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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 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:
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Property tax
receipts declined 10.8% due to the reduction in the tax rate from
4.75 mills to 3.6565.
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The decrease in
licenses and permits reflects lower building permit fees as a
result of declining activity in construction due to weakness in
the real estate market.
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Investment
earnings were adversely affected by lower interest rates and the
reduction in investable funds due to the previous year’s purchase
of future park land.
Expenditures in the General Fund are shown in the following
schedule:
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Costs related to improvements on land acquired last year for park
construction increased culture and recreation expenditures.
·
Last year’s land acquisitions increased capital outlays; the
dramatic decline reflects a return to more “normal” levels of
capital expenditure.
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, 2007. This was
the twelfth 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 2008
report was prepared in accordance with the standards of the
Certificate of Achievement program and has been submitted for review
by the GFOA.
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