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Comprehensive Annual

Financial Report
Broward County, Florida
Fiscal Year Ended September 30, 2011

OUR COMMITMENT
TO EXCELLENCE

2011

BROWARD COUNTY COMMISSION


Our Best. Nothing Less. is Broward Countys
official business model for performance excellence.
This report highlights several County employees who
are being recognized for their outstanding customer
service, dedication and contributions to County
government. Their stories cover a broad spectrum of
County agencies and are just a sampling of the many individuals who
serve our community daily.
OUR COMMITMENT
TO EXCELLENCE

MISSION
The business of Broward County Government is to deliver costeffective and collaborative services to enhance and promote the
quality of life for our residents, businesses and visitors.
VISION
Broward County is a diverse, vibrant, urban community with
parks, beaches and green space. Broward has something for
everyone. Positioned at the center of Southeast Florida, we are
environmentally and economically sustainable and a gateway to
the international marketplace. Broward County is a regional body
working together with government partners and stakeholders to
achieve common goals. We are home to innovation and a great
place to live, work, play and visit.
County Commissioners will strive to create a community
characterized by:

Efficient and Accessible Regional


Intermodal Transportation Network

Accessible, Vibrant Arts and


Culture, Recreation and Learning
Opportunities

Social Safety Net: An Accessible


Collaborative Approach to Health and
Human Services

A Pristine, Healthy Environment

Unlimited Economic Opportunities

A Sustainable, Creative Approach


to Community Redevelopment and
Affordable Housing

Fiscally Sustainable and Transparent


Government

DISTRICT 1
Ilene Lieberman
954-357-7001
Fax 954-357-7295
ilieberman@broward.org
DISTRICT 2
Kristin Jacobs
FY11 - 12 Vice Mayor
954-357-7002
Fax 954-523-3302
kjacobs@broward.org
DISTRICT 3
Stacy Ritter
954-357-7003
Fax 954-357-7319
sritter@broward.org

DISTRICT 4
Chip LaMarca
954-357-7004
Fax 954-357-7798
clamarca@broward.org

DISTRICT 5
Lois Wexler
954-357-7005
Fax 954-357-7044
lwexler@broward.org
DISTRICT 6
Sue Gunzburger
FY10 - 11 Mayor
954-357-7006
Fax 954-357-7129
sgunzburger@broward.org
DISTRICT 7
John E. Rodstrom, Jr.
FY11 - 12 Mayor
FY10 - 11 Vice Mayor
954-357-7007
Fax 954-357-8088
jrodstrom@broward.org
DISTRICT 8
Barbara Sharief
954-357-7008
Fax 954-357-5704
bsharief@broward.org

DISTRICT 9
Dale V.C. Holness
954-357-7009
Fax 954-357-5707
dholness@broward.org

2011
Comprehensive
Annual Financial
Report
Broward County, Florida
Fiscal Year Ended September 30, 2011

Prepared by:
Accounting Division
Mary ODonnell, CPA, Director
Finance and Administrative
Services Department
Dinah L. Lewis, CFO/Director

OUR COMMITMENT
TO EXCELLENCE

COMPREHENSIVE ANNUAL FINANCIAL REPORT

For the Fiscal Year Ended September 30, 2011

TABLE OF CONTENTS

INTRODUCTORY SECTION
County Administrators Message
Letter of Transmittal
Certificate of Achievement
Organizational Chart

Page
1

FINANCIAL SECTION
Report of Independent Auditors
Managements Discussion and Analysis
Basic Financial Statements

Government-Wide Financial Statements


Statement of Net Assets
Statement of Activities

Fund Financial Statements

Governmental Funds Financial Statements

12

19

20

Balance Sheet
Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets
Statement of Revenues, Expenditures and Changes in Fund Balances (Deficit)
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and

Changes in Fund Balances (Deficit) to the Statement of Activities

21

22

23

Statement of Net Assets


Statement of Revenues, Expenses and Changes in Fund Net Assets
Statement of Cash Flows

25

26

27

Statement of Fiduciary Assets and Liabilities Agency Funds

29

Statement of Net Assets


Statement of Activities

30

31

32

Proprietary Funds Financial Statements

Fiduciary Funds Financial Statements

Component Units Financial Statements


Notes to Financial Statements
Required Supplementary Information

Budgetary Comparison Schedules

24

Note to Required Supplementary Information


General Fund
Sheriff Contractual Services Fund

62

63

65

66

Combining Balance Sheet


Combining Statement of Revenues Expenditures and Changes in Fund Balances

69

70

Combining Balance Sheet


Combining Statement of Revenues Expenditures and Changes in Fund Balances

71

72

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual

73

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual

74

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual

75

Other Postemployment Benefits Schedule of Funding Progress


Other Supplemental Information

Supplemental Combining and Individual Fund Financial Statements and Schedules

Nonmajor Governmental Funds

Nonmajor Special Revenue Funds

Local Housing Assistance Trust Fund


Water Control Districts Fund
Other Special Revenue Fund

2011 Comprehensive Annual Report, Broward County, Florida

Nonmajor Debt Service Funds


Combining Balance Sheet
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Deficit)

2001A/2007A General Obligations Bonds Debt Service Fund

77
79

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual

81

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual

82

Schedule of Revenues, Expenditures and Changes in Fund Balance (Deficit) Budget and Actual

83

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual

84

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual

85

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual

86

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual

87

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual

88

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual

89

2004/2005/2007B General Obligation Bonds Debt Service Fund


General Obligation Refunding Bonds Debt Service Fund
Tourist Tax Revenue Bonds Debt Service Fund

2006 Professional Sports Facilities and Civic Arena Bonds Debt Service Fund
Half-Cent Sales Tax Revenue Bonds Debt Service Fund

1998 Gas Tax Revenue Refunding Bonds Debt Service Fund


Florida Financing Loan Pool Debt Service Fund
Certificates of Participation Debt Service Fund
Nonmajor Capital Projects Funds

Combining Balance Sheet


Combining Statements of Revenues, Expenditures and Changes in Fund Balances

Proprietary Funds

91
93

Nonmajor Enterprise Funds


Combining Statement of Net Assets
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets
Combining Statement of Cash Flows
Internal Service Funds
Combining Statement of Net Assets
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets
Combining Statement of Cash Flows

99
100
101

Combining Statement of Fiduciary Assets and Liabilities Agency Funds


Combining Statement of Changes in Assets and Liabilities Agency Funds

103
104

Fiduciary Funds

Supplemental Financial Schedules


Water and Wastewater Fund

96
97
98

Schedule of Net Revenue and Debt Coverage Calculation

107

Schedule of Deposits to and Withdrawals from Special Funds and Accounts Created by Bond Resolutions
Schedule of Bonds Issued, Paid, Purchased, Redeemed, Cancelled and Defeased
Schedule of Revenues and Current Expenses and Calculation of Debt Coverage
Schedule of Lien Bond Sufficiency Test

108
108
109
109

Schedules of Revenues, Expenses and Debt Service Coverage

110

Annual Disclosure Information and Debt Service Capacity Calculation

111

Aviation Fund

Port Everglades Fund

Professional Sports Facilities Bonds and First Florida Loan Agreements

STATISTICAL SECTION
Financial Trends

Net Assets by Component


Changes in Net Assets
Fund Balances of Government Funds
Changes in Fund Balances of Governmental Funds

2011 Comprehensive Annual Report, Broward County, Florida

114
114
116
117

Revenue Capacity
Assessed Value and Actual Value of Taxable Property
Direct and Overlapping Property Tax Rates
Principal Property Tax Payers
Property Tax Levies and Collections

118
119
120
120

Outstanding Debt by Type


Ratios of Net General Bonded Debt Outstanding
Direct and Overlapping Governmental Activities Debt
Schedule of Revenue Bond Coverage Water and Wastewater
Schedule of Revenue Bond Coverage Other Revenue Bonds
Collections of Designated Revenues and Debt Service Coverage

121
121
122
122
123
123

Demographic and Economic Statistics


Principal Employers

124
124

Full-Time Equivalent County Government Employees by Function


Operating Indicators by Function
Capital Asset Statistics by Function

125
126
127

Construction, Bank Deposits and Property Value


Insurance in Force
Miscellaneous Statistical Data

128
128
129

Debt Capacity

Demographic and Economic Information


Operating Information

Miscellaneous

2011 Comprehensive Annual Report, Broward County, Florida

Introductory Section

Spotlight on: Public Safety

County Administrators Message


Letter of Transmittal

Margie Grimes
Park Manager V
Parks and Recreation
Division

Certificate of Achievement
Organizational Chart

On June 4, 2011, while


conducting a usual shift
change drive through
Topeekeegee Yugnee (T.Y.)
Park in Hollywood, Parks
and Recreation Manager
Margie Grimes and her
co-worker noticed three young children on the shore
of the lake near the fishing pier unattended by an adult.
As they approached the children to inquire about adult
supervision and alert them out of the water, Margie
noticed that a male toddler had stepped off the sandy
edge of the beach and was underwater. Using her quick
thinking, Margie courageously jumped into the water
fully clothed and saved the toddler from drowning.
She demonstrated heroism and selflessness, which is
the hallmark of SUNsational Service and Our Best.
Nothing Less.
Margie is a recipient of the 2011 SUNsational Service
Courtesy Award.

OUR COMMITMENT
TO EXCELLENCE

COUNTY ADMINISTRATOR
115 S. Andrews Avenue, Room 409 Fort Lauderdale, Florida 33301 954-357-7350

March 9, 2012
To the Mayor and Members of the Board of County Commissioners, and to the Residents of Broward County:
I am pleased to forward the Broward County Comprehensive Annual Financial Report for the fiscal year ended
September 30, 2011. These financial statements have been audited by Crowe Horwath LLP, independent certified
public accountants. I am also proud to share within the pages of this report, the impact of Broward County
governments service to the community.
Broward County governments financial position remains sound and strong and its major economic engines, Fort
Lauderdale-Hollywood International Airport and Port Everglades are embarking on major projects which will add
thousands of jobs and millions of dollars to the local economy. The Countys General Obligation bonds are rated
AAA, which is the highest rating given by Fitch and Moodys.
Port Everglades has welcomed new cruise ships from Royal Caribbean, Holland America, Seabourn, Cunard and
P&O, as well as the largest cargo ships in its history. Continued growth will be assured as expansion projects to
be completed over the next six years include the addition of new berths, deepening and widening the channel,
and extending the railhead into the Port.
Fort Lauderdale-Hollywood International Airport is in the early stages of construction for the South Runway
expansion project which will be operational by September 2014 and will increase capacity by up to 50%. The
project is expected to generate more than 11,000 jobs and at its peak in 2013, will be contribute more than $1
million per day to the local economy.
Our Adopted 2011 budget was approximately $70M lower than the 2010 budget and provided for property tax
reductions on the County portion of their tax bill for most Broward County property owners.
In January 2011, Broward County Transit implemented a new 95 EXPRESS bus route from Miramar to downtown
Miami with 200 passengers a day. In one year, ridership on the 60-foot hybrid diesel-electric Wi-Fi enabled buses
has grown to 800 daily passengers and the service will be expanded in 2012.
Public access to County government was extended through more than 50 e-newsletters, Facebook, Twitter and
YouTube sites that residents, businesses and visitors can consult to learn more about County programs and
services. In addition, County Commission meetings are streamed live on the internet and broadcast on cable
television and more than 150 videos are available on demand. More information can be obtained at
broward.org/stayconnected.
We are extremely proud of our County Parks, which comprise more than 6,500 acres and are as diverse as our
community-- from small neighborhood passive parks to water parks, a dog park, equestrian facilities, a world class
cricket facility and nature centers in virtually every corner of the County. We are pleased that we were able to
re-open all parks seven days a week.
Our libraries have a multitude of programs for students, seniors and knowledge seekers whether their preferred
medium is the written word, e-reader or anything in between. Public response to Broward County Libraries
Without Walls (WOW) has been overwhelming with use of downloadable books, audio-books and videos
increasing by more than 1000%. We were also pleased to re-open our regional libraries on Sundays.
In Fiscal Year 2011, Broward County welcomed eleven million visitors who spent more than $9 billion locally.
Tourism creates one job for every 85 visitors.
I encourage you to visit broward.org and explore the many ways in which Broward County government is committed
to excellence and providing Our Best. Nothing Less.
Respectfully submitted,

1 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

FINANCE AND ADMINISTRATIVE SERVICES DEPARTMENT


115 S. Andrews Avenue, Room 515 Fort Lauderdale, Florida 33301 954-357-7130 FAX 954-357-7134

March 9, 2012
To the Citizens, Mayor and Members of the Board of County Commissioners of Broward County, Florida
Ladies and Gentlemen:
We are pleased to present Broward County's (the County) Comprehensive Annual Financial Report (CAFR) for the fiscal
year ended September 30, 2011. The financial statements included in this report conform with accounting principles generally
accepted in the United States (GAAP) established by the Governmental Accounting Standards Board. The County is
responsible for the accuracy and fairness of the presentation of the financial statements and other information presented
herein. The data presented in this report is believed to be accurate in all material respects, and all statements and disclosures
necessary for the reader to obtain a thorough understanding of the County's financial activities have been included.
The County's management is responsible for the establishment and maintenance of accounting and other internal controls to
ensure compliance with applicable laws and County policies and that financial transactions are properly recorded and
documented to provide reliable information for the preparation of the County's financial statements in accordance with GAAP.
Because the cost of internal controls should not outweigh their benefits, the County's comprehensive framework of internal
controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from
material misstatement.
This report (and particularly this transmittal letter) is intended to provide informative and relevant financial information for the
citizens of the County, Board Members, investors, creditors and other concerned readers. All are encouraged to contact the
Department of Finance and Administrative Services with any comments or questions concerning this report. This report may
also be accessed via the Internet at http://www.broward.org/Accounting
INDEPENDENT AUDIT
The County's financial statements have been audited by Crowe Horwath LLP, certified public accountants. The independent
auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unqualified opinion that the
County's financial statements for the fiscal year ended September 30, 2011, are fairly presented in conformity with GAAP. The
independent auditor's report is presented as the first component of the financial section of this report.
The independent audit of the financial statements of the County is in addition to a federal and state mandated "Single Audit"
designed to meet the special needs of federal and state grantor agencies. The standards governing Single Audit engagements
require the independent auditor to report not only on the fair presentation of the financial statements, but also on the audited
government's internal controls and compliance with legal requirements, with special emphasis on the administration of federal
and state awards. These reports are available in the County's separately issued Single Audit Report.
In accordance with GAAP, this CAFR includes a narrative introduction from management, which provides an overview and
analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A).This letter of
transmittal is designed to complement the MD&A, and should be read in conjunction with it. The County's MD&A can be found
immediately following the report of the independent auditors. The remainder of this letter provides an overview of local
economic conditions and prospects for the future, and a report on some of the County's current and future initiatives.
PROFILE OF THE GOVERNMENT
The County was incorporated in I9I5 and is located along the southeastern coast of the state. With a developable area of 4I0
square miles and a population of almost I.8 million people, the County is one of the largest counties in the country. The County
is governed by its amended Charter, originally adopted in 1974, and functions as a home rule government under the Florida
Constitution and the general laws of the state.
The Board of County Commissioners (the Board) is the legislative and policy-making body of the County. Each of the nine
Commissioners is elected from a separate district. Annually, the Board elects a Mayor who serves as its presiding officer.
Elections are held every two years for staggered four year terms. The Board appoints the County Administrator to act as the
County's chief executive officer. The Administrator implements policies of the Board, provides organizational leadership, and
directs business and administrative procedures. In addition, there are four elected Constitutional Officers: the Clerk of the
Circuit and County Courts; the Property Appraiser; the Sheriff; and the Supervisor of Elections. Circuit Court and County
Court judges are also elected.
The County provides a broad range of services, including property assessments, tax collections, law enforcement and fire

Broward County, Florida - 2

rescue protection, maintenance of streets, highways, bridges and traffic signals, parks, libraries, airports, a seaport, a convention
center, water and sewer systems, transportation, environmental protection, urban planning, economic development, and other
community and human services. Certain legally separate entities are also included as an integral part of the County's financial
statements as explained in Note I to the financial statements.
The annual budget serves as the foundation for the County's financial planning and control systems. Management's budget
request is presented to the Board by the County Administrator. The Board holds public hearings on the proposed budget prior
to adopting the final budget and setting the tax rates for the budget year. Budget to actual comparisons are provided in this
report for each individual governmental fund for which an appropriated annual budget has been adopted. These comparisons
are presented in the required supplementary information and other supplementary information sections of the financial
statements.
THE BROWARD COUNTY

ECONOMY IN 2011

The information presented in the financial statements is perhaps best understood when it is considered from the broader
perspective of the environment within which the County operates. The County enjoys a diverse economic base thanks to a
vibrant tourism industry, an active construction industry, highly efficient and productive airport and seaport facilities, and other
dynamic industry sectors. There are approximately 50,000 businesses established in Broward County. Although many of these
are classified as small businesses, approximately I00 Fortune 500 companies have facilities in Broward County.

During fiscal year 2011, the Civilian Labor Force within


the County fell by approximately 2,630 or .2% from the
last year. The County's unemployment rate at September
30, 2011 was 9.3%, compared with the rate of 10.6% at
September 30, 2010. In comparison, the unemployment
rates for Florida and the United States were 10.6% and
9.0%, respectively at September 30, 2011. The Countys
population growth has slowed but not stopped, and
property values have declined in line with national
economic trends, which have negatively impacted the
construction and real estate markets.

Tourism and the related service industries are an important economic factor in the County, employing more than 122
thousand people in travel related jobs. For every 85 visitors, one job is created. The combination of a favorable climate (an
average year-round temperature of 77 degrees Fahrenheit), together with diverse recreational opportunities, including theaters,
parks, pristine public beaches, yacht basins, fishing, golf, tennis, thoroughbred racing, jai alai, and water recreational facilities,
have made the County a major tourist center. Tourists visit the County year round from around the country and the world. In
2011, over 11 million visitors spent approximately $9 billion in the local economy.
Building permits for residential construction, a measure of future construction activity, increased from 940 units in 2010 to
1,622 in 2011. The County is maturing as an urban area, and little undeveloped property remains available. Re-development
will be a primary focus of Broward County in the years ahead, but future population growth and new development may depend
on national economic recovery trends and employment opportunities.

The net assessed value of real and personal property


declined for fiscal 2011 by (14.5%). The resulting decline in
property tax revenues will result in significant budget
challenges for general County services. Although significant
capital improvements are underway at the Airport and
Port Everglades and within the Water and Wastewater
System, these capital investments are generally funded by
revenue bonds and federal grants.

Billions

Real and Personal Property Net


Assessed Value
180
160
140
120
100
80
60
40
20
0
2007

2008

2009
Year

3 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

2010

2011

Investment Yields

Percent

6
5
4
3
2
1
0

2007

2008

2009
Year

2010

2011

Interest rates declined again during the year, reducing


the return on the County's cash and investments. In
order to maximize interest earnings, substantially all of
the County's cash and investments are pooled, except
where legal requirements dictate separate accounts. The
County consistently invests more than 99% of its
available funds and exceeds the 90 day U. S. Treasury bill
rates, which the County uses as a performance
benchmark. The primary objective of the County's
investment policy is preservation of capital. The
County's investment portfolio is rated AAf/SI+ by
Standard & Poor's.

The County is self-insured for general liability, professional, automobile, medical malpractice, workers' compensation, and
Mass Transit bus liability through its Self-Insurance Fund. The County has substantially funded these liabilities with assets
accumulated in this fund of $130.2 million at September 30, 2011. The County also maintains a healthy General Fund balance in
order to meet unanticipated needs or emergencies, such as from the annual threat of hurricanes, which were active in 20042005.
MAJOR INITIATIVES
As stated in the County's Mission Statement, The business of Broward County is to deliver cost-effective and collaborative services to
enhance and promote the quality of life for our residents, business and visitors. The Broward County Commission set forth a number
of goals in support of this mission, and some of the achievements during the year are detailed below.
Efficient and Accessible Regional Intermodal Transportation Network
Instituted 95 Express bus service from Miramar to downtown Miami with 200 passengers per day ridership which has
grown to 800 passengers per day on this Wi-Fi enabled 60-ft articulated hybrid diesel-electric bus.

Obtained more than $16 million in grant funding for the construction and improvement of bus shelters, security and

energy efficiency.
A Community with Accessible, Vibrant Arts and Culture, Recreation and Learning Opportunities
Although the County's Library system increased its reach through the latest available technology, there were more than 9
million walk-in visits during the year, and 535,000 patrons who participated in more than17,000 programs which range
from tutoring, test preparation, sharpening language skills, resume assistance and many more. The Broward County
Library's Without Walls (WOW) programs have made library resources available on computer, e-reader and
smartphones, and usage of downloadable books, audio-books and videos has increased by more than 1,000 percent in the
past year.
A bike-sharing program, managed and operated by B-cycle, LLC, was introduced as a means of providing an inexpensive,
environmentally friendly way to get around town while reducing traffic congestion and promoting physical fitness.
Social Safety Net: An Accessible Collaborative Approach to Health and Human Services
The Community Partnership Division launched an online grant solicitation process which encourages collaborative
application and provides greater capacity for services.

County programs assisted more than 1,300 elderly and veterans in obtaining more than $4 million of approved claims.

The Broward County Commission passed an ordinance regulating licensing and location of "pill mills".

In conjunction with state and federal grants, 7,300 HIV/AIDS clients were assisted and $1.2 million was provided for

intervention services for victims of child abuse, neglect and sexual assault.
A Pristine, Healthy Environment
Environmental considerations are an integral part of all of the County's initiatives - from hybrid buses that reduce
pollution, traffic synchronization which reduces our citizens energy usage, bike sharing reducing traffic congestion, library
programs usage of technology, new facilities incorporating Leadership in Energy and Environmental Design(LEED), rebate
programs for energy efficient appliances and water conservation fixtures.
Unlimited Economic Opportunities
The Office of Economic and Small Business Development awarded more than $72 million to certified firms and continued
its efforts to reach out to targeted industries worldwide to expand and relocate to Broward County.

Port Everglades (the Port) has welcomed new cruise ships from five cruise lines as well as the largest cargo ships in its

history. Major improvements over the next six years include widening and deepening the channel and bringing a railhead
into the Port. Fort Lauderdale-Hollywood International Airport (the Airport) is in the early stages of the South Runway
expansion which will increase capacity by 50%, and additional capital projects to improve the traveling experience for our

Broward County, Florida - 4

Broward County, Florida - 6

ORGANIZATION OF BROWARD COUNTY GOVERNMENT

The County is governed by the provisions of its Charter as


amended originally adopted by the electors of the County
on November 5, 1974. Under the Charter, the County
functions as a home rule government consistent with the
provisions of the Florida Constitution and the general laws of
the State.
The nine member Board of County Commissioners (the
Board) is the legislative body of the County government.
The Board annually elects a Mayor who serves as presiding
officer.The Charter provides for one County Commissioner
to be elected from each of the Commission districts.
Elections are held every two years for staggered four year
terms. Each candidate must be a registered elector and a legal
resident of the district to be represented.
The Board appoints the County Administrator to act as the
Countys chief executive officer.The administrator serves

at the pleasure of the Board, implements policies, provides


organizational leadership for addressing major issues and
directs business and administrative procedures.The Board
also appoints the County Attorney, advisory board members
and authorities to administer certain public services.The
County Auditor is nominated by an independent board
and is subject to ratification by a majority of the County
Commission.
In addition to the Board members, County residents elect the
56 Circuit Court Judges, 28 County Court Judges and four
constitutional officers: the Clerk of the Circuit and County
Courts, the Property Appraiser, the Sheriff and the Supervisor
of Elections. Certain costs of the judicial system and the
operating costs of the constitutional offices are funded by the
Board pursuant to state law.

ELECTORATE
ELECTED COUNTY
COMMISSION 1
County Attorney

1
2

County Auditor
County
Administrator

Deputy
County Administrator

Public Works
Department

ELECTED CONSTITUTIONAL
OFFICIALS 2

Greater
Fort Lauderdale
Convention &
Visitors Bureau

Aviation
Department

Assistant County
Administrator
Office of
Intergovernmental
Affairs and
Professional
Standards

Office of
Economic and
Small Business
Development

Transportation
Department

Port Everglades
Department

Office of
Public
Communications

Finance and
Administrative
Services
Department

Libraries
Division

Office of
Management
and Budget

Office of
Medical
Examiner and
Trauma Services

Cultural
Division

Parks &
Recreation
Division

See the inside front cover


See the inside back cover
7 2010 Comprehensive Annual Financial Report - Broward County, Florida

Human Services
Department

Environmental
Protection
and Growth
Management
Department

Spotlight on: Animal Care



and Adoption

Financial Section
Report of Independent Auditors
Managements Discussion and
Analysis
Basic Financial Statements
Required Supplementary
Information
Combining and Individual
Fund Financial Statements
and Schedules

Clockwise: Courtney Benech, Veterinarian Technician; Tracy Perocchi,


Veterinarian Technician; Sue Fuchs,
Office Support Specialist

Veterinarian Medical Team, Animal Care and Adoption


The Veterinarian Medical Team at Animal Care and Adoption has
made vast improvements in the quality of medical care received
by animals coming in to the Animal Care Adoption Centers.
Veterinarian Technicians Courtney Benech and Tracy Perocchi
prepare an average 2,700 animals for medical procedures each
year including sterilization surgeries, medical testing, and
tattooing or microchipping for identification. Office Support
Specialist Sue Fuchs and the clinic team assist with foster
care check-ups and post adoption appointments for animals
needing medical care. Together, the Veterinarian Medical Team
participates in rabies clinics designed to protect the health of
Broward County residents and their pets, vaccinating as many
as 800 animals per clinic. Courtney, Tracy and Sue have always
expressed caring, kindness and appreciation for the dignity of the
lives of the shelter animals. Their excellent teamwork and tireless
dedication has significantly improved the quality of life for the
thousands of dogs and cats that enter Broward Countys shelter
facilities.

OUR COMMITMENT
TO EXCELLENCE

Crowe Horwath LLP


Independent Member Crowe Horwath International

REPORT OF INDEPENDENT AUDITORS


Board of County Commissioners
Broward County, Florida
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, the aggregate discretely presented component units, each major fund, and the aggregate
remaining fund information of Broward County, Florida (the County), as of and for the year ended
September 30, 2011, which collectively comprise the Countys basic financial statements as listed in the
table of contents. These financial statements are the responsibility of the Countys management. Our
responsibility is to express opinions on these financial statements based on our audit. We did not audit
the financial statements of (1) Clerk of Circuit and County Courts (a discretely presented component unit),
(2) Broward County Health Facilities Authority (a discretely presented component unit), (3) Broward
County Housing Finance Authority (a discretely presented component unit), (4) Broward County Aviation
Department (a major enterprise fund), (5) Broward County Water and Wastewater Services (a major
enterprise fund), (6) Property Appraiser Operations Fund (a nonmajor governmental fund), and (7)
Broward County Supervisor of Elections (a nonmajor governmental fund), which represent the
percentages of assets, net assets/fund balances, and revenues listed below:

Assets
Governmental Activities:
Property Appraiser Operations Fund
Broward County Supervisor of Elections
Business-type Activities:
Broward County Aviation Department
Broward County Water and Wastewater Services
Discretely Presented Component Units:
Clerk of Circuit and County Courts
Broward County Health Facilities Authority
Broward County Housing Finance Authority
Major Funds:
Broward County Aviation Department
Broward County Water and Wastewater Services
Aggregate Remaining Fund Information:
Property Appraiser Operations Fund
Broward County Supervisor of Elections

Net
Assets/Fund
Balances

Revenues

0.07%
0.06%
0.13%

0.10%
0.00%
0.10%

1.15%
0.74%
1.89%

50.82%
22.41%
73.23%

52.10%
16.75%
68.85%

41.78%
19.26%
61.04%

47.32%
0.40%
52.28%
100.00%

31.41%
0.38%
68.21%
100.00%

97.25%
0.18%
2.57%
100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

0.34%
0.27%
0.61%

0.57%
0.00%
0.57%

6.49%
4.19%
10.68%

(Continued)
9.

Board of County Commissioners


Broward County, Florida

Those financial statements were audited by other auditors whose reports thereon have been furnished to
us, and our opinions, insofar as they relate to the amounts included for the activities, component units,
and funds indicated above, are based on the reports of the other auditors.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit and the reports of other auditors provide a reasonable
basis for our opinions.
In our opinion, based on our audit and the reports of other auditors, the financial statements referred to
previously present fairly, in all material respects, the respective financial position of the governmental
activities, the business-type activities, the aggregate discretely presented component unit, each major
fund, and the aggregate remaining fund information of the County, as of September 30, 2011, and the
respective changes in financial position and, where applicable, cash flows thereof for the year then ended
in conformity with accounting principles generally accepted in the United States of America.
As discussed in note 1 to the financial statements, the County restated beginning fund balances to correct
the classification of certain funds that were improperly classified as special revenue funds in its previously
issued financial statements.
In accordance with Government Auditing Standards, we have also issued our report dated March 9, 2012
on our consideration of the Countys internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on internal control
over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be considered in assessing the results of
our audit.
The managements discussion and analysis, budgetary comparison information, and schedule of funding
progress on pages 12 through 17, 62 through 65, and 66, respectively, are not a required part of the basic
financial statements but are supplementary information required by accounting principles generally
accepted in the United States of America. We and the other auditors have applied certain limited
procedures, which consisted principally of inquiries of management regarding the methods of
measurement and presentation of the required supplementary information. However, we did not audit the
information and express no opinion on it.

(Continued)
10.

Board of County Commissioners


Broward County, Florida

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Countys basic financial statements. The introductory section, combining and individual
fund financial statements and schedules, supplemental financial schedules and statistical section are
presented for purposes of additional analysis and are not a required part of the basic financial statements.
The combining and individual fund financial statements and schedules, and supplemental financial
schedules have been subjected to the auditing procedures applied by us and the other auditors in the
audit of the basic financial statements and, in our opinion, based on our audit and the reports of other
auditors, are fairly stated in all material respects in relation to the basic financial statements taken as a
whole. The introductory and statistical sections have not been subjected to the auditing procedures
applied by us and the other auditors in the audit of the basic financial statements and, accordingly, we
express no opinion on them.

Crowe Horwath LLP


Fort Lauderdale, Florida
March 9, 2012

11.

MANAGEMENTS DISCUSSION AND ANALYSIS


September 30, 2011
The management of Broward County offers this narrative overview
and analysis of the financial activities of the County for the fiscal
year ended September 30, 2011. We encourage readers to
consider the information presented here in conjunction with the
additional information that we have furnished in our Letter of
Transmittal.
FINANCIAL HIGHLIGHTS
The following are key financial highlights for the fiscal year:

The assets of the County exceeded its liabilities at September


30, 2011 by $ 4.8 billion (net assets). Of this amount, $836
million (unrestricted net assets) may be used to meet the
governments ongoing obligations to citizens and creditors.
The Countys total net assets increased by $52 million: $77
million from business-type activities which was partially offset
by a $25 million decrease in net assets of governmental
activities.
As of September 30, 2011, the Countys governmental funds
reported combined ending fund balances of $1.3 billion, a
decrease of $76 million from the prior year.
At September 30, 2011, unassigned fund balance for the
General Fund was $102 million, or 9.8% percent of total
general fund expenditures and transfers out.
The Countys total bonded debt decreased by $135 million or
5.9% percent during the fiscal year.

OVERVIEW OF THE FINANCIAL STATEMENTS


This discussion and analysis is intended to serve as an introduction
to the Countys basic financial statements. The Countys basic
financial statements contain three components: government-wide
financial statements; fund financial statements; and notes to the
financial statements. This report also contains supplementary
information in addition to the basic financial statements themselves.
Government-wide Financial Statements
The government-wide financial statements are designed to provide
readers with a broad overview of Broward Countys finances, in a
manner similar to a private sector business.
The statement of net assets presents information on all of Broward
Countys assets and liabilities, with the difference between the two
reported as net assets. Over time, increases or decreases in net
assets may serve as a useful indicator of whether the financial
position of Broward County is improving or deteriorating.
The statement of activities presents information showing how the
Countys net assets changed during the most recent fiscal year. All
changes in net assets are reported as soon as the underlying event
giving rise to the change occurs, regardless of the timing of the
related cash flows. Thus, revenues and expenses are reported in
this statement for some items that will result in cash flows in future
fiscal periods.

Both of the government-wide financial statements distinguish


functions of the County that are principally supported by taxes and
intergovernmental revenues (governmental activities) from other
functions that are intended to recover all or a significant portion of
their costs through user fees and charges (business-type activities).
The governmental activities of the County include general
government, public safety, transportation, human services, culture
and recreation, physical environment, and economic environment.
The business-type activities of the County include water and
wastewater, resource recovery, aviation, and a seaport.
The government-wide financial statements include not only the
County itself, but also the Housing Finance Authority, the Health
Facilities Authority, and the Clerk of the Courts, legally separate
entities for which the County is financially accountable. Financial
information for these component units is reported separately from
the financial information presented for the primary government
itself. The government-wide financial statements can be found on
pages 19 and 20 of this report.
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, like other state and local
governments, uses fund accounting to ensure and demonstrate
compliance with finance related legal requirements. All of the
funds of the County can be divided into three categories:
governmental funds; proprietary funds; and fiduciary funds.
Governmental funds - Governmental funds are used to account for
essentially the same functions reported as governmental activities
in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial
statements 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. Such information may be useful in
evaluating a governments near term financing requirements.
Because the focus of governmental funds is narrower than that of
the government-wide financial statements, it is useful to compare
the information presented for governmental funds with similar
information presented for governmental activities in the
government-wide financial statements. By doing so, readers may
better understand the long-term impact of the governments near
term financing decisions. Both the governmental fund balance sheet
and the governmental fund statement of revenues, expenditures
and changes in fund balances provide a reconciliation to facilitate
this comparison between governmental funds and governmental
activities.
Broward County maintains 24 individual governmental funds.
Information is presented separately in the governmental fund
balance sheet and in the governmental fund statement of revenues,
expenditures and changes in fund balances for the General Fund,
the Sheriff Contractual Services Fund, the Transportation Capital
Projects Fund, and the Capital Outlay Reserve Fund, which are

Broward County, Florida 12

considered to be major funds. Data from the other governmental


funds are combined into a single, aggregated presentation.
Individual fund data for each of these nonmajor governmental funds
is provided in the form of combining statements elsewhere in this
report.

funds are combined into a single, aggregated presentation in the


proprietary fund financial statements. Individual fund data for the
internal service funds and the non-major enterprise funds is
provided in the form of combining statements in the Other
Supplementary Information section of this report.

