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Finance
& Budget
Bay
Harbor Islands' award winning Finance Department provides financial
and accounting information for its citizens and officials.
The
Finance Department provides a variety of services including budget
preparation, utility billing, accounts payable processing, payroll
processing, risk management and preparation of the award winning
Comprehensive Annual Financial Report.
The Town Council was able to fully fund general fund operations for
2005/2006 while cutting the municipal tax rate from 5 mills to 4.9
mills.
General Fund Financial Overview
The general fund is the main operating fund of the Town of Bay
Harbor Islands.
The amount of General Fund revenues by type, their percent of the
total and the amount of change compared to last fiscal year are
shown in the following schedule:
-
Property
tax receipts increased 18.1% due to rising taxable valuations
despite a reduction in the tax rate from 5 mills to 4.9.
-
Utility
taxes and Franchise fees increased due to increased consumption of
electricity by residents.
-
Licenses
and permits increased due to significantly increased construction
activity within the Town. Building permit fees and processing
fees increased sharply.
-
Intergovernmental revenues increased due to increased shared tax
revenues (primarily sales taxes).
-
Fines and
forfeitures were elevated in 2005 by significant asset forfeitures
due to law enforcement activities.
-
The Town’s
fixed-income portfolio was positioned to benefit from rising
short-term interest rates during the year.
-
A $600,000
stormwater grant was received during 2005.
Expenditures in the General Fund are shown in the following
schedule:
·
General government expenditures declined due to lower litigation
costs.
·
Public safety expenditures increased due to legal
expenses related to labor negotiations and increased overtime
payments largely due to traffic control for the West Relief Bridge
construction project.
·
The increase in transportation (which includes
streets and parkways) expenditures is mostly due to costs associated
with cleanup efforts after two hurricanes.
·
Acquisition of the police boat, the beginning of the
complete reconstruction of the Tot Lot Park, and upgrades of the
Town’s computer network caused increased capital outlays in 2006.
Certificate
of Achievement for Excellence in Financial Reporting
The Government Finance Officers’ Association of the United States
and Canada awarded a Certificate of Achievement for Excellence in
Financial Reporting to the Town for its comprehensive annual
financial report for the year ended September 30, 2005. This was
the tenth consecutive year the Town received the award. In order to
earn the award, the Town published an easily readable and
efficiently organized report that conformed to program standards,
generally accepted accounting principles, and applicable legal
requirements. The Certificate of Achievement is the highest form of
recognition for excellence in financial reporting by state and local
governments and is valid for a period of one year only. The 2006
report continues to meet the standards of the Certificate of
Achievement program and will be submitted for review by GFOA.
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