CITY OF ST. PETERSBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT

CITY OF ST. PETERSBURG, FLORIDA
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
Fiscal Year 2017
October 1, 2016 • September 30, 2017

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COMPREHENSIVE
ANNUAL FINANCIAL REPORT
of the
CITY OF ST. PETERSBURG, FLORIDA
for the
Fiscal Year Ended
September 30, 2017
Prepared by Department of Finance
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TABLE OF CONTENTS
I. INTRODUCTORY SECTION (UNAUDITED)
List of Principal Officials 9
Letter of Transmittal 10
GFOA Certificate of Achievement for Excellence in Financial Reporting 17
Organizational Chart 19
II. FINANCIAL SECTION
Report of Independent Auditor 23
Management’s Discussion and Analysis (Unaudited) 27
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements:
Statement of Net Position 50
Statement of Activities 51
Fund Financial Statements:
Governmental Funds:
Balance Sheet 52
Reconciliation of the Balance Sheet of Governmental Funds to the Statement
of Net Position 55
Statement of Revenues, Expenditures, and Changes in Fund Balances 56
Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances of the Governmental Activities to the Statement of
Activities 58
Statement of Revenues, Expenditures, and Changes in Fund Balance –
Budget and Actual – General Fund
59
Statement of Revenues, Expenditures, and Changes in Fund Balances –
Budget and Actual – Major Special Revenue Funds
60
Proprietary Funds:
Statement of Net Position 64
Statement of Revenues, Expenses, and Changes in Net Position 68
Statement of Cash Flows 70
Fiduciary Funds:
Statement of Fiduciary Net Position 72
Statement of Changes in Fiduciary Net Position 73
Notes to the Financial Statements 75
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED)
Defined Benefit Pension Plans 166
Defined Benefit Other Post Employment Benefits (OPEB) Plan 174
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COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES:
Non-Major Governmental Funds Descriptions 177
Non-Major Governmental Funds:
Combining Balance Sheet 180
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 181
Special Revenue Funds:
Combining Balance Sheet 182
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 186
Debt Service Funds:
Combining Balance Sheet 190
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 192
Capital Projects Funds:
Combining Balance Sheet 194
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 196
Permanent Funds:
Combining Balance Sheet 198
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 199
Schedules of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual:
Special Revenue Funds 201
Debt Service Funds 212
Enterprise Funds:
Non-Major Enterprise Funds Descriptions 219
Combining Statement of Net Position 220
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position 222
Combining Statement of Cash Flows 224
Internal Service Funds:
Internal Service Funds Descriptions 227
Combining Statement of Net Position 228
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position 230
Combining Statement of Cash Flows 232
Fiduciary Funds:
Fiduciary Funds Description 235
Combining Statement of Fiduciary Net Position - Agency Funds 236
Combining Statement of Changes in Assets and Liabilities - Agency Funds 237
III. STATISTICAL SECTION (UNAUDITED)
FINANCIAL TRENDS:
Net Position by Component 243
Changes in Net Position 244
Fund Balances, Governmental Funds 246
Changes in Fund Balances, Governmental Funds 247
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REVENUE CAPACITY:
Taxable Assessed Value and Estimated Actual Value of Property 250
Direct and Overlapping Property Tax Rates 251
Principal Property Tax Payers 252
Property Tax Levies and Collections 253
DEBT CAPACITY:
Ratio of Outstanding Debt by Type 256
Ratio of Net General Bonded Debt Outstanding 257
Direct and Overlapping Governmental Activities Debt 258
Legal Debt Margin Information 259
Pledged-Revenue Coverage 260
DEMOGRAPHIC AND ECONOMIC:
Demographic and Economic Statistics 264
Principal Employers 265
OPERATING:
Full and Part Time City Government Employees by Function/Program 268
Operating Indicators by Function/Program 270
Capital Assets Statistics by Function/Program 273
IV. REGULATORY SECTION
Report of Independent Auditor on Internal Control Over Financial Reporting and
on Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards 276
Report of Independent Auditor on Compliance for Each Major Program and on
Internal Control Over Compliance required by the Uniform Grants Guidance
and Chapter 10.550, Rules of the Auditor General of the State of Florida 278
Schedule of Expenditures of Federal Awards and State Financial Assistance 280
Notes to the Schedule of Expenditures of Federal Awards and State Financial
Assistance
285
Schedule of Expenditures of Other Governmental Agencies Awards 286
Notes to the Schedule of Expenditures of Other Governmental Agencies Awards 287
Schedule of Findings and Questioned Costs 288
Summary Schedule of Prior Audit Findings 290
Independent Auditor's Management Letter 291
Report of Independent Accountant on Compliance with Local Government
Investment Policies
293
Schedule of Receipts and Expenditures of Funds Related to the Deepwater
Horizon Oil Spill
294
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I. INTRODUCTORY SECTION
 List of Principal Officials
 Letter of Transmittal
 Certificate of Achievement
 Organizational Chart
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CITY OF ST. PETERSBURG, FLORIDA
MAYOR-COUNCIL FORM OF GOVERNMENT
Fiscal Year 2017
MAYOR
Rick Kriseman
COUNCIL MEMBERS
Council member, District 1 Charlie Gerdes
Council member, District 2 James R. Kennedy, Jr.
Council member, District 3 Ed Montanari
Council member, District 4 Darden Rice, Chair
Council member, District 5 Steve Kornell
Council member, District 6 Karl Nurse
Council member, District 7 Lisa Wheeler-Bowman, Vice Chair
Council member, District 8 Amy Foster
OFFICIAL APPOINTED BY CITY COUNCIL
CITY ATTORNEY
Jacqueline Kovilaritch, Esq.
OFFICIALS APPOINTED BY MAYOR - APPROVED BY CITY
COUNCIL
CITY ADMINISTRATOR
Gary Cornwell
FINANCE DEPARTMENT STAFF
APPOINTED BY MAYOR
CHIEF FINANCIAL OFFICER
Anne A. Fritz
TREASURER
Thomas J. Hoffman
CONTROLLER
Erika R. Langhans
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February 21, 2018
Honorable Mayor, Members of the City Council
Citizens of the City of St. Petersburg, Florida
Dear Mayor, Council and Citizens:
Formal Transmittal of the Comprehensive Annual Financial Report
It is our pleasure to submit this Comprehensive Annual Financial Report (CAFR) for the City of
St. Petersburg, Florida (the "City") for the fiscal year ended September 30, 2017. The
report fulfills the requirements set forth in the City Charter Section 4.05; Florida Statutes,
Chapter 166.241; and the Rules of the Florida Auditor General, Chapter 10.550. The
organization, form and contents of this report plus the accompanying financial statements and
statistical tables are formulated in accordance with the principles prescribed by the
Governmental Accounting Standards Board, the State of Florida, the City Charter, and the
Government Finance Officers Association.
This CAFR consists of management’s representations concerning the finances of the City of St.
Petersburg. Consequently, management assumes full responsibility for the completeness and
reliability of all the information presented in this report. To provide a reasonable basis for
making these representations, management of the City has established a comprehensive
internal control framework that is designed both to protect the government’s assets from loss,
theft, or misuse and to compile sufficient reliable information for the preparation of the City’s
financial statements in conformity with generally accepted accounting principles (GAAP).
Because the cost of internal controls should not outweigh their benefits, the City’s
comprehensive framework of internal controls has been designed to provide reasonable rather
than absolute assurance that the financial statements will be free from material misstatement.
As management, we assert that, to the best of our knowledge and belief, this financial report is
complete and reliable in all material respects.
Florida Statutes and the City Charter require that an annual financial audit be performed by
independent certified public accountants. This year the audit was performed by Cherry Bekaert
LLP. The goal of the independent audit was to provide an opinion on the financial statements
of the City for the fiscal year ended September 30, 2017. The independent audit
involved examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements; assessing the accounting principles used and significant estimates
made by management; and evaluating the overall financial statement presentation. The
independent auditor concluded, based upon their audit, that the City’s financial statements for
the fiscal year ended September 30, 2017, are fairly presented, in all material respects, in
conformity with GAAP. The report of the independent auditor is presented as the first
component of the financial section of this report.
The independent audit of the financial statements of the City was part of a broader, federal and
state mandated “Single Audit” designed to meet the special needs of federal and state grantor
agencies. The standards governing Single Audit engagements require the independent auditor
to report not only on the fair presentation of the financial statements, but also on the audited
government’s internal controls and compliance with legal requirements, with special emphasis
on internal controls and compliance requirements that could have a direct and material effect
on each major federal and state award.
City of St. Petersburg
Finance Department
PO Box 2842
St. Petersburg, FL 33731-2842
Phone: 727-893-7304
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Profile of the Government
The City of St. Petersburg, initially incorporated as a town in 1893 with a second incorporation
as a city in 1903, is the largest city in Pinellas County and is the fifth most populous city in
Florida. It is located on the west coast of Florida, approximately 200 miles northwest of Miami,
180 miles southwest of Jacksonville, and 20 miles southwest of Tampa. The City of St.
Petersburg currently occupies approximately 62 square miles and serves a population of
253,585. The City of St. Petersburg is empowered to levy a property tax on real property
located within its boundaries. It is empowered by state statute to extend its corporate limits by
annexation, which occurs periodically when deemed appropriate by the City Council.
The City of St. Petersburg has operated under a mayor-council form of government since 1993.
Legislative authority is vested in an elected City Council consisting of eight members. The City
Council is responsible for, among other things, passing ordinances, adopting the budget,
appointing committees, and approving the hiring of certain department head nominees
submitted by the Mayor. The Mayor is responsible for carrying out the policies and ordinances
of the City Council, for overseeing the day-to-day operations of the City, for drafting the budget
and submitting it to City Council for approval.
The City of St. Petersburg provides a full range of services, including police and fire protection;
the construction and maintenance of highways, streets and bridges, golf courses, recreation
and park facilities, libraries, performing arts, water, wastewater, reclaimed water, stormwater,
recycling, solid waste, construction permitting and inspection, codes compliance and parking
operations. The City is also required to discretely present in this report the St. Petersburg
Health Facilities Authority whose operations consist of issuing tax exempt debt for non-profit
healthcare organizations.
Economic Condition
The information presented in the financial statements is perhaps best understood when it is
considered from the broader perspective of the specific environment within which the City of St.
Petersburg resides.
Local Economy
St. Petersburg is part of a seven-county media market, the largest in Florida and 11th in the
nation. Our region leads the state in buying power, retail sales, food sales, bank deposits, and
has the largest consumer market. St. Petersburg is the anchor of Florida’s High Tech Corridor,
a partnership of three research universities, more than 20 local and regional economic
development organizations, 14 community and state colleges and 12 regional workforce
boards.
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The City of St. Petersburg’s commercial economy remains diverse and resilient. Though the
City is inviting to all businesses, five major industry clusters have flourished in St. Petersburg –
specialized manufacturing, marine and life sciences, data analytics, financial services, and
creative arts and design. St. Petersburg maintains the largest financial services cluster in the
state of Florida and the largest marine science cluster in the Southeast.
While the City has seen a current increase of 8.9% in taxable value, the City’s real property
taxable value has decreased by 10.4% since fiscal year 2008 as a result of the national decline
in property values that have dramatically affected municipalities, especially in Florida. The City
of St. Petersburg has been able to continue to benefit from continued commercial growth in a
difficult economic environment between 2008 and 2017. During 2017, the taxable value of all
property categories increased while the multi-family and condominiums category experienced
the largest increase in taxable value of 10.7% due to the continued increase of dwelling units
either recently opened (and more currently under construction) in the downtown area. During
2017, the City had issued more building permits than it has in each of the last ten years with a
total construction value of $671 million.
As you can see below, the City has experienced recent growth in real property taxable values in
fiscal years 2013 to 2017 after five years of declining taxable values, as measured by the
Pinellas County Property Appraiser’s annual determination of real property taxable assessed
value and land use by taxable authority.
St. Petersburg Taxable Value
Fiscal Year
Millage
Rate
Single Family
& Mobile
Homes
Multi-Family &
Condominiums Commercial Other
Total
Taxable
Value
2008 5.9125 8,388 4,322 3,582 252 16,544
2009 5.9125 7,335 4,164 3,706 253 15,458
2010 5.9125 6,413 3,390 3,377 232 13,412
2011 5.9125 6,176 2,819 2,749 202 11,946
2012 5.9125 5,400 2,816 2,737 201 11,154
2013 6.7742 5,639 2,914 2,718 215 11,486
2014 6.7700 5,554 3,036 2,736 203 11,529
2015 6.7700 5,970 3,342 2,879 291 12,482
2016 6.7700 6,478 3,816 3,033 285 13,612
2017 6.7550 7,063 4,224 3,254 287 14,828
The amounts above are in millions.
As of September 30, 2017, Pinellas County and the City of St. Petersburg had a population of
939,548 and 253,585, respectively, compared with an estimated 931,477 and 250,713 the year
before, per the U.S. Census Bureau 5-Year Estimates.
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In September 2017, the labor force in Pinellas County and the City of St. Petersburg was
501,517 and 143,368, respectively, compared to 488,146 and 139,597, respectively, the year
before. Employment within Pinellas County increased from the prior year while the City of St.
Petersburg employment increased from the prior year, with employment at 485,802 and
138,943 for the current year, respectively, and 466,152 and 133,323, respectively, for the prior
year. The non-seasonally adjusted City unemployment for September 2017 stood at 3.1%
compared to 4.5% a year earlier. (Source: Bureau of Labor Statistics www.bls.gov)
2017 Budget Highlights
The FY 2017 Adopted Budget is $514.1 million for all funds, excluding internal service funds
and dependent districts. This is an increase of $8.3 million or 1.7% from the FY 2016 Adopted
Budget. The estimate was used by City Council to set the millage rate as required by Florida
Statutes. Notable highlights of the FY 2017 Adopted Budget are as follows:
• City Council adopted a reduction in the City’s millage rate from 6.7700 to 6.7550 mils.
• Investment of $500,000 in our economic stability reserve fund. This investment
combined with our two previous budgets’ investments, add up to $2 million for St.
Petersburg’s financial stability.
• $376,052 was budgeted for the replacement of aged Police Department equipment
such as ballistic vests, surveillance equipment, laser units, training gear, and software.
• Investment of $1.02 million to add 10 Firefighter/Paramedic positions to staff two new
peak load Advanced Life Support units.
• Provide a 4% general wage increase for non-unionized men and women
• Investment of $1 million to continue funding programs that support St. Petersburg’s
at-risk youth.
• Investment of $250,000 for early childhood education programs.
• City contribution of $708,889 into the South St. Pete Community Redevelopment Area
• Continued investment in programs within the Planning and Economic Development
Department. Programs include the South St. Petersburg Tax Increment District, the
Innovation District, and other neighborhood programs.
• Investment of $400,000 to provide emergency shelter, rapid rehousing, case
management and supportive services for homeless families residing in St. Petersburg
• Savings of $2.7 million for the annually required contribution (ARC) to fund pension
obligations for the Police, Fire and the ERS pension funds.
In addition, the FY 2017 capital improvement budget totals $106.5 million, with a five year
capital improvement budget of $359.4 million. Notable new programs are as follows:
• A total investment of $58.5 million in Water Resources to create additional capacity
within the system and the repair and replacement of leaking and aging pipes. $18.4
million is included in this investment to create additional treatment and disposal capacity
at the Southwest and Northwest Water Reclamation Facilities.
• $800,000 for the acquisition of 20 new police cars.
• Investment in Fire and EMS including $618,000 for the replacement of two fire engines
and $375,000 for future replacement of bunker and SCBA gear.
• Investment of $1.13 million in the Streetscape Division, including $547,871 to create two
new teams that will be added to the Stormwater Department.
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Cost of City Services
A comparison of city population in relationship to total city employees (full-time FTE) and cost of
city services provides insight into the City’s cost to provide all city services.
Fiscal Year
City
Population
Budgeted
FTE City
Positions
Governmental
Expenditures (in
millions)
Average
Cost Per
Citizen
Cost
increase
(decrease)
2008 251,459 2,911 295 1,173 8.0%
2009 248,729 2,860 292 1,174 0.1%
2010 246,378 2,745 285 1,157 -1.5%
2011 244,769 2,733 282 1,152 -0.4%
2012 246,293 2,693 290 1,177 2.2%
2013 245,363 2,679 262 1,068 -9.3%
2014 246,642 2,681 287 1,164 9.0%
2015 248,429 2,698 285 1,147 -1.4%
2016 250,713 2,804 291 1,161 1.2%
2017 253,585 2,870 304 1,195 2.9%
For more information on fiscal year 2017 activities and expenditures, as shown on the basic
financial statements, please refer to Management’s Discussion and Analysis.
Long Term Financial Planning
The City had adopted fiscal policies that are reviewed and updated annually as part of the
budgetary review process. Included in the fiscal policies are policies relating to targeted fund
balances, guidelines for investing, policies on issuance of debt, and overall guidelines for
financial and accounting practices, including the basic framework for preparing the City's
operating and capital improvement budgets.
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Mayor’s Initiatives
Guided by our vision of being a "city of opportunity where the sun shines on all", the policies
and priorities emanating from the Mayor's Office moved St. Pete forward in 2017. We
experienced unprecedented economic growth, substantial progress on key projects and
initiatives, and elevated our city’s profile and our people. Our three areas of focus are as
follows:
Poverty Eradication
Among the positive strides in 2017 was our African-American poverty rate reaching an all-time
low. Poverty eradication has been a priority for the Kriseman Administration and for the entire
community, as evidenced by the many policies and programs that provide opportunity to our
residents.
Progress in south St. Pete is also highlighted by the continued revival of the 22nd Street South
corridor.
Infrastructure
Approximately $70 million dollars was spent upgrading our wastewater infrastructure in 2017. In
addition to our immediate upgrades, our integrated ‘one water’ initiative will help us understand
how drinking water, wastewater, stormwater, reclaimed water and recreational water uses
overlap, and how we can best prepare for heavier use, a changing climate, and rising seas.
Work will continue through 2018 and beyond to ensure St. Pete is well-prepared for the future.
Transportation infrastructure also remains a priority, as we work to become a friendlier city for
pedestrians and cyclists, and as we pursue mass transit options.
Progress on Key Projects
Ground was broke on the new St. Pete Pier and the new police headquarters in 2017
and substantial progress was made throughout the year. 'Doc Ford's', a popular theme
restaurant, was the first restaurant tenant signed for the new pier.
Both projects are scheduled to be complete in early 2019.
All things we do, in 2018 and beyond, will be guided by our vision and our strategic pathways of
Stewardship & Fiscal Responsibility, Innovation, Impactful Service, and Community
Engagement.
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Certificate of
Presented to
City of St. Petersburg
For its Comprehensive Annual
September 30, 2016
Executive Director/CEO
Financial Report
for the Fiscal Year Ended
Reporting
in Financial
for Excellence
Achievement
Text38:
Florida
Government Finance Officers Association
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Neighborhood
Affairs
Mike Dove
Administrator
Golf Courses
Jeff Hollis
Director
Housing &
Community Development
Joshua Johnson
Director
Library Operations
Mary Lindsay
Libraries
Mika Nelson
Director
Parks &
Recreation
Mike Jefferis
Director
Rec. Programs Thomas “Jet” Jackson
Parks Facility Systems Sue Tegarden
Parks Operations Mike Vineyard
Parks & Rec Operations Bryan Eichler
Transportation & Parking
Management
Evan Mory
Director
Neighborhood
Transportation
Mike Frederick
Real Estate & Property
Management
Bruce Grimes
Director
Admin. & Finance
Joe Zeoli
Managing Director
Development
Coordination
Chris Ballestra
Managing Director
City Development
Alan DeLisle
Administrator
Codes Compliance
Assistance
Rob Gerdes
Director
Operations
James Corbett
Planning & Economic
Development
Dave Goodwin
Director
Economic Development Sophia Sorolis
Building Official Rick Dunn
Urban Planning & Historic Preservation Derek Kilborn
Zoning Official Liz Abernethy
Billing Carolyn Ferguson
Customer Support Janice Lowe
Technology Services
Muslim Gadiwalla, CIO IT Technical Support Brett Fravel
Systems Development / GIS Lesley Ward
IT Security Brian Campbell
Computer Systems Dave McLean
eBusiness Solutions Christine West
Citizens
City Council Administrative Officer
Cindy Sheppard
City Council
Charles Gerdes, District 1
Jim Kennedy, District 2
Ed Montanari, District 3
Darden Rice, District 4, Chair
Steve Kornell, District 5
Karl Nurse, District 6
Lisa Wheeler-Bowman, District 7, Vice-Chair
Amy Foster, District 8
Mayor
Rick KrisemanCity Attorney
Jackie Kovilaritch
Assistant City Attorneys
Chief Assistant City Attorney
Jeannine Williams
Finance
Anne Fritz, CFO
City Administrator
Gary Cornwell
Budget & Management
Tom Greene, Director
Human Resources
Chris Guella, Director
Finance
Terry Salerno
Billing & Collections
Tammy Jerome, Director
Kristen Mory, Labor Relations & Training
Vicki Grant Benefits
Blaise Mazzola Risk Management
Richard Anderson Staffing & Development
Denise Labrie Budget Manager
Tom Hoffman Treasurer
Public Works
Claude Tankersley
Administrator
Special Projects Janice MacKinnon
Construction Diana Smillova
Asst. Director Mike Ryle
City Architect Raul Quintana
Engineering & Capital
Improvements
Brejesh Prayman
Director
Fleet Operations
Florence Lehart
Fleet Management
Joe Krizen, Jr.
Director
Stormwater,
Pavement &
Traffic Operations
John Norris
Director
Administrative Services
Regenia Williams
Recycling Support
Jeff Donnel
Environmental Sanitation Services
Sanitation
Ben Shirley
Director
Commercial Collections
Richard Kowalczyk
Asst. Director
Lynn Arthur
Operations
Ken Betz
Superintendent
Rich Tuten
Parks & Field
Operations
Superintendent
Phil Whitehouse Jamestown Apartments Don Crawford
Downtown
Enterprise Facilities
Clay Smith
Director
Marina & Port Walt Miller
Airport Richard Lesniak
Coliseum & Sunken Gardens Lauren Kleinfeld
Fire Chief
James D. Large
Chief
Safety &
Training
Joe Bruni
Chief
ER
Mgmt
Dean
Adamides
Fire
Admin
Services
Vacant
Fire
Marshal
Michael
Domante
Assistant Fire Chief
Operations
Bob Bassett
Chief Fire
Rescue
Ian
Womack
Water
Resources
John Palenchar
Interim Director
Interim Envir Compliance Kevin Riskowitz
Water Maintenance Bob Labrie
Water Reclamation Facilities Charlie Wise
Technical Support John Parks
Water Res Bus Services Lindsay Denzer
Water Supply Waunda Barcus Volunteer
Community
Services
Susie Ajoc
Director
Community Service
Representatives
Leisure
Services
Sherry McBee
Administrator
Parks Operations Linda Seufert
Rec. Programs Lynn Bittner
Rec. Programs Lynn Gordon
Deputy Mayor
Kanika Tomalin
City Clerk
Chan Srinivasa
Director of Communications
Benjamin Kirby
Government Affairs
Sally Everett, Director
Chief of Staff
Kevin King
Director of Urban Affairs
Nikki Gaskin-Capehart
Mayor’s Action Center
David Flintom, Director
Mayor’s Office
Contract Management: Pier, Tropicana
Field, Al Lang Stadium, Mahaffey Theater
Event Recruitment &
Management
Tony Leno
City Auditor
Brad Scott
Marketing
Vacant
Director
Recreation &
Programming
Superintendent
Rick Craft
Rev. 5/9/17
Collection Candice Winter
Chief of Police
Anthony ‘Tony’ Holloway
Transportation
Cheryl Stacks
Nina Mahmoudi, Creative Services
Erika Langhans Controller
Cultural Affairs
Wayne Atherholt, Director
Investigative Services
Assistant Police Chief
James Previtera
Uniform Services
Assistant Police Chief
Luke Williams
Patrol District 1
Major Matthew McKinney
Patrol District 2
Major Joseph Dente
Patrol District 3
Major Robert Mailhiot
Uniform Support
Major Phillip Beahn
Crimes Against Persons
Acting Major Charles Coeyman
Vice and Narcotics
Major Antonio Gilliam
Intelligence
Admin. Services
Assistant Police Chief
Mike Kovacsev
Training
Lt. Gary Dukeman
Admin. Services
Asst. Director
Mike McDonald
Office of Professional
Standards
Major Tim Brockman
Police Community Awareness
Yolanda Fernandez
Police Legal Advisor
Sasha Lohn
Asst. Legal Advisor
Andrea Luce
Emergency Communications
Jacqi Yeager
Fiscal Services
Carol Everson
IT Services
Evidentiary Services
Colleen Dunphy
Administrative Support Ellen McDowell
DEFD Fiscal Tracy Long
Forensic Services Jalika Waugh
Energy & Sustainability Steve Marshall
Veteran, Homeless,
& Social Services
Clifford Smith
Neighborhood Team
Don Putnam
Greenhouse / Mayor SBL Jessica Eilerman
Procurement and Supply
Management
Louis Moore, Director
Purchasing Barbara Grilli
Education & Community
Engagement
Leah McRae, Director
Crimes Against Property
Major Cheryl Johnson
Residential Collection
Willie Joseph
Wastewater Maintenance Lane Longley
Pavement & Traffic Ops
Teena Smith
Ken Irby Community Intervention
Sustainability Sharon Wright
Admin Services
Brandy Colandrea
Constituent Services Aaron Carmella
FY17
Communications - Bill Logan
PW Services - Liz Makofske
Transportation – Tom Gibson
Parking
Vacant
Wastewater Programs - Vacant
Neighborhood Dev Shaun Amarnani
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II. FINANCIAL SECTION
 Report of Independent Auditor
 Management's Discussion and
Analysis (Unaudited)
 Basic Financial Statements
Government-Wide Statements
Fund Financial Statements
Notes to the Financial Statements
 Required Supplementary
Information (Unaudited)
 Combining and Individual Fund
Statements and Schedules
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REPORT OF INDEPENDENT AUDITOR
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Report of Independent Auditor
To the Honorable Mayor and Members of City Council
City of St. Petersburg, Florida
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, the discretely presented component unit, each major fund, and the aggregate remaining fund
information of the City of St. Petersburg, Florida (the “City”) as of and for the year ended September 30, 2017,
and the related notes to the financial statements, which collectively comprise the City’s basic financial
statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our
audit in accordance with auditing standards generally accepted in the United States of America and the
standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of
the financial statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we
express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities, the business-type activities, the discretely presented component
unit, each major fund, and the aggregate remaining fund information of the City, as of September 30, 2017, and
the respective changes in financial position and, where applicable, cash flows thereof, and the respective
budgetary comparisons for the general fund, community redevelopment districts fund, downtown redevelopment
district fund, and grants fund, for the year then ended in accordance with accounting principles generally
accepted in the United States of America.
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Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis and the required supplementary information, as listed in table of contents, be presented
to supplement the basic financial statements. Such information, although not a part of the basic financial
statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential
part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or
historical context. We have applied certain limited procedures to the required supplementary information in
accordance with auditing standards generally accepted in the United States of America, which consisted of
inquiries of management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge
we obtained during our audit of the basic financial statements. We do not express an opinion or provide any
assurance on the information because the limited procedures do not provide us with sufficient evidence to
express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City’s basic financial statements. The introductory section, combining and individual fund
statements and schedules, statistical section, schedule of expenditures of other governmental agencies awards,
and schedule of receipts and expenditures of funds related to the Deepwater Horizon oil spill are presented for
purposes of additional analysis and are not a required part of the basic financial statements. The schedule of
expenditures of federal awards and state financial assistance is presented for purposes of additional analysis as
required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards, and Chapter 10.550, Rules of the Auditor General, and
is also not a required part of the basic financial statements.
The combining and individual fund statements and schedules, schedule of expenditures of federal awards and
state financial assistance, schedule of expenditures of other governmental agencies awards, and schedule of
receipts and expenditures of funds related to the Deepwater Horizon oil spill are the responsibility of
management and were derived from and relate directly to the underlying accounting and other records used to
prepare the basic financial statements. Such information has been subjected to the auditing procedures applied
in the audit of the basic financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare the basic
financial statements or to the basic financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our opinion, the
combining and individual fund statements and schedules, schedule of expenditures of federal awards and state
financial assistance, schedule of expenditures of other governmental agencies awards, and schedule of receipts
and expenditures of funds related to the Deepwater Horizon oil spill are fairly stated in all material respects in
relation to the basic financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit
of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on
them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated February 21, 2018,
on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts and grant agreements, and other matters. The purpose of that
report is to describe the scope of our testing of internal control over financial reporting and compliance and the
results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance.
That report is an integral part of an audit performed in accordance with Government Auditing Standards in
considering the City’s internal control over financial reporting and compliance.
Tampa, Florida
February 21, 2018
25

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26

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MANAGEMENT'S DISCUSSION AND
ANALYSIS
27

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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
MANAGEMENT’S DISCUSSION AND ANALYSIS
As Chief Financial Officer of the City of St. Petersburg (the City), I offer readers of the City’s
financial statements this narrative overview and analysis of the financial activities of the City for
the fiscal year ended September 30, 2017. The information presented here should be considered
in conjunction with the letter of transmittal and the financial statements.
FINANCIAL HIGHLIGHTS
• The City’s assets and deferred outflows exceed its liabilities and deferred inflows at the
close of this fiscal year by $1,225.0 million ($1,205.0 million in 2016) (net position), which
is an increase of $17.5 million ($22.5 million in 2016) as compared to the prior year’s net
position.
• Unrestricted net position totals $335.9 million ($333.6 million in 2016) and may be used to
meet the government’s ongoing obligations to citizens and creditors. Of that amount,
$193.2 million relates to governmental activities and $142.7 million relates to business-type
activities.
• Governmental general revenue and transfers totaled $230.7 million compared to $236.7
million in 2016, or a $6 million (2.6%) decrease from the prior year.
• The business-type activities program revenue totaled $206.6 million as compared to
$202.6 million in 2016, or an $4.0 million (1.9%) increase over the prior year; program
expenses totaled $201.0 million as compared to $202.4 million in 2016, or a $1.4 million
(0.7%) decrease over the prior year. Including transfers, the result produced an increase
in business-type net position of $16.2 million as compared to a decrease in net position of
$1.6 million in the prior year.
• As of the close of the fiscal year, the City of St. Petersburg’s governmental activities
reported combined ending net position of $560.5 million as compared to $559.2 million in
2016. Of net position, $193.2 million was unrestricted for governmental activities.
• During the current fiscal year, there was a $1.3 million addition in net position for
governmental activities and a $16.2 million addition in net position for business activities,
for a total of $17.5 million increase in net position.
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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the City’s basic financial
statements. The City’s basic financial statements are comprised of three components: 1)
government-wide financial statements, 2) fund financial statements, and 3) notes to the financial
statements. This report also contains other supplementary information in addition to the basic
financial statements.
Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview
of the City’s finances, in a manner similar to a private-sector business.
The statement of net position presents information on all of the City’s assets and deferred outflows
and liabilities and deferred inflows, with the difference between the two reported as net position.
Over time, increases or decreases in net position may serve as a useful indicator of whether the
financial position of the City is improving or deteriorating. The statement of activities presents
information showing how the government’s net position changed during the fiscal year. All
changes in net position are reported as soon as the underlying event giving rise to the change
occurs, regardless of the timing of related cash flows. Accordingly, revenues and expenses are
reported in this statement for some items that will only result in cash flows in future fiscal periods.
Both of the government-wide financial statements distinguish functions of the City that are
principally supported by taxes and intergovernmental revenues (governmental activities) from
other functions that are intended to recover all or a significant portion of their costs through user
fees and charges (business-type activities). The governmental activities of the City include
general government, community and economic development, public works, public safety and
recreation, culture and social. The business-type activities of the City include Water Resources,
Stormwater, Sanitation, Airport, Port, Marina, Golf Courses, the Jamestown Housing Complex,
Tropicana Field, Coliseum, Mahaffey Theater, Pier, Sunken Gardens, and Parking.
The St. Petersburg Community Redevelopment Agency is a blended component unit that for all
practical purposes is treated as part of the primary government. The data from this component
unit is blended with the data from the City. The St. Petersburg Health Facilities Authority, an
additional component unit, has more autonomy than the blended component unit and is presented
separately in the financial statements.
The government-wide financial statements can be found on pages 50 and 51 of this report.
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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
Fund Financial Statements
A fund is a group of related accounts that is used to maintain control over resources that have
been segregated for specific activities or objectives. The City, like other state and local
governments, uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements. All of the funds of the City can be divided into three categories: governmental
funds, proprietary funds, and fiduciary funds.
Governmental Funds
Governmental funds are used to account for essentially the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements focus on near-
term inflows and outflows of spendable resources, as well as on balances of spendable resources
available at the end of the fiscal year. Such information may be useful in evaluating a
government’s near-term financing requirements.
The focus of governmental funds is narrower than that of the government-wide financial
statements so it is useful to compare the information presented for governmental funds with
similar information presented for governmental activities in the government-wide financial
statements. By doing so, one may better understand the long-term impact of the government’s
near-term financing decisions. Both the governmental fund balance sheet and the governmental
fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation
to facilitate this comparison between governmental funds and governmental activities.
The City maintains thirty-one individual governmental funds. Information is presented separately
in the governmental fund balance sheet and in the governmental fund statement of revenues,
expenditures, and changes in fund balance for the General Fund, the Community Redevelopment
Districts, the Downtown Redevelopment District, Local Option Sales Surtax Improvement
Fund, General Capital Improvement Fund and the Grants Fund, which are considered to be
major funds. Data from the other governmental funds are combined into a single, aggregated
presentation. Individual fund data for each of the non-major governmental funds is provided in
the form of combining statements following page 177 of the report.
The City adopts an annual appropriated budget for its general fund. A budgetary comparison
statement, page 59, has been provided for the general fund to demonstrate compliance with this
budget.
The basic governmental fund financial statements can be found on pages 52 through 62 of this
report.
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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
Proprietary Funds
The City maintains two different types of proprietary funds, enterprise funds and internal service
funds. Enterprise funds are used to report the same functions presented as business-type
activities, as noted above in the government-wide financial statements section. Internal service
funds are an accounting device used to accumulate and allocate costs internally among the City’s
various functions. The City uses internal service funds to account for Equipment Maintenance,
Facilities Maintenance, Information and Communications Services, Billing and Collection
Services, Consolidated Inventory, and Insurance Services. These services predominantly benefit
governmental rather than business-type functions so they have been included within
governmental activities in the government-wide financial statements.
Proprietary funds provide the same type of information as the government-wide financial
statements, only in more detail. The proprietary fund financial statements provide separate
information for the Water Resources, Stormwater, Sanitation and Tropicana Field funds. The
remaining enterprise funds are combined into a single aggregated presentation in the proprietary
fund financial statements. Conversely, all internal service funds are combined into a single
aggregated presentation in the proprietary fund financial statements. Individual fund data for the
proprietary funds is provided in the form of combining statements elsewhere in this report.
The basic proprietary fund financial statements can be found on pages 64 through 71.
Fiduciary Funds
The fiduciary fund financial statements include the pension plans and agency funds of the City.
These funds represent trust responsibilities of the government and are restricted in purpose.
Accordingly, they do not represent discretionary assets of the City and are not presented as part
of the government-wide financial statements.
The basic fiduciary fund financial statements can be found on pages 72 and 73.
Notes to the Financial Statements
The notes to the financial statements provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements. The
notes to the financial statements begin on page 75 of this report.
Other Information
In addition to the basic financial statements and accompanying notes, this report also presents
certain required supplementary information related to funding pension obligations. The required
supplementary information can be found beginning on page 166.
Combining statements referred to earlier in connection with non-major governmental funds,
enterprise funds, internal service funds and fiduciary funds are presented immediately following
the required supplementary information on pensions. Combining and individual fund
statements and schedules can be found on pages 177 through 237.
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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
GOVERNMENT-WIDE FINANCIAL ANALYSIS
The City of St. Petersburg as a Whole
Recall that the Statement of Net Position looks at the City as a whole. The following provides a
summary of the City’s net position for 2017 as compared to 2016.
Summary of Net Position
Governmental
Activities
Business-Type Activities 	Total Primary Government
2017 	2016 	2017 	2016 	2017 	2016
Current and Other
Assets 	$ 	521,869,320 $ 428,826,241 $ 	279,756,756 $ 	256,122,974 $ 	801,626,076 	$ 	684,949,215
Capital Assets 	377,347,912 	385,439,904 	914,084,063 	839,290,669 	1,291,431,975 	1,224,730,573
Total Assets 	899,217,232 	814,266,145 	1,193,840,819 	1,095,413,643 	2,093,058,051 	1,909,679,788
Deferred Outflows
of Resources 	59,371,274 	62,046,887 	19,932,518 	14,638,697 79,303,792 	76,685,584
Other Liabilities 	56,869,228 	49,842,639 	50,662,574 	31,293,313 	107,531,802 	81,135,952
Long Term
Liabilities 	332,508,546 	254,045,995 	498,802,222 	429,878,562 	831,310,768 	683,924,557
Total Liabilities 	389,377,774 	303,888,634 	549,464,796 	461,171,875 	938,842,570 	765,060,509
Deferred Inflows of
Resources 	8,710,961 	13,270,506 	2,309,186 	3,078,298 11,020,147 	16,348,804
Net investment in
capital assets 	338,458,935 	345,467,808 	504,565,046 	484,346,509 	843,023,981 	829,814,317
Nonexpendable 	430,455 	419,117 	- 	- 	430,455 	419,117
Restricted 	28,399,994 	21,440,001 	14,750,889 	19,662,021 	43,150,883 	41,102,022
Unrestricted 	193,210,387 	191,826,966 	142,683,420 	141,793,637 	335,893,807 	333,620,603
Total Net Position $ 	560,499,771 $ 559,153,892 $ 	661,999,355 $ 	645,802,167 $ 	1,222,499,126 	$ 1,204,956,059
Net position may serve over time as a useful indicator of a government’s financial condition.
The City’s assets and deferred outflows exceeded its liabilities and deferred inflows by $1,222.5
million at the close of fiscal year 2017, an increase of $17.5 million from the prior year.
As depicted in Table 1, the largest portion of the City’s net position, 69.0%, reflects its investment
in capital assets less any related debt used to acquire those assets that is still outstanding. The
City uses these capital assets to provide services to citizens; consequently, these assets are not
available for future spending. Although the City’s net investment in capital assets is reported net
of related debt, it should be noted that the resources needed to repay this debt must be provided
from other sources, since the capital assets themselves cannot be used to liquidate these
liabilities. At year end, the City had $430,455 (.04%) in nonspendable net position. Also,
approximately 3.5% of the net position of the City represents resources that are subject to external
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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
restriction on how they may be used. The remaining 27.46% of net position are unrestricted and
may be used to meet the City’s ongoing obligations to citizens and creditors.
As was the case in the prior year, the City is able to report positive balances in all three categories
of net position, both for the government as a whole, as well as for its governmental and business-
type activities.
Governmental activities total net position increased by $1.3 million during 2017 as compared to
an increase in total net position of $24.1 million during the prior fiscal year. The decrease in
change in net position as compared to the prior year primarily relates to the difference in net
transfers; during the current fiscal year net transfers to business-type activities was $3.4 million,
as compared to net transfers in from business activities during 2016 of $9.8 million.
The current year change in net position is attributed to revenues of $313.9 ($302.9 in 2016) million
over expenses of $309.1 million ($288.6 million in 2016), and net transfers of $(3.4) million from
other funds ($9.8 million in 2016).
Business-type activities total net position increased by $16.2 million as compared to a $1.6 million
decrease in 2016, primarily caused by the increase in net transfers as mentioned above.
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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
The City’s operations for the past two fiscal years are summarized as follows:
Summary of Change in Net Position
Governmental Activities 	Business-Type Activities 	Total Primary Government
2017 	2016 	2017 	2016 	2017 	2016
Program Revenues:
Charges for Services 	$ 	62,881,253 $ 	61,013,085 	$ 	201,511,492 $ 	195,063,080 	$ 	264,392,745 $ 	256,076,165
Operating Grants and Contributions 	10,517,539 	9,445,795 	3,529,778 	2,689,792 	14,047,317 	12,135,587
Capital Grants and Contributions 	6,471,582 	5,562,573 	1,563,014 	4,805,151 	8,034,596 	10,367,724
General Revenues:
Property Taxes 	104,481,680 	96,259,446 	- 	- 	104,481,680 	96,259,446
Other Taxes 	48,999,303 	49,109,207 	- 	- 	48,999,303 	49,109,207
Intergovernmental 	73,214,713 	70,018,869 	- 	- 	73,214,713 	70,018,869
Other 	7,401,014 	11,501,818 	7,133,175 	7,987,096 	14,534,189 	19,488,914
Total Revenues 	313,967,084 	302,910,793 	213,737,459 	210,545,119 	527,704,543 	513,455,912
Program Expenses:
General Government 	41,180,855 	39,401,295 	- 	- 	41,480,855 39,401,295
Comm. and Economic Development 	20,530,929 	25,639,209 	- 	- 	20,530,929 25,639,209
Public Works, Streets & Facilities 	31,828,229 	21,319,804 	- 	- 	31,828,229 21,319,804
Public Safety - Police 	114,930,124 	100,589,020 	- 	- 	114,930,124 100,589,020
Public Safety - Fire and EMS 	43,254,689 	41,949,594 	- 	- 	43,254,689 	41,949,594
Recreation, Social & Culture 	54,966,996 	58,126,018 	- 	- 	54,966,996 58,126,018
Interest on Long-term Debt 	2,501,068 	1,568,898 	- 	- 	2,501,068 	1,568,898
Water and Waste Water Utility 	- 	- 	115,296,480 	114,768,677 	115,296,480 	114,768,677
Stormwater Utility 	- 	- 	15,786,948 	16,258,907 	15,786,948 	16,258,907
Sanitation 	- 	- 	41,660,758 	40,640,667 	41,660,758 	40,640,667
Tropicana Field 	- 	- 	6,277,185 	6,293,282 	6,277,185 	6,293,282
Airport 	- 	- 	1,546,366 	1,541,559 	1,546,366 	1,541,559
Port 	- 	- 	1,026,277 	1,043,589 	1,026,277 	1,043,589
Marina 	- 	- 	3,512,662 	3,364,333 	3,512,662 	3,364,333
Golf Courses 	- 	- 	3,777,731 	3,841,861 	3,777,731 	3,841,861
Jamestown Complex 	- 	- 	1,143,617 	691,204 	1,143,617 	691,204
Parking 	- 	- 	6,056,754 	5,630,019 	6,056,754 	5,630,019
Mahaffey 	- 	- 	2,448,161 	6,011,641 	2,448,161 	6,011,641
Pier 	- 	- 	22,944 	(11,941) 	22,944 	(11,941)
Coliseum 	- 	- 	868,837 	860,631 	868,837 	860,631
Sunken Gardens 	- 	- 	1,543,866 	1,439,376 	1,543,866 	1,439,376
Total Expenses 	309,192,890 	288,593,838 	200,968,586 	202,373,805 	510,161,476 	490,967,643
Change in net position
before transfers 	4,774,194 	14,316,955 	12,768,873 	8,171,314 	17,543,067 	22,488,269
Transfers 	(3,428,315) 	9,807,643 	3,428,315 	(9,807,643) 	- 	-
Increase (Decrease) in Net Position 	1,345,879 	24,124,598 	16,197,188 	(1,636,329) 	17,543,067 	22,488,269
Net Position, Beginning of Year 	559,153,892 	535,029,294 	645,802,167 	647,438,496 	1,204,956,059 	1,182,467,790
Net Position, End of Year 	$ 	560,499,771 $ 	559,153,892 $ 	661,999,355 $ 	645,802,167 	$ 1,222,499,126 $ 1,204,956,059
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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
Governmental Activities
Governmental activities change in net position for the current year is $1.3 million, as compared to
$24.1 million during 2016. The decrease in change in net activities resulted from net transfers
from governmental activities to business type activities of $3.4 million during 2017 as compared
to net transfers from business type activities to governmental activities of $9.8 million during 2016.
The net change in transfers difference primarily relates to the allocation of fleet equipment and
related assets that prior to 2017 were procured and held in the internal service funds but were
transferred to 	their 	respective 	departments during 	2017 	and 	are 	not 	accounted for 	as
governmental or business type assets depending on their departmental use.
Also during 2017, there was an increase in revenues from governmental activities as the revenues
increased from $302.9 million in 2016 to $314 million in 2017, which is an $11.0 million increase,
or 3.5%. The largest increase from general governmental activities were property tax revenues,
which increased $8.2 million (8.5%) from the prior year, due to the increased valuations from
continued growth in existing property values as well as new construction. Other governmental
revenues all saw increases from the prior year with the exception of other taxes, which were down
slightly (0.22%), and other revenue, which declined $4.1 million in 2017 due to one-time revenues
received in the prior year. A summary of revenues by source for each year is as follows:
$-
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$350,000,000
2017 	2016
Other 	7,401,014 	11,501,818
Intergovernmental 	73,214,713 	70,018,869
Other Taxes 	48,999,303 	49,109,207
Property Taxes 	104,481,680 	96,259,446
Capital Grants and
Contributions 6,471,582 	5,562,573
Operating Grants and
Contributions 10,517,539 	9,445,795
Charges for Services 	$62,881,253 	$61,013,085
Revenues by Source 2017 and 2016
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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
A graphical breakdown of taxes by tax source for 2017 and 2016 is as follows:
Property Tax,
Levied for
general purposes
46%
Public Service
Tax
12%
Communications
Service Tax
4%
Sales Tax
8%
Local Options
Sales Surtax
11%
Franchise Tax
9%
State Tax
Revenue Sharing
(unrestricted)
4%
Occupational
Tax
1%
Gasoline/Misc.
Tax
2%
Tax Increment
3%
TAXES
BY SOURCE 2017
Property Tax,
Levied for
general
purposes 45%
Public Service
Tax
13%
Communications
Service Tax
5%
Sales Tax
8%
Local Options
Sales Surtax
11%
Franchise Tax
9%
State Tax
Revenue Sharing
(unrestricted)
4%
Occupational
Tax
1%
Gasoline/Misc.
Tax
2% Tax Increment
2%
TAXES
BY SOURCE 2016
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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
A breakdown of expenses by program for governmental activities for 2017 and 2016 is as follows:
General
Government
13%
Community and
Economic
Development
7%
Public Works,
Streets & Facilities
10%
Public Safety -
Police
37%
Public Safety -
Fire and EMS
14%
Recreation,
Culture & Social
18%
Interest
1%
2017 EXPENSES BY PROGRAM
General
Government
14%
Community and
Economic
Development
9%
Public Works,
Streets & Facilities
7%
Public Safety -
Police
35%
Public Safety -
Fire and EMS
14%
Recreation,
Culture & Social
20%
Interest
1%
2016 EXPENSES BY PROGRAM
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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
The largest governmental program expense for the City relates to public safety, including the
police and fire departments, which accounts for $158.2 million, or 51% ($142.5 million, or 50% in
2016) of total governmental program expense for 2017. Continued investment in police related
activities occurred during the fiscal year with additional salaries and benefits to personnel, and
increased overtime costs to maintain safety during city events and other large gatherings. Further,
additional expense was included in 2017 relating to the change in pension expense according to
GASB 68 (see below). Recreation, social & cultural, and general government are the
next largest program expenses at 18% and 13%, respectively, of total governmental program
expense for the current fiscal year. Public works, streets & facilities was 10% of total program
expense, community and economic development were 7%, and interest was 1% for 2017.
Program expenses totaled $309.2 million in 2017, which is an increase of $20.6 million (7.1%)
during 2017 over 2016. Public works, streets & facilities program expense increased $10.5 million
(49.2%) due to additional maintenance costs occurring during 2017 for projects that relate to
public works infrastructure, streets and facilities. Public safety program expense increased $15.6
million (11.0%) due to enhanced investment in public safety activities including hiring and
equipping additional police officers during the current fiscal year. Breaking it down further, there
was an additional $14.3 million in public safety – police for a total of $115.1 million, and an
additional $1.3 million (3%) for public safety – fire, for a total of $43.3 million during 2017.
Recreation, social, and cultural had a decrease in expense during the current fiscal year as
compared to 2016, decreasing expenses by $3.2 million, or 5.4% from the prior fiscal year due to
certain one-time projects being completed in the prior year. General government increased
expense 4.5%, or $1.8 million due to salary, benefit and other increases. Community and
Economic Development decreased $5.1 million (20.0%) due to the prior year recognizing certain
one-time expense relating to operating projects and economic development initiatives. Interest
expense increased $0.9 million (59.4%) due to additional borrowings for construction projects.
The GASB 68 adjustments to public safety and other programs may cause program expense to
fluctuate on a year to year basis as the adjustments for the pension plans are recorded each year.
Business-Type Activities
Business-type activities program revenue exceeded program expenses by $5.6 million during
2017, as compared to $0.02 million during 2016. The increase was attributable to increased
program revenues and a decrease in program expense.
Charges for services increased by $6.4 million (3.3%) during 2017, primarily relating to rate
increases for the utility funds. There was a decrease in both capital grants and operating grants
during the current fiscal year relating to certain grant eligible projects that were in the prior year.
Other revenue decreased by $0.9 million during the current year. Total business-type activities
revenues increased $3.2 million, or 1.5% from the prior year.
38

