HomeMy WebLinkAboutCity of Venice - Public Financial Report
City of Venice, Florida
Popular Annual Financial Report
For the Fiscal Year
October 1, 2020 through September 30, 2021
Citizens’ Guide to City Finances
ABOUT THIS REPORT:
The purpose of the Popular Annual Financial Report (PAFR) is to increase awareness, accountability, and
transparency for the City’s financial information.
Although this report is largely based on the City’s 2021 Annual Comprehensive Financial Report, this
report is not prepared in accordance with generally accepted accounting principles (“GAAP”).
Additionally, information is presented in an easy-to-read, summarized manner and certain financial
statements and note disclosures required by GAAP are omitted. A copy of the City’s audited 2021 Annual
Comprehensive Financial Report, which is prepared in accordance with GAAP and contains much more
detailed information, is located at www.venicegov.com
Click here to view 2021 Annual Comprehensive Financial Report
About this report ..................................................................... Inside Front Cover
Finance Director’s Message .............................................................................. 1
Mayor and Council ............................................................................................ 2
General Fund Revenue ...................................................................................... 3
General Fund Expenditures ............................................................................... 4
Property Taxes .................................................................................................. 5
How Your Tax Dollars Are Spent Each Month .................................................... 6
Construction Permits/Principal Employers ........................................................ 7
Cash & Investments .......................................................................................... 8
Financial Position Statement (Balance Sheet) ................................................... 9
General Information ......................................................................................... 10
Awards ............................................................................................................. 11
Contact Information ......................................................................................... 12
What’s inside the report
City of Venice 2021 POPULAR ANNUAL FINANCIAL REPORT 1
Message from the Finance Director
Dear City of Venice Citizens, We understand the importance of being accountable for the proper management of public funds and are happy to present the Fiscal Year 2021 Popular Annual Financial Report: Citizens’ Guide to City Finances, the eighth edition of our award-winning report about Venice’s fiscal health. I thank you for taking this opportunity to better
understand how your tax dollars are spent and to learn more about how our City operates. My responsibilities include serving as the City’s independent Chief Financial Officer, Auditor and Treasurer.
I am dedicated to providing clear, concise information about how taxpayer money is managed, as part of my
commitment to increasing transparency and accountability in government. Each year, the Finance Department reviews an array of data that measure the financial strength of the City of
Venice. In addition to examining how much of your tax money is
collected and spent, the team evaluates other key metrics that affect
our city’s fiscal well-being.
The Popular Annual Financial Report: Citizens’ Guide to City
Finances is one of the many useful financial publications available
on our website at www.venicegov.com. For a more in-depth view
of City finances, please review our Annual Comprehensive Financial
Report, which serves as the basis for much of the information you’ll
find in this report.
Thank you for your trust in me as your Finance Director. I am proud to serve as your public watchdog.
Best Regards,
Linda Senne
Linda Senne, CPA, CGFM, CGMA, has been with the City of Venice since December, 2010. Prior to her
September, 2016 promotion to Finance Director, she served as the city’s controller. Before
joining the City, she was the Deputy Financial Services Director/Controller for the City of
Cape Coral. Linda is responsible for managing the City’s Financial Management System
including accounting, financial reporting, treasury, cash management and investments,
debt issues, payroll, grant coordination, capital assets, capital construction projects, and
customer billing services. Ms. Senne worked for the Office of the State Auditor in North
Dakota for 13 years prior to joining the City of Cape Coral. While working for the State of
North Dakota she was selected by the National Auditor’s Association to be on the quality
review team for the States of Rhode Island and Alabama. Linda attended Moorhead State
University-Minnesota where she earned a B.S. in Accounting and has been a Certified Public Accountant since 1988.
City of Venice 2021 POPULAR ANNUAL FINANCIAL REPORT 2
Ron Feinsod Nick Pachota Jim Boldt Mitzie Fiedler Mayor Vice-Mayor Council Member Council Member Rachel Frank Helen Moore Joe Neunder Council Member Council Member Council Member
CHARTER OFFICERS Edward Lavallee Kelly Michaels Kelly Fernandez City Manager City Clerk City Attorney
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CITY COUNCIL’S VISION STATEMENT:
Maintain Venice as a vibrant, charming, historic community in which to live, learn,
work, and play.