The County adopts an annual appropriated budget for its General


Fund. A budgetary comparison statement has been provided for
the General Fund and the major special revenue fund to
demonstrate compliance with these budgets.

Fiduciary funds Fiduciary funds are used to account for resources


held for the benefit of parties outside the government. Fiduciary
funds are not reflected in the government-wide financial statement
because resources of those funds are not available to support the
Countys own programs. The accounting used for fiduciary funds is
much like that used for proprietary funds.

Proprietary funds The County maintains two different types of


proprietary funds. Enterprise funds are used to report the same
functions presented as business-type activities in the governmentwide financial statements. The County uses enterprise funds to
account for its water and wastewater, resource recovery, aviation
and seaport operations. Internal service funds are an accounting
device used to accumulate and allocate costs internally among the
Countys various functions. The County uses internal service funds
to account for its self-insurance, vehicle fleet, and print shop
operations. Because these services predominantly benefit
governmental rather than business-type functions, they have been
included within governmental activities in the government-wide
financial statements.
Proprietary funds provide the same type of information as the
government-wide financial statements, only in more detail. The
proprietary fund financial statements provide separate information
for four proprietary operations, all of which are considered to be
major funds of the County. Conversely, the three internal service

Notes to the Financial Statements


The notes provide additional information that is essential to a full
understanding of the data provided in the government-wide and
fund financial statements.
Other Information
In addition to the basic financial statements and accompanying
notes, this report also presents certain required supplementary
information containing budget to actual comparisons for the
general and major special revenue funds. The combining statements
referred to earlier in connection with nonmajor governmental
funds, nonmajor enterprise funds, internal service funds and
fiduciary funds are presented immediately following the required
supplementary information.

GOVERNMENT-WIDE FINANCIAL ANALYSIS


As noted earlier, net assets may serve over time as a useful indicator of a governments financial position. In the case of the County,
assets exceeded liabilities by $4.8 billion as of September 30, 2011.
Broward County's Net Assets
As of September 30, 2011 and 2010
(In Thousands)
Governmental Activities
2011
2010
Current and other assets
Capital assets
Total assets
Long-term debt outstanding
Other liabilities
Total liabilities
Net assets:
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total Net Assets

Business-type Activities
2011
2010

Total
2011

2010

$ 1,578,773
2,278,555
3,857,328
1,046,350
147,709
1,194,059

$1,660,865
2,270,880
3,931,745
1,085,891
157,948
1,243,839

$ 954,806
2,726,535
3,681,341
1,423,292
132,239
1,555,531

$1,038,080
2,641,440
3,679,520
1,506,774
123,843
1,630,617

$2,533,579
5,005,090
7,538,669
2,469,642
279,948
2,749,590

$2,698,945
4,912,320
7,611,265
2,592,665
281,791
2,874,456

1,887,557
298,836
476,876
$ 2,663,269

1,843,431
302,833
541,642
$2,687,906

1,354,527
411,764
359,519
$2,125,810

1,282,520
412,477
353,906
$2,048,903

3,242,084
710,600
836,395
$4,789,079

3,125,951
715,310
895,548
$4,736,809

13 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Year

Net Assets

2011

3,242

2010

3,126

2009

3,028

2008

2,883

2007
Millions-

The largest portion of the Countys net assets reflects its investment
in capital assets (e.g. land, buildings, machinery and equipment) less
any related debt used to acquire those assets still outstanding.
These capital assets are used to provide services to citizens;
consequently these assets are not available for future spending. It
should also be noted that the resources required to repay the
related debt must be provided from other sources, since the capital
assets themselves cannot be used to liquidate these liabilities.

2,666
1,000

2,000

711

836

715

896

691
657
620
3,000

854
894

909
4,000

5,000

An additional portion of the Countys net assets represents


resources that are subject to external restrictions on how they may
be used. The remaining balance of unrestricted net assets may be
used to meet the Countys ongoing obligations to citizens and
creditors. As of September 30, 2011 the County reports positive
balances in all three categories of net assets, both for the
government as a whole as well as for its separate governmental and
business-type activities.

Invested in Capital Assets


Restricted
Unrestricted

Governmental and Business-type Activities


The Countys governmental activities had net expenses of $973
million before general revenues. However, these services are
funded primarily from general taxes and other general revenues,
which reduced net expenses to $23 million before transfers. Key
elements of this decrease are as follows: Charges for services
revenues decreased by 1%, and Operating and Capital Grants
revenues decreased by 6% and 13% respectively. Also, Property
tax revenues decreased by 10.5% as unemployment remained
high, credit remained tight, foreclosures continued to be high and
property values fell.
The Countys business-type activities had net revenue of $70
million and increased net assets by $77 million, with all major
operations reporting net revenues for the year except Resource
Recovery System.

Governmental Activities
Revenue Sources
Fiscal Year 2011

8%
27%

4% 3%

Taxes

58%

Charges for
Services
Operating Grants
Other
Capital Grants

Broward County, Florida 14

Broward County's Net Assets


For the Years Ended September 30, 2011 and 2010
(In Thousands)
Governmental Activities
2011
2010
Revenues
Program revenues
Charges for services
Operating grants and contributions
Capital grants and contributions
General revenues
Property taxes
Other taxes
Other
Total revenues
Expenses
General government
Public safety
Transportation
Human services
Culture and recreation
Physical environment
Economic environment
Sheriff
Property Appraiser
Supervisor of Elections
Interest on long-term debt
Aviation
Port Everglades
Water and wastewater
Resource recovery system
Solid waste
Unincorporated area waste
Water management
Total expenses
Increase in net assets
before transfers
Transfers
Increase in net assets
Net assets - Beginning
Net assets - Ending

415,700
118,750
41,152

421,609
126,471
47,496

688,641
190,587
70,691
1,525,521

769,207
185,623
69,613
1,620,019

189,850
25,905
188,116
135,480
156,814
38,496
32,368
714,365
17,716
11,303
38,442

203,699
24,115
173,169
141,203
144,700
21,305
32,244
736,512
18,150
12,173
28,983

Business-type Activities
2011
2010
$

581,125
38,571

5,695
625,391

1,548,855

1,536,253

205,210
116,499
112,002
111,619
938
2,020
1,499
549,787

(23,334)
(1,303)
(24,637)
2,687,906
$ 2,663,269

83,766
(1,466)
82,300
2,605,606
$ 2,687,906

75,604
1,303
76,907
2,048,903
$ 2,125,810

FINANCIAL ANALYSIS OF THE GOVERNMENTS FUNDS

As noted earlier, the County uses fund accounting to insure and


demonstrate compliance with finance related legal requirements.
Governmental Funds
The focus of the Countys governmental funds is to provide
information on near term inflows, outflows, and balances of
spendable resources. Such information is useful in assessing the
Countys financing requirements. In particular, unassigned fund

574,227
1,813
43,064

Total
2011 2010
$

996,825
118,750
79,723

995,836
128,284
90,560

8,255
627,359

688,641
190,587
76,386
2,150,912

769,207
185,623
77,868
2,247,378

209,987
111,863
115,647
102,757
2,738
2,023
1,283
546,298

189,850
25,905
188,116
135,480
156,814
38,496
32,368
714,365
17,716
11,303
38,442
205,210
116,499
112,002
111,619
938
2,020
1,499
2,098,642

203,699
24,115
173,169
141,203
144,700
21,305
32,244
736,512
18,150
12,173
28,983
209,987
111,863
115,647
102,757
2,738
2,023
1,283
2,082,551

81,061
1,466
82,527
1,966,376
$ 2,048,903

52,270

164,827

52,270
4,736,809
$ 4,789,079

164,827
4,571,982
$ 4,736,809

balance may serve as a useful measure of a governments net


resources available for spending at the end of its fiscal year.
At September 30, 2011, the Countys governmental funds reported
combined ending fund balances of $1,302 million, a decrease of $76
million from the prior year. This decrease resulted from the
decrease of the Capital Outlay Reserve of $44 million, which is
primarily due to the fact that property taxes and interest revenues
decreased and the expenditures of various capital improvement
projects were funded by prior year fund balance, and a general
decrease in the fund balance of Other Governmental Funds.

15 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Approximately 1% ($11 million) of the combined fund balance is


nonspendable, 45% ($583 million) is restricted, 33% ($435 million)
is Committed, 13% ($174 million) is Assigned and 8% ($99 million)
is unassigned and available for spending at the government's
discretion.
The General Fund is the chief operating fund of the County. At
September 30, 2011, the unassigned fund balance of the General
Fund was $102 million and the total fund balance was $357 million.
As a measure of the General Funds liquidity, the total fund balance
represents approximately 34% percent of total General Fund
expenditures and transfers out.
Proprietary Funds
The Countys proprietary funds provide the same type of
information found in the government-wide financial statements for
business-type activities, but in more detail.
Aviation operating revenues decreased $3.9 million or 2.1%.
Unrestricted net assets of the Aviation Department were $66
million at September 30, 2011.
Port Everglades operating revenues increased $14.5 million or
approximately 11.7% due primarily to cruise revenues.
Unrestricted net assets of the Port Everglades Fund were $210
million at September 30, 2011.
Water and Wastewater System operating revenues increased $4.4
million or 4.1% due to general growth in system usage and to rate
increases. Unrestricted net assets of the Water and Wastewater
System were $34 million at September 30, 2011.
Resource Recovery System operating revenues decreased by $5.8
million or 5.6% due primarily to lower tipping fees. Unrestricted
net assets of the Resource Recovery System were $46 million at
September 30, 2011.
BUDGETARY HIGHLIGHTS
Budget and actual comparison schedules are provided in Required
Supplementary Information for the General Fund and all major
special revenue funds. Budget and actual comparison schedules are
also provided in the Combining and Individual Fund Statements and
Schedules for all nonmajor funds with annually appropriated
budgets. The budget and actual comparison schedules show the
original adopted budgets, the final revised budget, actual results,
and variance between the final budget and actual results for the
General Fund and major special revenue funds. After the original
budget is approved, it may be revised for a variety of reasons such
as unforeseen circumstances, new bond or loan proceeds, new
grant awards, or other unanticipated revenues.
Differences between the original budget and the final amended
budget for the General Fund were relatively minor and can be
summarized as follows:
Revenue increased $6.5 million or .6% primarily due to
increases in Fines and Forfeitures.
Expenditures were increased $88.9 million or 8.4% due
primarily to increases in Property Appraiser, Sheriff and Public
Works.

Operating transfers in were increased $7.3 million or 11.2%


Operating transfers out were increased $2.7 million or 10.6%
due to increased expected transfers to other funds.
General Fund actual total revenues were $1.007 billion or 100.6%
of the final budget amount. Total expenditures of $1.02 billion
were 89% of the final budget as several functional areas were under
budget due to reductions of general spending. Net transfers in
were $47.4 million or 107% of the budget. Revenues exceeded
expenditures and transfers, resulting in an increase in the General
Fund balance of $31.8 million, which compared to a budgeted
decrease of $100 million.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
The Countys investment in capital assets for its governmental and
business-type activities as of September 30, 2011 amounted to $5
billion (net of accumulated depreciation). This investment in capital
assets includes land, buildings, improvements, machinery and
equipment, parks, roads, highways, and bridges. The total increase
in the Countys investment in capital assets for the current fiscal
year was 1.9%.
Major capital asset events during the fiscal year included the
following:

Road improvement of Pine Island Road from Oakland Park


Boulevard to Commercial Boulevard ($1.5 million)
Road improvement of NW 21 Avenue from NW 19th Street
to Oakland Park Boulevard ($1.6 million)
Improvements to the Countys parks system ($1.2 million)
Completion of the Central County Neighborhood
Improvement Program for improvements to roadways, water,
sewer, drainage, sidewalks, and landscaping ($63 million)
Broward County's Capital Assets (In Thousands)
(net of depreciation)
September 30, 2011

Land
Landfill
Property held
for leasing
Buildings
Improvements
Equipment
Construction in
progress
Total

Governmental
Activities
$
400,070

Business-type
Activities
$
346,072 $
39,760
195,970
783,213
486,416
595,373

690,282
838,260
177,868

172,075
2,278,555

279,731
2,726,535 $

Total
2011
2010
746,142 $
745,638
39,760
40,245
195,970
1,473,495
1,324,676
773,241

183,939
1,528,267
1,237,982
786,941

451,806
5,005,090 $

389,308
4,912,320

Additional information on the Countys capital assets can be found


in Note 3 to the financial statements.
Long-Term Debt
At September 30, 2011, the County had total bonded debt
outstanding of $2.2 billion, a 5.9% decrease from the prior year. Of

Broward County, Florida 16

this amount, $356 million comprises debt backed by the full faith
and credit of the government,$375 million is special obligation debt
secured by dedicated revenue sources, $30 million is loans payable
and other obligations, and $1.4 billion is secured solely by specified
revenue sources (i.e. revenue bonds).
Broward County's Outstanding Debt (In thousands)
September 30, 2011
Governmental
Activities
General Obligation Bonds $ 356,215
Special Obligation Bonds
374,980
Loans Payable and Other
Obligations
27,205
Revenue Bonds
Total

$ 758,400

Business-type
Activities

2011
$ 356,215
374,980

Total

2010
$ 393,665
383,080

$ 2,766
1,390,050

29,971
1,390,050

43,991
1,465,695

$ 1,392,816

$ 2,151,216

$ 2,286,431

budget for the 2012 fiscal year. Although the Countys property tax
millage rate remained the same, efficiencies resulted in cost
reductions and some revenue increases helped fund expanded
facilities and certain program expansions designed to address
Commission goals.
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of
the Countys finances for all those with an interest in the
governments finances. Questions concerning any of the
information provided in this report or requests for additional
information should be addressed to:

The Countys outstanding bonded indebtedness decreased by $135


million during the year. The County continues to meet its financial
needs through prudent use of its revenues and creative debt
financing programs. The Countys financial strength and sound
financial management practices are reflected in its general
obligation bond investment ratings, which are among the highest
levels attained by Florida counties:
Aaa Moodys Investor Services
AA+ Standard & Poors Corporation
AAA Fitch IBCA, Inc.
The Countys required Annual Disclosure Statement may be found
on line at www.broward.org/finance. This disclosure report details
and updates certain statistics and financial performance which form
the basis for the security for the Countys indebtedness. Additional
information on the Countys long-term debt can be found in Note
4 to the financial statements.
ECONOMIC FACTORS AND NEXT YEARS BUDGETS
AND RATES
Local, national and international economic factors influence the
Countys revenues. Positive economic growth is correlated with
increased revenues from property taxes, sales taxes, charges for
services, as well as state and federal grants. Economic growth in
the local economy may be measured by a variety of indicators such
as employment growth, unemployment, new construction, assessed
valuation, and Enterprise Fund revenues.

The unemployment rate for the County at the end of


September was 9.3%, lower than the rate for the State of
Florida (10.6%) and higher than that of the nation (9.0%).

Tourist visitors during 2011 were 11 million, a new record


and an increase of 700,000 compared with 2010

Net assessed value of real and personal property within the


County decreased 11.1%.

Inflation in the region remains at a relatively low level.

All of these factors were considered in preparing the Countys

17 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Accounting Division Director


115 S. Andrews Avenue, Room 221
Fort Lauderdale, FL 33301

Basic Financial
Statements

Spotlight on: Environmental Protection

Maribel Feliciano
Natural Resources Specialist
Pollution Prevention Remediation
and Air Quality Division
Maribel Feliciano from Pollution
Prevention Remediation and Air
Quality Division recently received
the U.S. Department of Energy
Florida Gold Coast Clean Cities
Community Involvement Award.
She was recognized for her exemplary commitment
to alternative fuels education and outreach in the South
Florida region. As Chair of the Gold Coast Clean Cities
Education and Outreach Committee, Maribel develops and
coordinates educational events, materials and programs to
promote the use of alternative fuels and vehicles to Clean
Cities Coalition members, stakeholders, municipalities and
residents. She was able to secure funding to hire a Clean
Cities Intern through the U.S. Department of Energy, in
order to further education and outreach efforts. The award
recognizes her leadership in promoting the use of alternative fuel vehicles within the region.

OUR COMMITMENT
TO EXCELLENCE

STATEMENT OF NET ASSETS


September 30, 2011
(In Thousands)

Governmental
Activities
ASSETS
Cash and Cash Equivalents
Investments
Receivables (Net)
Delinquent Taxes Receivable (Net)
Internal Balances
Due from Primary Government
Due from Other Governments (Net)
Inventories
Prepaid Expenses
Advance to Component Unit
Other Current Assets
Restricted Assets:
Cash and Cash Equivalents
Investments
Deferred Swap Outflow
Deferred Charges
Capital Assets:
Non-depreciable
Depreciable (Net)
Total Assets
LIABILITIES
Accounts Payable
Accrued Liabilities
Accrued Interest Payable
Due to Component Unit
Due to Other Governments
Escrow Deposits
Unearned Revenues
Other Current Liabilities
Liabilities Payable from
Restricted Assets
Advance from Primary Government
Fair Value of Interest Rate Swap
Non-current Liabilities:
Due Within One Year
Due in More Than One Year
Total Liabilities
NET ASSETS
Invested in Capital Assets, Net of Related Debt
Restricted for:
Capital Projects
Debt Service
Transportation
E-911
Court Fee Funds
Equipment Modernization
Sheriff Special Revenue Funds
Passenger Facility Charges
Landfill Closure
Revenue Bonds Renewal and Replacement
Other
Unrestricted
Total Net Assets

Primary Government
Business-type
Activities

Total

$ 478,200
947,832
17,094
5,823
30,940

$ 111,854
290,423
39,494

78,421
10,724
1,480
883
1,749

8,285
13,022
18,032

86,706
23,746
1,480
883
19,781
101,284
384,694
5,752
18,533

856

5,627

101,284
384,694
5,752
12,906

572,145
1,706,410
3,857,328

625,803
2,100,732
3,681,341

1,197,948
3,807,142
7,538,669

653
5,786
26,045

41,601
34,693
11,601
166
9,779
13,575
36,294

28,160
8,150

627
2,450

17,898
4,510

69,761
42,843
11,601
166
16,879
13,575
54,192
4,510

60,669

60,669

5,752

5,752

96,667
949,683
1,194,059

81,352
1,341,940
1,555,531

178,019
2,291,623
2,749,590

746
2,368
8,075

1,887,557

1,354,527

3,242,084

5,984

203,106
14,867
23,485
22,699
25,667
1,453
7,559

158,223
98,867

103,427
28,681
22,566

361,329
113,734
23,485
22,699
25,667
1,453
7,559
103,427
28,681
22,566

359,519
$2,125,810

836,395
$4,789,079

476,876
$2,663,269
See accompanying notes

19 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

$ 590,054
1,238,255
56,588
5,823

Component
Units

(30,940)

7,100

$ 3,743
10,448
3,984
166
105

304

36
228
737

883

2,171
9,815
$17,970

STATEMENT OF ACTIVITIES
for the fiscal year ended September 30, 2011
(In Thousands)
Net (Expenses) Revenue and
Changes in Net Assets

Expenses
Activities:
Primary Government:
Governmental Activities:
General Government
Public Safety
Transportation
Human Services
Culture and Recreation
Physical Environment
Economic Environment
Sheriff
Property Appraiser
Supervisor of Elections
Interest on Long-term Debt

Program Revenues
Operating
Capital
Charges for
Grants and
Grants and
Services
Contributions Contributions

Governmental
Activities

Business-type
Activities

Total

$ 48,395
11,737
40,246
3,437
19,363
7,229
3,241
278,669
2,882
501

Total Governmental Activities


Business-type Activities:
Aviation
Port Everglades
Water and Wastewater
Resource Recovery System
Solid Waste
Unincorporated Area Waste
Water Management

1,548,855

415,700

205,210
116,499
112,002
111,619
938
2,020
1,499

227,721
139,177
114,051
97,465
715
1,501
495

31,212
3,423
3,936

$ 53,723
26,101
5,985
(14,154)
(223)
(519)
(1,004)

53,723
26,101
5,985
(14,154)
(223)
(519)
(1,004)

Total Business-type Activities

549,787

581,125

38,571

69,909

69,909

$2,098,642

$996,825

69,909

(903,344)

45,700
1,355
40

$ 45,150
1,015
83

$(550)
(340)
43

47,095

$ 46,248

(847)

Total Primary Government


Component Units:
Clerk of Courts
Housing Finance Authority
Health Facilities Authority
Total Component Units

35,216
300
2,726

3
118,750

$118,750

41,152

$79,723

$(138,545)
(3,282)
(98,494)
(84,211)
(132,850)
(25,558)
(13,217)
(413,021)
(14,834)
(10,799)
(38,442)

$(138,545)
(3,282)
(98,494)
(84,211)
(132,850)
(25,558)
(13,217)
(413,021)
(14,834)
(10,799)
(38,442)

(973,253)

(973,253)

Component
Units

$ 189,850
25,905
188,116
135,480
156,814
38,496
32,368
714,365
17,716
11,303
38,442

$ 10,886
14,160
47,832
4,301
2,983
15,910
22,675

$ 2,910

Primary Government

(973,253)

General Revenues:
Taxes:
Property Taxes
One-Half Cent Sales Tax
Gasoline Taxes
Other
Revenue Sharing - Unrestricted
Interest Income
Miscellaneous
Transfers

688,641
62,035
82,974
45,578
35,503
17,064
18,124
(1,303)

Total General Revenues and Transfers

948,616

6,998

955,614

179

Change in Net Assets

(24,637)

76,907

52,270

(668)

2,687,906

2,048,903

4,736,809

18,638

$2,663,269

$2,125,810

$4,789,079

$17,970

Net Assets - Beginning


Net Assets - Ending

5,695
1,303

688,641
62,035
82,974
45,578
35,503
22,759
18,124

See accompanying notes.

Broward County, Florida - 20

179

BALANCE SHEET
Governmental Funds
September 30, 2011
(In Thousands)

General Fund
ASSETS
Cash and Cash Equivalents
Investments
Receivables (Net):
Accounts
Other
Delinquent Taxes Receivable (Net)
Due from Other County Funds
Due from Other Governments (Net)
Inventories
Other Assets
Advances to Component Unit
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Accrued Liabilities
Due to Other County Funds
Due to Component Unit
Due to Other Governments
Escrow Deposits
Deferred Revenues
Total Liabilities
Fund Balances:
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total Fund Balances
Total Liabilities and Fund Balances

MAJOR FUNDS
Sheriff
Contractual
Transportation
Capital
Services
Capital Projects Outlay Reserve

$67,904
301,157
2,771
4,983
5,292
12,041
42,325
7,767
524
455
$445,219

$ 29,877
20,107
772
166
9,482
7,203
20,867
88,474

Other
Governmental
Funds

Total
Governmental
Funds
$ 457,521
857,573

$ 18,759
131,664

$ 62,912
279,365

$307,946
145,387

39

2,099
147
20
5

7,005
368
730
17,786

141
16
3,351
2,457

9,887
15,780
2,004
1,146

2,912
14,126
5,823
26,029
78,353
9,771
1,682
883

12
428

$ 5,965

$179,279

$344,976

$479,234

$1,454,673

$ 3,570
2,267

$ 3,545
1,395

$ 3,592
4,059
13,078

$ 8,830

69
8,899

6,360
39
12,236

147
5,087

2,004
157,102
7,937

7,001
332,888

297
12
16,454
37,492

40,584
27,828
22,680
166
9,779
13,575
37,576
152,188
11,311
582,832
434,612
174,307
99,423
1,302,485

$1,454,673

9,295
49,819
30,859
164,395
102,377
356,745

(2,934)
(2,934)

167,043

339,889

12
368,910
62,928
9,912
(20)
441,742

$445,219

$ 5,965

$179,279

$344,976

$479,234

See accompanying notes.

21 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET

TO THE STATEMENT OF NET ASSETS


September 30, 2011
(In Thousands)

Fund balances - total governmental funds

$ 1,302,485

Amounts reported for governmental activities in the statement of net assets are different because:
Capital assets used in governmental activities are not financial resources
and therefore are not reported in the governmental funds.

Land
Construction in Progress
Buildings
Improvements
Equipment

Asset Cost
400,070
172,075
1,002,623 $
1,182,686
698,364

Accumulated
Depreciation
$
(312,341)
(344,426)
(521,572)

Net
400,070
172,075
690,282
838,260
176,792

2,277,479

Other long-term assets are not available to pay for current period expenditures and therefore
are deferred in the governmental funds.

9,501

Certain assets reported in governmental activities are not financial resources


and therefore are not reported in governmental funds.
Prepaid expenses
Deferred charges - unamortized bond issuance costs
Some liabilities applicable to the County's governmental activities are not due and payable
in the current period and are not reported as fund liabilities.
General obligation bonds
Special obligation bonds
Loans payable and other obligations
Discount/(premium) and deferred on refunding
Compensated absences
Postemployment benefits other than pension
Accrued interest payable
Internal service funds are used by management to charge the costs of self-insurance, printing and
fleet services to individual funds. The assets and liabilities of the internal service funds are
included in governmental activities in the statement of net assets.
Total net assets of governmental activities

1,480
5,627

7,107

(356,215)
(374,980)
(27,205)
(18,720)
(101,038)
(68,565)
(11,601)

(958,324)

25,021
$ 2,663,269

See accompanying notes.

Broward County, Florida - 22

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES


IN FUND BALANCES (DEFICIT)
Governmental Funds
for the fiscal year ended September 30, 2011
(In Thousands)
MAJOR FUNDS
General Fund
Revenues:
Taxes (Net of Discounts)
Special Assessment/Impact Fees
Licenses and Permits
Federal Grants
State Revenues:
Revenue Sharing
Grants
Licenses
Gasoline Taxes
Tourist Tax
One-Half Cent Sales Tax
Other
Charges for Services
Fines and Forfeitures
Interest Income
Miscellaneous
Total Revenues
Expenditures:
Current:
General Government
Public Safety
Transportation
Human Services
Culture and Recreation
Physical Environment
Economic Environment
Capital Outlay
Debt Service:
Principal Retirement
Interest and Fiscal Charges
Bond and Loan Issuance Costs
Total Expenditures
Excess of Revenues Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers In
Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, October 1, as Restated
Changes in Fund Balance for Inventory and Prepaids
Fund Balances (Deficit), September 30

$ 627,517
1
16,067
61,667

Sheriff
Contractual
Services

Transportation
Capital Projects

$ 2,017
1,090

35,503
27,602

$ 60,623
3,235
488

1,057
388
22,351

Capital
Outlay
Reserve
$ 7,823
554

Total
Governmental
Funds

$ 56,984

$ 754,964
4,880
17,380
120,733

825
59,066

3,436
293

4,508
1,928
9,686
2,599
8,922

35,503
32,363
836
22,351
40,630
62,035
6,508
353,030
23,829
15,834
34,167

12,663

148,222

1,525,043

3,704
448

40,630
48,474
2,000
104,496
14,143
8,159
20,858

484

13,077

242,759

3,738

109

2,109

1,640
1,985

1,007,117

248,459

108,582

192,909
418,247
119,189
134,319
123,417
13,168
21,427

Other
Governmental
Funds

242,597

40,242

2,850

3,023
4,024
92,309

192,909
701,086
119,189
134,319
123,417
16,191
25,451
194,996

54,770
37,473
2

54,770
37,475
2

51,107

48,730

2
1,022,678

245,447

51,107

48,730

231,843

1,599,805

(15,561)

3,012

57,475

(36,067)

(83,621)

(74,762)

74,335
(26,926)

3,026
(10,077)

10,361
(60,782)

493
(8,375)

43,170
(26,528)

131,385
(132,688)

47,409

(7,051)

(50,421)

(7,882)

16,642

(1,303)

31,848
325,289
(392)

(4,039)
1,105

7,054
159,553
436

(43,949)
383,838

(66,979)
508,721

(76,065)
1,378,506
44

$(2,934)

$167,043

$339,889

$441,742

$1,302,485

$ 356,745

See accompanying notes.

23 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT


OF REVENUES, EXPENDITURES AND CHANGES IN FUND
BALANCES (DEFICIT) TO THE STATEMENT OF ACTIVITIES
for the fiscal year ended September 30, 2011
(In Thousands)

Net change in fund balances - total governmental funds

Changes in fund balance for inventory and prepaids

(76,065)
44

(76,021)

Total change in net assets reported for governmental activities in the statement of activities is different
because:
Governmental funds report capital outlays as expenditures. However, in the statement of activities,
the cost of those assets is allocated over their estimated useful lives and reported as depreciation
expense. In the statement of activities, the loss on disposed capital assets is reported.
144,681

Expenditures for capital assets


Current year depreciation
Loss on disposition of assets

(135,015)
(1,477)

8,189

Some of the revenues in the statement of activities that do not provide current financial resources are
not reported as revenues in the governmental funds.

(752)

Bond and loan proceeds provide current financing resources to governmental funds, but issuing debt
increases long-term liabilities in the statement of net assets. Repayment of principal is an expenditure
in the governmental funds but reduces the long-term liability in the statement of net assets.
54,770

Principal payment
Governmental funds report bond and loan issuance costs as expenditures. However, these amounts
are reported on the statement of net assets as deferred charges and amortized over the life of the
debt.
Bond issuance costs
Amortization of bond and loan issuance costs

2
(525)

(523)

Governmental funds report operating leases as expenditures. However, these amounts are reported
on the statement of net assets as prepaid expenses and amortized over the life of the lease.
(45)

Amortization of prepaid rent


Some expenses reported in the statement of activities do not require the use of financial resources
and therefore are not reported as expenditures in governmental funds. These expenses are:
Change in compensated absences
Change in postemployment benefits other than pension
Change in accrued interest payable
Change in arbitrage rebate payable
Amortization of debt discount and premium
Amortization of refunding difference

4,063
(15,619)
(2,668)
54
3,230
(1,680)

(12,620)

The net revenue of certain activities of internal service funds is reported with
governmental activities on the statement of activities.
Change in net assets of governmental activities

2,365
$

(24,637)

See accompanying notes.

Broward County, Florida - 24

PROPRIETARY FUNDS

Statement of Net Assets


September 30, 2011
(In Thousands)

Aviation
ASSETS
Current Assets:
Cash and Cash Equivalents
Investments
Accounts Receivable (Net)
Due from Other County Funds
Due from Other Governments (Net)
Inventories
Other Current Assets
Total Current Assets
Noncurrent Assets:
Restricted Assets:
Cash and Cash Equivalents
Investments
Deferred Swap Outflow
Deferred Charges
Capital Assets:
Land
Construction in Progress
Landfill (Net)
Property Held for Leasing (Net)
Buildings (Net)
Improvements (Net)
Equipment (Net)
Total Noncurrent Assets

Total Assets
LIABILITIES
Current Liabilities:
Accounts Payable
Accrued Liabilities
Due to Other County Funds
Due to Other Governments
Unearned Revenues
Other Current Liabilities
Total Current Liabilities
Noncurrent Liabilities:
Liabilities Payable from Restricted Assets
Revenue Bonds and Loans Payable
Long-Term (Net)
Other Long-Term Liabilities
Fair Value of Interest Rate Swap
Total Noncurrent Liabilities

Total Liabilities
NET ASSETS

Invested in Capital Assets, Net of Related Debt


Restricted for:
Capital Projects
Debt Service
Passenger Facility Charges
Landfill Closure
Revenue Bonds Renewal and Replacement
Unrestricted

Total Net Assets

Port Everglades

33,179
38,949
11,142

$ 13,945
192,508
5,350

7,526
389
14,267
105,452

744
5,384
3,062
220,993

71,787
286,238

Water and
Wastewater
$ 41,847

Resource
Recovery
System

Other
Nonmajor
Enterprise
Funds

12,764

$ 11,479
58,881
10,219

7,121
703
62,435

$11,404
85
19
275
15
128

80,579

11,926

12,719
51,314

31,994

1,182

7,400

16,778
13,966
5,752
3,040

282,797
142,041

56,754
29,426

4,901
108,117

553,535
411,968
9,662
1,765,428
1,870,880

195,970
144,868
61,365
84,906
612,825
833,818

2,466

83,907

147
39,760

1,620

499,034
762,458
824,893

887
12,797
1,681
87,266
167,845

16
286
90
3,194
15,120

177
129

3,041
3,990
3,196
351
17,898
4,187
32,663

8,168
2,647
155
1,119

4,974
6,275
21,355
2,177

11,800
560
275
3,422

12,089

12
34,793

311
16,368

88,113

19,689

28,473

639,295
3,358

402,623
2,957

23,191

999

730,766
763,429

267,807
1,710
5,752
294,958
307,047

434,053
468,846

23,191
39,559

732,753

287,782

276,709

55,271

158,047
46,933
103,427

176
11,824

40,110

16,966
210,023
$526,771

5,600
33,628
$356,047

66,291
$1,107,451

Adjustment to reflect the consolidation of internal service fund activities related to business-type activities
Net assets of business-type activities
See accompanying notes.

