$ 160,025$ 160,025$
See accompanying independent auditors' report.
143
PASCO COUNTY, FLORIDA
STORMWATER MANAGEMENT FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Taxes -$ -$ -$ -$ Special assessments 10,993,525 10,993,525 11,620,211 626,686 Charges for services 19,000 19,000 34,925 15,925 Interest and other earnings 165,193 165,193 150,698 (14,495) Miscellaneous 1,425,500 1,425,500 99,750 (1,325,750) Total revenues 12,603,218 12,603,218 11,905,584 (697,634)
EXPENDITURES Current: Transportation 25,857,927 30,081,636 13,247,651 16,833,985 Total expenditures 25,857,927 30,081,636 13,247,651 16,833,985 Net change in fund balances (13,254,709) (17,478,418) (1,342,067) 16,136,351
Fund balances at beginning of year 13,254,709 17,478,418 17,470,700 (7,718)
Fund balances at end of year -$ -$ 16,128,633$ 16,128,633$
See accompanying independent auditors' report.
144
PASCO COUNTY, FLORIDA
TREE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Charges for services 11,495$ 11,495$ 141,188$ 129,693$ Interest and other earnings 15,084 15,084 8,509 (6,575) Total revenues 26,579 26,579 149,697 123,118
EXPENDITURES Current Public safety 30,000 30,000 - 30,000 Physical environment 20,000 20,000 28,785 (8,785) Transportation 32,750 32,750 36,085 (3,335) Economic Environment 355,675 355,675 1,100 354,575 Miscellaneous 762,684 762,684 - 762,684
Total expenditures 1,201,109 1,201,109 65,970 1,135,139
Excess (deficiency) of revenues over expenditures (1,174,530) (1,174,530) 83,727 1,258,257
Fund balances at beginning of year 1,174,530 1,174,530 1,207,890 33,360
Fund balances at end of year -$ -$ 1,291,617$ 1,291,617$
See accompanying independent auditors' report.
145
PASCO COUNTY, FLORIDA
LIGHTING DISTRICTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Special assessments 3,352,514$ 3,352,514$ 3,458,465$ 105,951$ Charges for services 1,900 1,900 (56) (1,956) Interest and other earnings 31,050 31,050 29,914 (1,136) Miscellaneous 32,482 32,482 34,402 1,920 Total revenues 3,417,946 3,417,946 3,522,725 104,779
EXPENDITURES Current: Transportation: 4,476,797 4,476,797 3,326,305 1,150,492
Excess (deficiency) of revenues over expenditures (1,058,851) (1,058,851) 196,420 1,255,271
OTHER FINANCING USES Transfers out (56,991) (56,991) (56,991) -
Net change in fund balances (1,115,842) (1,115,842) 139,429 1,255,271
Fund balances at beginning of year 1,115,842 1,115,842 1,274,548 158,706
Fund balances at end of year -$ -$ 1,413,977$ 1,413,977$
See accompanying independent auditors' report.
146
PASCO COUNTY, FLORIDA
GAS TAX REFUNDING REVENUE BONDS, SERIES 2002 FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Interest and other earnings 3,546$ 3,546$ 2,838$ (708)$ Total revenues 3,546 3,546 2,838 (708)
EXPENDITURES Debt service: Principal 3,725,000 3,725,000 3,725,000 - Interest and debt service charges 1,090,997 1,090,997 403,788 687,209 Total debt service 4,815,997 4,815,997 4,128,788 687,209
Deficiency of revenues over expenditures (4,812,451) (4,812,451) (4,125,950) 686,501
OTHER FINANCING SOURCES Transfers in 4,124,817 4,124,817 3,438,316 (686,501)
Net change in fund balances (687,634) (687,634) (687,634) -
Fund balances at beginning of year 687,634 687,634 687,634 -
Fund balances at end of year -$ -$ -$ -$
See accompanying independent auditors' report.
147
PASCO COUNTY, FLORIDA
HUD SECTION 108 NOTE, SERIES 2006 FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Interest and other earnings 400$ 400$ 128$ (272)$ Total revenues 400 400 128 (272)
EXPENDITURES Debt service: Principal 474,000 474,000 474,000 - Interest and debt service charges 1,740,139 1,740,139 598,139 1,142,000 Total debt service 2,214,139 2,214,139 1,072,139 1,142,000
Deficiency of revenues over expenditures (2,213,739) (2,213,739) (1,072,011) 1,141,728
OTHER FINANCING SOURCES Transfers in 1,073,739 1,073,739 1,072,011 (1,728)
Net change in fund balances (1,140,000) (1,140,000) - 1,140,000
Fund balances at beginning of year 1,140,000 1,140,000 1,140,000 -
Fund balances at end of year -$ -$ 1,140,000$ 1,140,000$
See accompanying independent auditors' report.
148
PASCO COUNTY, FLORIDA
GUARANTEED ENTITLEMENT REFUNDING REVENUE BONDS, SERIES 2003 FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Intergovernmental - State 9,099,602$ 9,099,602$ 9,822,510$ 722,908$ Interest and other earnings 33,900 33,900 35,867 1,967 Total revenues 9,133,502 9,133,502 9,858,377 724,875
EXPENDITURES Debt service: Principal 730,000 730,000 730,000 - Interest and debt service charges 2,241,634 2,241,634 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
OTHER FINANCING USES Transfers out (7,190,549) (7,190,549) (7,902,405) (711,856)
Net change in fund balances (1,028,681) (1,028,681) 12,025 1,040,706
Fund balances at beginning of year 1,028,681 1,028,681 1,028,681 -
Fund balances at end of year -$ -$ 1,040,706$ 1,040,706$
See accompanying independent auditors' report.
149
PASCO COUNTY, FLORIDA
HALF-CENT SALES TAX REVENUE BONDS, SERIES 2003 FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Interest and other earnings 3,096$ 3,096$ -$ (3,096)$
EXPENDITURES Debt service: Principal 1,035,000 1,035,000 1,035,000 - Interest and debt service charges 3,487,286 3,487,286 1,951,770 1,535,516 Total debt service 4,522,286 4,522,286 2,986,770 1,535,516
Deficiency of revenues over expenditures (4,519,190) (4,519,190) (2,986,770) 1,532,420
OTHER FINANCING SOURCES Transfers in 3,001,601 3,001,601 3,005,241 3,640
Net change in fund balances (1,517,589) (1,517,589) 18,471 1,536,060
Fund balances at beginning of year 1,517,589 1,517,589 1,517,589 -
Fund balances at end of year -$ -$ 1,536,060$ 1,536,060$
See accompanying independent auditors' report.
150
PASCO COUNTY, FLORIDA
PENNY FOR PASCO FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Taxes 12,778,184$ 12,778,184$ 15,187,473$ 2,409,289$ Interest and other earnings 115,003 115,003 351,685 236,682 Miscellaneous 491,931 491,931 1,914,966 1,423,035 Total revenues 13,385,118 13,385,118 17,454,124 4,069,006
EXPENDITURES Capital outlay: Public safety 5,462,673 5,462,673 2,587,761 2,874,912 Physical environment 16,282,820 16,282,820 2,432,175 13,850,645 Transportation 24,410,279 25,252,883 5,232,968 20,019,915 Total capital outlay 46,155,772 46,998,376 10,252,904 36,745,472
Net change in fund balances (32,770,654) (33,613,258) 7,201,220 40,814,478
Fund balances at beginning of year 32,770,654 33,613,258 37,037,022 3,423,764
Fund balances at end of year -$ -$ 44,238,242$ 44,238,242$
See accompanying independent auditors' report.