CITY OF VENICE, FL 2021 POPULAR ANNUAL FINANCIAL REPORT 3
Property tax
$18,917,460
48.51%
Investment Income
$24,485
0.06%
Transfers in
$4,155,419
10.66%
Charges for services
$2,042,030
5.24%
Intergovernmental
$4,871,740
12.48%
Fees & Fines
$33,157
0.09%
Other taxes
$3,281,811
8.42%
Franchise fees
$2,576,962
6.61%
Communications
Service Tax
$1,355,787
3.48%Licenses and permits
$551,490
1.41%
Miscellaneous
$1,184,284
3.04%
GENERAL FUND REVENUE
For the year ended September 30, 2021 $38,994,625
CITY OF VENICE, FL 2021 POPULAR ANNUAL FINANCIAL REPORT 4
Venice has more than 30 parks ranging in size
from tiny pocket parks to the beach along the
Gulf of Mexico. Some of the more unique parks
include Paw Park, where dogs may romp on the
beach, and Venetian Waterway Park, where
people may bike and hike on a 5-mile stretch
along both sides of the Intracoastal Waterway.
Click here for a directory of our parks
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GENERAL FUND EXPENDITURES
FOR THE YEAR ENDED SEPTEMBER 30, 2021
City of Venice 2021 POPULAR ANNUAL FINANCIAL REPORT 5
PROPERTY TAXES
Sarasota County
General Revenue
19.30%
Sarasota County
Legacy Trail
0.38%
Sarasota Memorial
Hospital
6.02%
SW FL Water
Management
District
1.46%
Sarasota School
Board
44.27%Mosquito Control0.29%
City of Venice -
Operating & Debt
28.05%
West Coast Inland
Navigation
0.23%
An average single family residence located within the City of Venice
with an assessed value of $205,900 (Taxable Value of $155,900)
would receive an annual tax bill of $2,727.13. Of that amount, the
City of Venice would receive $765.56 or $63.80 per month.
CITY OF VENICE 2021 POPULAR ANNUAL FINANCIAL REPORT 6
Fire & EMS, $23.26 Public Works, $4.92
Police, $19.06
Parks & Recreation,
$3.07 General
Government, $13.49
The annual taxes for 2021 that are paid to the City of Venice for a
home with a taxable value of $155,900 is $765.56 (or $63.80 per
month). The chart above illustrates what you are “purchasing” each
month with your tax payment.
Venice was ranked as the country's #1
snowbird destination in 2021-22 in a
StorageCafe listing in October. It states
Venice "frequently ranks in lists of pleasant
places to live and the average October–March
temperatures are a cozy 73.5 °F.”
HOW YOUR TAX DOLLARS ARE SPENT
CITY OF VENICE 2021 POPULAR ANNUAL FINANCIAL REPORT 7
7,704
5,811
3,999 3,583
2,228
1,305 785 678 589 403
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Principal Employers -Sarasota County
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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3,969 4,456 4,950
5,148 5,083
5,424
5,826
5,335
5,720Construction Permit Fees No. of Permit Applications
CONSTRUCTION PERMITS
The graph above represents the total number of construction permit applications and building permit
fees collected since 2012. The types of permits included are building, plumbing, electrical, mechanical,
and various other permits.
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Source: Sarasota County ACFR
City of Venice 2021 POPULAR ANNUAL FINANCIAL REPORT 8
The City’s investment policy is governed by state statute and city ordinance.
State law requires collateralization of all deposits with federal depository insurance,
eligible securities, or surety bonds having an aggregate value at least equal to the
amount of deposits. The City’s investment policy requires the minimum collateral
level to be 102% of market value of principal and accrued interest. The city is
authorized to invest its surplus public funds in Local Government Investment Pools
(LGIP), obligations of the U.S. Treasury, agencies and instrumentalities of the U.S.
Government, and interest-bearing time deposits with banks and/or savings and loans
who qualify as “authorized depositories” under Florida law. The City maintains a pool
of cash and investments in which each fund participates on a dollar equivalent and
transaction basis.
The primary objective of the city’s cash and investment strategy is the safety of
investments, including preservation and protection of the investment principal. As of
September 30, 2021, the City’s fair market value of its pooled cash and investments
total was $ 119,311,397 (excluding the pension trust funds).
2016 2017 2018 2019 2020 2021
$78,263,706
$116,806,661 $118,640,603 $119,426,648 $111,458,173 $119,311,397
Cash and Investments as of September 30,
CASH & INVESTMENTS
CITY OF VENICE, FL 2021 POPULAR ANNUAL FINANCIAL REPORT 9
FINANCIAL POSITION STATEMENT
(Balance Sheet) All Funds
FOR THE YEARS ENDING September 30,
(In 000’s)
BENEFITS OVER BURDENS represents the different between the assets and liabilities of the City,
providing the Net Position of Venice.
