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Financial Report
Broward County, Florida
Fiscal Year Ended September 30, 2011
OUR COMMITMENT
TO EXCELLENCE
2011
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:
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
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
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
21
22
23
25
26
27
29
30
31
32
24
62
63
65
66
69
70
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
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
2006 Professional Sports Facilities and Civic Arena Bonds Debt Service Fund
Half-Cent Sales Tax Revenue Bonds Debt Service Fund
Proprietary Funds
91
93
99
100
101
103
104
Fiduciary Funds
96
97
98
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
110
111
Aviation Fund
STATISTICAL SECTION
Financial Trends
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
121
121
122
122
123
123
124
124
125
126
127
128
128
129
Debt Capacity
Miscellaneous
Introductory Section
Margie Grimes
Park Manager V
Parks and Recreation
Division
Certificate of Achievement
Organizational Chart
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,
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
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.
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.
Billions
2008
2009
Year
2010
2011
Investment Yields
Percent
6
5
4
3
2
1
0
2007
2008
2009
Year
2010
2011
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
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
Human Services
Department
Environmental
Protection
and Growth
Management
Department
Financial Section
Report of Independent Auditors
Managements Discussion and
Analysis
Basic Financial Statements
Required Supplementary
Information
Combining and Individual
Fund Financial Statements
and Schedules
OUR COMMITMENT
TO EXCELLENCE
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.
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.
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.
11.
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
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
Governmental Activities
Revenue Sources
Fiscal Year 2011
8%
27%
4% 3%
Taxes
58%
Charges for
Services
Operating Grants
Other
Capital Grants
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
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
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
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:
Basic Financial
Statements
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
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
$ 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
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)
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)
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)
948,616
6,998
955,614
179
(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
5,695
1,303
688,641
62,035
82,974
45,578
35,503
22,759
18,124
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
$ 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
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
$ 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
(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
(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)
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)
PROPRIETARY FUNDS
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
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.
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
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
167,838
99,545
94,918
103,020
4,656
469,977
116,457
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
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
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
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)
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)
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
788
Agency Funds
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.
COMPONENT UNITS
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
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
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
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
42,837
1
2,312
926
117
55
Note
Page
1.
33
2.
42
3.
Capital Assets
43
4.
Long-Term Obligations
46
5.
Self-Insurance
53
6.
54
7.
55
8.
55
56
10.
Pension Costs
56
11.
56
12.
58
13.
Subsequent Events
60
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.
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
$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
103,014
Customers' deposits
8,961
Unearned revenue
211
295
Total
$136,570
$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.
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.
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
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.
$
$
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
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%).
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
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.
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
Ending
Balances
653
653
$ 1
1
1,115
20,701
21,816
1
$ 1
480
15,550
16,030
5,786
$ 6,439
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 $
7,317 $
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.
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
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
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
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.
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
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
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
$22,275
$ 30,875
$ 64,944
$13,997
$233,205
Description of debt
Purpose of debt
Term of commitment
Percentage of debt service to
pledged revenues (current year)
2,476
$ 7,390
Tourist Development Tax
Special Revenue
Refunding Bonds
(Convention Center),
Series 2004
8,893
$ 451,082
Half-Cent Sales Tax Revenue
Bonds, Series 2010 A, B, & C
To refund Tourist
Development Tax Bonds
Series 1994
2007-2028
2005-2013
2011-2041
62.8%
8.0%
13.7%
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
Improvement and
Refunding
2013-2030
63.0%
47.9%
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
Liability
Claim
Payments
$22,667
$24,930
Liability
September30
$93,221
$98,535
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.
Liability 9/30/11
Davie
Landfill
$ 1,182
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.
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.
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
29.0%
$9,646
32.1%
$6,657
36.4%
$45,766
26.4%
$33,670
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.
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%
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
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
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
Required
Supplementary
Information
OUR COMMITMENT
TO EXCELLENCE
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
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
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
Actual
Amounts
2,109
(93)
(61)
17
(11,573)
(12)
307
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.
OUR COMMITMENT
TO EXCELLENCE
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
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
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.
Convention Center Capital Projects Fund - To account for the improvements to the Convention Center.
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.
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
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
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
Water
Control
Districts
$5,792
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
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
Sheriff
Special
Revenue
284
4,024
Total Expenditures
Water
Control
Districts
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
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
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
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
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
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
$ -
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
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
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
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
65
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
103
258
155
$
155
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
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
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
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
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
13
(764)
(760)
(764)
(760)
(751)
751
(751)
751
$ -
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
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)
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)
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
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
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
(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
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
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.
Print Shop Fund - To account for printing services provided to other County offices.
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
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
563
20
1,207
274
715
Total
495
Water
Management
172
1,207
1,332
Operating Expenses:
Personal Services
General Operating
Depreciation
Unincorporated
Area Waste
Collection
$
$
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
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
$ 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
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
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
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.
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
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
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
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
(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
$ 5,868
$ 9,970
$ 3,837
$ 10,324
$ 29,999
$ 22,531
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
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
$ 682,200
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:
$ 38,850
30,901
(13,826)
$ 55,925
159%
125%
AVIATION FUND
Schedule of Lien Bond Sufficiency Test
for the fiscal year ended September 30, 2011
(Dollars in Thousands)
$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%
105%
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
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)
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
Maximum
Annual Debt
Service
$
934
413
624
2,151
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.
Statistical
Section
Page
OUR COMMITMENT
TO EXCELLENCE
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
$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
$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
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
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
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
65,487
83,981
83,082
91,785
100,752
101,953
107,256
116,139
115,647
112,002
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)
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
21,559
22,223
21,988
23,788
19,115
27,306
24,719
24,255
19,606
19,363
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
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
76,289
77,788
82,322
86,881
90,545
91,142
95,768
108,085
109,607
114,051
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)
$590,595
$662,098
$715,163
$786,060
$869,511
$926,865
$900,243
$862,250
$769,207
$688,641
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
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
Primary Government
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
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%
6 94%
7.81%
6 85%
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
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
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%
Taxes Levied
Fiscal
Year
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
for the
Total
Property
Fiscal Year
Adjusted
Tax
Net Tax
Levy
Discount
Levy
$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
$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
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.
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
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
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
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
$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
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
$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
$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
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
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
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
-
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
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%
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
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
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
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
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
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
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
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
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
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)
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
Type of Coverage
Insurer
Policy Number
Policy Period
Coverage Limits
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.
1,753,142
1,231
431
4,067
183,737
258,567
442,304
Year Established
Number of Employees
1915
11,400
Type of Government
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
Plantation
Pompano Beach
Sea Ranch Lakes
Southwest Ranches
Sunrise
Tamarac
West Park
Weston
Wilton Manors
CLERK OF
THE COURTS
Howard C. Forman
954-831-7019
www.browardclerk.org
PROPERTY
APPRAISER
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
OUR COMMITMENT
TO EXCELLENCE