25 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Total
$ 111,854
290,423
39,494
275
8,285
13,022
18,032
481,385

$ 20,679
90,259
56
21,357
68
953
67
133,439

101,284
384,694
5,752
12,906
346,072
279,731
39,760
195,970
783,213
486,416
595,373
3,231,171
3,712,556

337

28,160
13,601
24,981
7,100
17,898
4,510
96,250

295

136,570

31

Internal
Service Funds

1,076
1,076
134,515

1,017
7,324
8,219
27,360
43,920

1,294
1,631

1,309,725
32,215
5,752
1,484,262
1,580,512

71,808
115,728

2,012

1,354,527

1,076

27,499

1,182

45,516
$128,286

10,295
$13,489

158,223
98,867
103,427
28,681
22,566
365,753
2,132,044

17,711
$ 18,787

(6,234)
$2,125,810

71,808

PROPRIETARY FUNDS

Statement of Revenues, Expenses and Changes in Fund Net Assets

for the fiscal year ended September 30, 2011


(In Thousands)

Aviation
Operating Revenues:
Concessions
Parking Fees
Terminal Rentals
Airfield Fees
Building and Ground Rentals
Vessel and Cargo Services
Wastewater Treatment Charges
Water Sales
Tipping Fees
Recycling
Customer Facility Charges
Assessments
Miscellaneous

Total

2,142

4,094

385

1,207
1,332

179,358

139,177

114,051

97,465

2,711

532,762

116,121

31,360
83,981
52,497

17,943
56,239
25,363

24,664
39,279
30,975

4,418
96,886
1,716

2,203
2,368
85

80,588
278,753
110,636

7,042
108,763
652

Total Operating Expenses

167,838

99,545

94,918

103,020

4,656

469,977

116,457

Operating Income (Loss)

11,520

39,632

19,133

(5,555)

(1,945)

62,785

(336)

2,323
(36,689)
12
48,363
(547)

830
(15,778)
27

1,570
(17,608)
25

862
(207)
196

110

1,230

(1,109)

557

(8,585)

199

5,695
(70,282)
260
48,363
(9,485)

13,462

(16,030)

(15,456)

(7,734)

309

(25,449)

2,398

24,982
31,212

23,602
3,423

3,677
3,936

(13,289)

(1,636)

2,062

56,194
1,051,257

27,025
499,746

7,613
348,434

287
(550)
(13,552)
141,838

1,853
(287)
(70)
13,559

37,336
38,571
2,140
(837)
77,210

$1,107,451

$526,771

$356,047

$128,286

$13,489

Non-Operating Revenues (Expenses):


Interest Income
Interest Expense
Gain (Loss) on Sale of Capital Assets
Passenger Facility Charges
Other
Total Non-Operating Revenues (Expenses)
Income (Loss) Before Capital
Contributions and Transfers
Capital Contributions
Transfers In
Transfers Out
Change in Net Assets
Total Net Assets, October 1
Total Net Assets, September 30

Internal
Service Funds

1,845

Operating Expenses:
Personal Services
General Operating
Depreciation

47,915
38,710
39,050
14,177
12,513

Water and
Wastewater

Other
Nonmajor
Enterprise
Funds

47,915
46,883
39,050
14,177
22,922
118,453
64,843
45,114
93,519
3,733
25,148
1,207
9,798

Total Operating Revenues

Port Everglades

Resource
Recovery
System

$ 8,173
10,409
118,453

$ 64,843
45,114
$ 93,519
3,561

25,148

Adjustment to reflect the allocation of internal service fund change in fund net assets to business-type activities
Change in fund net assets of business-type activities

172

$116,121

45
1,123

2,062
16,725
$ 18,787

(303)
$76,907

See accompanying notes

Broward County, Florida - 26

PROPRIETARY FUNDS
Statement of Cash Flows
for the fiscal year ended September 30, 2011
(In Thousands)

Aviation
Cash Flows from Operating Activities:
Cash Received from Customers
$
Cash Received for Premiums
Cash Payments to Suppliers for Goods
and Services
Cash Payments to Employees for
Services
Cash Payments for Claims
Other Cash Received
Other Cash Paid
Net Cash Provided by (Used for)
Operating Activities
Cash Flows from Noncapital
Financing Activities:
Transfers In
Transfers Out
Net Cash Provided by (Used for)
Noncapital Financing Activities
Cash Flows from Capital and
Related Financing Activities:
Acquisition and Construction of Capital
Assets
Proceed from Internal Loan
Proceeds from Sale of Capit Assets
Debt Principal Payments
Interest and Fiscal Charges Paid
Capital Contributions
Receipt of Passenger Facility Charges
Net Cash Used for Capital and
Related Financing Activities
$

184,878

Water and
Wastewater

Port Everglades
$

141,138

116,498

Other Nonmajor
Enterprise
Funds

Resource
Recovery System
$

97,677

2,722

Internal Service
Funds

Total
$

542,913

9,734
94,558

(94,703)

(56,557)

(38,846)

(92,886)

(3,371)

(286,363)

(78,839)

(31,177)

(17,820)

(24,888)

(4,466)

(2,098)

(80,449)

199

853

53
(6,252)

(1)
(5,399)

(7,105)
(24,930)
1,123

53,617

(5,874)

(2,548)

170,701

287
(550)

1,853
(287)

2,140
(837)

(263)

1,566

1,303

(860)

(7)

(194,774)
21,355
296
(80,386)
(70,939)
43,998
48,372

(253)

58,998

(111,809)

(47,280)
(37,764)
37,922
48,372
(110,559) $

66,508

(17,853)

(64,245)
21,355
25
(9,706)
(17,752)
2,384

27
(16,855)
(15,195)
3,692

(46,184)

(67,939) $

(continued)

See accompanying notes.

27 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

244
(6,545)
(228)

(7,389)

(7)

(232,078) $

(5,459)

(138)
45

(93)

PROPRIETARY FUNDS
Statement of Cash Flows, continued
for the fiscal year ended September 30, 2011
(In Thousands)

Cash Flows from Investing Activities:


Purchase of Investment Securities
Proceeds from Sale and Maturities of Investment
Securities
Interest and Dividends on Investments
Net Cash Provided by (Used for) Investing Activities
Net Increase (Decrease) in Cash and Cash
Equivalents
Cash and Cash Equivalents, October 1
Cash and Cash Equivalents, Sept 30
Reconciliation of Operating Income (Loss) to Net Cash
Provided by(Used for) Operating Activities:
Operating Income (Loss)
Adjustments to Reconcile Operating Income (Loss) to Net
Cash Provided by (Used for) Operating Activities:
Depreciation Expense
Miscellaneous Non-Operating Revenue (Expense)
Decrease (Increase) in Assets:
Accounts Receivable (Net)
Due from Other County Funds
Due from Other Governments (Net)
Inventory
Other Current Assets
Increase (Decrease) in Liabilities:
Accounts Payable
Accrued Liabilities
Due to Other County Funds
Due to Other Governments
Unearned Revenue
Other Current Liabilities
Noncurrent Liabilities
Total Adjustments
Net Cash Provided by (Used for) Operating
Activities
Noncash Investing, Capital and Financing
Activities:
Change in Fair Value of Investments
Capital Contributions

Resource
Water and
Recovery
Wastewater System

Other
Nonmajor
Enterprise
Funds

Total

Internal
Service
Funds

$ (208)

$ (846,778)

$ (96,251)

102,413
847
20,443

396
110
298

891,795
5,731
50,748

105,037
1,230
10,016

(28,058)
82,624
$ 54,566

6,917
4,562
$ 11,479

(691)
12,095
$ 11,404

(9,326)
222,464
$ 213,138

4,464
16,215
$ 20,679

$ 39,632

$ 19,133

$ (5,555)

$ (1,945)

$ 62,785

52,497
(547)

25,363
(253)

30,975
853

1,716
(7,971)

85
199

110,636
(7,719)

652
1,123

375

1,943

2,014

212

11

4,555

68
(21,347)

(11)
(6,878)

314
308

121
560

(275)
(27)

(275)
397
(6,010)

(2,606)
(1,753)
1,316
(185)
6,762
(1,366)
(126)
47,478

485
3
(581)
(844)

(248)
128

(272)
3

228

3,514
85
275
2,276

138
26,876

(147)
34,484

4
(430)
(319)

(358)
(603)

873
(1,534)
1,010
1,506
6,762
(1,362)
(923)
107,916

1,096
4,203
(5,123)

$ 53,617

$ (5,874)

$ (2,548)

$ 170,701

$ (5,459)

Aviation

Port
Everglades

$ (302,505)

$ (358,602)

$ (102,646)

$ (82,817)

379,540
2,323
79,358

322,105
882
(35,615)

87,341
1,569
(13,736)

27,797
77,169
$ 104,966

(15,291)
46,014
$ 30,723

$ 11,520

$ 58,998

66,508

$ 1,604

130

3,111
1,552

719

31

90

(336)

(171)

(200)
9,453

5,654
1,552

See accompanying notes.

Broward County, Florida - 28

788

STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES

Agency Funds

September 30, 2011


(In Thousands)

Total
ASSETS
Cash and Cash Equivalents
Investments
Accounts Receivable (Net)
Delinquent Taxes Receivable (Net)
Due from Other Governments (Net)

$ 12,217
34,647
1,261
116,995
318

Total Assets

$165,438

LIABILITIES
Accounts Payable
Due to Other Governments
Due to Individuals
Escrow Deposits
Evidence Seizures

Total Liabilities

346
11,866
4,885
146,927
1,414

$165,438
See accompanying notes.

29 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

COMPONENT UNITS

Statement of Net Assets

September 30, 2011


(In Thousands)

Clerk of
Courts
ASSETS
Cash and Cash Equivalents
Investments
Receivables (Net)
Due from Primary Government
Due from Other Governments (Net)
Other Current Assets
Restricted Assets:
Cash and Cash Equivalents
Capital Assets:
Non-depreciable
Depreciable (Net)
Total Assets
LIABILITIES
Accounts Payable
Accrued Liabilities
Due to Other Governments
Escrow Deposits
Unearned Revenue
Advance from Primary Government
Non-current Liabilities:
Due Within One Year
Due in More Than One Year
Total Liabilities
NET ASSETS
Invested in Capital Assets, Net of Related Debt
Restricted for Other
Unrestricted
Total Net Assets

$ 3,612
2,514
157
105
304

Housing
Finance
$

36
10,448
1,470

Health
Facilities

Total

$ 95
9

$ 3,743
10,448
3,984
166
105
304

556

300

856

5,077

653
709

653
5,786

12,325

13,616

627
2,333

117

737

228

104

36

883

616
2,368

130

6,681

1,358

5,077
2,171
(1,604)

907

$ 5,644

26,045
627
2,450
36
228
737
883
746
2,368

36

8,075

11,351

68

5,984
2,171
9,815

$12,258

$ 68

$17,970

See accompanying notes

Broward County, Florida - 30

COMPONENT UNITS
Statement of Activities
for the fiscal year ended September 30, 2011
(In Thousands)

Clerk of
Courts
Program Expenses:
Personal Services
Professional Fees
General Operating
Depreciation
Interest Expense
Payment to Primary Government
Professional Fees

$37,334
5,913
2,453

Total Program Expenses

45,700

Program Revenues:
Charges for Services
Court Related Revenues
Fines and Forfeitures
Recording Fees
Authority Fees
Rentals
Bond Issuance and Redemption Income

Housing
Finance
$

752
232
295
54
22

1,355

Health
Facilities

Total

36

$38,086
236
6,208
2,507
22
36

40

47,095

$ 4

42,837
1
2,312

Total Program Revenues


Program Income (Loss)

843
117
55

83

45,150

1,015

83

46,248

(550)

(340)

43

(847)

178

179

178

179

(550)
6,194

(162)
12,420

44
24

(668)
18,638

$ 5,644

$12,258

$68

$17,970

General Revenues:
Interest and Investment Income
Total General Revenues
Change in Net Assets
Net Assets - Beginning
Net Assets - Ending

See accompanying notes.

31 - Comprehensive Annual Financial Report, Broward County, Florida

42,837
1
2,312
926
117
55

NOTES TO FINANCIAL STATEMENTS CONTENTS

Note

Page

1.

Summary of Significant Accounting Policies

33

2.

Deposits and Investments

42

3.

Capital Assets

43

4.

Long-Term Obligations

46

5.

Self-Insurance

53

6.

Interfund Balances and Interfund Transfers

54

7.

Landfill Closure and Postclosure Care Costs

55

8.

Large User Agreements

55

Related Party Transactions

56

10.

Pension Costs

56

11.

Other Postemployment Benefits Other Than Pensions

56

12.

Commitments and Contingent Liabilities

58

13.

Subsequent Events

60

Broward County, Florida - 32

NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


A. Reporting Entity
Broward County, Florida (County) is a political subdivision of the State of Florida. It is guided by an elected Board of
County Commissioners, which is governed by the Florida Statutes and a local County Charter. In addition there are
four elected Constitutional Officers: the Clerk of the Circuit and County Courts (Clerk); Property Appraiser; Sheriff;
and Supervisor of Elections. The Board of County Commissioners (BOCC), Property Appraiser, Sheriff, and
Supervisor of Elections comprise the Broward County primary government.
The accompanying financial statements present the County (the primary government) and its component units.
Component units are entities for which the government is considered to be financially accountable. Blended
component units, although legally separate entities, are, in substance, part of the Countys operations. Discretely
presented component units are reported in a separate column in the government-wide financial statements (see note
below for description) to emphasize that they are legally separate from the County.
Blended Component Units
Water Control Districts are special taxing districts created to maintain and improve water resource and drainage
programs in the County and are governed by a board comprised of the BOCC. The financial results of the four
individual Water Control Districts (District No. 2, District No. 3, District No. 4 and Cocomar) are combined into
one Special Revenue Fund to facilitate presentation.
The legal authority by which each of the following Water Districts was created and the financial statement
requirements for them are as follows:
Broward County Water Control District No. 2 Section 298.01, F.S.; County Ord. No.79-93. The governing body is the Board of County Commissioners. Separate
financial statements are not required or prepared.
Broward County Water Control District No. 3 Section 298.01, F.S.; County Ref. 4/15/69. The governing body is the Board of County Commissioners. Separate
financial statements are not required or prepared.
Broward County Water Control District No. 4 Section 298.01, F.S.; County Ref. 3/29/66. The governing body is the Board of County Commissioners. Separate
financial statements are not required or prepared.
Cocomar Water Control District
Section 125.01(5) (a), F.S.; County Ord. No. 80-17. The governing body is the Board of County Commissioners.
Separate financial statements are not required or prepared.
The following organizations are also shown as blended component units:
The Broward County Community Redevelopment Agency (CRA) acts in an advisory capacity to the County
to establish and carry out redevelopment objectives in economically deprived areas of the County. It was established
by Florida Statute Section 163.356 and County Ordinance No. 80-110. The governing body is the BOCC. The agency
conducted no financial transactions during the year and has no assets, liabilities or fund balance.
The Broward County Educational Facilities Authority (EFA) acts in an advisory capacity to the County in
alleviating the shortage of educational facilities and projects in the County. It was established by Florida Statute
Section 243.021 and County Ordinance No. 86-15. The BOCC appoints the governing body. The authority
conducted no financial transactions during the year and has no assets, liabilities or fund balance.
The Broward County Governmental Leasing Corporation (Corporation) has entered into master leasepurchase agreements with the County to finance the acquisition, construction or equipping of certain facilities and is
governed by the BOCC. The Corporation was formed by the County solely for the purpose of acting as lessor of the
facilities. The Corporation has no financial activity to report.

33 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Discretely Presented Component Units


The Clerk of Circuit and County Courts (Clerk) is an elected, Constitutional Office of the County and has separate
legal standing from the County. The governing body of the Clerk is not the same as the governing body of the
County. The Clerk provides services to the courts and receives most of its revenues from those who are utilizing
court services and processes. The Clerk is included as a component unit because its exclusion from the financial
reporting entity could render the Countys financial statements misleading.
The Broward County Health Facilities Authority (HeFA) was created to assist in the acquisition, construction,
financing and refinancing of health facilities in the County. It was established by Florida Statute Section 154.207 and
County Ordinance No. 77-35. The HeFA is governed by a Board appointed by the BOCC and is financially
accountable to the County. The HeFA is authorized to issue bonds which are not deemed to constitute a debt of
HeFA, the County, or any political sub-division thereof (see Note 4).
The Broward County Housing Finance Authority (HFA) was established in 1979 by County Ordinance No. 79-41 for
the purpose of encouraging the investment of private capital and stimulating the construction of residential housing
for low and moderate income families through the use of public financing. The HFA is governed by a Board appointed
by the BOCC, and the County must also approve HFAs contracts and bond issues. The HFA is authorized to issue
revenue bonds that are not deemed to constitute a debt of HFA, the County, or any political sub-division thereof (see
Note 4).
The HFA has a note payable to the County which is secured by an office building. The principal balance of the note
was $455,000 on September 30, 2011.The note is due in full on or before July 1, 2015 and bears interest at 4 percent.
Complete financial statements for each of the individual discretely presented component units that issue them may be
obtained at the entitys administrative offices as follows. Financial statements are not required for other component
units.
Clerk of Circuit and County Courts
Finance and Budget Department
201 S.E. 6th Street, Room 275
Fort Lauderdale, FL 33301
Broward County Health Facilities Authority
Accounting Division
P. O. Box 14740
Fort Lauderdale, FL 33302
Broward County Housing Finance Authority
Accounting Division
P. O. Box 14740
Fort Lauderdale, FL 33302
B. Basis of Presentation
Government-wide Statements
The government-wide financial statements (i.e. the statement of net assets and the statement of activities) report
information on all of the nonfiduciary activities of the primary government (the County) and its component units. For
the most part, the effect of interfund activity has been removed from these statements. Governmental activities,
which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type
activities, which rely to a significant extent on fees and charges for support. Likewise, the primary government is
reported separately from certain legally separate component units for which the primary government is financially
accountable.
The statement of activities demonstrates the degree to which the direct expenses of a given function are offset by
program revenues. Direct expenses are those that are clearly identifiable with a specific function. Program revenues
include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or
privileges provided by a given function and 2) grants and contributions that are restricted to meeting the operational
or capital requirements of a particular function. Taxes and other items not properly included among program
revenues are reported instead as general revenues.

Broward County, Florida - 34

Fund Financial Statements


Separate financial statements are provided for the Countys funds, including governmental funds, proprietary funds,
and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Separate
statements for each fund category are presented. The emphasis of the fund financial statements is on major
governmental and enterprise funds, each of which is displayed in a separate column. All remaining governmental and
enterprise funds are aggregated and reported as nonmajor funds.
The County reports the following major governmental funds:
General Fund This is the Countys primary operating fund. It accounts for all financial resources of the general
government, except those required to be accounted for in another fund.
Sheriff Contractual Services Fund This fund accounts for all financial resources relating to services provided by the
Sheriffs Office for law enforcement services, and emergency medical and fire protection services to the Fort
Lauderdale-Hollywood International Airport, Port Everglades, unincorporated areas, and a number of municipalities
through police services contracts.
Transportation Capital Projects Fund This fund accounts for transportation construction and maintenance capital
projects funded by state and local gas taxes, developer contributions, and payments from other government agencies.
Capital Outlay Reserve Fund This fund accounts for special capital outlay projects not routine in nature and not
considered ordinary operating expenditures.
The County reports the following major enterprise funds:
Aviation Fund This fund accounts for the operations of the Fort Lauderdale-Hollywood International and North
Perry Airports.
Port Everglades Fund This fund accounts for the operation, maintenance, and construction of the Countys seaport
system.
Water and Wastewater Fund This fund accounts for water and sewerage treatment services provided to certain
incorporated and unincorporated areas of the County.
Resource Recovery Fund This fund accounts for the operations of the Countys Resource Recovery System and other
solid waste activities.
The County also reports the following fund types:
Internal Service Funds These funds account for self-insurance coverage for workers compensation claims, public
liability, medical malpractice, and County-owned vehicle accidents, for consolidated vehicle management services, and
for printing services, all of which are provided to other County functions on a cost-reimbursement basis.
Agency Funds These funds account for taxes and licenses collected on behalf of the County and other taxing entities,
funds received and disbursed by the Sheriffs Office in a fiduciary capacity, and various other funds and fees received
and disbursed in a fiduciary capacity.
C. Measurement Focus, Basis of Accounting
Government-wide and Proprietary Fund Financial Statements The government-wide and proprietary fund financial
statements are reported using the economic resources measurement focus and the accrual basis of accounting.
Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of
when the related cash flows take place. Property taxes are recognized as revenues in the year for which they are
levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the
provider have been met.

35 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Governmental Fund Financial Statements Governmental fund financial statements are reported using the current
financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon
as they are both measurable and available. Revenues are considered to be available when they are collectible within
the current period or soon enough thereafter to pay liabilities of the current period. The County considers revenues
to be available if they are collected within sixty days of the end of the current fiscal period except for grants which
are collected within six months. Intergovernmental revenues, property taxes and interest are significant revenue
sources considered to be susceptible to accrual in the current fiscal period. Expenditures generally are recorded
when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures
related to compensated absences claims and judgments and postemployment benefits other than pensions, are
recorded only when payment is due.
Private-sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are
followed in both the government-wide and proprietary fund financial statements to the extent that those standards
do not conflict with or contradict guidance of the Governmental Accounting Standards Board. While governments
have the option of following subsequent private-sector guidance for their business-type activities, the County has
elected not to follow subsequent private-sector guidance.
Proprietary Fund Financial Statements 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 the proprietary funds principal ongoing operations. The principal operating
revenues of the Countys enterprise funds and of the internal service funds are charges to customers for the purchase
or use of the proprietary funds principal products or services. Operating expenses for enterprise funds and internal
service funds include the cost of sales of goods and services, administrative expenses, and depreciation on capital
assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.
Fiduciary Fund Financial Statements Agency funds report only assets and liabilities, have no measurement focus, and
use the accrual basis of accounting.
D. Assets, Liabilities and Net Assets or Fund Balances
1. Deposits and Investments
The County maintains an investment pool for substantially all cash and cash equivalents and investments of all
funds. All money market investments and participating interest-earning investment contracts with a remaining
maturity at time of purchase of ninety days or less are recorded at amortized cost plus accrued interest. All other
investments are carried at fair value as determined from quoted market prices. Each funds portion of the pool is
presented as cash and cash equivalents, investments or restricted assets as appropriate. Earnings are
allocated to each fund based on average daily balances of cash and investments.
The County considers cash and cash equivalents to be cash on hand, demand deposits, investments and equity in
the Countys cash management pool with original maturities at time of purchase of three months or less.
The County is authorized to invest in obligations of the U.S. Treasury, its agencies and instrumentalities,
commercial paper, repurchase agreements, certificates of deposit, the State Board of Administration Investment
Pool - an SEC Rule 2a-7 like fund which has the characteristics of a Money Market Fund, and the Florida Local
Government Investment Trust. All cash deposits are held in qualified public depositories pursuant to State of
Florida Statutes, Chapter 280, Florida Security for Public Deposits Act, and are collateralized with eligible
securities having a market value equal or greater than the average daily or monthly balance of all public deposits.
The Countys investment practices are governed by Chapters 125 and 218.415 of the Florida Statutes, County
Ordinance 87-82, and the requirements of outstanding bond issues.
2. Receivables and Payables
Activity between funds that represent lending/borrowing arrangements outstanding at the end of the fiscal year
are referred to as due to/from other County funds. Any residual balances outstanding between the
governmental activities and business-type activities are reported in the government-wide financial statements as
internal balances. Advances between funds, as reported in the fund financial statements, are offset by a fund
balance reserve account in applicable governmental funds to indicate that they are not available for appropriation
and are not expendable available financial resources. All trade and property tax receivables are shown net of an
allowance for uncollectible accounts of $81,928,000.

Broward County, Florida - 36

2. (a) Disaggregation of Receivables and Payables Balances


Receivables
Receivables in the General Fund consist of: 59% percent liens receivable, the majority of which are not expected to be

collected within one year; 10% vendor receivables; 23% tourist development taxes receivable from hotels and motels;
and 8% loans receivable from the Museum of Art, none of which are scheduled to be collected in the subsequent
year. Receivables in the Special Revenue Funds consist of 78% local housing assistance receivables, which are
principally long term notes receivable, none of which are scheduled to be collected in the subsequent year and 22%
Sheriff Contractual Services receivables. Receivables in the Enterprise Funds are 74% due from customers and 26%
due from haulers which deliver to the resource recovery plants.
Payables
Accounts payable balances in each fund are 100 percent payable to vendors.
3. Due from Other Governments
Sheriff Contractual Services Fund includes $1,072,000 due from the City of Lauderdale Lakes. The total due from the
City of Lauderdale Lakes is $9,120,000 less an allowance of $8,048,000.
4. Property Tax Calendar
Property taxes attach as an enforceable lien on property as of January 1. Taxes are levied and are due and payable on
November 1 of each year and may be paid upon receipt of the notice at declining discounts through the month of
February. All unpaid taxes on real and personal property become delinquent on April 1 of the year following the year
in which the taxes were levied. Delinquent real property taxes bear interest at the rate of one and one-half percent
per month, and interest continues to accrue until a certificate is sold at auction, from which time the interest rate
shall be as bid by the buyer of the certificate. Personal property taxes bear interest at one and one-half percent per
month from April 1 until paid. After May 1 of each year and following proper procedures, a court order may be
issued to seize and sell the property.
5. Inventories and Prepaid Items
Inventories consist principally of materials and supplies held for consumption and are recorded at cost for
Governmental Funds and at the lower of average cost or market for Proprietary Funds. In the Governmental Funds
the cost of inventories is recorded as expenditures at the time of purchase, while in the other funds, the cost of
inventories is recorded as expenditures when consumed. In the Governmental Funds, reported inventories are
classified as Nonspendable fund balances. Payments for prepaid items are reported as expenditures in the
Governmental Funds and are capitalized and reflected as prepaid expenses in the government-wide financial
statements.
6. Restricted Assets
Restricted assets and reserves of the Enterprise Funds at September 30, 2011 represent amounts restricted for
construction, debt service, maintenance and improvements under the terms of outstanding bond agreements or some
other legal outside party requirements. These requirements establish a restriction on net assets in an amount equal to
the restricted assets less any related liabilities.
Assets were restricted for the following purposes (in thousands):
Bond sinking and reserve accounts
Construction accounts
Landfill closure escrow accounts
Other restricted accounts
Total

37 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

$196,597
146,832
28,681
113,868
$485,978

Amounts payable from restricted assets at September 30, 2011 consist of the following (in thousands):
Accounts payable

$ 24,089

Revenue bonds and interest payable

103,014

Customers' deposits

8,961

Unearned revenue

211

Accrued closure costs

295

Total

$136,570

Reclassified on government-wide statements (in thousands)


Current liabilities payable from restricted assets
Noncurrent liabilities

$60,669
$75,901

7. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g. roads, bridges, sidewalks and
similar items), including those assets acquired prior to fiscal year ended September 30, 1980, are reported at cost or
estimated historical cost. Donated capital assets are recorded at their estimated fair value at the date of donation. The
capitalization levels are $1,000 for equipment and $5,000 for land, buildings and infrastructure. The cost of normal
maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during
the construction phase of capital assets of business-type activities is included as part of the capitalized value of the
assets constructed. The total interest expense incurred by the business-type activities during fiscal 2011 was
$72,829,000. Of this amount, $2,547,000 was included as part of the cost of capital assets under construction in
connection with various construction projects.
Capital assets are depreciated using the straight-line method over the following estimated useful lives:
Buildings, structures, and improvements
Runways, aprons, taxiways, and navigation easements
Furniture, fixtures, and equipment
Roads and streets
Bridges
Sidewalks and traffic signals
Lakes, waterways, and water control structures

20-65
5-40
3-15
40
50
30
50-75

years
years
years
years
years
years
years

8. Compensated Absences
It is the Countys policy to permit employees to accumulate earned but unused vacation and sick leave and related
fringe benefits. The cost of earned but unused vacation pay is accrued when earned in the government-wide and
proprietary financial statements. A liability for earned but unused sick leave is accrued only to the extent that the
leave will result in cash payments at termination. A liability for these amounts is reported in governmental funds only
if they have matured, due to employee retirement or resignation.
9. Long-term Obligations
In the government-wide and proprietary fund type 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 type statement of net assets. Bond premiums and discounts, deferral amounts on refundings as well as issuance
costs, are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond
premium or discount and deferral amounts on refundings. Bond issuance costs are reported as deferred charges.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, deferral amounts
on refundings, as well as bond issuance costs, during the current period. The face amount of the debt issues are
reported as other financing sources. Premiums received on debt issuances are reported as other financing sources
while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from
the actual debt proceeds received, are reported as debt service expenditures.

Broward County, Florida - 38

10. Fund Balance Classification Policies and Procedures


In the fund financial statements, governmental funds report fund balance in classifications based on the extent to which
the County is bound to honor constraints on the specific purposes for which amounts in those funds can be spent.
When both restricted and unrestricted resources are available for use when expenditures are incurred, it is the County's
policy to use restricted resources first, then unrestricted resources as they are needed. When unrestricted resources are
to be used, the committed amounts are used first, followed by assigned then unassigned.
Fund balances are classified as follows:
1.
2.
3.

4.

5.

Nonspendable amounts cannot be spent because they are not in spendable form (e.g., inventories, prepaid and longterm loans and notes receivable) or legally or contractually required to be maintained intact.
Restricted amounts are restricted to specific purposes due to the constraints imposed externally by creditors, grantors,
contributors, laws or regulations of other governments or by law through constitutional provision or enabling legislation.
Committed amounts can be used for specific purposes pursuant to the constraints imposed by formal actions (e.g.,
ordinance and resolution) of the County Commission, the Countys highest level of decision making authority. Amounts
specifically committed for use in satisfying contractual obligations are also included in this classification.
Assigned amounts are constrained by the Countys intent to be used for specific purposes. Intent should be expressed
by the County Commission or its designee. The Administrative Code identifies the Office of Management and Budget as
the responsible agency for all activities relating to the allocation of County resources. Also included are all remaining
amounts (except for negative balances) reported in Debt Service, Capital Project and Special Revenue Funds that are not
classified as nonspendable and neither restricted nor committed.
Unassigned residual amount reported in General Fund and negative residual amount in Debt Service, Capital Project
and Special Revenue Funds.

39 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

The following is governmental fund balances in detail as of September 30, 2011 (in thousands):

Major Funds
General
Fund

Fund Balances:
Nonspendable
Inventory
Prepaid
Long-term Loans Receivable
Restricted for:
E-911
Court Fee Funds
Equipment Modernization
Debt Service
Parks & Land Preservation
Beach Renourishment
L braries
Unincorporated Area Capital Projects
Transportation
Building & Improvements
Public Safety - Sheriff
Inmate Welfare - Sheriff
Committed to:
Park Open Space and Recreational
Public Art and Design
Public Safety
Air Quality and Pollution Recovery
Animal Care
Community Services
Transportation
Greater Fort Lauderdale Convention and
Visitors Bureau
Water Control Districts
Law Library
Mosquito Control
Clerk of Court Data Processing
Manatee Protection Plan
Pay Telephone
Municipal Lighting District
Community Redevelopment and Affordable
Housing
Convention Center Capital Projects
Unincorporated Area Capital Projects
Park Improvements
Building and Improvements
L brary Improvements
Other Capital Projects
Other Purposes
Assigned to:
Emergencies and Cash Flow
Fuel Increase
L brary and Parks Operations
Sheriff
Other Post Employment Benefits
FRS Increases
Municipal Service District
Mass Transit Operating
Central Examining Board
Debt Service
Other Purposes
Unassigned:
Total Fund Balances

Sheriff
Contractual
Services

7,767
524
1,004

Transportation
Capital
Projects

Capital
Outlay
Reserve

Other
Governmental
Funds

2,004

$
$

$ 5,559

157,102
1,442

1,893
3,573
5,257
2,873
966

26,127
50,977
23,519
18,684
35,907
4,504
201,633
4,148
3,411

14,370
637
955

7,937
20,117

7,229
36,387

7,229
36,387
11,661
276,586
1,238
6,710
4,407

11,661
276,586
1,238
6,710
4,407
104,000
3,000
1,196
962
26,140
3,400
5,139
9,782
2,216
9,912

$339,889

1,893
3,573
19,627
3,510
966
955
7,937
20,117
3,350
851
5
99
897
117
527
25,970

25,970

$167,043

22,699
25,667
1,453
26,127
56,536
23,519
18,684
35,907
161,606
203,075
4,148
3,411

3,350
851
5
99
897
117
527

$ (2,934)
$ (2,934)

9,771
536
1,004

12

22,699
25,667
1,453

8,560
102,377
$356,745

Total
Governmental
Funds

(20)
$441,742

104,000
3,000
1,196
962
26,140
3,400
5,139
9,782
2,216
9,912
8,560
99,423
$1,302,485

Broward County, Florida - 40

E. Passenger Facility Charges


The Federal Aviation Administration (FAA) authorized the Aviation Department to impose a Passenger Facility Charge
(PFC) of $3 per departing passenger commencing January 1, 1995. This authorization was amended to increase the charge
to $4.50 per departing passenger effective October 1, 2005.
Through initial and subsequent FAA approvals, the Aviation Department is authorized to collect PFCs up to
$1,876,458,000 including interest, of which $531,342,000 has been collected as of September 30, 2011. The net receipts
from PFCs are non-refundable and restricted to be used on FAA approved capital projects and debt service on
revenue bonds that fund approved PFC eligible projects. As of September 30, 2011, $430,929,000 of the collected PFCs
had been spent on approved projects or debt service, and the remaining $100,413,000 of cash along with a receivable of
$3,014,000 is reflected as a restricted asset and a restriction of net assets.
F. Restatements
Certain funds reported as special revenue funds in previously issued financial statements do not meet the GASB 54
criteria for classification as special revenue funds. The correction has been made and fund balances as of the beginning of
the year were restated as follows (in thousands):

Governmental Funds
General Fund
Sheriff Operations
Sheriff Contractual Service
Nonmajor Special Revenue

Beginning Fund
Balance Before
Restatement
$296,781
3,278

Beginning Fund
Balance After
Restatement
$325,289

54,379

1,105
28,044

$354,438

$354,438

Effect on Prior
Year Changes in
Fund Balance
$28,508
(3,278)
1,105
(26,335)
$

G. Use of Estimates
The preparation of financial statements in accordance with United States generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues
and expenditures/expenses during the reporting period. Actual results could differ from those estimates.
H. Excess of Expenditures over Appropriations
For the year ended September 30, 2011, General Fund expenditures exceeded appropriations in the following
departments (in thousands):
Public Safety - County Administration - Emergency Management Operations
Public Safety - Human Services - Mental Health
Public Safety - Human Services - Medical Examiner and Trauma Services
Public Safety - Environmental Protection and Growth Management - Emergency Management
Public Safety - Public Works - Facilities Improvement
Transportation - Public Works - Road and Street Facilities
Transportation Aviation
Human Services - Community Services - Animal Care and Regulation
Physical Environment - Public Works - Waste and Recycling Services

59
558
410
606
3,724
1,115
369
22
63

For the year ended September 30, 2011, expenditures exceeded appropriations in the Half-Cent Sales Tax Revenue
Bonds Debt Service Fund by $42 thousand and in the Certificates of Participation Debt Service Fund by $14,000.
I. Deficits
At September 30, 2011, the Sheriff Contractual Services Fund had an unassigned Fund deficit of $2,934,000, primarily due
to a long term receivable of $8,048,000 due from the City of Lauderdale Lakes. The General Obligation Refunding Bonds
Debt Service Fund had an unassigned fund deficit of $20,000 which the County intends to eliminate in fiscal year 2012.

