FY 2010 Financial HighlightsTHE VILLAGE OF
NORTH PALM BEACH,
FLORIDA
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FINANCIAL
HIGHLIGHTS
+1
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GROUP FOR THE YEAR ENDED
The information presented has been derived from the Basic SEPTEMBER 30, 2010
Financial Statements and information provided by the
Village. It is not intended to be a financial report under
generally accepted accounting principles.
About the Village of North Palm Beach
The Village of North Palm Beach is
primarily a residential community, having
been incorporated as a political subdivision
of the State of Florida in 1956. The
registered population of the Village is
approximately 13,000, which increases to
approximately 18,000 during the winter
months. Residents are generally in the
middle to upper income brackets.
Located in the northeastern quadrant
of Palm Beach County, Florida, the Village
has an abundant amount of waterfront
property created by a number of lakes,
canals, and the Atlantic Ocean.
The governing body of the Village con-
sists of a Five member Village Council, each
of whom is elected to two-year overlapping
terms. The Mayor is selected by mgiority
vote of the Council and serves for a term of
one year. Day to day affairs of the Village
are under the leadership of a Village
Manager who is appointed by the Council.
PRINCIPAL OFFICIALS
(AT SEPTEMBER 30, 2010)
WILLIAM L. MANUEL
MAYOR
DARRYL C. AUBREY
VICE MAYOR
DAVID B. MORRIS
PRESIDENT PRO TEM
ROBERT A. GEBBIA
COUNCIL MEMBER
T.R. HERNACKI
COUNCIL MEMBER
JIMMY KNIGHT
VILLAGE MANAGER
SAMIA JANJUA
DIRECTOR OF FINANCE
MELISSA TEAL
VILLAGE CLERK
THE VILLAGE OF
NORTH PALM BEACH,
FLORIDA
b;
4
if
t* ;
FINANCIAL
HIGHLIGHTS
+1
10
GROUP FOR THE YEAR ENDED
The information presented has been derived from the Basic SEPTEMBER 30, 2010
Financial Statements and information provided by the
Village. It is not intended to be a financial report under
generally accepted accounting principles.
About the Village of North Palm Beach
The Village of North Palm Beach is
primarily a residential community, having
been incorporated as a political subdivision
of the State of Florida in 1956. The
registered population of the Village is
approximately 13,000, which increases to
approximately 18,000 during the winter
months. Residents are generally in the
middle to upper income brackets.
Located in the northeastern quadrant
of Palm Beach County, Florida, the Village
has an abundant amount of waterfront
property created by a number of lakes,
canals, and the Atlantic Ocean.
The governing body of the Village con-
sists of a Five member Village Council, each
of whom is elected to two-year overlapping
terms. The Mayor is selected by mgiority
vote of the Council and serves for a term of
one year. Day to day affairs of the Village
are under the leadership of a Village
Manager who is appointed by the Council.
Governmental Revenues
The following graph presents revenues of
the Village's governmental funds for the past
five years.
®Taxes IIaLLrgoveramrnsal
❑Charges Por Services ❑Licrnses &Permits
■Int-1 DOthcr
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15,000,000
10,000,000 '.1
S
S,000,OOD
—
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zoos zooz zoos zaov zalo
Components of revenue changed as
follows:
Total revenues decreased 8.6% over 2009.
The decrease was primarily due to grant
funding for capital projects.
Governmental Expenditures
The following graph presents total
expenditures of the Village's governmental
funds for the past five years.
s 15,00o,00o
sm,non,con
55,000,000
S-
2006 2007 2008 2009 2010
Components of expenditures changed as
follows:
$10,000poo
Increase
2009 2010
2009
2010
(Decrease)
AdWoremTaxes
$11,917,359
$11,053,128
$ (864,231)
Othe, Local Taxes
1,383,664
1,381,022
(2,642)
Franchise & Utility Taxes
3,495,833
3,465,703
(30,130)
Intergovernmental
2,199,801
653,441
(1,546,360)
Charges for Services
1,664,718
1,944,245
259,527
Licenses & Permits
860,016
910,997
30,981
Interest
(1,345)
280,218
281,563
Other
445,795
420,110
(25,685)
Total
$22,005,841
$ 20,108,864
$(1,896,977)
Total revenues decreased 8.6% over 2009.
The decrease was primarily due to grant
funding for capital projects.
Governmental Expenditures
The following graph presents total
expenditures of the Village's governmental
funds for the past five years.
s 15,00o,00o
sm,non,con
55,000,000
S-
2006 2007 2008 2009 2010
Components of expenditures changed as
follows:
Total expenditures decreased 8.6% from 2009,
with the most significant decrease being
capital outlay. The decrease in capital outlay
was primarily due to Anchorage Park
improvements and the new tennis complex
that were completed in 2009.
General Fund Unreserved
Fund Balance
The following graph presents the general fund
undesignated fund balance (available,
spendable resources) for the past five years.
$12,000000
$10,000poo
Increase
2009 2010
2009
2010
(Decrease)
Public Safety
$ 6,835,730
$ 7,021,231
$ 165,501
Public Works
3,432,556
3,887,034
454,478
Leisure Services- Recreation
2,898,252
2,361,388
(536,864)
General Government
1,970,257
2,496,342
526,085
Debt Service
1;439,460
2,254,384
814,924
Community Du. & Planning
784,486
774,121
(10,365)
Capital Outlay
3,939,455
663,582
(3,275,873)
Total
$ 21,300,196
$19,458,082
$ (1,842,114)
Total expenditures decreased 8.6% from 2009,
with the most significant decrease being
capital outlay. The decrease in capital outlay
was primarily due to Anchorage Park
improvements and the new tennis complex
that were completed in 2009.
General Fund Unreserved
Fund Balance
The following graph presents the general fund
undesignated fund balance (available,
spendable resources) for the past five years.
$12,000000
$10,000poo
$8,000.000
$6,000,000
$4,000,000
$2,000,000
x-
2009 2010
—
—
—
$ (177,279)
Operating Expenses 3,077,469 3,205,053
127,584
Operating income (loss) 327,390 22,527
(304,863)
Nonoperating revenues (expenses) (222,576) (123,167)
(99,409)
Income (loss) $104,814 $ (100,640)
--
— -
2006 2007 2008 2009 2010
General fund undesignated fund balance at
September 30, 2010, was $10,443,099. This
represents approximately 54% of expenditures
for fiscal year 2010.
Country Club Operations
The following chart presents the
operating revenues and expenses for
the Country Club for the past five years.
components of revenues ano expenses
changed as follows:
Increase
2009 2010
(Decrease)
Operating Revenue $ 3,404,859 $ 3,227,580
$ (177,279)
Operating Expenses 3,077,469 3,205,053
127,584
Operating income (loss) 327,390 22,527
(304,863)
Nonoperating revenues (expenses) (222,576) (123,167)
(99,409)
Income (loss) $104,814 $ (100,640)
$ (404,272)
'The decline in the operating revenue
was most prominent in the area of Club
memberships, which is directly tied to
the struggling economy. The increase
in operating expenses was primarily
due to start up expenses from the
Village assuming operations of the
restaurant.