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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
Total business-type activities program expenses decreased $1.4 million (0.7%) from 2016, with
the largest decrease in Stormwater with a $0.5 million decrease in program expense during the
current fiscal year as compared to 2016. Sanitation had an increase of $1.0 million (2.5%) in
expense over 2016, and the other program expenses were generally consistent with the prior
year.
FINANCIAL ANALYSIS OF CITY FUNDS
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements.
Governmental Funds
The focus of the City’s governmental funds is to provide information on near-term inflows,
outflows, and balances of spendable resources. Such information is useful in assessing the City’s
financing requirements. In particular, unassigned fund balance may serve as a useful measure
of a government’s net resources available for spending at the end of the fiscal year. There are
five classifications of fund balance: nonspendable fund balance, restricted fund balance,
committed fund balance, assigned fund balance, and unassigned fund balance.
Fund balances are the differences between assets and liabilities in a governmental fund. The
nonspendable fund balance includes amounts that are not in spendable form, or amounts that are
required to be maintained intact. Restricted fund balance include amounts that can be spent only
for the specific purposes stipulated by external providers, such as grant providers or bondholders,
as well as amounts that are restricted constitutionally or through legislation. Committed fund
balances include amounts that can be used only for the specific purposes that are determined by
a formal action of the government’s highest level of decision making authority. Assigned fund
balance applies to amounts that are intended for specific purposes as expressed by the governing
body or authorized official and applies to remaining resources in any governmental fund other
than the general fund. Unassigned fund balances include all amounts not contained in
other classifications for the general fund and deficit fund balances in any other governmental
fund.
As of the end of the current fiscal year, the City of St. Petersburg’s governmental funds
reported combined ending fund balances of $331.9 million. Of that amount, $9.5 million was
nonspendable, $230.6 million was restricted, $47.9 million was committed, $21.63 million
was assigned, and $22.3 million was unassigned fund balance (See Note 3).
The General Fund, the chief operating fund of the City, had a fund balance at September
30, 2017, of $64.3 million, with $9.0 million nonspendable, $32.1 million committed, and $23.2
million was unassigned (See Note 3).
As a measure of the General Fund’s liquidity, it is useful to compare both unassigned fund
balance and total fund balance to total fund expenditures. The unassigned fund balance
represents 10% of the total General Fund expenditures as compared to 13% in the prior year.
The total General Fund balance is maintained at 28% of total General Fund expenditures at
year-end, as compared to 29% in 2016.
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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
The General Fund excess of revenue and other sources over expenditures and other uses was
$1.9 million for the current fiscal year due ($1.7 million in 2016) due to:
• 	Revenues of $223.6 million ($211.2 million in 2016) compared to total expenditures of
$229.1 million ($216.3 million in 2016) resulted in a deficiency of revenues over
expenditures of $5.5 million ($5.1 million in 2016).
• 	Transfers-in of $18.6 million ($20.3 million in 2016) as compared to transfers out of $11.1
million ($13.5 million in 2016).
The operating information for other major governmental funds is as follows (in thousands):
Community
Redevelopment
Districts
Downtown
Redevelopment
District
Local Option
Sales Surtax
Improvement
2017 	2016 	2017 	2016 	2017 	2016
Revenues and Other Sources 	$ 	2,307 	$ 	1,463 	$ 	12,820 	$ 	11,350 	$ 	30,550 $ 	29,867
Expenses and Other Uses 	2,219 	468 	5,989 	5,828 	27,915 	20,453
Increase (decrease) in Fund
Balances 	$ 	88 	$ 	995 	$ 	6,831 	$ 	5,522 	$ 	2,635 $ 	9,414
General CIP Fund 	Grants Fund
2017 	2016 	2017 	2016
Revenues and Other Sources 	$ 	58,281 	$ 	68,651 $ 3,238 	$ 	3,617
Expenses and Other Uses 	13,158 	12,069 3,000 	3,514
Increase (decrease) in Fund
Balances 	$ 	45,123 	$ 	56,582 $ 238 	$ 	103
As can be seen above, there was an increase in fund balance for all of the other major funds,
primarily relating to planned future projects to be funded from the balances.
Further detail regarding these major governmental funds can be found on pages 52 through 58.
40

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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
Proprietary Funds
The City’s proprietary funds provide the same type of information found in the business-type
column of the government-wide financial statements, but in more detail. The proprietary funds
are composed of the enterprise funds and the internal service funds.
The enterprise funds are supported primarily through user charges. The following schedule, in
thousands, is a summary of the performance of each of the major enterprise funds.
Additional detail on the performance of these funds can be found on pages 64 through 71.
Detail on the non-major enterprise funds can be found on pages 219 through 225.
The operating results for the major Enterprise Funds are as follows (in thousands):
Water Resources 	Stormwater 	Sanitation 	Tropicana Field
2017 	2016 	2017 	2016 	2017 	2016 	2017 	2016
Revenues and Other
Sources 	$ 134,994 	$ 125,741 	$ 	20,991 	$ 	13,228 	$ 	45,374 	$ 	45,249 	$ 	2,874 	$ 	3,015
Expenses and Other Uses 	127,071 	126,222 	18,165 	18,381 	44,969 	43,536 	6,293 6,455
Incr. (Decr.) in Net Position $ 	7,923 	$ 	(481) 	$ 	2,826 	$ (5,153) 	$ 	405 	$ 	1,713 	$ (3,419) 	$ (3,440)
Water Resources increase in net position during the current fiscal year relates to the
increase water and sewer rates that will be used to fund the ongoing infrastructure
improvements and increased cost of operations. As compared to 2016, the Water Resources
Fund had significant improvement as expenses were held to a small increase over the
prior year, yet revenues increased to allow the continued system and operational
improvements necessary.
Stormwater had an increase in revenue due to the increase in stormwater fees that will allow
stormwater to fund upcoming debt service payments and improvements due.
Sanitation results showed a slight increase in revenues and expenses, but added to net position
during the current fiscal year.
Tropicana Field was consistent to the prior year change, with a small increase in
revenue and other sources, resulting in a reduction of net position of $3.4 million, nearly the
same as in the prior fiscal year.
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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
The following graph represents the revenues from user charges (charges for services only) as
compared to the total program expense for the current and prior fiscal year. Sanitation had user
charges greater than expenses for 2017, while the other enterprise funds had program expenses
exceeding charges for services for the current fiscal year.
$0 	$40,000 	$80,000 	$120,000
Water and Waste Water Utility
Stormwater Utility
Sanitation
Tropicana Field
Other Enterprise
Thousands
Enterprise Funds
Program Expenses v. Charges for Services FY 2017
Expenses 	Charges for Services
$0 	$40,000 	$80,000 	$120,000
Water and Waste Water Utility
Stormwater Utility
Sanitation
Tropicana Field
Other Enterprise
Thousands
Enterprise Funds
Program Expenses v. Charges for Services FY 2016
Expenses 	Charges for Services
42

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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
For the City’s largest Enterprise Funds, Water Resources, Stormwater, and Sanitation
program revenues exceeded program expense, including depreciation expense, and
resulted in a surplus from operations. Tropicana Field had operating losses.
A summary of operating results for the major enterprise funds is as follows (in millions):
Water
Resources 	Stormwater 	Sanitation
Tropicana
Field
Operating Revenues 	$ 	122.5 	$ 	15.7 	$ 	43.7 	$ 	1.4
Operating Expenses 	100.9 	15.6 	42.0 	6.3
Operating Income (Loss) 	21.6 	0.1 	1.7 	(4.9)
Non Operating Revenues (Expenses) 	(6.9) 	(0.3) 	1.0 	-
Income (Loss) Before Contributions and Transfers 	14.7 	(0.2) 	2.7 	(4.9)
Transfers and Contributions 	(6.8) 	3.0 	(2.3) 	1.5
Change in Net Position 	$ 	7.9 	$ 	2.8 	$ 	0.4 	$ 	(3.4)
Net Position October 1 	342.3 	113.1 	15.1 	87.4
Net Position September 30 	$ 	350.2 	$ 	115.9 	$ 	15.5 	$ 	84.0
Enterprise funds during the current fiscal year have been managed to control expense while
increasing revenues, making the change in net position much more favorable than in the prior
year.
The internal service funds are, for the most part, supported through charges to other funds. The
individual internal service funds are reported on pages 227 through 233.
GENERAL FUND BUDGETARY HIGHLIGHTS
The original budget projected that revenues and other sources would be in excess of revenues
over expenditures and other uses by $1.7 million. The final approved budget reflected a
projected deficiency in revenues of $16.7 million due to budget amendments to recognize
additional investments relating to public safety, city development administration, and public
works, capital outlay, and other programs. The original budget for expenditures was $225.4
million, where the final approved budget was $244.6 million.
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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
Throughout the fiscal year there were supplemental appropriations made relating to:
• Use of BP Settlement for various initiatives including $3.0 million to be used for sewer
improvements, $2.9 million for the ferry project, sustainability, trees, sun program, energy
efficiency and other programs.
• Planning and economic development in the amount of $1.8 million.
• Advances to the water and sewer utility fund for projects in the amount of $3.8 million.
• Additional operational expenses for overtime and subsidies of $1.7 million
• Project funding for technology including police laptops and for a timekeeping system for a total
of $1.3 million.
• Additional appropriations for the Parks & Recreation Administration for $0.6 million.
• Community service and related grants in the amount of $0.5 million
• Water rescue grant and preparedness, disaster consulting of $0.5 million
• FEMA grant for the fire department in the amount of $0.3 million.
• Special election cost of $0.3 million.
Actual expenditures were $234.1 million, or $6.6 million less than budgeted, primarily due to
timing differences between the appropriations and the actual expenditure of moneys for projects
relating to the BP settlement proceeds and certain technology projects appropriated and delayed
until future periods. During late 2015, the City received a one-time settlement from the BP
Deepwater Horizon oil spill totaling $8.0 million in revenues which were now appropriated
during 2016 and 2017.
Actual results report a $2.5 million deficiency of revenues and other sources over expenditures
and other uses, due to actual expenditures under the budgeted amounts, the one-time settlement
amounts received in 2015 but expended during 2017, and budgeted amounts in
certain administrations less than estimated. Public Works and Leisure Services slightly
exceeded their appropriation authority during 2017 due to the timing of recording of
expenditures after the preliminary closing of the fiscal year.
Additional budget to actual information on the City’s general fund is on page 59.
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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
CAPITAL ASSETS
The City has invested $1.3 billion in capital assets (net of depreciation). Approximately 29% of
this investment is related to governmental activities and includes infrastructure, buildings,
equipment, and land. Capital assets held by the City at the end of the current and previous fiscal
year are summarized, in thousands, as follows:
Capital Assets, Net of Accumulated Depreciation (in Thousands)
Governmental
Activities
Business-Type
Activities 	Total
2017 	2016 	2017 	2016 	2017 	2016
Land 	$ 	120,615 	$ 	120,547 	$ 	29,789 	$ 	29,789 	$ 	150,404 	$ 	150,336
Buildings & Systems 	63,389 	65,571 	144,708 	150,133 	208,097 	215,704
Improvements &
Infrastructure 	149,577 	155,313 	24,229 	25,007 	173,806 	180,320
Machinery & Equipment 	25,738 	33,878 	17,382 	8,298 	43,120 	42,176
Other Assets - Intangible 	- 	2,100 	- 	- 	0 	2,100
Utility Systems 	- 	- 	611,828 	602,642 	611,828 	602,642
Construction in Progress 	18,029 	8,030 	86,148 	23,422 	104,177 	31,452
Totals 	$ 	377,348 	$ 	385,439 	$ 	914,084 	$ 	839,291 	$ 	1,291,432 	$ 	1,224,730
Additional information on the City’s capital assets can be found in Note 8 beginning on page
117.
LONG-TERM OBLIGATIONS
For fiscal year ended September 30, 2017, the City had total debt outstanding of
$593.5 million ($485.2 million in 2016). Of this amount, $74.4 million of note debt is
backed by a covenant pledge to budget and appropriate from non-ad valorem revenue
sources, and $55.8 million is backed by the City's Public Service Tax Revenue. The
remaining bonded and note debt is secured solely by specified revenue sources.
Debt outstanding at the City at the end of the current and previous fiscal year are summarized, in
thousands, as follows:
Governmental Activities 	Business-Type Activities 	Total
2017 	2016 	2017 	2016 	2017 	2016
Revenue Bonds 	$ 	70,650 $ 	72,545 $ 	414,895 $ 	372,265 $ 	485,545 $ 	444,810
Revenue Notes 	- 	- 	33,539 	18,601 	33,539 	18,601
Covenant Notes 	65,251 	13,418 	9,190 	8,364 	74,441 	21,782
Total 	$ 	135,901 $ 	85,963 $ 	457,624 $ 	399,230 $ 	593,525 $ 	485,193
The City of St. Petersburg’s Governmental Activities and Business-Type Activities debt increased
by $108.3 million during the current fiscal year, of which $14.8 million related to principal
reductions. New debt total issuance (net of refunding) was $123.2 million.
45

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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
The City maintains a rating of Aa3 on non ad-valorem governmental debt (Aa2 issuer rating) from
Moody’s; and AA+ issuer rating from Fitch. For the Public Utility System comprising of the Water
Resources and Stormwater operations, the utility has an Aa2 Moody's Rating, and AA Fitch
Rating.
Currently the City has no general obligation debt, therefore, the entire State Statutes limitation is
available to the City.
Additional information on the City’s long-term debt can be found in Note 12 - Long-Term
Obligations starting on page 122.
PENSIONS AND RETIREE HEALTHCARE
Effective for fiscal year 2016, Governmental Accounting Standards Board (GASB) Statement No.
68, “Accounting and Financial Reporting for Pensions” created specific reporting requirements for
pensions that are different than that used for funding purposes. Valuation are important as the
reporting valuation provides a rigorous standard of measure that can be used to compare the
City’s pension liabilities to other governments.
The City maintains the City of St. Petersburg Employees’ Retirement System (“ERS”), the City of
St. Petersburg Firefighters’ Retirement System (“Fire”), and the City of St. Petersburg Police
Officer’s Retirement System (“Police”) as three separate single employer defined benefit plans.
The information on the pension plans is found in Note 18, beginning on page 135.
Plan Reporting following GASB Statement Number 67 “Financial Reporting for Pension Plans”,
and GASB 68 is also included as “Required Supplementary Information”, which is included on
pages 166-174. The Schedule of Changes in the City’s Net Pension Liability and Related
Ratios found on page 170, show that during 2017, the plan fiduciary net position and as a
percentage of total pension liability for ERS was 93.6% (88.5% in 2016), Fire was 112.6%
(110.1% in 2016), and for Police was 92.6% (90.3% in 2016). The Net pension liability as a
percentage of covered employee payroll for 2017 was 37.1% for ERS (68.57% in 2016), and
Police was 92.8% (129.7% in 2016). Fire maintained a net pension asset as a percentage of
covered employee payroll in 2017 of 180.0% in 2017 as compared to 157.8% in 2016.
The City also maintains a Defined Contribution Plan described on Note 19, page 158, where the
City contributes 11% of employees’ gross wages to the plan.
Other Post-Employment Benefits (OPEB) include retiree healthcare in accordance with GASB
Statement No 45 “Accounting and Financial Reporting by Employers for Post-
Employment Benefits Other Than Pensions information can be found on Note 20 and the
Schedule of Funding Progress is found on page 174 of the Required Supplementary
Information. The schedule shows the Actuarial Accrued Liability as of the valuation date of
10/1/2016 of $199.8 million, or 139.5% of covered payroll. At 9/30/2017, the City’s
Percentage of Annual Required Contribution (ARC) contributed for OPEB was 38.6% as
compared to 34.3% in 2016.
46

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City of St. Petersburg, Florida
Management’s Discussion and Analysis
For the Year Ended September 30, 2017
Unaudited
REQUEST FOR INFORMATION
This financial report is designed to provide various interested parties with a general overview of
the City of St. Petersburg’s finances. Questions concerning any of the information provided in
this report or requests for additional financial information should be addressed to the Office of
the Chief Financial Officer, P.O. Box 2842, St. Petersburg, Florida 33731-2842, or telephone
(727) 892-5113. This report will be available on the City’s web site at www.stpete.org.
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48

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BASIC FINANCIAL STATEMENTS
49

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City of St. Petersburg, Florida
Statement of Net Position
September 30, 2017
Governmental
Activities
Business-Type
Activities Total
Component
Unit
Assets
Cash and Cash Equivalents $ 68,483,130 $ 22,460,022 $ 90,943,152 $ 15,330
Investments 255,185,221 144,627,608 399,812,829 55,186
Receivables - Net of Allowance for Uncollectibles 19,180,345 20,354,723 39,535,068 -
Internal Balances 24,056,939 (24,056,939) - -
Due from Other Governmental Agencies 13,879,989 14,963,944 28,843,933 -
Inventories 1,395,315 1,358,928 2,754,243 -
Property Held for Resale 3,979,685 - 3,979,685 -
Prepaids and Deposits 3,589,667 21,263 3,610,930 -
Contract Receivable from Other Governmental
Agency - 13,881,925 13,881,925 -
Restricted Assets:
Cash and Cash Equivalents 80,675,545 22,016,598 102,692,143 -
Investments 28,958,128 64,128,684 93,086,812 -
Net Pension Asset 22,485,356 - 22,485,356 -
Capital Assets, Not Depreciable:
Land 120,614,642 29,789,081 150,403,723 -
Construction in progress 18,029,480 86,147,961 104,177,441 -
Capital Assets, Depreciable, Net:
Buildings and Systems 63,389,425 144,707,939 208,097,364 -
Improvements other than Buildings 149,576,805 24,229,078 173,805,883 -
Machinery and Equipment 25,737,560 17,381,858 43,119,418 -
Utility Systems - 611,828,146 611,828,146 -
Total Assets 899,217,232 1,193,840,819 2,093,058,051 70,516
Deferred Outflows of Resources
Deferred Amount on Debt Refunding 748,171 8,285,809 9,033,980 -
Deferred Outflow of Pension Resources 58,623,103 11,646,709 70,269,812 -
Total Deferred Outflows of Resources 59,371,274 19,932,518 79,303,792 -
Liabilities
Accounts Payable and Other Current Liabilities 22,756,824 26,303,673 49,060,497 -
Accrued Interest Payable 237,027 8,132,779 8,369,806 -
Due to Other Governmental Agencies 4,203,341 2,467,964 6,671,305 -
Unearned Revenue 1,628,288 32,545 1,660,833 -
Deposits 9,294,660 1,879,790 11,174,450 -
Liabilities Payable from Restricted Assets:
Noncurrent Liabilities:
Due within One Year 18,749,088 11,845,823 30,594,911 -
Due in more than One Year 195,980,771 463,867,763 659,848,534 -
Net Pension Liability 72,872,846 17,830,386 90,703,232 -
OPEB liability 63,654,929 17,104,073 80,759,002 -
Total Liabilities 389,377,774 549,464,796 938,842,570 -
Deferred Inflows of Resources
Deferred Inflows of Pension Resources 8,710,961 2,309,186 11,020,147 -
Total Deferred Inflows of Resources 8,710,961 2,309,186 11,020,147 -
Net Position
Net Investment in Capital Assets 338,458,935 504,565,046 843,023,981 -
Restricted for:
Expendable
Public Works - Transportation Projects 13,861,538 - 13,861,538 -
Police Programs 1,251,540 - 1,251,540 -
Grant Funded Programs 3,885,095 - 3,885,095 -
Debt Service 9,401,821 14,750,889 24,152,710 -
Nonexpendable
Culture and Recreation 430,455 - 430,455 -
Unrestricted 193,210,387 142,683,420 335,893,807 70,516
Total Net Position $ 560,499,771 $ 661,999,355 $ 1,222,499,126 $ 70,516
The accompanying notes are an integral part of these statements.
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City of St. Petersburg, Florida
Statement of Activities
Fiscal Year Ended September 30, 2017
Program Revenues Net Revenues (Expenses) and Changes in Net Position
Primary Government
Functions/Programs Activities Expenses
Charges for
Services
Operating
Grants and
Contributions
Capital Grants
and
Contributions
Total Program
Revenues
Governmental
Activities
Business-type
Activities Total Component Unit
Primary Government:
Governmental Activities:
General Government $ 41,180,855 $ 26,180,815 $ 322,586 $ 4,300,000 $ 30,803,401 $ (10,377,454) $ - $ (10,377,454) $ -
Community and Economic Development 20,530,929 10,890,299 520,926 1,899,249 13,310,474 (7,220,455) - (7,220,455) -
Police 114,930,124 4,931,788 267,026 - 5,198,814 (109,731,310) - (109,731,310) -
Fire and EMS 43,254,689 13,365,978 514,351 - 13,880,329 (29,374,360) - (29,374,360) -
Public Works, Streets and Facilities 31,828,229 1,086,202 1,286,426 218,629 2,591,257 (29,236,972) - (29,236,972) -
Recreation, Culture and Social 54,966,996 6,426,171 7,606,224 53,704 14,086,099 (40,880,897) - (40,880,897) -
Interest on Long-Term Debt 2,501,068 - - - - (2,501,068) - (2,501,068) -
Total Governmental Activities 309,192,890 62,881,253 10,517,539 6,471,582 79,870,374 (229,322,516) - (229,322,516) -
Business-type Activities:
Water and Waste Water Utility 115,296,480 122,493,193 2,761,167 - 125,254,360 - 9,957,880 9,957,880 -
Stormwater Utility 15,786,948 15,654,513 85,968 1,017,448 16,757,929 - 970,981 970,981 -
Sanitation 41,660,758 43,760,762 350,954 104,966 44,216,682 - 2,555,924 2,555,924 -
Tropicana Field 6,277,185 1,359,840 - - 1,359,840 - (4,917,345) (4,917,345) -
Airport 1,546,366 1,137,980 - 379,166 1,517,146 - (29,220) (29,220) -
Port 1,026,277 88,260 - 61,434 149,694 - (876,583) (876,583) -
Marina 3,512,662 3,783,870 864 - 3,784,734 - 272,072 272,072 -
Golf Courses 3,777,731 2,852,478 15,678 - 2,868,156 - (909,575) (909,575) -
Jamestown Complex 1,143,617 583,266 - - 583,266 - (560,351) (560,351) -
Parking 6,056,754 7,637,068 - - 7,637,068 - 1,580,314 1,580,314 -
Mahaffey 2,448,161 146,434 314,004 - 460,438 - (1,987,723) (1,987,723) -
Pier 22,944 - - - - - (22,944) (22,944) -
Coliseum 868,837 659,576 - - 659,576 - (209,261) (209,261) -
Sunken Gardens 1,543,866 1,354,252 1,143 - 1,355,395 - (188,471) (188,471) -
Total Business-type Activities 200,968,586 201,511,492 3,529,778 1,563,014 206,604,284 - 5,635,698 5,635,698 -
Total Primary Government $ 510,161,476 $ 264,392,745 $ 14,047,317 $ 8,034,596 $ 286,474,658 (229,322,516) 5,635,698 (223,686,818) -
Component Unit
St Petersburg Health Facilities Authority 733 - - - - (733)
Total Component Unit $ 733 $ - $ - $ - $ - (733)
General Revenues:
Taxes
Property Tax, Levied for general purposes 104,481,680 - 104,481,680 -
Public Service Tax 27,645,800 - 27,645,800 -
Occupational Tax 2,500,872 - 2,500,872 -
Franchise Tax 18,852,631 - 18,852,631 -
Intergovernmental
Communication Service Tax 9,620,042 - 9,620,042 -
Sales Tax 18,172,690 - 18,172,690 -
Local Option Sales Surtax 25,257,535 - 25,257,535 -
State Tax Revenue Sharing (unrestricted) 9,661,911 - 9,661,911 -
Gasoline Tax 3,544,665 - 3,544,665 -
Tax Increment 6,223,820 - 6,223,820 -
Miscellaneous Taxes 734,050 - 734,050 -
Earnings on investments 5,603,689 6,423,501 12,027,190 392
Gain on sale of capital assets 854,912 202,994 1,057,906 -
Miscellaneous income 942,413 506,680 1,449,093 -
Transfers (3,428,315) 3,428,315 - -
Total General Revenues and Transfers 230,668,395 10,561,490 241,229,885 392
Change in Net Position 1,345,879 16,197,188 17,543,067 (341)
Net Position - October 1 559,153,892 645,802,167 1,204,956,059 70,857
Net Position - September 30 $ 560,499,771 $ 661,999,355 $ 1,222,499,126 $ 70,516
The accompanying notes are an integral part of these statements.
51

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City of St. Petersburg, Florida
Balance Sheet
Governmental Funds
September 30, 2017
Major Funds
General Fund
Community
Redevelopment
Districts
Downtown
Redevelopment
District
Assets
Cash and Cash Equivalents $ 12,428,566 $ 757,362 $ 1,286,680
Investments 42,430,813 4,071,106 21,068,646
Restricted Cash - - -
Restricted Investments - - -
Receivables:
Accounts 1,276,013 - -
Taxes 4,578,680 - -
Accrued Interest - - -
Notes - - -
Assessments 56,108 - -
Due from Other Funds 1,101,484 - -
Due from Other Governmental Agencies:
Grants and Cost Reimbursement 435,601 - -
State of Florida - Shared Revenue 4,094,813 - -
Pinellas County - Shared Revenue 582,259 - -
Pinellas County - Services 59,484 - -
Pinellas County - Fines 48,987 - -
Inventory 66,615 - -
Prepaid Costs and Deposits 1,156,357 - -
Advances to Other Funds 7,819,613 - -
Total Assets 76,135,393 4,828,468 22,355,326
Liabilities, Deferred Inflows of Resources
and Fund Balances
Liabilities
Vouchers and Accounts Payable 2,287,153 - -
Accrued Salaries 6,373,573 - -
Other Accrued Liabilities 1,325 - -
Retainage on Contracts - - -
Due to Other Governmental Agencies 225,529 - -
Due to Other Funds - - -
Deposits 586,781 - -
Total Liabilities 9,474,361 - -
Deferred Inflows of Resources
Deferred Inflows from Assessments 18,581 - -
Deferred Inflows from Notes Receivable - - -
Deferred Inflows from Advanced Grant Receipts 224,048 - -
Deferred Inflows from Future Revenues 2,116,867 - -
Total Deferred Inflows of Resources 2,359,496 - -
Fund Balances
Non-Spendable 9,042,585 - -
Restricted - 4,828,468 22,355,326
Committed 32,104,733 - -
Assigned - - -
Unassigned 23,154,218 - -
Total Fund Balances 64,301,536 4,828,468 22,355,326
Total Liabilities, Deferred Inflows of Resources
and Fund Balances $ 76,135,393 $ 4,828,468 $ 22,355,326
The accompanying notes are an integral part of these statements.
52

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Major Funds
Local Option
Sales Surtax
Improvement
General Capital
Improvements Grants
Nonmajor
Governmental
Funds
Total
Governmental
Funds
$ 19,862,583 $ 9,044,008 $ 694,960 $ 9,873,281 $ 53,947,440
46,153,719 - 845,222 45,970,467 160,539,973
- 71,273,724 - 9,401,821 80,675,545
- 28,958,128 - - 28,958,128
23,541 - 403,359 346,601 2,049,514
- - - - 4,578,680
- 198,824 - - 198,824
- - 5,092,033 6,612,911 11,704,944
- - - - 56,108
- - - - 1,101,484
- 4,075,514 490,940 18,910 5,020,965
- - - - 4,094,813
4,046,843 - - - 4,629,102
- - - 10,421 69,905
- - - 3,543 52,530
- - - - 66,615
- - 1,270 71,975 1,229,602
- - - - 7,819,613
70,086,686 113,550,198 7,527,784 72,309,930 366,793,785
3,016,262 3,096,220 98,912 968,032 9,466,579
96,105 25,618 8,713 584,094 7,088,103
- - 215,374 57,532 274,231
895,623 402,100 - 83,658 1,381,381
22,840 - - 504,886 753,255
- 174,479 - 307,640 482,119
- - - 182,891 769,672
4,030,830 3,698,417 322,999 2,688,733 20,215,340
- - - - 18,581
- - 5,092,033 6,612,911 11,704,944
- - - - 224,048
23,541 - 398,646 231,478 2,770,532
23,541 - 5,490,679 6,844,389 14,718,105
- - 1,270 502,430 9,546,285
66,032,315 100,231,852 1,712,836 34,570,892 229,731,689
- 4,191,582 - 11,565,726 47,862,041
- 5,428,347 - 16,137,760 21,566,107
- - - - 23,154,218
66,032,315 109,851,781 1,714,106 62,776,808 331,860,340
$ 70,086,686 $ 113,550,198 $ 7,527,784 $ 72,309,930 $ 366,793,785
53

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54

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City of St. Petersburg, Florida
Reconciliation of the Balance Sheet of Governmental Funds to
the Statement of Net Position
September 30, 2017
Difference in amounts reported for governmental activities in the Statement of Net
Position:
Fund balances - total governmental funds $ 331,860,340
Capital assets used in governmental activities are not financial resources and are
therefore not reported in governmental funds. 366,334,994
Property held for resale in governmental activities are not financial resources and
are therefore not reported in governmental funds. 3,979,685
Net pension assets in governmental activities are not financial resources and
are therefore not reported in governmental funds. 22,485,356
Certain deferred outflows of resources are not available to pay current period
expenditures and therefore are not reported in the funds.
Deferred amount on debt refunding 748,171
Deferred outflow of resources related to pension plans 58,623,103
Certain long-term assets are not available to pay current period expenditures and
therefore are deferred in the funds.
Notes receivable 11,619,170
Assessments 18,581
Unbilled accrued interest on assessments 91,215
Accounts Receivable 349,018
Certain liabilities and deferred inflows of resources are not due and payable in the
current period and therefore are not reported in the funds.
Bonds payable (70,650,000)
Unamortized bond premium (3,967,721)
Notes payable (65,251,000)
Contingent Liability (1,525,947)
HUD Liability (2,240,615)
Compensated absences (14,618,832)
OPEB Liability (58,185,331)
Accrued interest payable on notes and bonds (237,027)
Police Supplemental Payments Liability (1,174,000)
Net Pension Liability (72,872,846)
Deferred inflow of resources related to pension plans (8,710,961)
The assets and liabilities of the Internal Service Funds (funds used to charge the
costs of certain activities to individual funds) are included in governmental activities
in the Statement of Net Position.
Net Position from fund statement 48,206,457
Consolidation adjustment to enterprise funds 15,617,961
Net Position of Governmental Activities. $ 560,499,771
The accompanying notes are an integral part of these statements.
55

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City of St. Petersburg, Florida
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
Fiscal Year Ended September 30, 2017
Major Funds
General Fund
Community
Redevelopment
Districts
Downtown
Redevelopment
District
Revenues
Taxes $ 125,835,183 $ - $ -
Public Service Tax 27,645,800 - -
Licenses and Permits 367,923 - -
Fines and Forfeitures 2,607,673 - -
Charges for Services and User Fees 13,465,817 - -
Charges for General Administration 7,052,832 - -
Intergovernmental Revenue:
Federal, State and Other Grants 3,722,119 - -
State - Sales Tax 16,172,686 - -
State - Revenue Sharing 10,074,186 - -
State - Communication Service Tax 9,620,042 - -
State - Other 656,902 - -
Pinellas County - Gasoline Tax 3,544,665 - -
Pinellas County - Sales Tax - - -
Pinellas County - Tax Increment - 966,758 5,257,062
Pinellas County - Other 57,115 - -
Total 43,847,715 966,758 5,257,062
Use of Money and Property:
Earnings on Investments 994,356 37,908 127,906
Rentals 771,778 - -
Total 1,766,134 37,908 127,906
Miscellaneous:
Contributions 505,159 - -
Assessments 24,784 - -
Dispositions of Property 98,202 - -
Settlement Revenues 13,389 - -
Other 366,099 - -
Total 1,007,633 - -
Total Revenues 223,596,710 1,004,666 5,384,968
Expenditures
Current Operations:
General Government 23,212,713 - -
Community and Economic Development 12,232,240 - -
Public Works 11,033,049 - -
Public Safety:
Police 105,094,602 - -
Fire and EMS 31,838,391 - -
Recreation, Culture and Social 43,399,999 - -
Debt Service:
Principal Payments - - -
Interest Payments - - -
Remarketing and Other Fees - - -
Capital Outlay 2,298,859 - -
Total Expenditures 229,109,853 - -
Excess (Deficiency) of Revenues Over Expenditures (5,513,143) 1,004,666 5,384,968
Other Financing Sources (Uses)
Transfers In 18,560,975 1,302,555 7,434,899
Transfers Out (11,160,954) (2,219,202) (5,988,906)
Issuance of Refunding Debt - - -
Total Other Financing Sources (Uses) 7,400,021 (916,647) 1,445,993
Excess (Deficiency) of Revenues and Other Sources Over
Expenditures and Other Uses 1,886,878 88,019 6,830,961
Fund Balances - October 1 62,414,658 4,740,449 15,524,365
Fund Balances - September 30 $ 64,301,536 $ 4,828,468 $ 22,355,326
The accompanying notes are an integral part of these statements.
56

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Major Funds
Local Option
Sales Surtax
Improvement
General Capital
Improvements Grants
Nonmajor
Governmental
Funds
Total
Governmental
Funds
$ - $ - $ - $ - $ 125,835,183
- - - - 27,645,800
- - - 6,452,050 6,819,973
- - - 981,466 3,589,139
- - - 13,377,771 26,843,588
- - - - 7,052,832
- 3,399,969 2,803,262 1,834,897 11,760,247
- - - 2,000,004 18,172,690
- - - - 10,074,186
- - - - 9,620,042
- - - 31,670 688,572
- - - - 3,544,665
25,257,535 - - - 25,257,535
- - - - 6,223,820
4,300,000 - - 95,463 4,452,578
29,557,535 3,399,969 2,803,262 3,962,034 89,794,335
534,562 670,852 48,055 2,324,839 4,738,478
- - 29,157 - 800,935
534,562 670,852 77,212 2,324,839 5,539,413
- - - 235,972 741,131
- - - 902,804 927,588
- - 76,914 9,165 184,281
- - - - 13,389
- - 281,214 763,508 1,410,821
- - 358,128 1,911,449 3,277,210
30,092,097 4,070,821 3,238,602 29,009,609 296,397,473
- - - 55,384 23,268,097
- - 127 5,152,503 17,384,870
- - 2,453 1,020 11,036,522
- - - 434,291 105,528,893
- - - 12,485,077 44,323,468
- - 2,694,070 2,304,738 48,398,807
- - - 5,242,000 5,242,000
- - - 2,692,537 2,692,537
- - - 148,888 148,888
26,751,980 12,952,100 - 3,660,816 45,663,755
26,751,980 12,952,100 2,696,650 32,177,254 303,687,837
3,340,117 (8,881,279) 541,952 (3,167,645) (7,290,364)
457,900 54,210,055 - 9,299,720 91,266,104
(1,163,229) (205,381) (303,460) (51,646,237) (72,687,369)
- - - 55,180,000 55,180,000
(705,329) 54,004,674 (303,460) 12,833,483 73,758,735
2,634,788 45,123,395 238,492 9,665,838 66,468,371
63,397,527 64,728,386 1,475,614 53,110,970 265,391,969
$ 66,032,315 $ 109,851,781 $ 1,714,106 $ 62,776,808 $ 331,860,340
57

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City of St. Petersburg, Florida
Reconciliation of the Statement of Revenues, Expenditures, and
Changes in Fund Balances of the Governmental Activities to the
Statement of Activities
Fiscal Year Ended September 30, 2017
$ 66,468,371
30,385,501
3,617,916
(1,929,606)
(18,988,108)
5,242,000
(55,180,000)
(16,524,191)
Difference in amounts reported for governmental activities in the Statement of Activities:
Net change in fund balances - total governmental funds
Capital outlay, reported as expenditures in governmental funds, are shown as
capital assets in the Statement of Net Position, and capital assets transferred from/to other
funds and net book value of capital asset dispositions that are reported in the Statement of
Activities but do not require the use of current financial resources and therefore are not
reported as expenditures in the governmental funds
Property held for resale, reported as expenditures in governmental funds, is shown
as an asset in the Statement of Net Position.
Property held for resale, recorded at lower of cost or market
Depreciation expense on governmental capital assets included in the
governmental activities in the Statement of Net Position.
Repayment of long-term debt is reported as an expenditure in governmental
funds, but as a reduction of long-term liabilities in the Statement of Net Position.
Issuance of long-term debt is reported as an other financing source in governmental
funds, but as an increase of long-term liabilities in the Statement of Net Position.
The net revenues of the internal service funds (funds used to charge the costs of
certain activities to individual funds) are reported with governmental activities.
Some governmental revenues will not be collected for several months or years after
the fiscal year and are deferred in the governmental funds.
Notes receivable principal collected (1,171,967)
Notes receivable deemed uncollectible, change in allowance and written off (3,824,843)
Assessments receivable principal (26,303)
Unbilled accrued interest on assessments (534)
Notes receivable from economic development activity 3,821,234
Contribution amortization on contingent liability 37,218
Accounts Receivable (50,661)
Certain items reported in the Statement of Activities do not require the use of
current financial resources and therefore are not reported as expenditures in the
governmental funds.
Compensated absences (1,630,576)
OPEB expense (6,014,557)
Interest expense on long-term debt 32,600
Amortization of gain on debt refunding (165,119)
Amortization of unamortized bond discount 472,876
Police Supplemental Payments Liability (12,000)
Change in net pension liability/net pension asset (4,663,309)
Deferred inflow of pension plan resources 3,960,431
Deferred outflow of pension plan resources (2,510,494)
Changes in net position of governmental activities $ 1,345,879
The accompanying notes are an integral part of these statements.
58