41 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

NOTE 2 -DEPOSITS AND INVESTMENTS


A. Summary of Deposit and Investment Balances
The following is a summary of the Countys deposit and investment balances as of September 30, 2011 (in thousands):

Cash and cash equivalents


Investments
Restricted assets
Total

$
$

Statement of Net Assets


Primary
Component
Government
Units
590,054 $
3,743 $
1,238,255
10,448
485,978
856
2,314,287 $
15,047 $

Fiduciary
Funds
12,217 $
34,647
46,864 $

Total
606,014
1,283,350
486,834
2,376,198

B. Deposits
The County maintains a pool for substantially all cash and cash equivalents and investments. These balances are
reflected in the financial statements as cash and cash equivalents, investments, or restricted assets as
appropriate. Earnings are allocated monthly to each fund based on average daily balances of cash and investments.
All cash deposits are held in qualified public depositories pursuant to State Statutes. Under the Statutes, all qualified
public depositories are required to pledge eligible collateral having a market value equal to or greater than the
average daily or monthly balance of all public deposits times the depositories collateral pledging level. The pledging
level may range from 50% to 125% depending upon the depositories financial condition and establishment period. All
collateral must be deposited with an approved financial institution. Any potential losses to public depositors are
covered by applicable deposit insurance, sale of securities pledged as collateral, and, if necessary, assessments against
other qualified public depositories of the same type as the depository in default.
C. Investments
The County has a formal investment policy that, in the opinion of management, is designed to insure conformity with
State Statutes and seeks to limit exposure to investment risks. The investment policy specifies the types, issuer, and
maturity of investment securities which are permissible, as well as performance measurement criteria. Securities are
held to maturity with limited exceptions outlined in the investment policy. Qualified institutions utilized for
investment transactions are also addressed within the policy, as well as diversification requirements for the
investment portfolio. In 2007, the County was the first county portfolio in the state to receive the highest possible
rating from Standard & Poors (AAAf/S1+), based on credit quality, risk and stability. In August 2011, Standard &
Poor's downgraded the US Government's credit rating to AA+ from AAA. This resulted in the county's rating being
lowered to AAf/S1+ due to the high concentration and duration of US Government securities in the portfolio.
Under State Statutes and County Ordinances, the County is authorized to invest in obligations of the U.S. Treasury,
its agencies and instrumentalities, commercial paper, repurchase agreements, certificates of deposit, certain Money
Market Funds and the Florida Local Government Investment Trust. County policy requires that securities underlying
repurchase agreements must have a market value of at least 101 percent of the cost of the repurchase agreements.
There were no losses during the period due to default by counterparties to investment transactions and, in the
opinion of County management, no types of investments during the period other than those permitted as enumerated
above. The County does not have any direct exposure to subprime backed securities.
As of September 30, 2011, the Countys investments consisted of the following (in thousands):

Investment Type
U.S. Treasury
U.S. Agencies
TLGP-FDIC Backed Bonds
Commercial Paper
Money Market Mutual Funds
Total Fair Value
Portfolio Weighted Average Maturity

Fair Value
112,816
1,424,929
35,432
83,414
3,895
$ 1,660,486
$

Weighted
Average
Maturity (Days)
747
1,000
1,173
162
1
942

Broward County, Florida - 42

Interest Rate Risk - In accordance with its investment policy, the County manages its exposure to interest rate volatility
by limiting the weighted average maturity of its investment portfolio within the following maturity categories:
overnight 35%; 1-30 days 80%; 31-90 days 80%; 91 days to 1 year 70%; 1-2 years 40%; 2-3 years 20%; 3-4 years 15%;
4-5 years 10%. As of September 30, 2011 the portfolio weighted average maturity was 942 days, and was in
accordance with the Countys investment policy.
Credit Risk -The Countys investment policy contains specific rating criteria for certain investments. The policy states
that commercial paper, bonds, notes, or obligations of the State of Florida, any municipality or political subdivision or
any agency or authority of the state, if such obligations are rated, must be rated in one of the two highest rating
categories by at least two nationally recognized rating agencies. Commercial paper not rated must be backed by a
letter of credit or line of credit rated in one of the two highest rating categories. Any investments in World Bank
Notes, Bonds and Discount Notes must be rated AAA or equivalent by Moodys Investor Service and/or Standard
and Poors Corporation.
The Countys investments in U.S. Treasuries and U.S. Agencies are rated AA+ by Standard & Poors and AAA by Fitch
Ratings, and Aaa by Moodys Investor Services. The Countys investments in commercial paper are rated P-1 by
Moodys Investor Services and A-1 or higher by Standard & Poors. The Countys investments in Money Market
Mutual Funds are rated AAAm by Standard & Poors.
Concentration of Credit Risk - The County places no limit on the amount that may be invested in securities of the U. S.
Government and Agencies thereof, or government sponsored corporate securities. The County requires that all
other investments be diversified with no more than 5% of the value of the portfolio invested in the securities of any
single issuer. GASB 40 requires disclosure of investments constituting 5% or more in any one issuer. The investments
which exceed the 5% threshold are: the Federal Home Loan Bank (24.0%), the Federal Home Loan Mortgage
Corporation (25.1%), the Federal National, Mortgage Association (26.1%), and the Federal Farm Credit Bank (9.4%).

NOTE 3 - CAPITAL ASSETS


Capital asset activity for the year ended September 30, 2011 is as follows (in thousands):
Governmental Activities:
Capital assets not being depreciated:
Land
Construction in progress
Total capital assets not being depreciated
Capital assets being depreciated:
Buildings
Improvements
Equipment
Total capital assets being depreciated
Less accumulated depreciation for:
Buildings
Improvements
Equipment
Total accumulated depreciation
Total capital assets being depreciated, net
Governmental activities
capital assets, net

Beginning
Balances
$

399,609
191,105
590,714

Increases
$

461
52,525
52,986

Ending
Balances

Decreases
$ 71,555
71,555

400,070
172,075
572,145

19,205
19,205

1,002,623
1,182,686
712,320
2,897,629

988,074
1,083,308
682,062
2,753,444

14,549
99,378
49,463
163,390

278,105
302,756
492,417
1,073,278
1,680,166

34,236
41,670
59,761
135,667
27,723

17,726
17,726
1,479

312,341
344,426
534,452
1,191,219
1,706,410

$2,270,880

$ 80,709

$ 73,034

$2,278,555

43 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Business-type Activities:
Capital assets not being depreciated:
Land
Construction in progress
Total capital assets not being depreciated
Capital assets being depreciated:
Landfill
Property held for leasing
Buildings
Improvements
Equipment
Total capital assets being depreciated
Less accumulated depreciation for:
Landfill
Property held for leasing
Buildings
Improvements
Equipment
Total accumulated depreciation
Total capital assets being depreciated, net
Business-type activities capital
assets, net

Beginning
Balances
$

346,029
198,203
544,232

Increases
$

43
202,389
202,432

48,577
241,205
1,220,707
748,156
925,556
3,184,201

14,867
1,720
65,215
32,428
114,230

8,332
57,266
402,409
290,726
328,260
1,086,993
2,097,208

485
2,836
36,805
36,230
34,280
110,636
3,594

2,641,440

206,026

Ending
Balances

Decreases
$
$

120,861
120,861

346,072
279,731
625,803

2,388
2,388

48,577
256,072
1,222,427
813,371
955,596
3,296,043

1
2,317
2,318
70

8,817
60,102
439,214
326,955
360,223
1,195,311
2,100,732

120,931 $ 2,726,535

Depreciation expense was charged to function/programs of the primary government as follows (in thousands):
Governmental Activities:
General Government
Public Safety
Transportation
Human Services
Culture and Recreation
Physical Environment
Economic Environment
Sheriff
Total depreciation expense - governmental activities
Business - type Activities:
Aviation
Port Everglades
Water and Wastewater
Resource Recovery
Other
Total depreciation expense - business-type activities

$
$

23,417
6,780
34,528
1,479
26,863
18,682
344
23,574
135,667
52,497
25,363
30,975
1,716
85
110,636

Construction Commitments
At September 30, 2011, the County had in process various uncompleted construction projects with remaining
balances totaling approximately $235,287,000. The retainage payable on these contracts totaled $16,649,000.
Funding for these projects is to be provided by the proceeds of related bond issues, loans and future taxes.
Property Held for Leasing
Property held for leasing consists of land and buildings leased under operating leases to commercial enterprises by the
Aviation and Port Everglades Funds. Lease terms vary from one to ninety-nine years and require, in some cases, the
construction of leasehold improvements that will be contributed to the County at lease termination.

Broward County, Florida - 44

The following is a schedule of minimum future rentals on non-cancelable operating leases as of September 30, 2011
(in thousands):
Years ending September 30:
2012
2013
2014
2015
2016
2017-2021
2022-2026
2027-2031
2032-2036
2037-2041
2042-2046
2047-2051
2052-2056
2057-2061
2062-2066
2067-2071
2072-2076
2077-2081
2082-2086
2087-2091
2092-2096
Total

$ 67,900
63,575
48,135
41,155
38,653
86,890
20,349
18,341
12,082
5,930
4,154
5,053
6,148
7,480
9,101
11,073
13,472
16,390
19,941
24,262
5,908
$ 525,992

Total minimum future rentals do not include contingent rentals that may be received under certain concession leases
on the basis of a percentage of the tenants gross revenue in excess of stipulated minimums. Contingent rentals for
the fiscal year ended September 30, 2011 amounted to $36,825,000.
The County has 25-year lease and use agreements with its major airline tenants (the signatory airline agreements).The
agreements require that landing fees and terminal rentals be reviewed annually and adjusted as necessary so that the
total revenue is sufficient to meet the Aviation Funds requirements as determined by the rate and charges model of
the signatory airline agreements. At the end of the fiscal year, after all required deposits have been made, any
remaining excess funds are used to meet the requirements in the following fiscal year. These excess funds have been
recorded as unearned revenue by the Aviation Fund at September 30, 2011. For the year ended September 30, 2011,
these funds amounted to $17,194,000.
Discretely Presented Component Units
Capital asset activity for the Countys discretely presented component units for the year ended September 30, 2011
is as follows (in thousands):
Beginning
Balances
Capital assets not being depreciated:
Land
Total capital assets not being depreciated
Capital assets being depreciated:
Buildings
Equipment
Total capital assets being depreciated
Less accumulated depreciation for:
Buildings
Equipment
Total accumulated depreciation
Total capital assets being depreciated, net
Capital assets, net

Increases

Decreases

653
653

1,115
17,705
18,820

$ 2,997
2,997

442
13,082
13,524
5,296
$ 5,949

38
2,468
2,506
491
$ 491

45 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Ending
Balances
653
653

$ 1
1

1,115
20,701
21,816

1
$ 1

480
15,550
16,030
5,786
$ 6,439

NOTE 4 - LONG-TERM OBLIGATIONS


Changes in long-term obligations for the year ended September 30, 2011 are as follows (in thousands):
Beginning
Balance
Governmental Activities:
General Obligation Bonds
Special Obligation Bonds
Loans Payable and Other Obligations
Unamortized Bond Premiums, Discount
and Deferred Amount on Refunding
Claims, Judgments, and Arbitrage Liability
Compensated Absences
Postemplyment Benefits Other Than
Pensions
Total
Business-type Activities:
Revenue Bonds Payable
Loan Payable and Other Obligations
Unamortized Bond Premiums , Discount
and Deferred Amount on Refunding
Capital Lease
Compensated Absences
Postemployment Benefits Other Than
Pensions
Other
Total

Additions

393,665
383,080
36,425

20,270
93,275
106,230
$
$

52,946
1,085,891

25,355
128,318

1,266
24,694
1,506,774

(37,450)
(8,100)
(9,220)

$
$

(9,736)
(167,859)
(75,645)
(4,800)

3,714

723
(2,879)
(4,240)

669
1,273
5,656

(251)
(2,046)
(89,138)

Due Within
One Year

356,215
374,980
27,205

(1,550)
(24,984)
(76,819)

30,244
72,719

1,465,695
7,566
(8,208)
3,358
12,403

Ending
Balance

Reductions

18,720
98,535
102,130
$
$

68,565
1,046,350
1,390,050
2,766
(7,485)
479
11,877
1,684
23,921
1,423,292

27,715
8,955
6,730
27,360
25,907

96,667

72,840
2,766
479
4,972

295
81,352

For the governmental activities, claims and judgments, compensated absences, and postemployment benefits other
than pensions are generally liquidated by the general fund. Claims and judgments includes an estimated liability for
insurance claims of $98,535,000. There is no estimated arbitrage rebate liability for governmental activities at
September 30, 2011. For the business-type activities, other long-term liabilities at September 30, 2011 included
landfill closure and post closure costs of $23,921,000.
The total obligations for Postemployment Benefits Other Than Pensions reflected above of $70,249,000 is less than
the total reflected in Note 11 by $1,568,000 that applies to the Clerk of the Courts employees, a Component Unit.
Business-type loans payable and other obligations above includes an interest-free State Infrastructure Bank Loan
amounting to $2,766,000 with repayment due in fiscal year 2012.
The debt service requirements for all bonds and loans outstanding as of September 30, 2011 are as follows (in
thousands):
BUSINESS-TYPE
ACTIVITIES

GOVERNMENTAL ACTIVITIES
General
Obligation Bonds

Special
Obligation Bonds

Year Ending
September 30 Principal
Interest
Principal Interest
2012
$ 27,715 $ 16,960 $
8,955 $
20,208 $
2013
21,055
15,814
10,850
19,816
2014
22,100
14,769
12,385
19,356
2015
23,210
13,655
10,580
18,865
2016
24,385
12,481
11,375
18,333
2017-2021
137,345
42,869
66,580
82,599
2022-2026
100,405
8,619
86,450
62,814
2027-2031
60,400
39,288
2032-2036
47,565
25,391
2037-2041
59,840
10,027
Total
$ 356,215 $ 125,167 $ 374,980 $ 316,697 $

Loan Payable and


Other Obligations
Principal Interest
6,730 $
1,218 $
5,115
948
1,500
726
1,570
662
1,490
595
5,195
2,111
4,455
963
1,150
94
27,205 $

7,317 $

Revenue Bonds Payable


Total
Total
Principal
Interest
43,400 $
38,386
37,020
36,578
35,985
34,851
35,360
33,182
37,250
31,409
209,120
127,579
191,310
72,396
61,550
39,382
47,565
25,391
59,840
10,027
758,400 $ 449,181

Principal
72,840
76,410
68,410
60,435
63,540
318,045
382,060
242,570
105,740

Interest
$ 69,712
66,044
62,512
59,303
56,126
231,713
139,829
52,463
11,467

$1,390,050

$ 749,169

Governmental loans payable and other obligations above include: First Florida loans amounting to $20,000,000 of
principal and $6,863,000 of interest; Certificates of Participation amounting to $7,205,000 of principal and $454,000
of interest.

Broward County, Florida - 46

Certain bond indentures contain provisions as to annual debt service, sinking fund, and minimum net revenue
requirements. In addition, certain indentures require maintenance of various accounts and specify the deposits to be
made to such accounts. At September 30, 2011, the County was in compliance with significant debt covenants.
The following is a summary of the major provisions and significant debt service requirements for the outstanding bonds at September 30, 2011 (Dollars in thousands):
Interest Payment
Governmental Activities
General Obligation Bonds (GOB):
2001 GOB A
2001 GOB B
2004 GOB
2005 GOB
2007 GOB A Refunding
2007 GOB B Refunding

Primary Purpose

Type

Library Project
Refunding Issue
Parks and Land Preservation
Parks and Land Preservation
Library Partial Advance Refunding
Parks Partial Advance Refunding

serial
serial
serial
serial
serial
serial

Refunding Issue
Civic Arena - Refunding Issue - A
Civic Arena - Refunding Issue - B
Main Courthouse Project
Main Courthouse Project
Main Courthouse Project

Rate %

Date

4.0-5.25
4.0-5.0
2.0-5.0
3.0-5.0
4.0-5.0
5.0

1-1 7-1
1-1 7-1
1-1 7-1
1-1 7-1
1-1 7-1
1-1 7-1

serial
serial/term
serial/term
serial/term
term
term

3.0-3.375
4.0-5.0
5.7-6.0
2.5-5.25
5.764-6.26
6.556

4-1 10-1
3-1 9-1
3-1 9-1
4-1 10-1
4-1 10-1
4-1 10-1

Refunding Issue
Improvements
Improvements
Improvements
Improvements
Improvements
Improvements
Improvements
Improvements
Improvements
Refunding Issue

serial
serial
term
serial
serial
term
term
term
term
serial
serial

4.8-5.1
3.70-5.125
5.0
3.10-5.25
4.70-5.125
5.0
4.0-5.75
5.25-5.75
5.8-6.9
2.0-4.6
2.0-5.375

4-1 10-1
4-1 10-1
4-1 10-1
4-1 10-1
4-1 10-1
4-1 10-1
4-1 10-1
4-1 10-1
4-1 10-1
4-1 10-1
4-1 10-1

Refunding Issue
Refunding issue
Refunding Issue
Capital Improvements
Capital Improvements
Refunding Issue
Capital Improvements

term
serial
term
serial
term
serial
serial

5.0
4.75-4.8
5.0
5.375
5.0
Variable
3.0-6.0

3-1 9-1
3-1 9-1
3-1 9-1
3-1 9-1
3-1 9-1
Monthly
3-1 9-1

Construction and Refunding Issue


Construction and Refunding Issue
Refunding Issue
Construction and Refunding Issue
Construction and Refunding Issue
Construction and Refunding Issue

serial
term
serial
serial
term
serial

2.0-5.0
4.625
2.5-5.0
5.0
5.0
2.1-5.3

4-1 10-1
4-1 10-1
4-1 10-1
4-1 10-1
4-1 10-1
4-1 10-1

Total General Obligation Bonds


Special Obligation Bonds:
2004 Tourist Development Tax
2006 Professional Sports Facilities
2006 Professional Sports Facilities
2010 Half-Cent Sales Tax - Series A
2010 Half-Cent Sales Tax - Series B
2010 Half-Cent Sales Tax - Series C
Total Special Obligation Bonds
Business-type Activities Revenue Bonds
Aviation Fund
1998E Airport System Revenue
1998 G Airport System Revenue
1998 G Airport System Revenue
1998 H-1 Passenger Facility Charge
1998 H-2 Passenger Facility Charge
1998 H-2 Passenger Facility Charge
2001 I Passenger Facility Charge
2001 J-1 Airport System Revenue
2001 J-2 Airport System Revenue
2004 L Airport System Revenue
2009 O Airport System Revenue
Total Aviation Bonds
Port Everglades Fund
1989 A Port Facilities Refunding
1998 A Port Facilities Revenue
1998 B Port Facilities Revenue
1998 C Port Facilities Revenue
1998 C Port Facilities Revenue
2008 Subordinate Port Facilities
2009A Port Facilities
Total Port Everglades Bonds
Water and Wastewater Fund
2003 A Water and Sewer Utility
2003 A Water and Sewer Utility
2003 B Water and Sewer Utility
2005 Water and Sewer Utility
2005 Water and Sewer Utility
2009 A Water and Sewer Utility
Total Water and Wastewater Bonds
Total Revenue Bonds

47 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Optional Redemption
Year

Premium

Final
Maturity Date

2007
N/A
2007
2015
N/A
2022

1%
N/A
N/A
N/A
N/A
N/A

1/1/2012
1/1/2012
1/1/2024
1/1/2025
1/1/2021
1/1/2024

2011
2016
2016
2020
2020
2020

2008
2008
2019
2008
2008
2019
2011
2011
2016
2014
2019

N/A
N/A
N/A
N/A
N/A
N/A

1%
1%
N/A
1%
1%
N/A
1%
1%
N/A
1%
N/A

10/1/2013
9/1/2028
9/1/2028
10/1/2036
10/1/2030
10/1/2040

10/1/2013
10/1/2018
10/1/2023
10/1/2015
10/1/2018
10/1/2023
10/1/2026
10/1/2026
10/1/2021
10/1/2027
10/1/2029

Original
Amount
Issued

135,135 $
146,620
187,770
154,135
86,690
77,830

19,280 $
124,290
52,475
95,960
69,950
48,780

75,560 $
44,635
18,880
66,620
20,270
39,780
41,855
135,970
149,185
142,015
101,140

Retired
/Refunded

(127,600)
(139,015)
(120,710)
(44,640)

(12,260)
(16,765)
(6,730)

(17,805)
(21,040)

Outstanding
September 30

7,535
7,605
67,060
109,495
86,690
77,830
$

356,215

7,020
107,525
45,745
95,960
69,950
48,780
374,980

57,755
23,595
18,880
22,420
20,270
39,780
33,560
133,495
117,095
116,000
99,350

(44,200)
(8,295)
(2,475)
(32,090)
(26,015)
(1,790)

682,200
N/A
2009
2009
2009
2009
2009
2019

N/A
N/A
N/A
N/A
N/A
N/A
N/A

9/1/2016
9/1/2012
9/1/2027
9/1/2012
9/1/2027
9/1/2027
9/1/2029

79,580
13,195
79,825
43,795
28,645
46,145
83,235

(26,395)
(10,340)

53,185
2,855
79,825
10,220
28,645
39,525
78,660

(33,575)
(6,620)
(4,575)

292,915
2014
2014
2014
2015
N/A
2014

N/A
N/A
N/A
N/A
N/A
N/A

10/1/2025
10/1/2027
10/1/2027
10/1/2026
10/1/2030
10/1/2034

84,415
20,215
99,370
23,065
53,675
175,380

(2,030)

82,385
20,215
61,885
23,065
53,675
173,710

(37,485)
(1,670)

414,935
$

1,390,050

Broward County, Florida - 48

First Florida Governmental Financing Commission Loans Payable


The First Florida Governmental Financing Commission (Commission) was created pursuant to the Florida Interlocal
Cooperation Act of 1969, Section 163.01, Florida Statutes, as amended. The current members of the Commission
are: Broward County, Florida; City of Hollywood, Florida; City of Boca Raton, Florida; City of Gainesville, Florida;
City of Clearwater, Florida; City of Sarasota, Florida and the City of St. Petersburg, Florida.
The Commission is a separate legal entity and public body permitted to authorize, issue and sell bonds for the
purpose of financing or refinancing any capital projects for its members. The Commissions stated purpose is to
enable its participating members to benefit from the economies of scale associated with large financings.
The proceeds of the Commissions bonds are used to fund loans to the participating members. The repayment terms
of the loan agreements are designed to provide for the payment of principal and interest on the bonds when due.
It is the Bond Counsels opinion that each member of the Commission is liable only to the extent of the payments on
its loan agreement. At September 30, 2011, the County had loans payable to the Commission totaling $20,000,000.
The loans are included in Loans Payable and Other Obligations of Governmental Activities in the schedule of changes
in long-term obligations and are due in annual installments through 2028. Interest on these loans is at fixed rates
ranging from 3.6% to 8.0% payable semi-annually.
Obligation under Lease Purchase Agreements - Certificates of Participation
The County has entered into Master Lease-Purchase Agreements (Lease Agreements) with the Broward County
Commission Governmental Leasing Corporation (Corporation), a single purpose not-for-profit Florida Corporation,
to finance the acquisition, construction and or equipping of certain facilities. The Corporation was formed by the
County solely for the purpose of acting as lessor of the facilities, with the County as lessee. The County
Commissioners serve as the Board of Directors of the Corporation. The Corporation has title to the facilities subject
to the rights of the County under the terms of the Lease Agreements. A Trustee has been appointed to collect and
disburse all amounts due under the Lease Agreements.
Simultaneously with the Lease Agreements, the Corporation issued Certificates of Participation Series 1998 and
Series 2004 (Certificates), to third parties, evidencing undivided proportionate interests in basic lease payments to be
made by the County, as lessee. The Lease Agreements further provide for successive one year renewal lease terms
unless earlier termination following an event of default or a non-appropriation of funds to make the lease payments.
Failure to appropriate funds to pay the lease payments will result in termination of the Lease Agreements and the
return of certain of the leased property to the Trustee.
The basic rent payments and, consequently, the principal and interest components payable to the owners of
Certificates are payable solely from revenue appropriated by the County for that purpose. The County is not legally
required to appropriate sums for the purpose of making the lease payments and the Certificates are not general
obligations or a pledge of the faith and credit of the County. Payments of principal and interest on the Series 1998
and Series 2004 Certificates are insured by AMBAC Indemnity Corporation and Municipal Bond Investor Assurance
Corporation (MBIA), respectively, under municipal bond insurance policies.
Basic lease payments represented by the Certificates are payable to the owners of the Certificates on each December
1 and June 1, and will be reflected as debt service expenditures when remitted to the Trustee.

49 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

The obligation through maturity to the holders of the Certificates, which will be serviced by the annual lease
payments, is as follows (in thousands):
Year Ending September 30

Total Payments

2012
2013
Total
Less Interest
Principal Outstanding

3,828
3,831
7,659
(454)
7,205

Interest on the Certificates ranges from 2.00% to 5.00%. The principal amount of the Certificates has been included
in Loans Payable and Other Obligations of Governmental Activities in the schedule of changes in long-term
obligations at September 30, 2011.
Derivative Disclosure - Interest Rate Swap
Objective of the interest rate swap -The County entered into an interest rate swap agreement for $46,145,000 of its
2008 Series Subordinate Port Facilities Refunding Revenue Bonds for the outstanding period of the bonds as a means
to lower its true borrowing costs when compared against fixed-rate bonds at the time of issuance. The intention of
the swap was to effectively change the Countys variable interest rate. Based on the swap agreement, the County pays
a synthetic fixed rate of 3.642%.
Terms - The bonds and the related swap agreement mature on September 1, 2027, and the swaps original notional
amount of $46,145,000 matches the original principal amount of the bonds issued. The swap was entered into at the
same time that the bonds were issued (July 2008). The notional value of the swap and the principal amount of the
associated debt declined beginning in fiscal 2008. The bonds are also subject to optional redemption beginning in
2008. Under the swap, the County pays the counterparty a fixed payment of 3.642% of the notional amount and
receives a variable payment computed by the remarketing agent that would cause the bonds to have a market value
equal to the principal thereof, plus accrued interest, under prevailing market conditions as of the date of the
determination.
Fair value -As of September 30, 2011, the swap had a negative fair value of $5,752,000. The swaps fair value is
reported in "Deferred Swap Outflow" and "Fair Value of Interest Rate Swap" in the accompanying Statement of Net
Assets. The swap's notional amount of $39,525,000 matches the principal amount of the outstanding bonds.
Credit risk - As of September 30, 2011, the County was not exposed to credit risk because the swap had a negative
fair value. However, should interest rates change and the fair value become positive, the County could be exposed to
credit risk in the amount of the swaps fair value. The swap agreement is subject to termination prior to September 1,
2027, upon the occurrence of certain termination events. An irrevocable transferable direct-pay Letter of Credit
(2008 Letter of Credit) was issued by The Bank of Nova Scotia (BONS) pursuant to the Reimbursement
Agreement dated as of July 1, 2008 between the County and BONS. The 2008 Letter of Credit is an irrevocable
obligation of BONS. The 2008 Letter of Credit was issued in an amount equal to the aggregate principal amount of
the outstanding Series 2008 bonds, plus 56 days interest thereon at the rate of 15% per annum. The Trustee, upon
compliance with the terms of the 2008 Letter of Credit, is authorized and directed to draw amounts sufficient to pay
principal and interest of the Series 2008 Bonds when due because of maturity, redemption or acceleration, delivered
for purchase pursuant to a demand for purchase by the owner thereof or a mandatory tender for the purchase and
not remarketed among other provisions.
Basis risk - Municipal interest rate swaps are normally based on a fixed payment and an indexed variable receipt
instead of the actual variable debt payment. Any difference between the indexed variable receipt and the actual
market-determined variable rate paid on the bonds is called basis risk. Under the swap, the County will be paid the
actual market-determined variable borrowing rate on the swap, as determined by the remarketing agent, which
eliminates the basis risk.

Broward County, Florida - 50

Termination risk - Under certain conditions, the County or the counterparty may terminate the swap. If the swap is
terminated, the variable-rate bonds would no longer carry a synthetic interest rate but would become fixed-rate
bonds and this event could increase the Countys total debt service. If at the time of termination the swap has a
negative fair value by approximately the amount of such negative fair value, the counterparty would have no claim
against the County for any other compensation.
Swap payments and associated debt - As interest rates vary, the variable-rate interest payments and swap payments will
vary. Debt service requirements of the variable-rate bonds and the swap payments, based upon the fixed swap rate,
were as follows (in thousands):
Year Ending
September 30

Variable Rate Bonds


Principal
Interest

Total

2012

$ 1,860

$ 1,430

$ 3,290

2013

1,930

1,358

3,288

2014

2,000

1,288

3,288

2015

2,075

1,216

3,291

2016

2,145

1,143

3,288

2017-2021

11,990

4,473

16,463

2022-2026

14,340

2,130

16,470

2027-2030

3,185

106

3,291

$39,525

$13,144

$52,669

Total

The interest rate swap agreement does not affect the obligation of the County under the Indenture to repay the
principal and variable interest on the Series 2008 bonds. However, during the term of the swap agreement, the
County effectively pays a fixed rate on the debt. The debt service requirements to maturity for these bonds
(presented in this note) are based on that fixed rate. The County will be exposed to variable rates if the counterparty
to the swap defaults or if the swap agreement is terminated. A termination or default of the swap agreement may also
result in the County making or receiving a termination or default payment.
Defeased Bonds
The County has entered into refunding transactions whereby refunding bonds have been issued to facilitate the
retirement of the Countys obligation with respect to certain bond issues already outstanding. The proceeds of the
refunding issues have been placed in irrevocable escrow accounts and invested in U.S. Treasury obligations that,
together with interest earned thereon, will provide amounts sufficient for future payments of interest and principal on
the bond issues being refunded. Refunded bonds are not included in the Countys outstanding long-term debt since
the County has legally satisfied its obligations through the refunding transactions.
The following is a summary of the Countys defeasance transactions (in thousands):
Year of
Defeasance
1989
2007
2007

Bond Issue(s) Defeased


Port Facilities Revenue Bonds Series 1986
General Obligation Bonds Library Project Series 2001A (Partially Refunded)
General Obligation Bonds Parks & Land Series 2004 (Partially Refunded)

51 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Principal
Outstanding
September 30, 2011
$ 40,340
88,515
80,175

Conduit Debt
The two component units of the County, Broward County Health Facilities Authority (HeFA) and Broward County
Housing Finance Authority (HFA) are authorized to issue bonds to fulfill their corporate purposes. Bonds issued by
HeFA and HFA shall not be deemed to constitute a debt of the HeFA, HFA, the County, or any political sub-division
thereof. As of September 30, 2011 the total revenue bonds outstanding of HeFA and HFA are $18,470,000 and
$477,076,000 respectively.
There are also other industrial development bonds issued by the County which are not deemed to constitute a debt
to the County or any political sub-division thereof. The County does not maintain the total outstanding balance of
these bonds.
Capital Lease
The Aviation Fund entered into a lease agreement as lessee for financing the acquisition of shuttle buses. The lease
agreement qualifies as a capital lease for accounting purposes and, therefore, has been recorded at the present value
of its future minimum lease payments as of the inception date.
The assets acquired through the capital lease are as follows (in thousands):
Asset:
Equipment
Less: Accumulated depreciation
Total

$9,656
(4,651)
$5,005

The future minimum lease obligation and the net present value of the minimum lease payment as of September 30,
2011 is as follows (in thousands):
Year Ending September 30
2012
Total minimum lease payments
Less: amount representing interest
Present value of minimum lease payments

$492
492
(13)
$479

Pledged Revenues
The County issues bonds that are secured by a pledge of specific revenues. Total pledged revenues to repay the
principal and interest of revenue bonds as of September 30, 2011 are as follows (in thousands):
Governmental Activities:
Professional Sports
Franchise Facilities Tax,
Sales Tax Rebate, and the
County Preferred Revenue
Allocation

Tourist Development Tax


Revenue and Net
Revenues of the
Convention Center

Current revenue pledged

$22,275

$ 30,875

$ 64,944

Current year debt service

$13,997

Total future revenues pledged*

$233,205

Description of debt

Purpose of debt
Term of commitment
Percentage of debt service to
pledged revenues (current year)

Professional Sports Facilities


Tax and Revenue Refunding
Bonds, Series 2006 A & B

2,476

$ 7,390
Tourist Development Tax
Special Revenue
Refunding Bonds
(Convention Center),
Series 2004

Half-Cent Sales Tax and


Federal Direct Payments
from Build America Bonds

8,893

$ 451,082
Half-Cent Sales Tax Revenue
Bonds, Series 2010 A, B, & C

To refund Civic Arena


Bonds Series 1996

To refund Tourist
Development Tax Bonds
Series 1994

Financing the acquisition and


construction of a new
courthouse and related
parking facility

2007-2028

2005-2013

2011-2041

62.8%

8.0%

13.7%

Broward County, Florida - 52

Business Type Activities:

Airport
Net Revenues
$ 88,768
$ 55,925
$1,007,349

Port Everglades
Net Revenues
$ 66,913
$ 32,043
$421,870

Airport System
Revenue Bonds, issued
1998 -2009

Port Facility Revenue


Bonds, issued
1989 -2009

Improvement and
Refunding
2013-2030

Capital Improvement and


Refunding
2012-2029

63.0%

47.9%

Current revenue pledged


Current year debt service
Total future revenues pledged*
Description of debt
Purpose of debt
Term of commitment
Percentage of debt service to
pledged revenues (current year)

