2018 Comprehensive Annual Financial Report

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CITY OF CASSELBERRY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS Continued September 30, 2018 Fiduciary Funds The City maintains a pension trust fund as its one type of fiduciary fund. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government -wide financial statement because the resources of those funds are not available to support the City's own programs. The accounting used for fiduciary funds is similar to proprietary funds. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government -wide and fund financial statements. Other Information In addition to the basic financial statements and accompanying notes, required supplementary information is included which presents schedules for the Other Postemployment Benefits Plan, schedules for the Police Officers' and Firefighters' Pension Plan, Florida Retirement System pension and Health Insurance Subsidy and budgetary comparison schedules for the City's General Fund, Stormwater Fund, Community Redevelopment Agency Fund and Infrastructure Surtax Fund. Required supplementary information can be found following the notes to the financial statements. The combining statements referred to earlier in connection with non -major governmental funds are presented in the other supplemental information section of this report. Combining and individual fund schedules for non -major funds can be found after the required supplementary information. Government -wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of a government's financial position. In the case of the City, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $139,541,169 at the close of the fiscal year ended September 30, 2018. Net position is comprised of three categories: Net Investment in Capital Assets, Restricted Net Position and Unrestricted Net Position. At the end of fiscal year 2018, the City is able to report positive balances in all three categories of net position, both for the government as a whole, as well as for its separate governmental and business -type activities. The largest portion of the City's net position ($102,227,121 or 73.26%) reflects its investment in capital assets (e.g., land, buildings, and equipment); less any related outstanding debt used to acquire those assets. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City's investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. The City has restricted net position ($13,712,109) for construction projects, debt service, police public safety activities, building code enforcement, and other purposes. The remaining balance of unrestricted net position ($23,601,939) may be used to meet the government's ongoing obligations to citizens and creditors.