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City of St. Petersburg, Florida
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
General Fund
Fiscal Year Ended September 30, 2017
Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/
Under
Revenues
Taxes 	$ 	125,954,286 $ 	125,954,286 $ 	125,835,183 $ 	(119,103)
Public Service Tax 	26,866,000 	26,866,000 	27,645,800 	779,800
Licenses and Permits 	432,000 	432,000 	367,923 	(64,077)
Fines and Forfeitures 	2,730,550 	2,730,550 	2,607,673 	(122,877)
Charges for Services and User Fees 	12,925,902 	12,955,901 	13,465,817 	509,916
Charges for General Administration 	7,052,821 	7,052,821 	7,052,832 	11
Intergovernmental Revenues
Federal, State, Other Grants 	2,872,702 	3,920,472 	3,722,119 	(198,353)
State - Sales Tax 	16,570,000 	16,570,000 	16,172,686 	(397,314)
State - Revenue Sharing 	9,069,839 	9,069,839 	10,074,186 	1,004,347
State - Communication Service Tax 	9,350,000 	9,350,000 	9,620,042 	270,042
State - Other 	575,000 	575,000 	656,902 	81,902
Pinellas County - Gasoline Tax 	3,000,000 	3,000,000 	3,544,665 	544,665
Pinellas County - Other 	- 	- 	57,115 	57,115
-
1,427,100 	1,427,100 	1,655,038 	227,938
465,697 	465,697 	771,778 	306,081
-
24,610 	317,619 	505,159 	187,540
50,000 	50,000 	24,784 	(25,216)
10,000 	10,000 	98,202 	88,202
Use of Money and Property
Earnings on Investments
Rentals
Miscellaneous:
Contributions
Assessments Dispositions
of Property Other
487,468 	487,468 	379,488 	(107,980)
Total Revenues 	219,863,975 	221,234,753 	224,257,392 	3,022,639
Expenditures
General Government Administration 	22,361,015 	26,348,038 	23,025,902 	3,322,136
City Development Administration 	7,903,089 	11,859,140 	9,906,669 	1,952,471
Public Works Administration 	10,282,890 	14,189,305 	14,288,329 	(99,024)
Public Safety Administration
Police 	102,162,537 	105,773,363 	105,624,061 	149,302
Fire and EMS 	30,382,633 	31,991,143 	31,983,675 	7,468
Leisure Services Administration 	40,985,535 	43,002,423 	43,046,164 	(43,741)
Neighborhood Affairs Administration 	6,776,079 	7,622,820 	6,269,825 	1,352,995
Contingency 	4,553,033 	207 	- 	207
Total Expenditures 	225,406,811 	240,786,439 	234,144,625 	6,641,814
Excess (deficiency) of revenues over 	(5,542,836) 	(19,551,686) 	(9,887,233) 	9,664,453
expenditures
Other Financing Sources (Uses)
Transfers In 	18,773,351 	18,829,684 	18,560,975 	(268,709)
Transfers Out 	(11,468,233) 	(15,955,733) 	(11,160,954) 	4,794,779
Total Other Financing Sources (Uses) 	7,305,118 	2,873,951 	7,400,021 	4,526,070
1,762,282 	(16,677,735) 	(2,487,212) 	14,190,523
Budgetary Fund Balances - October 1 	54,045,381 	54,045,381 	54,045,381 	-
Reserve for Encumbrances - October 1, 2016 	- 	3,025,589 	3,025,589 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	(374,720) 	(374,720)
Change in Advances with other Funds 	- 	- 	(4,049,380) 	(4,049,380)
Budgetary Fund Balances - September 30 	$ 	55,807,663 $ 	40,393,235 	50,159,658 $ 	9,766,423
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	5,034,306
Current Year Advances with other Funds 	7,819,613
Reserve for Prepaid Costs and Inventory 	1,222,972
Net Change in Fair Value of Investments 	64,987
Fund Balance - September 30 	$ 	64,301,536
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
The accompanying notes are an integral part of these statements.
59

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Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Pinellas County - Tax Increment 	$ 	974,480 $ 	974,480 $ 	966,758 $ 	(7,722)
Earnings in Investments 	61,000 	61,000 	75,803 	14,803
Total Revenues 	1,035,480 	1,035,480 	1,042,561 	7,081
Other Financing Sources (Uses)
Transfers In 	1,304,901 	1,304,901 	1,302,555 	(2,346)
Transfers Out 	- 	(2,223,422) 	(2,219,202) 	4,220
Total Other Financing Sources (Uses) 	1,304,901 	(918,521) 	(916,647) 	1,874
2,340,381 	116,959 	125,914 	8,955
Budgetary Fund Balances - October 1 	4,689,495 	4,689,495 	4,689,495 	-
Reserve for Encumbrances - October 1, 2016 	- 	- 	- 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	- 	-
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	7,029,876 $ 	4,806,454 	4,815,409 $ 	8,955
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	-
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	13,059
Fund Balance - September 30 	$ 	4,828,468
The accompanying notes are an integral part of these statements.
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
City of St. Petersburg, Florida
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Major Special Revenue Funds
Community Redevelopment Districts
Fiscal Year Ended September 30, 2017
60

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Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
$ 	5,274,337 $ 	5,274,337 $ 	5,257,062 $ 	(17,275)	Pinellas County - Tax Increment
Earnings in Investments 165,000 	165,000 	288,425 	123,425
Total Revenues 	5,439,337 	5,439,337 	5,545,487 	106,150
Excess (deficiency) of revenues over 	5,439,337 	5,439,337 	5,545,487 	106,150
expenditures
Other Financing Sources (Uses)
Transfers In 	7,459,332 	7,459,332 	7,434,899 	(24,433)
Transfers Out 	(6,021,727) 	(6,021,727) 	(5,988,906) 	32,821
Total Other Financing Sources (Uses) 	1,437,605 	1,437,605 	1,445,993 	8,388
6,876,942 	6,876,942 	6,991,480 	114,538
Budgetary Fund Balances - October 1 	15,296,274 	15,296,274 	15,296,274 	-
Reserve for Encumbrances - October 1, 2016 	- 	- 	- 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	- 	-
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	22,173,216 $ 	22,173,216 	22,287,754 $ 	114,538
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	-
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	67,572
Fund Balance - September 30 	$ 	22,355,326
The accompanying notes are an integral part of these statements.
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
City of St. Petersburg, Florida
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Major Special Revenue Funds
Downtown Redevelopment District
Fiscal Year Ended September 30, 2017
61

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Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Federal, State and Other Grants 	$ 	2,421,382 $ 	6,409,978 $ 	2,803,262 $ 	3,606,716
Earnings in Investments 	78,000 	78,000 	57,812 	20,188
Rentals 	20,000 	20,000 	29,157 	(9,157)
Disposition of Property 	347,000 	347,000 	76,914 	270,086
Other 	196,000 	196,000 	281,214 	(85,214)
Total Revenues 	3,062,382 	7,050,978 	3,248,359 	3,802,619
Expenditures
Current Operations:
Community and Economic Development 	- 	- 	127 	(127)
Public Works 	- 	- 	2,451 	(2,451)
Recreation, Culture and Social 	2,802,916 	7,234,151 	2,997,529 	4,236,622
Total Expenditures 	2,802,916 	7,234,151 	3,000,107 	4,234,044
Excess (deficiency) of revenues over 	259,466 	(183,173) 	248,252 	(431,425)
expenditures
Other Financing Sources (Uses)
Transfers In 	- 	- 	- 	-
Transfers Out 	(303,466) 	(303,466) 	(303,460) 	(6)
Total Other Financing Sources (Uses) 	(303,466) 	(303,466) 	(303,460) 	(6)
(44,000) 	(486,639) 	(55,208) 	(431,431)
Budgetary Fund Balances - October 1 	982,067 	982,067 	982,067 	-
Reserve for Encumbrances - October 1, 2016 	- 	474,500 	474,500 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	5,312 	(5,312)
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	938,067 $ 	969,928 	1,406,671 $ 	(436,743)
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	303,458
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	1,268
Net Change in Fair Value of Investments 	2,709
Fund Balance - September 30 	$ 	1,714,106
The accompanying notes are an integral part of these statements.
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
City of St. Petersburg, Florida
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Major Special Revenue Funds
Grants
Fiscal Year Ended September 30, 2017
62

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63

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City of St. Petersburg, Florida
Statement of Net Position
Proprietary Funds
September 30, 2017
Business-Type Activities - Enterprise Funds
Water
Resources Stormwater Sanitation
Assets
Current assets:
Cash and Cash Equivalents $ 15,676,854 $ 1,849,449 $ 1,383,973
Investments 114,705,204 7,754,367 15,149,896
Receivables (Net, where applicable, of
Allowances for Uncollectibles):
Accounts 7,465,419 873,537 2,499,204
Accrued Interest 1,529,064 - -
Unbilled Revenues 4,088,820 - 119,183
Due from Other Governmental Agencies:
Grants 10,155,820 1,328,494 33,828
Services 3,367,321 - -
Contracts 976,294 - -
Inventories 1,028,886 23,220 57,145
Prepaid Expenses and Deposits - - -
Total Current Assets 158,993,682 11,829,067 19,243,229
Noncurrent Assets:
Restricted Cash and Cash Equivalents 20,417,051 544,143 1,055,404
Restricted Investments 61,500,000 - 220,876
Assessments (Net of Uncollectible) 3,320 - 3,176,396
Contract Receivable from Other Governmental Agency 12,905,631 - -
Capital Assets:
Land 4,332,342 4,376,053 213,944
Buildings 14,246,973 - 618,198
Improvements 2,953,538 25,345,178 115,372
Machinery and Equipment 16,898,017 11,203,456 26,199,196
Utility Systems 852,774,694 185,330,317 -
Projects in Progress 70,496,468 1,089,740 -
Accumulated Depreciation (378,344,568) (100,706,499) (20,850,474)
Total Capital Assets 583,357,464 126,638,245 6,296,236
Total Noncurrent Assets 678,183,466 127,182,388 10,748,912
Total Assets 837,177,148 139,011,455 29,992,141
Deferred Outflows of Resources
Deferred Amount on Debt Refunding 7,893,331 392,478 -
Deferred Outflows of Pension Resources 5,946,348 1,226,660 3,456,950
Total Deferred Outflows of Resources 13,839,679 1,619,138 3,456,950
The accompanying notes are an integral part of these statements.
64

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Business-Type Activities - Enterprise Funds
Tropicana
Field
Nonmajor
Enterprise
Funds
Total
Enterprise
Funds
Governmental
Activities -
Internal
Service Funds
$ 663,965 $ 2,885,781 $ 22,460,022 $ 14,535,690
179,988 6,838,153 144,627,608 94,645,248
88,443 511,377 11,437,980 1,380,060
- - 1,529,064 -
- - 4,208,003 -
- 78,441 11,596,583 -
- - 3,367,321 12,674
- - 976,294 -
- 249,677 1,358,928 1,328,700
- 21,263 21,263 2,360,065
932,396 10,584,692 201,583,066 114,262,437
- - 22,016,598 -
- 2,407,808 64,128,684 -
- - 3,179,716 -
- - 12,905,631 -
8,523,858 12,342,884 29,789,081 1,846,640
151,640,084 103,776,412 270,281,667 15,123,620
5,462,601 54,774,334 88,651,023 3,093,519
8,657,721 7,964,595 70,922,985 11,594,604
- - 1,038,105,011 -
- 14,561,753 86,147,961 290,752
(91,080,424) (78,831,700) (669,813,665) (20,936,217)
83,203,840 114,588,278 914,084,063 11,012,918
83,203,840 116,996,086 1,016,314,692 11,012,918
84,136,236 127,580,778 1,217,897,758 125,275,355
- - 8,285,809 -
- 1,016,751 11,646,709 -
- 1,016,751 19,932,518 -
65

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City of St. Petersburg, Florida
Statement of Net Position
Proprietary Funds
September 30, 2017
Business-Type Activities - Enterprise Funds
Water
Resources Stormwater Sanitation
Liabilities
Current Liabilities:
Vouchers and Accounts Payable $ 18,795,642 $ 226,046 $ 486,623
Accrued Salaries 1,071,074 246,245 607,933
Accrued Annual Leave 109,651 3,595 50,770
Retainage on Contracts 3,650,777 172,677 -
Due to Other Funds - - -
Due to Other Governmental Agencies 1,652,757 - 757,424
Claims - Current Portion - - -
Notes Payable - Current Portion 1,940,563 - -
Payable from Restricted Assets:
Bonds and Notes Payable - Current Portion 7,525,000 370,000 1,250,000
Accrued Interest 7,897,295 174,143 26,280
Other Current Liabilities - - -
Deposits 1,110,521 - 2,000
Unearned Revenue - - -
Total Current Liabilities 43,753,280 1,192,706 3,181,030
Long-term Liabilities:
Advance from Other Funds 3,800,000 - -
Accrued Annual Leave less Current Portion 2,006,087 362,582 1,199,283
Notes Payable - State 31,598,595 - -
Revenue Bonds Payable 387,468,000 19,532,000 -
Claims - - -
Net Pension Liability 9,103,489 1,877,940 5,292,376
Obligation for OPEB 8,017,453 1,490,000 5,179,378
Unamortized Discount (Premium) 13,874,861 - -
Notes Payable - - 2,400,000
Total Long-term Liabilities 455,868,485 23,262,522 14,071,037
Total Liabilities 499,621,765 24,455,228 17,252,067
Deferred Inflows of Resources
Deferred Inflows of Pension Resources 1,178,980 243,209 685,408
Total Deferred Inflows of Resources 1,178,980 243,209 685,408
Net Position
Net Investment in Capital Assets 200,130,161 107,128,723 2,646,236
Restricted
Debt Service 14,750,889 - -
Unrestricted 135,335,032 8,803,433 12,865,380
Total Net Position $ 350,216,082 $ 115,932,156 $ 15,511,616
Adjustment to reflect consolidation of Internal Service Funds Activities to Enterprise Funds.
Net Position of Business-Type Activities
The accompanying notes are an integral part of these statements.
66

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Business-Type Activities - Enterprise Funds
Tropicana
Field
Nonmajor
Enterprise
Funds
Total
Enterprise
Funds
Governmental
Activities -
Internal
Service Funds
$ 29,105 $ 754,437 $ 20,291,853 $ 3,740,535
- 254,947 2,180,199 794,995
- 16,244 180,260 53,536
- 8,167 3,831,621 -
86,221 533,144 619,365 -
- 57,783 2,467,964 985,423
- - - 12,594,978
- - 1,940,563 -
- 580,000 9,725,000 -
- 35,061 8,132,779 -
- - - 11,000
- 767,269 1,879,790 8,524,988
- 32,545 32,545 -
115,326 3,039,597 51,281,939 26,705,455
- 4,019,613 7,819,613 -
- 466,355 4,034,307 1,419,845
- - 31,598,595 -
- - 407,000,000 -
- - - 43,474,000
- 1,556,581 17,830,386 -
- 2,417,242 17,104,073 5,469,598
- - 13,874,861 -
- 4,960,000 7,360,000 -
- 13,419,791 506,621,835 50,363,443
115,326 16,459,388 557,903,774 77,068,898
- 201,589 2,309,186 -
- 201,589 2,309,186 -
83,203,840 111,456,086 504,565,046 11,012,918
- - 14,750,889 -
817,070 480,466 158,301,381 37,193,539
$ 84,020,910 $ 111,936,552 677,617,316 $ 48,206,457
(15,617,961)
$661,999,355
67

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City of St. Petersburg, Florida
Statement of Revenues, Expenses and Changes in Net Position
Proprietary Funds
Fiscal Year Ended September 30, 2017
Business-Type Activities - Enterprise Funds
Water
Resources Stormwater Sanitation
Operating Revenues
Sales - Water $ 56,238,132 $ - $ -
Sales - Wastewater 65,346,817 - -
Sales and Concessions - - -
Service Charges and Fees 891,556 15,654,513 43,760,762
Fines and Forfeitures - - -
Rentals and Parking 16,688 - -
Total Operating Revenues 122,493,193 15,654,513 43,760,762
Operating Expenses
Personal Services and Benefits 27,541,417 6,810,463 18,163,324
Supplies, Services and Claims 51,975,062 4,322,414 20,610,847
General Administrative Charges 2,929,164 402,336 1,200,576
Depreciation 18,433,491 4,068,860 2,055,589
Total Operating Expenses 100,879,134 15,604,073 42,030,336
Operating Income (Loss) 21,614,059 50,440 1,730,426
Nonoperating Revenues (Expenses)
Intergovernmental Revenues 1,162,590 85,968 229,703
Earnings on Investments 5,081,817 67,294 446,551
Other Interest Revenue 743,172 - -
Interest Expense (12,885,573) (383,769) (52,560)
Issue Cost and Amortization of Bond Discount (1,263,894) - -
Gain (Loss) on Disposition of Capital Assets 175,307 269 -
Miscellaneous Revenue 90,958 18,902 387,912
Total Nonoperating Revenues (Expenses) (6,895,623) (211,336) 1,011,606
Income (Loss) Before Contributions and Transfers 14,718,436 (160,896) 2,742,032
Transfers and Contributions
Capital Assets from (to) Other Funds - 1,551,119 -
Contributions from Citizens and Developers 1,598,577 - 121,251
Capital Contributions - 1,017,448 104,966
Transfers In (Out):
Transfers In 3,650,494 2,596,630 322,451
Transfers Out (12,044,024) (2,178,724) (2,886,111)
Total Transfers and Contributions (6,794,953) 2,986,473 (2,337,443)
Change in Net Position 7,923,483 2,825,577 404,589
Net Position - October 1 342,292,599 113,106,579 15,107,027
Net Position - September 30 $ 350,216,082 $ 115,932,156 $ 15,511,616
Change in Net Position (from above)
Adjustment to reflect the consolidation of Internal Service Fund Activities related to Enterprise Funds.
Change in Net Position of Business-Type Activities.
The accompanying notes are an integral part of these statements.
68

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Business-Type Activities - Enterprise Funds
Tropicana
Field
Nonmajor
Enterprise
Funds
Total
Enterprise
Funds
Total
Internal
Service Funds
$ - $ - $ 56,238,132 $ -
- - 65,346,817 -
- 1,223,652 1,223,652 -
- 10,186,705 70,493,536 116,141,300
- 1,468,496 1,468,496 -
1,359,840 5,364,331 6,740,859 -
1,359,840 18,243,184 201,511,492 116,141,300
843,917 7,687,166 61,046,287 21,383,926
1,868,652 8,515,710 87,292,685 83,900,813
- 573,348 5,105,424 1,694,352
3,580,310 4,420,112 32,558,362 6,693,609
6,292,879 21,196,336 186,002,758 113,672,700
(4,933,039) (2,953,152) 15,508,734 2,468,600
- 1,192 1,479,453 45,478
3,276 81,391 5,680,329 865,253
- - 743,172 -
- (225,484) (13,547,386) -
- (76,872) (1,340,766) -
- (499,550) (323,974) (11,106,238)
- 8,908 506,680 560,368
3,276 (710,415) (6,802,492) (9,635,139)
(4,929,763) (3,663,567) 8,706,242 (7,166,539)
- 11,538,845 13,089,964 8,726
- 330,497 2,050,325 -
- 440,600 1,563,014 -
1,511,000 1,270,925 9,351,500 178,618
- (1,904,290) (19,013,149) (9,095,704)
1,511,000 11,676,577 7,041,654 (8,908,360)
(3,418,763) 8,013,010 15,747,896 (16,074,899)
87,439,673 103,923,542 661,869,420 64,281,356
$ 84,020,910 $ 111,936,552 $ 677,617,316 $ 48,206,457
$ 15,747,896
449,292
$ 16,197,188
69

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City of St. Petersburg, Florida
Statement of Cash Flows
Proprietary Funds
Fiscal Year Ended September 30, 2017
Water
Resources 	Stormwater 	Sanitation
Cash flows from operating activities
Cash received from customers and users 	120,308,898	$ 	15,429,064	$ 	43,801,058	$
Cash payments for interfund services provided 	(17,714,363) 	(5,126,873) 	(12,105,840)
Cash payments to vendors for goods & services 	(25,647,845) 	(1,058,493) 	(13,060,767)
Cash payments to employees for services 	(19,924,111) 	(4,809,540) 	(14,274,004)
Cash provided by (used for) operating activities 	57,022,579 	4,434,158 	4,360,447
Cash flows from noncapital financing activities
Intergovernmental Revenue 	1,162,590 	85,968 	229,703
(Payment) Receipt on Interfund Loan 	3,800,000 	- 	-
Transfers-in 	- 	- 	-
Transfers-out 	(12,044,024) 	(2,178,724) 	(2,886,111)
Cash provided by (used for) noncapital financing activities 	(7,081,434) 	(2,092,756) 	(2,656,408)
Cash flows from capital & related financing activities
Proceeds from issuance of debt 	112,819,449 	- 	-
Proceeds from special assessment, net of receivable change 	1,602,013 	- 	1,081,906
Acquisition & Construction of Capital Assets 	(79,229,253) 	(1,849,478) 	(2,096,358)
Proceeds from sale of property, plant, equipment 	- 	- 	-
Principal received on Notes Receivable 	930,602 	- 	-
Bond fees and costs 	(1,838,563) 	- 	-
Interest paid on Revenue Bonds, Note Maturities & Capital Lease 	(15,186,377) 	(217,678) 	(61,416)
Principal paid on Revenue Bonds, Note Maturities & Capital Lease 	(8,347,466) 	- 	(1,230,000)
Payments to Escrow Agents - Debt Refunding 	(53,015,946) 	- 	-
Intergovernmental Revenue 	2,876,545 	485,478 	71,138
(39,388,996) 	(1,581,678) 	(2,234,730)
Cash flows from investing activities
Purchase, Sale and Maturities of Investments, net 	(24,313,890) 	346,009 	(1,987,899)
Interest received on investments 	2,962,414 	178,890 	631,248
Cash provided by (used for) investing activities 	(21,351,476) 	524,899 	(1,356,651)
Net increase (decrease) in cash 	(10,799,326) 	1,284,623 	(1,887,342)
Cash at beginning of year 	46,893,231 	1,108,969 	4,326,719
Cash at year end 	36,093,905	$ 	2,393,592	$ 	2,439,377	$
Cash flows from operating activities
Operating Income (loss) 	21,614,059	$ 	50,440	$ 	1,730,426	$
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 	18,433,491 	4,068,860 	2,055,589
Amortization 	(1,116,793) 	(318,408) 	(604,525)
Other non-operating income (loss), net 	1,015,723 	18,902 	387,912
Changes in assets and liabilities:
Accounts Receivable, DFOG, net 	(3,458,331) 	(244,351) 	(347,616)
Prepaids & Other Assets 	(36,763) 	560 	(7,385)
Accounts Payable & Accrued Liabilities 	17,435,955 	24,012 	(488,444)
Deposits 	258,313 	- 	-
Accrued Salary, Compensated Absences and OPEB 	2,876,925 	834,143 	1,634,490
Cash provided by (used for) operating activities 	57,022,579 	4,434,158 	4,360,447
Non-cash Investing, Capital, and Financing Activities
Contributions of Capital Assets (to)/from Other Funds 	3,650,494	$ 	4,147,749	$ 	322,451	$
Change in Fair Value of Investments 	1,710,791 	(111,596) 	(184,697)
SRF Loan Payable and Receivable 	8,937,516 	- 	-
Capitalized interest 	(3,214,759) 	- 	-
Total 	11,084,042	$ 	4,036,153	$ 	137,754	$
The accompanying notes are an integral part of these statements.
Business-Type Activities - Enterprise Funds
Cash provided by (used for) capital & related financing activities
Reconciliation of operating income (loss) to net cash provided by (used for)
operating activities
The accompanying notes are an integral part of these statements.
70

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Governmental
Non-Major 	Activities -
Tropicana 	Enterprise 	Internal
Field 	Funds 	Totals 	Service Funds
1,271,397	$ 	17,840,803	$ 	198,651,220	$ 	116,510,871	$
(1,529,728) 	(3,442,480) 	(39,919,284) 	(6,860,222)
(313,589) 	(7,090,759) 	(47,171,453) 	(81,305,477)
(840,147) 	(5,744,556) 	(45,592,358) 	(12,353,680)
(1,412,067) 	1,563,008 	65,968,125 	15,991,492
86,221 	1,192 	1,565,674 	45,428
- 	(2,149,800) 	1,650,200 	-
2,336,359 	892,747 	3,229,106 	-
- 	(1,904,290) 	(19,013,149) 	(4,308,134)
2,422,580 	(3,160,151) 	(12,568,169) 	(4,262,706)
- 	5,735,000 	118,554,449 	-
- 	- 	2,683,919 	-
(1,538,950) 	(707,581) 	(85,421,620) 	(2,933,854)
- 	- 	- 	741,819
- 	- 	930,602 	-
- 	(67,498) 	(1,906,061) 	-
- 	(155,180) 	(15,620,651) 	-
- 	(195,000) 	(9,772,466) 	-
- 	(3,555,485) 	(56,571,431) 	-
- 	3,185,498 	6,618,659 	-
(1,538,950) 	4,239,754 	(40,504,600) 	(2,192,035)
(10,508) 	(2,942,175) 	(28,908,463) 	(12,411,219)
5,558 	157,799 	3,935,909 	1,963,917
(4,950) 	(2,784,376) 	(24,972,554) 	(10,447,302)
(533,387) 	188,732 	(11,746,701) 	(910,551)
1,197,352 	2,697,049 	56,223,320 	15,446,241
663,965	$ 	2,885,781	$ 	44,476,620	$ 	14,535,690	$
(4,933,039)	$ 	(2,953,152)	$ 	15,508,734	$ 	2,468,600	$
3,580,310 	4,420,112 	32,558,362 	6,693,609
- 	(150,976) 	(2,190,702) 	(158,248)
- 	(9,052) 	1,413,485 	-
(88,443) 	83,012 	(4,055,729) 	217,350
- 	72,028 	28,440 	(74,706)
29,105 	(516,608) 	16,484,020 	550,005
- 	80,349 	338,662 	310,469
- 	537,295 	5,882,853 	5,984,413
(1,412,067) 	1,563,008 	65,968,125 	15,991,492
(825,359)	$ 	11,574,890	$ 	18,870,225	$ 	(15,711,992)	$
(2,283) 	(76,408) 	1,335,807 	(1,098,664)
- 	- 	8,937,516 	-
- 	- 	(3,214,759) 	-
(827,642)	$ 	11,498,482	$ 	25,928,789	$ 	(16,810,656)	$
Business-Type Activities - Enterprise Funds
71

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City of St. Petersburg, Florida
Statement of Fiduciary Net Position
Fiduciary Funds
September 30, 2017
Pension Trust
Funds
Agency
Funds
Assets
Cash and Cash Equivalents $ 1,878,691 $ -
Trustee Accounts 21,651,939 -
Total Cash and Cash Equivalents 23,530,630 -
Receivables
Interest and Dividends 1,806,625 -
Accounts 10,140 5,800
Unsettled Investment Sales 828,177 -
Total Receivables 2,644,942 5,800
Prepaids and Deposits 20,754 -
Investments, at Fair Value
DROP Investments 62,140,662 -
Government Securities 76,496,866 -
Corporate Bonds 113,524,486 -
Common and Preferred Stock 554,585,747 -
Mutual Funds 238,998,867 -
Alternative Investments 82,428,543 -
Total Investments 1,128,175,171 -
Total Assets 1,154,371,497 5,800
Liabilities
Payables
Accounts 21,867 -
Due to Other Entities and Individuals - 5,800
Unsettled Investment Purchases 2,651,966 -
DROP Liability 62,140,662 -
Total Liabilities 64,814,495 5,800
Net Position
Net Position Restricted for Pensions 1,089,557,002 -
Total Net Position $ 1,089,557,002 $ -
The accompanying notes are an integral part of these statements.
72

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Pension Funds
Additions
Contributions
Employer (Charges to Other Funds) $ 19,252,275
Employees 5,113,228
State Insurance Fund 3,704,803
Total Contributions 28,070,306
Investment Income
Net Increase in Fair Value of Investments 98,641,036
Interest on Investments 6,007,354
Dividends on Stock 17,760,482
Total Investment Income 122,408,872
Less Investment Expense (3,654,363)
Net Investment Income 118,754,509
Total additions 146,824,815
Deductions
Benefits 57,891,330
Deferred Retirement Option Contributions 9,848,102
Refunds of Contributions 348,696
Administrative Expenses 98,405
Total deductions 68,186,533
Change in Net Position 78,638,282
Net Position Restricted for Pensions - October 1 1,010,918,720
Net Position Restricted for Pensions - September 30 $ 1,089,557,002
The accompanying notes are an integral part of these statements.
City of St. Petersburg, Florida
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
Fiscal Year Ended September 30, 2017
73

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74

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NOTES TO THE FINANCIAL
STATEMENTS
75

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity
The City of St. Petersburg is a municipal corporation, created under City Ordinance 118F and
Florida Statute 155.05, governed by an elected eight member council. The accompanying
financial statements present the City of St. Petersburg (the primary government) and its
component units for which the government is considered to be financially accountable. The
blended component unit discussed below is included in the City’s reporting entity because of
the significance of their operational or financial relationship with the City. The discretely presented
component unit is reported in a separate column in the government-wide financial statements (see
note below for description) to emphasize that it is legally separated from the government. The
related organization and jointly governed organization financial operations are not presented in the
City’s Financial Statements.
Blended Component Unit - St. Petersburg Community Redevelopment Agency (SPCRA):
The City Council is the governing body of the SPCRA, which was created by City
Resolutions 81-1401 and 81-465, and approved by the Board of County Commissioners of
Pinellas County under Chapter 163, Florida Statutes, to act as the redevelopment agency.
The SPCRA board is composed of the same members of City Council therefore the City
Council has absolute influence and operational responsibility over SPCRA. All revenues of
the SPCRA are used in the districts to fund capital improvements within each district or to
fund the debt service requirements of debt related to the downtown redevelopment
improvement district. The operations of the SPCRA are reported in the Community
Redevelopment Districts and Downtown Redevelopment District as Major Governmental
Funds. Separate Financial Statements for the SPCRA are not available.
Discretely Presented Component Unit - St. Petersburg Health Facilities Authority (SPHFA):
The SPHFA was created by City Ordinance 81-49 under Chapter 154.207 Part III, of the
Florida Statutes. The SPHFA exists to facilitate issuing tax-exempt debt for non-profit
health care organizations. The City Council appoints the governing board. The City has
no responsibility for the debt payments related to the issues approved by the SPHFA. The
City’s Legal Department provides administrative support to the SPHFA. The SPHFA
charges the benefiting health care organizations for all costs incurred. The City funds any
operating deficit of the SPHFA. The operations of the SPHFA are reported in the
government-wide financial statements in a separate column. Separate financial statements
for the SPHFA are not available. The SPHFA is accounted for as a single governmental
fund type and uses the same applicable accounting policies the City presents in the Notes
to the Financial Statements.
Related Organization - St. Petersburg Housing Authority (SPHA): SPHA is a public
housing authority created by City Resolution 9, 1973, under Section 421.04 of the Florida
Statutes. The SPHA receives primary funding from the Federal Department of Housing
and Urban Development (HUD). The City Council appoints the governing board, however
the City Council is not able to impose its will on the SPHA nor does the City have any
responsibility for the budget, debt, financing deficits or fiscal management of the SPHA.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
Jointly Governed Organization - Tampa Bay Water Authority (TBWA): The TBWA was
organized in 1998, by an inter-local agreement pursuant to Chapter 98-402 of the Florida
Statutes between the counties of Hillsborough, Pasco and Pinellas and the cities of St.
Petersburg, New Port Richey, and Tampa, Florida (the members). The purpose of the
Authority is to develop regional water supplies and to supply water to its members at a
wholesale price. The TBWA is the reorganized West Coast Regional Water Supply
Authority with a governing board of nine voting members, two from each of the county
governments and one from each of the city governments. The City of St. Petersburg for the
fiscal year ended September 30, 2017, had a related party transaction with the TBWA as
follows: The City paid $23,464,407 for water purchases, and received $743,172 in interest
and $930,602 of principal on the TBWA contract receivable. The remaining principal in the
TBWA contract receivable is $13,881,925.
B. Government-Wide and Fund Financial Statements
The basic financial statements consist of the government-wide financial statements and fund
financial statements. Both sets of statements distinguish between the governmental and
business-type activities of the City.
Government financial statements include a Statement of Net Position and a Statement of
Activities. These statements report on the government as a whole, both the primary government
and its component units, and provide a consolidated financial picture of the government. As part
of the consolidation process, inter-fund activities are eliminated to avoid distorted financial results.
The amounts reported as internal balances represent the residual amounts due between
governmental and business-type activities. Fiduciary funds of the government are not included in
this presentation since these resources are not available for general government funding
purposes. The Statement of Net Position reports all financial and capital resources of St.
Petersburg’s governmental and business-type activities. It is presented in a net position format
(assets plus deferred outflows less liabilities less deferred inflows equal net position) and shown
with three components: net investment in capital assets; restricted net position and unrestricted
net position. The Statement of Activities reports functional categories of programs provided by the
City, and demonstrates how and to what degree those programs are supported by specific
revenues.
Program revenues are classified into three categories: charges for services, operating grants and
contributions, and capital grants and contributions. Charges for services refer to direct recovery
from customers for services rendered. Grants and contributions refer to revenue restricted for
specific programs whose use may be restricted further to operational or capital items. The
general revenues sections displays revenues collected that help support all functions of the
government.
The fund financial statements follow and report additional and detailed information about the City
of St. Petersburg’s operations for major funds individually and non-major funds in the aggregate
for governmental, proprietary and fiduciary funds.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
A reconciliation is provided that converts the results of governmental fund accounting to the
government wide presentation.
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements, as well as the fund financial statements for the
proprietary funds and fiduciary funds, are reported using the economic resources measurement
focus and the accrual basis of accounting. Revenues are recognized in the period in which they
are earned and expenses are recognized in the period incurred. Property tax revenue is
recognized in the period for which they are levied. When both restricted and unrestricted
resources are available for use, it is the City’s policy to use restricted resources first, then
unrestricted resources as needed.
Operating revenues shown for proprietary operations generally result from producing or providing
goods and services such as water, wastewater and sanitation services. Operating expenses for
these operations include all costs related to providing the service or product. These costs include
salaries and benefits, supplies, travel, contract services, depreciation, administrative expenses or
other expenses directly related to costs of services. All other revenues and expenses not meeting
these definitions are reported as non-operating revenues and expenses. All intergovernmental
revenues in the proprietary fund financial statements are classified as non-operating revenues in
accordance with bond covenants. See the government-wide financial statements revenue
categories for allocation between operating and capital related grants and contributions. In the
government-wide financial statements operating grants and contributions are available to finance
regular operations or capital purposes; while capital grants and contributions are only available for
capital purposes.
All governmental fund financial statements are reported using a current financial resources
measurement focus and a modified accrual basis of accounting. Under the modified accrual basis
of accounting, revenues are recognized in the accounting period in which they become both
measurable and available to finance expenditures of the current period. Available means
collectible within the current period or soon enough thereafter to be used to pay liabilities of the
current period (Within 60 days of the end of the fiscal year, except grant revenues are within 15
months, notes are within 6 months, and jointly assessed taxes collected through other
governments are within 90 days). Revenue reported and measurable in the governmental funds
financial statements but not yet available for use are deferred and recognized as an inflow of
resources in the period that the amount becomes available.
Property taxes, franchise taxes, investment earnings and most charges for services are recorded
as earned since they are measurable and available. Licenses and permits, fines and forfeitures,
and miscellaneous revenues (except investment earnings) are recorded as revenues when
received in cash, because they are generally not measurable until actually received.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
A significant portion of the City’s grants and contracts are exchange transactions. Funds from
these transactions are deemed to be earned and reported as revenue when such funds have been
expended towards the designated purpose and eligibility requirements have been met.
Expenditures are recorded when the related fund liability is incurred. Exceptions to this general
rule include: (1) accumulated sick pay and accumulated vacation pay, which are not recorded as
expenditures until they have been paid; (2) prepaid insurance and similar items, which are
reported only on the balance sheet and do not affect expenditures; and (3) principal and interest
on long-term debt, which are recognized when due. Budgets for governmental funds are also
prepared on the modified accrual basis.
The City charges centralized services through the general fund and internal service funds to
functional activities through various charge methods. Therefore, expenses reported for functional
activities include these indirect expenses, including an administrative component.
The accounting policies and the presentation of the financial report of the City of St. Petersburg,
Florida have been designed to conform to generally accepted accounting principles (GAAP) as
applicable to governmental units, in accordance with the Governmental Accounting Standards
Board (GASB). GASB is the accepted standard setting body for establishing governmental
accounting and financial reporting principles, which are primarily set forth in the GASB's
Codification of Governmental Accounting and Financial Reporting Standards (GASB Codification).
The following are reported as major governmental funds:
• The General Fund is the general operating fund of the City, accounting for all financial
resources of the City, except those that are required legally or by generally accepted
accounting principles to be accounted for in other funds.
• Community Redevelopment Districts Fund is used to account for tax increment revenues
received from Pinellas County and the City for the Bayboro Harbor, Intown West and South
St. Petersburg Community Redevelopment Districts.
• Downtown Redevelopment District Fund is used to account for tax increment revenues
received from Pinellas County and the City for the Downtown Community Redevelopment
District (DCRD). Transfers to debt service funds relate to DCRD debt obligations with
remaining fund balances restricted to DCRD activities.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
• The Local Option Sales Surtax Improvement Fund is used to account for various
construction projects including infrastructure improvements, recreation and culture
improvements, public safety, and city facilities improvements. The projects are part of a
program begun in 1990 and extended to 2020 that is funded by the City’s share of the
Pinellas County one cent local option sales surtax, "Penny for Pinellas". On February 10,
2015, the City executed an interlocal agreement with Pinellas County regarding the
updated City priorities related to critical infrastructure improvement projects that should be
funded with the County Penny Funds. The current agreement with Pinellas County to
provide the City with "Penny for Pinellas" funding expires in fiscal year 2020. The current
identified priorities for the City includes the following projects and expected timelines to
complete:
• Streetscape improvements and mast arms at signalized intersections on
Central Avenue in the amount of $4.3 million in fiscal year 2017.
• New police department headquarters to include an Emergency Operations
Center Facility and Regional 911 Center Backup Facility in the amount of
$20.2 million in fiscal year 2020.
• The Grants Fund is mainly used to account for sources of revenue from the City's housing
program as well as any grant revenue that is required to be included in a separate special
revenue fund. The significant sources of revenues are those received from the U.S.
Department of Housing and Urban Development under the HOME, Community
Development Block Grants, Emergency Solutions Grant Program and Neighborhood
Stabilization Program.
• The General Capital Improvement Fund is used to account for various general purpose
projects funded by transfers from the General Fund, grants, land sales or other
miscellaneous revenues. The General Capital Improvement Fund is reported as a major
governmental fund in 2017 due to the following significant construction projects underway:
• Pier and Pier Approach Construction, funded by the issuance of Public
Service Tax Revenue Bonds and tax increment financing revenues.
• Police Headquarters and Police Training Facility Construction, funded by the
issuance of Non Ad Valorem Revenue Notes and Local Option Sales Surtax
revenues (Penny for Pinellas).
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
The following are reported as major enterprise funds:
 Water Resources Fund accounts for the operation of the City’s potable water,
wastewater and reclaimed water services to residents and businesses within St.
Petersburg and surrounding communities.
 Stormwater Fund accounts for the improvements and maintenance of the City’s
stormwater retention and drainage system.
 Sanitation Fund accounts for all operations of Solid Waste collection, disposal and
recycling activities in compliance with federal standards and regulations in order to
ensure public health.
 Tropicana Field Fund accounts for all city related operations of Tropicana Field, the
home of the Major League Baseball’s Tampa Bay Rays. The Tropicana Field Fund
accounts for the City’s share of both ticket sales for events held at Tropicana Field as
well as a portion of the sale of the naming rights. The revenues are used to pay a
portion of the cost of the operation of the facility as required by the management
agreement with the Tampa Bay Rays.
The City maintains no landfills. All solid waste is disposed of at the Pinellas County Solid Waste
Resource Recovery Plant.
The City also reports the following fund types:
 Internal Service Funds: These funds are primarily used to account for the financing of
goods or services provided by one department to other departments of the City on a cost
reimbursement basis. The City's internal service funds provide insurance, inventory
management, equipment and fleet maintenance, facilities maintenance, technology
services and billing and collections services to the other departments of the City. Billing
and Collections also provides utility billing on behalf of other government entities.
 Fiduciary Fund type includes:
 Pension Trust Funds account for the activities of the City’s General Employees,
Fire and Police Retirement Systems, which accumulate resources for pension
benefit and disability benefit payments.
 Agency Funds are custodial in nature (assets equal liabilities) and do not involve
measurements of results of operations. Agency funds are merely clearing accounts
for assets held by the City as agent for individuals, private organizations, and other
governments. The activities included in the agency funds include all payroll liability
clearing, employee payroll deductions for credit union deposits, IRS collection
activity, pooled equity in cash and investments, etc.
As a general rule, the effect of interfund activity has been eliminated from the government-wide
financial statements. Exceptions to this general rule are general and administrative service
charges from governmental activities and other charges between the City’s business-type
functions and various other functions of the City. Elimination of such charges would distort the
direct costs and program revenues reported for the various functions concerned.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
Amounts reported as program revenue include (1) charges to customers or applicants for goods,
services, or privileges provided, (2) operating grants and contributions, and (3) capital grants and
contributions, including special assessments. Internally dedicated resources are reported as
general revenues rather than as program revenues. Likewise, general revenues include all taxes.
D. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources and
Net Position or Fund Balance
1. Cash, cash equivalents and investments
The City’s cash and cash equivalents are considered to be cash on hand, demand deposits,
certificates of deposit with less than 1 year maturity and institutional money market accounts.
Investments included in the Core Portfolio and corresponding accrued investment earnings are
pooled together for investment purposes (see Note 5). All investments are reported at fair value.
The City pools its cash for investment and resource management purposes. Each fund's equity in
pooled cash and investments represents the balance on hand as if each fund maintained its own
cash and investment account. For purposes of the statement of cash flows, the proprietary funds'
shares of equity in pooled certificates of deposit are considered to be cash equivalents. See Note
5, "Deposits and Investments."
The City’s investment policy, adopted in accordance with Florida Statute 218.415, authorize the
City to invest surplus funds in the following:
 Demand checking account, savings accounts and other savings instruments in state
qualified public depositories, which are secured per the Florida Security for Public
Deposits Act, Chapter 280, Florida Statutes.
 The State of Florida Local Governments Surplus Funds Trust Fund pursuant to Florida
Interlocal Cooperation Act, as provided in Section 163.01, Florida Statutes.
 Certificates, notes, bonds, bills, or zero coupon (strips, cats & tigers) of the United States
Treasury, or other obligations of the United States or its Agencies. Agencies are backed
by the full faith and credit of the United States. Authorized investments in this category
are limited GNMA, FHA, SBA, GSA, FHA, and HUD.
 Obligations of Government Sponsored Enterprises (GSE) (Instrumentalities) which are
eligible as collateral for advances to member banks as determined by the Board of
Governors of the Federal Reserve System. Instrumentalities are usually "AAA" rated by a
Nationally Recognized Statistical Ratings Organization (NRSRO) but have no explicit
governmental guarantee. Authorized investments in this category are limited to FNMA,
FFCB, FHLB, FHLMC, FLB and FAMCA.
 Collateralized Mortgage Obligations (CMOs) as well as direct collateral bonds issued by
Federal Agencies and Instrumentalities. These bonds are usually rated "AAA" by a
NRSRO due to the credit pass-thru of the issuing Agency or Instrumentality. All bond
purchases must pass the Federal Financial Instrumentalities Examination Council
(FFIEC) High Risk Security Test.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
 Bankers’ Acceptances (BA) guaranteed by banking institutions which are issued by a
domestic bank with a rating of “A-1”/P-1” by a NRSRO on its short term debt or "A"
category, by a NRSRO, on its long-term debt. All Bankers’ Acceptances must be
inventory based.
 Commercial Paper issued by corporations organized and operating within the United
States or by depository institutions licensed by the United States having received an
“A-1/P-1” or better by a NRSRO, such as Moody’s, Standard and Poor’s, or Fitch.
 Corporate Asset Backed notes issued by corporations organized and operating within the
United States or by depository institutions licensed by the United States having received
the two highest category ratings by a NRSRO.
 Non-Negotiable Certificates of Deposit and Bank Investment Contracts (BIC) which can
be insured, collateralized at the Federal Reserve or qualify as state qualified public
deposits, which are secured per the Florida Security for Public Deposits Act, Chapter 280,
Florida Statutes.
 Guarantee Investment Contracts (GIC) with an issuing financial institution which has at
least the two highest category ratings on its long-term debt by a NRSRO. Collateralization
using the City’s authorized Investment Categories “C” and “D” of this section will be
required of all GIC issuers when their rating falls below the two highest rating categories
by a NRSRO or the contract can be terminated at the City’s option.
 Tax-Exempt Governmental bonds, notes or other obligation of investment grade quality
(as established by a NRSRO) issued by or on behalf of this or any other state, or any
other agency, county, municipal corporation, special district, authority, or political
subdivision thereof, with respect to the investment of City bond proceeds in accordance
with arbitrage regulations issued by the Internal Revenue Service (IRS).
 Repurchase Agreement with the City's primary state-certified qualified public depository,
as defined by the Florida Security for Public Deposits Act, Chapter 280, Florida Statutes.
The repurchase agreement for overnight sweep cash investments are collateralized by
State Law with the State Comptroller's office. The underlying parent rating in these whole
loan transactions must be “A-1/P-1” by a NRSRO, unless the counterparty is a Federal
Reserve Bank, no rating is required.
 U.S. Treasury and U.S. Government short-term mutual funds used for short-term cash
flow.
 Taxable Governmental bonds, notes or other obligations of investment grade quality as
established by a NRSRO issued by or on behalf of this or any other state, or any agency,
county, municipal corporation, special district, authority, or political subdivision thereof.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
 The Columbia Management (Strategic Cash Fund Capital Class Shares) as a long-term
investment held to maturity.
 Unsecured corporate bonds, notes or other obligations issued by corporations organized
and operating within the United States or by depository institutions licensed by the United
States, and are of investment grade quality as established by a NRSRO. However, no
more than 40% of all corporate bonds in the Core and the portion of the Water Cost
Stabilization Portfolios that are governed under this Policy may be rated “BBB”.
The City’s alternative investment policy approved December 18, 2014, adopted in accordance with
Florida Statute 218.415, authorizes the City to invest in dividend yielding index funds and
externally managed funds. A maximum of 25% of the balance available for investment in the
Water Cost Stabilization Fund (approximately $20 million) may be invested in dividend yielding
equities in funds, mutual funds, or ETF’s (passive and internally selected). The alternative
investment policy also allows for the Parks Preservation Fund and the Environmental
Preservation Fund to be externally managed with specific policy limitations to asset classes,
targets, and ranges relating to equity funds, real estate investment trusts (REIT), and fixed income
funds.
The reported value of the Local Government Surplus Funds Trust Fund (SBA) Fund A is shown at
amortized cost as it meets the criteria to be a 2A-7 like investment at September 30, 2017.
2. Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at
the end of the fiscal year are referred to as either “due to/from other funds” (i.e., the current
portion of interfund loans) or “advances to/from other funds” (i.e., the non-current portion of
interfund loans). All other outstanding balances between funds are reported as “due to/from other
funds” and are generally liquidated on a monthly basis. Any residual balances outstanding
between the governmental activities and business-type activities are reported in the
government-wide financial statements as “internal balances”.
All trade and other receivables, are shown net of an allowance for uncollectibles. Trade accounts
receivable in excess of 180 days comprise the trade accounts receivable allowance for
uncollectibles. The special assessment allowance for uncollectible is based on management
estimates.
Water and related wastewater charges to customers are based on actual water consumption.
Consumption is determined on a monthly cycle basis. The City recognizes as revenue the
estimated unbilled consumption as of September 30.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
3. Inventories and Prepaid Items
Inventories of expendable supplies held for consumption are priced at cost using the moving
weighted average method, which approximates First-In-First-Out. Governmental fund type
inventories are recorded using the consumption method. Inventories in certain Proprietary Funds
consist of goods held for sale which are priced at cost using the First-In-First-Out method.
Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaid items, using the consumption method, in both the government-wide and fund
financial statements.
4. Restricted Assets
Debt Funding Requirements
Certain proceeds of the City’s revenue bonds, as well as certain resources set aside for their
repayment, are classified as restricted assets because they are maintained in separate investment
accounts and their use is limited by applicable bond covenants.
Also, debt proceeds that are set aside to subsidize potential deficiencies from the City’s operations
that affect debt service payments, revenue bond and note proceeds that are restricted for use in
construction, and segregated resources accumulated for debt service payments over the next
twelve months are recorded as restricted assets.
Donor-Restricted Endowments
Included in the permanent funds, which are included in the non major governmental funds
presentation, are donor-restricted assets given to the City with the stipulation that the original
Kopsick Palm Arboretum Trust endowment ("Kopsick") not be spent, but only the earnings thereon
are spendable for specific beautification projects. The total non major endowment restricted
assets held by Kopsick at September 30, 2017 totals $157,703. The endowment terms authorize
the expenditures of all interest and dividends earned less management fees and to reinvest all
appreciated value. The City transfers the spendable balance annually to another special revenue
fund that is included in the Donations Fund. The spendable balance of the endowment totals $989
at September 30, 2017. There is no state law governing use of endowment funds.
5. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads,
bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems), are
reported in the applicable governmental or business-type activities columns in the
government-wide financial statements. Additions to capital assets are recorded at cost at the time
of purchase in governmental funds and at cost plus capitalized interest when purchased in
the enterprise funds. Gifts or contributions are recorded at aquisition value at the time received.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
Effective October 1, 2012 the City updated the threshold amounts for additions to capital assets
and intangible assets .The City currently maintains the following threshold for additions to capital
assets and intangible assets:
Asset Class Threshold
Land Capitalize all
Buildings & systems $50,000
Improvements other than buildings $50,000
Machinery & equipment $5,000
Utility systems $50,000
Library books & works of art Capitalize all
Intangible assets - purchased software $10,000
Intangible assets - other $100,000
Intangible assets - internally developed software $1,000,000
Public domain and system infrastructure assets represent such items as roads, water and
wastewater treatment plants and lines, parks and drainage systems.
Depreciation and amortization has been provided using the straight-line method. The estimated
useful lives of the various classes of depreciable capital assets are as follows:
Range in Years
10 - 50
5 - 20
2 - 10
20 - 50
Buildings & systems
Improvements other than buildings
Machinery & Equipment
Utility Systems
6. Compensated Absences
All full time employees accumulate limited amounts of annual leave, including extended illness
leave, subject to length of employment. Upon separation from employment, employees receive
payment for accumulated annual leave not related to extended illness leave. Upon separation
from employment for retirement, a limited amount of extended illness leave is paid to employees.
Compensated absences liabilities related to governmental funds are liquidated through the
governmental fund in which the liability is incurred.
Accumulated annual and sick leave is accrued when incurred in the government-wide and
proprietary fund financial statements. A liability is recorded in the governmental fund financial
statements only when the payment is due and payable.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
7. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section
for deferred outflows of resources. This separate financial statement element, deferred outflows of
resources, represents a consumption of net position that applies to future periods and will not be
recognized as an outflow of resources (expense/ expenditure) until then. The City has two
items that meet this criterion: deferred amounts related to pensions and an unamortized gain on
bond refunding.
In addition to liabilities, the statement of financial position will sometimes report a separate section
for deferred inflows of resources. This separate financial statement element, deferred inflows of
resources, represents an acquisition of net position that applies to future periods and so will not be
recognized as an inflow of resources (revenue) until that time. The City has two items that meet
the criterion for this category: unavailable revenues and deferred amounts related to pensions.
The deferred inflow of resources for unavailable revenue arises only under a modified accrual
basis of accounting and is reported only in the governmental funds balance sheet. The
governmental funds report unavailable revenues from the following sources: business taxes,
various charges for services, special assessments, notes receivable and advance grant
proceeds. These amounts are deferred and recognized as an inflow of resources in the period that
the amounts become available.
8. Long-term Obligations
In the government-wide financial statements, and proprietary fund financial statements, long-
term debt and other long-term obligations are reported as liabilities in the applicable
governmental activities, business-type activities, or proprietary fund statement of net
position. Bond premiums and discounts are deferred and amortized over the life of the bonds
using the effective interest method. Bonds payable are reported net of the applicable
bond premium or discount. Bond issuance costs, whether or not withheld from the actual debt
proceeds received, are reported as debt service expenses in the period incurred. Gains or
losses resulting from advanced refundings of debt are deferred and amortized over the
shorter of the life of the new debt or the original life of the defeased debt and are
reported as a deferred outflow of resources and are amortized and reported as a component of
interest expense.
In the fund financial statements, governmental funds recognize bond premiums and
discounts, as well as bond issuance costs, during the current period. The face amount of
debt issued is reported as other financing sources. Premiums received on debt issuances are
reported as other financing sources while discounts on debt issuances are reported as other
financing uses. Bond issuance costs whether or not withheld from the actual debt proceeds
received, are reported as debt service expenses in the period incurred.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
Governmental long term obligations are repaid by the City through the following funds:
Long-term Obligation Obligating Fund
Revenue Bonds Professional Sports, Facility Sales Tax,
and Public Service Tax
Notes JP Morgan Chase, TD Bank, BB&T Notes,
Banc of America and
Banc of America Capital Leasing
Compensated Absences, OPEB and General, Building Permit, and
Net Pension Liability Emergency Medical Services
9. Fund Balances
Fund balance is divided into five classifications based primarily on the extent to which the City is
bound to observe constraints imposed upon the use of the resources in the governmental funds.
The classifications are as follows:
Nonspendable The nonspendable fund balance category includes amounts that cannot be
spent because they are not in spendable form, or legally or contractually required to be
maintained intact. The “not in spendable form” criterion includes items that are not
expected to be converted to cash. It also includes the long-term amount of interfund loans.
Restricted Fund balance is reported as restricted when constraints placed on the use of
resources are either externally imposed by creditors (such as through debt covenants),
grantors, contributors, or laws or regulations of other governments or is imposed by law
through constitutional provisions or enabling legislation (City ordinances). Enabling
legislation authorizes the City to assess, levy, charge, or otherwise mandate payment of
resources (from external resource providers) and includes a legally enforceable
requirement that those resources be used only for the specific purposes stipulated in the
legislation. Legal enforceability means that the City can be compelled by an external party
such as citizens, public interest groups, or the judiciary to use resources created by
enabling legislation only for the purposes specified by the legislation.
Committed The committed fund balance classification includes amounts that can be used
only for the specific purposes imposed by ordinance, a formal action of City Council, which
is the highest level of decision making authority at the City. Those committed amounts
cannot be used for any other purpose unless City Council removes or changes the
specified use it employed to previously commit those amounts. In contrast to fund balance
that is restricted by enabling legislation, committed fund balance classification may be
redeployed for other purposes with appropriate due process.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
Constraints imposed on the use of committed amounts are imposed by City Council,
separate from the authorization to raise the underlying revenue; therefore,
compliance with these constraints are not considered to be legally enforceable.
Committed fund balance also incorporates contractual obligations to the extent that
existing resources in the fund have been specifically committed for use in satisfying those
contractual requirements.
Assigned Amounts in the assigned fund balance classification are intended to be used by
the City for specific purposes but do not meet the criteria to be classified as restricted or
committed. In governmental funds, assigned fund balance is established by definition of
the fund or by intended use (such as construction contracts) as established by City Council
or a City official delegated that authority by City Charter or ordinance, or by State Statute.
No such delegation has been made to this date by City Council.
Unassigned fund balance is the residual classification for the general fund and includes
all spendable amounts not contained in the other classifications. In other governmental
funds, the unassigned classification is used only to report a deficit balance resulting
from overspending for specific purposes for which amounts had been restricted,
committed, or assigned.
The City applies restricted resources first when expenditures are incurred for purposes for
which either restricted or unrestricted (committed, assigned, and unassigned) amounts are
available. Similarly, within unrestricted fund balance, committed amounts are reduced first
followed by assigned, and then unassigned amounts when expenditures are incurred for
purposes for which amounts in any of the unrestricted fund balance classifications could be
used.
10. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities as of the date of the financial statements, and the reported amounts of
revenues and expenditures during the reporting period. Actual results could differ from those
estimates.
11. Fair Value
The City categorizes its fair value measurements within the fair value hierarchy established by
generally accepted accounting principles. The hierarchy is based on the valuation inputs used to
measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for
identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are
significant unobservable inputs.
12. Stabilization Arrangements
Governmental Stabilization funds, a type of reserve fund maintained to offset economic
downturns, natural disasters and other unforeseen events, are presented as committed fund
balances in the appropriate fund. The level of funding will be reviewed annually by City Council;
additions to or reductions from a stabilization fund will be approved by City Council as part of the
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
budget process or the supplemental appropriation process. Establishing the proper balances in
stabilization funds takes into account the risk exposure related to self-insurance and property
insurance deductibles in the event of major storm damage to City assets. Transfers from
stabilization funds will not be allowed if they would cause the stabilization fund to be in a deficit
position.
The City maintains two stabilization arrangements - the Economic Stability Fund and the Water
Cost Stabilization Fund. The balance in the Economic Stability Fund is presented as part of the
General Fund. The balance in the Water Cost Stabilization Fund is presented as part of the Water
Resources Fund. Permitted uses of these funds have been established by City Council by
Resolution.
The balance in the Economic Stability Fund represents committed fund balances which are
available for expenditure only with the approval of City Council and under the following specified
and non-routine conditions:
 In the event of an estimated budget shortfall amounting to more than 2% of the
most recently adopted budget. Only the amount of the shortage above 2% may be
taken from the Economic Stability Fund, while other budget balancing measures will
be employed to offset budget shortfalls up to and including 2%. If the 2% threshold
has been met, the appropriate amount of resources to utilize from the Economic
Stability Fund will take into account the current economic climate, including the local
unemployment rate, inflation rate, rate of personal income growth, assessed
property values, and other factors as determined to be appropriate.
 In the event of damage to City property or loss of City assets due to disasters such
as hurricane, tornado, flood, wind, acts of terrorism or other catastrophic events
when such an event results in a declaration of a state of emergency other funds of
the City, such as the equipment replacement funds, the self insurance fund and
the Technology/Infrastructure Fund will be used first, as appropriate to the
circumstances, before relying on the Economic Stability Fund.
 To provide short-term (one year or less) advances, or long-term loans exceeding
one-year in length, to other funds of the City for shortfalls due to economic impacts
or for other purposes, as recommended by the Mayor and approved by City
Council. A plan for repayment of the funds will be established before any such
advance or loan is made.
When the Economic Stability Funds are used for any permitted purpose, the fund will be
replenished in an amount to meet the fund balance target, either from the fund for which the
resources were required or from another fund of the City, within the time frame recommended by
the Mayor or City Administrator and approved by City Council.
Balances in the Water Cost Stabilization Fund represent committed fund balances which are
available for expenditure only with the approval of City Council and under conditions specified in
resolutions and in accordance with existing bond covenants.
The Economic Stability Fund is included in the General Fund for financial reporting purposes and
had a fund balance of $25,968,597 at September 30, 2017.
90

