FY 2009 Financial HighlightsN+ H
N4
GROUP
'rhe information presented has been derived from the Basic
Financial Statements and information provided by the
Village. It is not intended to be a financial report under
generally accepted accounting principles.
THE VILLAGE OF
NORTH PALM BEACH,
FLORIDA
FINANCIAL
HIGHLIGHTS
FOR THE YEAR ENDED
SEPTEMBER 30, 2009
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 majority
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, 2009)
DAVID B. NORRIS
MAYOR
WILLIAM L. MANUEL
VICE MAYOR
DARRYL C. AUBREY
PRESIDENT PRO TEM
EDWARD M. EISSEY
COUNCIL MEMBER
T.R. HERNACKI
COUNCIL MEMBER
JIMMY KNIGHT
VILLAGE MANAGER
SAMIA JANJUA
DIRECTOR OF FINANCE
MELISSA TEAL
VILLAGE CLERK
N+ H
N4
GROUP
'rhe information presented has been derived from the Basic
Financial Statements and information provided by the
Village. It is not intended to be a financial report under
generally accepted accounting principles.
THE VILLAGE OF
NORTH PALM BEACH,
FLORIDA
FINANCIAL
HIGHLIGHTS
FOR THE YEAR ENDED
SEPTEMBER 30, 2009
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 majority
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.
follows:
Total revenues increased 6.0% over 2008.
The increase 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.
m Pubnc Safety ■Public Works
❑Leis re vice esReaeatian ❑Ceneral ty enl
■Debt SerNcec ®Community Dev &Planning
_ 1 csapmw,.uay _
$25,000,000
$20,000,000 - - --
$15,000,000
$10,000,000
$5,000,000
a-
2005 2006 2007 2008 2009
Components of expenditures changed as
follows:
2008
2009
(Decrease)
%d Valorem Taxes
$11,915,355
$11,917,359
$2,004
)ther Local Taxes
1,505,990
1,383,664
(122,326)
�mnchise &Utility Taxes
3,230,633
3,495,833
265,200
ntergovernmental
1,231,871
2,199,801
967,930
,harges for Services
1,266,774
1,684,718
415,944
,icenses & Permits
1,047,144
880,016
(167,128)
Merest
194,652
(1,345)
(195,997)
)ther
373,412
445,795
72,383
Total
$20,767,831
22,005,841
$1,238,010
Total revenues increased 6.0% over 2008.
The increase 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.
m Pubnc Safety ■Public Works
❑Leis re vice esReaeatian ❑Ceneral ty enl
■Debt SerNcec ®Community Dev &Planning
_ 1 csapmw,.uay _
$25,000,000
$20,000,000 - - --
$15,000,000
$10,000,000
$5,000,000
a-
2005 2006 2007 2008 2009
Components of expenditures changed as
follows:
Total expenditures increased 5.4% from 2008,
with the most significant increases being capi-
tal outlay and debt service. The increase in
capital outlay was primarily due to Anchorage
Park improvements and the new tennis com-
plex. The increase in debt service was due to
the early retirement of three outstanding loans.
General Fund Unreserved
Fund Balance
The following graph presents the general fund
unreserved fund balance (available,
spendable resources) for the past five years.
$12,000,000
$10,000,000
$8,000,000
$6,000,000 —
54,000,000 -
$2,000,000 --
$-
2005 2006 2007 2008 2009
General fund unreserved fund balance at
September 30, 2009 was $10,058,216. This rep-
resents approximately 55% of expenditures for
fiscal year 2009.
Country Club Operations
The following chart presents the
operating revenues and expenses for
the Country Club for the past five years.
— ... Yvue yr .e ..Uea aaau en}�euaea
changed as follows:
Increase
2008 2009 (Decrease)
Operating Revenue $3,616,509 $ 3,404,859 $ (211,650)
Operating Expenses 3,045,242 3,077,469 32,227
Operating income (loss) 571,267 327,390 (243,877)
Nonoperating revenues (expenses) (222,576) (223,690) 1,114
Income (loss) $348,691 $ 103,700 $ (242,763)
The decline in the operating revenue
was most prominent in the area of Club
memberships, which is directly tied to
the struggling economy.
Increase
2008
2009
(Decrease)
Public Safety
$ 7,056,833
$ 6,835,730
$ (221,103)
Public Works
3,725,450
3,432,556
(292,894)
Leisure Services- Recreation
2,876,840
2,898,252
21,412
General Government
2,246,461
1,970,257
(276,204)
Debt Service
859,932
1,439,460
579,528
Community Dev. & Planning 840,366
784,486
(55,880)
Capital Outlay
2,597,065
3,939,455
1,342,390
Total
$20,202,947
$21,30D,196
$ 1,097,249
Total expenditures increased 5.4% from 2008,
with the most significant increases being capi-
tal outlay and debt service. The increase in
capital outlay was primarily due to Anchorage
Park improvements and the new tennis com-
plex. The increase in debt service was due to
the early retirement of three outstanding loans.
General Fund Unreserved
Fund Balance
The following graph presents the general fund
unreserved fund balance (available,
spendable resources) for the past five years.
$12,000,000
$10,000,000
$8,000,000
$6,000,000 —
54,000,000 -
$2,000,000 --
$-
2005 2006 2007 2008 2009
General fund unreserved fund balance at
September 30, 2009 was $10,058,216. This rep-
resents approximately 55% of expenditures for
fiscal year 2009.
Country Club Operations
The following chart presents the
operating revenues and expenses for
the Country Club for the past five years.
— ... Yvue yr .e ..Uea aaau en}�euaea
changed as follows:
Increase
2008 2009 (Decrease)
Operating Revenue $3,616,509 $ 3,404,859 $ (211,650)
Operating Expenses 3,045,242 3,077,469 32,227
Operating income (loss) 571,267 327,390 (243,877)
Nonoperating revenues (expenses) (222,576) (223,690) 1,114
Income (loss) $348,691 $ 103,700 $ (242,763)
The decline in the operating revenue
was most prominent in the area of Club
memberships, which is directly tied to
the struggling economy.