151
PASCO COUNTY, FLORIDA
BOARD CAPITAL IMPROVEMENTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Intergovernmental - Federal -$ -$ 3,032$ 3,032$ Charges for services 247,500 247,500 - (247,500) Interest and other earnings 32,442 32,442 141,479 109,037 Miscellaneous - 30,000 - (30,000) Total revenues 279,942 309,942 144,511 (165,431)
EXPENDITURES Capital outlay: General government (noncourt-related) 9,295,740 9,650,740 10,146 9,640,594 Public safety 500,000 500,000 4,040 495,960 Transportation - 10,000 5,600 4,400 Econcomic environment 247,500 247,500 127,459 120,041 Culture and recreation 2,525,478 2,670,478 84,135 2,586,343 Court-related - 63,587 7,648 55,939 Miscellaneous 7,242,254 7,242,254 - 7,242,254 Total capital outlay 19,810,972 20,384,559 239,028 20,145,531
Deficiency of revenues over expenditures (19,531,030) (20,074,617) (94,517) 19,980,100
OTHER FINANCING SOURCES Transfers in - 470,000 470,000 - Transfers out (35,225) (35,225) (31,145) 4,080 Total other financing sources (35,225) 434,775 438,855 4,080
Net change in fund balances (19,566,255) (19,639,842) 344,338 19,984,180
Fund balances at beginning of year 19,566,255 19,639,842 19,659,872 20,030
Fund balances at end of year -$ -$ 20,004,210$ 20,004,210$
See accompanying independent auditors' report.
152
PASCO COUNTY, FLORIDA
MOBILITY FEE DISTRICT - WEST
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Licenses and permits 2,403,006$ 2,403,006$ 2,891,165$ 488,159$ Interest and other earnings 12,480 12,480 17,941 5,461 Total revenues 2,415,486 2,415,486 2,909,106 493,620
EXPENDITURES Capital outlay: Transportation 1,351,613 3,237,886 - 3,237,886 Miscellaneous 2,377,585 491,312 - 491,312 Total capital outlay 3,729,198 3,729,198 - 3,729,198
Net change in fund balances (1,313,712) (1,313,712) 2,909,106 4,222,818
Fund balances at beginning of year 1,313,712 1,313,712 581,497 (732,215)
Fund balances at end of year -$ -$ 3,490,603$ 3,490,603$
See accompanying independent auditors' report.
153
PASCO COUNTY, FLORIDA
MOBILITY FEE DISTRICT - CENTRAL
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Licenses and permits 2,712,394$ 2,712,394$ 2,901,940$ 189,546$ Interest and other earnings 13,595 13,595 17,032 3,437 Total revenues 2,725,989 2,725,989 2,918,972 192,983
EXPENDITURES Capital outlay: Miscellaneous 4,156,951 4,156,951 - 4,156,951 Total capital outlay 4,156,951 4,156,951 - 4,156,951
Net change in fund balances (1,430,962) (1,430,962) 2,918,972 4,349,934
Fund balances at beginning of year 1,430,962 1,430,962 767,964 (662,998)
Fund balances at end of year -$ -$ 3,686,936$ 3,686,936$
See accompanying independent auditors' report.
154
PASCO COUNTY, FLORIDA
MOBILITY FEE DISTRICT - EAST
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Licenses and permits 3,389,567$ 3,389,567$ 2,040,695$ (1,348,872)$ Interest and other earnings 10,342 10,342 12,569 2,227 Miscellaneous - - 22,625 22,625 Total revenues 3,399,909 3,399,909 2,075,889 (1,324,020)
EXPENDITURES Capital outlay: Transportation 2,500,000 2,500,000 1,945 2,498,055 Miscellaneous 1,988,498 1,347,039 12,320 1,334,719 Total capital outlay 4,488,498 3,847,039 14,265 3,832,774
Net change in fund balances (1,088,589) (447,130) 2,061,624 2,508,754
Fund balances at beginning of year 1,088,589 447,130 447,130 -
Fund balances at end of year -$ -$ 2,508,754$ 2,508,754$
See accompanying independent auditors' report.
155
PASCO COUNTY, FLORIDA
TOMMYTOWN CAPITAL FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Interest and other earnings -$ -$ 580$ 580$ Total revenues - - 580 580
EXPENDITURES Capital outlay: Economic environment 5,509,612 5,509,612 14,787 5,494,825 Total capital outlay 5,509,612 5,509,612 14,787 5,494,825
Net change in fund balances (5,509,612) (5,509,612) (14,207) 5,495,405 - -
Fund balances at beginning of year 5,509,612 5,509,612 5,508,842 (770)
Fund balances at end of year -$ -$ 5,494,635$ 5,494,635$
See accompanying independent auditors' report.
156
PASCO COUNTY, FLORIDA
HALF-CENT SALES TAX CONSTRUCTION FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2012
VARIANCE WITHBUDGETED AMOUNTS FINAL BUDGET
POSITIVEORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES Interest and other earnings -$ -$ 68,134$ 68,134$ Total revenues - - 68,134 68,134
EXPENDITURES Capital outlay: General government (noncourt-related) 2,141,445 2,169,145 27,689 2,141,456 Public safety - 70,000 55,575 14,425 Culture and recreation 2,154,482 2,343,032 831,896 1,511,136 Other 5,358,945 5,358,945 - 5,358,945 Total capital outlay 9,654,872 9,941,122 915,160 9,025,962
Net change in fund balances (9,654,872) (9,941,122) (847,026) 9,094,096
Fund balances at beginning of year 9,654,872 9,941,122 10,055,402 114,280
Fund balances at end of year -$ -$ 9,208,376$ 9,208,376$
See accompanying independent auditors' report.
157
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.
PASCO COUNTY, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET ASSETSSeptember 30, 2012
CLERK &EQUIPMENT COUNTY COMPTROLLER'S
SERVICE INSURANCE INSURANCE TOTALS
ASSETSCurrent assets: Cash and cash equivalents 24,108,111$ 21,081,118$ 3,685,860$ 48,875,089$ Accounts receivable, net 22,473 2,624 - 25,097 Due from other governments 260,957 - - 260,957 Inventories 153,420 - - 153,420 Other - 481,000 121,000 602,000 Total current assets 24,544,961 21,564,742 3,806,860 49,916,563
Capital assets: Land 1,817,318 - - 1,817,318 Buildings 2,368,321 - - 2,368,321 Improvements other than buildings 2,326,545 - - 2,326,545 Equipment 59,589,740 - - 59,589,740 Less accumulated depreciation (44,727,125) - - (44,727,125) Capital assets, net 21,374,799 - - 21,374,799
Total assets 45,919,760 21,564,742 3,806,860 71,291,362
LIABILITIESCurrent liabilities: Vouchers payable 1,036,910 181,728 - 1,218,638 Accrued liabilities 29,716 4,679 - 34,395 Due to other governments - 6,890 - 6,890 Claims payable - 2,988,671 503,082 3,491,753 Compensated absences 14,683 4,191 - 18,874 Total current liabilities 1,081,309 3,186,159 503,082 4,770,550
Noncurrent liabilities: Claims payable - 7,209,328 - 7,209,328 Compensated absences 168,860 48,200 - 217,060 Total noncurrent liabilities 168,860 7,257,528 - 7,426,388
Total liabilities 1,250,169 10,443,687 503,082 12,196,938
NET ASSETS Invested in capital assets, net of related debt 21,374,799 - - 21,374,799 Unrestricted 23,294,792 11,121,055 3,303,778 37,719,625
Total net assets 44,669,591$ 11,121,055$ 3,303,778$ 59,094,424$
See accompanying independent auditors' report.