Water and Sewer


Net Revenues
$52,530
$29,999
$710,001
Water and Sewer
Utility Revenue Bonds issued
2003-2009
Construction and Refunding
2025-2035
57.1%

*Total future principal and interest payments

NOTE 5 - SELF-INSURANCE
The County is exposed to various risks and losses related to torts; theft of, damage to, and destruction of assets;
errors and omissions; injuries to employees; and natural disasters. Under the Countys Self-Insurance Program, the
Risk Management Fund provides coverage for up to a maximum of $2,000,000 (Self-Insured Retention Limit) for each
workers compensation occurrence. In addition, the County has purchased excess coverage for losses above the selfinsured retention limit. Transportation Department, Auto liability, Medical malpractice, and General liability are
entirely self-insured, with the County providing coverage up to the statutory limits of $100,000 per person and
$200,000 per occurrence. The County (through the Risk Management Fund) purchases commercial insurance for life,
disability, airport liability, property damage, and numerous smaller policies that are required by lease agreements,
union contracts, state statutes, etc. Settled claims have not exceeded this commercial coverage in the past three
years.
The Sheriffs Office operates a Self-Insurance Program for general, professional and auto liability risks. The Sheriff
provides coverage up to the statutory limits of $100,000 per person and $200,000 per occurrence. Excess coverage
for losses up to $5,000,000 per occurrence is provided through commercial coverage. Settled claims have not
exceeded this commercial coverage in the past three years.
Funds participating in the Self-Insurance Program make payments to the Risk Management Fund based on actuarial
estimates of the amounts needed to pay prior and current year claims and to establish reserves for all losses. The
actuarial estimates include the effects of specific, incremental claim adjustment expenses, salvage, subrogation and
other allocated claim adjustments.
The reserves for the Self-Insurance Program totaled $98,535,000 at September 30, 2011 and are reported as a liability
of the Internal Service Funds. Participating funds are indemnified against any losses in a given year in excess of the fees
charged. Fees charged are expensed as incurred in all funds. The total claims liability at September 30, 2011 reflects
managements loss estimates of $54,674,000 for all reported claims and $48,360,000 for claims incurred but not
reported, net of a discount of $4,499,000 computed based on varying interest rates that range from 0.31% to 1.01%.
The net assets accumulated in the Countys Self-Insurance Program are designated for future catastrophic losses or
for the purchase of additional commercial insurance against such losses when available at advantageous rates. Changes
in the Programs claims liability amount in Fiscal Year 2010 and 2011 were (in thousands):

Fiscal
Year
2010
2011

Liability
October 1
$89,435
$93,221

Current Year
Claims and Changes
in Estimates
$26,453
$30,244

53 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Liability
Claim
Payments
$22,667
$24,930

Liability
September30
$93,221
$98,535

NOTE 6 INTERFUND BALANCES AND INTERFUND TRANSFERS


Interfund Balances
Interfund balances at September 30, 2011 are as follows (in thousands):
Due from
Due to

General
Fund

General Fund
Sheriff Contractual
Services
Transportation Capital
Projects
Capital Outlay Reserve
Nonmajor
Governmental
Enterprise
Internal Service

Sheriff
Contractual
Services

Aviation

Port
Everglades

Resource
Recovery
System

Water and
Wastewater

$ 8,830

Nonmajor
Governmental

$ 3,211
$ 3,196

3,351
9,847
20

730
2
$ 772

$ 1 12,041

$ 155

$ 40

Total

Total

$ 3,196

$ 155

730
275
21,357

$ 275

$ 21,355
$ 8,830

9,887
20

$ 21,355

$ 275

$ 13,078

47,661

The $8,830,000 due from the Sheriff Contractual Services Fund to the General Fund is for a cash loan made to the
Sheriff Contractual Services to cover negative cash. The $9,847,000 due from Nonmajor Governmental to
Transportation Capital Projects is for a cash loan to Transportation Capital Projects to cover negative cash. The
$21,355,000 due from Water and Wastewater to Internal Service is for a short term internal loan for a Water and
Wastewater Neighborhood Improvement Project.
All remaining balances resulted from the time lag between the dates that (1) interfund goods and services are
provided or reimbursable expenditures occur, (2) transactions are recorded in the accounting system and (3)
payments between funds are made.
Interfund Transfers
Interfund transfers for the year ended September 30, 2011 are as follows (in thousands):

Transfer to
General Fund
Sheriff Contractual
Services
Transportation
Capital Projects
Capital Outlay
Reserve
Resource Recovery
Nonmajor
Governmental
Enterprise
Total

General
Fund

Sheriff
Contractual
Services
$ 9,663

Transfer from
Transportation
Capital
Capital
Outlay
Projects
Reserve
$ 55,881
$ 7,811

Resource
Recovery

Nonmajor
Governmental
$ 980

Nonmajor
Enterprise

$ 3,026

3,026
10,361

225

22,372
1,303
$ 26,926

Total
$ 74,335

10,361

268

414

4,901

564

$ 10,077

$ 60,782

$ 8,375

$ 550
$ 550

$ 287

493
287

$ 287

43,170
1,853
$ 133,525

14,919
$ 26,528

Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the fund
that statute or budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting
the receipts to the debt service fund as debt service payments become due, and (3) use unrestricted revenues
collected in the general fund to finance various programs accounted for in other funds in accordance with budgetary
authorizations.

Broward County, Florida - 54

NOTE 7 -LANDFILL CLOSURE AND POSTCLOSURE CARE COSTS


State laws and regulations require the County to place a final cover on its landfills when it stops accepting waste and
to perform certain maintenance and monitoring functions at the site for up to thirty years after closure. Although
closure and postclosure care costs will be paid only near or after the landfill stops accepting waste, the County
recognizes a portion of these costs as an operating expense in each period based on landfill capacity utilized.
At September 30, 2011, the County estimates that the cost of permanently capping and maintaining its landfills in
accordance with existing regulations will be $45,696,000. Of this amount, the County has accrued a liability of
$23,921,000 based on amortizing the total estimated cost over the operational life of the landfills. Of the total liability,
$295,000 is included in current liabilities payable from restricted assets and $23,626,000 is included in other longterm liabilities on the Proprietary Funds Statement of Net Assets.
The Countys three landfills are the Davie landfill, which has been closed and is now Vista View Park, the Southwest
Regional (interim contingency) landfill and the resource recovery landfill. A summary of the landfill accounts is as
follows (Dollars in thousands):

Liability 9/30/11

Davie
Landfill
$ 1,182

Estimated obligation remaining to be recognized


Estimated remaining life of landfill (in years)
Capacity used to date

Southwest Regional
(Interim Contingency )
Landfill
$ 9,144
$ 10,677

N/A-closed
100%

Resource
Recovery
Landfill
$ 13,595
$ 11,098

34

10

57%

64%

The $45,696,000 cost estimate is considered sufficient by County management and the Countys consulting engineers.
However, existing regulations may change which may require the County to incur additional closure and postclosure
costs. With the completion of the Ash Monofill cell expansion project in 2009, the estimated capacity of the landfill
was recalculated and the remaining life of the landfill was increased by 10 years. Based on the recent consulting
engineers' analysis, the estimated life of the Southwest Regional landfill was extended by 21 years and the estimated
closure date is scheduled for year 2045.
The County is required by state laws and regulations to make annual deposits to finance closure and postclosure care.
At September 30, 2011, cash and investments of $28,681,000 are held for these purposes. These are reported as
restricted assets on the Proprietary Funds Statement of Net Assets. The County expects that future inflation costs
will be paid from interest earnings on these annual deposits. However, if interest earnings are inadequate or
additional closure or postclosure care requirements are determined, these costs may need to be covered by charges
to future landfill users.

NOTE 8 -LARGE USER AGREEMENTS


The County has entered into agreements with large (wholesale) users of the North Regional Wastewater System (the
System). These agreements provide that the cost of operating the System be charged to each large user on the basis
of each users proportionate share of total gallons processed. In addition, each large user is charged a debt service fee
for the principal, interest and debt coverage requirements on debt issued to finance the construction of the North
Regional Wastewater Treatment Facility. The debt service charge is based on the relative percentage of reserve
capacity designated for each user to total reserved capacity.

55 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

NOTE 9 -RELATED PARTY TRANSACTIONS


The County allocates certain support department costs which include legal, fiscal, purchasing, personnel, internal audit
and communication costs to other County departments. Certain funds are also charged for the cost of services
provided by the Self-Insurance, Fleet Services and Print Shop Funds. Costs of approximately $128,986,000 for the
above-mentioned services were allocated between funds during the year ended September 30, 2011.

NOTE 10 -PENSION COSTS


The County participates in the Florida Retirement System (FRS), a cost-sharing, multiple-employer Public Employment
Retirement System (PERS), which covers substantially all permanent full and part-time County employees. FRS offers
a defined benefit plan (the Pension Plan) or a defined contribution plan (the Investment Plan).
Pension Plan benefits are computed on the basis of age, average final compensation and service credit. For employees
enrolling in FRS for the first time after June 30, 2011, average final compensation is the average of the eight highest
fiscal years of earnings compared with the average of the five highest years of earnings for those already enrolled.
The Florida Retirement System provides vesting of benefits after eight years of creditable service for employees
enrolling in the Pension Plan for the first time after June 30, 2011 compared with a vesting period of six years for
those already enrolled. Early retirement may be taken any time after vesting; however, there is a 5% benefit reduction
for each year prior to normal retirement age or date. The FRS also provides death and disability benefits. A State
statute establishes benefits.
FRS issues an annual financial report. A copy can be obtained by sending a written request to the Division of
Retirement, P.O. Box 9000 Tallahassee, FL 32315-9000 or by visiting their website at http://dms.myflorida.com.
The Countys required contribution rate is established by State statute, and ranges from 4.91% to 14.10% of covered
payroll, based on employee risk groups. In 2011 the State legislature mandated a 3% employee contribution effective
July 1, 2011 for all FRS covered employees. Employees who were enrolled in the Deferred Retirement Option
Program (DROP) before July 1, 2011 are not subject to the contribution. The combined employer/employees
contribution rates range from 7.91% to 17.10% of covered payroll based on employee risk groups. A summary of the
covered payroll, contributions and percentage of covered payroll are as follows (in thousands):

Covered Payroll
Employee Contributions
Employer Contr butions
Employer Contr butions % of Covered Payroll

2011

2010

2009

$681,151
$ 4,463
$ 93,204
13.7%

$660,335
$ 97,184
14.7%

$694,408
$ 96,058
13.8%

The County has met all contribution requirements for the current year and the two preceding years.

NOTE 11 -OTHER POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS


Plan Description
The County has two single employer defined benefit healthcare plans, the County plan and the Broward Sheriffs
Office (BSO) plan. The County plan allows its employees and their beneficiaries to continue obtaining health, dental
and other insurance benefits upon retirement. The BSO plan provides postemployment health insurance benefits for
employees and sworn officers upon retirement and subsidizes a portion of the premiums. The benefits of the
Countys plan conform with Florida statutes, which are the legal authority for the plan. The provisions of the BSO
plan may be amended through negotiations between BSO and its employee bargaining units. The plans have no assets
and do not issue separate financial reports.

Broward County, Florida - 56

Funding Policy and Annual OPEB Cost


The County makes no direct contribution to the County plan. Retirees and their beneficiaries pay the same group
rates as are charged to the County for active employees. The Countys actuaries, in their actuarial valuation, calculate
an offset to the cost of these benefits in the same manner as the BSO actuaries which is described below as the
Employer Contribution.
BSO retirees and their beneficiaries pay the same blended rates as active employees. However, BSO provides a
discount of 2% for each year of service with BSO up to 50% of the blended rates if retirees and their beneficiaries
meet certain qualifications and if the retiree was hired prior to October 1, 2007. BSO also pays 100% of the
premiums for line-of-duty disabled retirees.
BSO makes no advance funding contributions to the plan; rather, it pays the discounts for retirees and their
beneficiaries when due. In addition, the actuaries calculate an offset to the cost of these benefits that it includes in the
Employer Contributions. This offset equals the total age-adjusted costs paid by BSO or its active employees for
coverage of the retirees and their dependents for the year, net of the retirees own payments for the year.
Cumulatively, the County has set aside a reserve for future plan costs of $24.28 million, including $3.31 million during
fiscal year 2011. The reserve balance also includes accumulated interest of $.7 million. The County intends to set
aside additional funds for this purpose when available in the future. However, the County did not establish an
irrevocable trust fund, so these amounts are not considered as plan funding under the definitions of GASB
Statement No. 45.
Other postemployment benefit (OPEB) cost for each plan is calculated based on the annual required contribution of
the employer, an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The
annual required contribution represents a level of funding that, if paid on an ongoing basis, is projected to cover
normal cost each year and to amortize any unfunded actuarial liabilities over a period not to exceed thirty years. The
annual OPEB cost for the County and BSO for the current year and related information for each plan are as follows
(in thousands):
Broward
County
Employees
Required contribution rates:
Employer
Active Plan members
Annual required contribution
Interest on net OPEB obligation
Adjustment to annual required contribution
Annual OPEB cost
Contributions made
Increase in net OPEB obligation
Net OPEB obligation beginning of year
Net OPEB obligation end of year

Pay-as-you-go
N/A
$4,399
386
(357)
4,428
(1,435)
2,993
9,646
$12,639

Broward
Sheriff
Employees
Pay-as-you-go
N/A
$21,551
1,831
(1,556)
21,826
(8,414)
13,412
45,766
$59,178

The annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net OPEB obligation for
2011, 2010 and 2009 for each of the plans were as follows (Dollars in thousands):
Fiscal year ended
Annual OPEB cost
Percentage of OPEB cost
contributed
Net OPEB obligation

Broward County Employees


9/30/2011 9/30/2010 9/30/2009
$4,428
$4,208
$5,100
32.4%
$12,639

29.0%
$9,646

32.1%
$6,657

57 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Broward Sheriff Employees


9/30/2011 9/30/2010 9/30/2009
$21,826
$21,103
$22,949
38.6%
$59,178

36.4%
$45,766

26.4%
$33,670

Fund Status and Funding Progress


The funded status of the plans as of October 1, 2009, the date of the latest actuarial valuation, was as follows (Dollars
in thousands):

Actuarial accrued liability


Actuarial value of plan assets
Unfunded actuarial accrued liability
Funded Ratio
Covered payroll
Unfunded actuarial accrued liability
as a percentage of covered payroll

Broward
County
Employees
$43,582
$43,582
0.00%
$270,612

Broward
Sheriff
Employees
$251,707
$251,707
0.00%
$306,099

16.10%

82.23%

Actuarial valuations involve estimates of the value of reported amounts and assumptions about the probability of
events in the future. Amounts determined regarding the funded status of the plan and the annual required
contributions of the employer are subject to continual revision as actual results are compared to past expectations
and new estimates are made about the future. The required schedule of funding progress presented as required
supplementary information is designed to provide multi-year trend information to show whether the actuarial value of
plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits. However, the
County has not contributed assets to the plans at this time.
Actuarial Methods and Assumptions
Projections of benefits are based on the substantive plan (the plan as understood by the employer and plan members)
and include the types of benefits in force at the valuation date and the pattern of sharing benefit costs between the
County and plan members to that point. Actuarial calculations reflect a long-term perspective and employ methods
and assumptions that are designed to reduce short-term volatility in actuarial accrued liabilities and the actuarial value
of assets. Significant methods and assumptions were as follows.

Actuarial valuation date


Actuarial cost method
Amortization method
Remaining amortization period
Asset valuation method
Actuarial assumptions:
Investment rate of return*
Projected salary increases*
Healthcare inflation rate
Healthcare cost trend rate
*Includes 3% general inflation rate

Broward
County
Employees
10/1/2009
Entry age
Level percent, closed
27 years
Unfunded

Broward
Sheriff
Employees
10/1/2009
Entry age
Level percent, open
30 years
Unfunded

4.0%
4.5%-9.5%
9.0% initial; 4.5% ultimate
9%

4.0%
4.50-9.50%
9.0% initial; 4.5% ultimate
9%

NOTE 12 -COMMITMENTS AND CONTINGENT LIABILITIES


The County is currently actively engaged in various lawsuits including cases where the redress sought is for other
than monetary damages, i.e., mandamus, injunction, declaratory relief and cases for which the County has insurance
or is named as a nominal defendant. The County Attorney is of the opinion that the possible exposure resulting from
any ultimate resolution of litigation in which the County is a defendant would not have a material effect upon the
financial statements of the County.
Federal and State of Florida grants are subject to audit by the granting agencies to determine if activities comply with
conditions of the grant. Management believes that no material liability will arise from any grants audits.
The County leases office facilities and equipment under various leases, most of which have been executed on a yearto-year basis. Rental expenses for equipment leases and office facilities for the year ended September 30, 2011
amounted to $6,645,000. Future commitments under operating leases at September 30, 2011 are not material.

Broward County, Florida - 58

The County and twenty-six municipalities have entered into agreements requiring, among other things, the delivery of
a minimum number of tons of processable waste to the two recovery plants. To the extent that the minimum annual
tonnage is not delivered, the County and the contract municipalities are required to make payments sufficient to
compensate the operators of the plants for the undelivered tonnage at the current tipping fees less a credit for nonBroward tonnages delivered to the plant. In addition, the agreement with the operators of the plants provides for an
annual adjustment to the base tipping fee. With expiration of the Wheelabrator South Broward's service agreement
on August 4, 2011, the County negotiated a new contract for solid waste disposal charges. The new service
agreement does not include any minimum annual tonnage requirements.
During fiscal year 2011, the County was obligated to deliver 998,255 tons of processable waste to the plants. Actual
obligated deliveries were 850,674 tons. As a result, the County did not meet the minimum tonnage commitment and
was below by 14.8%. The County also delivered an additional 76,553 tons under the newly negotiated Wheelabrator
South Broward contract.
The Countys encumbrance policy is for fiscal year end individual encumbrances exceeding $500,000 to be considered
significant encumbrances. All encumbrances are classified as Restricted, Committed or Assigned Fund Balance in the
governmental fund balance sheet.
Significant encumbrances as of September 30, 2011 were (in thousands):
General
Fund

Buildings and Improvements


General Governments
Main Court House
Libraries
Parks
Animal Care Facility
Young At Art Children's Museum
and Reading Center
Integrated Water Resource Program
Engineering Road Projects
Road Improvements
Traffic Signals
Green ways
Roadway Stormwater Management
Neighborhood Improvements Projects
Central County
North County
North Central County
Broadview Estates
Beach Renourishment Projects
Mass Transit Projects
Buses
Neighborhood Transit Center
Transit Facilities
Total

Transportation
Capital
Projects

Capital
Outlay
Reserve

Other
Funds

$ 12,314

$
$

6,782
$

641
1,130

12,328
10,515
7,559

3,667
636
$

$ 19,096

59 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Total

3,667
636

11,024
6,688
1,885
515

$ 20,112

12,314
12,328
17,297
8,200
1,130

11,024
6,688
1,885
515

$ 6,074

855
12,654
2,116
2,939
4,831

855
12,654
2,116
2,939
4,831

18,560
669
5,588

18,560
669
5,588

$ 78,614

$ 123,896

NOTE 13 SUBSEQUENT EVENTS


In November 2011, the County issued Port Facilities Refunding Revenue Bonds, Series 2011A, Series 2011B, and
Series 2011C (Series 2011 Bonds), in the amount of $12,370,000, $100,695,000, and $54,195,000 respectively. The
proceeds of the Series 2011 Bonds were used to (i) refund and defease all or a portion of the Series 1998B, Series
1998C, and Series 1989A Bonds, (ii) fund the cost of a municipal bond debt service reserve insurance policy, and (iii)
pay certain costs of issuance and expenses relating to the Series 2011 Bonds, including the premium for a municipal
bond insurance policy. The bonds were issued as fixed rate bonds, with an average life of 8.19 years and a true
interest rate of 4.10%. The bonds are secured by a pledge of certain net revenues of the Port.
On February 28, 2012 The Broward County Board of County Commissioners approved the issuance of General
Obligation Refunding Bonds (Parks and Land Preservation Project), Series 2012 in an amount not to exceed
$140,000,000, for the purpose of refunding all or a portion of its outstanding General Obligation Bonds (Parks and
Land Preservation Project), Series 2004 and Series 2005; pledging revenues from an ad valorem tax levied on all
taxable property in the County for the payment of the Bonds
On February 28, 2012 The Broward County Board of County Commissioners approved the issuance of Water and
Sewer Utility Revenue Refunding Bonds Series A, B, and C in amounts not to exceed $180,000,000, $175,000,000,
and $50,000,000 respectively. Bond proceeds will be used for the purpose of refunding a portion of the Countys
Water and Sewer Utility bonds, paying the cost of improvements and prior improvements to the countys Water and
Sewer Utility, providing for the payment of the costs of any credit facilities The Bonds are payable from and secured
by various liens on and a pledge of certain investment income and revenues derived from the operation of the Water
and Wastewater Utility of the County.

Broward County, Florida - 60

Required
Supplementary
Information

Spotlight on: Customer Service


Stevenson Monfiston
Transit Senior Operations Agent
Broward County Transit Division
Broward County Transits
Customer Call Center receives
over one million calls per
year, many of them from
individuals around the world
who are interested in visiting
Broward County. Whether a
call is from Montreal, Canada
or Bogota, Colombia, if the
caller has a question posed in
their native language, it will
likely be answered by Stevenson
Monfiston, the multi-lingual
Transit agent. Stevensons ability to respond in a familiar
language projects a positive view of our County that says
welcome. Stevenson often helps seal the deal to visit
Greater Fort Lauderdale with his pleasant and helpful
attitude. He lets visitors know we speak your language,
by routinely answering questions on the Countys transit
system in Creole, French and Spanish.
Stevensons outstanding customer service efforts were
recognized with a 2011 SUNsational Service Award.

OUR COMMITMENT
TO EXCELLENCE

GENERAL FUND AND MAJOR SPECIAL REVENUE FUND


GENERAL FUND
To account for all financial resources except those required to be accounted for in other funds.

SPECIAL REVENUE FUND


Sheriff Contractual Services Fund - To account for all financial resources of contractual services provided by the Sheriff's
Office.

NOTE TO REQUIRED SUPPLEMENTARY INFORMATION


Budgetary Information
State Statutes require that all county governments establish budgetary systems and approve balanced annual budgets for such
funds as may be required by law or by sound financial practices and accounting principles generally accepted in the United
States. The BOCC, after review of the tentative budgets, holds public hearings and then adopts the annual budget for the
General, certain Special Revenue and Debt Service Funds. The Constitutional Officers, except for the Clerk of the Courts,
prepare annual operating budgets for their general funds which are reflected in the General Fund. No annual budgets are
established for the Sheriffs Special Revenue Fund and the Capital Projects Funds. The Sheriffs Special Revenue Fund has no
budget since all costs incurred are budgeted in the Sheriffs General Fund and are reimbursed by the Sheriffs Special Revenue
Fund. The Capital Projects Funds are budgeted on a multi-year basis. All governmental fund appropriations lapse at year end
except capital outlay items.
The appropriated budget is prepared by fund, department and division on the same basis of accounting as required for
governmental fund types and conforms with GAAP. By local budget policy, transfers of appropriations between departments
and overexpenditure of appropriations at the department level require the approval of the Board. The County legal level of
budgetary control, which is the level at which expenditures may not legally exceed appropriations, is at the department level.

Broward County, Florida - 62

GENERAL FUND
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
for the fiscal year ended September 30, 2011
(In Thousands)

Original
Budgeted
Amounts
Revenues:
Taxes (Net of Discounts)
Special Assessment/Impact Fees
Licenses and Permits
Federal Grants
State Revenues:
Revenue Sharing
Grants
Tourist Tax
One-Half Cent Sales Tax
Other
Charges for Services
Fines and Forfeitures
Interest Income
Miscellaneous
Subtotal
Less 5% of Anticipated Revenue
Total Revenues
Expenditures:
Current:
General Government
County Commission
Property Appraiser
Supervisor of Elections
Sheriff - Communications
County Administrator
Office of Management and Budget
Governmental Relations
Finance and Administrative Services
Boards and Other Agencies
Judicial
Environmental Protection and Growth Management
Public Works - Administration
Total General Government
Public Safety
Sheriff
County Administration - Emergency Management Operations
Boards and Other Agencies - Medical Examiner and Trauma Services
Human Services - Mental Health
Human Services - Medical Examiner and Trauma Services
Environmental Protection and Growth Management - Emergency Management
Public Works - Detention and Correction Facilities
Public Works - Facilities Improvements
Public Works - School Guard
Total Public Safety
Transportation
Public Works - Road and Street Facilities
Aviation
Transit
Total Transportation

Final
Budgeted
Amounts

Actual
Amounts

Variance with
Final Budget
Positive
(Negative)

$ 661,658

$ 661,658

17,609
60,652

17,609
60,693

33,289
24,806
34,700
46,651
2,000
125,979
4,645
8,154
20,951
1,041,094
(46,614)
994,480

33,975
24,757
34,700
46,651
2,000
119,688
15,203
8,173
22,536
1,047,643
(46,707)
1,000,936

1,007,117

(15,192)
(1,060)
(14)
(1,678)
(40,526)
46,707
6,181

12,134
14,261
11,744
5,973
4,445
43,398
3,760
59,735
2,734
8,126
14,656
39,272
220,238

12,215
19,549
11,922
11,133
10,535
45,462
3,863
64,333
3,121
9,693
14,669
46,489
252,984

11,606
17,503
11,319
5,614
10,016
38,219
3,757
40,911
2,939
7,423
13,932
29,670
192,909

609
2,046
603
5,519
519
7,243
106
23,422
182
2,270
737
16,819
60,075

399,386

6,479
136
316
17
412,496

442,263
105
5,860
305
1,310
6,398
142
291
17
456,691

398,691
164
5,663
863
1,720
7,004
115
4,015
12
418,247

43,572
(59)
197
(558)
(410)
(606)
27
(3,724)
5
38,444

161

161

117,729
$ 117,890

120,543
$ 120,704

1,276
369
117,544
$ 119,189

(1,115)
(369)
2,999
$ 1,515

5,857
305

(continued)

$ 627,517
1
16,067
61,667

$(34,141)
1
(1,542)
974

35,503
27,602
40,630
48,474
2,000
104,496
14,143
8,159
20,858
1,007,117

1,528
2,845
5,930
1,823

GENERAL FUND

Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget and Actual, Continued


for the fiscal year ended September 30, 2011
(In Thousands)

Original
Budgeted
Amounts
Human Services
Human Services - Children, Homeless and Health Care Services,
Elderly and Veteran Services, Family Success
Community Services - Animal Care and Regulation
Environmental Protection and Growth Management - Animal Care
Judicial - Legal Aid
Public Works - Mosquito Control
Total Human Services
Culture and Recreation
Libraries, Parks, and Cultural
Greater Fort Lauderdale Convention and Visitors
Boards and Other Agencies - Historical Commission
Public Works - Libraries, Parks and Recreation
Total Culture and Recreation
Physical Environment
Environmental Protection and Growth Management
Libraries, Parks and Recreation, Cultural
Public Works - Facilities Maintenance
Public Works - Waste and Recycling Services
Total Physical Environment
Economic Environment
Environmental Protection and Growth Management - Housing Finance and
Community Development
Office of Economic Development
Office of Equal Opportunity
Human Services - Community Development
Human Services - Veteran's Services
Total Economic Environment
Debt Service
Interest and Fiscal Charges
Total Debt Service
Total Expenditures
Excess of Revenues Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers In:
From Debt Service Funds
From Other Funds
Total Transfers In
Transfers Out:
To Debt Service Funds
To Other Funds
Total Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, October 1, as Restated
Changes in Fund Balance for Inventory and Prepaids
Fund Balance, September 30

Final
Budgeted
Amounts

Variance with
Final Budget
Positive
(Negative)

Actual
Amounts

134,592
3
4,338
915
1,222
141,070

135,844
3
4,945
915
1,278
142,985

127,627
25
4,474
915
1,278
134,319

8,217
(22)
471

99,828
24,821
388
125,037

102,325
25,621
198
391
128,535

99,597
23,252
177
391
123,417

2,728
2,369
21

15,073
199
301

17,198
199
301

13,091
14

15,573

17,698

63
13,168

4,107
185
301
(63)
4,530

17,603
2,392
2,144
1,072
535
23,746

17,603
3,828
2,298
1,072
504
25,305

15,626
2,218
2,164
919
500
21,427

1,977
1,610
134
153
4
3,878

2
2

2
2

1,056,050
(61,570)

1,144,904
(143,968)

1,022,678
(15,561)

122,226
128,407

980
64,535
65,515

980
71,851
72,831

980
73,355
74,335

1,504
1,504

(18,345)
(7,399)
(25,744)

(18,345)
(10,123)
(28,468)

(21,544)
(5,382)
(26,926)

(3,199)
4,741
1,542

39,771
(21,799)
166,716

44,363
(99,605)
285,032

47,409
31,848
325,289
(392)

3,046
131,453
40,257
(392)

$ 144,917

$ 185,427

$ 356,745

$171,318

8,666

5,118

Broward County, Florida - 64

SHERIFF CONTRACTUAL SERVICES FUND

Schedule of Revenues, Expenditures and Changes in Fund Balance (Deficit)


Budget and Actual
for the fiscal year ended September 30, 2011
(In Thousands)

Variance
with Final
Budget
Positive
(Negative)

Original
Budgeted
Amounts

Final
Budgeted
Amounts

Revenues:
Taxes (Net of Discounts)
Special Assessment/Impact Fees
One-Half Cent Sales Tax
Charges for Services
Interest Income
Miscellaneous

$ 2,110
1,151
467
252,806
12
1,802

$ 2,110
1,151
467
254,332
12
1,802

$ 2,017
1,090
484
242,759

Subtotal
Less 5% of Anticipated Revenue

258,348
(234)

259,874
(234)

248,459

(11,415)
234

258,114

259,640

248,459

(11,181)

247,005
2,973

248,642
3,368

242,597
2,850

6,045
518

249,978

252,010

245,447

6,563

8,136

7,630

3,012

(4,618)

2,827
(8,640)

3,026
(10,077)

3,026
(10,077)

(5,813)

(7,051)

(7,051)

2,323
294

579
1,105

(4,039)
1,105

(4,618)

$ 2,617

$ 1,684

$(2,934)

$(4,618)

Total Revenues
Expenditures:
Current:
Public Safety
Sheriff
Capital Outlay
Total Expenditures
Excess of Revenues Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers In
Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, October 1, as Restated
Fund Balance (Deficit), September 30

65 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Actual
Amounts

2,109

(93)
(61)
17
(11,573)
(12)
307

OTHER POSTEMPLOYMENT BENEFITS


Schedule of Funding Progress
(In Thousands)

County Employees Plan

Broward Sheriffs Office Plan

Actuarial
Valuation
Date

Actuarial
Value of
Assets
(a)

Actuarial
Accrued
Liability(AAL)
Entry Age
(b)

Unfunded
AAL
(UAAL)
(b-a)

Funded
Ratio
(a/b)

Covered
Payroll
(c)

Percentage
of Covered
Payroll
((b-a)/c)

10/1/2007

$0

$48,755

$48,755

0.00%

$272,383

17.90%

10/1/2009

$0

$43,582

$43,582

0.00%

$270,612

16.10%

10/1/2007

$0

$256,540

$256,540

0.00%

$295,950

86.68%

10/1/2009

$0

$251,707

$251,707

0.00%

$306,099

82.23%

UAAL as a

The above amounts reflect data based on the latest actuarial valuation. GASB 45 was implemented in Fiscal 2008.

Broward County, Florida - 66

Spotlight on: Energy Conservation


Supplemental
Combining and
Individual Fund
Financial Statements
and Schedules

Energy and Building Automation Section


Facilities Maintenance Division
The Energy and Building Automation
Section (EBAS) of Facilities Maintenance
Division, has been quietly implementing
energy efficiency projects resulting in over
half a million dollars in utility cost savings.
Two notable projects are resulting in savings of more than $400,000 annually.
In the first project, a
Barry Allen,
Facilities team reviewed
Chief Energy
more than 1,600 electric
and Building
bills to evaluate how variAutomation
ous agencies use energy.
The goal was to reduce
utility costs by taking advantage of a Florida
Power and Light (FPL) rate option called
time-of-use, where utility accounts are
David Cabrera,
billed based on time of day usage. As a reEnergy
Engineer II
sult, 25 percent of Browards accounts with
FPL are time-of-use accounts, up from five
percent in 2008. There were 189 accounts
converted in 2010 alone, for an annual savings of $286,000.
The second project was a collaborative
effort between EBAS and the Parks and
Recreation Division to improve utility cost
savings at four County
aquatic facilities. The
Jim Murcliffe,
team determined that by
Engineering Tech II
installing Variable Frequency Drives (VFDs),
pump motors could operate at a precise
speed required for water flow rather than
inefficient full motor speed. The VFDs not
only pay for themselves within one year, but Albert Peterson,
provide an annual savings of $180,000. As an Engineer III
added bonus, the pumps will experience less
stress and, hence, have a longer lifespan.

OUR COMMITMENT
TO EXCELLENCE

NONMAJOR GOVERNMENTAL FUNDS

NONMAJOR SPECIAL REVENUE FUNDS

Local Housing Assistance Trust Fund - To account for funds received for the State Housing Initiatives Partnership Program.

Water Control Districts Fund - To account for funds received for the maintenance of water resource and drainage programs

in special districts of the County.

Other Special Revenue Fund - To account for other special revenue activities.

Sheriff Special Revenue Fund - To account for funds received from the County Law Enforcement Trust Fund and grants for

public safety and capital expenditures.

NONMAJOR DEBT SERVICE FUNDS


2001A/2007A General Obligation Bonds Debt Service Fund - To account for the payment of the current years principal and
interest requirements on the 2001A/2007A General Obligation Bonds.
2004/2005/2007B General Obligation Bonds Debt Service Fund - To account for the payment of the current years
principal and interest requirements on the 2004/2005/2007B General Obligation Bonds.
General Obligation Refunding Bonds Debt Service Fund - To account for the payment of the current years principal and
interest requirements on the General Obligation Refunding Bonds.
Tourist Tax Revenue Bonds Debt Service Fund - To account for the payment of the current years principal and interest
requirements on the Tourist Development Tax Revenue Bonds.