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
The Water Cost Stabilization Fund is included in the Water Resources Fund for financial reporting
purposes and had a net position of $91,742,375 at September 30, 2017.
13. Minimum Fund Balance Policy
The General Fund, as defined in the CAFR, has a reserve target of 20% of the Fund’s current
year budgeted appropriations and the unassigned core General Operating Fund has a reserve
target of 5% of the Fund's current year budgeted appropriations. The Core General Operating
Fund rolls into the General Fund as defined by the CAFR. For the purpose of determining if the
target has been met, the unassigned fund balance of the general fund and the balance of the
economic stability fund are added together and the combined amount is then compared with the
annual appropriations budget.
Other governmental funds of the City do not have specified fund balance targets. Recommended
levels of committed and/or assigned fund balance will be determined on a case by case basis,
based on the needs of each fund and as recommended by city officials and approved by City
Council.
Fiduciary funds do not have fund balance targets.
Proprietary funds, which include both enterprise funds and internal service funds, have fund
balance targets as shown on the next page. In most cases the specific targets for proprietary
funds are a percentage of the annual, appropriated budget for that fund. (Percentage targets can
also be described in terms of a number of months of operating costs. For example, a fund
balance reserve target equal to 8.3% is the same as a reserve target equal to one month of
operating expenditures; 16.7% equals two months expenditures and 25% equals three months.)
For the purpose of setting target amounts for the proprietary funds, estimated fund balance
amounts are determined based on a budgetary fund balance.
For those proprietary funds that have targets not based on the annual operating costs, notation as
to the basis for determining the target is stated. Enterprise funds dependent upon an annual
subsidy from the General Fund do not have a fund balance target; if in the future, the enterprise
fund becomes self supporting, consideration will be given to establishing a fund balance target.
Unless otherwise noted, the targets shown on the following page are a percentage of the annual,
appropriated budget.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
Enterprise Funds
Water Resources Funds– 25%* (8.3% in operating fund, 16.7% in water cost
stabilization fund)
Stormwater Utility Funds – 16.7%*
Sanitation Funds
Sanitation Operating Fund – 16.7%
Sanitation Equipment Replacement Fund – 25% of equipment replacement cost
Airport Fund– no target
Marina Funds– 8.3%*
Golf Courses Funds – 8.3%*
Jamestown Fund – 8.3%
No Target – Port, Parking, Mahaffey Theater, Pier, Coliseum, Sunken Gardens, and
Tropicana Field Funds.
Internal Service Funds
Equipment and Maintenance Funds
Fleet Management Fund – 8.3%
Equipment Replacement Fund – 25% of equipment replacement costs
Municipal Office Buildings Funds – 16.7%
Technology Services Fund – 16.7%
Consolidated Inventory Fund – 8.3%
Insurance Funds
Health Insurance Fund – 25% plus the IBNR claims
Life Insurance Fund – 16.7%
Self Insurance Fund – Set annually by an actuarial study
General Liability Claims Fund- Set annually by an actuarial study
Commercial Insurance Fund – 50%
Workers’ Compensation Fund – Set annually by an actuarial study
Billing and Collections Fund – 16.7%
*Transfers to the related capital improvement fund is excluded from target balance
calculation.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
14. Adoption of New Governmental Accounting Standards Board (GASB) Pronouncements
During the fiscal year ended September 30, 2017 the City implemented the following GASB
Pronouncements:
GASB Statement No. 77, Tax Abatement Disclosures
Issued in August 2015, the Statement requires governments that enter into tax abatement
agreements to disclose certain information about the agreements in order to provide
information to the public about how tax abatements affect their financial position and
results of operations.
This Statement requires disclosure of tax abatement information about (1) a reporting
government’s own tax abatement agreements and (2) those that are entered into by other
governments and that reduce the reporting government’s tax revenues. See footnote 21 for
disclosure.
GASB Statement No. 73, Accounting and Financial Reporting for Pensions and Related Assets
That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of
GASB Statements 67 and 68
Issued in June 2015, the Statement establishes requirements for defined benefit pensions
that are not within the scope of Statement No. 68, Accounting and Financial Reporting for
Pensions, as well as for the assets accumulated for purposes of providing those pensions.
In addition, it establishes requirements for defined contribution pensions that are not within
the scope of Statement 68. It also amends certain provisions of Statement No. 67,
Financial Reporting for Pension Plans, and Statement 68 for pension plans and pensions
that are within their respective scopes. The Statement is not applicable to the City.
GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than
Pension Plans
Issued in June 2015, this Statement replaces Statements No. 43, Financial Reporting for
Postemployment Benefit Plans Other Than Pension Plans, as amended, and No. 57,
OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans.
It also includes requirements for defined contribution OPEB plans that replace the
requirements for those OPEB plans in Statement No. 25, Financial Reporting for Defined
Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, as amended,
Statement 43, and Statement No. 50, Pension Disclosures. The Statement was issued to
improve financial reporting through enhanced note disclosures and schedules of required
supplementary information that will be presented by OPEB plans that are administered
through trusts that meet the specified criteria. The Statement does not apply to the City as
the City does not have a trust or accumulated assets for OPEB.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
GASB Statement No. 78, Pensions Provided through Certain Multiple-Employer Defined Benefit
Pension Plans
Issued in January 2016, the Statement amends the blending requirements for the financial
statement presentation of component units of all state and local governments. The additional
criterion requires blending of a component unit incorporated as a not-for-profit corporation in
which the primary government is the sole corporate member. No implementation impact for
the City as we do not currently have such circumstances.
GASB Statement No. 81, Irrevocable Split-Interest Agreements
Issued in March 2016, the Statement is to improve accounting and financial reporting for
irrevocable split-interest agreements by providing recognition and measurement guidance for
situations in which a government is a beneficiary of the agreement. This Statement requires
that a government that receives resources pursuant to an irrevocable split-interest agreement
recognize assets, liabilities, and deferred inflows of resources at the inception of the
agreement. No implementation impact for the City as we do not currently have
such circumstances.
15. Future GASB Pronouncements
The following GASB Pronouncements have been issued, but are not in effect for the City as of
September 30, 2017.
GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other
Than Pensions
Issued in June 2015, the Statement replaces the requirements of Statements No. 45,
Accounting and Financial Reporting by Employers for Postemployment Benefits Other
Than Pensions, as amended, and No. 57, OPEB Measurements by Agent Employers and
Agent Multiple-Employer Plans, for OPEB.
The Statement establishes standards for recognizing and measuring liabilities, deferred
outflows of resources, deferred inflows of resources, and expense/expenditures. For
defined benefit OPEB, this Statement identifies the methods and assumptions that are
required to be used to project benefit payments, discount projected benefit payments to
their actuarial present value, and attribute that present value to periods of employee
service. In addition, this Statement details the recognition and disclosure requirements for
employers with payables to defined benefit OPEB plans that are administered through
trusts that meet the specified criteria and for employers whose employees are provided
94
Issued in December 2015, the Statement addresses a practice issue regarding the scope
and applicability of Statement No. 68, Accounting and Financial Reporting for Pensions. This
issue is associated with pensions provided through certain multiple-employer defined benefit
pension plans and to state or local governmental employers whose employees are provided
with such pensions. No implementation impact to the City as the City does not currently
have such circumstances.
GASB Statement No. 80, Blending Requirements for Certain Component Units - an amendment
of GASB Statement No. 14

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
with defined contribution OPEB. The City will implement this Statement for the fiscal year
ending September 30, 2018.
GASB Statement No. 83, Certain Asset Retirement Obligations
Issued in November 2016, the Statement addresses accounting and financial reporting for
certain asset retirement obligations (AROs). An ARO is a legally enforceable liability
associated with the retirement of a tangible capital asset. A government that has legal
obligations to perform future asset retirement activities related to its tangible capital assets
should recognize a liability based on the guidance in this Statement. The Statement
requirements are effective for reporting periods beginning after June 15, 2018 however
earlier application is encouraged. The City will implement the Statement when required, but
may adopt earlier as recommended in a future fiscal year.
GASB Statement No. 84, Fiduciary Activities
Issued in January 2017, this Statement improves guidance regarding the identification of
fiduciary activities for accounting and financial reporting purposes and how those activities
should be reported. The Statement establishes criteria for identifying fiduciary activities of
all state and local governments. The focus of the criteria generally is on (1) whether a
government is controlling the assets of the fiduciary activity and (2) the beneficiaries with
whom a fiduciary relationship exists. Separate criteria are included to identify fiduciary
component units and postemployment benefit arrangements that are fiduciary activities.
The City will implement this Statement for fiscal year ending September 30, 2020.
GASB Statement No. 85, Omnibus 2017
Issued in March 2017, this Statement is to address practice issues that have been
identified during implementation and application of certain GASB Statements. This
Statement addresses a variety of topics including issues related to blending component
units, goodwill, fair value measurement and application, and postemployment benefits
(pensions and other postemployment benefits). The City will implement this Statement for
fiscal year ending September 30, 2018.
GASB Statement No. 86, Certain Debt Extinguishment Issues
Issued in May 2017, this Statement is to improve consistency in accounting and financial
reporting for in-substance defeasance of debt by providing guidance for transactions in
which cash and other monetary assets acquired with only existing resources – resources
other than the proceeds of refunding debt – are placed in an irrevocable trust for the sole
purpose of extinguishing debt. This Statement also improves accounting and financial
reporting for prepaid insurance on debt that is extinguished and notes to financial
statement for debt that is defeased in substance. The City will implement this Statement
for fiscal year ending September 30, 2018.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (Continued)
GASB Statement No. 87, Leases
Issued in June 2017, this Statement is to improve the accounting and financial reporting for
leases by governments. This Statement increases the usefulness of governments’
financial statements by requiring recognition of certain lease assets and liabilities for
leases that previously were classified as operating leases and recognized as inflows of
resources or outflows of resources based on the payment provisions of the contract. The
Statement establishes a single model for lease accounting based on the foundational
principle that leases are financings of the right to use an underlying asset. Under this
Statement, a lessee is required to recognize a lease liability and an intangible right-to-use
lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow
of resources, thereby enhancing the relevance and consistency of information about
governments’ leasing activities. The City will implement this Statement for fiscal year
ending September 30, 2021.
The City will implement new GASB Pronouncements no later than the required effective date.
Management is currently evaluating whether the above listed new GASB pronouncements will
have a significant financial impact on the City’s financial statements.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 2 – BUDGET AND BUDGETARY DATA
The City, in accordance with its Charter and State Law, applies the following procedures in
establishing the budgetary data reflected in the accompanying financial statements.
Budget Policy:
An annual operating budget is prepared by the City's budget department for the General, Special
Revenue, Enterprise and Debt Service Funds. The Mayor submits to the City Council the
proposed operating budget for the ensuing fiscal year.
The operating budget includes proposed expenditures and the means to finance them, including a
proposed ad-valorem millage rate by passage of an ordinance.
The General Fund is subject to budgetary control on an administration level (i.e., Police, Fire, etc.
The Mayor is authorized to transfer General Fund budgeted amounts between expenditure
categories within individual administrations; however, transfers between administrations
and revisions that alter the total expenditures of a fund must be approved by the City Council.
The Special Revenue, Enterprise and Debt Service Funds are subject to budgetary control
on an individual fund basis. The City Council approved several supplemental appropriations
during the fiscal year in the General, Special Revenue, Enterprise, and Debt Service
Funds. All supplemental appropriations are included in the final budget columns of the
financial statements and schedules. Unencumbered appropriations in the annual operating budget
lapse at fiscal year end. Florida statutes limit subsequent budget appropriations to sixty days after
the fiscal year end.
Budgetary Basis of Accounting:
Budgets presented for governmental funds in these financial statements have been prepared on
the modified accrual basis of accounting, except for encumbrances, the net increase (decrease) of
advances outstanding with other funds, and the net increase (decrease) in the fair value of
investments. Encumbrances are part of the overall budgetary control process and thus are
included in the Actual column with the related expenditures when a comparison with budget is
made. Similarly, the net increase (decrease) in the fair value of investments is excluded from
related revenues when a comparison with budget is made. The reserve for inventory, the reserve
for prepaid costs and deposits, and advances with other funds are treated as unavailable in
determining fund balance on the budgetary basis.
Expenditures in Excess of Appropriations:
The Public Works Administration and Leisure Services included in the General Fund expenditures
exceeded appropriations by $99,024 and $43,741 respectively, due to the additional approved
appropriations estimate not sufficient for the final accounts payable accrual made subsequent to
the fiscal year 2017 budget appropriations.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 3 - FUND BALANCES
Fund balance is classified as nonspendable, restricted, committed, assigned and/or unassigned
based primarily on the extent to which the City is bound to observe constraints imposed upon the
use of the resources in the government funds. The constraints placed on fund balance for the
major governmental funds and all other governmental funds are presented on the following page.
Fund Balance Summary
General
Community
Redevelopment
Districts
Downtown
Redevelopment
District
Local Option
Sales Surtax
Improvement
General
Capital
Improvements Grants
Non major
Governmental
Total
Governmental
Funds
Non Spendable
Advances From Other
Funds $ 7,819,613 $ - $ - $ - $ - $ - $ - $ 7,819,613
Library Permanent
Income Earnings Trust - - - - - - 238,815 238,815
Kopsick
Non-Expendable Trust
Fund - - - - - - 157,703 157,703
Fire Rescue and EMS
Awards 33,937 33,937
Prepaid Deposit and
Inventory 1,222,972 - - - - 1,270 71,975 1,296,217
Total Non Spendable 9,042,585 - - - - 1,270 502,430 9,546,285
Restricted
Bayboro Harbor
Redevelopment
District - 843,730 - - - - - 843,730
Intown West
Redevelopment
District - 3,984,738 - - - - - 3,984,738
Downtown
Redevelopment
District - - 22,355,326 - - - - 22,355,326
Public Safety
Capital Improvement
(1) - - - 27,465,801 - - - 27,465,801
City & Neighborhood
Infrastructure (1) - - - 25,855,441 - - - 25,855,441
Recreation and
Culture Capital
Improvement (1) - - - 10,555,235 - - - 10,555,235
City Facilities Capital
Improvement (1) - - - 2,155,838 - - - 2,155,838
Public Safety - Law
Enforcement - - - - - - 1,240,465 1,240,465
Public Safety - EMS - - - - - - 869,422 869,422
Debt Service
Payments - - - - - - 9,401,821 9,401,821
Housing Assistance
Grants - - - - - 1,712,836 2,170,989 3,883,825
Weeki Wachee (2) - - - - - - 8,638,235 8,638,235
Donation Funds - - - - - - 535,443 535,443
Professional Sports
Facility Sales Tax - - - - - - 94,066 94,066
General Capital
Improvements (5) - - - - 100,231,852 - - 100,231,852
Building Code
Enforcement - - - - - - 11,620,451 11,620,451
Total Restricted - 4,828,468 22,355,326 66,032,315 100,231,852 1,712,836 34,570,892 229,731,689
(1) The Local Option Sales Surtax Improvement Funds are utilized for capital improvement projects
(CIP) funded by the "Penny for Pinellas" program. Penny for Pinellas projects are approved by
Pinellas County through an interlocal agreement
(2) A portion of the proceeds from the sale of Weeki Wachee is restricted by voter referendum
($8,638,235 restricted) and the remainder was committed by action of City Council.
98

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 3 - FUND BALANCES - (Continued)
General
Community
Redevelopment
Districts
Downtown
Redevelopment
District
Local Option
Sales Surtax
Improvement
General
Capital
Improvements Grants
Non major
Governmental
Total
Governmental
Funds
Committed
General Capital
Improvements - - - - 4,191,582 - - 4,191,582
Downtown Parking
Garage - - - - - - 1,080 1,080
Transportation
Improvements - - - - - - 1,644,557 1,644,557
Housing Capital
Improvements - - - - - - 3,443 3,443
Land sale proceeds (3) 89,170 - - - - - - 89,170
Local Agency Program
(LAP) (3) 265,504 - - - - - - 265,504
Economic Stability and
Budget
Shortfalls/Savings (4) 25,968,597 - - - - - - 25,968,597
Preservation Projects
(4) 138,183 - - - - - - 138,183
Operating
reappropriations (3) 4,869,887 - - - - - - 4,869,887
Qualified Target
Industry (QTI)
Tax (3) 81,250 - - - - - - 81,250
Weeki Wachee (2) - - - - - - 8,587,297 8,587,297
Recreation and
Culture (4) 692,142 - - - - - 1,329,349 2,021,491
Total Committed 32,104,733 - - - 4,191,582 - 11,565,726 47,862,041
Assigned
General Capital
Improvement (5) - - - - 5,428,347 - - 5,428,347
Housing Capital
Improvement - - - - - - 243,813 243,813
Transportation
Improvement
(Sidewalks & Traffic
Safety) - - - - - - 12,216,981 12,216,981
Downtown Parking
Garage - - - - - - 2,909,168 2,909,168
Recreation and
Culture - - - - - - 767,798 767,798
Total Assigned - - - - 5,428,347 - 16,137,760 21,566,107
Unassigned 23,154,218 - - - - - - 23,154,218
Total Fund Balances $ 64,301,536 $ 4,828,468 $ 22,355,326 $ 66,032,315 $ 109,851,781 $ 1,714,106 $ 62,776,808 $ 331,860,340
(3) City Council has committed a portion of the General Operating Fund Balance for specific purposes under
Ordinance 308-H for Fiscal Year Ended September 30, 2017. The ordinance contained the following commitments:
-The Operating Re-Appropriations commitment provides for funds to be rolled over for contracts,
grants, or purchase orders issued in 2017 which purchases could not be completed due to timing or other
issues.
-The Land Sale Proceeds commitment was created to provide a funding source for acquiring property.
Proceeds from the sale of city properties valued at less than $20,000 are deposited in the General Operating
Fund and are to be used for acquiring property according to Resolution 2002-126 adopted by City Council on
February 21, 2002.
-The Qualified Target Industry Tax Refund Program commitment was established to provide the City's share
over the next five years for the QTI program, which provides funds to local businesses for the purpose of
stimulating economic growth and employment.
-The Local Agency Program commitment is established to provide the City's share over the next 15
years for maintenance of city roads and trails as a result of grant agreements with the Florida Department of
Transportation.
(4) The Preservation Reserve Fund, the Economic Stability Fund and the Arts in Public Places Fund are each
committed by an action of City Council.
(5) The General Capital Improvement Fund is comprised of various City-wide projects however the most significant
of those projects include bicycle and pedestrian pathways, FDOT Right of Way Landscaping, Police Headquarters
and Training Facility, and the Pier Visioning Project.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 4 – PROPERTY TAXES
A. CALENDAR OF PROPERTY TAX EVENTS
January 1, 2016 - Property taxes are based on assessed property value at this date as determined
by the Pinellas County Property Appraiser.
June 1, 2016 – Estimate of taxable value, property assessment roll and certificates of value by
County Property Appraiser provided to the City.
July 1, 2016 - Proposed tax millage rate approved by the City Council and provided to the County
Property Appraiser, who mails notices to the taxpayers.
September 22, 2016 - Property tax millage rate resolution approved by the City Council.
October 1, 2016 - Beginning of fiscal year for which taxes are levied.
November 1, 2016 - Property Tax levy due and payable.
April 25, 2017 - County Property Appraiser notifies the City of taxable value on the final property
tax assessment roll.
April 1, 2017 - Unpaid property taxes become delinquent and become a lien.
June 1, 2017 - Tax certificates are sold by the Pinellas County Tax Collector.
B. TAX COLLECTION
Property tax collections are governed by Chapter 197, Florida Statutes. The Pinellas County Tax
Collector bills and collects all property taxes levied within the County. Discounts are allowed for
early payment of 4% in November, 3% in December, 2% in January and 1% in February. If
property taxes are not paid by April 1, the County adds a 3% penalty on real estate and 1½ % on
personal property.
The Tax Collector advertises and sells tax certificates on all real property for delinquent taxes.
Certificates not sold revert back to the County. The Tax Collector must receive payment before
the certificates are issued. Any person owning land on which a tax certificate has been sold may
redeem the land by paying the Tax Collector the face amount of the tax certificate plus interest
and other costs. The owner of a tax certificate may at any time after taxes have been delinquent
(April 1), for two years, file an application for tax deed sale. The County, as a certificate owner,
may exercise similar procedures two years after taxes have been delinquent. Tax deeds are
issued to the highest bidder for the property which is sold at public auction.
The Tax Collector remits current taxes collected through four distributions to the City in the first
two months of the tax year and at least one distribution each month thereafter. The City
recognizes property tax revenue in the period in which they are levied.
C. TAX LIMITATIONS
Florida Statutes set the maximum millage rate at 10 mills of assessed valuation for operating
purposes. For the fiscal year ended September 30, 2017, the approved operating millage was
6.7550 mills.
100

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 5 – DEPOSITS AND INVESTMENTS
A. BACKGROUND
The City maintains a cash pool that is available for use by all funds except for monies legally
restricted to separate administration or monies that by their nature are to be administered
separately. Interest income for cash equivalents is distributed monthly based on a monthly
average balance.
Investments and related accrued investment earnings are pooled together for investment
purposes for all funds except Debt Service Funds, Bond Proceed Fund, Water Cost Stabilization
Fund and Weeki Wachee Fund. All funds participating in the pool deposit monies into the equity
in pooled investments of the City. Investment earnings are distributed in accordance with the
participating funds' relative percentage of investments.
GASB Statement No. 40, Deposit and Investment Risk Disclosures requires governments to
disclose deposits and investments exposed to custodial credit risk. For deposits, this is the risk
that, in the event of the failure of a depository financial institution, a government may not be able
to recover deposits nor be able to recover collateral securities that are in the possession of an
outside party.
Cash and cash equivalents held separately where contractual arrangements and bond
covenants require such arrangements are classified as "Restricted Assets".
B. CASH ON DEPOSIT
At fiscal year end, the carrying amounts of the City’s primary government, component unit,
agency funds and pension funds deposits were $114,924,671 and the bank balances were
$124,367,357 all of which is held in a Qualified Public Depository. The City's cash on deposit are
held in demand checking accounts, savings accounts and other savings instruments in state
qualified public depositories, which are secured per the Florida Security for Public Deposits Act,
Chapter 280, Florida Statutes. At year end, the City's carrying amounts of cash on deposit and
cash equivalents were as follows:
Primary
Government
Component
Unit
Pension
Funds
Agency
Fund Total
Cash Deposits
$
113,030,650 15,330 1,878,691 - $ 114,924,671
State of Florida Local
Government Surplus Trust
Fund A 23,031,558 - - - 23,031,558
Morgan Stanley -
Governmental Money
Market 17,622,216 - - - 17,622,216
Morgan Stanley - Bank
Deposit Program 397,625 - - - 397,625
AIM - Governmental Money
Market 6,553,246 - - - 6,553,246
Certificates of Deposit 33,000,000 - - - 33,000,000
Total $ 193,635,295 15,330 1,878,691 - $ 195,529,316
101

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 5 – DEPOSITS AND INVESTMENTS – (Continued)
The City holds cash equivalents with the State of Florida Local Government Surplus Trust Fund A
(Florida PRIME in the short term, debt service and bond proceeds portfolios as of September 30,
2017. Florida PRIME is recorded as amortized cost in accordance with GASB Statement No. 79,
Certain External Investment Pools and Pool Participants. Florida PRIME is a 2a7-like pool, which
is not registered with the SEC as an investment company, but nevertheless has a policy that it
will, and does, operate in a manner consistent with the SEC’s Rule 2a7 of the Investment
Company Act of 1940, governing money market funds. Thus, this pool operates essentially as a
money market fund. Florida PRIME has a Standard & Poor’s rating of AAAm at September 30,
2017 and is recorded at amortized cost. There are no redemption fees or maximum transaction
amounts, or any other requirements that serve to limit a participant's daily access to 100 percent
of their account value. The dollar weighted average days to maturity (WAM of Florida PRIME at
September 30, 2017 is 51 days and the weighted average life (WAL) of Florida PRIME at
September 30, 2017 is 80 days. Florida PRIME was not exposed to any foreign currency risk
during the year ended September 30, 2017.
The City's cash equivalents held in the Morgan Stanley Governmental Money Market Fund and
the Invesco AIM Governmental Money Market Fund are recorded at amortized cost. Both money
market funds have a Moody's rating of Aaa and have a net asset value (NAV at September 30,
2017 of $1.00. The Morgan Stanley Governmental Money Market Fund WAM is 17 days and the
WAL is 74 days at September 30, 2017. The Invesco AIM Governmental Money Market Fund
WAM is 17 days and the WAL is 111 days at September 30, 2017. Dividends and capital gains
are reinvested in both money market funds.
On May 1, 2016, the City entered into a three year banking services agreement with JPMorgan
Chase with two one year extensions. There are no compensating balances required to be
maintained. There are no line of credit commitments within the contract.
The City’s contract for merchant account processing service is with Bank of America. It requires
the processing of all VISA, Master Card and Discover Card charges which are deposited into the
City’s accounts on a daily basis. The City also has an agreement with Bill 2 Pay, a division of
Intuition Systems, Inc. to act as provider of all lockbox services for collections on City utility bills.
C. INVESTMENT BACKGROUND
Investment Policy
As required by Florida Statutes, the City adopted an investment policy ordinance on January 4,
1996, that authorizes the investment of surplus funds in investments including but not limited to
investments allowed by Florida Statute 218.415(17. The ordinance stipulates the establishment
of a written investment policy by city resolution. The ordinance requires that all investments shall
be governed by the “prudent person rule”. A series of approved resolutions since the adoption of
the Investment Ordinance have outlined the City’s total investments, diversification, investment
objectives, delegation of authority, required investment procedures, internal controls, selection of
broker/dealers, payment, custody, safekeeping, reporting requirements, and investment
oversight.
102

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 5 – DEPOSITS AND INVESTMENTS – (Continued)
In fiscal year 2015, the City adopted a revised investment policy and new alternative investment
policy. The investment policy establishes a minimum of four portfolios to identify cash flow
requirements within the City as well as modifying interest rate and concentration risk and the
alternative investment policy established three portfolios. The four minimum portfolios in the
investment policy are the Short Term Portfolio, Core Portfolio, Bond Reserve and Trust Fund
Portfolio and Public Utilities Water Cost Stabilization Portfolio.
The investment policy currently includes the following portfolios:
 Short Term Portfolio: The portfolio contains investments in short-term registered money
market funds, the State of Florida Local Government Surplus Trust Fund and other authorized
investments with a maturity of one year or less from the date of settlement.
 Core Portfolio: The portfolio consists of investment positions whose maturities may not
exceed ten years from the date of settlement.
 Debt Service Portfolio: The portfolio consists of investment positions related to debt service
cash flow.
 Bond Proceeds Portfolio: The portfolio consists of investment positions related to bond
reserves or trust funds representing bond reserves.
 Public Utilities Water Cost Stabilization Portfolio (Water Cost Stabilization Portfolio): The
portfolio is the proceeds from the sale of certain assets as governed by City Ordinance and
described under bond covenants and consists of investment positions whose maturities may
not exceed ten years.
The alternative investment policy was created in fiscal year 2015 to allow alternate investments
for the Parks Preservation (Weeki Wachee Fund), Environmental Preservation Fund, and 25% of
the Water Cost Stabilization Portfolio investable balance. The City's Parks Preservation (Weeki
Wachee Fund) and Environmental Preservation Fund are externally managed funds and the
Water Cost Stabilization Fund is internally managed. Under the alternative investment policy, the
internally managed funds may be invested in dividend yielding equities in funds, mutual funds, or
ETF's (passive and internally selected).
Under the alternative investment policy, the externally managed funds must be invested in
permitted investment and a specified diversification structure by the external investment
managers as laid out in the alternative investment policy. The policy has asset classes, ranges,
and targets and includes equity investment funds, real estate investment trusts (REITS), and
fixed income funds. The external manager and sub-managers are required to comply with the
specific ranges for each asset class and the policy defines permitted and non-permitted
investment instruments.
Specific Investments Held of Interest
The City holds an investment in the Columbia Strategic Fund in the core portfolio as of
September 30, 2017. The Columbia Strategic Fund account is a separately run investment
account for the City. During 2016, Blackrock assumed management of the Strategic Cash
Management Fund. Money is withdrawn from the account when investments mature or are sold.
There are investment positions with a fair value of $413,703 that are rated below investment
grade or not rated, see credit risk note for more information.
103