158
PASCO COUNTY, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETSFOR THE YEAR ENDED SEPTEMBER 30, 2012
CLERK &EQUIPMENT COUNTY COMPTROLLER'S
SERVICE INSURANCE INSURANCE TOTALS
OPERATING REVENUES Charges for services 16,585,268$ 10,062,186$ 3,713,862$ 30,361,316$
OPERATING EXPENSES Personal services 1,838,890 489,226 - 2,328,116 Contractual services 721,564 6,346,489 2,994,053 10,062,106 Materials and supplies 8,794,947 3,450 - 8,798,397 Heat, light and power 56,423 - - 56,423 Equipment rental and maintenance 279,911 1,133 - 281,044 Communications 12,936 478 - 13,414 Administrative charge from General Fund 385,018 268,792 - 653,810 Depreciation 5,100,793 - - 5,100,793 Total operating expenses 17,190,482 7,109,568 2,994,053 27,294,103
Operating income (loss) (605,214) 2,952,618 719,809 3,067,213
NONOPERATING REVENUES Interest and other earnings (losses) 159,628 129,480 19,961 309,069 Miscellaneous 277,037 - - 277,037 Total nonoperating revenues (expenses) 436,665 129,480 19,961 586,106
(Loss) income before contributions (168,549) 3,082,098 739,770 3,653,319
Capital contributions 1,511,487 - - 1,511,487
Change in net assets 1,342,938 3,082,098 739,770 5,164,806
Net assets - beginning 43,326,653 8,038,957 2,564,008 53,929,618
Net assets - ending 44,669,591$ 11,121,055$ 3,303,778$ 59,094,424$
See accompanying independent auditors' report.
159
PASCO COUNTY, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWSFOR THE YEAR ENDED SEPTEMBER 30, 2012
CLERK &EQUIPMENT COUNTY COMPTROLLER'S
SERVICE INSURANCE INSURANCE TOTALS
CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers -$ 528,725$ 154,545$ 683,270$ Receipts from employees - - 573,234 573,234 Receipts from interfund services provided 15,975,491 10,868,356 3,017,465 29,861,312 Payments to suppliers for goods and services (9,241,827) (7,121,597) (3,139,993) (19,503,417) Payments for interfund services used (611,034) (346,764) - (957,798) Payments for personal services (1,485,544) (230,060) - (1,715,604) Net cash provided by operating activities 4,637,086 3,698,660 605,251 8,940,997
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating grants received 24,479 - - 24,479 Cash provided by noncapital financing activities 24,479 - - 24,479
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from sale of capital assets 278,777 - - 278,777 Acquisition of capital assets (4,096,494) - - (4,096,494) Net cash used for capital and related financing activities (3,817,717) - - (3,817,717)
CASH FLOWS FROM INVESTING ACTIVITIES Investment income 159,628 129,481 19,961 309,070
Net increase in cash and cash equivalents 1,003,476 3,828,141 625,212 5,456,829
Cash and cash equivalents at October 1, 2011 23,104,635 17,252,977 3,060,648 43,418,260
Cash and cash equivalents at September 30, 2012 24,108,111$ 21,081,118$ 3,685,860$ 48,875,089$
See accompanying independent auditors' report.
160
CLERK &EQUIPMENT COUNTY COMPTROLLER'S
SERVICE INSURANCE INSURANCE TOTALS
Reconciliation of operating income (loss) to net cash provided by operating activities: Operating income (loss) (605,214)$ 2,952,618$ 719,809$ 3,067,213$
Adjustments to reconcile operating income (loss) to net cash provided by operating activities: Depreciation 5,100,793 - - 5,100,793 Changes in assets and liabilities: (Increase) in accounts receivable (22,187) - - (22,187) (Increase) in other assets - - (46,000) (46,000) (Increase) decrease in due from other funds (253,443) 813,329 98,783 658,669 Increase in due to other governments - 6,890 - 6,890 Decrease in inventory 9,418 - - 9,418 Increase (decrease) in vouchers payable 441,602 (73,344) - 368,258 (Decrease) in accrued liabilities (123) (20) - (143) (Decrease) in claims payable - - (167,341) (167,341) (Decrease) in compensated absences (33,760) (813) - (34,573) Total adjustments 5,242,300 746,042 (114,558) 5,873,784
Net cash provided by operating activities 4,637,086$ 3,698,660$ 605,251$ 8,940,997$
Noncash capital activities: Contributed capital assets 1,511,487 - - 1,511,487$ Total noncash capital activities 1,511,487$ -$ -$ 1,511,487$
161
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.
PASCO COUNTY, FLORIDA
AGENCY FUNDS
COMBINING STATEMENT OF FIDUCIARY NET ASSETSSeptember 30, 2012
AGENCY FUNDS BOARD OFCOUNTYCOMMIS- CLERK & TAXSIONERS COMPTROLLER COLLECTOR SHERIFF TOTAL
ASSETS
Cash and cash equivalents 896,275$ 12,553,943$ 5,566,516$ 1,004,020$ 20,020,754$ Total assets 896,275$ 12,553,943$ 5,566,516$ 1,004,020$ 20,020,754$
LIABILITIES
Liabilities: Due to other governments -$ 2,223,325$ 4,691,944$ -$ 6,915,269$ Deposits 896,275 10,330,618 874,572 1,004,020 13,105,485 Total liabilities 896,275$ 12,553,943$ 5,566,516$ 1,004,020$ 20,020,754$
See accompanying independent auditors' report.
162
PASCO COUNTY, FLORIDA
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIESFOR THE YEAR ENDED SEPTEMBER 30, 2012
BALANCE BALANCEOCTOBER 1, SEPTEMBER 30,
2011 ADDITIONS DELETIONS 2012
BOARD OF COUNTY COMMISSIONERS
Assets: Cash and cash equivalents 1,178,495$ 321,172$ 603,392$ 896,275$
Liabilities: Deposits 1,178,495$ 321,172$ 603,392$ 896,275$
CLERK & COMPTROLLER
Assets: Cash and cash equivalents 7,410,102$ 90,308,004$ 85,164,163$ 12,553,943$
Liabilities: Due to other governments 2,012,773$ 96,570,940$ 96,360,388$ 2,223,325$ Deposits 5,397,329 72,762,332 67,829,043 10,330,618 Total liabilities 7,410,102$ 169,333,272$ 164,189,431$ 12,553,943$
TAX COLLECTOR
Assets: Cash and cash equivalents 5,694,631$ 617,859,114$ 617,987,229$ 5,566,516$
Liabilities: Due to other governments 4,957,352$ 458,249,806$ 458,515,214$ 4,691,944$ Deposits 737,279 30,718,343 30,581,050 874,572 Total liabilities 5,694,631$ 488,968,149$ 489,096,264$ 5,566,516$
SHERIFF
Assets: Cash and cash equivalents 829,784$ 2,719,431$ 2,545,195$ 1,004,020$
Liabilities: Deposits 829,784$ 1,111,250$ 937,014$ 1,004,020$ Total liabilities 829,784$ 1,111,250$ 937,014$ 1,004,020$
TOTAL - ALL AGENCY FUNDS
Assets: Cash and cash equivalents 15,113,012$ 711,207,721$ 706,299,979$ 20,020,754$
Liabilities: Due to other governments 6,970,125$ 554,820,746$ 554,875,602$ 6,915,269$ Deposits 8,142,887 104,913,097 99,950,499 13,105,485 Total liabilities 15,113,012$ 659,733,843$ 654,826,101$ 20,020,754$
See accompanying independent auditors' report.