2006 Professional Sports Facilities and Civic Arena Bonds Debt Service Fund - To account for the payment of the current

years principal and interest requirements on the Professional Sports Facilities and Civic Arena Bonds.

Half-Cent Sales Tax Revenue Bonds Debt Service Fund - To account for the payment of the current years principal and

interest requirements on the Half-Cent Sales Tax Revenue Bonds.
1998 Gas Tax Revenue Refunding Bonds Debt Service Fund - To account for the payment of the current years principal
and interest requirements on the Gas Tax Revenue Refunding Bonds.
Florida Financing Loan Pool Debt Service Fund - To account for the payment of the current years principal and interest
requirements on the Florida Financing Loan Pool debt.
Cetificates of Participation Fund - to account for the payment of the current year's principal and interest requirements on
the Certificates of Participation.

NONMAJOR CAPITAL PROJECTS FUNDS


2010 Main Courthouse Revenue Bonds Fund - To account for the construction and replacement of the Main Courthouse.

Convention Center Capital Projects Fund - To account for the improvements to the Convention Center.

Beach Renourishment Fund - To account for the restoration of eroded beaches.

Unincorporated Area Capital Projects Fund - To account for the capital improvements program in the County

unincorporated areas.

2001 General Obligation Bonds Fund - To account for the construction, expansion, and renovation of the County libraries.

2004/2005 General Obligation Bonds Fund - To account for the acquisition and preservation of land and the renovation and

expansion of parks.

Transit Capital Grants Fund - To account for transit capital outlay and transit capital grants.

Broward County, Florida - 68

COMBINING BALANCE SHEET


Nonmajor Governmental Funds
September 30, 2011
(In Thousands)

Special
Revenue
ASSETS
Cash and Cash Equivalents
Investments
Receivables (Net):
Other
Delinquent Taxes Receivable (Net)
Due from Other County Funds
Due from Other Governments (Net)
Other Assets
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Accrued Liabilities
Due to Other County Funds
Due to Other Governments
Escrow Deposits
Deferred Revenue
Total Liabilities
Fund Balances:
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total Fund Balances
Total Liabilities and Fund Balances

Debt
Service

$ 26,392
11,804

Capital
Projects

$ 35,309

6,500

115
470
3,211
297
12
9,397

7,005
368
730
17,786
12

361
730

1,665
12

$307,946
145,387

133,583

505
7

$ 40,385

Total
Nonmajor
Governmental
Funds

16,121
$ 36,400

$ 402,449

361

6,696

3,592
4,059
13,078
297
12
16,454

13,502

381

23,609

37,492

12
7,559
19,312

26,127

335,224
43,616

20

$ 3,477
3,589
9,847

$ 479,234

9,912
(20)

12
368,910
62,928
9,912
(20)

26,883

36,019

378,840

441,742

$ 40,385

$ 36,400

$ 402,449

$ 479,234

69 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES


Nonmajor Governmental Funds
For the fiscal year ended September 30, 2011
(In Thousands)

Special
Revenue
Revenues:
Taxes (Net of Discounts)
Licenses and Permits
Federal Grants
State Revenues:
Grants
Other
Charges for Services
Fines and Forfeitures
Interest Income
Miscellaneous
Total Revenues
Expenditures:
Current:
Public Safety
Physical Environment
Economic Environment
Capital Outlay
Debt Service:
Principal Retirement
Interest and Fiscal Charges
Bond and Loan Issuance Costs
Total Expenditures
Excess of Revenues Over (Under)
Expenditures
Other Financing Sources (Uses):
Transfers In
Transfers Out
Total Other Financing Sources
Net Change in Fund Balances
Fund Balances, October 1, as Restated
Fund Balances, September 30

$ 1,217
825
22,514

Debt
Service

Total
Nonmajor
Governmental
Funds

Capital
Projects

$ 55,767
2,910

$ 33,642
3,543

$ 56,984
825
59,066

161
4,508
1,928
9,686
626
6,100

265
2,164

1,708
658

3,704
4,508
1,928
9,686
2,599
8,922

47,565

61,106

39,551

148,222

90,872

40,242
3,023
4,024
92,309

40,242
3,023
4,024
1,437
54,770
37,473

54,770
37,473
2

48,726

92,243

90,874

231,843

(1,161)

(31,137)

(51,323)

(83,621)

31,039
(13,842)

12,131
(12,686)

43,170
(26,528)

(1,161)
28,044

17,197
(13,940)
49,959

(555)
(51,878)
430,718

16,642
(66,979)
508,721

$ 26,883

$ 36,019

$ 378,840

$ 441,742

Broward County, Florida - 70

NONMAJOR SPECIAL REVENUE FUNDS


Combining Balance Sheet
September 30, 2011
(In Thousands)

Local Housing
Assistance
Trust
ASSETS
Cash and Cash Equivalents
Investments
Receivables (Net):
Other
Delinquent Taxes Receivable (Net)
Due from Other Governments (Net)
Other Assets
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Accrued Liabilities
Due to Other County Funds
Due to Other Governments
Escrow Deposits
Deferred Revenue
Total Liabilities
Fund Balances:
Nonspendable
Restricted
Committed

$5,287

Other
Special
Revenue

$3,379

505

Sheriff
Special
Revenue

$1,560

Total

$16,166
11,804

$26,392
11,804

85

1,580
12

505
7
1,665
12

$5,792

$3,386

$1,645

$29,562

$40,385

20
6

23

6
5,760

6
7

5,792

36

Total Fund Balances


Total Liabilities and Fund Balances

Water
Control
Districts

$5,792

71 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

8
45

64
419
3,211
297
3,630

115
470
3,211
297
12
9,397

53

7,621

13,502
12
7,559
19,312

3,350

1,592

12
7,559
14,370

3,350

1,592

21,941

26,883

$3,386

$1,645

$29,562

$40,385

NONMAJOR SPECIAL REVENUE FUNDS

Combining Statement of Revenues, Expenditures and Changes in Fund Balances

for the fiscal year ended September 30, 2011


(In Thousands)

Local Housing
Assistance
Trust
Revenues:
Taxes (Net of Discounts)
Licenses and Permits
Federal Grants
State Revenues:
Grants
Other
Charges for Services
Fines and Forfeitures
Interest Income
Miscellaneous

Other
Special
Revenue

$1,217

$3,324
416

Total Revenues
Expenditures:
Current:
Public Safety
Physical Environment
Economic Environment
Capital Outlay

$ 825

1,184

$22,514
161

Total
$ 1,217
825
22,514

1,512
9,686
252
6,093

161
4,508
1,928
9,686
626
6,100

40,218

47,565

40,242

66
7

24

4,024

1,290

2,033

1,091

1,932

16

69

1,352

40,242
3,023
4,024
1,437

1,107

2,001

41,594

48,726

183
3,167

32
1,560

(1,376)
23,317

(1,161)
28,044

$3,350

$1,592

$21,941

$26,883

4,024

Excess of Revenues Over (Under) Expenditures


Fund Balances, October 1, as Restated
$

Sheriff
Special
Revenue

284

4,024

Total Expenditures

Fund Balances, September 30

Water
Control
Districts

Broward County, Florida - 72

LOCAL HOUSING ASSISTANCE TRUST FUND

Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget and Actual

for the fiscal year ended September 30, 2011


(In Thousands)

Final
Budgeted
Amounts

Variance with
Final Budget
Positive
(Negative)

Actual
Amounts

Revenues:
State Revenues:
Other
Charges for Services
Interest Income

$5,848
1,209
1,977

$3,324
416
284

$(2,524)
(793)
(1,693)

Total Revenues

9,034

4,024

(5,010)

9,034

4,024

5,010

9,034

4,024

5,010

Expenditures:
Current:
Economic Environment
Environmental Protection and Growth Management Housing Finance and Community Development
Total Expenditures
Excess of Revenues Over (Under) Expenditures
Fund Balance, October 1
Fund Balance, September 30

73 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

WATER CONTROL DISTRICTS FUND

Schedule of Revenues, Expenditures, and Changes in Fund Balance

Budget and Actual


for the fiscal year ended September 30, 2011
(In Thousands)

Final
Budgeted
Amounts
Revenues:
Taxes (Net of Discounts)
Interest Income
Miscellaneous

Actual
Amounts

Variance with
Final Budget
Positive (Negative)

$1,313
80

$1,217
66
7

$(96)
(14)
7

1,393
(70)

1,290

(103)
70

1,323

1,290

(33)

Expenditures:
Current:
Physical Environment
Public Works
Capital Outlay

1,739
120

1,091
16

648
104

Total Expenditures

1,859

1,107

752

(536)
3,167

183
3,167

719

$2,631

$3,350

$ 719

Subtotal
Less 5% of Anticipated Revenue
Total Revenues

Excess of Revenues Over (Under) Expenditures


Fund Balance, October 1
Fund Balance, September 30

Broward County, Florida - 74

OTHER SPECIAL REVENUE FUND


Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
for the fiscal year ended September 30, 2011
(In Thousands)

Final
Budgeted
Amounts
Revenues:
Licenses and Permits
State Revenues:
Other
Interest Income
Subtotal
Less 5% of Anticipated Revenue
Total Revenues
Expenditures:
Current:
Physical Environment
Environmental Protection and Growth Management
Parks and Recreation
Capital Outlay
Total Expenditures
Excess of Revenues Over (Under) Expenditures
Fund Balance, October 1
Fund Balance, September 30

75 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Actual
Amounts

Variance with
Final Budget
Positive
(Negative)

$ 780

$ 825

$ 45

1,079
10

1,184
24

105
14

1,869
(93)

2,033

164
93

1,776

2,033

257

1,402
975
135

1,325
607
69

77
368
66

2,512

2,001

511

(736)
1,560

32
1,560

768

$ 824

$1,592

$768

This page intentionally left blank

Broward County, Florida - 76

NONMAJOR DEBT SERVICE FUNDS


Combining Balance Sheet
September 30, 2011
(In Thousands)

ASSETS
Cash and Cash Equivalents
Delinquent Taxes Receivable (Net)
Due from Other County Funds
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Due to Other County Funds
Deferred Revenue
Total Liabilities
Fund Balances:
Restricted
Assigned
Unassigned
Total Fund Balances
Total Liabilities and Fund Balances

2001A / 2007 A
General
Obligation
Bonds

2004 / 2005 /
2007B General
Obligation
Bonds

General
Obligation
Refunding
Bonds

$ 62
75

$258
158

$128

$137

$416

$128

$ 75

$158

$ 20
128

75

158

148

62

258

Tourist Tax
Revenue
Bonds

2006
Professional
Sports
Facilities &
Civic Arena
Bonds

$2,651

$3,446
730

$2,651

$4,176

$2,463
188

$4,176

(20)
62

258

(20)

2,651

4,176

$137

$416

$128

$2,651

$4,176

77 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Half-Cent Sales
Tax Revenue
Bonds

1998
Gas Tax
Revenue
Refunding
Bonds

$13,378

$13,378

$ -

Florida
Financing
Loan Pool

Certificates of
Participation

Total

$6,812

$8,702

$35,309
361
730

$6,812

$8,702

$36,400

20
361
381

$12,712
666

$2,628
4,184

$3,828
4,874

26,127
9,912
(20)

13,378

6,812

8,702

36,019

$6,812

$8,702

$36,400

$13,378

$ -

Broward County, Florida - 78

NONMAJOR DEBT SERVICE FUNDS

Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Deficit)


for the fiscal year ended September 30, 2011
(In Thousands)

Revenues:
Taxes (Net of Discounts)
Federal Grants
Interest Income
Miscellaneous

2001A / 2007 A
General
Obligation
Bonds

2004 / 2005 /
2007B General
Obligation
Bonds

$11,921

$24,880

$18,966

18

112

44

11,939

24,992

19,010

39

1,432

7,235
4,730

11,985
12,937

18,230
836

2,200
276

5,900
8,101

11,965

24,922

19,066

2,476

14,001

(26)

70

(56)

(2,437)

(12,569)

(79)

8,911
(6,405)

20,749
(6,409)

(79)

2,506

14,340

70
188

(135)
115

69
2,582

1,771
2,405

258

$ (20)

$ 2,651

$ 4,176

Total Revenues
Expenditures:
Debt Service:
Principal Retirement
Interest and Fiscal Charges
Total Expenditures
Excess of Revenues Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers In
Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances (Deficit), September 30

(26)
88
$

62

79 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

General
Obligation
Refunding
Bonds

2006
Professional
Sports
Facilities &
Civic Arena
Bonds

Tourist Tax
Revenue
Bonds

39

9
1,423

Half-Cent Sales
Tax Revenue
Bonds

$ 2,910

1998 Gas Tax


Revenue
Refunding Bond

2,910

9
9

Florida
Financing
Loan Pool

Certificates of
Participation

Total

34
741

$ 55,767
2,910
265
2,164

775

61,106

8,945

3,050
1,074

$ 6,170
574

54,770
37,473

8,945

4,124

6,744

92,243

(3,349)

(6,744)

(31,137)

(760)

893
(189)

31,039
(13,842)

486

(760)

704

17,197

(5,549)
18,927

(751)
751

(2,645)
9,457

(6,744)
15,446

(13,940)
49,959

$ 6,812

$ 8,702

$ 36,019

(6,035)
486

$13,378

Broward County, Florida - 80

2001A / 2007 A GENERAL OBLIGATION BONDS DEBT SERVICE FUND

Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget and Actual

for the fiscal year ended September 30, 2011


(In Thousands)

Final
Budgeted
Amounts
Revenues:
Taxes (Net of Discounts)
Interest Income

Variance with
Final Budget
Positive
(Negative)

Actual
Amounts

$12,536
35

$11,921
18

$(615)
(17)

12,571
(629)

11,939

(632)
629

11,942

11,939

(3)

Expenditures:
Debt Service:
Principal Retirement
Interest and Fiscal Charges

7,235
4,730

7,235
4,730

Total Expenditures

11,965

11,965

(23)
88

(26)
88

(3)

62

$ (3)

Subtotal
Less 5% of Anticipated Revenue
Total Revenues

Excess of Revenues Over (Under) Expenditures


Fund Balance, October 1
Fund Balance, September 30

81 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

65

2004 / 2005 / 2007B GENERAL OBLIGATION BONDS DEBT SERVICE FUND

Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget and Actual

for the fiscal year ended September 30, 2011


(In Thousands)

Final
Budgeted
Amounts
Revenues:
Taxes (Net of Discounts)
Interest Income

Actual
Amounts

Variance with
Final Budget
Positive
(Negative)

$26,028
116

$24,880
112

$(1,148)
(4)

26,144
(1,307)

24,992

(1,152)
1,307

24,837

24,992

155

Expenditures:
Debt Service:
Principal Retirement
Interest and Fiscal Charges

11,985
12,937

11,985
12,937

Total Expenditures

24,922

24,922

(85)
188

70
188

Subtotal
Less 5% of Anticipated Revenue
Total Revenues

Excess of Revenues Over (Under) Expenditures


Fund Balance, October 1
Fund Balance, September 30

103

258

155
$

155

Broward County, Florida - 82

GENERAL OBLIGATION REFUNDING BONDS DEBT SERVICE FUND

Schedule of Revenues, Expenditures and Changes in Fund Balance (Deficit)


Budget and Actual
for the fiscal year ended September 30, 2011
(In Thousands)

Final
Budgeted
Amounts
Revenues:
Taxes (Net of Discounts)
Interest Income

Actual
Amounts

Variance with
Final Budget
Positive
(Negative)

$20,033
39

$18,966
44

$(1,067)
5

20,072
(1,004)

19,010

(1,062)
1,004

19,068

19,010

(58)

Expenditures:
Debt Service:
Principal Retirement
Interest and Fiscal Charges

18,230
837

18,230
836

Total Expenditures

19,067

19,066

(56)

(57)

(79)

(79)

(79)

(79)

(78)
115

(135)
115

(57)

37

$ (20)

$ (57)

Subtotal
Less 5% of Anticipated Revenue
Total Revenues

Excess of Revenues Over (Under) Expenditures


Other Financing Sources (Uses):
Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, October 1
Fund Balance (Deficit), September 30

83 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

TOURIST TAX REVENUE BONDS DEBT SERVICE FUND

Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget and Actual


for the fiscal year ended September 30, 2011
(In Thousands)

Revenues:
Interest Income
Total Revenues

Final
Budgeted
Amounts

Actual
Amounts

32

Variance with
Final Budget
Positive
(Negative)
39

32

39

Expenditures:
Debt Service:
Principal Retirement
Interest and Fiscal Charges

2,200
360

2,200
276

84

Total Expenditures

2,560

2,476

84

(2,528)

(2,437)

91

9,787
(7,333)

8,911
(6,405)

(876)
928

2,454

2,506

52

(74)
2,582

69
2,582

143

$ 2,508

$ 2,651

$ 143

Excess of Revenues Over (Under) Expenditures


Other Financing Sources (Uses):
Transfers In
Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, October 1
Fund Balance, September 30

Broward County, Florida - 84

2006 PROFESSIONAL SPORTS FACILITIES AND


CIVIC ARENA BONDS DEBT SERVICE FUND
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
for the fiscal year ended September 30, 2011
(In Thousands)

Final
Budgeted
Amounts
Revenues:
Interest Income
Miscellaneous

Actual
Amounts
$

$ 1,402

Subtotal
Less 5% of Anticipated Revenue

9
1,423

Variance with
Final Budget
Positive
(Negative)
$

9
21

1,402
(70)

1,432

30
70

1,332

1,432

100

Expenditures:
Debt Service:
Principal Retirement
Interest and Fiscal Charges

5,900
8,102

5,900
8,101

Total Expenditures

14,002

14,001

(12,670)

(12,569)

101

17,551
(7,286)

20,749
(6,409)

3,198
877

10,265

14,340

4,075

(2,405)
2,405

1,771
2,405

4,176

$ 4,176

$4,176

Total Revenues

Excess of Revenues Over (Under) Expenditures


Other Financing Sources (Uses):
Transfers In
Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, October 1
Fund Balance, September 30

85 2010 Comprehensive Annual Financial Report - Broward County, Florida

HALF-CENT SALES TAX REVENUE BONDS DEBT SERVICE FUND

Schedule of Revenues, Expenditures and Changes in Fund Balance


Budget and Actual
for the fiscal year ended September 30, 2011
(In Thousands)

Final
Budgeted
Amounts
Revenues:
Federal Grants

Actual
Amounts

Variance with
Final Budget
Positive
(Negative)

$ 2,910

$ 2,910

2,910

2,910

Expenditures:
Debt Service:
Interest and Fiscal Charges

8,903

8,945

$ (42)

Total Expenditures

8,903

8,945

(42)

(5,993)

(6,035)

(42)

2,080

486

(1,594)

2,080

486

(1,594)

(3,913)
18,685

(5,549)
18,927

(1,636)
242

$14,772

$13,378

$(1,394)

Total Revenues

Excess of Revenues Over (Under) Expenditures


Other Financing Sources (Uses):
Transfers In
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, October 1
Fund Balance, September 30

Broward County, Florida - 86

1998 GAS TAX REVENUE REFUNDING BONDS DEBT SERVICE FUND

Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget and Actual

for the fiscal year ended September 30, 2011


(In Thousands)

Final
Budgeted
Amounts
Revenues:
Interest Income

Variance with
Final Budget
Positive
(Negative)

Actual
Amounts

$ 15

$(6)

Subtotal

15

(6)

Total Revenues

15

(6)

Expenditures:
Debt Service:
Interest and Fiscal Charges

Total Expenditures

Excess of Revenues Over (Under) Expenditures


Other Financing Sources (Uses):
Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, October 1
Fund Balance, September 30

87 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

13

(764)

(760)

(764)

(760)

(751)
751

(751)
751

$ -

FLORIDA FINANCING LOAN POOL DEBT SERVICE FUND

Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget and Actual


for the fiscal year ended September 30, 2011
(In Thousands)

Revenues:
Interest Income
Miscellaneous

Final
Budgeted
Amounts

Actual
Amounts

34
741

$(259)
(7)

1,041
(14)

775

(266)
14

1,027

775

(252)

Expenditures:
Debt Service:
Principal Retirement
Interest and Fiscal Charges

3,050
1,080

3,050
1,074

Total Expenditures

4,130

4,124

(3,103)

(3,349)

(246)

893
(191)

893
(189)

Subtotal
Less 5% of Anticipated Revenue
Total Revenues

Excess of Revenues Over (Under) Expenditures


Other Financing Sources (Uses):
Transfers In
Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, October 1
Fund Balance, September 30

293
748

Variance with
Final Budget
Positive
(Negative)

702

704

(2,401)
9,315

(2,645)
9,457

(244)
142

$ 6,914

$ 6,812

$(102)

Broward County, Florida - 88

CERTIFICATES OF PARTICIPATION DEBT SERVICE FUND

Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget and Actual

for the fiscal year ended September 30, 2011


(In Thousands)

Final
Budgeted
Amounts
Revenues:
Interest Income
Less 5% of Anticipated Revenue
Total Revenues

Actual
Amounts

Variance with
Final Budget
Positive
(Negative)

420
(2)

$(420)
2

418

(418)

Expenditures:
Debt Service:
Principal Retirement
Interest and Fiscal Charges

6,170
560

$ 6,170
574

(14)

Total Expenditures

6,730

6,744

(14)

(6,312)
15,214

(6,744)
15,446

(432)
232

$ 8,902

$ 8,702

$(200)

Excess of Revenues Over (Under) Expenditures


Fund Balance, October 1
Fund Balance, September 30

89 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

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Broward County, Florida - 90

NONMAJOR CAPITAL PROJECTS FUNDS


Combining Balance Sheet
September 30, 2011
(In Thousands)

2010 Main
Courthouse
Revenue Bonds
ASSETS
Cash and Cash Equivalents
Investments
Receivables (Net):
Other
Due from Other Governments (Net)
Total Assets
LIABILITIES AND FUND BALANCES (DEFICIT)
Liabilities:
Accounts Payable
Accrued Liabilities
Due to Other County Funds
Deferred Revenue
Total Liabilities
Fund Balances:
Restricted
Committed
Total Fund Balances
Total Liabilities and Fund Balances

$202,312

Convention
Center
Capital
Projects
$7,244

Beach
Renourishment
$ 8,695
15,233

Unincorporated
Area Capital
Projects

2001
General
Obligation
Bonds

$13,377
61,855

$ 3,869
15,006

$31,032

$75,232

$18,875

$ 1,459
1,479

6,500
604
$202,312

89
590

$7,244

15

569
248

41
150

6,696
679

15

201,633

7,513

2,938

191

23,519

35,907
36,387

18,684

7,229
201,633

7,229

23,519

72,294

18,684

$202,312

$7,244

$31,032

$75,232

$18,875

91 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

2004 / 2005
General
Obligation
Bonds

Transit Capital
Grants

$10,748
41,489

Total
$246,245
133,583

$15,517

6,500
16,121

$52,237

$15,517

$402,449

813
353
9,847

$ 3,477
3,589
9,847
6,696

1,260

11,013

23,609

50,977

4,504

335,224
43,616

50,977

4,504

378,840

$52,237

$15,517

$402,449

506
754

Broward County, Florida - 92

NONMAJOR CAPITAL PROJECTS FUNDS


Combining Statement of Revenues, Expenditures and Changes in Fund Balances
for the fiscal year ended September 30, 2011
(In Thousands)

2010 Main
Courthouse
Revenue Bonds
Revenues:
Federal Grants
State Grants
Interest Income
Miscellaneous
Total Revenues
Expenditures:
Capital Outlay:
Parks
Beach Renourishment
Libraries
Stormwater Drainage
Transportation
Convention Center
Courthouse
Other Projects
Debt Service:
Bond and Loan Issuance Costs

Convention
Center
Capital
Projects

Beach
Renourishment
$

344

$ 112

236
475
191

344

112

902

Unincorporated
Area Capital
Projects
$ 2,015

3,232

2001
General
Obligation
Bonds

$
733
484

300
133
433

50
2,786
1,335
22,305
551
10,028
625
2

Total Expenditures

10,030

551

2,786

22,980

1,335

Excess of Revenues Over (Under) Expenditures

(9,686)

(439)

(1,884)

(19,748)

(902)

564
(486)

1,000

5,425
(2,600)

(9,600)

78

1,000

2,825

(9,600)

(9,608)
211,241

561
6,668

941
22,578

(29,348)
101,642

(902)
19,586

$201,633

$7,229

$23,519

$ 72,294

$18,684

Other Financing Sources (Uses):


Transfers In
Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances October 1
Fund Balances, September 30

93 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

2004 / 2005
General
Obligation
Bonds

195
195

Transit
Capital
Grants
$ 31,391
2,768

Total

174

$ 33,642
3,543
1,708
658

34,333

39,551

8,123

45,069

8,173
2,786
1,335
22,305
45,069
551
10,028
625
2

8,123

45,069

90,874

(7,928)

(10,736)

(51,323)

5,142

12,131
(12,686)

5,142

(555)

(7,928)
58,905

(5,594)
10,098

(51,878)
430,718

$50,977

$ 4,504

$378,840

Broward County, Florida - 94

PROPRIETARY FUNDS
NONMAJOR ENTERPRISE FUNDS
Solid Waste Fund -To account for the closure of the County landfill, County recycling programs and other solid waste activities.
Unincorporated Area Waste Collection Fund - To account for solid waste services provided to the unincorporated areas of the
County.

Water Management Fund - To account for water management services provided to the residents of the County in order to meet the

County's needs for flood protection and an ample urban water supply.

INTERNAL SERVICE FUNDS


Self-Insurance Fund - To provide coverage against workers compensation claims, public liability, medical malpractice and accidents
involving County-owned motor vehicles.
Fleet Services Fund - To account for and consolidate vehicle management services to Governmental Fund Types and all Enterprise
Funds.

Print Shop Fund - To account for printing services provided to other County offices.

95 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

NONMAJOR ENTERPRISE FUNDS

Combining Statement of Net Assets

September 30, 2011


(In Thousands)

Solid Waste
ASSETS
Current Assets:
Cash and Cash Equivalents
Investments
Receivables (Net):
Accounts
Due from Other County Funds
Due from Other Governments (Net)
Inventory
Total Current Assets
Noncurrent Assets:
Restricted Assets:
Investments
Capital Assets:
Land
Buildings (Net)
Improvements (Net)
Equipment (Net)
Total Noncurrent Assets
Total Assets
LIABILITIES
Current Liabilities:
Accounts Payable
Accrued Liabilities
Due to Other Governments
Total Current Liabilities
Noncurrent Liabilities:
Liabilities Payable from Restricted Assets
Other Long-Term Liabilities
Total Noncurrent Liabilities
Total Liabilities
NET ASSETS
Invested in Capital Assets, Net of Related Debt
Restricted:
Landfill Closure
Unrestricted
Total Net Assets

Unincorporated
Area Waste
Collection

$5,756
41

$4,917
44

17
275

5,799

5,253

Water
Management

$731

15
128
874

Total

$11,404
85
19
275
15
128
11,926

1,182

1,182

1,620
16
286
41
3,145

6
6

43
43

1,620
16
286
90
3,194

8,944

5,259

917

15,120

166
41
31
238

8
26

3
62

34

65

177
129
31
337

295
899
1,194

12
12

88
88

295
999
1,294

1,432

46

153

1,631

1,963

43

2,012

1,182
4,367

5,207

721

1,182
10,295

$7,512

$5,213

$764

$13,489

Broward County, Florida - 96

NONMAJOR ENTERPRISE FUNDS

Combining Statement of Revenues, Expenses and Changes in Fund Net Assets

for the fiscal year ended September 30, 2011


(In Thousands)

Solid Waste
Operating Revenues:
Recycling
Assessments
Miscellaneous

$ 152

1,501

495

2,711

515
553
69

315
1,699
6

1,373
116
10

2,203
2,368
85

1,137

2,020

1,499

4,656

(422)

(519)

(1,004)

(1,945)

49
199

56

110
199

248

56

309

(174)
363
(287)
(98)
7,610

(463)
275

(999)
1,215

(188)
5,401

216
548

(1,636)
1,853
(287)
(70)
13,559

$7,512

$5,213

764

$13,489

Total Operating Expenses


Operating Loss
Non-Operating Revenues (Expenses):
Interest Income
Other
Total Non-Operating Revenues (Expenses)
Loss Before Transfers
Transfers In
Transfers Out
Change in Net Assets
Total Net Assets, October 1

97 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

563

20
1,207
274

715

Total

495

Total Operating Revenues

Water
Management

172
1,207
1,332

Operating Expenses:
Personal Services
General Operating
Depreciation

Total Net Assets, September 30

Unincorporated
Area Waste
Collection

$
$

NONMAJOR ENTERPRISE FUNDS


Combining Statement of Cash Flows
for the fiscal year ended September 30, 2011
(In Thousands)

Unincorporated
Area Waste
Collection

Solid Waste
Cash Flows from Operating Activities:
Cash Received from Customers
Cash Payments to Suppliers for Goods and Services
Cash Payments to Employees for Services
Other Cash Received
Net Cash Used for Operating Activities
Cash Flows from Noncapital Financing Activities:
Transfers In
Transfers Out
Net Cash Provided by Noncapital Financing Activities
Cash Flows from Capital and Related Financing Activities:
Acquisition and Construction of Capital Assets
Net Cash Used for Capital and Related Financing Activities
Cash Flows from Investing Activities:
Purchase of Investment Securities
Proceeds from Sales and Maturities of Investment Securities
Interest and Dividends on Investments
Net Cash Provided by Investing Activities
Net (Increase) Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents, October 1
Cash and Cash Equivalents, September 30
Reconciliation of Operating Loss to Net Cash
Used for Operating Activities:
Operating Loss
Adjustments to Reconcile Operating Loss to Net Cash
Used for Operating Activities:
Depreciation Expense
Miscellaneous Non-Operating Revenue
Decrease (Increase) in Assets:
Accounts Receivable (Net)
Due from Other County Funds
Inventory
Increase (Decrease) in Liabilities:
Accounts Payable
Accrued Liabilities
Due to Other Government
Noncurrent liabilities
Total Adjustments
Net Cash Used For Operating Activities
Noncash Investing, Capital and Financing Activities:
Change in Fair Value of Investments

722
(1,240)
(555)
199
(874)

363
(287)
76

1,505
(1,991)
(320)

Water
Management
$

2,722
(3,371)
(2,098)
199
(2,548)

(806)

(868)

275

1,215

275

1,215

1,853
(287)
1,566

(5)
(5)

(7)
(7)

5
5
347
384
731

(208)
396
110
298
(691)
12,095
11,404

(2)
(2)
(245)
396
49
200
(600)
6,356
5,756

495
(140)
(1,223)

37

Total

56
93
(438)
5,355
4,917

(422)

(519)

(1,004)

(1,945)

69
199

10

85
199

4
(275)

11
(275)
(27)

(27)

(258)
(56)
31
(444)
(452)
(874)

46

(17)
(3)

3
62

(2)
(287)
(806)

88
136
(868)

44

(272)
3
31
(358)
(603)
(2,548)

90

Broward County, Florida - 98

INTERNAL SERVICE FUNDS


Combining Statement of Net Assets
September 30, 2011
(In Thousands)

SelfInsurance
ASSETS
Current Assets:
Cash and Cash Equivalents
Investments
Receivables (Net):
Accounts
Due from Other County Funds
Due from Other Governments (Net)
Inventories
Other Current Assets
Total Current Assets
Noncurrent Assets:
Capital Assets:
Equipment (Net)
Total Noncurrent Assets
Total Assets
LIABILITIES
Current Liabilities:
Accounts Payable
Accrued Liabilities
Unearned Revenue
Other Current Liabilities
Total Current Liabilities
Noncurrent Liabilities:
Other Long-Term Liabilities
Total Noncurrent Liabilities
Total Liabilities
NET ASSETS
Invested in Capital Assets,
Net of Related Debt
Unrestricted
Total Net Assets

99 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

$ 18,458
90,259

Fleet
Services

Print
Shop

Total

$1,051

$1,170

67
130,195

50
927

2
18
26

2,028

1,216

56
21,357
68
953
67
133,439

46
46

700
700

330
330

1,076
1,076

130,241

2,728

1,546

134,515

952
7,007
8,219
27,360
43,538

59
290

6
27

349

33

1,017
7,324
8,219
27,360
43,920

71,366
71,366

413
413

29
29

71,808
71,808

114,904

762

62

115,728

46
15,291

700
1,266

330
1,154

1,076
17,711

$ 15,337

$1,966

$1,484

$ 18,787

56
21,355

$ 20,679
90,259

INTERNAL SERVICE FUNDS

Combining Statement of Revenues, Expenses and Changes in Fund Net Assets

for the fiscal year ended September 30, 2011


(In Thousands)

SelfInsurance
Operating Revenues:
Charges for Services
Operating Expenses:
Personal Services
General Operating
Depreciation
Total Operating Expenses
Operating Loss
Non-Operating Revenues (Expenses):
Interest Income
Gain (Loss) on Sale of Assets
Other
Total Non-Operating Revenues (Expenses)
Change in Net Assets
Total Net Assets, October 1
Total Net Assets, September 30

Fleet
Services

Print
Shop

Total

$106,395

$9,094

$ 632

$116,121

3,847
102,620
19

2,844
5,896
553

351
247
80

7,042
108,763
652

106,486

9,293

678

116,457

(91)

(199)

(46)

(336)

1,204

7
45
31

19

1,230
45
1,123

1,092
2,296

83

19

2,398

2,205
13,132

(116)
2,082

(27)
1,511

2,062
16,725

$ 15,337

$1,966

$1,484

$ 18,787

Broward County, Florida - 100

INTERNAL SERVICE FUNDS


Combining Statement of Cash Flows
for the fiscal year ended September 30, 2011
(In Thousands)

Self-Insurance
Cash Flows From Operating Activities:
Cash Received from Customers
Cash Received for Premiums
Cash Payments to Suppliers for Goods and Services
Cash Payments to Employees for Services
Cash Payments for Claims
Other Cash Received
Net Cash Provided by (Used for) Operating Activities
Cash Flows from Capital and Related Financing Activities:
Acquisition and Construction of Capital Assets
Proceeds from Sale of Capital Assets
Net Cash Used for Capital and Related Financing Activities
Cash Flows from Investing Activities:
Purchase of Investment Securities
Proceeds from Sale and Maturities of Investment Securities
Interest and Dividends on Investments
Net Cash Provided by Investing Activities
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents, October 1
Cash and Cash Equivalents, September 30
Reconciliation of Operating Loss to Net Cash
Provided by (Used for) Operating Activities:
Operating Loss
Adjustments to Reconcile Operating Loss to Net Cash
Provided by (Used for) Operating Activities:
Depreciation Expense
Miscellaneous Non-Operating Revenue
Decrease (Increase) in Assets:
Accounts Receivable (Net)
Due from Other County Funds
Due from Other Governments (Net)
Inventories
Increase (Decrease) in Liabilities:
Accounts Payable
Accrued Liabilities
Other Current Liabilities
Noncurrent Liabilities
Total Adjustments
Net Cash Provided by (Used for) Operating Activities
Noncash Investing, Capital, and Financing Activities:
Change in Fair Value of Investments

$94,558
(72,425)
(3,876)
(24,930)
1,092
(5,581)
(6)

Fleet Services

Print Shop

Total

$9,109

$625

(6,144)
(2,878)

(270)
(351)

31
118

$9,734
94,558
(78,839)
(7,105)
(24,930)
1,123
(5,459)

(132)
45
(87)

(138)
45
(93)

(96,251)
105,037
1,203
9,989
4,402
14,056
$18,458

7
7
38
1,013
$1,051

20
20
24
1,146
$1,170

(96,251)
105,037
1,230
10,016
4,464
16,215
$20,679

$(91)

$(199)

$(46)

$(336)

19
1,092

553
31

80

652
1,123

10
5
(168)

(2)
(5)
(3)

(80)
(43)

(20)
2

9
317
$118

(2)
50
$4

(6)

68
(21,355)

(100)
9,494
1,096
4,196
(5,490)
$(5,581)
$788

101 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

68
(21,347)
(171)
(200)
9,453
1,096
4,203
(5,123)
$(5,459)
$788

FIDUCIARY FUNDS

Agency Funds

Revenue Collection Fund - To account for the collection and distribution of taxes and licenses for the County and other taxing bodies.

