2004-069 - Laserfiche WebLink

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Constitutional Officers, all departments controlled by the Board of County Commissioners, and outside State and local agencies submit their proposed budgets to the Office ofManagement and Budget for assistance, review and compilation. The County Administrator then reviews all County department, state agencies and nonprofit organizations budgets , and makes his budget recommendation to the Board of County Commissioners on or before July 15 of each year. The tentative budget includes proposed appropriations and the means of financing ' them. ' During September, public hearings are held pursuant to Section 200 . 065 , Florida Statutes, in order for the Board to receive public input on the tentative budget. At the end ofthe last public hearing, the Board enacts ordinances to legally adopt at the fund level the budgets for all governmental fund types . The budgets legally adopted by the Board set forth the anticipated revenues by source and the appropriations by function. Budgets for Enterprise and Internal Service funds are adopted on a basis consistent with generally accepted accounting principles . Computerized integrated budget reports are used for management control purposes throughout the year. Management is authorized to transfer budgeted amounts between objects and departments in any fund as long as the total appropriations of a fund are not exceeded . Board approval to amend the budget is required when unanticipated revenues are received that management wishes to have appropriated, thereby increasing the total appropriations of a fund . Appropriations for the County lapse at the close ofthe fiscal year. Cash Management In accordance with Section 218 . 415 , Florida Statutes, the County adopted an investment policy which guides the investment of County surplus funds . This policy establishes investment objectives, maturity and liquidity requirements , portfolio composition, risk and diversification requirements, and authorized investments . The primary objectives of investment activities are to preserve capital and maintain sufficient liquidity to meet ' anticipated cash flow needs . The secondary objective is to obtain competitive returns on the investment of County surplus funds . Surplus funds were invested in direct U . S . government obligations , U . S . agency obligations , the Florida Local Government Surplus Funds Trust Fund and the Florida Local Government Investment Trust Fund . During FY 2003 , County investments had yields ranging from 1 . 18 % to 7 . 50 % . The average yield of the portfolio as of September 30 , 2003 was 2 . 66 % . ' FINANCIAL INFORMATION Readers ofthis report are encouraged to read Management' s Discussion and Analysis (MD&A) . The MD&A provides basic financial information about the County and an overview of the County ' s activities . The government-wide financial statements , consisting of a statement of net assets and a statement of activities , provide a comprehensive financial picture ofthe County, split between governmental activities and business-type activities . These statements are prepared using the economic resources measurement focus and the accrual basis of accounting, where all assets, liabilities, revenues, and expenses ofthe County are reported. The fund financial statements provide information concerning the County' s funds and are prepared from the County' s accounting records . The County ' s accounting records for general governmental operations are maintained on a modified accrual basis, with revenues being recorded when available and measurable and expenditures being recorded ' when the services or goods are received and the liabilities are incurred . Accounting records for the County ' s proprietary funds are maintained on the accrual basis . The County operates on a fiscal year (FY) of October 1 to September 30 . iix