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 164 These schedules contain trend information to help the reader understand how the County’s financial performance and well-being have changed over time. Revenue Capacity 168 These schedules contain information to help the reader assess the County’s most significant local revenue source, the property tax. Debt Capacity 172 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. Demographic and Economic Information 179 These schedules offer demographic and economic indicators to help the reader understand the environment within which the County’s financial activities take place. Operating Information 182 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.
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Governmental activities: Invested in capital assets, net of related debt $ 99,700 $ 113,810 $ 289,547 $ 342,891 $ 435,255 $ 525,317 $ 635,571 $ 628,162 $ 656,243 $ 704,806 Restricted 111,641 160,373 203,274 260,052 287,408 180,065 183,647 258,878 183,279 163,700 Unrestricted 87,854 68,315 97,711 140,440 175,199 307,379 287,115 202,111 275,773 289,423 Total governmental activities net assets $ 299,195 $ 342,498 $ 590,532 $ 743,383 $ 897,862 $ 1,012,761 $ 1,106,333 $ 1,089,151 $ 1,115,295 $ 1,157,929
Business-type activities: Invested in capital assets, net of related debt $ 178,042 $ 217,342 $ 241,634 $ 284,363 $ 359,798 $ 433,848 $ 416,362 $ 447,067 $ 451,324 $ 452,675 Restricted 69,484 82,550 87,589 94,283 78,961 75,161 99,310 110,989 111,889 105,309 Unrestricted 24,523 17,466 26,254 24,088 24,448 8,913 (11,048) (13,726) (10,214) 30,739 Total business-type activities net assets $ 272,049 $ 317,358 $ 355,477 $ 402,734 $ 463,207 $ 517,922 $ 504,624 $ 544,330 $ 552,999 $ 588,723
Primary government: Invested in capital assets, net of related debt $ 277,742 $ 331,152 $ 531,181 $ 627,254 $ 795,053 $ 959,165 $ 1,051,933 $ 1,075,229 $ 1,107,567 $ 1,157,481 Restricted 181,125 242,923 290,863 354,335 366,369 255,226 296,952 369,867 295,168 269,009 Unrestricted 112,377 85,781 123,965 164,528 199,647 316,292 262,072 188,385 265,559 320,162 Total primary government net assets $ 571,244 $ 659,856 $ 946,010 $ 1,146,117 $ 1,361,069 $ 1,530,683 $ 1,610,957 $ 1,633,481 $ 1,668,294 $ 1,746,652
(in thousands )
(Unaudited)
PASCO COUNTY, FLORIDA
NET ASSETS BY COMPONENTLAST TEN FISCAL YEARS(Accrual basis of accounting )
164
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
ExpensesGovernmental Activities:
General government $ 51,326 $70,893 $ 77,669 $ 98,005 $ 88,258 $ 88,666 $ 64,985 $ 78,208 $ 71,687 $ 67,812
Public safety 107,760 115,168 121,402 138,566 152,172 161,257 174,785 158,504 152,617 149,111
Physical environment 2,589 1,249 1,716 1,090 2,676 5,713 3,894 1,809 2,066 722
Transportation 33,767 43,662 41,675 21,919 42,110 35,630 31,514 121,436 66,416 61,374
Economic environment 8,440 8,501 11,829 12,760 14,600 18,279 18,488 30,985 25,284 16,134
Human services 8,889 11,363 11,738 12,841 11,483 12,051 3,586 8,408 15,141 13,796
Culture and recreation 15,091 14,085 19,459 17,718 21,297 20,025 19,237 16,920 16,431 17,292
Court-related 20,484 13,735 16,647 18,029 24,148 25,914 22,469 21,672 20,492 21,301
Interest and debt service charges 7,493 6,719 6,711 6,854 7,336 6,962 4,892 4,626 4,383 4,112
Total government activities expenses 255,839 285,375 308,846 327,782 364,080 374,497 343,850 442,568 374,517 351,654
Business-type activities:
Water and sewer unit 42,905 49,523 55,640 64,776 75,063 84,093 119,764 92,664 95,309 100,879
Solid waste and resource recovery 29,876 27,371 28,922 30,207 30,333 31,176 57,745 35,723 41,080 24,035
Total business-type activities expenses 72,781 76,894 84,562 94,983 105,396 115,269 177,509 128,387 136,389 124,914
Total primary government expenses 328,620 362,269 393,408 422,765 469,476 489,766 521,359 570,955 510,906 476,568
Program RevenuesGovernmental activities:
Charges for services:
General government 9,929 11,871 11,745 13,263 12,375 20,128 20,472 10,109 9,899 11,098
Public safety 23,973 26,077 25,948 26,566 23,777 27,934 20,680 27,932 24,875 24,704
Physical environment 120 367 234 133 118 992 2,341 529 630 994
Transportation 2,915 4,044 8,966 8,211 10,313 10,064 8,375 6,904 8,553 24,335
Economic environment 2,323 2,605 4,449 2,831 41,998 3,524 4,091 6,206 2,164 -
Human services 619 708 756 780 1,064 938 614 677 724 725
Culture and recreation 915 954 965 943 1,066 1,188 1,258 1,166 1,289 4,910
Court-related 3,491 4,269 13,197 14,234 14,433 13,938 11,917 2,344 2,482 15,150
Operating grants and contributions 35,198 37,912 41,728 56,143 42,500 56,357 53,419 76,855 80,959 40,263
Capital grants and contributions 27,015 36,874 48,706 84,934 73,970 67,951 66,680 31,743 23,250 27,489
Total governmental activities
Program revenues 106,498 125,681 156,694 208,038 221,614 203,014 189,847 164,465 154,825 149,668
Business-type activities:
Charges for services:
Water and sewer unit 44,255 52,253 63,552 71,767 75,966 82,250 80,924 86,197 86,403 91,643
Solid waste and resource recovery 28,403 30,546 31,843 35,194 36,965 38,552 40,726 42,163 42,087 42,695
Operating grants and contributions 288 2,411 380 122 2,204 250 474 592 867 1,935
Capital grants and contributions 21,298 34,096 22,041 26,473 38,856 42,178 39,064 32,009 12,631 19,421
Total business-type activities
program revenues 94,244 119,306 117,816 133,556 153,991 163,230 161,188 160,961 141,988 155,694
Total primary government
program revenues 200,742 244,987 274,510 341,594 375,604 366,244 351,035 325,426 296,813 305,362
Net (Expense) RevenueGovernmental activities (149,341) (159,694) (152,152) (119,744) (142,466) (171,483) (154,003) (278,103) (219,692) (201,986)
Business-type activities 21,463 42,412 33,254 38,573 48,595 47,961 (16,321) 32,575 5,599 30,780
Total primary government net expense (127,878) (117,282) (118,898) (81,171) (93,871) (123,522) (170,324) (245,528) (214,093) (171,206)
General Revenues and Other Changes
in Net AssetsGovernmental activities:
Taxes:
Property taxes 120,829 132,042 140,281 151,250 175,580 182,972 163,458 168,384 154,299 151,064
Sales taxes - 10,154 16,704 15,199 13,467 12,005 12,597 13,921 15,188
