Lake Worth's Financial Highlights
- The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows by $ 167,898,237. Of this amount, $ 1,254,600 represents unrestricted net position, which may be used to meet the City’s ongoing obligations to citizens and creditors. The City’s total net position at September 30, 2017 increased by $ 1,754,387 as a result of this year’s operations.
- At the end of the current fiscal year, the governmental funds reported combined fund balances of $ 29,462,340, an increase of $ 20,939,682 in comparison to the prior year. The significant decrease is due to unspent bond proceeds from the General Obligation Bonds issued during the fiscal year. Of the total fund balances reported in governmental funds, $ 4,406,420 was unassigned in the General Fund. This was a decrease of $ 1,189,717 from 2016.
- At September 30, 2017, the governmental activities had total loans outstanding balance of $ 23,240,597, an increase of $ 22,391,151 in comparison to the prior year. The significant increase is mainly due to the General Obligation Bonds Series 2017 issued during the fiscal year in the amount of $ 22,272,286 to fund roadway improvements within the City.
- At September 30, 2017, the Utilities Department had total loans outstanding of $ 67,469,081 including a revenue bond in the amount of $ 39,565,000 and a state revolving loan in the amount of $ 6,060,823 which was obtained to help fund the construction of the Reverse Osmosis Water Treatment Plant and a note payable for $ 21,843,258. The purpose of the revenue bond was to refund previously issued outstanding revenue bonds, refund prior debt with the Florida Municipal Power Agency (FMPA) to fund improvements to the electrical distribution system and to provide funding for the City’s potable water system in the form of a Reverse Osmosis Water Treatment Plant. The note payable of $ 21,843,258 was obtained to fund the agreement that the City entered into with Siemens Industry, Inc. for the installation of certain energy savings infrastructure and equipment throughout the City.
2017 Lake Worth Audit
5 comments:
The increase is partially due to PBSO, the ops we never see. Great.
the increase is warranted right.pbso says crime is down.if you believe that keep smoking what you are then go ask the citizens who have been attacked,robed or any other attack if crime is down.then ask them if their situation has been solved or not
Where are the police in Lake Worth?
They should bring back the LWPD!
What is really bothersome too about the PBSO and the LWPD that switched over from LW to PBSO are getting two pensions, some are getting theirs now from LWPD and then will get a second one when they get done with PBSO, it really doesn't seem fair that the city, county, and state would allow this, it seems unfair and double dipping.
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