The Financial Position Statement, commonly referred to as the “Balance Sheet”, reports the benefits (assets)
available to provide services while the burdens (liabilities) are the amounts that the City must pay in the
future.
Readers of this Financial Position Statement should keep in mind that it is in a summary format. Those
desiring to review the full detailed financial statements should refer to the City’s audited financial
statements which are contained in the 2021 Annual Comprehensive Financial Report, available on the
City’s website.
Click here for the City of Venice 2021 Annual Comprehensive Financial Report
2021 2020 2019
119,312$ 111,458$ 119,427$
4,921 4,130 4,480
261,663 248,787 219,129
Net Pension Assets 3,112 - -
2,370 2,041 2,643
10,564 13,403 11,582
TOTAL FINANCIAL BENEFITS 401,942$ 379,819$ 357,261$
11,000$ $ 9,754 7,651
1,069 983 952
9,401 7,760 5,541
64,145 67,140 69,583
25,913 53,255 47,599
12,181 13,043 12,465
26,765 3,387 3,322
TOTAL FINANCIAL BURDENS 150,474$ 155,322$ 147,113$
BENEFITS OVER BURDENS 251,468$ 224,497$ 210,148$
OPEB & Other Liabilities
Deferred Inflows
FINANCIAL BURDENS
Short-Term Payables
Customer Deposits
Notes Payable
Bonds Payable
Net Pension Liabilities
Deferred Outflows
FINANCIAL BENEFITS
Cash and Cash Equivalents/Investments
Receivables
Capital Assets
Other Assets
City of Venice 2021 POPULAR ANNUAL FINANCIAL REPORT 10
The City of Venice occupies a land
area of 17.79 square miles and has
more than 30 parks ranging in size
from tiny pocket parks to the
beach along the Gulf of Mexico.
Aptly named one of Coastal
Living’s "Best Places to Live on
the Coast" in 2020 and “Happiest
Seaside Towns in America” in
2015, this island town’s charming
main street offers shopping and
dining, and meanders through
stately 1920s homes leading
straight to the Gulf of Mexico.
Once a fishing and farming
community, this city in the heart
of Sarasota County has blossomed
into a vacation destination, where families play in the surf, hunt for prehistoric shark
teeth, shop through downtown, bike around the Venetian Waterway Trail and go
fishing at the Venice Pier.
In 2021…..
The Population was 26,103
The Median household income $61,953
The Unemployment rate was 3.7%
The Median House Value was $282,700
The Annual Average Temperature was 73.5º
GENERAL INFORMATION
CITY OF VENICE, FL 2021 POPULAR ANNUAL FINANCIAL REPORT 11
The 2021 America in Bloom National
Awards Program has named Venice
as the winner of the “Eye Popping
Pots – Best Use of Containers in the
Landscape” special award.
Thanks to Venice Area Beautification Inc. (VABI)
and its Venice in Bloom volunteers, since 2013 the
city has gone from no flower displays to well over a hundred in a wide variety of shapes and sizes. The initial efforts were to use ceramic pots at corners and crosswalks; after a few years, multi-tier fountains
were added for flower displays. The installations
were initially placed at crosswalks but later expanded to parks and highly visible entry locations. VABI plants year-round, so the plants are continuously changing.
GFOA’s Triple Crown recognizes governments who have received GFOA’s Certificate of
Achievement for Excellence in Financial Reporting, the Distinguished Budget Presentation
Award, and the Popular Annual Financial Reporting Award,
CITY OF VENICE 2021 POPULAR ANNUAL FINANCIAL REPORT 12
City of Venice, 401 W. Venice Avenue, Venice, FL 34285
www.Venicegov.com
Airport - 941-486-2711
Building - 941-882-7385
Building Inspection Line - 941-483-5907
Cashier Counter (new Utilities service; pay your Utilities bill) - 941-882-7389
City Clerk's Office - 941-882-7396
City Manager's Office - 941-882-7398
Engineering - 941-882-7411
Employment Hotline - 941-480-3378
Finance - 941-882-7419
Fire Department (non-emergency) - 941-480-3030
Historical Resources - 941-486-2487
Human Resources - 941-882-7376
Information Technology (IT) - 941-882-7425
Mayor's Office - 941-882-7392
Permits - 941-882-7383
Planning & Zoning - 941-882-7435
Police Department (non-emergency) - 941-486-2444
Procurement - 941-882-7422
Public Information Officer - 941-882-7401
Public Works - 941-486-2422
Utilities - 941-480-3333
Utilities After-hours Emergency Line - 941-486-2770
Venice Museum & Archives - 941-486-2487
Photo by Don Hubbard