Franchise taxes 3,991 - - - - 20 5 381 429 -
Telecommunications taxes 3,732 4,052 4,275 5,177 5,683 6,510 5,950 5,662 5,502
Gas taxes 9,991 10,396 13,010 12,990 12,891 12,301 12,278 12,416 11,992 12,066
Tourist development tax 683 691 808 787 752 842 640 642 685 822
State shared revenues 26,548 29,718 31,753 34,646 33,655 32,172 29,743 29,804 30,876 32,989
Unrestricted grants and contributions 6,126 3,843 4,616 5,168 6,202 8,208 4,511 936 6,333 2,084
Interest earnings 3,999 4,806 11,231 21,253 27,111 9,980 370 5,698 2,691 3,794
Miscellaneous 12,213 17,825 20,001 25,579 20,436 20,794 18,112 24,170 19,004 21,167
Transfers (57) (57) (57) (57) (57) (57) (57) (57) (57) (57)
Total governmental activities 184,323 202,996 235,849 272,595 296,946 286,382 247,575 260,921 245,835 244,619
Business-type activities:
Interest earnings 3,033 2,840 4,809 8,626 11,821 6,697 2,966 6,244 2,962 4,467
Miscellaneous 57 57 57 57 57 57 57 887 109 478
Total business-type activities 3,090 2,897 4,866 8,683 11,878 6,754 3,023 7,131 3,071 4,945
Total primary government 187,413 205,893 240,715 281,278 308,824 293,136 250,598 268,052 248,906 249,564
Change in Net assetsGovernmental activities 34,982 43,302 83,697 152,851 154,480 114,899 93,572 (17,182) 26,143 42,633
Business-type activities 24,553 45,309 38,120 47,256 60,473 54,714 (13,298) 39,706 8,670 35,725
Total primary government $ 59,535 $88,611 $ 121,817 $ 200,107 $ 214,953 $ 169,613 $ 80,274 $ 22,524 $ 34,813 $ 78,358
(Accrual basis of accounting )(in thousands)(Unaudited)
PASCO COUNTY, FLORIDA
CHANGES IN NET ASSETSLAST TEN FISCAL YEARS
165
2003 2004 2005 2006 2007 2008 2009 2010
General Fund Reserved $ 2,405 $ 2,218 $ 4,532 $ 10,068 $ 8,221 $ 6,232 $ 2,990 $ 2,094 Unreserved 17,149 30,641 44,143 50,948 47,415 52,852 43,819 54,769 Total general fund 19,554 32,859 48,675 61,016 55,636 59,084 46,809 56,863
All other governmental funds Reserved 30,078 32,232 52,929 63,666 37,118 48,281 37,247 52,529 Unreserved, reported in: Special revenue funds 143,085 162,185 200,188 236,664 267,354 261,048 246,654 224,282 Capital projects funds 57,021 45,859 35,609 47,567 66,397 61,465 61,067 63,694 Debt service funds - - - - - - - - Total all other governmental funds $ 230,184 $ 240,276 $ 288,726 $ 347,897 $ 370,869 $ 370,794 $ 344,968 $ 340,505
2010 2011 2012
General Fund Nonspendable $ 142 $ 170 $ 162 Restricted - 268 257 Committed - 120 14 Assigned 1,952 2,171 2,121 Unassigned 54,769 51,451 56,385 Total all other governmental funds $ 56,863 $ 54,180 $ 58,939
All other governmental funds Nonspendable 243 524 561 Restricted 193,780 183,011 170,147 Committed 132,523 164,605 166,507 Assigned 14,282 101 93 Unassigned (323) (202) (60)Total all other governmental funds $ 340,505 $ 348,039 $ 337,248
GASB Statement No. 54 was implemented in fiscal year 2011. Fiscal years 2010 data was restated for presentation comparable to GASB Statement No. 54.
PASCO COUNTY, FLORIDA
FUND BALANCES, GOVERNMENTAL FUNDSLAST TEN FISCAL YEARS
(Modified accrual basis of accounting)
Pre-GASB Statement No. 54 "Fund Balance Reporting and Governmental Fund Type Definitions"
Post-GASB Statement No. 54 "Fund Balance Reporting and Governmental Fund Type Definitions"
166
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
RevenuesTaxes $ 135,494 $ 146,893 $ 168,336 $ 186,036 $ 209,620 $ 215,850 $ 195,449 $ 200,227 $ 187,032 $ 185,133 Special assessments 33,984 46,609 59,808 89,014 57,017 48,806 42,820 38,459 32,936 24,515 Licenses and permits 8,181 9,738 10,581 9,580 6,691 4,946 4,076 4,051 6,055 11,686 Intergovernmental 60,693 63,814 70,111 70,029 70,930 74,310 84,564 107,054 110,385 87,027 Charges for services 27,164 31,024 40,134 43,629 42,914 45,553 37,798 37,409 36,768 35,910 Fines and forfeitures 3,818 3,565 2,884 3,773 4,044 3,716 3,050 2,282 2,975 1,595 Interest 4,561 4,795 10,924 20,480 26,016 96 5,329 2,512 3,484 Miscellaneous 10,778 17,133 22,481 26,695 25,208 21,974 18,095 23,391 22,398 21,668 Total Revenues 284,673 323,571 385,259 449,236 442,440 424,627 385,948 418,202 401,061 371,018
ExpendituresGeneral government 51,692 58,257 64,325 87,000 79,872 73,763 69,847 62,315 61,074 59,845 Public safety 102,256 111,401 118,960 135,462 148,132 156,968 152,334 150,997 148,998 145,307 Physical environment 2,461 821 1,549 935 1,162 1,232 1,018 1,332 3,760 1,833 Transportation 40,476 49,625 49,165 49,612 35,723 70,239 86,058 80,717 76,819 74,860 Economic environment 8,435 8,501 11,824 12,737 13,652 18,239 14,805 30,589 25,288 14,770 Human services 9,432 11,297 12,119 11,974 13,237 13,459 13,556 11,635 13,319 12,446 Culture and recreation 14,025 15,991 15,413 22,369 30,172 18,781 16,186 15,282 14,090 13,914 Court—related and miscellaneous 20,054 22,476 27,824 26,898 35,719 36,226 31,070 32,756 31,745 32,450 Capital outlay 5,942 11,174 9,770 33,654 20,516 21,041 28,170 16,797 10,926 11,436 Debt servicePrincipal 2,596 3,087 3,269 3,254 3,531 3,379 6,001 5,459 5,700 5,964 Interest and charges 5,976 6,722 6,718 6,772 7,319 7,370 4,946 4,674 4,435 4,168 Total expenditures 263,345 299,352 320,936 390,667 424,791 420,697 423,991 412,553 396,154 376,993
Excess of revenues over (under) expenditures 21,328 24,219 64,323 58,569 17,649 3,930 (38,043) 5,649 4,907 (5,975)
Other FinancingSources (Uses)Transfers in 99,862 63,441 36,664 53,989 50,347 53,947 48,746 35,833 20,295 23,561 Notes issued 13,000 - - - - - - Transfers out (100,083) (64,263) (36,721) (54,046) (50,404) (54,504) (48,803) (35,890) (20,352) (23,618)Bond premium 1,483 - - - - - - - - Bond proceeds 80,120 - - - - - - - - Payment to escrow agents (19,775) - - - - - - - - Total other financingSources (uses) 61,607 (822) (57) 12,943 (57) (557) (57) (57) (57) (57)
Net change in fund balances $ 82,935 $ 23,397 $ 64,266 $ 71,512 $ 17,592 $ 3,373 $ (38,100) $ 5,592 $ 4,850 $ (6,032)
Debt service as a percentage ofNoncapital expenditures * 3.60% 3.70% 3.50% 3.30% 3.20% 3.20% 3.38% 3.25% 2.86% 3.09%
*Noncapital expenditures are calculated by deducting total governmental capital outlay expenditures (see Reconciliation, page 24) from total expenditures, above.