Other Agency Fund - To account for funds received and disbursed by Court Trustees, Hunting and Fishing Licenses, School Impact,

Recording, Tax Certificates, Tags and Other Licenses and Building Permit Surcharges.

Sheriff Agency Fund - To account for funds received and disbursed by the Sheriffs Office in a fiduciary capacity.

Broward County, Florida - 102

FIDUCIARY FUNDS
Combining Statement of Fiduciary Assets and Liabilities - Agency Funds
September 30, 2011
(In Thousands)

Revenue
Collection
ASSETS
Cash and Cash Equivalents
Investments
Accounts Receivable (Net)
Delinquent Taxes Receivable (Net)
Due from Other Governments (Net)
Total Assets
LIABILITIES
Accounts Payable
Due to Other Governments
Due to Individuals
Escrow Deposits
Evidence Seizures
Total Liabilities

Other Agency

Sheriff Agency

$ 5,567
11,448
328

$6,650

Total

40

278

$ 12,217
34,647
1,261
116,995
318

$140,374

$17,383

$7,681

$165,438

$ 263
922
4,885
197
1,414

$7,681

$165,438

$ 23,199
180
116,995

8
3,971

75
6,973

136,395

10,335

$140,374

$17,383

103 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

753

346
11,866
4,885
146,927
1,414

FIDUCIARY FUNDS
Combining Statement of Changes in Assets and Liabilities - Agency Funds
for the fiscal year ended September 30, 2011
(In Thousands)

Balance
October 1,
2010
REVENUE COLLECTION
ASSETS
Cash and Cash Equivalents
Investments
Accounts Receivable (Net)
Delinquent Taxes Receivable (Net)
Total Assets
LIABILITIES
Accounts Payable
Due to Other Governments
Escrow Deposits
Total Liabilities

$
$

25,128
223
110,975
136,326

Additions

7
9,296
127,023
136,326

7,168

36
7,204

5,847,911
570,699
50,637
6,020
6,475,267
947
2,299,332
4,286,626
6,586,905

Balance
September 30,
2011

Deductions

5,847,911
572,628
50,680

6,471,219

946
2,304,657
4,277,254
6,582,857

602,321

1,173
96
603,590

23,199
180
116,995
140,374
8
3,971
136,395
140,374

OTHER AGENCY
ASSETS
Cash and Cash Equivalents
Investments
Accounts Receivable (Net)
Due from Other Governments (Net)
Total Assets
LIABILITIES
Accounts Payable
Due to Other Governments
Escrow Deposits
Total Liabilities

8
3,093
4,103
7,204

$
$

600,720
11,448
1,501
100
613,769
1,289
181,823
199,356
382,468

1,222
177,943
193,124
372,289

5,567
11,448
328
40
17,383
75
6,973
10,335
17,383

SHERIFF AGENCY
ASSETS
Cash and Cash Equivalents
Accounts Receivable (Net)
Due from Other Governments (Net)
Total Assets
LIABILITIES
Accounts Payable
Due to Other Governments
Due to Individuals
Escrow Deposits
Evidence Seizures
Total Liabilities

1,146
1,044
7,692
9,882

$
$

893
1,645
5,200
139
2,005
9,882

$
$

295,036
13,255
278,338
586,629
8
33,127
1,167
71
2,122
36,495

$
$

289,532
13,546
285,752
588,830
638
33,850
1,482
13
2,713
38,696

$
$

continued

Broward County, Florida - 104

6,650
753
278
7,681
263
922
4,885
197
1,414
7,681

FIDUCIARY FUNDS
Combining Statement of Changes in Assets and Liabilities - Agency Funds, continued
for the fiscal year ended September 30, 2011
(In Thousands)

Balance
October 1,
2010
TOTAL - ALL AGENCY FUNDS
ASSETS
Cash and Cash Equivalents
Investments
Accounts Receivable (Net)
Delinquent Taxes Receivable (Net)
Due from Other Governments (Net)
Total Assets
LIABILITIES
Accounts Payable
Due to Other Governments
Due to Individuals
Escrow Deposits
Evidence Seizures
Total Liabilities

$
$

8,314
25,128
1,267
110,975
7,728
153,412
908
14,034
5,200
131,265
2,005
153,412

105 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Additions

$
$

6,743,667
582,147
65,393
6,020
278,438
7,675,665
2,244
2,514,282
1,167
4,486,053
2,122
7,005,868

Balance
September 30,
2011

Deductions

$
$

6,739,764
572,628
65,399
285,848
7,663,639
2,806
2,516,450
1,482
4,470,391
2,713
6,993,842

$
$

12,217
34,647
1,261
116,995
318
165,438
346
11,866
4,885
146,927
1,414
165,438

SUPPLEMENTAL FINANCIAL SCHEDULES


WATER AND WASTEWATER
Schedule of Net Revenue and Debt Coverage Calculation
AVIATION
Schedule of Deposits to and Withdrawals from Special Funds and Accounts Created by Bond Resolutions
Schedule of Bonds Issued, Paid, Purchased, Redeemed, Cancelled and Defeased
Schedule of Revenues and Current Expenses and Calculation of Debt Coverage in Accordance with Bond Resolution Section 704 (a)
Schedule of Lien Bond Sufficiency Test
PORT EVERGLADES
Schedule of Revenues, Expenses and Debt Service Coverage
Professional Sports Facilities Bonds and First Florida Loan Agreements
Annual Disclosure Information and Debt Service Capacity Calculation

Broward County, Florida - 106

WATER AND WASTEWATER FUND


Schedule of Net Revenue and Debt Coverage Calculation

for the fiscal year ended September 30, 2011

(Dollars In Thousands)

Net Revenue
Calculation
Revenue:
Water
Wastewater
Other (1)
Interest Income
Total Revenue

$ 45,114
64,843
4,946
1,570
$ 116,473

Current Expenses:
Water Transmission and Distribution
Water Source of Supply, Treatment and Pumping
Wastewater Collection and Transmission
Wastewater Treatment
Customer Service
Administrative and General
Total Current Expenses (2)

8,770
9,231
9,866
14,729
5,400
15,947
$63,943

Actual
Coverage
Net Revenue Available for Principal and Interest Requirements

$ 52,530

Principal and Interest Requirements on Series 2003 A Bonds

$ 5,868

Principal and Interest Requirements on Series 2003 B Bonds

$ 9,970

Principal and Interest Requirements on Series 2005 Bonds

$ 3,837

Principal and Interest Requirements on Series 2009A Bonds

$ 10,324

Coverage of Debt Service by Net Revenue

$ 29,999

Balance Available for Renewal, Replacement and Capital Expenditures

$ 22,531

(1) Includes gross amounts of non-operating revenues allowable


(2) Expenses which can be charged directly as part of the cost of the product or service

107 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

1.75

Coverage
Required

1.20

AVIATION FUND
Schedule of Deposits to and Withdrawals from
Special Funds and Accounts Created by Bond Resolutions
for the fiscal year ended September 30, 2011

(in Thousands)

Balances
October 1,
2010
Revenue-Operating
Renewal and Replacement
Improvements
Facilities Improvements
Discretionary
Airline Fees and Charges
Restricted Sub-Account
Passenger Facilities Charges
Bond Reserves
Series E Principal and Interest
Series G & H Principal and Interest
Series I & J Principal and Interest
Series L Principal and Interest
Series O Principal and Interest
Construction Funds

$ 75,267
27,688
1,362
18,092
2,651
9,643
1,347
111,000
47,759
19,358
12,202
18,420
7,641
4,361
122,600

Deposits

Withdrawals

$ 5,551
12,322
137
2,960
45
7,551
335
16,572
19,822
12,427
18,728
7,730
4,778
27,937

$ 28,353
11,634
295
14,417

366
27,159
289
19,358
12,202
18,420
7,641
4,361
41,639

Balances
September 30,
2011
$52,465
28,376
1,204
6,635
2,696
17,194
1,316
100,413
47,470
19,822
12,427
18,728
7,730
4,778
108,898

Note: All ending balances include accrued interest.

AVIATION FUND
Schedule of Bonds Issued, Paid, Purchased,
Redeemed, Cancelled and Defeased
for the fiscal year ended September 30, 2011
(In Thousands)

Total
Balance Outstanding at September 30, 2010
Bonds Issued
Bond Defeased
Bonds Paid

$ 724,680
42,480

Balance Outstanding at September 30, 2011

$ 682,200

Broward County, Florida - 108

AVIATION FUND
Schedule of Revenues and Current Expenses and Calculation of Debt Coverage
in Accordance with Bond Resolution Section 704 (a)
for the fiscal year ended September 30, 2011
(Dollars in Thousands)

Revenues
Current Expenses
Net Revenues
Carryover Amount Available from Airline Fees and Charges Sub-Account
Amount Available for Debt Services

$179,358

115,341

64,017

24,751

$ 88,768

Debt Service:

Deposit to Principal Account


Deposit to Interest Account
Transfer from Passenger Facility Charge Capital Improvement Fund
Total Debt Service

$ 38,850

30,901

(13,826)

$ 55,925

Debt Service Coverage by Account Available for Debt Service

159%

Required Debt Service Coverage

125%

AVIATION FUND
Schedule of Lien Bond Sufficiency Test
for the fiscal year ended September 30, 2011
(Dollars in Thousands)

Existing Passenger Facility Charge Authority


Amount Spent on Pay-As-You-Go Projects
Series 1998H Convertible Lien Bond Debt Service
Series 2001I Convertible Lien Bond Debt Service
Series 2004L Airport System Revenue Bonds
Series 2009O Airport System Revenue Bonds
Total for the Current Year
Total for Previous Years
Total Spent and Committed to Date
Total Available
Projected Aggregate Principal and Interest Requirement

$1,876,458
34,949
9,124
2,971
10,528
3,298
60,870

370,059

430,929
$ 1,445,529
$ 166,271

Sufficiency Test

869%

Sufficiency Covenant Requirement

105%

109 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

PORT EVERGLADES FUND


Schedule of Revenues, Expenses and Debt Service Coverage
for the fiscal year ended September 30, 2011
(Dollars In Thousands)

Operating Revenues:
Petroleum
Container
Cruise
Bulk
Breakbulk/Neobulk
Real Estate
Other
Subtotal
Non-Operating-Investment
Total Revenues

$ 25,772
31,669
56,754
1,379
1,283
10,409
11,911
139,177
1,009
$ 140,186

Operating Expenses
Non-Operating Expenses
Total Expenses

$ 74,182
(909)
$ 73,273

Net Income Available for Debt ServiceSenior Lien Bonds and Subordinate Bonds

$ 66,913

Actual
Coverage
Debt Service Requirements - Senior Lien Bonds
Debt Service Requirements - Senior Lien Bonds
Principal and interest on Subordinate Bonds
Debt Service Requirements - Senior Lien Bonds

$ 28,757
$ 28,757
3,286
$ 32,043

Required
Coverage

2.33

1.25

2.09

1.10

Broward County, Florida - 110

PROFESSIONAL SPORTS FACILITIES BONDS AND

FIRST FLORIDA LOAN AGREEMENTS

Annual Disclosure Information and Debt Service Capacity Calculation for Covenant to Budget
and Appropriate Debt Associated with the Broward County Professional Sports Facilities Tax
and Revenue Bonds, Series 2006 A& B Loan and Agreements between the County and the First
Florida Governmental Financing Commission
for the fiscal year ended September 30, 2011
(Dollars In Thousands)

Revenues Pledged for Repayment of the 2006 Professional Sports Facilities Bonds:
Professional Sports Franchise Facilities Tax Revenue
Professional Sports Franchise State Sales Tax Rebate Receipts
County Preferred Revenue Allocation Receipts
Total of Pledged Revenues
Fiscal Year 2011 Debt Service
Debt Service Coverage

16,278
2,000
3,997
22,275
13,997
1.59

Net Available Non-Ad Valorem Revenues for the Fiscal Year Ending September 30, 2011:
License and Permit Fees
State Revenue Sharing
Local Government Half Cent Sales Tax
Tourist Tax
Utility Services Taxes and Fire Rescue Tax
Fine and Forfeitures
Interest Earnings
Charges for Services
Miscellaneous Revenue
Other State Revenues
Non-Revenue Sources/Fund Balance
Federal/State Grants
Special Assessments
Total Gross Non-Ad Valorem Revenues
Less: Operations Costs to the extent not paid by Ad Valorem Taxes
Total Net Available Non-Ad Valorem Revenues
Total Outstanding Debt Secured by and Payable from Non-Ad Valorem Revenues
for the Fiscal Year Ending September 30, 2011:
*2006 Professional Sports Facilities Bonds
2007 First Florida
2006 First Florida
2005 First Florida
2002 First Florida
Total Non-Ad Valorem General Revenue Debt Outstanding
(continued)

111 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

16,067
35,503
48,958
40,630
4,948
14,143
8,159
347,255
22,967
2,000
276,827
89,269
1,091
907,817
(643,539)
264,278

153,270
4,625
4,480
6,825
4,070
173,270

PROFESSIONAL SPORTS FACILITIES BONDS AND

FIRST FLORIDA LOAN AGREEMENTS, Continued

Maximum
Annual Debt
Service
$
934
413
624
2,151

Debt Service Capacity:


2007 First Florida
2006 First Florida
2005 First Florida
2002 First Florida
Total Debt Service Capacity

Total Net Available Non-Ad Valorem Revenues


Less Current Coverage Requirements
Subtotal
Less Coverage Factor (2 x Debt Service)
Total Remaining Debt Service Capacity

Coverage Ratio
2
2
2
2

Coverage
Required
1,868
826
1,248
4,302
8,244

264,278
(8,244)
256,034
128,017
128,017

* The 2006 Professional Sports Facilities Bonds are primarily secured by the three revenue sources listed at the beginning of this
schedule. Because non-ad valorem revenues represent a secondary source of repayment for the 2006 Professional Sports Facilities
Bonds, debt service for these bonds is not included in the debt service capacity calculations. Non-ad valorem revenues were not
used as a source of repayment for those bonds in fiscal year 2011 and are not anticipated to be used as a source of repayment in
fiscal year 2012.

Broward County, Florida - 112

Statistical
Section

The statistical section of Broward Countys Comprehensive


Annual Financial Report presents detailed information as a
context for understanding what the information in the financial
statements, note disclosures and required supplementary
information say about the Countys overall financial health.
Contents

Page

Financial Trends............................................................... 114


These schedules contain trend information to help
understand how the Countys financial performance and
well-being have changed over time.
Revenue Capacity........................................................... 118
These schedules contain information to help assess the
Countys most significant revenue source, property taxes.
Debt Capacity.................................................................. 121
These schedules contain information to help assess the
affordability of the Countys current levels of outstanding
debt and the Countys ability to issue additional debt in
the future.
Demographic and Economic Information........................ 124
These schedules offer demographic and economic
indicators to help understand the environment in which
the Countys financial activities take place and to help
make comparisons over time and with other governments.
Operating Information...................................................... 125
These schedules contain information about the Countys
operations and resources to help understand how the
Countys financial information relates to the services the
County provides and activities it performs.
Miscellaneous.................................................................. 128
These schedules contain supplemental data and statistics
to the financial statements.

OUR COMMITMENT
TO EXCELLENCE

NET ASSETS BY COMPONENT - Table 1


Last Ten Fiscal Years
(Accrual Basis of Accounting)
(In Thousands)

2002

2003

Fiscal Year
2004
2005

2006

2007

2008

2009

2010

2011

Governmental Activities:
Invested in Capital Assets, Net of Related Debt

$714,804

$844,166

$975,173

$1,257,376

$1,348,507

$1,469,543

$1,626,074

$1,704,587

$1,843,431

$1,887,557

Restricted

138,827

143,158

389,727

229,139

280,952

311,784

329,122

348,317

302,833

298,836

Unrestricted

570,618

575,987

381,009

441,207

539,077

629,714

600,326

552,702

541,642

476,876

$1,424,249

$1,563,311

$1,745,909

$1,927,722

$2,168,536

$2,411,041

$2,555,522

$2,605,606

$2,687,906

$2,663,269

Total Governmental Activities Net Assets


Business-Type Activities:
Invested in Capital Assets, Net of Related Debt

$1,097,841

$1,093,035

$1,089,160

$1,082,703

$1,137,650

$1,192,917

$1,257,411

$1,323,459

$1,282,520

$1,354,527

Restricted

189,630

231,744

237,621

300,643

306,498

308,084

327,498

342,030

412,477

411,764

Unrestricted

193,370

237,169

237,784

253,933

262,351

282,496

293,937

300,887

353,906

359,519

$1,480,841

$1,561,948

$1,564,565

$1,637,279

$1,706,499

$1,783,497

$1,878,846

$1,966,376

$2,048,903

$2,125,810

Total Business-Type Activities Net Assets


Primary Government:
Invested in Capital Assets, Net of Related Debt

$1,812,645

$1,937,201

$2,064,333

$2,340,079

$2,486,157

$2,662,460

$2,883,485

$3,028,046

$3,125,951

$3,242,084

Restricted

328,457

374,902

627,348

529,782

587,450

619,868

656,620

690,347

715,310

710,600

Unrestricted

763,988

813,156

618,793

695,140

801,428

912,210

894,263

853,589

895,548

836,395

$2,905,090

$3,125,259

$3,310,474

$3,565,001

$3,875,035

$4,194,538

$4,434,368

$4,571,982

$4,736,809

$4,789,079

Total Primary Government Net Assets

CHANGES IN NET ASSETS - Table 2


Last Ten Fiscal Years
(Accrual Basis of Accounting)
(In Thousands)
Fiscal Year
2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

$189,850

Expenses
Governmental Activities:
General Government

$147,147

$193,343

$189,576

$189,980

$227,610

$213,782

$233,278

$211,747

$203,699

Public Safety

71,651

83,043

19,445

14,578

17,943

23,506

26,393

17,264

24,115

25,905

Transportation

41,275

43,141

159,561

155,348

175,184

193,522

202,038

193,501

173,169

188,116

Human Services

106,595

120,149

125,852

134,983

138,432

144,588

142,459

145,748

141,203

135,480

Culture and Recreation

128,532

137,466

167,556

169,841

185,339

205,504

194,975

178,440

144,700

156,814

Physical Environment

22,177

23,529

23,857

32,757

62,992

29,720

35,512

40,891

21,305

38,496

Economic Environment

21,899

21,749

15,703

18,992

23,705

37,612

26,947

24,798

32,244

32,368

615,598

654,661

694,110

723,688

747,954

736,512

714,365

424,500

425,696

569,364

Clerk of the Courts

Sheriff

32,680

35,221

41,134

Property Appraiser

11,292

14,747

12,140

13,692

17,488

19,780

19,953

19,141

18,150

17,716

7,070

6,487

12,902

15,260

15,266

13,304

16,861

15,093

12,173

11,303

Supervisor of Elections
Interest on Long-Term Debt
Total Governmental Activities Expenses

44,224

41,679

38,683

45,560

42,735

45,911

36,921

32,185

28,983

38,442

$1,059,042

$1,146,250

$1,375,773

$1,406,589

$1,561,355

$1,621,339

$1,659,025

$1,626,762

$1,536,253

$1,548,855

Business-Type Activities:
Aviation

106,532

116,567

126,251

163,298

185,703

203,982

200,156

193,773

209,987

205,210

Port Everglades

83,527

87,517

95,626

101,645

107,185

109,847

110,922

103,741

111,863

116,499

Water and Wastewater

65,487

83,981

83,082

91,785

100,752

101,953

107,256

116,139

115,647

112,002

Resource Recovery System

84,940

86,437

103,022

108,979

115,675

115,057

113,084

96,392

102,757

111,619

Mass Transit

94,336

106,412

Other
Total Business-Type Activities Expenses
Total Primary Government Expenses

11,423

9,835

8,636

7,849

5,387

3,974

4,111

4,746

6,044

4,457

446,245

490,749

416,617

473,556

514,702

534,813

535,529

514,791

546,298

549,787

$1,505,287

$1,636,999

$1,792,390

$1,880,145

$2,076,057

$2,156,152

$2,194,554

$2,141,553

$2,082,551

$2,098,642

(continued)

Broward County, Florida - 114

CHANGES IN NET ASSETS - Table 2, Continued


Last Ten Fiscal Years
(Accrual Basis of Accounting)
(In Thousands)
Fiscal Year
2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

$117,763

$124,103

$180,448

$211,316

$231,986

$249,778

$256,344

$266,789

$283,413

$278,669

64,831

72,134

67,056

76,378

74,553

71,552

59,432

51,959

52,643

48,395

7,961

7,915

26,619

28,631

32,193

38,939

35,074

32,079

34,393

40,246

Culture and Recreation

21,559

22,223

21,988

23,788

19,115

27,306

24,719

24,255

19,606

19,363

Clerk of the Courts

20,067

21,263

31,671

Other

68,511

68,865

30,117

36,138

34,486

38,621

32,452

30,273

31,554

29,027

81,364

85,293

97,032

102,035

148,503

119,114

121,975

107,150

126,471

118,750

Program Revenues
Governmental Activities:
Charges for Services:
Sheriff
General Government
Transportation

Operating Grants and Contributions


Capital Grants and Contributions
Total Governmental Activities Program Revenues

12,733

29,652

25,472

28,081

28,760

15,960

42,845

16,011

47,496

41,152

394,789

431,448

480,403

506,367

569,596

561,270

572,841

528,516

595,576

575,602

Business-Type Activities:
Charges for Services:
121,891

130,375

144,026

174,760

202,301

216,857

235,747

224,597

233,119

227,721

Port Everglades

Aviation

88,916

89,386

112,477

105,858

107,578

112,500

117,441

109,669

124,653

139,177

Water and Wastewater

76,289

77,788

82,322

86,881

90,545

91,142

95,768

108,085

109,607

114,051

Resource Recovery System

96,606

101,583

111,882

113,551

124,201

119,324

114,470

103,573

103,271

97,465

Mass Transit

17,485

18,397
2,711

Other
Operating Grants and Contributions
Capital Grants and Contributions

11,546

9,690

8,953

7,376

3,823

3,444

3,335

3,142

3,577

26,102

22,491

1,259

1,552

1,378

1,652

1,686

1,644

1,813

56,350

50,205

31,703

35,382

16,068

20,919

30,985

31,016

43,064

38,571

495,185

499,915

492,622

525,360

545,894

565,838

599,432

581,726

619,104

619,696

$889,974

$931,363

$973,025

$1,031,727

$1,115,490

$1,127,108

$1,172,273

$1,110,242

$1,214,680

$1,195,298

Governmental Activities

(664,253)

(714,802)

(895,370)

(900,222)

(991,759)

(1,060,069)

(1,086,184)

(1,098,246)

(940,677)

(973,253)

Business-Type Activities

48,940

9,166

76,005

51,804

31,192

31,025

63,903

66,935

72,806

69,909

(615,313)

(705,636)

(819,365)

(848,418)

(960,567)

(1,029,044)

(1,022,281)

(1,031,311)

(867,871)

(903,344)

Total Business-Type Activities Program Revenues


Total Primary Government Program Revenues
Net (Expense) Revenue

Total Primary Government Net Expense


General Revenues and Other Changes in Net Assets
Governmental Activities:
Taxes:

$590,595

$662,098

$715,163

$786,060

$869,511

$926,865

$900,243

$862,250

$769,207

$688,641

One-Half Cent Sales Tax

Property Taxes

64,294

66,314

66,776

70,610

74,074

70,304

66,147

59,459

59,355

62,035

Gas Taxes

84,333

85,897

87,434

92,643

88,686

87,738

85,563

84,319

82,923

82,974

Other Taxes

47,581

50,244

52,527

56,634

55,376

54,200

53,441

41,859

43,345

45,578

25,709

17,222

15,541

30,690

67,048

90,929

65,085

55,173

24,208

17,064

Interest Income - unrestricted


Other

40,946

33,744

57,790

52,948

77,966

77,966

60,274

61,981

45,405

53,627

(48,093)

(61,655)

(88)

(88)

(88)

(88)

(88)

68

(1,466)

(1,303)

805,365

853,864

995,143

1,089,497

1,232,573

1,307,914

1,230,665

1,165,109

1,022,977

948,616

Interest Income

17,162

10,286

9,349

20,822

37,940

45,885

31,358

26,052

8,255

5,695

Transfers

48,093

61,655

88

88

88

88

88

(68)

1,466

1,303

Transfers
Total Governmental Activities
Business-Type Activities:

Special Item
Total Business-Type Activities

(27,142)
38,113

71,941

9,437

20,910

38,028

45,973

31,446

25,984

9,721

6,998

$843,478

$925,805

$1,004,580

$1,110,407

$1,270,601

$1,353,887

$1,262,111

$1,191,093

$1,032,698

$955,614

Governmental Activities

$141,112

$139,062

$99,773

$189,275

$240,814

$247,845

$144,481

$66,863

$82,300

($24,637)

Business-Type Activities

87,053

81,107

85,442

72,714

69,220

76,998

95,349

92,919

82,527

76,907

$228,165

$220,169

$185,215

$261,989

$310,034

$324,843

$239,830

$159,782

$164,827

$52,270

Total Primary Government


Change in Net Assets

Primary Government

115 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

FUND BALANCES OF GOVERNMENTAL FUNDS - Table 3


Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
(In Thousands)

General Fund
Reserved
Unreserved
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total General Fund
All Other Governmental Funds
Reserved
Unreserved, reported in:
Special Revenue Funds
Capital Project Funds
Nonspendable, reported in:
Special Revenue Funds
Capital Project Funds
Restricted, reported in:
Special Revenue Funds
Capital Project Funds
Debt Service Funds
Committed, reported in:
Special Revenue Funds
Capital Project Funds
Assigned, reported in:
Special Revenue Funds
Debt Service Funds
Unassigned, reported in:
Special Revenue Funds
Debt Service Funds
Total All Other Governmental Funds

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

$5,784
175,746

$6,051
161,750

$8,212
164,783

$9,353
223,729

$47,872
230,286

$58,853
222,180

$58,137
232,980

$55,240
227,041
$6,510
49,078
18,143
54,763
168,287
$296,781

$9,295
49,819
30,859
164,395
102,377
$356,745

$3,387
1,568

$12
2,004

4,783
532,616
17,816

7,559
499,327
26,127

31,868
439,925

19,312
384,441

17,619
32,143

9,912

$921,171 $1,081,725

(2,934)
(20)
$945,740

$181,530

$167,801

$172,995

$233,082

$278,158

$281,033

$291,117

$282,281

$127,121

$141,948

$194,121

$218,858

$164,705

$178,033

$176,729

$219,556

67,747
381,767

61,768
428,025

74,093
431,044

69,927
562,197

74,083
684,090

72,311
729,164

80,731
683,315

84,109
617,506

$576,635

$631,741

$699,258

$850,982

$922,878

$979,508

$940,775

Note: New fund balance classifications are used beginning in fiscal year 2010 with the implementation of GASB 54

Broward County, Florida - 116

CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS - Table 4


Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
(In Thousands)

Revenues
Taxes
Special Assessment/Impact Fees
Licenses and Permits
Federal Grants
State Revenues
Charges for Services
Fines and Forfeitures
Interest Income
Miscellaneous
Total Revenues
Expenditures
General Government
Public Safety
Transportation
Human Services
Culture and Recreation
Physical Environment
Economic Environment
Capital Outlay
Debt Service:
Principal
Interest and Fiscal Charges
Bond and Loan Issuance Costs
Total Expenditures
Excess of Revenues Over
(Under) Expenditures
Other Financing Sources (Uses)
Refunding Loans and Bonds Issued
Payment to Refunded Loan and
Bond Escrow Agent
Loans and Bonds Issued
Premium on Bonds Issued
Discount on Bonds Issued
Swaption Termination Payment
Transfers In
Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Debt Service as a Percentage of
Noncapital Expenditures

Fiscal Year
2007

2008

2009

2010

2011

$949,095 $1,002,800
10,593
15,069
23,558
22,992
135,766
77,083
210,094
226,938
332,284
358,799
12,905
10,703
64,875
87,196
59,987
56,143
1,799,157 1,857,723

$972,589
8,887
19,248
122,466
212,502
348,322
15,814
61,651
38,514
1,799,993

$932,362
3,788
17,928
84,251
196,037
351,374
11,378
52,072
43,850
1,693,040

$835,197
4,319
18,801
140,665
188,478
363,460
11,877
21,955
32,765
1,617,517

$754,964
4,880
17,380
120,733
200,226
353,030
23,829
15,834
34,167
1,525,043

228,657
691,119
157,067
144,426
148,268
23,586
33,541
242,982

237,310
707,476
169,818
140,623
149,198
19,216
26,526
272,979

221,607
715,281
157,058
144,401
144,881
20,568
24,487
188,489

199,763
711,068
120,230
141,319
131,788
15,958
28,766
186,776

192,909
701,086
119,189
134,319
123,417
16,191
25,451
194,996

59,868
45,271
1,890
1,682,900

81,510
43,397
1,469
1,796,022

69,500
40,144
16
1,832,806

73,754
35,816
1,726,342

90,989
32,172
1,899
1,660,728

54,770
37,475
2
1,599,805

116,257

61,701

(32,813)

(33,302)

(43,211)

(74,762)

184,235
(176,179)

171,835
(186,062)

5,470
2,439
13,037
(136)
(15,645)
1,519
897,047 1,002,629 1,126,595 1,066,182
(897,590) (1,002,959) (1,126,779) (1,066,270)
162,993
(146)
145
(88)
$216,627
$116,111
$61,846
($32,901)

4,664

214,690
5,262
(16)

976,928
(976,860)
4,732
($28,570)

138,912
(140,378)
218,470
$175,259

131,385
(132,688)
(1,303)
($76,065)

6.97%

8.11%

6.34%

2002

2003

2004

2005

2006

$674,122
18,314
16,438
40,791
189,893
235,095
15,966
22,966
31,919
1,245,504

$746,551
13,955
18,344
48,987
209,689
251,724
17,529
16,283
23,120
1,346,182

$799,124
14,273
18,399
81,785
194,017
299,247
14,379
14,943
21,637
1,457,804

$865,004
11,886
18,942
64,046
230,122
312,587
12,108
29,794
40,077
1,584,566

178,964
464,254
25,010
105,752
106,853
20,965
21,940
212,738

194,754
498,082
26,991
119,901
110,244
19,585
21,760
214,268

217,652
555,312
126,027
123,800
116,793
20,952
16,203
227,372

179,292
601,030
130,324
132,222
127,036
24,391
18,438
213,417

214,602
652,329
144,937
136,641
153,421
55,073
20,512
198,356

89,762
41,491
1,487
1,269,216

56,181
43,080
36
1,304,882

87,856
39,735
4,109
1,535,811

57,115
46,578
1,089
1,530,932

(23,712)

41,300

(78,007)

53,634

170,898
(173,052)

2,175
(4,534)

175,991
(178,148)

70,011

64,200

146,526

666,974
(715,343)
19,488
($4,224)

712,583
(774,324)
100
$41,400

936,176
(936,382)
144,163
$66,156

12 01%

8.86%

9.40%

154,135
9,401

7.60%

117 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

6 94%

7.81%

6 85%

ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY - Table 5


Last Ten Fiscal Years
(Dollars in Thousands)

Net Assessed
Fiscal

Total
Real Property

Year

Total

Ended

Residential

Commercial

Industrial

Other

Sept. 30

Property

Property

Property

Property

2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

$ 70,890,848 $
83,809,792
100,217,685
115,915,180
141,454,575
180,929,375
200,427,164
182,802,510
141,528,406
113,578,222

Total

Exemptions

Net

Value as a

Direct

Estimated

Percentage

Personal

Assessed

Real

Personal

Assessed

Tax

Actual

of Estimated

Property

Value

Property

Property

Value

Rate(1)