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 5 – DEPOSITS AND INVESTMENTS – (Continued)
Under the alternative investment policy, the City holds an investment in index funds in the
internally managed Water Cost Stabilization Fund. Investments in the City's internally selected
index funds are tracked to their underlying index. The Ishares Core High Dividend ETF is tracked
to the Morningstar Dividend Yield Focus Index, the Ishares Russell 1000 Value ETF is tracked to
the underlying Russell 1000 Index, the Vanguard Dividend Appreciation ETF is tracked to the
Nasdaq Dividend Achievers Index, the Vanguard High Dividend Yield ETF is tracked to the
Financial Times Stock Exchange High Dividend Yield Index, and the Vanguard S&P ETF is
tracked to the S&P 500 Index.
D. GOVERNMENT'S INVESTMENTS AND FAIR VALUE MEASUREMENT
GASB Statement No. 72, Fair Value Measurement and Application, enhances comparability of
governmental financial statements by requiring fair value measurement for certain assets and
liabilities using consistent definition and accepted valuation techniques. The City categorizes its
fair value measurements within the fair value hierarchy established by generally accepted
accounting principles. Fair value is the exchange price that would be received for an asset (exit
price) in the principal or most advantageous market for an asset in an orderly transaction between
market participants on the measurement date. There are three levels of inputs that may be used
to measure fair values:
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets that the City
has the ability to access.
Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the
asset in active markets, as well as inputs that are observable for the asset (other than quoted
prices), such as interest rates, foreign exchange rates and yield curves that are observable at
commonly quoted intervals.
Level 3 inputs are unobservable inputs for the asset which are typically based on the City’s own
assumptions, as there is little, if any, related market activity.
Investments that are measured at fair value using the net asset value per share (NAV) (or its
equivalent) as a practical expedient are not classified in the fair value hierarchy.
In instances where inputs used to measure fair value fall into different levels in the above fair
value hierarchy, fair value measurements in their entirety are categorized based on the lowest
level input that is significant to the valuation. The City’s assessment of the significance of
particular inputs to these fair value measurements requires judgment and considers factors
specific to each asset or liability.
104

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 5 – DEPOSITS AND INVESTMENTS – (Continued)
The primary government and component unit have the following recurring fair value
measurements as of September 30, 2017:
Core Portfolio
Debt Service
Related
Portfolio
Bond Proceeds
Portfolio
Water Cost
Stabilization
Portfolio Level
City Investment Policy (General):
Certificates of Deposit (not cash
equivalent) $ 11,000,000 - 19,000,000 $ 11,600,000 1
Fixed Income Investments
U.S. Treasury 50,148,361 - 33,992,020 - 1
U.S. Instrumentalities Bonds &
Notes 62,975,451 19,649,325 5,000,670 17,020,804 2
Taxable Municipals 87,895,706 - - 19,598,249 2
Non-Taxable Municipals 293,251 - - - 2
Corporate Bonds 91,615,405 - - 19,578,493 2
Collaterized Mortgage
Obligations 399,860 - - 171,343 2
Blackrock Strategic Cash 697,709 - - - 3
Total Portfolio $ 305,025,743 19,649,325 57,992,690 67,968,889
Total City General Investment
Policy $ 450,636,647
City Alternate Investment Policy:
Water Cost Stabilization Index Funds $ 22,059,639
Parks Preservation Portfolio
Common Stocks 5,559,553 1
Common Stocks 4,175,207 2
Mutual Fund - Equities 718,479 1
US Treasury 1,150,826 1
US Instrumentalities Bonds & Notes 355,688 2
Corporate Bonds 3,492,318 2
Mutual Fund - Corporate Bonds 1,670,946 1
Total Parks Preservation Portfolio 17,123,017
Total - City Alternate Investment Policy 39,182,656
Other:
U.S. Trust - Library Gene Stacy Investments Portfolio - Mutual Funds 104,006
Morgan Stanley Kopsick Endowment (Perm Fund) - Mutual Funds 157,703
Total Investments at Fair Value 490,081,012
Accrued Interest Receivable (included in Equity in Pooled Investments) 2,873,815
Total Investments, Primary Government and Component Unit $ 492,954,827
The City’s debt and equity securities classified as Level 1 are valued using prices quoted in active
markets for those securities.
The City's debt securities classified as Level 2 are valued using either a bid evaluation or a matrix
pricing technique. Bid evaluations may include market quotations, yields, maturities, call features
and ratings. Matrix pricing is used to value securities based on the securities relationship to
benchmark quoted prices. These securities have nonproprietary information that was readily
available to market participants, from multiple independent sources, which are known to be
actively involved in the market.
The City's debt securities classified as Level 3 are valued based on the custodian bank's external
pricing vendors or an alternative pricing source, utilizing inputs such as stale prices, cash flow
105
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1

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 5 – DEPOSITS AND INVESTMENTS – (Continued)
models, broker bids, or cost. Cost or book value may be used as an estimate of fair value when
there is lack of an independent pricing source.
The investment ordinance and policy include governmental and trustee deposits controlled by the
City and all agency funds investments. The investment ordinance and policy shall not be
interpreted or construed to override any specific provision contained in any bond resolution of the
City relating to the investment of bond proceeds. The City assumes that its callable investments,
which consist of the federal agency bonds and notes, will not be called.
E. CITY INVESTMENT RISK DISCLOSURES
Interest Rate Risk (Effective Duration
Interest rate risk is the risk that as market rates change the fair value of an investment will vary.
Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to
changes in the market interest rate. The City’s investment policy limits the maturity of an
investment to a maximum of 12 months in the short term portfolio and maximum of 10 years with
a weighted average maturity between 2 to 6 years for the core portfolio and the Water Cost
Stabilization Portfolio, taking into consideration the City's investment risk constraints and cash
flow requirements. The respective durations were based on the securities maturity date, not the
call date. As of September 30, 2017, the City had the following fixed income investments with the
corresponding effective duration by portfolio:
Effective
Duration
0-1 Years
Effective
Duration
1-5 Years
Effective
Duration
5-10 Years Total Fair Value
City General Investment Policy
Core Portfolio
$ - 50,148,361 - $ 50,148,361
- 52,934,251 10,041,200 62,975,451
7,449,224 67,430,547 13,015,936 87,895,707
293,251 - - 293,251
37,114,785 40,198,810 14,301,810 91,615,405
U.S. Treasury
U.S. Instrumentalities Bonds & Notes
Taxable Municipals
Non-Taxable Municipals
Corporate Bonds
Collateralized Mortgage Obligations 389,707 10,153 - 399,860
Blackrock Strategic Cash 697,709 - - 697,709
Total Core Portfolio 45,944,676 210,722,122 37,358,946 294,025,744
Debt Service Related Portfolio
U.S. Instrumentalities Bonds & Notes - 19,649,325 - 19,649,325
Total Debt Service Related Portfolio - 19,649,325 - 19,649,325
Bond Proceeds Portfolio
U.S. Treasury 33,992,020 - - 33,992,020
U.S. Instrumentalities Bonds & Notes 5,000,670 - - 5,000,670
Total Bond Proceeds Portfolio 38,992,690 - - 38,992,690
Water Cost Stabilization Portfolio
U.S. Instrumentalities Bonds & Notes 10,072,044 6,948,760 - 17,020,804
Taxable Municipals 6,529,245 11,335,943 1,733,061 19,598,249
Corporate Bonds - 11,020,168 8,558,325 19,578,493
Collaterized Mortgage Obligations 171,343 - - 171,343
Total Water Cost Stabilization Portfolio $ 16,772,632 29,304,871 10,291,386 $ 56,368,889
Total General Investment Policy $ 101,709,998 259,676,318 47,650,332 $ 409,036,648
106

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 5 – DEPOSITS AND INVESTMENTS – (Continued)
The City's general investment portfolio's average years to maturity is 4.4 years and average
coupon of bond holdings is 2.97% at par value weighted calculation. At market value weighted
calculation the portfolio has a 2.92% current yield of portfolio and 1.94% average yield to maturity.
Effective
Duration
0-1 Years
Effective
Duration
1-5 Years
Effective
Duration
5-10 Years
Total Fair
Value
City Alternate Investment Policy
Parks Preservation Portfolio
US Treasury $ 45,965 1,104,861 - $ 1,150,826
US Instrumentalities Bonds & Notes - 355,688 - 355,688
Corporate Bonds 766,591 2,725,727 - 3,492,318
Total Alternate City Investment Policy $ 812,556 4,186,276 - $ 4,998,832
The City's alternate investment portfolio's average years to maturity is 3.14 years and average
coupon of bond holdings is 2.32% at par value weighted calculation. At market value weighted
calculation the portfolio has a 2.30% current yield of portfolio and 1.96% average yield to maturity.
Custodial Credit Risk
Custodial credit risk for investments is the risk that in the event of the failure of the counterparty,
the City will not be able to recover the value of its investments or collateral securities that are in
the possession of an outside party. Wells Fargo is the City's custodial bank for the City's General
Investment Portfolio and Alternate Investment Portfolio and has certain sub-custodial
relationships with counterparties.
The City’s investments are either held by the City or by counterparties in the City’s name; therefore
the City’s investments had no custodial credit risk at September 30, 2017.
Credit Risk (Credit Ratings)
The City’s investment policy (the Policy), minimizes credit risk by restricting authorized
investments to the highest ratings of at least one of the nationally recognized statistical rating
organizations (NRSROs). Commercial paper and bankers acceptances must have the highest
letter and numerical rating as provided for by at least one NRSRO. The credit ratings on the prior
page were consistent among the three major rating agencies (Moody’s, Standard and Poor’s, and
Fitch).
107

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 5 – DEPOSITS AND INVESTMENTS – (Continued)
As of September 30, 2017, the City had the following investments with the corresponding Moody’s
credit ratings: Credit Rating Market Value
City Investment Policy (General):
AIM Investment Money Market Aaa $ 6,553,246
Morgan Stanley Money Market Aaa 17,622,216
U.S. Instrumentalities Bonds & Notes Aaa 101,003,835
Aa2 3,642,415
Taxable Municipals
Aaa 24,587,371
Aa1 30,492,125
Aa2 8,390,903
Aa3 16,134,532
A1 7,593,704
A2 1,520,445
A3 824,925
Baa1 5,557,530
S&P AA+ 1,012,440
S&P AA- 10,333,000
S&P A- 1,046,980
Non-Taxable Municipals A2 293,251
Corporate Bonds
Aaa 12,092,580
Aa1 3,586,625
Aa2 4,606,515
Aa3 8,853,210
A1 32,601,090
A2 10,253,750
A3 22,532,818
Baa1 11,416,260
Baa3 5,251,050
Aaa 571,203
Collateralized Mortgage Obligations
Blackrock Strategic Cash Aaa to NR* 697,709
Total General City Investment Policy $ 349,071,728
Credit Rating Market Value
City Alternate Investment Policy:
Parks Preservation Portfolio
US Instrumentalities Bonds & Notes Aaa $ 355,688
Corporate Bonds
Aaa 701,635
Aa2 97,290
Aa3 194,306
A1 292,295
A2 200,967
A3 688,597
Baa1 786,437
Baa2 189,017
Baa3 191,333
S&P AA 150,441
Total Alternate City Investment Policy $ 3,848,006
108

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 5 – DEPOSITS AND INVESTMENTS – (Continued)
The City's investments in U.S. Treasuries or U.S. agencies that are backed by the U.S.
Government were not included in the previous table. The City has a taxable municipal bond due
to the Fort Pierce, Florida Capital Revenue Bond converting from taxable to nontaxable
municipal bond after purchase.
*Blackrock's portfolio credit ratings from Moody's range from Aaa to NR with the breakout as follows: investment
grade $284,006, speculative grade $256,259, and the remaining not rated by Moody's. The amounts not rated by
Moody's were not rated by any of the three major rating agencies.
Concentration of Credit Risk (Percent of Portfolio)
The City’s Policy establishes limitations on portfolio composition by investment type and by issuer
to limit its exposure to concentration of credit risk. Without exception, the City's total investments
with any one issuer cannot exceed 5% of the issuer's outstanding debt.
The City's Investment Policy(excluding the amounts covered under the Alternative Investment
Policy) includes the following diversification schedule:
 A maximum of 25% of the short term portfolio, bond proceeds, debt service and water cost
stabilization portfolios may be invested in either the Local Governments Surplus Funds Trust
Fund.
 A maximum of 25% of the short term portfolio and 100% of the bond proceeds and debt
service portfolios may be invested in checking and savings accounts and other investment
contracts.
 Each portfolio may invest a maximum of 30% in non-negotiable CD's and BIC's.
 A maximum of 20% of the short term portfolio and 5% of the bond proceeds and debt service
portfolios may invest in repurchase agreements.
 A maximum of 100% of the short term, bond proceeds and debt service portfolios and 20% of
the water cost stabilization portfolio may be invested in money market funds (government
only).
 A maximum of 20% of the short term portfolio may be invested in bankers acceptances.
 A maximum of 100% of the total short term, core and water cost stabilization portfolio and
80% of the debt service and bond proceeds portfolios may be invested in U.S. Government
Treasuries.
 A maximum 50% in the short term portfolio, 100% in the core portfolio and water cost
stabilization portfolio and 80% in the debt service and bond proceeds portfolios may be
invested in U.S. Government Agency securities and U.S. Federal Instrumentalities (GSE).
 There should be no more than 50% in step ups in the short term, core and water cost
stabilization portfolios.
 A maximum 20% in the short term and water cost stabilization portfolios may be invested in
agency mortgage backed securities and collateralized mortgage obligations. A maximum 30%
in the core and water cost stabilization portfolios may be invested in corporate notes and
bonds.
 Commercial paper is limited to 20% of each of the short-term and core portfolios. Certificates
of deposit for the short term, core, debt service, and water cost stabilization portfolios are
limited to 30% of each portfolio, respectively.
109

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 5 – DEPOSITS AND INVESTMENTS – (Continued)
 A maximum of 10% of the short-term portfolio and 5% of the core portfolio may be invested in
the Columbia Strategic Fund.
 A maximum 10% in the core portfolio and 20% in the water cost stabilization portfolios may be
invested in corporate asset backed securities. The debt service and bond proceeds portfolios
may invest in tax exempt municipal obligations as needed.
 A maximum of 30% of the core and water cost stabilization portfolios may be invested in
taxable municipal obligations.
 Guaranteed investment contracts (GICs) may be invested at a maximum of 30% in the core
and water cost stabilization portfolio and 50% in the bond proceeds and debt service
portfolios.
The internally managed funds in the alternative investment policy may be invested in equity
index/ETF funds for twenty-five percent of the investable balance within the Water Cost
Stabilization Fund. The Alternative Investment Policy also has externally managed funds where
they are limited to the Parks Preservation Fund and the Environmental Preservation Fund where
the corpus of the funds balance is intended by City Council to remain intact, whereas only the
investment income is used for appropriations. Externally managed funds may be invested in 60%
equity and 40% fixed income allocation, with further diversification limited by asset class ranges,
and guided by targets within each asset class as defined within the City's Alternate Investment
Policy. Amounts covered by the Alternative Investment Policy have asset class limits, ranges, and
targets to achieve diversification to minimize concentration risk. Amounts covered by the
Alternative Investment Policy are limited to specific funds approved through policy to minimize
concentration risk.
At September 30, 2017, individual issuers that represent 5% or more of total financial instruments
by reporting unit were as follows:
Issuer Investment Type Investment %
Federal Home Loan Bank Agency Bond 7.63%
Bank United Certificates of Deposit 13.07%
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 5 – DEPOSITS AND INVESTMENTS – (Continued)
F. PENSION PLANS DEPOSITS AND INVESTMENTS FAIR VALUE MEASUREMENT
The City maintains the City of St. Petersburg Employee’s Retirement System (“ERS”), the City of
St. Petersburg Firefighters’ Retirement System (“Fire”) and the City of St. Petersburg Police
Officers’ Retirement System (“Police”) as three separate single employer defined benefit
retirement systems (collectively “the pension plans”). Each pension plan is maintained in a
fiduciary pension fund at the City and have separate investment policies approved by their
respective pension boards. Investment policies are detailed in footnote 18(C).
The City categorizes its fair value measurements within the fair value hierarchy established by
generally accepted accounting principles. The hierarchy is based on the valuation inputs used to
measure the fair value of the asset.
Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are
significant other observable inputs; Level 3 inputs are significant unobservable inputs.
Investments that are measured at fair value using the net asset value per share (or its equivalent)
as a practical expedient are not classified in the fair value hierarchy below. In instances where
inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair
value measurements in their entirety are categorized based on the lowest level input that is
significant to the valuation.
The pension plans also have investments held through a real estate investment trust and hedge
fund of funds for which fair value is estimated through the NAV reported by the investment
manager as a practical expedient to fair value. Such investments have not been categorized
within the fair value hierarchy. The fair value amounts presented in this table are intended to
permit reconciliation of the fair value hierarchy to the amounts presented in the statement of
fiduciary net position.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 5 – DEPOSITS AND INVESTMENTS – (Continued)
The City’s assessment of the significance of particular inputs to these fair value measurements
requires judgment and considers factors specific to each asset or liability. The pension plans have
the following recurring fair value measurements as of September 30, 2017:
Employees'
Retirement System
Firefighters'
Retirement System
Police Officers'
Retirement System Total Level
Cash Equivalents
Institutional money markets $ 13,961,077 782,441 6,908,421
$
21,651,939 1
Total Cash Equivalents 13,961,077 782,441 6,908,421 21,651,939
Equity Investments:
Common and Preferred Stock 197,707,966 14,830,328 241,032,112 453,570,406 1
Common and Preferred Stock 67,014,180 1,834,748 32,166,413 101,015,341 2
Mutual Funds - Equity 12,169,357 177,479,321 33,320,048 222,968,726 1
Pooled, Common and Collective Fund - 8,494,354 - 8,494,354 1
DROP Investments - Mutual Funds 10,338,319 24,554,622 27,247,721 62,140,662 1
Fixed Income Investments:
U.S. Treasuries securities 10,855,049 8,714,103 8,659,743 28,228,895 1
U.S. Agencies securities 13,941,506 13,884,238 20,171,838 47,997,582 2
Mutual Funds - Debt 10,433,847 - 5,596,294 16,030,141 2
Municipal Bonds - 270,389 - 270,389 2
Corporate Bonds 51,795,117 33,470,389 28,258,980 113,524,486 2
Total investments at fair value 374,255,341 283,532,492 396,453,149 1,054,240,982
Investments measured at NAV:
Private equity funds 4,265,457 - 2,116,394 6,381,851
Real estate fund 40,060,666 - 27,491,672 67,552,338
Total investments at NAV 44,326,123 - 29,608,066 73,934,189
Total investments $ 418,581,464 283,532,492 426,061,215 $ 1,128,175,171
Equity and debt securities classified as Level 1 are valued using prices quoted in active markets
for those securities.
The City's fixed income securities classified as Level 2 are valued using either a bid evaluation or
a matrix pricing technique. Bid evaluations may include market quotations, yields, maturities, call
features and ratings. Matrix pricing is used to value securities based on the securities relationship
to benchmark quoted prices. These securities have nonproprietary information that was readily
available to market participants, from multiple independent sources, which are known to be
actively involved in the market.
Pooled, common and collective funds classified in Level 2 are valued using prices quoted in
active markets for those investment types and the readily determinable fair value per share (unit)
which is determined based on the publication of the price or on the basis of current transactions.
112

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 5 – DEPOSITS AND INVESTMENTS – (Continued)
Investments in Entities that Calculate Net Asset Value per Share
The Plans holds shares or interests in investment companies where the fair value of the
investments are measured on a recurring basis using NAV per share (or its equivalent) of the
investment companies as a practical expedient.
The valuation method for investments measured at NAV per share (or its equivalent) is presented
on the following table:
Investments Measured at the NAV:
Fair Value
Unfunded
Commitments
Redemption
Frequency (if
currently
eligible)
Redemption Notice
Period
Multi-strategy funds (1) $ 6,381,851 None Semi-Annual 95 days written notice
Real estate funds (2) 67,552,338 None Quarterly 60 days written notice
Total Investments Measured at
the NAV $ 73,934,189
(1) The multi strategy hedge funds class invests in hedge funds that pursue multiple strategies to diversify risks and
reduce volatility. The hedge funds’ composite portfolio for this class includes investments in approximately 17.5% cash
and cash equivalents, 33.6% equities, 47.0% interest rate and credit and 1.9% other. The fair values of the investments
in this class have been estimated using the net asset value per share of the investments. The Private Advisors Stable
Value Fund is currently redeeming and is expected to be fully paid out by the end of 2018. In April 2016, Private
Advisors, LLC announced the closure of the Private Advisors Stable Value funds due to a higher than expected level of
redemptions in Q1 2016 as a result of the current market environment and recent performance. It is the intention of
Private Advisors, LLC to return the full 100% of the assets, with a small remainder coming after the 12/31/2018
distribution. It is also important to point out that the remaining investments will be subject to market value fluctuations;
so the total capital returned may be higher or lower than what has been estimated. Effective June 30th, the funds were
not charged management or performance fees. The fifth compulsory redemption of approximately 3.38% of Private
Advisors June 30, 2016 account balances occurred on August 8, 2017. This brings the cumulative distribution amount
to approximately 90.7% of the beginning capital amount on June 30, 2017.
(2) The real estate funds invest primarily in U.S. commercial real estate. The fair values of the investments in this type
have been determined using the NAV per share (or its equivalent) of the Plan’s ownership interest in partners’
capital. These investments can never be redeemed with the funds. Distributions from each fund will be received as the
underlying investments of the funds are liquidated.
G. PENSION PLANS INVESTMENT RISK DISCLOSURES
Custodial Risk
As of September 30, 2017, the pension plans had no deposits or investments with custodial risk.
Wells Fargo is the City's custodial bank for the three pension plans and ICMA-RC is the third
party administrator and trust for the DROP investments.
Interest Rate Risk (Weighted Average)
The investment policies for the pension plans do not place limits on investment maturities. The
pension funds are exposed to the risk of fair value losses arising from increasing interest rates
based on the weighted average of fixed income instruments.
113

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 5 – DEPOSITS AND INVESTMENTS – (Continued)
As of September 30, 2017, the pension plans had the following fixed income investments with the
corresponding effective duration by plan:
Employees' Retirement
System
Firefighters' Retirement
System
Police Officers' Retirement
System
Fair Value
Weighted
Average
(Years) Fair Value
Weighted
Average
(Years) Fair Value
Weighted
Average
(Years)
U.S. Treasury $ 10,855,049 $ 8,714,103 11 $ 8,659,743 7
U.S. Instrumentalities Bonds & Notes 13,941,506 8 13,884,238 23 20,171,838
Municipal Bonds - 270,389 23 -
Corporate Bonds 51,795,117 4 33,470,389 6 28,258,980 5
Total Pension Investments $ 76,591,672 $ 56,339,119 $ 57,090,561
Credit Risk (Credit Rating)
The investment policies of the pension plans limit investments to the top four ratings of a
nationally recognized rating agency.
As of September 30, 2017, the pension plans had the following fixed income investments with the
corresponding credit ratings by plan:
Employees'
Retirement System
Firefighters'
Retirement
System
Police Officers'
Retirement
System
Credit Rating Market Value Market Value Market Value
City Pension Investment Policy
U.S. Agencies securities Aaa 13,166,418 12,906,362 19,306,118
Municipal Bonds A2 - 270,389 -
Corporate Bonds Aaa 3,995,373 905,739 1,647,995
Aa1 1,628,514 314,336 1,263,310
Aa2 508,295 1,813,142 516,785
Aa3 1,035,649 396,920 1,243,458
A1 4,852,632 3,813,512 5,674,560
A2 5,320,607 5,697,058 8,331,264
A3 8,703,696 9,118,810 7,351,125
Baa1 8,892,828 8,343,132 1,243,044
Baa2 12,075,640 2,185,885 512,695
Baa3 3,301,340 415,433 474,744
Not Rated 1,480,543 466,422 -
Total City Pension Investment Policy
	$ 64,961,535 $ 46,647,140 $ 47,565,098
The pension plans investments in U.S. Treasuries or U.S. agencies that are backed by the U.S.
Government were not included in the above table. The corporate bonds not rated made the
decision not to rate.
Concentration of Credit Risk (Percent of Portfolio)
The investment policy of the Employees’ Retirement System limits investment in any single issuer
to 10% of the total portfolio. The Firefighters’ Retirement System and Police Officers’ Retirement
System limit investment in any single issuer to 5% of the total portfolio. Investments in shares of
companies that have been publicly traded for less than one year are limited to no more than 15%
of an investment managers total equity portfolio for both the Firefighters’ Retirement System and
Police Officers’ Retirement System.
114
$ $ $
6
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 5 – DEPOSITS AND INVESTMENTS – (Continued)
At September 30, 2017, individual issuers that represent 5% or more of total financial instruments
(other than investments issued or explicitly guaranteed by the U.S. Government and mutual
funds) were as follows:
 In the Employees’ Retirement System, the issuer UBS held 10.3% of the investment
portfolio in alternative real estate funds.
 Police Officers’ Retirement System, the issuer UBS held 6.76% of the investment portfolio
in alternative real estate funds.
Foreign Currency Risk
The Employees’ Retirement System and Police Officers’ Retirement System respective
investment policies permit investments of up to 10% of the total portfolio in foreign
currency-denominated investments. The Firefighters’ Retirement System permits investments up
to 25% and the current position is 17% in equity co-mingled funds.
NOTE 6 - RECEIVABLES
Receivables as of year end for the City’s individual major funds and nonmajor funds, and internal
service funds (which are consolidated with the governmental funds on the Government-Wide
Statement of Net Position for the Governmental Activities) in the aggregate, including the
applicable allowances for uncollectible accounts, are as follows (in thousands of dollars):
General
Governmental Capital Nonmajor Internal
Activities General LOSSI (*) Improvements Grants Governmental Service Total
Accounts $ 1,276 $ 24 $ - $ 403 $ 908 $ 1,480 $ 4,091
Taxes 4,579 - - - - - 4,579
Accrued Interest - - 199 - - - 199
Notes - - - 25,221 15,181 - 40,402
Assessments 102 - - - - - 102
Total Governmental 5,957 24 199 25,624 16,089 1,480 49,373
Less: Allowance for uncollectible (46) - - (20,129) (9,129) (100) (29,404)
Net Governmental Receivable $ 5,911 $ 24 $ 199 5,495 $ 6,960 $ 1,380 $ 19,969
*Local Option Sales Surtax Improvement
The Community Redevelopment District Fund and the Downtown Redevelopment District Fund
did not have any receivables as of September 30, 2017.
Internal service fund receivables are related to charges for services that Billings & Collections
collects for utility billing on behalf of other governmental entities.
Nonmajor
Water Tropicana Enterprise
Business-Type Activities Resource Stormwater Sanitation Field Funds Total
Accounts $ 7,894 $ 1,192 $ 2,609 $ 88 $ 4,707 $ 16,490
Accrued Interest 1,529 - - - - 1,529
Unbilled Revenues 4,089 - 119 - - 4,208
Assessments 6 - 4,436 - - 4,442
Total Business-Type 13,518 1,192 7,164 88 4,707 26,669
Less: Allowance for uncollectible (432) (318) (1,370) - (4,196) (6,316)
Net Business Type
Receivable $ 13,086 $ 874 $ 5,794 $ 88 $ 511 $ 20,353
115

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 6 – RECEIVABLES – (Continued)
Amounts actually written off during the year were $73,677 for the General Fund, $261,966 for the
Water Resources Fund, $10,935 for the Stormwater Fund, $28,599 for the Sanitation Fund, and
$102,607 for internal service funds. The City had a recovery of $22,754 to the nonmajor
Governmental Funds and $303,129 to the nonmajor enterprise funds.
The City had notes receivable in the following funds at September 30, 2017. The allowance for
uncollectible notes relates to deferred and forgiven loans. The net accounts receivable balance is
representative of amortized loans.
GRANTS FUND
Community Development
Block Grants
Various %
Mortgage notes of various term dates and interest rates for residential
rehabilitation loans from the Community Development Block Grants,
due in various monthly payments
$ 170,350
Neighborhood
Stabilization Program
Various %
Mortgage notes of various term dates from individuals for home-
buyer assistance loans from the Neighborhood Stabilization Program,
due in various monthly payments.
112,156
HOME Grants
Various %
Mortgage notes of various term dates from individuals for residential
rehabilitation and home buyer assistance loans, and from multi-family
developers for acquisition, rehabilitation and or construction loans from
the HOME Grants, due in various monthly payments.
4,809,527
$ 5,092,033
SPECIAL REVENUE FUNDS
Local Housing Assistance Trust
- Mortgage notes of various term dates from individuals for residential
rehabilitation and home buyer assistance loans, and from multi-family
developers for acquisition, rehabilitation and or construction loans from
the State Housing Initiative Partnership Program, due in various
monthly payments
$ 4,119,769
Community Housing Trust
Various% Mortgage notes of various dates and interest rates for multi-family
developer acquisition and rehabilitation/construction notes from the
Community Housing Trust Grants, due in monthly payments including
interest.
2,449,657
$ 6,569,426
CAPITAL PROJECTS FUNDS
Housing Capital Improvement
Various % Mortgage notes of various dates from individuals for down payments,
closing costs, and disabled retrofit of homes due in various monthly
payments and due dates.
$ 43,485
Total Governmental Notes Receivable $ 11,704,944
The previously held note with Neighborhood Lending Partners of West Florida (NLP) for
$1,216,214 in construction and leasehold improvements at Tangerine Plaza was extinguished
during fiscal year 2017 as the City obtained a leasehold interest in the property through
foreclosure auction. Tangerine Plaza is located on city owned land and will continue to serve the
community as a shopping plaza.
116

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 7 - CONTRACTS RECEIVABLE - DUE FROM OTHER GOVERNMENTAL AGENCIES
The City had contracts receivable due from other Governmental Agencies in the following funds
at September 30, 2017.
ENTERPRISE FUNDS
Water Resources
4.84% - 5.03% Contract receivable from Tampa Bay Water Authority for sale of
well fields and pipelines, due in monthly payments of $139,481
including interest, through September 2028.
$ 13,881,925
Less Current Portion (976,294)
Total Non-Current Portion $ 12,905,631
NOTE 8 - CAPITAL ASSETS
Capital asset activity for the year ended September 30, 2017 is presented in the following
schedules:
Primary Government
Governmental Activities
Beginning
Balance Increases Decreases Transfer Ending Balance
Capital assets, not being depreciated:
Land $ 120,547,417 $ 67,225 $ - $ - $ 120,614,642
Construction in progress 8,029,893 29,505,515 (6,626,993) (12,878,935) 18,029,480
Total Capital Assets, not being
depreciated 128,577,310 29,572,740 (6,626,993) (12,878,935) 138,644,122
Capital assets, being depreciated:
Buildings and systems 136,064,084 742,906 (1,774,460) 197,283 135,229,813
Improvements and Infrastructure 414,005,957 3,980,549 (1,854,166) (6,760) 416,125,580
Utility Systems - - - - -
Machinery and equipment 131,155,878 9,143,909 (6,424,603) (25,332,396) 108,542,788
Total Capital Assets being
depreciated 681,225,919 13,867,364 (10,053,229) (25,141,873) 659,898,181
Less accumulated depreciation for:
Buildings and systems (70,493,049) (2,926,537) 1,607,778 (28,580) (71,840,388)
Improvements and Infrastructure (256,592,655) (11,804,267) 1,845,184 2,963 (266,548,775)
Machinery and equipment (97,277,621) (10,950,913) 6,382,050 19,041,256 (82,805,228)
Total accumulated depreciation (424,363,325) (25,681,717) 9,835,012 19,015,639 (421,194,391)
Total Capital Assets, being depreciated,
net 256,862,594 (11,814,353) (218,217) (6,126,234) 238,703,790
Governmental activities Capital Assets, net $ 385,439,904 $ 17,758,387 $ (6,845,210) $ (19,005,169) $ 377,347,912
117

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 8 - CAPITAL ASSETS - (Continued)
Business Type Activities
Beginning
Balance Increases Decreases Transfer Ending Balance
Capital assets, not being depreciated:
Land $ 29,789,081 $ - $ - $ - $ 29,789,081
Construction in progress 23,421,682 91,998,508 (37,327,809) 8,055,580 86,147,961
Total Capital Assets, not being
depreciated 53,210,763 91,998,508 (37,327,809) 8,055,580 115,937,042
Capital assets, being depreciated:
270,341,234 157,716 (20,000) (197,283) 270,281,667
88,110,550 413,690 (1,448,714) 1,575,497 88,651,023
41,395,267 4,459,887 (1,968,064) 27,035,895 70,922,985
Buildings and systems
Improvements other than buildings
Machinery and equipment
Utility Systems 1,007,733,223 30,561,915 (1,741,246) 1,551,119 1,038,105,011
Total Capital Assets being
depreciated 1,407,580,274 35,593,208 (5,178,024) 29,965,228 1,467,960,686
Less accumulated depreciation for:
(120,208,231) (5,394,076) - 28,580 (125,573,728)
(63,103,521) (2,764,174) 1,448,714 (2,963) (64,421,945)
(33,097,034) (3,216,710) 1,813,870 (19,041,256) (53,541,127)
(405,091,580) (21,183,402) (1,882) - (426,276,865)
Buildings and systems
Improvements other than buildings
Machinery and equipment
Utility Systems*
Total accumulated depreciation (621,500,366) (32,558,362) 3,260,702 (19,015,639) (669,813,665)
Total Capital Assets, being
depreciated, net 786,079,908 3,034,846 (1,917,322) 10,949,589 798,147,021
Business-type Activities Capital
Assets, net $ 839,290,671 $ 95,033,354 $ (39,245,131) $ 19,005,169 $ 914,084,063
*Other adjustment included in decrease
Depreciation Expense
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental Activities:
General Government $ 480,901
Community and Economic Development 1,347,511
Public Safety – Police 1,864,240
Public Safety – Fire and EMS 1,683,691
Public Works, including depreciation of general infrastructure assets 15,226,992
Recreation, Culture and Social 5,078,382
Total depreciation expense – governmental activities $ 25,681,717
Business-type Activities:
Water Resources $ 18,433,491
Stormwater 4,068,860
Sanitation 2,055,589
Tropicana 3,580,310
Other nonmajor business-type funds 4,420,112
Total depreciation expense – business-type activities $ 32,558,362
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 8 - CAPITAL ASSETS - (Continued)
Construction Commitments
Encumbrance commitments in the City's capital projects funds represent construction contracts
and special order equipment outstanding for the City's capital improvement projects. The capital
project encumbrances outstanding at September 30, 2017 as well as the estimate of additional
costs to complete open capital projects in progress in each of the City's capital project funds is
summarized as follows:
Total Additional
Estimated Costs to
Additional Costs to Complete
Capital Projects Complete Projects Projects in
Encumbrances in Progress Progress
CAPITAL PROJECTS FUNDS
General Capital Improvement $ 66,597,567 $ 115,492,725 $ 182,090,292
Local Option Sales Surtax Improvement 16,530,680 57,412,535 73,943,215
Transportation Improvement 1,644,557 10,309,459 11,954,016
Housing Improvement - 161,806 161,806
Downtown Parking Garage 1,080 2,207,777 2,208,857
Weeki Wachee 1,329,349 2,072,095 3,401,444
Total Capital Projects Funds $ 86,103,233 $ 187,656,397 $ 273,759,630
ENTERPRISE FUNDS
Water Resources $ 62,587,746 $ 87,943,454 $ 150,531,200
Stormwater 1,857,816 9,624,961 11,482,777
Tropicana - 223,033 223,033
Other nonmajor business-type funds 875,502 8,845,080 9,720,582
Total Enterprise Funds $ 65,321,064 $ 106,636,528 $ 171,957,592
Consent Order and Plan for the City's Public Utilities System:
On September 16, 2016, the City received a proposed Consent Order from the FDEP to address
the issues associated with the wastewater discharges from the collections system and Water
Reclamation Facilities owned and operated by the City. The proposed Consent Order
contemplates a number of corrective actions previously submitted by the City to the FDEP which
are designed to increase capacity and mitigate overflows and discharges during future wet
weather events.
On July 26, 2017, the City with the Florida Department of Environmental Protection filed a final
consent plan to address the issues associated with the wastewater discharges from the
collections system and Water Reclamation Facilities owned and operated by the City. The final
consent order outlines a timeline for the City to comply with the rebuilding and restructuring of the
facilities throughout the City, including developing a Water Resources Master Plan, as well as
fines if the final order is not complied with.
119

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 8 - CAPITAL ASSETS - (Continued)
On September 21, 2017 City Council approved the hiring of a new program manager for the City’s
Integrated Water Resource Planning Project and continues to move forward with the final plan to
implement upgrades and enhancements to its wastewater system as well as develop a Water
Resources Master Plan. Proposed suggested plans include enhancements such as aeration of
City ponds and additional street sweeping which all focus on sustainability and water quality
issues. The new program manager will work with an international technical services firm to create
a one-water plan which will increase the understanding of how potable (drinking) water,
wastewater, stormwater, reclaimed water and recreational water uses overlap and interface, all of
which is key in moving forward with an integrated initiative. The final order with the Florida
Department of Environmental Protection requires the City to spend $14 million per year on pipe
and lateral lining and replacement and manhole rehabilitation for at least the next five years,
which was approved by City Council on October 20, 2016. The proposed plan with the Florida
Department of Environmental Protection to address certain issues related to the Public Utilities
System would increase capital improvement projects over the next five fiscal years by $326
million.
NOTE 9 - DISCRETELY PRESENTED COMPONENT UNIT
St. Petersburg Health Facilities Authority
Schedule of Revenue, Expenditures, and Changes in Fund Balance - Budget and Actual
Original
and Final
Budget Actual
Variance With
Final Budget
Over /Under
Revenues $ 14,000 $ 392 $ (13,608)
Expenditures 14,000 733 13,267
Excess of Revenues Over Expenditures - (341) (341)
Budgetary Fund Balance October 1, 2016 70,627 70,857 230
Reserve for Encumbrances – October 1, 2016 - - -
Budgetary Fund Balance September 30, 2017 $ 70,627 70,516 $ (111)
NOTE 10 - INTERFUND RECEIVABLES, PAYABLES, TRANSFERS, AND ADVANCES
The composition of due to/from other funds as of September 30, 2017, is as follows:
Receivable Fund Payable Fund Amount
General Fund General Capital Improvements $ 174,479
Tropicana Field 86,221
Nonmajor Governmental Funds 307,640
Nonmajor Enterprise Fund 533,144
Total $ 1,101,484
The purpose of interfund receivables and payables is to meet temporary cash flow requirements
and timing between receiving and recognizing certain revenues including overdrafts related to
equity in pooled cash and investments.
120

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 10 - INTERFUND RECEIVABLES, PAYABLES, TRANSFERS, AND ADVANCES
(continued)
The composition of advances to/from other funds as of September 30, 2017, is as follows:
Advances to Other Funds Advances from Other Funds Amount
General Fund $ 298,000
1,450,380
2,271,233
Jamestown Complex
Golf Course Airport
Water Resources
3,800,000
Total $ 7,819,613
The General Fund advanced monies to Jamestown Complex, the Golf Course and the Airport
in fiscal years 2013 to 2017 as part of the budget cleanup ordinance due to lower than expected
revenues or for capital projects underway. These advances are considered long term and are
expected to be repaid through future earnings. The General Fund and the Water Resources
Operating Fund advanced $3.8 million each to Water Resources Capital Projects to fund certain
capital projects in advance of debt financing. The Water Resources Capital Projects
advances were repaid subsequent to year end.
The composition of interfund transfers during fiscal year 2017 are as follows:
Interfund Transfers of Financial Assets:
General
Fund
Community
Redevelopment
District
Downtown
Redevelopment
District LOSSI*
General
Capital
Improvement
Nonmajor
Govt.
Internal
Service
Water
Resources Stormwater Sanitation Tropicana
Nonmajor
Business- Type
Total Transfers
Out
General
Fund $ - $ 1,302,555 $ 7,434,899 $ - $ 37,500 $ - $ $ - $ - $ - $ 1,511,000 $ 875,000 $ (11,160,954)
Community
Redevelopm
ent - - - - 2,219,202 - - - - - - (2,219,202)
Downtown
Redevelopm
ent - - - - 200,000 5,788,906 - - - - - (5,988,906)
LOSSI* 5,329 - - 457,900 700,000 - - - - (1,163,229)
General
Capital
Improvemen
t 46,000 - - - 159,381 - - - - - (205,381)
Grants - - - - 303,460 - - - - - (303,460)
Nonmajor
Government
al 394,911 - - - 49,053,353 2,197,973 - - - - - (51,646,237)
Internal
Service - - - - 2,000,000 - 178,618 3,625,746 2,581,130 322,451 - 387,759 (9,095,704)
Water
Resources 12,028,524 - - - - - 15,500 - - - (12,044,024)
Stormwater 2,153,976 - - - - 24,748 - - - - (2,178,724)
Sanitation 2,886,111 - - - - - - - - - (2,886,111)
Nonmajor
Business-
type 1,046,124 - - - - 850,000 - - - - 8,166 (1,904,290)
Total
Transfers in $ 18,560,975 $ 1,302,555 $ 7,434,899 $ 457,900 $ 54,210,055 $ 9,299,720 $ 178,618 $ 3,650,494 $ 2,596,630 $ 322,451 $ 1,511,000 $ 1,270,925 $ -
*Local Option Sales Surtax Improvement
Bond covenants and City financial policies require the use of interfund transfers to move financial
resources from funds legally designated to receive them to funds required to expend the
resources. Business-type fund payments-in-lieu of taxes are also reported as interfund transfers
to the General Fund.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 11 – OPERATING LEASES
The City (as lessee) has entered into several non-cancelable operating lease agreements for
equipment and property which end on various dates through 2022, some with options for
additional terms. The total cost of the fiscal year 2017 was $433,290. The following is a
schedule by years of the future rentals on non-cancelable leases:
Fiscal Year Ending September 30: 2018 $ 239,097
2019 150,892
2020 99,791
2021 79,444
2022 45,547
Total Minimum Future Rentals $ 614,771
NOTE 12 - LONG - TERM OBLIGATIONS
The following is a summary of changes in long-term liabilities of the City for the fiscal year ended
September 30, 2017 (in thousands of dollars):
Governmental Activities
Beginning
Balance Additions Reductions
Ending
Balance
Due
Within
One Year
Bonds & Notes Payable:
Revenue Bonds $ 72,545 $ - $ (1,895) $ 70,650 $ 2,080
Notes 13,418 55,180 (3,347) 65,251 3,318
85,963 55,180 (5,242) 135,901 5,398
Bonds - Unamortized
Premiums/Discounts 4,441 - (473) 3,968 -
Total Bonds and Notes Payable 90,404 55,180 (5,715) 139,869 5,398
Claims and Judgments 50,632 51,886 (46,450) 56,068 12,595
Compensated Absences 14,493 2,335 (736) 16,092 719
Supplemental Payments Liability 1,162 12 - 1,174 -
Contingent Liability 1,564 - (37) 1,527 37
Subtotal before Pension and OPEB
Liabilities 158,255 109,413 (52,938) 214,730 18,749
Net Pension Liability 57,939 14,934 -
OPEB Liability 57,075 6,580
- 72,873
- 63,655 -
Governmental Activity Long-term
Liabilities $ 273,269 $ 130,927 $ (52,938) $ 351,258 $ 18,749
122