(in thousands )(Unaudited)
PASCO COUNTY, FLORIDA
NET CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDSLAST TEN FISCAL YEARS
(Modified accrual basis of accounting)
167
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
DirectCountywide -Pasco County Operating (1) 8.6480 8.2820 7.4230 6.6810 5.9880 5.4333 5.4333 6.3668 6.3668 6.3668Unincorporated -Fire Districts 3.8160 1.7300 1.6140 1.1570 1.1000 0.9955 0.9955 1.1991 1.4267 1.4267
OVERLAPPING Countywide -School District 8.9390 8.8070 7.9440 7.7980 7.4090 7.2080 7.2080 7.3400 7.7670 7.6440Southwest Florida WaterManagement District 0.4220 0.4220 0.4220 0.4220 0.4220 0.3866 0.3866 0.3866 0.3770 0.3928
Non-Countywide City and Town -Dade City 7.4000 9.0000 7.3860 7.8400 7.8400 7.1040 7.1040 7.1000 7.1000 7.1000Saint Leo 3.0000 3.0000 2.0000 2.0000 1.5000 1.3780 1.3780 1.3000 1.3000 1.3000Zephyrhills 6.4200 6.4200 6.4200 6.4200 6.4200 5.5708 5.5708 5.5708 5.9999 5.9999San Antonio 2.5330 2.5330 2.4155 2.4155 2.4155 2.0735 2.1077 2.4086 2.7434 2.7434Port Richey 5.8200 5.8200 5.8200 5.8200 4.7000 3.9000 3.9000 5.2260 4.6250 5.0000New Port Richey 6.2500 7.0000 7.0000 7.0000 7.0000 6.7840 6.6274 8.1037 8.1037 8.3877
Special Districts 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 TaxBonds; Ad Valorem. Tax Bonds were paid off in 1997
(*Millage Rate Per $1,000 of assessed taxable property value)
Source: Pasco County Property Appraiser
(Unaudited)
PASCO COUNTY, FLORIDA
DIRECT AND OVERLAPPING PROPERTY TAX RATES (Millage)LAST TEN FISCAL YEARS
(in thousands )
168
(4)Assessed
(3) Value as a (5)Centrally Percentage of Total
Fiscal Real Personal Real Personal Real Personal Assessed Estimated DirectYear Property Property Property Property Property Property Property Total Actual Value Tax Rate
2003 16,827,459 2,028,809 5,984,669 607,132 10,842,790 1,421,677 10,918 12,275,385 65.06 10.212004 18,856,854 2,378,108 6,536,758 724,111 12,320,096 1,653,997 17,233 13,991,326 65.83 9.822005 22,176,530 2,514,555 7,692,987 754,442 14,483,543 1,760,113 20,075 16,263,731 65.82 8.92006 27,816,171 2,703,034 9,780,678 801,281 18,035,493 1,901,753 12,278 19,949,524 65.34 7.012007 37,956,299 2,912,306 14,134,555 843,243 23,821,744 2,069,063 3,186 25,893,993 63.35 5.992008 42,731,726 3,026,634 15,219,564 847,859 27,512,162 2,178,775 3,678 29,694,615 64.89 5.432009 39,790,826 3,474,265 14,964,346 1,324,268 24,826,480 2,149,997 12,816 26,989,293 62.36 5.432010 32,681,664 3,238,561 11,481,883 1,324,084 21,199,781 1,914,477 13,209 23,127,467 64.39 6.372011 29,126,577 3,111,657 10,180,753 1,342,488 18,945,824 1,769,169 12,438 20,727,431 64.29 6.372012 28,013,760 3,039,321 9,442,866 1,322,493 18,570,894 1,716,828 13,620 20,301,342 65.38 6.37
Source: Pasco County Property Appraiser
(5) Total Tax Levy (See P. 171) to Total Taxable Assessed Value (above). Tax rates are per $1,000 of taxable assessed value.
Estimated Actual Value (1) Net Exemptions (2) Taxable Assessed Value
(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.
(Unaudited)
PASCO COUNTY, FLORIDA
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTYLAST TEN FISCAL YEARS
(in thousands )
169
Percentage of Percentage of
Taxable Total Taxable Taxable Total TaxableAssessed Assessed Assessed Assessed
Taxpayer Value Rank Value Value Rank Value
Florida Power Corporation $ 304,856,681 1 1.58 $ 234,824,276 1 1.45HCA Heath Services of Florida 226,922,803 2 1.18 56,366,546 5 0.34Withlacoochee River Electric Cooperative 213,182,456 3 1.10 124,131,895 3 0.76
Verizon Communications, Inc. 167,402,099 4 0.87 160,975,261 2 0.99Shady Hills Power Company LLC 110,327,705 5 0.57 - - -Goodforest LLC 96,307,637 6 0.50 - - -Wal-Mart Stores 83,163,927 7 0.43 48,305,810 6 0.29Bright House Networks 80,423,254 8 0.41 - - -Florida Gas Transmission Company 83,413,300 9 0.43 - - -Zephyrhills Bottled Water America, Inc. 63,206,109 10 0.32 55,805,420 4 0.34New Port Richey Hospital, Inc. - - - 34,983,433 7 0.21Pasco Beverage Company, Inc. - - - 43,460,218 8 0.26Pasco Cogen, Ltd - - - 41,302,102 9 0.25Gulf View Associates - - - 37,585,039 10 0.23
Source:
PASCO COUNTY, FLORIDA
PRINCIPAL TAXPAYERSCURRENT YEAR and TEN YEARS AGO
(Unaudited)
Pasco County Property Appraiser
2012 2002
170
(1) PercentTotal Current Of DelinquentTax Tax Levy TaxLevy Collections Collected Collections 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) Ratio ofOutstanding Delinquent Delinquent Taxes
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
(1) Net of allowable discounts
Source: Pasco County Tax Collector
(2) At September 30 of each year
Total Tax Collections to Date
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.
PASCO COUNTY, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONSLAST TEN FISCAL YEARS
(Unaudited)
171
Revenue Solid Wasteand Water and Disposal and
Refunding Sewer Resource Total PercentageRevenue Notes Capital Unit Recovery Primary of Personal PerBonds Payable Leases Bonds System Bonds Government Income Capita
2003 105,902$ 1,076$ - 55,540$ 107,740$ 270,258 2.90 720
2004 102,930 960 - 52,095 98,210 254,195 2.46 647
2005 99,785 837 - 44,440 88,015 233,077 2.04 573
2006 96,663 13,705 - 105,000 76,675 292,043 2.33 688
2007 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.
(Unaudited)
(in thousands, except for per capita amounts)
PASCO COUNTY, FLORIDA
RATIO OF OUTSTANDING DEBT BY TYPELAST TEN FISCAL YEARS
172
(Unaudited)
Gross Debt Service RequirementsRevenues Principal Interest Total Coverage
2012 2,092,907$ 730,000$ 1,210,953$ 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 $23,550,000 of Series 1989.
