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Combining statement of revenue, expenses and changes in fund net position
City of Coral Springs, Florida Required Supplementary Information Other Post-Employment Benefits – Plan Reporting Schedule of Investment Returns – OPEB Last Five Fiscal Years (Unaudited)
Annual money-weighted rate of return, net of investment expense
2021 2020 2019 2018 2017
16.31% 6.37% 5.87% 5.92% 11.97%
Notes to Schedule:
This Schedule is presented to illustrate the requirement of GASB 74. The requirement is to show information for 10 years. However, until a full 10-year trend is compiled, information for those years for which information is available will be presented.
City of Coral Springs, Florida
Notes to Required Supplementary Information September 30, 2021 (Unaudited)
Budgetary Procedures and Budgetary Accounting
The City adheres to the following procedures in establishing the budgetary data reflected in the accompanying financial statements:
Prior to September 30, the City Manager submits to the City Commission proposed operating budgets for the General Fund, Debt Service Fund, Fire Special Revenue Fund, Charter School Special Revenue Fund, Museum of Art Fund, Public Art Special Revenue Fund, Enterprise Funds, and Internal Service Funds for the fiscal year commencing October 1. The operating budget includes proposed expenditures and the means of financing them. As part of the City’s annual budgeting process, expenditures and funding sources for capital projects are identified through the Capital Improvement Program Budget. The Grant Fund, ARP Fund and Tree Trust Fund do not have a legally adopted budget.
Public hearings are conducted at City Hall to obtain taxpayer comments. Prior to September 30, the budget is legally enacted through passage of a resolution.
Each department director is authorized to transfer budget amounts within individual departments. Revisions that alter the total expenditures of any department within a fund must be approved by the City Manager. The City Commission must approve revisions that alter the total expenditures of any fund. Actual expenditures and operating transfers out may not exceed budget appropriations at the individual fund level. Legal level of control is maintained at the fund level.
If during the fiscal year it becomes evident that a particular fund is unable to provide the required level of services to the community due to unexpected higher costs of providing services or a shortfall of revenue, the budget may be amended. The Director of Budget and Strategy submits to the City Commission a request to amend the budget. The request contains explanations written by the director(s) of the department(s) making the request. The request includes a proposal for financing if additional expenditures are requested.
From time to time, the City may appropriate funds that are intended to roll into fund balance at the end of a given fiscal year. While these funds are not considered part of fund balance until the end of the applicable fiscal year in which it is budgeted, such appropriation provides additional capacity to fund unanticipated expenditures that may occur.
The accompanying budgetary data represents the original and the final amended budgets as approved by the City Commission. The difference between the two columns represents authorized budget transfers within the fiscal year.