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 12 - LONG - TERM OBLIGATIONS (continued)
Business Type Activities
Beginning
Balance Additions Reductions
Ending
Balance
Due
Within
One Year
Bonds, Notes Payable:
Revenue Bonds $ 372,265 $ 98,140 $ (55,510) $ 414,895 $ 7,895
Notes 26,965 22,556 (6,792) 42,729 3,770
399,230 120,696 (62,302) 457,624 11,665
Bonds - Unamortized
Premiums/Discounts 7,430 6,796 (351) 13,875 -
Notes - Unamortized
Premiums/Discounts (9) 9 - - -
Total Bonds, Notes Payable 406,651 127,501 (62,653) 471,499 11,665
Compensated Absences 3,927 468 (180) 4,215 180
Subtotal before Pension and OPEB
Liabilities 410,578 127,969 (62,833) 475,714 11,845
Net Pension Liability 14,294 3,536 - 17,830 -
OPEB Liability 15,255 1,849 - 17,104 -
Business Type Activity Long-term
Liabilities $ 440,127 $ 133,354 $ (62,833) $ 510,648 $ 11,845
For more information on the liquidation of governmental long term obligations such as bond
payments, note payments, claims, compensated absences pension obligation and other
post-employment obligations in governmental funds see Note 1 (8). Liabilities are liquidated
based on the individual employees or retirees fund and department of employment.
Overview
The City of St. Petersburg issues revenue bonds for the purposes of acquiring or constructing
capital assets or to refund previously issued debt in order to take advantage of favorable interest
rate conditions. Revenue bonds are secured by specific revenue streams to be used to pay debt
service. The City has no general obligation debt, which is debt that is secured by Ad Valorem
Real Property Tax Revenues.
The authority resolutions for various revenue bonds and loan agreements of the City require
deposits to restricted accounts throughout the fiscal year and the maintenance of required
minimum balances to be on deposit in such accounts. At September 30, 2017, the City believes it
is in compliance with these requirements.
Summary of New Debt Issuances
On October 18, 2016, the City executed $53,025,000 in Public Utility Refunding Revenue Bonds,
Series 2016B. The Public Utility Refunding Revenue Bonds, Series 2016B proceeds are being
used to advance refund the City’s outstanding Public Utility Revenue Bonds, Series 2009A which
mature on or after October 1, 2039. The 2016B Series has serial bonds due through October 1,
2036 with interest rates varying between 3.00% and 5.00% and a $26,810,000 term bond due
123

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 12 - LONG - TERM OBLIGATIONS - (Continued)
October 1, 2039 at 3.00%. The bonds are secured by the net revenue of the combined water,
wastewater, reclaimed water and stormwater systems.
On October 26, 2016, the City executed $45,115,000 in Public Utility Revenue Bonds, Series
2016C. The Public Utility Revenue Bonds, Series 2016C proceeds are being used to replace and
rehabilitate existing facilities and Water Treatment Plan Optimization at Water Treatment Plants
and pump stations, replacement of existing pipelines and facilities in the Water Treatment and
Distribution System, replace and rehabilitate the Wastewater Collection System, rehabilitate
existing facilities and enhancement of reliability of treatment processes to Water Reclamation
Facilities, improve facility generator power to the Water Resources Complex, and the acquisition,
construction and erection of improvements to the System. The Public Utility Revenue Bonds,
Series 2016C has serial bonds due through October 1, 2035 with interest rates varying between
4.00% and 5.00% and two term bonds for $3,750,000 due October 1, 2037 at 4.00% and
$20,020,000 due October 1, 2046 at 4.00%. The bonds are secured by the net revenue of the
combined water, wastewater, reclaimed water and stormwater systems.
During fiscal year 2017 the City had additional drawdowns in the amount of $16,821,000 on the
state revolving fund WW520630 loan.
On March 8, 2017 the City executed $2,525,000 and $3,210,000 in Non Ad Valorem Revenue
Notes, Series 2017A and Non Ad Valorem Refunding Revenue Notes, Series
2017B, respectively. The Non Ad Valorem Revenue Notes, Series 2017A proceeds are being
used to fund capital expenditures relating to capital improvements to the City’s marina. The
Non Ad Valorem Refunding Revenue Notes, Series 2017B proceeds are being used to
advance refund the City’s outstanding Improvement and Refunding Revenue Bonds, Series
2007 which mature on or after July 1, 2017.
On May 12, 2017 the City executed $40,095,000, $12,515,000 and $2,570,000 in Non Ad
Valorem Revenue Notes Series 2017C, Series 2017D and Taxable Non Ad Valorem Revenue
Note (Qualified Energy Conservation Bond) Series 2017E, respectively. The Non Ad Valorem
Revenue Note, Series 2017C proceeds are being used to fund capital expenditure relating to the
construction of the new Police Headquarters. The Non Ad Valorem Revenue Note, Series 2017D
proceeds are being used to fund capital expenditures relating to the construction of the police
training facility and police headquarters parking garage. The Taxable Non Ad Valorem Revenue
Note (QECB), Series 2017E proceeds are being used to fund capital expenditures relating to
solar panels at City facilities.
Contingent Liabilities
On December 21, 2007, the City entered into an agreement with The Young Men’s Christian
Association of Greater St. Petersburg, Florida, Inc. (YMCA). The agreement laid out the terms of a
new construction project at the Child's Park Sports Complex. The YMCA agreed to build,
operate and manage a new YMCA Community Center and the City desired to operate a branch of
the City’s library system and provide for a community meeting room/auditorium for the benefit and
use by the citizens of St. Petersburg within the newly constructed complex. The City committed to
contributing $1,000,000 towards the construction.
124

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 12 - LONG - TERM OBLIGATIONS - (Continued)
The building was completed in October 2008. Per the terms of the agreement, upon completion,
the YMCA donated the building to the City and the City subsequently leased it back to the YMCA
for $30 for thirty years, with an extension option for another thirty years. (The building is included
in Buildings and Systems under Governmental Activities in Note 8 – Capital Assets). In the event
of early termination of the lease by the City or if the City refuses to grant a request for the new
lease extension, the City shall reimburse the YMCA for the unamortized portion of its total project
costs less the $1,000,000 that the City has already contributed. This liability is contingent upon
the City terminating the lease. The YMCA’s portion of the cost (net of the $1,000,000 paid by the
City) of $1,860,910 shall be amortized over a 50-year period, per the terms of the lease. The
annual amortization of $37,218 will be recognized as contribution revenue. During fiscal year
2017, $37,218 was amortized and recognized as contribution revenue on the government wide
financial statements leaving a balance of $1,526,947 at September 30, 2017, which is
included in summary of the long term obligations for Governmental Activities.
State Revolving Fund Loans
Since 1998, the City has requested and received loans from the Florida Department of
Environmental Protection (FDEP) under its State Revolving Fund (SRF) loan program. The loans
represent direct grants from the U.S. Environmental Protection Agency. The City has entered into
seven SRF agreements for wastewater facilities, five with the FDEP and two with the FL Water
Pollution Control Financing Corporation. The City is required to make semi-annual principal and
interest payments over twenty years beginning two years after the state loans approval. The
State Revolving Fund Loans are subordinate to the Public Utility Revenue Bonds.
The following loans, interest rates, and maturities are included in the business-type activities
notes payable (in thousands of dollars):
Loan
Approval Date
Issue
Date Loan Number
Original
Loan
Amount
Remaining
Loan
Amount Interest Rate Maturity
April 17,1998 09/15/00 CS120521010 $ 13,228 $ 2,635 3.11% -3.18% 09/15/20
May 4, 2000 11/15/02 CS120521020 3,587 1,229 3.33% 11/15/22
Nov 2, 2001 09/15/03 CS12052104P 446 163 3.05% 09/15/23
Nov 8, 2001 09/15/04 CS120521030 5,852 2,149 2.93% - 3.05% 09/15/23
Dec 5, 2003 01/15/04 WW52105L 4,519 1,757 2.96% 01/15/24
May 18, 2011 04/08/14 WW520600 6,487 5,235 2.67% 11/15/32
34,119 13,168
Loans Currently in Drawdown:
Feb 3, 2016 N/A WW520630 $ 20,370,668
125

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 12 - LONG - TERM OBLIGATIONS - (Continued)
In February 2016, the City executed a Clean Water State Revolving Fund Construction Loan
Agreement with the Florida Department of Environmental Protection for an authorized award
amount of $40,000,000 as loan WW520630 with a financing rate of 0.45% per annum. In August
2016 and October 2017 the City was awarded additional segment funding under this award in
the amount $9,884,249 and $4,049,316, respectively. The loan is to finance $53,933,565 in
construction of wastewater pollution control facilities as approved by the Florida Department of
Environmental Protection.
The agreement is effective as of November 10, 2015 and any invoices submitted for work on or
after that date are eligible for reimbursement. The project is scheduled for completion July 15,
2019, at such time the loan debt service account should be established and monthly loan deposits
should begin no later than July 15, 2019. After the final disbursement of loan proceeds, the 40
semiannual loan payments will be based on actual project costs, the actual loan service fee and
loan service fee capitalized interest. As of September 30, 2017, the City has expended
$20,370,668 in eligible costs under the loan agreement.
Annual Debt Service Requirements to Maturity
Debt Service requirements at September 30, 2017 were as follows (in thousands of dollars):
Governmental Activities
Year End Revenue Bonds Notes
Principal Interest Principal Interest Subsidy (1)
2018 $ 2,080 $ 2,335 $ 3,318 $ 1,300 $ (85)
2019 2,230 2,265 12,324 1,092 (79)
2020 2,440 2,186 12,395 854 (74)
2021 2,705 2,096 29,904 457 (70)
2022 5,645 1,941 2,695 152 (66)
2023-2027 29,135 6,346 3,411 338 (255)
2028-2032 26,415 2,007 984 141 (114)
2033 - - 220 4 (3)
$ 70,650 $ 19,176 $ 65,251 $ 4,338 $ (746)
Business-Type Activities
Water Resources Stormwater
Revenue Bonds Notes (2) Revenue Bonds
Year End
September
30 Principal Interest
(1)
Subsidy Principal Interest Principal Interest
2018 $ 7,525 $ 15,472 $ (1,170) $ 1,940 $ 372 $ 370 $ 345
2019 8,494 15,143 (1,164) 2,000 312 376 339
2020 8,125 14,835 (1,158) 2,062 250 1,770 320
2021 8,940 14,554 (1,151) 1,054 181 1,800 289
2022 9,243 14,232 (1,144) 1,364 170 1,832 257
2023-2027 51,508 65,612 (5,601) 2,639 431 9,652 787
2028-2032 70,488 54,945 (5,339) 1,904 170 4,102 72
2033-2037 91,230 39,805 (4,939) 205 3 - -
2038-2042 101,945 18,809 (2,271) - - - -
2043-2047 37,495 2,531 - - - - -
Total $ 394,993 $ 255,938 $ (23,937) $ 13,168 $ 1,889 $ 19,902 $ 2,409
126

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 12 - LONG - TERM OBLIGATIONS - (Continued)
Note 1: Anticipated Direct Subsidy Payments for the 2017E BOA Non-Ad Valorem Revenue Note, the 2010A
Public Utility Revenue Bonds (Build America Bonds) and the 2010B Public Utility Revenue Bonds not
reduced by possible sequestration reductions (Recovery Zone Economic Development Bonds).Outstanding
amount to be received in FY 2017 is reduced by 6.60% sequestration while remaining years are not
reduced.
Note 2: Does not include Clean Water State Revolving Fund Construction loan WW52063. The total amount
expended is $20,370,668 as of September 30, 2017.
Business-Type Activities
Sanitation
Year End
Non-Major Business Activities
Notes
September 30 Principal Interest Principal Interest
2018 $ 1,250 $ 45 $ 580 $ 140
2019 1,260 25 595 129
2020 280 14 600 117
2021 285 10 615 105
2022 285 6 625 93
2023-2027 290 2 1,315 321
2028-2032 1,210 98
Total $ 3,650 $ 102 $ 5,540 $ 1,003
Deferred Outflows of Resources - Debt Refunding
At September 30, 2017 the City reported the following changes in deferred outflows of resources
related to the deferred amounts on refunding for bonds.
Governmental Business-Type
Activities Activities Total
Balances, Beginning $ 913,290 $ 4,422,952 $ 5,336,242
Additions (new issuances) - 4,194,746 4,194,746
Reductions (165,119) (331,889) (497,008)
Balances, Ending $ 748,171 $ 8,285,809 $ 9,033,980
See Note 18 for the changes in deferred outflows of resources related to pension resources.
Debt Payable and Interest Requirements to Maturity
Bonds and Notes outstanding at September 30, 2017 mature in varying amounts during
succeeding fiscal years through 2047. Interest rates are as follows: 1.75% to 6.60% on Revenue
Bonds and 1.44% to 5.50% on Notes Payable. For detailed information on the City's debt, also
refer to the Debt Supplement Report prepared by the Finance Department available on the City's
web site.
127
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 12 - LONG - TERM OBLIGATIONS - (Continued)
Original
Issue Par
Debt
Payable
9/30/17
Interest
Requirements
To Maturity Total
Revenue Bonds
2014 Professional Sports Facility Bond, Series
2014 $ 16,340 $ 14,845 $ 1,775 $ 16,620
2016A Public Service Tax Revenue Bonds
(Pier) 37,695 37,695 12,139 49,834
2016B Public Service Tax Revenue Bonds (Pier
Approach) 18,510 18,110 5,262 23,372
2009B Public Utility Refunding Revenue Bonds 23,375 6,065 307 6,372
2010A Public Utility Revenue - Build America
Bonds 29,685 27,760 29,446 57,206
2010B Public Utility Revenue - Recovery Zone 19,695 19,695 30,292 49,987
2013A Public Utility Revenue Bonds 41,925 40,130 27,988 68,118
2013B Public Utility Refunding Revenue Bonds 43,500 42,260 20,744 63,004
2013C Public Utility Revenue Bonds 21,995 24,995 20,516 45,511
2014A Public Utility Revenue Bonds 34,245 33,545 19,127 52,672
2014B Public Utility Refunding Revenue Bonds 43,230 42,360 22,601 64,961
2015 Public Utility Revenue Bonds 30,190 30,190 18,486 48,676
2016A Public Utility Refunding Bonds 49,755 49,755 6,019 55,774
2016B Public Utility Refunding Bonds 53,025 53,025 28,909 81,934
2016C Public Utility Revenue Bonds 45,115 45,115 33,912 79,027
Total Revenue Bonds $ 508,280 485,545 277,523 763,068
Less: Direct Subsidy Payments (Note 1) - (23,937) (23,937)
Less: Unamortized Premiums and Discounts 17,843 - 17,844
Net Revenue Bonds 503,388 253,586 756,975
Notes Payable
2008B Bank of America Note 1,874 716 72 788
2010 BB&T Note 4,520 870 36 906
2011 JP Morgan Chase Note 21,522 8,485 239 8,724
2014 Hancock Bank Note 6,075 3,650 102 3,752
2017A TD Bank Commission Note-Marina
Project 2,525 2,525 822 3,347
2017B TD Bank Commission Note- Marina
Project (Refund 2007) 3,201 3,015 181 3,196
2017C TD Bank Non-Ad Valorem Revenue
Note 40,095 40,095 2,244 42,339
2017D TD Bank Non-Ad Valorem Revenue
Note 12,515 12,515 826 13,341
2017E BOA Non-Ad Valorem Revenue Notes 2,570 2,570 920 3,490
State Revolving Loans (Note 2) 34,118 13,168 1,888 15,056
Total Notes Payable $ 129,015 87,609 7,330 94,939
Less: Direct Subsidy Payments (Note 1) - (746) (746)
Net Notes Payable 87,609 6,584 94,193
Total Bonds and Notes $ 590,997 $ 260,170 $ 851,168
Note 1: Anticipated Direct Subsidy Payments for the 2017E BOA Non-Ad Valorem Revenue Note, 2010A Public Utility Revenue Bonds
(Build America Bonds) and the 2010B Public Utility Revenue Bonds not reduced by possible sequestration reductions (Recovery Zone
Economic Development Bonds). Outstanding amount to be received in FY 2017 is reduced by 6.60% sequestration while remaining
years are not reduced.
Note 2: Excludes State Revolving Loan WW520630.
128
Debt payable and interest requirements at September 30, 2017 were as follows (in thousands of
dollars):

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 12 - LONG - TERM OBLIGATIONS - (Continued)
Pledged Revenue
The City has pledged certain revenues to repay bonds and notes outstanding as of September
30, 2017. The following table reports the revenues pledged for each debt issue; the amounts of
such revenues received in the current year; the current year principal and interest paid on the
debt; the approximate percentage of each revenue pledged to meet the debt obligation; the
maturity date of each debt agreement; and the total pledged future revenues for each debt
issuance, which is the amount of the remaining principal and interest (not including interest
subsidy) on the bonds and notes at September 30, 2017 (in thousands of dollars).
Description
of Issue
Pledged
Revenue
Revenue
Received
Principal &
Interest Paid
Estimated % of
Revenues Pledged
Outstanding
Principal &
Interest
Pledged
Through
Governmental Activities
State Revenue
Sharing, State Sales
Tax, Tourist
Development Tax
$ 146,840 $ - - % $ 3,490 2032
State Sales Tax $ 2,000 $ 1,905 95.25 % $ 16,620 2025
Legally Available
Non Ad-Valorem
Revenues
$ 146,840 $ 198 0.13 % $ 788 2021
Legally Available
Non Ad-Valorem
Revenues
$ 146,840 $ 230 0.16 % $ 906 2020
Legally Available
Non Ad-Valorem
Revenues $ 146,840 $ - - % $ 55,681 2022
Legally Available
Non Ad-Valorem
Revenues $ 146,840 $ 3,245 2.21 % $ 8,724 2020
Public Service Tax $ 27,646 $ 2,433 8.80 % $ 73,206 2020
Banc of America Leasing and
Capital Taxable Non Ad
Valorem Revenue Note (QECB)
(Solar Panels at City Facilities)
Professional Sports Facility
Sales Tax Refunding Revenue
Bonds, Series 2014 (Refunding
Series 2003 Bonds: Tropicana
Field and Parking)
Bank Of America N.A. Taxable
Non Ad Valorem Revenue Note,
Series 2008B (Refinance
Sunshine State Governmental
Financing Commission Notes:
Section 108 HUD Loan)
BB&T Non Ad Valorem
Revenue Note, Series 2010
(Projects at the Progress Center
for the Arts, the Pier and Grant
Funds for the Salvador Dali
Museum)
TD BankNon Ad Valorem
Revenue Note, Series 2017C
and 2017 D (Police Facilities)
JP Morgan Chase Non Ad
Valorem Refunding Revenue
Note, Series 2011 (Refinance
Bank of America 2008A Notes:
Section 108 HUD Loan, FL
International Museum &
Mahaffey Theater Project)
Public Service Tax Revenue
Bonds, Series 2016A and
2016B (Pier and Pier Approach
Projects)
Total Governmental Activities $ 8,011 $ 159,415
129

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 12 - LONG - TERM OBLIGATIONS - (Continued)
Description of Issue Pledged
Revenue
Revenue
Received
Principal &
Interest Paid (1)
(2)
Estimated % of
Revenues
Pledged
Outstanding
Principal &
Interest (1)
Pledged
Through
Business Type Activities
Public Utility Revenue Bonds,
Series 2005, 2009A, 2010A,
2010B, 2013A, 2013C, 2014A,
2015 and Public Utility Refunding
Revenue Bonds, Series 2006,
2009B, 2013B, 2014B, 2016A
(Water, Wastewater and
Reclaimed Water Projects)
Net Operating
Revenues of
the Water &
Wastewater
System
$ 51,788 $ 117,519 226.92 % $ 671,700 2046
Hancock Bank Revenue Notes,
Series 2014
Legally
Available Non
Ad-Valorem
Revenues
$ 146,840 $ 1,274 0.87 % $ 3,752 2023
State Revolving Fund Loans
(Construction and Improvement
Projects to Wastewater Facilities)
(3)
Net Operating
Revenues of
the Water &
Wastewater
System
$ 51,788 $ 2,312 4.46 % $ 35,428 2032
TD Bank Non Ad Valorem
Revenue Note Series 2017A and
2017B (Marina)
Legally
Available Non
Ad-Valorem
Revenues
$ 146,840 $ 45 0.03 % 6,543 2031
Total Business-Type Activities $ 121,150 $ 717,423
Note 1: Not reduced by Interest Subsidies received for the 2010A and 2010B Public Utility Revenue Bonds.
Note 2: Principal and interest paid on Public Utility Revenue Bonds includes $49 million in principal
reductions and $47 million in interest reductions due to the early payoff of Public Utility Revenue Bonds,
Series 2009A that was refunded with Public Utility Refunding Revenue Bonds, Series 2016B.
Note 3: Does not include Clean Water State Revolving Fund Construction loan WW520630. The total
amount expended is $20,370,668 as of September 30, 2017.
130

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 12 - LONG - TERM OBLIGATIONS - (Continued)
Debt Service to Maturity by Revenue Source
Governmental Activities (in thousands of dollars):
Fiscal Year General
Fund Tax Increment Financing County State
Awards
Federal
Awards
Interest
Subsidy
Fund
Balance Total
City County
2018 $ 1,035 3,426 2,381 - 1,925 298 85 (117) $ 9,033
2019 1,030 3,408 2,369 8,980 1,924 294 79 (173) 17,911
2020 868 3,425 2,380 9,140 1,921 290 74 (223) 17,875
2021 520 3,535 2,457 29,345 1,928 199 70 (2,892) 35,162
2022 232 3,399 2,362 2,550 1,923 - 66 (99) 10,433
2023-2027 899 17,002 11,815 2,595 5,274 - 255 1,390 39,230
2028-2032 1,011 13,597 9,449 - - - 114 5,376 29,547
2033 221 - - - - - 3 - 224
$ 5,816 $ 47,792 $ 33,213 $ 52,610 $ 14,895 $ 1,081 $ 746 $ 3,262 $ 159,415
Business-Type Activities (in thousands of dollars):
Fiscal Year
Water
Resources
Operating
Stormwater
Operating
Sanitation
Operating
Marina
Operating
BAB's
Interest
Subsidy
Earnings on
Investments
Fund
Balance Total
2018 $ 19,549 718 1,295 720 1,167 144 4,451 $ 28,044
2019 24,108 2,105 296 724 1,161 137 147 28,678
2020 24,193 2,104 297 717 1,155 148 (236) 28,378
2021 23,733 2,105 293 720 1,148 155 (167) 27,987
2022 23,728 2,105 294 718 1,140 154 (177) 27,962
2023-2027 114,477 10,524 - 1,637 5,580 790 (427) 132,581
2028-2032 125,575 2,104 - 1,308 5,308 787 (2,070) 133,012
2033-2037 127,526 - - - 4,853 749 (1,862) 131,266
2038-2042 101,435 - - - 1,840 794 16,708 120,777
2043-2047 19,069 - - - - 155 20,811 40,035
$ 603,393 21,765 2,475 6,544 23,352 4,013 37,178 $ 698,720
NOTE 13 – ARBITRAGE REBATE
In accordance with the Tax Reform Act of 1986, any interest earnings on borrowed construction
funds in excess of the interest costs are required to be rebated to the federal government.
There is no arbitrage rebate liability as of September 30, 2017.
NOTE 14 – CONDUIT DEBT OBLIGATION
The City has issued Private Activity Bonds to provide tax exempt borrowing to private-sector
entities for the acquisition and construction of industrial, commercial and health facilities deemed
to be in the public’s interest.
The bonds are secured by the property and the net operating revenues of the borrowing entity
and are payable solely from these sources.
131

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 14 – CONDUIT DEBT OBLIGATION (continued)
Upon repayment of the bonds, ownership of the acquired facilities is transferred to the
private-sector entity served by the bond issuance. Neither the City, the State, nor any political
subdivision therefore is obligated in any manner for repayment of the bonds. Accordingly, the
bonds are not reported as liabilities in the accompanying financial statements.
As of September 30, 2017, there were four series of Private Activity Bonds outstanding relating to
health facilities that have been issued since June 2012, with original issue amounts of $177.5
million. At September 30, 2017, the aggregate principal amount of all Outstanding Private Activity
Bonds is $147 million.
NOTE 15 – NET INTEREST EXPENSE ON DEBT
The computation of interest expense on debt in the Enterprise Funds, net of capitalized interest at
September 30, 2017 is shown below:
Water
Resources Stormwater Sanitation Marina
Interest Paid on Debt $ 14,756,591 $ 217,678 $ 61,416 $ 186,202
Less: Accrued Interest 9/30/16 (7,279,746) (43,536) (35,136) (35,242)
Plus: Accrued Interest 9/30/17 7,897,295 174,143 26,280 35,061
Interest Expense on State Revolving Loan 429,787 - - -
Amortization of Deferred Gain/Loss on Bond
Refunding 296,405 35,484 - -
Total Interest Cost 16,100,332 383,769 52,560 186,021
Less: Capitalized Interest (3,214,759) - - -
Net Interest Expense on Debt Before
Interest Subsidy 12,885,573 383,769 52,560 186,021
Interest Subsidy (1,178,819) - - -
Accrued Interest Subsidy 9/30/16 547,827 - - -
Accrued Interest Subsidy 9/30/17 (547,467) - - -
Net Interest Subsidy (1,178,459) - - -
Net Interest Expense on Debt $ 11,707,114 $ 383,769 $ 52,560 $ 186,021
The Airport nonmajor enterprise fund paid $39,463 in interest expense to the General Fund on
their outstanding advance.
NOTE 16 – RESTRICTED ASSETS
The balances of the restricted asset accounts for debt service principal and interest and utility
systems renewal and replacement in the business-type activities are as follows:
$ 17,700,199
14,750,889
53,694,194
Revenue bonds current debt service amount
Revenue bonds and notes payable debt service reserve
Debt proceeds for construction (unexpended)
Total $ 86,145,282
132

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 16 – RESTRICTED ASSETS (continued)
The balances of the restricted asset accounts for debt service principal and interest and
construction of the Pier and Pier Approach in the governmental activities are as follows:
Revenue bonds current debt service amount $ 3,424,062
Bond proceeds for construction (unexpended) 106,209,611
Total $ 109,633,673
NOTE 17 – RISK MANAGEMENT
The City’s self insurance programs are accounted for in the Insurance Internal Service Fund. The
City is self-insured for the following types of risk exposures, which are limited by insurance
coverage as noted. Settled liability, workers’ compensation claims, and health insurance claims
have not exceeded the self insured statutory limits in any of the past five years. The City has not
made any claims under the City’s property insurance policies in the past five years.
General and Automotive Liability:
State statutes limit municipal liability associated with tort actions to $200,000 per person and
$300,000 per occurrence (for occurrences after October 1, 2011) except under certain
circumstances. The State Statute limited claims to $100,000 per person and $200,000 before
October 1, 2011. The City obtained an actuarial valuation of the outstanding claims as of
September 30, 2017.
Property Damage:
The City has established an account to fund the premium on the property insurance policies that
cover City facilities on a blanket basis. The unrestricted net position of the Insurance Fund would
be used to fund the damages under the insurance deductibles.
Workers’ Compensation:
The City is self-insured for all Workers’ Compensation benefits as defined by State Statute. The
funding is provided by charges to the various departments of the City based on payroll and the
workers’ compensation rates as defined in the State classification codes. The Workers
Compensation rates are charged by payroll class and claims. These are reviewed annually by
the Bureau of Self Insurance, Division of Workers’ Compensation, Department of Labor and
Employment Security, State of Florida. Non incremental claims adjustment expenses are included
as part of the liability for claims. Historically, the City self-administered its Workers' Compensation
claims, and beginning May 2016 the City contracted with Commercial Risk Management, Inc. for
third party administrative services. The City obtained an actuarial valuation of the outstanding
claims as of September 30, 2017.
Group Medical:
The City was fully insured for group medical coverage through March 31, 2011. On April 1, 2011,
the City contracted with United Health Care to administer the self-funded group medical insurance
plan. The plan is funded by employee contributions and by City contributions and is maintained in
the City's Insurance internal service fund. The City contributions are allocated to the different
funds of the City based on employee participation in the plan.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 17 – RISK MANAGEMENT - (Continued)
At September 30, 2017, the health insurance fund had net position of $16,313,439. Included as a
liability of the fund at September 30, 2017 was incurred but not reported claims (IBNR) of
$3,079,978.
Life Insurance – Public Safety Officers:
Florida State Statutes require the employer of any public safety officer under 70 years of age,
who, while on duty, is killed or injured resulting in death within 180 days of the injury, to pay a
$50,000 death benefit to the officer’s designated beneficiary. In addition, thru the collective
bargaining agreement, the City has agreed to provide life insurance, at no cost to the employee, in
an amount equal to annual base pay rounded to the nearest thousand dollars for officers,
sergeants and lieutenants.
The City provides life insurance in the amount $35,000 for fire captains and fire district chiefs.
The City also provides a short term disability program for management employees as a
supplement to the extended illness leave program. The City is self-insured for these liabilities.
Operating funds are charged premiums, based on risk for workers’ compensation; employee
participation for health and life insurance; loss experience for general and auto liability; and the
premium portion of insured risks by the Insurance Internal Service Fund. The claim liabilities
were determined by an actuarial valuation using a discount rate of 2.5% for September 30, 2017,
2016, and 2015. Non-incremental claims adjustment expenses are included as part of the liability
for claims. Estimated claims liabilities for all self-insured risks are reported as accrued claims in
the Insurance Fund which includes an estimate for incurred but not reported claims.
The incurred claims in the following reconciliation of claims liabilities includes prior years’
estimated claims settled without payment and year-end adjustment to estimated claims liability.
Health Insurance
Workers’
Compensation
Auto &
General
Liability Total
Balance 9/30/14 $ 2,907,912 $ 35,768,000 $ 6,139,000 $ 44,814,912
Paid Claims (38,398,447) (4,528,191) 2,419,018 (40,507,620)
Incurred Claims 37,886,206 8,341,191 1,094,982 47,322,379
Balance 9/30/15 2,395,671 39,581,000 9,653,000 51,629,671
Balance 9/30/15 2,395,671 39,581,000 9,653,000 51,629,671
Recoveries (Paid) Claims (40,436,322) (6,434,133) (3,079,827) (49,950,282)
Incurred Claims 41,483,058 7,332,133 137,827 48,953,018
Balance 9/30/16 3,442,407 40,479,000 6,711,000 50,632,407
Balance 9/30/16 3,442,407 40,479,000 6,711,000 50,632,407
Recoveries Claims (41,630,191) (3,664,804) (1,154,623) (46,449,618)
Incurred Claims 41,267,762 7,888,804 2,729,623 51,886,189
Balance 9/30/17 $ 3,079,978 $ 44,703,000 $ 8,286,000 $ 56,068,978
Current portion of claims liabilities were estimated at $3,079,978 for Health Insurance, $6,013,000
for Workers’ Compensation and $3,502,000 for Auto and General Liability as of September 30,
2017. Actuarial valuation of the claims liabilities were calculated as of September 30, 2015, 2016
and 2017, respectively.
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Employees
Retirement
Fund
Fire
Pension
Fund
Police
Pension
Fund Total
Assets
Cash and Cash Equivalents $ 585,402 $ 546,635 $ 746,654 $ 1,878,691
Trustee Accounts 13,961,077 782,441 6,908,421 21,651,939
Receivables:
Interest and Dividends 709,023 506,976 590,626 1,806,625
Accounts 10,140 - - 10,140
Unsettled Investment Sales 379,574 30,496 418,107 828,177
Prepaids and Deposits 6,918 6,918 6,918 20,754
Investments, at Fair Value:
DROP Investments 10,338,319 24,554,622 27,247,721 62,140,662
Government Securities 24,796,555 22,868,730 28,831,581 76,496,866
Corporate Bonds 51,795,117 33,470,389 28,258,980 113,524,486
Common and Preferred Stock 264,722,146 16,665,076 273,198,525 554,585,747
Mutual Funds 22,603,204 177,479,321 38,916,342 238,998,867
Alternative Investments 44,326,123 8,494,354 29,608,066 82,428,543
Total Assets 434,233,598 285,405,958 434,731,941 1,154,371,497
Liabilities
Accounts 542 21,250 75 21,867
Unsettled Investment Purchases 2,625,891 - 26,075 2,651,966
DROP Liability 10,338,319 24,554,622 27,247,721 62,140,662
Total Liabilities 12,964,752 24,575,872 27,273,871 64,814,495
Net Position
Net Position Restricted for Pensions 421,268,846 260,830,086 407,458,070 1,089,557,002
Total Net Position $ 421,268,846 $ 260,830,086 $ 407,458,070 $ 1,089,557,002
City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS
Fiduciary Net Position - Pension Trust
September 30, 2017
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Employees
Retirement
Fund
Fire Pension
Fund
Police Pension
Fund Total
ADDITIONS
Contributions
Employer (Charges to Other Funds) $ 10,310,841 $ 1,378,771 $ 7,562,663 $ 19,252,275
Employees 1,524,795 1,175,184 2,413,249 5,113,228
State Insurance Fund - 1,735,698 1,969,105 3,704,803
Total Contributions 11,835,636 4,289,653 11,945,017 28,070,306
Investment Income
Net Increase (Decrease) in Fair Value of Investments 37,486,478 23,594,538 37,560,020 98,641,036
Interest on Investments 2,148,496 2,246,003 1,612,855 6,007,354
Dividends on Stock 6,496,036 3,839,409 7,425,037 17,760,482
Total Investment Income 46,131,010 29,679,950 46,597,912 122,408,872
Less Investment Expense (1,645,556) (480,569) (1,528,238) (3,654,363)
Net Investment Income 44,485,454 29,199,381 45,069,674 118,754,509
Total Additions 56,321,090 33,489,034 57,014,691 146,824,815
DEDUCTIONS
Benefits 20,010,232 14,945,355 22,935,743 57,891,330
Deferred Retirement Option Contributions 2,201,137 2,846,354 4,800,611 9,848,102
Refunds on Contributions 175,280 31,057 142,359 348,696
Administrative Expenses 18,013 46,677 33,715 98,405
Total Deductions 22,404,662 17,869,443 27,912,428 68,186,533
Change in Net Position 33,916,428 15,619,591 29,102,263 78,638,282
Net Position - October 1 387,352,418 245,210,495 378,355,807 1,010,918,720
Net Position - September 30 421,268,846 260,830,086 407,458,070 1,089,557,002
City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
Changes in Fiduciary Net Position - Pension Trust
Fiscal Year Ended September 30, 2017
136
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of accounting. The pension plans are reported using the economic resources
measurement focus and the accrual basis of accounting. For purposes of measuring the net
pension liability, deferred outflows of resources and deferred inflows of resources related to
pensions, and pension expense, information about the fiduciary net position and additions
to/deductions from fiduciary net position have been determined on the same basis as they are
reported by the plans. Benefit payments (including refunds of employee contributions) are
recognized when due and payable in accordance with the benefit terms. Revenues are
recognized in the period in which they are earned and expenses are recognized in the period
incurred.
Investments. For financial reporting, the pension plans’ investments are reported at fair value.
Corporate bonds, the shares of mutual funds, common and preferred stocks, and U.S.
government securities are valued at the closing price reported on the active market on which the
individual securities are traded. Alternative investments are valued at the net asset value (“NAV”)
of share held by the plan at year end. For actuarial valuation, the difference between the actual
investment rate of return and the expected investment return (8% assumption for fire & police,
7.75% for general employees) each year is recognized over 5 years. In order to be used as
valuation assets, the smoothed value must be within the range of 80% to 120% of market value.
Internal Loans. The pension plans do not allow participant loans.
Administrative Expenditures. The City incurs most of the administrative costs of the retirement
systems in the General Fund, however, administrative costs which are charged to the retirement
systems are funded from system contributions and earnings; they are also expended annually in
the actuarial valuations.
B. DESCRIPTION OF THE PLANS
The City maintains the City of St. Petersburg Employees’ Retirement System (“ERS”), the City of
St. Petersburg Firefighters’ Retirement System (“Fire”) and the City of St. Petersburg Police
Officers’ Retirement System (“Police”) as three separate single employer defined benefit
retirement systems (collectively “the pension plans”).
Each of the three pension plans has a prior plan and supplemental plan component. The prior
plan component covers employees prior to January 1, 1964, for ERS and prior to October 1,1970,
for Police and Fire employees and does not include Social Security coverage.
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
The supplemental plan component of each pension plan provides for Social Security coverage
after the previously noted dates. There are no active employees in the prior plans.
The pension plans cover full-time City employees and are maintained as Pension Trust Funds
and reported on herein as part of the City’s reporting entity; therefore the pension plans do not
issue stand-alone financial reports.
Management employees and employees not covered by a collective bargaining agreement
(effective 10/22/09) have the option of a defined contribution plan under ICMA Retirement
Corporation in lieu of membership in ERS.
Plan Administration. Each pension plan has a board of trustees which administer the systems.
The composition of the board of trustees is as follows:
 The ERS board consists of the City’s Finance Director, the Mayor or his designee, two
employee elected members who shall each serve a term of four years and one individual
chosen by a majority of the previous four members for a four year term.
 The Fire board consists of two individuals who reside within City limits appointed by City
Council for a period of four years, two employee elected members who each serve for a
period of two years, and one individual chosen by a majority of the previous four members
and appointed by City Council, acting in its ministerial capacity for a period of four years.
 The Police board consists of two individuals who reside within City limits appointed by City
Council for a period of four years, two employee elected members who each serve for a
period of four years, and one individual chosen by a majority of the previous four members
and appointed by City Council, acting in its ministerial capacity for a period of four years.
City Ordinance is the establishing and amending authority for all the supplemental plans included
in the three pension plans and the ERS prior plan. The Police and Fire prior plans establishing
and amending authority is through Special State Act.
Plan Membership. The pension plans have the following classes and number of plan members as
of the latest actuarial valuation 10/1/2016:
Number of Participants
Employees’
Retirement
System
Firefighters’
Retirement
System
Police
Officers’
Retirement
System
Retirees and beneficiaries receiving
benefits 1,288 466 667
Terminated plan participants entitled
to but not yet receiving benefits 212 6 51
Active plan participants 1,540 259 465
Total 3,040 731 1,183
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
Benefits Provided. The authority under which benefit terms are established or may be amended is
at the City Ordinance level for the supplemental plans included in the three retirement systems
and the prior plan in ERS. The authority under which benefit terms are established or may be
amended for the prior plans included in the Police and Fire plans is through Special State Act.
The Fire and Police plans receive funds from the State pursuant to Chapters 175 and 186, Florida
Statutes, respectively.
All pension plans provide retirement, disability and death benefits. Benefit provisions under the
three pension plans are shown individually below.
Employees’ Retirement System
Members age 60, or age 55 with 25 years of credited services, or age 50 with 30 years of
credited service are eligible for normal retirement benefits. Normal retirement benefits for
the members under the prior plan are average monthly salary (the highest five years
during all years of credited service) times the sum of 2% times years of credited service
prior to October 1, 1972 and 2.5% times years of credited service earned after October 1,
1972. Normal retirement benefits for the members under the supplemental plan are
average monthly salary times a percentage derived as follows:
Years of credited service during: Percentage
Before January 1, 1964 2.00%
January 1, 1964 to September 30, 1972 1.00%
October 1, 1972 to February 29, 1980 1.50%
March 1, 1980 to February 28, 1990 2.00%
March 1, 1990 to February 29, 2000 1.50%
March 1, 2000 and later 2.00%
Members that are totally and permanently service incurred disabled before normal
retirement eligibility and approved by the pension board are entitled to disability benefits,
reduced by amounts payable under worker’s compensation. Service incurred disability
benefits under the prior plan are 65% of average monthly salary. Service incurred
disability benefits under the supplemental plan are the member’s accrued pension benefit
based on average monthly salary at the date of disability and credited service projected to
age 65 (this benefit plus initial social security benefit cannot exceed covered salary at the
date of disability, nor can it be less than 65% of average monthly salary). For non-service
incurred disabilities, both the prior and supplemental plan provide benefits if the disability
occurs after the member attains seven years of credited service. The non-service incurred
disability benefit is greater of the member’s accrued pension benefit at the date of
disability or 30% of average monthly salary. The Employee’s Retirement System provides
death of disabled member benefits and pre-retirement death benefits under both the prior
and supplemental plan.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
A plan member who leaves City service may withdraw his or her accumulated contribution
with interest of 3% plus, if employed on or before September 30, 1989, the specified
employer contributions deposited on the member’s behalf, without interest. If accumulated
contributions are not withdrawn from the plan, the vested accrued benefit is payable to the
member beginning at age 60 for life.
Benefit terms provide that a cost of living adjustment factor shall be applied to the current
benefit of all eligible retirees and beneficiaries each year. Such adjustments shall not be
greater than 2% for any retiree under the prior plan or 1.5% under the supplemental plan.
Firefighters’ Retirement System
Members with 20 years of credited service under the prior plan and members at the earlier
of 30 years of credited service, age 50 with 10 years of credit service, 20 years of credited
service before reaching 50 (benefits commence at 50) or attaining age 55, under the
supplemental plan are eligible for normal retirement benefits. Retirement benefits for the
members under the prior plan are 50% of the highest pay step of the lowest rank held
during the 3 previous years, plus 2% for each year of service in excess of 20 years
(maximum amount of 60%). Retirement benefits for the members under the supplemental
plan are 3% per year of credited service times average monthly salary (average monthly
salary during highest 3 years of creditable service) effective January 1, 2004.
Members in the supplemental plan with 25 years of credited service are eligible for early
retirement benefits. Early retirement benefits are normal retirement benefits reduced 2%
for each year prior to age 50, or if earlier, the date 30 years of credited service would be
attained.
Members that are totally and permanently service incurred disabled before normal
retirement eligibility are entitled to disability benefits. Service incurred disability benefits
under the prior plan are 60% of the highest pay step of rank at the time of disability.
Service incurred disability benefits under the supplemental plan are the greater of the
member’s accrued pension benefit at the date of disability or 60% of average monthly
salary, reduced by certain amounts payable under workers' compensation. For
non-service incurred disabilities under the prior plan the benefit is 2.5% of the prevailing
wage rank held for each year of service, plus 7.5% for each child under 18; total not to
exceed 50%. For non-service incurred disabilities under the supplemental plan the benefit
is the greater of the member’s accrued pension benefit at the date of disability or 25% of
average monthly salary plus 7.5% of earnings base for each unmarried child under 18.
The Firefighters’ Retirement System also provides death of disabled member benefits and
pre-retirement death benefits under both the prior and supplemental plan.
A member who leaves City service with less than ten years of credited service may
withdraw his or her accumulated contributions without interest. If accumulated
contributions are not withdrawn from the plan, the vested accrued benefit is payable to the
member beginning at age 50.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
In the supplemental plan, benefit terms provide that a cost of living adjustment factor shall
be applied to members available only upon recommendation of the Mayor and approval of
the City Council. In addition, members retired on or after October 1, 2008 who are at least
60 receive a 2% annual adjustment subject to availability of State premium tax reserve
funding. In the prior plan, cost of living adjustments are in accordance with changes in
compensation of rank held.
Police Officers’ Retirement System
Members with 20 years of credited service under the prior plan and members at the earlier
of 25 years of credited service or age 55 under the supplemental plan are eligible for
normal retirement benefits. Retirement benefits for the members under the prior plan are
50% of the highest pay step of the lowest rank held during the 3 previous years, plus 2%
for each year of service in excess of 20 years (maximum amount of 60%). Retirement
benefits for the members under the supplemental plan are 3% per year of credited service
times earnings base (average monthly salary during last 3 years of creditable service)
effective January 1, 2004.
Members in the supplemental plan age 50 with 10 years of credited service are eligible for
early retirement benefits. Early retirement benefits are normal retirement benefits reduced
3% for each year prior to age 55.
Members that are totally and permanently service incurred disabled before normal
retirement eligibility are entitled to disability benefits, reduced by amounts payable under
workers' compensation. Service incurred disability benefits under the prior plan are 60% of
the highest pay step of rank at the time of disability. Service incurred disability benefits
under the supplemental plan are the greater of the member’s accrued pension benefit at
the date of disability or 60% of earnings base. For non-service incurred disabilities under
the prior plan the benefit is 2.5% of the prevailing wage rank held for each year of service,
plus 7.5% for each child under 18; total not to exceed 50%. For non-service incurred
disabilities under the supplemental plan the benefit is the greater of the member’s accrued
pension benefit at the date of disability or 25% of earnings base, plus 7.5% of earnings
base for each unmarried child under 18. The Police Officers’ Retirement System provides
death of disabled member benefits and pre-retirement death benefits under both the prior
and supplemental plan.
A member who leaves City service with less than ten years of credited service may
withdraw his or her accumulated contributions without interest. If accumulated
contributions are not withdrawn from the plan, the vested accrued benefit is payable to the
member beginning at age 55 for life. If the present value of the vested accrued benefit is
less than $5,000, the benefit will be distributed in a lump sum.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
In the supplemental plan, benefit terms provide that a cost of living adjustment factor shall
be applied to each pension where the member whose name the pension account was
originally established has or would have attained aged 60 prior to October 1 each year.
The cost of living adjustment will equal the annual percentage increase in the Consumer
Price Index (CPI) for the preceding fiscal year (October 1 to September 30) or 2%,
whichever is less. In the prior plan, cost of living adjustments are in accordance with
changes in compensation of rank held.
Contributions. The State of Florida has established guidelines for state and local pension plan
funding that requires submission to and approval of the local government’s actuarial reports by a
State Bureau, at least every third year. The City’s pension plans, by policy, (1) require annual
actuarial reports as of October 1 of each year, (2) receive employer contributions based on the
actuarially determined requirement which includes funding from the State of Florida as required
by Florida Statute and (3) use the same assumptions (see funding policy section) for determining
the employer contribution required. The contribution revenues received from the State of Florida
"on behalf" of the City's employees totaled $1,735,698 and $1,969,105 for the Firefighter’s
Retirement System and Police Officers’ Retirement System, respectively. The "on behalf"
contributions were recognized as state insurance fund contribution revenues in the current year.
The total City payroll for the fiscal year ended September 30, 2017, is approximately $191.7
million. The Firefighter’s Retirement System and Police Officers’ Retirement System require
employee contributions based on a percentage of covered payroll of 7% and 7% for the
supplemental plans, respectively. Participants in the Employees’ Retirement System
supplemental plan contribute 2% of the employees covered payroll. Employee contribution rates
are established and amended by the plans respective board.
For the year ended September 30, 2017, the City's average contribution rates as a percentage of
covered payroll are as follows:
Covered Payroll Contribution
Average
Contribution Rate
Employees’ Retirement System $ 77,392,386 $ 10,310,841 13%
Firefighters’ Retirement System 16,264,742 1,378,771 8%
Police Officers’ Retirement System 35,120,540 7,562,663 22%
C. INVESTMENTS
Investment Policies.
The pension plans investment policies are pursuant to Florida Statute 112.661.
Employees’ Retirement System
The ERS policy in regards to the allocation of invested assets is established and amended by
their respective Board of Trustees. The general investment objective is to obtain a reasonable
total rate of return – defined as income plus realized and unrealized capital gains and losses –
commensurate with the Prudent Man Rule of the Employee Retirement Income Security Act of
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
1974 (ERISA) and achieve growth in purchasing power. Specifically, the investment objective
is to earn a return over time exceeding the assumed actuarial rate of 7.75% and should earn
a return greater than inflation, as measured by the Consumer Price Index, by 3.0% per year.
The investment managers may exercise full investment discretion within the prescribed
investment policy guidelines. Significant provisions of the investment policy are as follows:
 Interest Rate Risk: Does not place limits on investment maturities.
 Credit Risk: Limits investments to the top four rating of a nationally recognized rating
agency.
 Concentration Credit Risk: Limits investment in any single issuer up to 10% of the total
portfolio.
 Foreign Currency Risk: Permits investments of up to 10% of the total portfolio in
foreign currency denominated investments.
The following was the Board’s adopted asset allocation policy as of September 30, 2017 by
investment manager type:
% Range % Target
Traditional Asset Classes
Equity Managers
Large capitalization value manager 17.50 - 12.50% 15.00%
Large capitalization growth manager 17.50 - 12.50% 15.00%
Small/mid capitalization value manager 7.50 – 2.50% 5.00%
Small/mid capitalization growth manager 7.50 – 2.50% 5.00%
International value manager 10.00 – 5.00% 7.50%
International growth manager 10.00 – 5.00% 7.50%
Public real estate (REIT) 0.00% 0.00%
Total Equity 70.00 – 40.00% 55.00%
Fixed Income Managers 30.00 – 20.00% 25.00%
Total Traditional Asset Classes 80.00%
Alternative Asset Classes
Private real estate 15.00 – 5.00% 10.00%
Hedge fund of funds 10.00 – 0.00% 5.00%
Master Limited Partnerships 10.00 – 0.00% 5.00%
Managed futures 0.00% 0.00%
Private equity 0.00% 0.00%
Total Alternative Asset Classes 20.00%
Total Traditional & Alternative 100%
The ERS Board of Trustees updated the investment policy asset allocation in August 2017 to
update the asset allocation within the traditional asset classes. The asset allocation to large
cap value manager and large cap growth manager decreased from 17.5% to 15% and the
international value manager and international growth manager of funds allocation increased
from 5% to 7.5%.
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
Firefighters’ Retirement System
The Fire policy in regards to the allocation of invested assets is established and amended by
their respective Board of Trustees. The general investment objective is to preserve the
purchasing power of the plan’s assets and earn a reasonable real rate of return (after inflation)
over the long term while minimizing the short term volatility of results. The specific objectives
include an average rate of return greater than 8% over the longer term (3 to 5 years), to earn
an average annual rate of return which exceeds the Consumer Price Index by 4.5% over the
longer term (3 to 5 years), to achieve a rate of return over the long term (3 to 5 years) which
exceeds the return of a Target Index (see below) and to rank in the top 50% of total rate of
return when compared to a representative universe of other similarly managed portfolios. The
investment managers may exercise full investment discretion within the prescribed investment
policy guidelines. Significant provisions of the investment policy are as follows:
 Interest Rate Risk: Does not place limits on investment maturities.
 Credit Risk: Limits investments to the top four rating of a nationally recognized rating
agency.
 Concentration Credit Risk: No more than 5% (at cost) of an investment manager’s
portfolio may be invested in a single corporate issuer. Investments in the shares of
companies that have been publicly traded for less than one year are limited to no more
than 15% of an investment manager’s total equity portfolio.
 Foreign Currency Risk: Permits investments of up to 25% of the total portfolio in
foreign currency denominated investments.
 Adherence with Section 175, Florida Statutes and Section 112.661, Florida Statutes
 Alternative investments shall be made through partnership in diversified commingled
funds, mutual funds or limited partnership vehicles.
The following was the Board’s adopted asset allocation policy as of September 30, 2017 by
investment manager type:
Target Allocation
(at market)
Permissible Range
(at market)
Representative
Benchmark
Traditional Asset Classes
Equity Managers
Domestic Equity 70.00 - 30.00% 43.00% Russell 3000 / 1000 / 2000
Foreign Equity 25.00 - 5.00% 10.00% EAFE
Total Equity 53.00%
Fixed Income & Equivalents
Fixed Income 70.00 - 25.00% 32.00% Barclays Capital Agg / GC
Cash Equivalents 10.00 - 0.00% 0.00% Treasury Bills
Total Fixed Income & Equivalents 32.00%
Total Traditional Asset Classes 85.00%
Alternative Asset Classes 20.00 - 0.00% 15.00% CPI + 4.50%
Total Traditional & Alternative 100.00%
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
Police Officers’ Retirement System
The Police policy in regards to the allocation of invested assets is established and amended
by their respective Board of Trustees. The general investment objective is to preserve the
purchasing power of the plan’s assets and earn a reasonable rate of return (after inflation)
over the long term while minimizing the short-term volatility results. Specifically, the
investment objective is to earn an average annual rate of return over the long term which
exceeds the Consumer Price Index by 4.5% and to earn a total rate of return over the longer
term which exceeds the return of a Target Index (see Target Index below). The investment
managers may exercise full investment discretion within the prescribed investment policy
guidelines. Significant provisions of the investment policy are as follows:
 Interest Rate Risk: Does not place limits on investment maturities.
 Credit Risk: Limits investments to the top four rating of a nationally recognized rating
agency.
 Concentration Credit Risk: Limits investment in any single issuer up to 5% of the total
portfolio. Investments in the shares of companies that have been publicly traded for
less than one year are limited to no more than 15% of an investment manager’s total
equity portfolio.
 Foreign Currency Risk: Permits investments of up to 10% of the total portfolio in
foreign currency denominated investments.
 Adherence with Section 185, Florida Statutes.
The following was the Board’s adopted asset allocation policy as of September 30, 2017 by
investment manager type:
% Range % Target Target Index
Traditional Asset Classes
Equity Managers
Large capitalization value manager 24.00 – 19.00% 21.50% Russell 1000 Value
Large capitalization growth manager 24.00 – 19.00% 21.50% Russell 1000 Growth
Small/mid capitalization value manager 7.50 – 2.50% 5.00% Russell 2500 Value
Mid capitalization growth manager 7.50 – 2.50% 5.00% Russell Mid Growth
International value manager 8.50 – 3.50% 6.00% MSCI EAFE (Net)
International growth manager 8.50 – 3.50% 6.00% MSCI AC World ex USA
Total Equity 65.00%
Fixed Income Managers 25.00–15.00% 20.00% BC Int. Gov’t/Credit
Total Traditional Asset Classes 85.00%
Alternative Asset Classes
Private real estate 10.00 – 2.50% 7.00% Russell NCREIF
Master Limited Partnerships 10.00 – 0.00% 5.00% Alerian MLP
Hedge fund of funds 10.00 – 0.00% 3.00% HFRI FOF Cons.
Total Alternative Asset Classes 15.00%
Total Traditional & Alternative 100.00%
145