(Unaudited)
Gross Debt Service RequirementsRevenues Principal Interest Total Coverage
2012 22,452,753$ 1,035,000$ 1,949,225$ 2,984,225$ 7.52
2011 21,158,340 1,005,000 1,983,540 2,988,540 7.08
2010 20,545,872 980,000 2,011,612 2,991,612 6.87
2009 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
LAST TEN FISCAL YEARSSALES TAX REVENUE BOND COVERAGE
PASCO COUNTY, FLORIDA
SCHEDULE OF GUARANTEED ENTITLEMENT
LAST TEN FISCAL YEARS
SCHEDULE OF HALF-CENT
REFUNDING REVENUE BOND COVERAGE
173
(Unaudited)
Gross Debt Service RequirementsRevenues Principal Interest Total Coverage
2012 10,015,349 3,725,000$ 401,363$ 4,126,363$ 2.43
2011 9,948,726 3,540,000 591,449 4,131,449 2.41
2010 10,298,219 3,365,000 764,350 4,129,350 2.49
2009 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
(Unaudited)
Gross Debt Service RequirementsRevenues Principal Interest Total Coverage
2012 -$ -$ -$ -$ -
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
SCHEDULE OF PUBLIC IMPROVEMENT
LAST TEN FISCAL YEARS REFUNDING REVENUE BOND COVERAGE
PASCO COUNTY, FLORIDA
SCHEDULE OF GAS TAX REFUNDING REVENUE BOND COVERAGELAST TEN FISCAL YEARS
174
(Unaudited)
Gross Debt Service RequirementsRevenues Principal Interest Total Coverage
2012 -$ -$ -$ -$ -
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
LAST TEN FISCAL YEARSSCHEDULE OF REFUNDING IMPROVEMENT REVENUE BOND COVERAGE
PASCO COUNTY, FLORIDA
175
(Unaudited)
(1) (2) Net RevenueGross Available for Debt Service Requirements
Revenues Expenses Debt Service Principal Interest Total Coverage
2012 95,529,940$ 63,581,818$ 31,948,122$ 1,510,000$ 12,118,152$ 13,628,152$ 2.34
2011 88,921,490 60,442,432 28,479,058 1,395,000 9,970,325 11,365,325 2.51
2010 91,904,436 60,972,218 30,932,218 9,330,000 9,123,912 18,453,912 1.68
2009 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, ofSeries 2004 and $1,500,000, of Series 2003.
PASCO COUNTY, FLORIDA
SCHEDULE OF WATER AND SEWER UNIT BOND COVERAGELAST TEN FISCAL YEARS
176
(Unaudited)
(1) (2) Net RevenueGross Available for Debt Service Requirements
Revenues Expenses Debt Service Principal Interest Total Coverage
2012 67,023,467$ 16,746,169$ 50,277,298$ 5,810,000$ 2,724,219$ 8,534,219$ 5.89
2011 68,757,968 21,880,163 46,877,805 4,600,000 3,475,524 8,075,524 (4) 5.80
2010 73,665,153 22,188,115 51,477,038 4,295,000 3,519,083 7,814,083 6.59
2009 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, $45,700,000 and terminate the associated SWAP agreement.
SCHEDULE OF SOLID WASTE DISPOSAL AND RESOURCE RECOVERY SYSTEM BOND COVERAGELAST TEN FISCAL YEARS
PASCO COUNTY, FLORIDA
177
Estimated Shareof
Governmental Unit Debt Outstanding Percentage Applicable Overlapping Debt
Debt repaid with property taxes
School District overlapping debt 384,333,904$ (1) 100% 384,334$
Pasco County direct debt 80,333
Total direct and overlapping debt 464,667$
(1) Source: District School board of Pasco County
(Unaudited)
PASCO COUNTY, FLORIDA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBTAS OF SEPTEMBER 30, 2012
(in thousands)
178
(Unaudited)
(1) Per Personal Capita (1) (2) (2) (3)
(1) Income Personal Median Four Year School Unemployment Year Population (000's) Income Age Graduation Rates Enrollment Rate
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% (5) 66,497 9.7
(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
by the National Governor's Association used in prior years.)
PASCO COUNTY, FLORIDA
SCHEDULE OF DEMOGRAPHIC AND ECONOMIC INFORMATIONLAST TEN YEARS
(Rate based on Federal Uniform Rate (FUR) that does not include Special Diplomas as included in the rate calculated
179
20,757 Percentage Percentage
of Total County of Total CountyEmployer Employees Rank Employment Employees Rank Employment
Pasco County School District 9,289 1 44.75% 7,015 1 4.57%
WalMart Supercenters 2,050 2 9.88% - -
Pasco County Government 2,000 3 9.64% 2,177 2 1.42%
Pasco County Sheriff 1,300 4 6.26% 899 7 0.59%
State of Florida Government 1,296 5 6.24% 1,220 3 0.79%
Regional Medical Center Bayonet Point 1,074 6 5.17% 1,050 5 0.68%
Florida Hospital Zephyrhills 1,050 7 5.06% - -
Medical Center of Trinity (fka: Community Hospital) 1,012 8 4.88% 1,050 4 0.68%
Florida Medical Clinic 909 9 4.38% - -
Morton Plant North Bay Hosp./Recovery Center 777 10 3.74% - -
(1) Source: Pasco Economic Development Council
2012 (1)
PASCO COUNTY, FLORIDA
PRINCIPAL EMPLOYERSCURRENT YEAR AND TEN YEARS AGO
(Unaudited)
2003 (1)
180
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
General GovernmentBoard of County Commissioners 9 9 9 9 9 8 9 9 9 9 9 County Administration 3 4 4 4 4 5 5 5 16 16 22 Office of Management and Budget 10 9 11 11 11 10 11 10 10 10 8 County Attorney 17 18 18 20 21 21 20 20 21 21 20 Property Appraiser 68 67 65 62 60 59 58 56 55 52 48 Tax Collector 115 135 147 146 148 151 158 152 150 140 158 Supervisor of Elections 23 25 31 25 32 25 32 27 25 22 26 Clerk of the Circuit Court 265 253 298 296 313 344 389 326 316 344 330 Facilities Management 102 101 105 109 90 90 84 78 78 51 Information Technology 61 62 68 70 73 78 76 69 64 64 67 Central Administration 44 48 46 49 49 49 51 51 45 45 42 Fleet Services 36 38 37 38 40 40 40 38 38 38 38 Development Services 257 286 295 306 334 328 304 285 295 295 288
Public SafetySheriff 899 894 943 1,085 1,121 1,193 1,208 1,150 1,126 1,126 1,318 Fire 292 355 355 365 416 406 431 410 410 422 427 Emergency Management 68 63 68 85 47 80 67 76 67 67 65 S.A.V.E. 2 2 2 3 2 1 2 1 1 1 1
Physical EnvironmentCooperative Extension 9 10 9 10 10 11 10 10 7 7 7
TransportationRoad and Bridge 115 122 122 119 123 125 131 126 102 102 105
Pasco County Public Transportation 60 61 68 64 63 73 77 73 69 69 68 Economic Environment
Veteran Services 5 5 5 5 4 6 6 4 5 5 5 Human Services
Community Services 41 43 43 45 49 57 57 47 48 48 46 Nutrition 35 41 40 39 39 41 41 35 23 23 21
Culture and RecreationLibraries 110 116 125 119 121 132 133 125 113 113 105
