In its notes to the financial statements the City of St. Petersburg, Florida provided the following information about the amounts and classifications for the St. Petersburg fund balances. Use the information provided by St. Petersburg to complete this case.
Required
a. St. Petersburg lists a number of non spendable fund balances. Explain what characteristic(s) the advances would need to possess to be classified as non-spendable. Explain possible characteristics the Library fund balance possesses that would cause it to be classified as non spendable.
b. Identify where St. Petersburg has reported unassigned fund balances and discuss whether you agree with St. Petersburg's decision and why.

Transcribed Image Text:

CITY OF ST. PETERSBURG Notes to the Basic Financial Statements 5 For the Fiscal Year Ended September 30, 2013 Local Option Redevelopment Redevelopment Sales Surtax Non major Governmental General Districts DIstrict Improvement Grants Governmental Non Spendable Advances From Other 4,315,069 238,396 130,803 4,315,069 238,396 130,803 Kopsick Palm Arboretum Prepaid Deposit and 452,771 4467,8400 16,459 385,658 5153,538 6,864,476 12,144,695 23,528,151 -10,192,465 Total Non Spendable Redevelopment Districts 1,860,448 $5,004,028 Public Safety Capital City & Neighborhood Recreation and Culture 12,144,696 23,528,151 10,192,465 2,179,872 Capital Improvement City Facilities Capital Fire Rescue and EMS Awards Debt Service Payments Public Safety Housing Assistance Recreation and Culture Building Code Enforcement_ 29,271 9,491,193 3,242,792 1,114,968 367,011 9,335,574 3,139,748 367,011 26,353,546 2,179,872 29,271 9,491,193 3,242,792 1,114,968 9,702,585 3.15%/48 81,630,216 Total Restricted 48 045,183 5D 1,860,448 5,004,028 General Capital 2,853,733 2,853,733 588,020 588,020 Housing Capital 44,560 7,500 44,560 Land sale proceeds 7,500 Community Downtown Local Option Total Non major Govemmental General District Improvement Grants Govermea Funds Committed (continued) Economic Stablity and Preservation Projects Operating reapproprations Qualified Target Industry 22,819,412 924,482 1,036,848 一22,819,412 -924,482 ー1,036,848 QTD Tax 18,000 258,782 18,000 11.276,550 11,535,332 14,762,863 39,827,887 Recreation and Culture Total Cornmitted General Capital mprovement Housing Capital 339,496 ー 16,527,842 ー668729 2,307,3572,307.357 339,496 16,587,842 Downtown Parking Garage Improvement Recreation and Culture N31 1,11 20,911,313 20,911,313 Unassigned Total Fund Balances 21667)10175 895 S352,01 1.012_p51./ 1:3 多1%//iglijt.p, SJUT3),OS $40,030,426 $1850.48 55004028 $1,2詣it1,4裫 g-i,cipuim saanpǐ !