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
Investment Concentration. The pension plans on an individual plan basis did not hold investments
(other than those issued or explicitly guaranteed by the U.S. government) in any one organization
that represents 5 percent or more of the pension plan’s fiduciary net position.
Money-Weighted Rate of Return. For the year ended September 30, 2017, the annual
money-weighted rate of return on pension plan investments, net of pension plan investment
expense, was 11.80%, 12.50% and 12.18% for the Employees’ Retirement System, Firefighters’
Retirement System and Police Officers’ Retirement System, respectively. The money-weighted
rate of return expresses investment performance, net of investment expense, adjusted for the
changing amounts actually invested.
D. RESERVES
The City of St. Petersburg Police Officers’ Retirement System and the City of St. Petersburg
Firefighters’ Retirement System receive annual contributions from the State of Florida under
Florida Statutes Chapter 185 and 175, respectively. Accumulated State Premium Tax
contributions in excess of the $1,677,009 annual amount allowed to offset City contributions are
held in reserve for future benefit improvements in Police Officers' Retirement System.
Accumulated State Premium Tax contributions in excess of the $1,210,916 annual amount
allowed to offset City contributions are held in reserve for cost of living adjustments for
supplemental plan members who retire after September 30, 2008 in Firefighters' Retirement
System. As of September 30, 2017 the accumulated balance in the Police Officers’ Retirement
System and the Firefighters’ Retirement System was $636,947 and $7,194,831, respectively.
E. DEFERRED RETIREMENT OPTION PLANS
When an employee in a defined benefit plan reaches retirement eligibility, all three plans offer a
deferred retirement option plan (DROP). When an employee elects to enter a DROP, they
continue working, but all pension contributions stop and the pension benefit earned begins
accruing for that individual in a separate account. At termination of employment, the employee
has an option of a lump sum payment or roll over into a tax deferred account.
The Employees’ Retirement System, Police Officers’ Retirement System and Firefighters’
Retirement System DROP accounts which started in 2000, 2004, and 2007 respectively, are kept
by a third party custodian International City Management Association Retirement Corporation,
and are not included as pension fund liabilities.
At September 30, 2017, participants and amounts deferred in the DROP plans are as follows:
Participants Custodial Assets
Employees’ Retirement System 91 $ 10,338,319
Firefighters’ Retirement System 53 $ 24,554,622
Police Officers’ Retirement System 82 $27,247,721
146

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
F. PENSION PLAN REPORTING: NET PENSION (ASSET) LIABILITY
GASB Statement No. 67, Financial Reporting for Pension Plans - an Amendment of GASB
Statement No 25 requires pension plans to include certain disclosures about the plan as well as
the net pension liability in the notes to the financial statements. As the retirement systems do not
issue separate financial statements, the required disclosures for pension plan reporting are found
in this section of the notes to the financial statements and in the required supplementary
information section.
The net pension (asset) liability is calculated as the total pension liability less the pension
plans net fiduciary position. The total pension liability is the present value of pension benefits
attributable to past service of the pension plans and the net fiduciary position is the resources
currently available in the pension plans trusts to pay benefits.
Net Pension (Asset) Liability Components
The components of the net pension (asset) liability by retirement system at September 30, 2017
were as follows:
Employees’
Retirement
System
Firefighters’
Retirement
System
Police Officers’
Retirement
System
Total pension liability $ 449,991,694 $ 231,583,586 $ 440,062,733
Plan fiduciary net position (421,268,846) (260,830,086) (407,458,070)
Retirement Plan’s net pension
(asset) liability $ 28,722,848 $ (29,246,500) $ 32,604,663
Plan fiduciary net position as a
percentage of the total pension
(asset) liability 93.62% 112.63% 92.59%
Actuarial Assumptions
The total pension liability was determined based on a roll-forward of the entry-age normal
liabilities from the October 1, 2016 actuarial valuation. The pension plans use the Entry Age
Normal Actuarial Cost Method with a level percent closed amortization method. Under the Entry
Age Normal Cost Method, an annual Normal Cost is determined for each covered active member
which is the contribution required to provide all the projected pension benefits assuming this
contribution is payable over a period ending on the date of retirement and expressed as a level
percentage of compensation. Entry Age is the age nearest the employees’ birthday on the first of
October following employment. The asset valuation method under all three pension plans is a four
year phase in of investment gains and losses.
147

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
The total pension liability for each pension plan as of September 30, 2017 was determined based
on a roll-forward of entry age normal liabilities from the October 1, 2016 actuarial valuation, using
the following actuarial assumptions, applied to all periods included in the measurement:
Employees’
Retirement System
Firefighters’
Retirement System
Police Officers’
Retirement System
Investment rate of return (net investment
expenses) 7.75% 8.00% 8.00%
Inflation 3.00% 3.00% 3.00%
Salary increases 5.00% to 8.50% 1.00% to 5.50% for FY
2016; and 5.00% to
9.50% thereafter
4.50% to 8.00%
Aggregate compensation increase annually 0.20% 0.00% 1.60%
Cost of living adjustments (prior plan) 1.50% and 2.0%
thereafter
4.00% 5.717% for Officers,
5.588% for Sergeants,
4.679% for Lieutenants
& 3.00% for
Management; and
4.00% thereafter
Cost of living adjustments (supplemental plan) 1.50% 0.00%
1.70% for FY 16 and
2.00% thereafter
Mortality Rate Table Female Non-Disabled:
RP2000 Generational,
100% Annuitant White
Collar, Scale BB; Male
Non-Disabled: RP2000
Generational, 50%
Annuitant White Collar/
50% Annuitant Blue
Collar, Scale BB
Female Non-Disabled:
RP2000 Generational,
100% Annuitant White
Collar, Scale BB; Male
Non-Disabled: RP2000
Generational, 10%
Annuitant White Collar/
90% Annuitant Blue
Collar, Scale BB
Female Non-Disabled:
RP2000 Generational,
100% Annuitant White
Collar, Scale BB; Male
Non-Disabled: RP2000
Generational, 10%
Annuitant White Collar/
90% Annuitant Blue
Collar, Scale BB
Actuarial changes from the prior year:
Employee’s Retirement System: The mortality rate table was modified in fiscal year 2017 to
reflect Florida Statues 112.63 and 112.664, which require local government pension plans to use
the mortality tables used in either of the two most recently published actuarial valuation reports of
the Florida Retirement System, including the projection scale for mortality improvement, and
appropriate risk and collar adjustments based on plan demographics. The City’s mortality table
was changed from Fully Generational RP-2000 Combined Healthy Table with life expectancy
improvements projected using Scale AA for females and males to RP2000 Generational for both
females and males and 100% Annuitant White Collar, Scale BB and 50% Annuitant White
Collar/50% Annuitant Blue Collar, Scale BB for females and males respectively.
Firefighters’ Retirement System: The mortality rate table was modified in fiscal year 2017 to
reflect Florida Statues 112.63 and 112.664, which require local government pension plans to use
the mortality tables used in either of the two most recently published actuarial valuation reports of
the Florida Retirement System, including the projection scale for mortality improvement, and
148

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
appropriate risk and collar adjustments based on plan demographics. The City’s mortality table
was changed from Fully Generational RP-2000 Combined Healthy Table with Blue Collar
Adjustments for females and males to RP2000 Generational for both females and males and
100% Annuitant White Collar, Scale BB and 10% Annuitant White Collar/ 90% Annuitant Blue
Collar, Scale BB for females and males respectively.
Police Officers’ Retirement System: The mortality rate table was modified in fiscal year 2017 to
reflect Florida Statues 112.63 and 112.664, which require local government pension plans to use
the mortality tables used in either of the two most recently published actuarial valuation reports of
the Florida Retirement System, including the projection scale for mortality improvement, and
appropriate risk and collar adjustments based on plan demographics. The City’s mortality table
was changed from Fully Generational RP-2000 Combined Healthy Table with Blue Collar
Adjustments for females and males to RP2000 Generational for both females and males and
100% Annuitant White Collar, Scale BB and 10% Annuitant White Collar/ 90% Annuitant Blue
Collar, Scale BB for females and males respectively. Aggregate compensation is assumed to
increase 1.60% per year (up from 0.5% in previous years), as limited by the ten-year average
historical growth in payroll.
Long-term expected rate of return (Pension Plan Reporting)
The long-term expected rate of return on pension plan investments was determined using a
building-block method in which best-estimate ranges of expected future real rates of return
(expected returns, net of pension plan investment expense and inflation) are developed for each
major asset class. These ranges are combined to produce the long-term expected rate of return
by weighting the expected future real rates of return by the target asset allocation percentage and
by adding expected inflation.
Best estimates of arithmetic real rates of return for each major asset class included in the pension
plan’s target asset allocation as of September 30, 2014 (see the discussion of the pension plan’s
investment policy) are summarized in the following table:
Long-Term Expected Real Rate of Return
Asset Class
Employees’
Retirement
System
Firefighters’
Retirement
System
Police Officers’
Retirement
System
Cash N/A 3.81% 3.81%
US Large Cap 11.23% 11.23% 11.23%
US Mid Cap 13.88% 13.88% 13.88%
US Small Cap 13.99% 13.99% 13.99%
Global Ex US Equity 11.58% N/A 11.58%
MSCI EAFE 11.13% 11.13% 11.13%
Aggregate Bonds N/A 5.27% N/A
US Government Credit 5.34% N/A 5.34%
REIT N/A 8.05% N/A
Hedge Funds 7.93% 7.93% 7.93%
149

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
Discount rate
The discount rate used to measure the total pension liability was 7.75% for ERS and 8.00% for
Fire and Police. The projection of cash flows used to determine the discount rate assumed that
plan member contributions will be made at the current contribution rate and that City contributions
will be made at rates equal to the difference between actuarially determined contribution rates
and the member rate. Based on those assumptions, the pension plan’s fiduciary net position was
projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on pension plan investments was applied to all
periods of projected benefit payments to determine the total pension liability.
Sensitivity of the net pension (asset) liability to changes in the discount rate (Pension Plan
Reporting)
The following presents the net pension (asset) liability of the pension plans, calculated using the
current discount rate, as well as what the pension plan’s net pension (asset) liability would be if it
were calculated using a discount rate that is 1-percentage-point lower or 1-percentage point
higher than the current rate:
1% Decrease
Current
Discount Rate 1% Increase
Employees' Retirement
System net pension liability (asset) $ 77,252,776 $ 28,722,848 $ (15,082,837)
6.75% 7.75% 8.75%
Firefighters' Retirement
System net pension liability (asset) $ (7,333,581) $ (29,246,500) $ (49,304,194)
7.00% 8.00% 9.00%
Police Officers' Retirement
System net pension liability (asset) $ 82,119,825 $ 32,604,663 $ (11,901,192)
7.00% 8.00% 9.00%
G. EMPLOYER (CITY) REPORTING: NET PENSION LIABILITY
The net pension liability disclosed below is the liability to the employer, the City of St. Petersburg,
of the pension plans in accordance with GASB Statement No. 68, Accounting and Financial
Reporting for Pensions – an Amendment of GASB Statement 27. The net pension liability is
calculated as the total pension liability less the pension plans' net fiduciary position. The total
pension liability is the present value of pension benefits attributable to past service of the pension
plans and the net fiduciary position is the resources currently available in the pension plans' trusts
to pay benefits.
150

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
Net Pension (Asset) Liability Components (Employer Reporting)
The net pension (asset) liability of the retirement systems' recorded in the City's financial
statements at September 30, 2017 is based on a measurement date of September 30, 2016
and the total pension liability as of September 30, 2016 was determined based on a roll-
forward of the entry-age normal liabilities from the October 1, 2015 actuarial valuation
(using below detail actuarial assumptions) applied to all periods included in the
measurement. The net pension liability by retirement system recorded to the City's financial
statements as of September 30, 2017 is as follows.
Employees'
Retirement
System
Firefighters'
Retirement
System
Police Officers'
Retirement
System
$ 437,564,715 $ 222,725,139 $ 418,846,742
(387,352,418) (245,210,495) (378,355,807)
$ 50,212,297 $ (22,485,356) $ 40,490,935
Total pension liability
Plan fiduciary net position
Retirement Plan's net pension
liability (asset)
Plan fiduciary net position as a
percentage of the total pension
(asset) liability 88.52% 110.10% 90.33%
Actuarial Assumptions (Employer Reporting)
The pension plans use the Entry Age Normal Actuarial Cost Method with a level percent closed
amortization method. Under the Entry Age Normal Cost Method, an annual Normal Cost is
determined for each covered active member, which is the contribution required to provide all the
projected pension benefits assuming this contribution is payable over a period ending on the date
of retirement and expressed as a level percentage of compensation. Entry Age is the age nearest
the employees’ birthday on the first of October following employment. The asset valuation
method under all three pension plans is a four year phase in of investment gains and losses.
151

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
The total pension liability for each pension plan as of September 30, 2016 was determined based
on a roll-forward of entry age normal liabilities from the October 1, 2015 actuarial valuation, using
the following actuarial assumptions, applied to all periods included in the measurement:
Employees’
Retirement
System
Firefighters’
Retirement
System
Police Officers’
Retirement
System
Investment rate of return (net investment
expenses) 7.75% 8.00% 8.00%
Inflation 3.00% 3.00% 3.00%
Salary increases 5.00% to 8.50% 5.00% to 9.50% 4.50% to 8.00%
Aggregate compensation increase annually 0.20% 0.00% 0.05%
Cost of living adjustments (prior plan) 2.00%
3.00% for former
District Chiefs,
Chiefs and Captains
and 0.00% for
remainder of
population in FY16
and 4.00%
thereafter
5.717% for
Officers, 5.588%
for Sergeants,
4.679% for
Lieutenants and
3.00% for
management; and
4.00% thereafter
Cost of living adjustments (supplemental plan) 1.50% 0.00%
1.70% for FY16
and 2.00% there
after
Mortality Rate Table
Fully generational
RP-2000 Combined
healthy table with
life expectancy
improvements
projected using
scale AA
Fully generational
RP-2000 Combined
healthy table with
Blue collar
adjustment
Fully generational
RP-2000 Healthy
Table with life
expectancy
improvements
projected using
scale AA and with
Blue collar
Adjustments
The long-term expected rate of return on pension plan investments and the discount rate used to
measure the total pension liability is the same as those used for the pension plan reporting
discussed in detail in Note 18 (F).
152

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
Changes in Net Pension (Asset) Liability (Employer Reporting)
The detailed changes in the net pension (asset) liability for each of the three retirement systems
in fiscal 2017 is as follows, based on actuarial date one year prior:
Employees' Retirement System
Total Pension Plan Fiduciary
Change in the Net Pension Liability Liability Net Position
Net Pension
Liability
Balances at September 30, 2016 $ 410,671,607 $ 369,690,519 $ 40,981,088
Changes for the year:
Service Cost $ 8,241,100 $ - $ 8,241,100
Interest 31,647,473
Differences between expected and actual experience 8,120,936
- 31,647,473
- 8,120,936
Changes in assumptions - - -
Contributions - City - 11,198,451 (11,198,451)
Contributions - Member - (1,465,224)
Net investment income - (26,142,507)
Benefit payments, including refunds of employee contributions (21,116,401)
1,465,224
26,142,507
(21,116,401) -
Administrative expenses - (27,882) 27,882
Net changes $ 17,661,899 $ 9,231,209
Balances at September 30, 2017
$ 26,893,108
$ 437,564,715 $ 387,352,418 $ 50,212,297
Firefighters' Retirement System
Total Pension Plan Fiduciary
Change in the Net Pension Asset Liability Net Position
Net Pension
Asset
Balances at September 30, 2016 $ 217,772,186 $ 229,986,610 $ (12,214,424)
Changes for the year:
Service Cost $ 3,249,371 $ - $ 3,249,371
Interest 16,977,052
Differences between expected and actual experience 2,343,382
- 16,977,052
- 2,343,382
Changes in assumptions - - -
Contributions - City - 4,477,204 (4,477,204)
Contributions - Member - 1,032,503 (1,032,503)
Contributions - State - (1,805,108)
Net investment income - (25,556,376)
Benefit payments, including refunds of employee contributions (17,616,852)
1,805,108
25,556,376
(17,616,852) -
Administrative expenses - (30,454) 30,454
Net changes $ 4,952,953 $ 15,223,885 $ (10,270,932)
Balances at September 30, 2017 $ 222,725,139 $ 245,210,495 $ (22,485,356)
153

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
Police Officers' Retirement System
Total Pension Plan Fiduciary Net Pension
Change in the Net Pension Liability Liability Net Position Liability
Balances at September 30, 2016 $ 395,215,991 $ 363,964,270 $ 31,251,721
Changes for the year:
Service Cost $ 5,872,895 $ - $ 5,872,895
Interest 31,018,382
Differences between expected and actual experience 13,610,507
- 31,018,382
- 13,610,507
Change in assumptions - - -
Contributions - City - 7,770,299 (7,770,299)
Contributions - Member - 2,191,312 (2,191,312)
Contributions - State - (1,897,530)
Net investment income - (29,466,872)
Benefit payments, including refunds of employee contributions (26,871,033)
1,897,530
29,466,872
(26,871,033) -
Administrative expenses - (63,443) 63,443
Net changes $ 14,391,537 $ 9,239,214
Balances at September 30, 2017
$ 23,630,751
$ 418,846,742 $ 378,355,807 $ 40,490,935
Sensitivity of the net pension (asset) liability to changes in the discount rate (Employer Reporting)
The following presents the net pension (asset) liability of the pension plans, calculated using the
current discount rate, as well as what the pension plan’s net pension (asset) liability would be if it
were calculated using a discount rate that is 1-percentage point lower or 1-percentage point
higher than the current rate:
1% Decrease
Current
Discount Rate 1% Increase
Employees' Retirement
System net pension liability (asset) $ 102,720,063 $ 50,212,297 $ 3,330,363
6.75% 7.75% 8.75%
Firefighters' Retirement
System net pension liability (asset) $ 678,058 $ (22,485,356) $ (43,466,709)
7.00% 8.00% 9.00%
Police Officers' Retirement
System net pension liability (asset) $ 90,751,811 $ 40,490,935 $ (4,384,847)
7.00% 8.00% 9.00%
154

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to Pension
For the year ended September 30, 2017, the City recognized pension expense (benefit) related to
the change in net pension liability and related components of ($3,398,603), ($2,236,056) and
$3,386,943 for the Employees’ Retirement System, Firefighters’ Retirement System and Police
Officers’ Retirement System, respectively. The City recognized a benefit in fiscal year 2017 and
2016 due to the deferred outflow of pension plan contributions.
At September 30, 2017, the City reported deferred outflows of resources and deferred inflows of
resources related to pensions from the below sources for each pension plan.
Deferred Outflow of Resources
Employees’ Firefighters’ Police
Retirement Retirement Officers’
System System Retirement Total
Difference between expected and actual
experience (2017) 6,496,749 1,874,715 10,207,880 18,579,344
Difference between expected and actual
investment earnings (2017) 1,946,412 (6,016,344) (657,195) (4,727,127)
Difference between projected and actual
investment earnings (2016) 17,860,668 10,460,147 18,746,728 47,067,543
Difference between projected and actual
investment earnings (2015) (3,816,277) (2,720,161) (3,365,785) (9,902,223)
Employer contributions made between measurement
date and the reporting date 10,310,841 1,378,771 7,562,663 19,252,275
Balances, Ending $ 32,798,393 $ 4,977,128 $ 32,494,291 $ 70,269,812
Deferred Inflow of Resources
Employees’ Firefighters’ Police
Retirement Retirement Officers’
System System Retirement Total
Difference between expected and actual experience
2016 $ (362,620) $
Changes of assumptions
$ (4,130,848)
(2,372,074) (2,434,223)
(336,980) $ (4,830,448)
(1,383,402) (6,189,699)
Total $ (6,502,922) $ (2,796,843) $ (1,720,382) $ (11,020,147)
155
$ $ $ $

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
The deferred outflows of resources includes resources from City contributions to the plans
subsequent to the measurement date and the difference between projected and actual
investment earnings. The City contributions to the Plans subsequent to the measurement date,
$19,252,275, will be recognized as a reduction of the net pension liability in the fiscal year ending
September 30, 2018. Other amounts reported as deferred outflows of resources related to the
pension plans will be recognized in pension expense as follows:
Future Years' Recognition of Deferred Outflows
Employees’ Firefighters’ Police Officers’
Retirement Retirement Retirement
Fiscal Year System System System Total
9/30/2018 6,156,208 1,091,225 7,804,345 15,051,778
9/30/2019 6,156,208 1,091,225 7,804,345 15,051,778
9/30/2020 8,064,346 2,451,306 9,487,237 20,002,889
9/30/2021 2,110,790 (1,035,399) (164,299) 911,092
9/30/2022 - - - -
Thereafter - - - -
$ 22,487,552 $ 3,598,357 $ 24,931,628 $ 51,017,537
Other amounts reported as deferred inflows of resources related to the Pensions Plans will be
recognized in pension expense as follows:
Future Years' Recognition of Deferred Inflows
Employees’ Firefighters’ Police Officers’
Retirement Retirement Retirement
Fiscal Year System System System Total
9/30/2018 2,322,473 1,331,830 1,075,238 4,729,541
9/30/2019 2,322,473 1,331,830 645,144 4,299,447
9/30/2020 1,857,976 133,183 - 1,991,159
9/30/2021 - - - -
9/30/2022 - - - -
Thereafter - - - -
$ 6,502,922 $ 2,796,843 $ 1,720,382 $ 11,020,147
The Firefighters' Retirement System and Police Officers' Retirement System net pension liability,
deferred inflows and outflows of resources and pension expense is allocated 100% to
governmental activities in the government-wide financial statements. The Employees' Retirement
System net pension liability, deferred inflows and outflows of resources and pension expense is
allocated proportionately to governmental activities in the government-wide financial statements
and the City's enterprise funds based on the City's allocation of the actuarially determined
contribution.
156

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
H. EMPLOYER REPORTING: FUNDING FOR PENSIONS
The City’s funding for the pension plans is separate than the accounting for the pension plans as
discussed in the section on net pension liability. The City receives a separate actuary valuation
report with different actuarial assumptions applied to calculate the City's actuarially determined
contribution for funding purposes. The City's actuarially determined contribution made to the
pension plans in fiscal year 2017 was calculated as of October 1, 2015, two years prior to the
year the contributions are reported.
See required supplemental information section for more detail on the actuarially determined
contribution related to fiscal year 2017.
The following schedules reflect the current year and two preceding years' actuarially determined
contributions and the assumptions utilized to calculate the City's actuarially determined
contribution for the three pension plans funding purposes as of the October 1, 2015 valuation.
Employees’ Retirement System
Schedule of Contributions for Employer
Fiscal Year Determined Employer
Contributions
Actual Employer
Contributions
%
Contributed
9/30/17 $ 10,310,841 $ 10,310,841 100%
9/30/16 $ 11,198,451 $ 11,198,451 100%
9/30/15 $ 12,778,435 $ 12,778,435 100%
Firefighters’ Retirement System
Schedule of Contributions for Employer and Other Contributing Entity
Determined
Contribution
Determined
Contribution
Determined
Contribution
Actual
Contribution
Actual
Contribution
Actual
Contribution % Contr.
Fiscal Year Employer State Total Employer State Total Employer
/State
9/30/17 $ 1,378,771 $ 1,210,916 $ 2,589,687 $ 1,378,771 $ 1,210,916 $ 2,589,687 100%
9/30/16 $ 4,477,204 $ 1,210,196 $ 5,687,400 $ 4,477,204 $ 1,210,296 $ 5,687,400 100%
9/30/15 $ 7,725,079 $ 1,210,916 $ 8,935,995 $ 7,725,079 $ 1,210,916 $ 8,935,995 100%
Police Officers’ Retirement System
Schedule of Contributions for Employer and Other Contributing Entity
Determined
Contribution
Determined
Contribution
Determined
Contribution
Actual
Contribution
Actual
Contribution
Actual
Contribution % Contr.
Fiscal Year Employer State Total Employer State Total Employer/
State
9/30/17 $ 7,562,663 $ 1,677,009 $ 9,239,672 $ 7,562,663 $ 1,677,009 $ 9,239,672 100%
9/30/16 $ 7,770,299 $ 1,677,009 $ 9,447,308 $ 7,770,299 $ 1,677,009 $ 9,447,308 100%
9/30/15 $ 10,258,299 $ 1,650,834 $ 11,909,133 $ 10,258,299 $ 1,650,834 $ 11,909,133 100%
157

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 18 – EMPLOYEE DEFINED BENEFIT PENSION PLANS - (Continued)
Employees' Retirement
System
Firefighters'
Retirement System
Police Officers'
Retirement System
Funding Actuarial Assumptions
Valuation Date October 1, 2015 October 1, 2015 October 1, 2015
Actuarial Cost Method Entry Age Normal Entry Age Normal Entry Age Normal
Level % of Pay Level % of Pay Level % of Pay
Amortization Method Level percent closed Level percent closed Level percent closed
Amortization Period 30 years 30 years 30 years
Aggregate compensation increase annually 0.20% 0.00% 0.50%
Asset valuation method
Four year phase in of
investment gains and
losses
Four year phase in of
investment gains and
losses
Four year phase in of
investment gains and
losses
Investment rate of return 7.75% 8.00% 8.00%
Projected salary increases 5.00% to 8.50%
1.00% to 5.50% in
Fiscal 2016 4.50% to 8.00%
5.00% to 9.50%
thereafter
Cost of living adjustments
Prior Plan 2.00%
3.00% in Fiscal 2016
for Chiefs and
Captains,0.00% for
remainder of population 1.70% in Fiscal 2016
4.00% thereafter 2.00% thereafter
Supplemental Plan 1.50% 0.00%
5.717% for Officers,
5.588% for Sergeants,
4.679% for lieutenants and
3.00% for management;
4.00% thereafter
NOTE 19 – DEFINED CONTRIBUTION PLAN
The City contributes to a defined contribution plan, the City of St. Petersburg 401(a) Plan ("Plan"),
established by City Ordinance for exempt management employees and employees not covered
by a collective bargaining agreement who have waived membership in the General Employees’
Retirement System, of which 90 have so chosen. The plan is administered by International City
Management Association Retirement Corporation (ICMA-RC). Plan participants fully vest upon
eligibility to participate. The City contributes to the 401a plan account for participants at a rate
which is approved by City Council. During the fiscal year ended September 30, 2017, the rate
was 11% of pre-deferral salary. The total City contribution to the 401a plan was $1,588,818 or
11% of covered payroll. For the fiscal year ended September 30, 2017, payroll covered by this
plan was $14.4 million compared to the total City payroll of approximately $191.7 million.
158

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 20 – OTHER POST-EMPLOYMENT BENEFITS
A. SUPPLEMENTAL PAYMENTS LIABILITY FOR CERTAIN POLICE OFFICERS'
Background
Certain police officers who retired from March 2008 through February 2011 were paid benefits
from the Police Officers’ Retirement System (“PORS”) that exceeded the amount under the terms
of the Retirement System due to inclusion of extra compensation in the determination of benefits.
For certain retirees who have elected to participate, the City will continue to pay directly to the
retiree an amount in excess of the corrected benefit payable under the PORS (“supplemental
payments”). There are 52 members receiving supplemental payments, including 46 retired
members, 3 disabled members, and 3 beneficiaries.
Liability
The City obtained an actuarial valuation for the liability as of September 30, 2017. The City's long
term obligation as of September 30, 2017 associated with the supplemental payments for
participating police officers is $1,174,000, as reported in the Statement of Net Position.
Actuarial Assumptions
The liability is based on a discount rate of 4.50% and the mortality table used by the Florida
Retirement System for indivuals classified as special risk. The mortality table is one required by
the State of Florida (Chapter 2015-157) to be used for liability calculations effective January 1,
2016 and is the same table used for the October 1, 2017 actuarial valuation for the Police
Retirements System (same mortality tables as the Police Retirement System October 1,
2016 actuarial valuation). The calculations were based on member census data provided by the
City for the police officers receiving the supplemental payments.
B. POST-RETIREMENT HEALTH BENEFITS
Plan Description:
The City follows GASB Statement 45, "Accounting and Financial Reporting by Employers for
Post-employment Benefits other than Pensions" to account for certain post-retirement health
benefits provided by the City. A separate audited GAAP basis post retirement plan report is not
prepared for this defined benefit plan. The City sponsors a single employer defined benefit “other
post-employment benefit” (“OPEB”) plan. Benefits are stipulated resolutions approved by City
Council and through union agreements with the employees and any changes to the benefits must
be addressed through union negotiations. Retirees who meet certain age and service
requirements may elect coverage for themselves and dependents in one of three health plans:
two preferred provider organizations (“PPOs”) and an exclusive provider organization (EPO).
After age 65, retirees have the additional choice of two Medicare Advantage plans. The City
currently pays an explicit subsidy equal to 75% of the blended (active and retired) rate for the
lowest cost PPO (or the total premium, if less), plus the implicit subsidy equal to the difference
between the actual retiree cost (“ARC”) and the blended rate. Beginning January 1, 2010, the
maximum dollar amount of the explicit employer subsidy was frozen for employees who retire
after 2009. These retirees will pay the full cost of any increases in the blended premium in excess
of the frozen maximum subsidy.
159

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 20 – OTHER POST-EMPLOYMENT BENEFITS - (Continued)
Funding Policy
All of the above benefit plans are provided through insurance companies or health maintenance
organizations (HMO). Some health plan premiums are based on the benefits paid during the plan
period ending March 31. The City recognizes the cost of providing benefits by expensing monthly
premiums, on a pay-as-you-go basis. There are no plans at this time to fund the OPEB liability
and therefore there are no plan assets. For the fiscal year ended September 30, 2017, the cost
of retiree health care for 1,120 participants was $13,241,865 of which $4,811,974 was paid by the
retirees. The City offers vision, dental and AD&D policies paid for entirely by active and retired
employees.
Annual OPEB Cost and OPEB Obligation
The City received the current year results of an actuarial valuation report for retiree health
benefits as of October 1, 2016 for fiscal year 2017. The valuation was completed under the
requirements of GASB Statement 45. The development of the Net OPEB Obligation is listed
below for the fiscal year ended September 30:
2017 2016 2015
Annual Required Contribution $ 15,664,000 16,447,000 $ 13,555,000
Interest on the Net OPEB Obligation 2,805,000 2,438,000
Adjustment on the ARC
3,255,002
(4,440,000) (3,603,000) (2,812,000)
Annual OPEB Costs 14,479,002 15,649,000 13,181,000
Less: Contributions made (6,050,000) (5,643,000) (5,041,000)
Increase in Net OPEB Obligation 8,429,002 10,006,000 8,140,000
Net OPEB Obligation – beginning of year 72,330,000 62,324,000 54,184,000
Net OPEB Obligation – end of year $ 80,759,002 72,330,000 $ 62,324,000
Percentage of Annual OPEB Cost Contributed and Net OPEB Obligation
Fiscal Year Annual OPEB
Cost
Contribution Percentage of Annual
OPEB Cost
Contributed
Net OPEB
Obligation
9/30/17 14,479,000 6,050,000 42% 80,759,000
9/30/16 15,649,000 5,643,000 36% 72,330,000
9/30/15 13,181,000 5,041,000 38% 62,324,000
9/30/14 12,923,000 7,085,000 55% 54,184,000
9/30/13 13,868,000 6,253,000 45% 48,346,000
9/30/12 13,503,000 6,274,000 47% 40,731,000
9/30/11 13,247,000 5,471,000 41% 33,502,000
9/30/10 12,525,000 6,187,000 49% 25,726,000
Funded Status and Funding Progress
As of September 30, 2017, the actuarial accrued liability for benefits was $199,781,000, all of
which was unfunded. The covered payroll (annual payroll of active employees covered by the
Plan) was $143,194,193 and the ratio of unfunded actuarial accrued liability (UAAL) to covered
payroll is 139.5%.
160
$
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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 20 – OTHER POST-EMPLOYMENT BENEFITS - (Continued)
Actuarial valuations reflect a long-term perspective and involve estimates of the value of reported
amounts and assumptions about the probability of events far into the future, and actuarially
determined amounts are subject to continual revision as actual results are compared to past
expectations and new estimates are made about the future.
The schedule of government contributions and two year trend information along with the schedule
of funding progress for the current year and two years prior (the dates of the actuarial valuations
as required) can be found in the Required Supplementary Information.
Actuarial Methods of Assumptions
Calculations are based on the types of benefits provided under the terms of the substantive plan,
including the method of sharing of costs between the employer and plan members.
In the October 1, 2016 actuarial valuation, the Projected Unit Credit actuarial cost method was
used. The actuarial assumptions included a 3% inflation rate, 4.5% investment rate of return (net
of administrative expenses), and aggregate compensation is assumed to increase 1.50% per year
for the Police Plan, 0.2% per year for the ERS/401a Plan, and 0.00% for the Fire Plan. Annual
healthcare cost trend rates are based on actual premium rate increases from April 1, 2016 to April
1, 2017 as follows; 4% for all health plans pre-65, 3.2% for future retirees and existing retirees
who are currently under 65, -.08% for existing retirees over 65 currently enrolled and -5.0%
for existing retirees over 65 currently enrolled. The unfunded actuarial accrued liability is
being amortized as a level percentage of payroll over an open 30 year period.
Changes from the prior actuarial valuation October 1, 2014 assumptions are as follows: assumed
per capita health plan costs, retiree contributions and total premiums were updated to reflect the
most recent experience; the assumptions for mortality were updated to reflect recent research;
healthcare cost trend rates updated to reflect industry expectations on increases; aggregate
compensation has been updated; and DROP period length and participation, plan participation
and the percentage of future retirees covering dependents were updated to reflect the last two
years of experience.
161