Parks and Recreation 147 152 146 146 150 148 141 136 115 115 116 Court Related
Judicial Legal 26 28 12 10 11 15 14 16 16 16 16 Water and Sewer 122 133 137 147 158 163 183 188 177 177 203
Solid Waste/Resource Recovery 135 143 156 157 174 212 230 229 223 223 221
Total 3,076 3,223 3,365 3,544 3,687 3,871 3,974 3,758 3,624 3,648 3,830
PASCO COUNTY, FLORIDA
EMPLOYMENT STATISTICS BY FUNCTIONLAST TEN YEARS
(Unaudited)
181
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
General GovernmentRegistered voters 242,075 269,642 267,796 267,167 263,886 289,424 294,431 297,993 297,993 310,322
Public SafetyNumber of Sheriff calls for service 127,944 151,569 208,142 215,023 228,559 252,664 275,807 238,221 228,738 227,351
Number of Sheriff reports taken (A) 52,258 56,694 58,367 76,757 135,488 135,999 64,623 62,612 61,942 58,531
Number of fire alarms answered 22,554 27,632 28,830 32,139 33,682 33,589 35,689 35,103 35,222 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
Libraries - Number of volumes (B) 513,472 429,316 554,915 528,659 543,268 533,000 552,305 539,801 495,475 539,691
Number of items circulated 1,863,708 1,790,547 1,959,547 1,959,643 2,100,000 2,017,391 2,262,919 2,439,731 2,308,011 2,300,842
Water SystemDaily average consumption (millions of gallons) 19.60 22.77 21.64 29.35 33.48 29.26 24.58 23.90 24.30 23.95
Daily plant capacity (millions of gallons) 40.12 40.05 53.17 56.91 62.25 62.25 62.25 62.25 62.20 81.99
Water customers 71,675 62,441 77,237 88,911 92,134 91,572 97,000 83,224 91,687 92,756
Wastewater SystemDaily average treatment (millions of gallons) 17.11 17.50 17.60 19.29 20.04 19.09 17.56 16.61 17.80 15.33
Daily maximum capacity of treatment plants (millions of gallons) 29.09 21.55 23.75 26.75 26.75 26.07 26.47 38.098 38.07 38.07
Sewer customers 59,344 62,625 72,593 73,005 76,832 77,598 77,872 67,593 78,708 80,288
Reclaimed WaterDaily average consumption (millions of gallons) 16.75 18.65 15.77 18.85 19.08 19.83 20.23 20.47 21.44 13.6
TransitPassenger trips 463,409 548,736 740,918 860,645 906,000 1,052,630 926,076 779,606 919,183 1,115,862
(A) In 2007, includes initial and supplemental reports.(B) Includes print, audio, video and electronic materials.
PASCO COUNTY, FLORIDA
OPERATING INDICATORS BY FUNCTION/PROGRAMLAST TEN FISCAL YEARS
(Unaudited)
182
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Public SafetySheriff stations 3 3 3 3 3 3 3 3 3 5 Fire stations 21 24 24 25 26 26 26 25 27 28
Parks and RecreationAcreage 9,450 9,489 9,428 10,372 10,372 10,425 10,425 10,410 10,541 10,524 Number of parks 35 35 35 36 38 38 38 38 37 35 Tennis courts 19 17 17 17 17 22 22 22 21 21 Swimming pools 4 4 4 4 4 4 4 4 2 2 Playgrounds 33 30 30 30 30 30 29 30 34 32
Water SystemMiles of water mains (greater than 4") 1,278 1,431 1,506 1,581 1,608 2,906 3,210 1,504 1,523 1,636 Number of service connections 67,090 77,237 83,224 88,911 92,134 91,572 97,000 95,338 97,887 98,795 Deep wells 51 60 58 58 58 58 58 58 58 58
Wastewater SystemMiles of sanitary sewers 1,005 1,110 1,221 1,235 1,365 863 1,342 1,079 1,090 1,105 Number of pump stations 460 456 501 532 579 553 573 574 569 567 Number of service customers 55,383 62,625 67,593 73,005 76,832 77,598 77,872 67,593 78,708 80,288
Reclaimed WaterMiles of reuse mains 185 211 500 560 576 646 648 314 314 360 Number of storage pumping sites 10 14 24 24 24 25 25 25 25 25 Number of service connections 6,750 8,524 10,000 10,172 10,898 11,315 11,452 12,054 11,724 12,040
PASCO COUNTY, FLORIDA
CAPITAL ASSETS AND INFRASTRUCTURE STATISTICS BY FUNCTION/PROGRAMLAST TEN FISCAL YEARS
(Unaudited)
183
PASCO COUNTY, FLORIDA SOLID WASTE DISPOSAL AND RESOURCE RECOVERY SYSTEM SCHEDULES OF RECEIPTS, DISBURSEMENTS AND BALANCES ALL FUNDS AND ACCOUNTS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2012 In compliance with Section 714(3) of The Indenture of Trust between Pasco County, Florida and First Union National Bank of Florida (“U.S. Bank”), as Trustee
(BOND COMPLIANCE DISCLOSURE)
PASCO COUNTY, FLORIDA
SOLID WASTE DISPOSAL AND RESOURCE RECOVERY SYSTEMREVENUE BONDS, SERIES 2008 B,C,D & SERIES 2011FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2012
(Unaudited)
2008 B,C,D & 2011
2008 B,C,D RENEWAL AND& 2011 REPLACEMENT
REVENUE FUND RESERVE FUND FUND
Balance, October 1, 2011 3,199,403.80$ 11,921,871.94$ 2,001,557.74$
Receipts: System revenues 44,088,925.00 - - Interest and other earnings - - - Transfer in 31,358,863.47 33,738,797.14 - Total available 78,647,192.27 45,660,669.08 2,001,557.74
Disbursements: Payments to county's operating account 33,794,275.92 - - Transfers out 41,316,646.91 31,358,863.47 - Total disbursements 75,110,922.83 31,358,863.47 -
Balance, September 30, 2012 3,536,269.44$ 14,301,805.61$ 2,001,557.74$
Balance is comprised of the following:
Temporary investments 3,536,269.44$ 14,301,805.61$ 2,001,557.74$ Balance, September 30, 2012 3,536,269.44$ 14,301,805.61$ 2,001,557.74$
See accompanying independent auditors' report.
184
PASCO COUNTY, FLORIDA
SOLID WASTE DISPOSAL AND RESOURCE RECOVERY SYSTEMREVENUE BONDS, SERIES 2008 B,C,D & SERIES 2011FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2012
(Unaudited)
DEBT SERVICE FUND 2008 B,C,D 2008 B,C,D 2008 B,C,D
& 2011 & 2011 & 2011DEBT SERVICE INTEREST PRINCIPAL
RESERVE ACCOUNT ACCOUNT ACCOUNT
Balance, October 1, 2011 7,873,014.53$ 686,340.39$ 4,931,233.75$
Receipts: Transfer in - 1,183,599.84 5,809,999.92 Total available 7,873,014.53 1,869,940.23 10,741,233.67
Disbursements: Debt service - 1,268,062.50 4,930,000.00 Total disbursements - 1,268,062.50 4,930,000.00
Balance, September 30, 2012 7,873,014.53$ 601,877.73$ 5,811,233.67$
Balance is comprised of the following:
Temporary investments 7,873,014.53$ 601,877.73$ 5,811,233.67$ Balance, September 30, 2012 7,873,014.53$ 601,877.73$ 5,811,233.67$
See accompanying independent auditors' report.
185
