2018 Comprehensive Annual Financial Report

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CITY OF CASSELBERRY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS Continued September 30, 2018 OrganimrionandFIow of Financial Sectio nInfo rmarion Independent ziudirorsReport Ito -,ides the opinion of the sn&penderttAiuditors on the fair pre seraationof the tnsic financial statements. Management's Discussion and Analysis =leis supplementarvinformationisre;n,iredfor state andlocal governnentfinancial statements_ andisintendedto pro-,ide anarratiw introduction oveniew, andanal_ymis. Government -wide Financial Statements ._�roi3de s Information on govemmental andbusiness- type acti-hies of the prim ary -goverrmnent Fund Financial Statements Pro-%tde s 1rformation on the financial position of specific funds of the primary- fozerrmt era. Notes to Financial Statements Proi-i des a s-ummary of si Hifi cant acc oturting p oli ci e s and related di scl o sure s. Government -wide Financial Statements The government -wide financial statements, which consist of the following two statements, are designed to provide readers with a broad overview of the City's finances, in a manner similar to a private -sector business. The statement of net position presents information on all of the City's assets and deferred outflows of resources and liabilities and deferred inflows of resources, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. Additionally, nonfinancial factors, such as a change in the City's property tax base or the condition of City facilities and infrastructure, should be considered to assess the overall health of the City. The statement of activities presents information showing how the government's net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event, giving rise to the change, occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned, but unused vacation leave). Both of these financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business -type activities). The governmental activities of the City include general government, public safety, physical environment, transportation, economic environment, and culture/recreation. The business -type activities of the City include water and wastewater utilities and golf course operations. The government -wide financial statements can be found immediately following the MD&A.