Value

Actual Value

7.4005
7.3650
7.1880
7.0230
6.7830
6.0661
5.2868
5.3145
5.3889
5.5530

$ 98,959,018
114,537,608
133,846,189
153,245,512
182,826,046
229,165,495
256,260,079
241,313,298
203,446,051
172,983,821

84.10%
80.93
77.47
75.29
72.70
69.11
68.64
69.25
72.98
74.82

14,527,301 $ 4,623,766 $ 8,917,103 $ 98,959,018 $ 7,765,378 $ 106,724,396 $ 23,394,227 $ 108,812 $ 83,221,357


15,984,452
5,146,783
9,596,581 114,537,608
8,030,740
122,568,348
29,752,587
123,306
92,692,455
18,973,425
5,845,196
8,809,883 133,846,189
7,802,109
141,648,298
37,867,051
96,583 103,684,664
20,865,838
6,608,021
9,856,473 153,245,512
7,736,460
160,981,972
45,489,222
107,407 115,385,343
22,631,725
7,370,441 11,369,305 182,826,046
7,945,606
190,771,652
57,736,030
115,196 132,920,426
25,815,165
8,423,169 13,997,786 229,165,495
8,133,702
237,299,197
78,843,175
83,781 158,372,241
29,366,491
8,981,128 17,485,296 256,260,079
7,983,385
264,243,464
88,247,206
104,821 175,891,437
30,551,972
9,889,096 18,069,720 241,313,298
8,040,643
249,353,941
81,280,987
957,831 167,115,123
32,086,536 10,614,387 19,216,722 203,446,051
7,955,487
211,401,538
61,968,982
961,614 148,470,942
29,380,497
9,407,282 20,617,820 172,983,821
7,732,226
180,716,047
50,360,983
934,185 129,420,879

Source: Broward County Property Appraiser Assessment Roll Recapitulation


Note: The basis of assessed value is approximately one hundred percent (100%) of actual value.
(1) Per $1,000 of assessed value

Broward County, Florida - 118

DIRECT AND OVERLAPPING PROPERTY TAX RATES - Table 6


Last Ten Fiscal Years
(Rate Per $1,000 of Assessed Value)

Function
County Commission
School Board
Children's Services Council
South Florida Water Management District
Florida Inland Navigation District
Municipal Service District
County Fire Rescue
North Broward Hospital District
South Broward Hospital District
Hillsboro Inlet
Fort Lauderdale DDA
Pompano Beach EMS
Municipality Rate:

Coconut Creek
Cooper City
Coral Springs
Dania Beach
Davie
Deerfield Beach
Fort Lauderdale
Hallandale Beach
Hillsboro Beach
Hollywood
Lauderdale-By-The-Sea
Lauderdale Lakes
Lauderhill
Lazy Lake
Lighthouse Point
Margate
Miramar
North Lauderdale
Oakland Park
Parkland
Pembroke Park
Pembroke Pines
Plantation
Pompano Beach
Sea Ranch Lakes
Southwest Ranches
Sunrise
Tamarac
West Park
Weston
Wilton Manors

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

7.4005
8 7541
0 3055
0 6970
0 0385
2.5807
2.4500
2.4803
1 8694
0 0951
1 2400
0.5000

7.3650
8.8825
0.3316
0.6970
0.0385
2.5807
2.4500
2.4803
1.7336
0.1170
1.2444
0.5000

7.1880
8.4176
0 3920
0 6970
0 0385
2.5807
2.4500
2.5000
1 7336
0 2490
1 2279
0.5000

7.0230
8.2695
0.4231
0.6970
0.0385
2.5807
2.7300
2.4803
1.5761
0.1845
1.2279
0.5000

6.7830
8.0623
0.4231
0.6970
0.0385
2.5807
2.7300
2.1746
1.4500
0.1845
1.0950
0.5000

6 0661
7 8687
0.4073
0 6970
0 0385
2.5807
2 7300
1 8317
1 3300
0.1170
1 0950
0.5000

5.2868
7.6484
0.3572
0.6240
0.0345
2.3353
2.5224
1.6255
1.1643
0.0860
0.9733
0.4449

5 3145
7.4170
0 3754
0 6240
0 0345
2 3353
2.5224
1 7059
1.1913
0 0860
0 9091
0.4718

5.3889
7.4310
0.4243
0.6240
0.0345
2.3353
2.5224
1.7059
1.2732
0.0860
0.9283
0.5000

5.5530
7.6310
0.4696
0.6240
0.0345
2.3353
2.5224
1.8750
1.2732
0.0860
0.9283
0.5000

5 3177
6 2690
4.4906
6.1000
5 7911
6 8506
5 3730
6 7480
3 6500
6 8500
4 7000
4 9500
5 6000
7 0000
3 8984
7 3426
6 9226
5 8409
5 9715
4.1000
8.5000
4.4597
4 0000
4.4500
6.5000
3 0000
6 2750
6.5434

5.3107
6.5990
4.3943
6.3900
5.7442
6.8369
5.2685
6.7480
4.0380
6.9163
4.7000
5.7924
5.8200
6.3312
4.1308
7.1680
6.8700
5.8409
5.9715
4.1000
8.5000
4.5990
4.0000
4.3800
6.5000
3.0000
6.2500
6.4927

5 2879
7 0020
4 2846
6 3900
5 6184
6 8301
5.1970
6 7480
3.5650
6 9163
4 7000
6.5237
5 8200
5.4400
3 9669
7 0603
6 8700
5 7982
5 9715
4.1000
8.5000
4.5990
4 2500
4 3000
6.5000
3 0000
6 2370
6.4549

5.3408
5.9710
4.2639
6.3900
5.6297
6.7618
5.7698
6.5456
3.2358
6.9163
4.7000
6.7065
6.0200
5.3994
3.8860
6.9800
6.7700
6.0893
5.8868
4.1000
8.5000
4.5990
4.3500
4.2430
6.9500
3.0000
6.2240
6.4096

1.5235
6 8009

1.5235
6.5789

1.5235
6.5140

1.5235
6.7948

5.3408
5.9150
4.1225
6.5664
5.5502
6.5000
5.4313
6.2838
2.8159
7.0663
4.7000
7.0607
6.6510
4.4736
3.8387
6.9503
6.6500
6.0211
5.8868
4.1000
8.5000
4.9265
4.5889
4.1531
6.9500
3.0000
6.2100
6.6029
6.5239
1.5235
6.7935

5 3408
5 6030
4 0849
6 2169
5 7420
6 2500
5 0826
5 9696
2 2498
7 0344
4 3500
7 0607
6 6510
3.4736
3 7823
6 7214
6.5500
6 7141
5.5823
3 9500
8.5000
4 8596
4.5889
3 8197
6 9500
3 0000
6.1100
6 3529
6.5239
1.5235
6.5000

4.3796
4.9530
3.5425
5.5360
4.8160
5.3500
4.2482
5.0486
2.1938
5.9545
4.1012
6.0362
5.4840
4.4736
3.2934
5.6997
5.2975
6.4292
4.4662
3.4083
8.5000
4.6397
3.9155
3.3624
6.9500
3.0000
5.1232
5.1126
6.5239
1.3215
5.1340

5 0897
4 9704
3.5414
5.5444
4 9531
5 3000
4 2495
4 9818
2 6621
5 9317
3 9990
6 6315
5 9346
4 3494
3.5142
6 9076
5.4797
6.4323
5.1041
3.4083
8.5000
5.1149
4 0925
3.4884
7.5000
3.5000
5.4397
5 3916
6.5239
1.5235
5 8652

5.6837
4.9804
4.0629
6.0093
5.5949
5.7900
4.2536
5.9000
2.9600
6.3375
3.9990
7.5000
6.9274
4.3775
3.8825
7.9335
6.4654
7.1548
5.7252
4.0198
8.5000
5.7200
4.5142
4.1663
7.5000
3.9400
6.0543
6.0800
7.5697
1.7670
6.4527

6.4036
5.2679
4.5322
6.2450
5.6772
6.7688
4.3366
5.9000
3.3900
7.1368
3.9990
8.2050
7.1954
4.9481
3.8825
7.9788
6.4654
7.2347
5.7252
4.0198
8.5000
6.3660
4.5142
4.4077
7.5000
3.9404
6.0543
6.5894
8.5000
2.0000
7.6178

119 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

PRINCIPAL PROPERTY TAX PAYERS - Table 7


Current Year and Nine Years Ago
(Dollars in Thousands)
2011

Taxes
Levied

Taxpayer
Florida Power and Light Co.
Bellsouth Telecommunications
Sunrise Mills, LTD
Diplomat Properties, LTD
TRG-Holiday
Wal-Mart Stores, Inc.
WCI Communities
Publix Super Markets, Inc.
City of Fort Lauderdale
Pembroke Lakes Mall, LTD
Motorola, Inc.
Wheelabrator South Broward, Inc.
Wheelabrator North Broward, Inc.
AT&T Broadband
Northwestern Mutual Life
Mariott Ownership Resorts
Keystone-Florida

36,129
10,430
8,123
6,635
6,100
5,574
4,250
3,386
3,246
3,206

Rank
1
2
3
4
5
6
7
8
9
10

$87,079

2002
Percent to
Aggregate
Taxes
Levied
1.00%
0 33
0 26
0 21
0 20
0.18
0.14
0.11
0.10
0.10

2.79%

Taxes
Levied
$

Rank

Percent to
Aggregate
Taxes
Levied

28,863
18,530
7,033

1
2
3

1.33%
0 85
0 32

3,873
3,421
3,266
2,868
2,514
2,406
2,392

4
5
6
7
8
9
10

0.18
0.16
0.15
0.13
0.12
0.11
0.11

75,166

3.46%

Source: Tax roll of the County

PROPERTY TAX LEVIES AND COLLECTIONS - Table 8


Last Ten Fiscal Years
(Dollars in Thousands)

Collected Within the

Taxes Levied
Fiscal
Year

2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

Fiscal Year of the Levy

for the

Total

Property

Fiscal Year

Adjusted

Tax

Net Tax

Levy

Discount

Levy

(Original Levy) Adjustments

$616,494
682,996
742,677
810,880
901,441
960,498
930,844
888,270
802,614
720,555

($8,324)
(10,689)
(9,732)
(10,076)
(6,252)
(5,517)
(3,764)
(2,473)
(9,243)
(8,720)

$608,170
672,307
732,945
800,804
895,189
954,981
927,080
885,797
793,371
711,835

$20,671
22,884
25,227
27,538
30,176
31,171
29,542
28,456
26,205
24,170

$587,499
649,423
707,718
773,266
865,013
923,810
897,538
857,341
767,166
687,665

Amount

$582,475
642,509
703,924
769,594
860,792
919,392
892,074
847,494
758,499
681,850

Collections

Percentage of

in Subsequent

Original Levy

Years

99.14%
98.94
99.46
99.53
99.51
99.52
99.39
98.85
98.87
99.15

$1,582
3,103
1,195
1,794
2,935
4,464
4,405
9,099
4,240

Total Collections to Date


Percentage of
Amount

$584,057
645,612
705,119
771,388
863,727
923,856
896,479
856,593
762,739
681,850

Adjusted Levy

99.41%
99.41
99.63
99.76
99.85
100 00
99.88
99.91
99.42
99.15

Source: Broward County Records, Taxes, and Treasury Division

Broward County, Florida - 120

OUTSTANDING DEBT BY TYPE - Table 9


Last Ten Years
(Dollars in Thousands, Except Per Capita)

Governmental Activities
Fiscal Year
Ended
September

General
Obligation
Bonds

Special
Obligation
Bonds

Loans
Payable
and Other
Obligations

2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

$368,200
334,095
492,140
611,605
577,775
535,920
493,615
446,330
393,665
356,215

$271,375
260,275
244,915
234,515
235,290
205,855
193,890
181,440
383,080
374,980

$187,363
238,374
120,902
108,857
101,714
86,284
71,054
61,699
36,425
27,205

Revenue
Bonds
Payable

$1,239,117
1,258,876
1,217,613
1,500,915
1,452,877
1,394,617
1,340,005
1,534,160
1,465,695
1,390,050

Business-type Activities
Loans
Payable
and Other
Capital
Obligations
Lease

$25,500
23,000
48,066
29,966
34,966
65,688
80,744
12,366
7,566
2,766

$8,796
6,125
3,358
479

Total

Percentage
of Personal
Income(1)

Per
Capita(1)

$2,091,555
2,114,620
2,123,636
2,485,858
2,402,622
2,288,364
2,188,104
2,242,120
2,289,789
2,151,695

0.37%
0.36
0.34
0.37
0.33
0.31
0.29
0.31
0.32
0.30

$1,253
1,245
1,232
1,429
1,374
1,305
1,246
1,272
1,310
1,227

(1) See Table 15 for total personal income and population data.
Note: Fiscal years 2009, 2010, and 2011 percentages were calculated using fiscal year 2009 total personal income data, which is the most recent available.

RATIOS OF NET GENERAL BONDED DEBT OUTSTANDING - Table 10


Last Ten Fiscal Years

(Dollars in Thousands, Except Per Capita)

Fiscal Year
Ended
September 30

Net
Assessed
Property
Value

2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

$ 83,221,357
92,692,455
103,684,664
115,385,343
132,920,426
158,372,241
175,891,437
167,115,123
148,470,942
129,420,879

Gross
General
Obligation
Bonded Debt

$ 368,200
334,095
492,140
611,605
577,775
535,920
493,615
446,330
393,665
356,215

Debt
Service
Monies
Available

$ 6,995
3,137
3,785
3,788
2,391
3,384
3,955
2,333
391
300

Net
General
Obligation
Bonded Debt

$ 361,205
330,958
488,355
607,817
575,384
532,536
489,660
443,997
393,274
355,915

(1) See table 15 for population data

121 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Ratio of Net
General Obligation
Bonded Debt to
Net Assessed
Property Value

Net General
Obligation Bonded
Debt Per Capita(1)

0.43
0 36
0.47
0.53
0.43
0 34
0 28
0 27
0 26
0 28

$216.42
194 83
283 38
349.42
329.14
303 74
278 84
251.94
224.98
203.02

DIRECT AND OVERLAPPING GOVERNMENTAL


ACTIVITIES DEBT - Table 11
September 30, 2011
(Dollars in Thousands)

Jurisdiction

Net Debt
Outstanding

Percentage
Applicable to
Broward County

Amount
Applicable to
Broward County

$355,915
-

100%
-

$355,915
$355,915

Broward County
Broward County School District (1)
Total

(1) Information provided by Broward County School District


Note: The computation of Legal Debt Margin is not included in the statistical section as no debt limit presently exists for governmental entities in the State
of Florida.

SCHEDULE OF REVENUE BOND COVERAGE - Table 12


Water and Wastewater
Last Ten Fiscal Years
(Dollars in Thousands)

Fiscal Year
Ended
September 30

Gross
Revenues

Direct
Operating
Expenses

Net Revenue
Available for
Debt Service

2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

$80,731
78,808
84,250
89,300
93,695
94,956
97,668
111,614
111,634
116,473

$42,293
47,753
50,241
53,578
58,275
58,939
62,573
64,789
65,487
63,943

$38,438
31,055
34,009
35,722
35,420
36,017
35,095
46,825
46,147
52,530

Debt Service Requirements


Principal
Interest
Total

$6,003
6,170
4,688
5,355
5,439
5,678
5,776
5,776
9,765
10,110

$9,892
10,879
10,518
12,198
14,234
13,997
13,897
19,154
20,233
19,889

$15,895
17,049
15,206
17,553
19,673
19,675
19,673
24,930
29,998
29,999

Coverage

2.42
1.82
2.24
2.04
1.80
1.83
1.78
1.88
1.54
1.75

Note: See supplemental financial schedules for more information concerning the Water and Wastewater Revenue Bonds, as well as the Aviation, Port Everglades and
Professional Sports Facilities Bonds and First Florida Loan Agreements

Broward County, Florida - 122

SCHEDULE OF REVENUE BOND COVERAGE - Table 13


Other Revenue Bonds
Last Ten Years
(Dollars in Thousands)

Fiscal Year

Gross Revenue

Ended
September 30
1994 - Tourist Development Tax(2)
2002
2003
2004

Available for
Debt Service

Principal

Interest(1)

Total

Coverage

$15,835
17,370
19,682

$1,560
1,635
1,715

$1,465
1,388
1,305

$3,025
3,023
3,020

5.23
5.75
6.52

1998 - Six Cent Gas Tax


2002
2003
2004
2005
2006
2007
2008
2009
2010

$29,404
29,874
30,555
32,444
31,375
30,613
30,413
29,671
29,328

$3,805
3,955
4,110
4,280
4,465
4,655
4,850
5,070
5,335

$1,808
1,656
1,498
1,329
1,150
960
760
546
280

$5,613
5,611
5,608
5,609
5,615
5,615
5,610
5,616
5,615

5.24
5.32
5.45
5.78
5.59
5.45
5.42
5.28
5.22

2004 - Tourist Development Tax


2005
2006
2007
2008
2009
2010
2011

$31,784
32,285
32,958
35,641
29,193
29,708
30,876

$1,855
1,970
2,030
2,070
2,135
2,200

$2,153
562
505
455
404
341
276

$2,153
2,417
2,475
2,485
2,474
2,476
2,476

14 76
13 36
13 32
14 34
11 80
12 00
12.47

Debt Service Requirements

(1) Amount does not include fiscal charges


(2) Tourist Development Tax, Series 2004 refunded Tourist Development Tax Series 1994

COLLECTIONS OF DESIGNATED REVENUES AND


DEBT SERVICE COVERAGE - Table 14
Last Ten Fiscal Years
(Dollars in Thousands)

Fiscal Year
Ended
September 30

2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

Recording
Fees
$13,107
17,847
16,808
18,406
17,715
13,771
6,902
4,761
4,783
4,951

Auto Tag Tax


Collection
Commissions
$6,552
6,676
7,519
8,079
8,268
7,774
7,404
6,848
6,207
6,878

Other Tax
Collection
Commissions
$7,351
7,911
8,354
8,313
8,790
9,293
9,423
8,576
7,388
7,385

Building
Permits
$2,729
3,586
3,065
4,069
4,685
4,312
2,439
1,775
2,164
1,496

123 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Total
Revenues
$29,739
36,020
35,746
38,867
39,458
35,150
26,168
21,960
20,542
20,710

Maximum
Debt Service
Requirement
$4,146
4,129
4,129
4,118
4,112
-

Debt Service
Coverage
7.17
8.72
8.66
9.44
9.6
-

DEMOGRAPHIC AND ECONOMIC STATISTICS - Table 15


Last Ten Fiscal Years

Fiscal Year
Ended
September 30

Total Personal
Income(1)
Population(1)

(Dollars in Thousands)

School
Enrollment(2)

Resident
Births(3)

Unemployment Rate

2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

1,668,970
1,698,741
1,723,339
1,739,487
1,748,153
1,753,272
1,756,087
1,762,285
1,748,066
1,753,142

$56,492,869
58,164,225
62,189,850
67,945,619
71,941,404
74,547,657
75,970,354
72,752,112
(4)
(4)

266,272
271,339
272,691
270,935
262,616
258,905
255,738
255,203
256,872
258,803

21,439
22,274
22,596
23,036
23,141
23,075
22,523
21,511
21,016
22,766

5.6%
5.3%
4.3%
3.5%
3.1%
3.8%
6.0%
9.6%
10.6%
9.3%

Sources:
(1) Broward County Planning and Redevelopment Division
(2) School Board of Broward County
(3) Florida Department of Health
(4) Information unavailable

PRINCIPAL EMPLOYERS - Table 16


Current Year and Nine Years Ago

2011
Employer
Broward County School Board
Broward County Government
Memorial Healthcare System
Broward Health
American Express
Nova Southeastern University
PRC
Kaplan Higher Education
The Answer Group
City of Fort Lauderdale
North Broward Hospital District
Aviation Sales Co.
Motorola
Seabulk International, Inc.
Holy Cross Hospital

Employees

Rank

26,933
11,400
10,700
8,207
4,846
3,919
3,000
3,000
2,800
2,487

1
2
3
4
5
6
7
8
9
10

77,292

2002
Percent of Total
County
2.71%
1.15
1 08
0 83
0.49
0.40
0 30
0 30
0 28
0 25

7 79%

Percent of
County

Employees

Rank

28,203
13,384
7,000

1
2
4

3.10%
1.47
0 77

6,300

0 69

2,420
7,700
3,800
3,000
2,600
2,500

10
3
6
7
8
9

0 27
0 85
0.42
0 33
0 29
0 27

76,907

8.46%

Sourcece: Broward County Planning and Redevelopment Division

Broward County, Florida - 124

FULL-TIME EQUIVALENT COUNTY GOVERNMENT


EMPLOYEES BY FUNCTION - Table 17
Last Ten Fiscal Years

Full

Governmental Activities:
General Government
Public Safety
Transportation
Human Services
Culture and Recreation
Physical Environment
Economic Environment
Sheriff
Clerk of the Courts
Property Appraiser
Supervisor of Elections
Business-type Activities:
Aviation
Port Everglades
Water and Wastewater
Resource Recovery System

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2,210
926
1,274
673
1,553
201
48
4,495
693
128
62

1,830
950
1,316
685
1,586
200
50
4,934
745
128
65

2,238
293
1,309
754
1,631
206
112
5,284
757
138
69

1,829
295
1,256
761
1,645
196
49
5,425
0
166
72

1,464
253
1,392
731
1,711
198
89
5,402
0
233
80

1,359
251
1,501
722
1,675
197
188
5,939
0
258
81

1,273
248
1,414
731
1,631
153
221
5,911
0
254
81

1,212
239
1,355
640
1,417
138
146
5,767
0
225
81

1,134
224
1,348
549
1,219
124
93
5,489
0
225
72

1,074
267
1,343
522
1,089
154
134
5,309
0
209
72

400
235
409
77
13,384

408
224
409
77
13,607

403
228
412
80
13,914

403
232
410
78
12,817

413
251
410
78
12,705

424
251
405
79
13,330

484
229
405
79
13,114

484
246
419
79
12,448

484
246
418
81
11,706

484
244
418
81
11,400

Source: Broward County Office of Management and Budget

125 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

OPERATING INDICATORS BY FUNCTION - Table 18


Last Ten Fiscal Years

Function

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Governmental Activities:
General Government
Tourist Visitors
Ad Valorem Tax Bills
Call Center Calls
Jobs Created or Retained

7 8M
747K
280K
2,776

8.5M
767K
265K
2,019

8 9M
802K
612K
3,095

8.9M
812K
571K
3,437

10 3M
835K
662K
3,125

10.5M
864K
447K
2,653

10 7M
683K
407K
1,683

10.3M
625K
415K
1,220

10 8M
650K
370K
1,000

11.0M
487K
333K
1,087

Transportation
Bus Transit Trips
Paratransit Trips

32 2M
1.1M

34.4M
1.3M

36 3M
1 3M

37.5M
1.1M

37.5M
0 8M

39.2M
0.8M

38.5M
0 9M

36.8M
0.9M

36.5M
0 7M

38.3M
0.7M

Human Services
Primary Care Medical Encounters
Homeless Clients Served
Families in Crisis Assisted

256K
N/A
2,057

278K
5,840
8,866

257K
8,650
6,210

252K
8,244
8,534

248K
7,000
7,777

258K
9,942
8,000

269K
10,691
8,300

290K
13,885
7,404

301K
12,433
6,605

266K
12,634
6,135

Culture and Recreation


Library Materials Circulated
Library Customers
Park Attendance

8.4M
8 6M
4 7M

8.5M
9.1M
4.7M

8 7M
9 6M
4 2M

8.9M
10.0M
4.2M

8 8M
9 8M
4 9M

9.3M
9.9M
4.2M

10.4M
10.4M
4 6M

11.2M
10.3M
4.7M

10 7M
9 3M
4.4M

10.3M
9.4M
5.7M

Physical Environment
Storage Tank Inspections

1,591

1,502

1,666

2,386

2,279

2,874

3,485

3,682

3,539

3,049

Public Safety
911 Calls Received
Medical Alarm Responses

1,537K
35K

2,030K
22K

705K
22K

1,236K
18K

1,180K
29K

1,345K
31K

1,148K
38K

1,002K
17K

876K
16K

1,003K
18K

16.4M
2.5M

17.4M
2.6M

20.1M
2 8M

22.8M
3.1M

21 3M
2 8M

22.2M
2.7M

23.1M
2 2M

20.9M
1.9M

21 8M
1 8M

22.4M
1.8M

5,447
3.5M

5,853
3.4M

6,395
4.1M

5,896
3.8M

5,506
3 2M

5,499
3.4M

5,231
3 2M

4,250
3.1M

4,079
3 6M

4,183
3.9M

Water and Wastewater


Retail Gallons of Water Delivered
Retail Gallons of Wastewater Collec
Regional Gallons of Wastewater Tre

11,256M
6,496M
27,001M

11,217M
5,115M
25,575M

11,615M
5,075M
25,547M

11,630M
5,830M
25,108M

11,400M
6,300M
28,326M

10,600M
5,914M
27,552M

10,100M
5,856M
28,092M

9,919M
5,388M
27,137M

9,464M
4,738M
27,296M

9,457M
4,044M
21,818M

Resource Recovery System


Landfill Tons of Waste Received
Incinerator Tons of Waste Received
Recyclable Tons Received

42,900
1,096K
66,660

46,588
1,139K
66,861

70,163
1,216K
66,595

82,666
1,209K
64,030

140,702
1,275K
58,916

78,180
1,203K
55,836

37,578
1,130K
57,359

33,086
1,019K
55,511

27,369
991K
62,001

28,431
927K
62,876

Business-Type Activities:
Aviation
Airline Passengers
Airport Parking Transactions
Port Everglades
Vessel Calls
Cruise Passengers

Legend: M = millions, K = thousands, N/A = not available


Note: Some measures vary significantly due to changes in the methodology of reporting the information from year to year.
Source: Annual budget documents from the Office of Management and Budget

Broward County, Florida - 126

CAPITAL ASSET STATISTICS BY FUNCTION - Table 19


Last Ten Fiscal Years

Fiscal Year
Function

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

1,100
3,594K

1,100
3,628K

1,100
3,663K

1,200
4,027K

1,200
4,160K

1,252
4,280K

1,252
6,100K

1,280
7,010K

1,280
7,788K

1,280
8,088K

Public Safety
Number of Fire Stations
Number of Jails

13
4

13
4

13
5

13
5

11
5

11
5

11
5

16
5

16
5

16
5

Transportation
Number of Bus Routes
Number of Buses

40
255

40
263

41
275

41
275

41
284

43
290

44
295

40
291

41
307

38
299

Culture and Recreation


Library Branches
Library Square Feet
Acres of Parks
Number of Parks

37
1.2M
6,526
61

38
1 3M
6,683
59

37
1.3M
6,670
54

37
1.3M
6,611
48

37
1.4M
6,554
49

38
1.2M
6,398
49

38
1.4M
6,399
53

37
1.4M
6,298
51

37
1.4M
6,231
50

38
1.4M
6,237
51

Business-Type Activities:
Aviation
Number of Airlines
Number of Gates
Number of parking Spaces

43
48
12,898

47
57
13,022

50
57
13,104

50
57
16,883

43
57
16,465

44
57
17,086

43
57
13,029

38
57
16,169

32
57
15,720

30
57
16,383

Port Everglades
Number of Passenger Terminals
Acres Paved

11
265 81

11
310.81

11
310.81

11
310.81

11
310.81

11
310.81

11
310.81

11
310.81

11
350 81

11
350.81

Water and Wastewater


Miles of Water Mains
Miles of Sewer Mains

660 00
308 63

660.00
324.60

682.00
349.51

681.00
351.73

681.00
351.73

683.17
352.18

683.17
372.24

700.95
483.55

699 24
500.51

699.44
499.94

Resource Recovery System


Landfill Cubic Yards Remaining

1,417K

1,260K

1,102K

938K

772K

544K

390K

250K

2,058K

1,950K

Governmental Activities:
General Government
Miles of Road
Square Feet of Buildings

Legend: M = millions, K = thousands, N/A = not available


Source: Various County Agencies

127 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

CONSTRUCTION, BANK DEPOSITS AND PROPERTY VALUE - Table 20


Last Ten Fiscal Years

Fiscal Year

Residential Construction(1)

Ended

Number

Value

Bank Deposits(2)

September 30

of Units

(InThousands)

(In Thousands)

Commercial

Residential

Nontaxable

$16,580,749
17,983,613
19,876,896
22,406,191
23,628,566
23,118,454
19,126,797
(5)
(5)
(5)

$28,068,170
30,727,816
33,628,504
37,330,332
41,371,471
48,236,120
55,832,915
58,510,788
61,917,645
59,405,599

$70,890,848
83,809,792
100,217,685
115,915,180
141,454,575
180,929,375
200,427,164
182,802,510
141,528,406
113,578,222

$23,394,227
29,752,587
37,867,051
45,489,222
57,736,030
78,843,175
88,247,206
81,280,987
61,968,982
50,360,983

2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

11,906
9,353
8,271
7,113
6,871
4,490
2,131
1,008
940
1,622

$1,449,822
1,201,955
1,015,733
954,991
1,030,954
763,969
293,978
150,188
198,111
200,341

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

Property Value (In Thousands)(3)

Sources:
(1) Sun-Sentinel Research Services
(2) Florida Bankers Association
(3) Broward County Property Appraiser Assessment Roll Recapitulation
(4) U.S. Census Bureau
(5) Discontinued by Florida Bankers Association

INSURANCE IN FORCE - Table 21


September 30, 2011

Type of Coverage

Insurer

Policy Number

Policy Period

Coverage Limits

Workers' Comp Excess


Govt. Crime Coverage
Aircraft Liab/PD Mosquito Control
Pollution Liability Fuel Tanks - County
Pollution Liability Fuel Tanks - Port
Pollution Liability Fuel Tanks - Aviation
Property/Wind&Flood Policy
GL- Aviation
GL- Aviation - Excess
Port Liability - Primary & Excess
Air Port Security Bond
SFWMD Maintenance Bond
GL Median Strip Hiatus Road
GL FPL Easement land at the Port
GL Virginia Office
Port Foreign Trade Zone Bond
GL on FPL Equipment @ 1 University Dr.
*GL-SW Reg Lib & W Young Ctr

National Union Fire Ins Co of Pittsburgh, PA


Fidelity & Deposit Co. Maryland
Westchester Fire Insurance Co
Liberty Surplus Insurance Corporation
Liberty Surplus Insurance Corporation
Indian Harbor Insurance
FM Global Primary & Various Excess Carriers
Ace American Insurance Co.
Lloyds of London
Transport Mutual (TT Club)
Western Sureity Company
Fidelity & Deposit Co. of Maryland
Scottsdale Insurance Co
Scottsdale Insurance Co
Hartford Casualty Insurance Co
Navigators Insurance Co
Markel International Insurance Co
Mt. Hawley Insurance Co.

XWC 488-0358
CCP006355104
AAC N05618708 003
TXE-NY-100583-019
TXE-NY-102934-019
PEC0033157
Various
AAP N00977500 007
N9905647
17043/2009/0001
460496606
30412278
CPS1292665
CPS1352897
21SBMFP8580
5960053100
MIR-101077
MGL0171972

09/30/10 - 09/30/11
04/18/11 - 04/18/12
08/17/11 - 08/17/12
09/28/10 - 09/28/11
09/28/10 - 09/28/11
09/28/10 - 09/28/11
02/01/11 - 02/01/12
11/04/10 - 11/04/11
11/04/10 - 11/04/11
12/31/10 - 12/31/11
10/12/10 - 10/12/11
03/17/11 - 03/17/12
01/21/11 - 01/21/12
02/13/11 - 02/13/12
10/31/10 - 10/31/11
02/15/11 - 02/14/12
02/13/11 - 02/13/12
06/25/11 - 06/25/12

Statutory
$10,500,000
5,000,000
5,000,000
5,000,000
10,000,000
1B(X/Wind/Flood)/295M(Wind/Flood)
100,000,000
100,000,000
50,000,000
100,000
5,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000

* City of Pembroke Pines is the named insured with Broward County Board of Commissioners and the School Board as additional insureds.

Broward County, Florida - 128

MISCELLANEOUS STATISTICAL DATA - Table 22


September 30, 2011

Population Density, 2011(1)


Population
Land Area in Square Miles
Developable Square Miles
Persons per Developable Square Mile

1,753,142
1,231
431
4,067

Population Projections, 2010-2030(1)


Natural Increase
Net Migration
Total Population Change

183,737
258,567
442,304

Year Established

Number of Employees

1915

11,400

Type of Government

Civilian Labor Force(1)

Charter, Elective 1975

992,049

Governing Body
Board of County Commissioners (9)

Municipalities (31)
Coconut Creek
Cooper City
Coral Springs
Dania Beach
Davie
Deerfield Beach
Fort Lauderdale
Hallandale Beach
Hillsboro Beach
Hollywood
Lauderdale-By-The-Sea

Lauderdale Lakes
Lauderhill
Lazy Lake
Lighthouse Point
Margate
Miramar
North Lauderdale
Oakland Park
Parkland
Pembroke Park
Pembroke Pines

129 - 2011 Comprehensive Annual Financial Report - Broward County, Florida

Plantation
Pompano Beach
Sea Ranch Lakes
Southwest Ranches
Sunrise
Tamarac
West Park
Weston
Wilton Manors

Broward County Constitutional Officers

CLERK OF
THE COURTS

Howard C. Forman
954-831-7019
www.browardclerk.org

PROPERTY
APPRAISER

Lori Nance Parrish


954-357-6830
www.bcpa.net

PUBLIC
DEFENDER

Howard Finkelstein
954-831-8650
www.browarddefender.org

CHIEF JUDGE
17TH JUDICIAL
CIRCUIT
Peter M. Weinstein
954-831-5506
www.17th.flcourts.org

SHERIFF

Al Lamberti
954-831-8900
www.sheriff.org

STATE
ATTORNEY

Michael J. Satz
954-831-6955
www.sao17.state.fl.us

SUPERVISOR
OF ELECTIONS
Dr. Brenda C. Snipes
954-357-7050
www.browardsoe.org

Finance and Administrative


Services Department
115 South Andrews Avenue
Fort Lauderdale, FL 33301
broward.org/accounting

OUR COMMITMENT
TO EXCELLENCE