The new Comprehensive Annual Financial Report for the City of Biloxi, a report that provides detailed financial information on the city, is now available exclusively online at biloxi.ms.us.
The 120-page full-color document uses graphics, bar charts and balance sheets to provide an accurate and complete financial position of the city, as of Sept. 30, 2002, the end of the most recent fiscal year.
A 10-page overview, known as a Letter of Transmittal, in the CAFR reports that in FY ’02 funds from the tax on gaming revenue increased slightly, while sales tax collections for the year were a half million dollars below the previous year. The end result: the increase in casino revenue offset the decrease in sales tax decrease, resulting in a $300,000 increase in revenue from FY ’01 to FY ’02. The report also noted that in FY ’02 the city had 59 major improvement projects in progress, totaling $79 million.
The CAFR — which will be sent to credit-rating agencies, regulators and those interested in a detailed financial analysis of the city – also includes a section that traces the city’s departmental spending over the past 10 years.
Among the trends revealed in the 10-year review section:
–The city’s revenue in the past decade – the total collected from property taxes, the tax on casino gaming revenue, and money collected from the increasing number of licenses and permits, and charges for services – has doubled FY ’93 ($29.4 million) to FY 2002 ($62.3 million).
–The city’s expenditures in the past 10 years – the total amount of money spent in various city departments and paid on long-term debt – has nearly tripled, from FY ’93 ($26.6 million) to FY ’02 ($72.0 million). (The reason annual expenditures are larger than annual revenue is because long-term improvements are being funded through long-term bonds.)
–The city spent $930,000 on major projects and equipment in FY ’93 vs. $18.0 million in ’02.
–The amount of the principal payments the city has had to make on its long-term debts has been reduced from $6.47 million in ’93 to $2.62 million in FY ’02.
The CAFR, which also contains the independent audit of the city, was compiled by the city’s controller, Bill Lanham, who is also a certified public accountant. It was designed by The Ad Group.
The document is on the web site as a PDF, and users can click on items in its Table of Contents to quickly see selected sections. To read the CAFR, click here