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 21 - TAX ABATEMENT
The City provides tax abatements under four programs: the Historical Preservation Ad Valorem
Tax Exemption, the Affordable Multifamily Housing Development Program, Economic
Development Ad Valorem Tax Exemption Program and the Reduced Transportation Impact Fee
Program.
• The Historical Preservation Ad Valorem Tax Exemption program is an abatement for up to ten
years on increases in St. Petersburg and Pinellas County property taxes resulting from an
approved renovation to a historic building. This is city and county program that exempts
eligible property owners from an increase in city or county taxes resulting from an approved
renovation for ten years. Available to individually listed historic properties or those contributing
to a historic district, many of which are located in downtown St. Petersburg. Projects must
expend in construction costs a sum at least 10% of the assessed taxable value of the
property. Project must be reviewed and approved by the City of St. Petersburg prior to
construction. City Council approves tax exemption after work is completed. The maximum
incentive for a single family home is $100,000 and $1,000,000 for all others.
• The Affordable Multifamily Housing Development Program was passed by City Council
Resolution 2016-48 as part of the South St. Petersburg CRA Redevelopment Program. The
Affordable Multifamily Housing Development Program provides an annual property tax rebate
for up to fifteen years on increases in ad valorem taxes for all applicable Pinellas County
taxing authorities for developers of new and substantially renovated affordable multifamily
housing in the CRA. The rebate, which must first be approved by the Agency and City
Council, will be based on the increase in ad valorem taxes in the first year the completed
project goes on the tax rolls. The maximum award is $50,000 per project per year and both
City and County Tax Increment Financing ("TIF") contributions will be used to fund the
program. For the purposes of this program, “affordable housing” is defined as housing
meeting the needs of households whose income is 80 percent or below the area median
household income. The maximum income and rent levels for this program are based on
those established by the Florida Housing Finance Corporation’s SHIP Program.
• The Economic Development Ad Valorem Tax Exemption Program was passed by City Council
Ordinance 51-H on October 18, 2012 to grant ad valorem tax exemptions (city only) to
qualifying new businesses and expansions of existing business that create new full-time jobs
in the City. The tax exemption for qualifying businesses will apply only to the new increment of
the assessed St. Petersburg millage on improvements including tangible property. The annual
overall program cap is $1.5 million of exempted taxes and the individual project cap is
$100,000 of exempted taxes. The duration of the exemption is 5 years with the ability of City
Council to approve a maximum of 10 years, allowed by the Florida Statutes, if a business
meets the bonus criteria. A business is required to submit a notice of intent, notifying the
City of its location or expansion plans, and desire to apply for the incentive prior to
making application for a building permit. A business must file an exemption application with the
City by February 1st in the year that the Pinellas County Property Appraiser will first
assess ad valorem property taxes on the improvements.
162

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 21 - TAX ABATEMENT - (Continued)
 The Reduced Transportation Impact Fee program is to encourage capital investment whereas
projects located in certain areas of the city are eligible for reduced TIF rates. The city collects
transportation impact fees (TIF's) for land development projects to fund needed transportation
system improvements to support new trips generated by the project. TIF rates are based on
project type and size.
Information relevant to the disclosure of those programs for the fiscal year ended September 30,
2017 is as follows:
Tax Abatement
Program
Amount of Taxes Abated
during the Fiscal Year
Historical Preservation Ad
Valorem Tax Exemption
$47,754
Economic Development Ad
Valorem Tax Exemption
$ 86,917
Reduced Transportation
Impact Fee
$ -
Economic Development
Commercial Revitalization
Program
$ -
NOTE 22 - LITIGATION
The City is a defendant in various litigation incidental to its routine operations. In the opinion of
the City Attorney, based upon the amount of damages alleged in the various cases and facts
currently known, the potential liabilities in these cases will not materially affect the City’s financial
position. The City has established a general liability account within the Insurance Internal Service
Fund and has reflected its best estimates of the present dollar value of such liabilities.
163

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City of St. Petersburg, Florida
Notes to the Financial Statements
September 30, 2017
NOTE 23 - STATE AND FEDERAL GRANT COMMITMENTS
Grant monies received and disbursed by the City are for specific purposes and are subject to
review by the grantor agencies. Such audits may result in requests for reimbursement due to
disallowed expenditures. Based upon prior experience, the City does not believe that such
disallowance, if any, would have a material effect on the financial position of the City. The City
has a potential liability of approximately $2.2 million relating to a federal grant repayment for
proceeds of a former land sale within the City's Dome Industrial Park where certain grant
conditions remain unfulfilled. The potential liability is recorded in the governmental activities
column of the Statement of Net Position as the City has received an extension that is
long-term in nature and the grant requirement is believed to be ultimately met by this future
date.
NOTE 24 – SUBSEQUENT EVENT
Debt
On October 12, 2017, the City executed a Public Utility Subordinate Lien Bond Anticipation
Note, Series 2017 in the amount of $120 million. The Public Utility Subordinate Lien Bond
Anticipation Note, Series 2017 proceeds are being used to finance the acquisition,
construction and erection of additions, improvements and extensions to the combined water,
wastewater, reclaimed water and stormwater systems. The Public Utility Subordinate Lien
Bond Anticipation Note, Series 2017 bears an interest rate of 1.35% and matures on October 10,
2018.
Effective January 1, 2018 the Tax Cuts and Jobs Act had significant changes to the U.S. Tax
Code, including a reduction of the corporate tax rate from a maximum of 35% to a maximum of
21%. Certain loans outstanding including the BB&T Non Ad Valorem Note Series 2010, the JP
Morgan Chase 2011 Non Ad Valorem Refunding Note’s Loan, and the SunTrust Professional
Sports Facility Sales Tax Refunding Revenue Bonds, Series 2014 had contractual language with
discretionary or non-discretionary rate increases with such change in corporate tax rates.
In February 2018 the City was notified that the BB&T Non Ad Valorem Note Series 2010 would
increase from 2.06% to 2.50%; JP Morgan Chase 2011 Non Ad Valorem Refunding Note’s rate
would be adjusted from 1.91% to 2.32%; and the SunTrust Professional Sports Facility Sales Tax
Refunding Revenue Bonds, Series 2014 rate would increase from 2.63% to 3.2%. The total
additional debt service from the change in corporate tax liability if the debt is not repaid early or
refunded, is $365,219.
Other
On November 2, 2017, voters chose to renew the local option sales tax revenue "Penny for
Pinellas" with nearly 83% support countywide. The renewal period covers 2020 to 2030
and is expected to accumulate significant revenues over the period to share between
Pinellas County and the Cities.
164

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REQUIRED SUPPLEMENTARY
INFORMATION
165

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City of St Petersburg, Florida
Required Supplementary Information
September 30, 2017
In accordance with GASB Statement No. 68 Accounting and Financial Reporting for Pensions -
an Amendment of GASB Statement 27 and GASB Statement No. 67 Financial Reporting for
Pension Plans- an amendment of GASB Statement No. 25 the City is required to present the
following schedules for each of the three pension plans:
Plan Reporting: GASB Statement No. 67 Financial Reporting for Pension Plans – an
Amendment of GASB Statement No. 25
 Schedule of Changes in the City's Net Pension Liability and Related Ratios
 Schedule of Contributions
 Schedule of Investment Returns : Annual Money-Weighted Rate of Return, Net of
Investment Expense
Employer (City) Reporting: GASB Statement No. 68 Accounting and Financial Reporting for
Pensions - an Amendment of GASB Statement 27
 Schedule of Changes in the City's Net Pension Liability and Related Ratios
 Schedule of Contributions
The net pension liability of the pension plans recorded to the City's financial statements
at September 30, 2017 is based on a measurement date of September 30, 2016 and
the total pension liability measured as of September 30, 2016 was determined based on
a roll-forward of the entry-age normal liabilities from the October 1, 2015 actuarial
valuation. See Note 18 in the Notes to the Financial Statements for actuarial
assumptions utilized.
Trend information gives an indication of the progress made in accumulating sufficient assets to
pay benefits when due. Ten year trend information as required under GASB Statement No. 67
Financial Reporting for Pension Plans and GASB Statement No. 68 Accounting and Financial
Reporting for Pensions - an Amendment of GASB Statement 27 will be presented as it
becomes available by the plans.
166

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City of St Petersburg, Florida
Required Supplementary Information
September 30, 2017
Ten year trend information as required under GASB Statement No. 67 Financial Reporting for Pension
Plans and GASB Statement No. 68 Accounting and Financial Reporting for Pensions - an Amendment of
GASB Statement 27 will be presented as it becomes available by the plans.
Employees’ Retirement System
Schedule of Changes in the City's Net Pension Liability and Related Ratios
2017 2016 2015 2014
Total Pension Liability
Service cost $ 8,836,802 $ 8,241,100 $ 7,510,320 $ 7,274,693
Interest 33,728,786 31,647,473 31,081,167 29,720,082
Changes of benefit terms - - - -
Differences between expected and actual
experience (19,356,752) 8,120,936 (7,081,456) -
Changes of assumptions 11,604,792 - (4,066,413) -
Benefit payments, including refunds of
member contributions (22,386,649) (21,116,401) (20,240,345) (19,116,670)
Net change in total pension liability 12,426,979 26,893,108 7,203,273 17,878,105
Total pension liability - beginning 437,564,715 410,671,607 403,468,334 385,590,229
Total pension liability - ending $ 449,991,694 $ 437,564,715 $ 410,671,607 $ 403,468,334
Plan fiduciary net position
Contributions - employer $ 10,310,841 $ 11,198,451 $ 12,778,435 $ 13,420,066
Contributions - employee 1,524,795 1,465,224 1,420,282 1,400,080
Contributions - state - - - -
Net investment income 44,485,454 26,142,507 (546,983) 36,377,570
Benefit payments, including refunds of
member contributions (22,386,649) (21,116,401) (20,240,345) (19,116,670)
Administrative Expense (18,013) (27,882) (114,383) (75,818)
Other - - - -
Net change in plan fiduciary net
position 33,916,428 17,661,899 (6,702,994) 32,005,228
Plan fiduciary net position - beginning 387,352,418 369,690,519 376,393,513 344,388,285
Plan fiduciary net position - ending $ 421,268,846 $ 387,352,418 $ 369,690,519 $ 376,393,513
Net pension liability - ending $ 28,722,848 $ 50,212,297 $ 40,981,088 $ 27,074,821
Plan fiduciary net position as a
percentage of the total pension liability 93.62% 88.52% 90.02% 93.29%
Covered employee payroll $ 77,392,386 $ 73,230,762 $ 69,245,260 $ 69,862,270
Net pension liability as a percentage of
covered employee payroll 37.11% 68.57% 59.18% 38.75%
167

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City of St Petersburg, Florida
Required Supplementary Information
September 30, 2017
Ten year trend information as required under GASB Statement No. 67 Financial Reporting for Pension
Plans and GASB Statement No. 68 Accounting and Financial Reporting for Pensions - an Amendment of
GASB Statement 27 will be presented as it becomes available by the plans.
Firefighters' Retirement System
Schedule of Changes in the City's Net Pension Asset and Related Ratios
2017 2016 2015 2014
$ 3,799,931 $ 3,249,371 $ 3,068,057 $ 3,189,346
17,409,095 16,977,052 17,200,042 16,992,345
- - - -
(636,656) 2,343,382 (707,973) -
6,108,843 - (4,752,530) -
(17,822,766) (17,616,852) (17,597,222) (17,336,204)
8,858,447 4,952,953 (2,789,626) 2,845,487
222,725,139 217,772,186 220,561,812 217,716,325
$ 231,583,586 $ 222,725,139 $ 217,772,186 $ 220,561,812
$ 1,378,771 $ 4,477,204 $ 7,725,079 $ 8,841,330
1,175,184 1,032,503 945,494 926,326
1,735,698 1,805,108 2,023,712 1,910,632
29,199,381 25,556,376 1,264,839 24,110,863
(17,822,766) (17,616,852) (17,597,222) (17,336,204)
(46,677) (30,454) (125,436) (100,569)
- - - -
15,619,591 15,223,885 (5,763,534) 18,352,378
245,210,495 229,986,610 235,750,144 217,397,766
$ 260,830,086 $ 245,210,495 $ 229,986,610 $ 235,750,144
$ (29,246,500) $ (22,485,356) $ (12,214,424) $ (15,188,332)
112.64% 110.10% 105.61% 106.89%
$ 16,264,742 $ 14,252,652 $ 13,601,128 $ 13,805,792
Total Pension Liability
Service cost
Interest
Changes of benefit terms
Differences between expected and actual
experience
Changes of assumptions
Benefit payments, including refunds of
member contributions
Net change in total pension liability
Total pension liability - beginning
Total pension liability - ending
Plan fiduciary net position
Contributions - employer
Contributions - employee
Contributions - state
Net investment income
Benefit payments, including refunds of
member contributions
Administrative Expense
Other
Net change in plan fiduciary net position
Plan fiduciary net position - beginning
Plan fiduciary net position - ending
Net pension asset - ending
Plan fiduciary net position as a
percentage of the total pension asset
Covered employee payroll
Net pension asset as a percentage of
covered employee payroll -179.95% -157.76% -89.80% -110.01%
168

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City of St Petersburg, Florida
Required Supplementary Information
September 30, 2017
Ten year trend information as required under GASB Statement No. 67 Financial Reporting for Pension
Plans and GASB Statement No. 68 Accounting and Financial Reporting for Pensions - an Amendment
of GASB Statement 27 will be presented as it becomes available by the plans.
Police Officers' Retirement System
Schedule of Changes in the City's Net Pension Liability and Related Ratios
2017 2016 2015 2014
Total Pension Liability
Service cost $ 6,807,919 $ 5,872,895 $ 5,860,058 $ 5,813,388
Interest 32,936,579 31,018,382 29,610,299 29,652,780
Changes of benefit terms - - - -
Differences between expected and actual
experience (4,097,533) 13,610,507 (758,206) -
Changes of assumptions 13,447,739 - (3,112,655) -
Benefit payments, including refunds of
member contributions (27,878,713) (26,871,033) (24,722,357) (23,495,320)
Net change in total pension liability 21,215,991 23,630,751 6,877,139 11,970,848
Total pension liability - beginning 418,846,742 395,215,991 388,338,852 376,368,004
Total pension liability - ending $ 440,072,733 $ 418,846,742 $ 395,215,991 $ 388,338,852
Plan fiduciary net position
Contributions - employer $ 7,562,663 $ 7,770,299 $ 10,258,299 $ 11,121,987
Contributions - employee 2,413,249 2,191,312 2,138,059 2,049,238
Contributions - state 1,969,105 1,897,530 1,801,339 1,753,617
Net investment income 45,069,674 29,466,872 (1,403,535) 36,157,743
Benefit payments, including refunds of
member contributions (27,878,713) (26,871,033) (24,722,357) (23,495,320)
Administrative Expense (33,715) (63,443) (132,046) (105,416)
Other - - -
Net change in plan fiduciary net
position 29,102,263 14,391,537 (12,060,241) 27,481,849
Plan fiduciary net position - beginning 378,355,807 363,964,270 376,024,511 348,542,662
Plan fiduciary net position - ending $ 363,964,270 $ 376,024,511
Net pension liability - ending $
407,458,070
32,604,663
378,355,807
40,590,935 31,251,721 $ 12,314,341
Plan fiduciary net position as a
percentage of the total pension liability 92.59% 90.33% 92.09% 96.83%
Covered employee payroll $ 35,120,540 $ 31,223,987 $ 31,186,302 $ 31,889,043
Net pension liability as a percentage of
covered employee payroll 92.84% 129.68% 100.21% 38.62%
169
$
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City of St Petersburg, Florida
Required Supplementary Information
September 30, 2017
Schedule of Changes in the City's Net Pension Liability and Related Ratios
Notes to Employees' Retirement System Schedule:
Benefit Changes: None
Assumptions Changes: The mortality rate table was modified in fiscal year 2017 to reflect
Florida Statues 112.63 and 112.664, which require local government pension plans to use the
mortality tables used in either of the two most recently published actuarial valuation reports of
the Florida Retirement System, including the projection scale for mortality improvement, and
appropriate risk and collar adjustments based on plan demographics. The City's mortality table
was changed from Fully Generational RP-2000 Combined Healthy Table with life expectancy
improvements projected using Scale AA for females and males to RP2000 Generational for
both females and males and 100% Annuitant White Collar, Scale BB and 50% Annuitant White
Collar/50% Annuitant Blue Collar, Scale BB for females and males, respectively.
Notes to Firefighters' Retirement System Schedule:
Benefit Changes: None
Assumption Changes: The mortality rate table was modified in fiscal year 2017 to reflect Florida
Statues 112.63 and 112.664, which require local government pension plans to use the mortality
tables used in either of the two most recently published actuarial valuation reports of the Florida
Retirement System, including the projection scale for mortality improvement, and appropriate
risk and collar adjustments based on plan demographics. The City's mortality table was
changed from Fully Generational RP-2000 Combined Healthy Table with Blue Collar
Adjustments for females and males, to RP2000 Generational for both females and males and
100% Annuitant White Collar, Scale BB and 10% Annuitant White Collar/90% Annuitant Blue
Collar, Scale BB for females and males, respectively.
Notes to Police Officers' Retirement System Schedule:
Benefit Changes: None
Assumptions Changes: The mortality rate table was modified in fiscal year 2017 to reflect
Florida Statues 112.63 and 112.664, which require local government pension plans to use the
mortality tables used in either of the two most recently published actuarial valuation reports of
the Florida Retirement System, including the projection scale for mortality improvement, and
appropriate risk and collar adjustments based on plan demographics. The City's mortality table
was changed from Fully Generational RP-2000 Combined Healthy Table with Blue Collar
Adjustments for females and males to RP2000 Generational for both females and males and
100% Annuitant White Collar, Scale BB and 10% Annuitant White Collar/90% Annuitant Blue
Collar, Scale BB for females and males respectively. Aggregate compensation is assumed to
increase 1.60% per year (up from 0.5% in previous years), as limited by the ten-year average
historical growth in payroll.
The City's actuarially determined contributions are based on a separate actuarial valuation
report for funding purposes than for accounting. The City's actuarially determined contributions
made to the pension plans in fiscal year 2017 was calculated as of October 1, 2015, two years
170

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City of St Petersburg, Florida
Required Supplementary Information
September 30, 2017
prior to the year the contributions are reported. See the notes following the Schedule of
Contributions for the actuarial assumptions utilized for funding purposes.
Ten year trend information as required under GASB Statement No. 67 Financial Reporting for
Pension Plans and GASB Statement No. 68 Accounting and Financial Reporting for Pensions
will be presented for each fiscal year end as it becomes available by the plans.
Employees' Retirement System
Schedule of Contributions
Actuarial Valuation 10/1/2015 10/1/2014 10/1/2013 10/1/2012
Fiscal Year Contributed to Plans 2017 2016 2015 2014
Actuarially determined contribution $ 10,310,841 $ 11,198,451 $ 12,778,435 $ 13,420,066
Contributions in relation to the
actuarially determined contribution 10,310,841 11,198,451 12,778,435 13,420,066
Contribution deficiency (excess) $ - $ - $ - $ -
Covered employee payroll $ 77,392,386 $ 73,230,762 $ 69,245,260 $ 69,862,270
Contribution as a percentage of covered
payroll 13.32% 15.29% 18.45% 19.21%
Firefighters' Retirement System
Schedule of Contributions
Actuarial Valuation 10/1/2015 10/1/2014 10/1/2013 10/1/2012
Fiscal Year Contributed to Plans 2017 2016 2015 2014
Actuarially determined contribution $ 1,378,771 $ 4,477,204 $ 7,725,079 $ 10,052,247
Contributions in relation to the
actuarially determined contribution 1,378,771 4,477,204 7,725,079 10,052,247
Contribution deficiency (excess) $ - $ - $ - $ -
Covered employee payroll $ 16,264,742 $ 14,252,652 $ 13,601,128 $ 13,805,792
Contribution as a percentage of covered
payroll 8.48% 31.41% 56.80% 72.81%
Police Officers' Retirement System
Schedule of Contributions
10/1/2015 10/1/2014 10/1/2013 10/1/2012
2017 2016 2015 2014
$ 7,562,663 $ 7,770,299 $ 10,258,299 $ 12,753,945
7,562,663 7,770,299 10,258,299 12,772,821
$ - $ - $ - $ (18,876)
Actuarial Valuation
Fiscal Year Contributed to Plans
Actuarially determined contribution
Contributions in relation to the
actuarially determined contribution
Contribution deficiency (excess)
Covered employee payroll
Contribution as a percentage of
covered payroll
$ 35,120,540 $ 31,223,987 $ 31,186,302 $ 31,889,043
21.53% 24.89% 32.89% 40.05%
171

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City of St Petersburg, Florida
Required Supplementary Information
September 30, 2017
Notes to Schedules of Contributions:
Valuation Date: Actuarially determined contribution rates are calculated in the actuarial
valuation report two years prior to the date of contribution to the pension plans by the City.
Employees' Retirement
System
Firefighters'
Retirement System
Police Officers'
Retirement System
Funding Actuarial Assumptions
Valuation Date October 1, 2015 October 1, 2015 October 1, 2015
Actuarial Cost Method Entry Age Normal Entry Age Normal Entry Age Normal
Level % of Pay Level % of Pay Level % of Pay
Amortization Method Level percent closed Level percent closed Level percent closed
Single equivalent amortization period 22.66 3.20 7.78
Asset valuation method
Four year phase in of
investment gains and
losses
Four year phase in of
investment gains and
losses
Four year phase in of
investment gains and
losses
Investment rate of return 7.75% 8.00% 8.00%
Projected salary increases
Based on actual for each
active member
1.00% to 5.50% in
Fiscal 2015 and 2016
Based on actual for each
active member
5.00% to 8.50%
thereafter
5.00% to 9.50%
thereafter 4.50% to 8.00% thereafter
Cost of living adjustments
Prior Plan 2.00%
3.00% Chiefs and
Captains in Fiscal 2015
and 2016
0% for other population 1.70% in Fiscal 2016
4.00% thereafter 2.00% thereafter
Supplemental Plan 1.50% 0.00%
5.717% for Officers,
5.588% for Sergeants,
4.679% for Lieutenants,
and 3.00% for
Management; 4.00%
thereafter.
172

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City of St Petersburg, Florida
Required Supplementary Information
September 30, 2017
The Schedule of Investment Returns for each pension plan is shown as the annual
money-weighted rate of return, net of investment expenses. The calculation expresses
investment performance, net of pension plan investments expense, adjusted for the changing
amounts actually invested.
Ten year trend information as required under GASB Statement No. 67 Financial Reporting for
Pension Plans will be presented for each fiscal year end as it becomes available by the plans.
Schedule of Investment Returns
Annual Money-Weighted Rate of Return, Net of Investment Expense
Fiscal Year
Employees'
Retirement System
Firefighters'
Retirement
System
Police Officers'
Retirement
System
2017 11.80% 12.50% 12.18%
2016 7.06% 11.50% 8.06%
2015 0.50%
2014
(0.30%)
10.63% 10.90%
(0.53%)
10.46%
173

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City of St Petersburg, Florida
Required Supplementary Information
September 30, 2017
Available funding information and contribution amounts are presented in the schedules which
follow for other post employment benefits (OPEB) in accordance with GASB Statement No. 45
Accounting and Financial Reporting by Employers for Post-Employment Benefits other than
Pensions. See Note 20 in the Notes to the Financial Statements for actuarial assumptions
utilized.
Other Post Employment Benefits
Schedule of Funding Progress
Actuarial
Valuation Date
Actuarial
Value of
Assets (a)
Actuarial Accrued
Liability (AAL) (b)
Unfunded AAL
(b-a)
Funded
Ratio (a/b)
Covered Payroll
(c)
UFAAL as %
of Covered
Payroll
(b-a)/c
10/1/2016 $ 0 0.00% $ 143,194,000 139.5%
10/1/2014 0 170.6%
10/1/2012 0 141.1%
10/1/2010 0
$ 199,781,000
204,961,000
167,111,000
177,387,000
$ 199,781,000
204,961,000
167,111,000
177,387,000
0.00% 120,142,000 (A)
0.00% 118,468,000 (A)
0.00% N/A N/A
(A) The covered payroll included in the actuarial valuation was of 9/30/2014 and 9/30/2012, respectively.
Other Post Employment Benefits
Annual Required Contribution Schedule
Fiscal Year Ended
Annual Required
Contribution (ARC) Annual Contribution Percentage of ARC Contributed
9/30/2017 $ 15,664,000 $ 6,050,000 38.6%
9/30/2016 16,447,000 5,643,000 34.3%
9/30/2015 13,555,000 5,041,000 37.2%
9/30/2014 13,261,000 7,085,000 54.8%
9/30/2013 13,764,000 6,253,000 45.1%
9/30/2012 13,413,000 6,274,000 46.5%
9/30/2011 13,154,000 5,471,000 41.3%
9/30/2010 12,455,000 6,187,000 49.4%
174

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COMBINING AND INDIVIDUAL FUND
STATEMENTS AND SCHEDULES
175

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176

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City of St. Petersburg, Florida
Non-Major Governmental Funds
Special Revenue Funds
Special revenue funds are used to account for specific revenues that are restricted for a
specific purpose.
Weeki Wachee - This fund is used to account for the proceeds of the sale of the City's property
in Weeki Wachee Springs, Florida. The proceeds of the sale and earnings on the invested
balance are to be used for parks, recreation, beautification, and preservation.
Professional Sports Facility Sales Tax - This fund is used to account for revenue from the State
of Florida Sales or Use Tax and may be used for the public purpose for paying for the
acquisition, construction, reconstruction, or renovation of a facility for a new professional sports
franchise, or retaining a professional sports franchise.
Building Permit - This fund is used to account for the revenue generated from construction
permits and the related operating and capital expenditures.
Local Law Enforcement Trust - This fund is used to account for revenue received under the
Florida Contraband Forfeiture Statute and the Federal Equitable Sharing of Assets Forfeitures
and is used for law enforcement purposes.
Emergency Medical Services - This fund is used to account for revenue received under a
provider contract with Pinellas County for the provision of emergency medical care to the City
and surrounding areas.
Local Housing Assistance Trust - This fund is used to account for revenue received under the
State Housing Initiatives Partnership Program (SHIP) and is used for expenditures allowed
under the program.
Community Housing Trust - This fund is used to account for revenue received under the
Community Housing Trust Fund Program administered by Pinellas County, Florida and is used
for expenditures allowed under the program.
School Crossing Guard Fund - This fund is used to account for revenue received under the
Florida Disposition of Traffic Infractions Statue for that portion to be used to fund a school
crossing guard program.
177

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City of St. Petersburg, Florida
Non-Major Governmental Funds
Special Revenue Funds (Continued)
Police Grants Fund - This fund is used to account for revenue received under the Edward
Byrne Memorial Justice Assistance Grant Program and is used for expenditures allowed under
the program.
Police Officers Training Fund (Police Officers Training) - This fund is used to account for
revenue received under the Florida Disposition of Traffic Infractions Statute for that portion to
be used to fund police training programs.
Donation Funds - This fund is used to account for the revenue received as donations by various
citizens and organizations that are restricted to a specified purpose.
Debt Service Funds
Debt Service Funds are used to account for the accumulation of resources for, and the
payment of, general long-term debt principal and interest.
Professional Sports Facility Sales Tax Revenue Bonds (Professional Sports Facility Sales Tax)-
This fund is used to account for principal and interest on the City's Professional Sports
Facilities Sales Tax Revenue Bonds which were used to fund modifications to Tropicana Field.
BB&T Notes - This fund is used to account for principal and interest on the City's BB & T Corp.
loan which were used to finance improvements at the Dali Museum and Progress Energy
Center for the Arts (now Duke Energy Center for the Arts).
Banc of America - This fund is used to account for principal and interest on the City's Banc of
America Public Capital Corp. and Banc of America, N.A. loans.
JP Morgan Chase - This fund is used to account for principal and interest on the City's JP
Morgan Chase Non Ad Valorem Refunding Revenue Note that refunded prior notes for
improvements at the Mahaffey Theater and Florida International Museum.
Public Service Tax - This fund is used to account for principal and interest on the City's Public
Service Tax Revenue Bonds 2016A and 2016B which were issued for construction of the Pier
and Pier Approach.
TD Bank - This fund is used to account for principal and interest on the City's Non Ad Valorem
Revenue Notes 2017C and 2017D which were issued for construction of the Police
Headquarters and Training Facility.
Banc of America Leasing & Capital - This fund is used to account for principal and interest on
the City's Taxable Non Ad Valorem Revenue Notes (QECB) Series 2017E which were issued
for city facility solar panels.
178

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City of St. Petersburg, Florida
Non-Major Governmental Funds
Capital Projects Funds
Capital project funds are used to account for the acquisition and construction of major capital
facilities other than those financed by proprietary and trust funds.
Housing Capital Improvement - This fund is used to account for the construction of housing
projects and recycling of existing housing and is funded by general revenues.
Transportation Improvement - This fund is used to account for various transportation related
construction of projects funded by multimodal impact fees.
Downtown Parking Garage - This fund is used to account for various downtown parking
construction projects funded by general revenues and debt proceeds.
Weeki Wachee - This fund is used to account for various recreational projects funded by
transfers from the Weeki Wachee special revenue fund.
Permanent Funds
Permanent funds are used to report resources that are legally restricted to the extent that only
earnings, not principal, may be used for purposes that support the city's programs.
Gizella Kopsik Arboretum - Palms and Cycads (Kopsick Trust) - This fund is used to account for
principal trust amounts received and related interest income. The interest portion of the trust is
to be used to maintain the Kopsik Palm and Cycad Arboretum.
Fire Rescue and EMS Awards Trust - This fund is used to account for principal trust amounts
received (and other amounts received by corporate and individual citizens) for the expressed
purpose of providing the annual cash awards to one fire rescue and one emergency medical
service employee chosen by an internal fire department committee.
Library Trust - This fund is used to account for principal trust amounts received and related
interest income. The interest portion of the trust is to be used for library purposes.
179

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City of St. Petersburg, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
September 30, 2017
Special
Revenue Debt Service
Capital
Projects Permanent
Total
Nonmajor
Governmental
Funds
Assets
Cash and Cash Equivalents $ 4,363,069 $ - $ 5,450,927 $ 59,285 $ 9,873,281
Investments 31,137,746 - 14,461,551 371,170 45,970,467
Restricted Cash - 9,401,821 - - 9,401,821
Receivables:
Accounts 296,741 - 49,860 - 346,601
Notes 6,569,426 - 43,485 - 6,612,911
Due from Other Governmental Agencies:
Grants and Cost Reimbursement 18,910 - - - 18,910
Pinellas County - Services 10,421 - - - 10,421
Pinellas County - Fines 3,543 - - - 3,543
Prepaid Costs and Deposits 71,975 - - - 71,975
Total Assets 42,471,831 9,401,821 20,005,823 430,455 72,309,930
Liabilities, Deferred Inflows of Resources
and Fund Balances
Liabilities
Vouchers and Accounts Payable 712,573 - 255,459 - 968,032
Accrued Salaries 569,772 - 14,322 - 584,094
Other Accrued Liabilities 57,532 - - - 57,532
Retainage on Contracts - - 83,658 - 83,658
Due to Other Governmental Agencies 35,000 - 469,886 - 504,886
Due to Other Funds 307,640 - - - 307,640
Deposits 182,891 - - - 182,891
Total Liabilities 1,865,408 - 823,325 - 2,688,733
Deferred Inflows of Resources
Deferred Inflows from Notes Receivable 6,569,426 - 43,485 - 6,612,911
Deferred Inflows from Future Revenues 208,654 - 22,824 - 231,478
Total Deferred Inflows of Resources 6,778,080 - 66,309 - 6,844,389
Fund Balances
Non-Spendable 71,975 - - 430,455 502,430
Restricted 25,169,071 9,401,821 - - 34,570,892
Committed 8,587,297 - 2,978,429 - 11,565,726
Assigned - - 16,137,760 - 16,137,760
Total Fund Balances 33,828,343 9,401,821 19,116,189 430,455 62,776,808
Total Liabilities, Deferred Inflows of
Resources and Fund Balances $ 42,471,831 $ 9,401,821 $ 20,005,823 $ 430,455 $ 72,309,930
See accompanying Independent Auditor's Report.
180

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City of St. Petersburg, Florida
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
Fiscal Year Ended September 30, 2017
Special
Revenue Debt Service
Capital
Projects Permanent
Total
Nonmajor
Governmental
Funds
Revenues
Licenses and Permits $ 6,452,050 $ - $ - $ - $ 6,452,050
Fines and Forfeitures 981,466 - - - 981,466
Charges for Services and User Fees 13,377,771 - - - 13,377,771
Intergovernmental Revenues:
Federal, State and Other Grants 1,834,897 - - - 1,834,897
State - Sales Tax 2,000,004 - - - 2,000,004
State - Other 31,670 - - - 31,670
Pinellas County - Other 21,596 - 73,867 - 95,463
Total 3,888,167 - 73,867 - 3,962,034
Use of Money and Property:
Earnings on Investments 2,192,421 - 115,011 17,407 2,324,839
Total 2,192,421 - 115,011 17,407 2,324,839
Miscellaneous Revenue:
Contributions 232,972 - - 3,000 235,972
Assessments - - 902,804 - 902,804
Dispositions of Property 5,565 - 3,600 - 9,165
Other 744,755 - 18,753 - 763,508
Total 983,292 - 925,157 3,000 1,911,449
Total Revenues 27,875,167 - 1,114,035 20,407 29,009,609
Expenditures
Current Operations:
General Government 55,264 - - 120 55,384
Community and Economic
Development 5,152,503 - - - 5,152,503
Public Safety:
Public Works 1,020 - - - 1,020
Police 434,291 - - - 434,291
Fire and EMS 12,483,677 - - 1,400 12,485,077
Recreation, Culture and Social 2,304,738 - - - 2,304,738
Debt Service:
Principal Payments - 5,242,000 - - 5,242,000
Interest Payments - 2,692,537 - - 2,692,537
Remarketing and Other Fees - 148,888 - - 148,888
Capital Outlay 886,804 - 2,774,012 - 3,660,816
Total Expenditures 21,318,297 8,083,425 2,774,012 1,520 32,177,254
Excess (Deficiency) of Revenues Over
Expenditures 6,556,870 (8,083,425) (1,659,977) 18,887 (3,167,645)
Other Financing Sources (Uses)
Transfers In 7,549 8,172,171 1,120,000 - 9,299,720
Transfers Out (2,585,335) (49,053,353) - (7,549) (51,646,237)
Issuance of Refunding Debt - 55,180,000 - - 55,180,000
Total Other Financing Sources
(Uses) (2,577,786) 14,298,818 1,120,000 (7,549) 12,833,483
Excess (Deficiency) of Revenues and
Other Sources Over Expenditures and
Other Uses 3,979,084 6,215,393 (539,977) 11,338 9,665,838
Fund Balances - October 1 29,849,259 3,186,428 19,656,166 419,117 53,110,970
Fund Balances - September 30 $ 33,828,343 $ 9,401,821 $ 19,116,189 $ 430,455 $ 62,776,808
See accompanying Independent Auditor's Report.
181

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City of St. Petersburg, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
Special Revenue Funds
September 30, 2017
Weeki Wachee
Professional
Sports Facility
Sales Tax
Building
Permit
Local Law
Enforcement
Trust
Assets
Cash and Cash Equivalents $ 397,669 $ 91,770 $ 854,165 $ 1,215,928
Investments 17,123,017 2,296 11,015,523 -
Receivables:
Accounts - - 4,079 -
Notes - - - -
Due from Other Governmental Agencies:
Grants and Cost Reimbursement - - - -
Pinellas County - Services - - - -
Pinellas County - Fines - - - -
Prepaid Costs and Deposits - - - 71,975
Total Assets 17,520,686 94,066 11,873,767 1,287,903
Liabilities, Deferred Inflows of
Resources and Fund Balances
Liabilities
Vouchers and Accounts Payable - - 12,458 10,654
Accrued Salaries - - 165,840 -
Other Accrued Liabilities - - - -
Due to Other Governmental Agencies - - - 35,000
Due to Other Funds 295,154 - - -
Deposits - - 70,939 111,952
Total Liabilities 295,154 - 249,237 157,606
Deferred Inflows of Resources
Deferred Inflows from Notes Receivable - - - -
Deferred Inflows from Future Revenues - - 4,079 -
Total Deferred Inflows of Resources - - 4,079 -
Fund Balances
Non-Spendable - - - 71,975
Restricted 8,638,235 94,066 11,620,451 1,058,322
Committed 8,587,297 - - -
Total Fund Balances 17,225,532 94,066 11,620,451 1,130,297
Total Liabilities, Deferred Inflows of
Resources and Fund Balances $ 17,520,686 $ 94,066 $ 11,873,767 $ 1,287,903
See accompanying Independent Auditor's Report.
182

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Emergency
Medical
Services
Local Housing
Assistance
Trust
Community
Housing Trust
School
Crossing
Guard Fund
Police Grants
Fund
Police Officers
Training
$ 607,255 $ 820,889 $ 125,720 $ 31 $ - $ 27,717
1,258,194 1,272,036 48,298 209 - 82,628
34,855 157,958 34,004 63,702 - -
- 4,119,769 2,449,657 - - -
- - - - 18,910 -
10,421 - - - - -
- - - 170 - 3,373
- - - - - -
1,910,725 6,370,652 2,657,679 64,112 18,910 113,718
630,004 35,250 - - 1,346 765
397,434 6,498 - - - -
- 57,532 - - - -
- - - - - -
- - - - 12,486 -
- - - - - -
1,027,438 99,280 - - 13,832 765
- 4,119,769 2,449,657 - - -
13,865 154,632 34,004 - - -
13,865 4,274,401 2,483,661 - - -
- - - - - -
869,422 1,996,971 174,018 64,112 5,078 112,953
- - - - - -
869,422 1,996,971 174,018 64,112 5,078 112,953
$ 1,910,725 $ 6,370,652 $ 2,657,679 $ 64,112 $ 18,910 $ 113,718
(Continued)
183

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City of St. Petersburg, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
Special Revenue Funds
September 30, 2017
Donation
Funds
Total Nonmajor
Special
Revenue
Funds
Assets
Cash and Cash Equivalents $ 221,925 $ 4,363,069
Investments 335,545 31,137,746
Receivables:
Accounts 2,143 296,741
Notes - 6,569,426
Due from Other Governmental Agencies:
Grants and Cost Reimbursement - 18,910
Pinellas County - Services - 10,421
Pinellas County - Fines - 3,543
Prepaid Costs and Deposits - 71,975
Total Assets 559,613 42,471,831
Liabilities, Deferred Inflows of
Resources and Fund Balances
Liabilities
Vouchers and Accounts Payable 22,096 712,573
Accrued Salaries - 569,772
Other Accrued Liabilities - 57,532
Due to Other Governmental Agencies - 35,000
Due to Other Funds - 307,640
Deposits - 182,891
Total Liabilities 22,096 1,865,408
Deferred Inflows of Resources
Deferred Inflows from Notes Receivable - 6,569,426
Deferred Inflows from Future Revenues 2,074 208,654
Total Deferred Inflows of Resources 2,074 6,778,080
Fund Balances
Non-Spendable - 71,975
Restricted 535,443 25,169,071
Committed - 8,587,297
Total Fund Balances 535,443 33,828,343
Total Liabilities, Deferred Inflows of
Resources and Fund Balances $ 559,613 $ 42,471,831
See accompanying Independent Auditor's Report.
184

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185

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City of St. Petersburg, Florida
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
Special Revenue Funds
Fiscal Year Ended September 30, 2017
Weeki Wachee
Professional
Sports Facility
Sales Tax
Building
Permit
Local Law
Enforcement
Trust
Revenues
Licenses and Permits $ - $ - $ 6,451,950 $ -
Fines and Forfeitures - - - 548,297
Charges for Services and User Fees - - 1,241,391 -
Intergovernmental Revenues:
Federal, State and Other Grants - - - -
State - Sales Tax - 2,000,004 - -
State - Other - - - -
Pinellas County - Other - - - -
Total - 2,000,004 - -
Use of Money and Property
Earnings on Investments 1,991,448 22 94,630 (14,660)
Total 1,991,448 22 94,630 (14,660)
Miscellaneous Revenue:
Contributions - - - -
Dispositions of Property - - - -
Other 155 - 8 -
Total 155 - 8 -
Total Revenues 1,991,603 2,000,026 7,787,979 533,637
Expenditures
Current Operations:
General Government 55,264 - - -
Community and Economic Development - - 5,134,920 -
Public Safety:
Public Works - - - -
Police - - - 265,638
Fire and EMS - - - -
Recreation, Culture and Social - - - -
Capital Outlay - - 64,405 86,531
Total Expenditures 55,264 - 5,199,325 352,169
Excess (Deficiency) of Revenues Over
Expenditures 1,936,339 2,000,026 2,588,654 181,468
Other Financing Sources (Uses)
Transfers In - - - -
Transfers Out (290,000) (1,920,424) - -
Total Other Financing Sources (Uses) (290,000) (1,920,424) - -
Excess (Deficiency) of Revenues and Other
Sources Over Expenditures and Other Uses 1,646,339 79,602 2,588,654 181,468
Fund Balances - October 1 15,579,193 14,464 9,031,797 948,829
Fund Balances - September 30 $ 17,225,532 $ 94,066 $ 11,620,451 $ 1,130,297
See accompanying Independent Auditor's Report.
186

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Emergency
Medical
Services
Local Housing
Assistance
Trust
Community
Housing Trust
School
Crossing
Guard Fund
Police Grants
Fund
Police Officers
Training
$ 100 $ - $ - $ - $ - $ -
- - - 386,175 - 46,994
12,119,977 - - - - -
7,837 1,676,070 - - 150,990 -
- - - - - -
31,670 - - - - -
21,596 - - - - -
61,103 1,676,070 - - 150,990 -
12,082 58,562 37,528 (2,517) - 794
12,082 58,562 37,528 (2,517) - 794
- - - - - -
5,565 - - - - -
217 700,205 41,220 - - 360
5,782 700,205 41,220 - - 360
12,199,044 2,434,837 78,748 383,658 150,990 48,148
- - - - - -
- - - - - -
- 1,020 - - - -
- - - - 136,414 30,405
12,483,070 - - - - -
- 2,038,457 - - - -
720,905 - - - 14,963 -
13,203,975 2,039,477 - - 151,377 30,405
(1,004,931) 395,360 78,748 383,658 (387) 17,743
- - - - - -
- - - (374,911) - -
- - - (374,911) - -
(1,004,931) 395,360 78,748 8,747 (387) 17,743
1,874,353 1,601,611 95,270 55,365 5,465 95,210
$ 869,422 $ 1,996,971 $ 174,018 $ 64,112 $ 5,078 $ 112,953
(Continued)
187

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City of St. Petersburg, Florida
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
Special Revenue Funds
Fiscal Year Ended September 30, 2017
Donation
Funds
Total Nonmajor
Special
Revenue
Funds
Revenues
Licenses and Permits $ - $ 6,452,050
Fines and Forfeitures - 981,466
Charges for Services and User Fees 16,403 13,377,771
Intergovernmental Revenues:
Federal, State and Other Grants - 1,834,897
State - Sales Tax - 2,000,004
State - Other - 31,670
Pinellas County - Other - 21,596
Total - 3,888,167
Use of Money and Property
Earnings on Investments 14,532 2,192,421
Total 14,532 2,192,421
Miscellaneous Revenue:
Contributions 232,972 232,972
Dispositions of Property - 5,565
Other 2,590 744,755
Total 235,562 983,292
Total Revenues 266,497 27,875,167
Expenditures
Current Operations:
General Government - 55,264
Community and Economic Development 17,583 5,152,503
Public Safety:
Public Works - 1,020
Police 1,834 434,291
Fire and EMS 607 12,483,677
Recreation, Culture and Social 266,281 2,304,738
Capital Outlay - 886,804
Total Expenditures 286,305 21,318,297
Excess (Deficiency) of Revenues Over
Expenditures (19,808) 6,556,870
Other Financing Sources (Uses)
Transfers In 7,549 7,549
Transfers Out - (2,585,335)
Total Other Financing Sources (Uses) 7,549 (2,577,786)
Excess (Deficiency) of Revenues and Other
Sources Over Expenditures and Other Uses (12,259) 3,979,084
Fund Balances - October 1 547,702 29,849,259
Fund Balances - September 30 $ 535,443 $ 33,828,343
See accompanying Independent Auditor's Report.
188

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189

-- 191 of 298 --

City of St. Petersburg, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
Debt Service Funds
September 30, 2017
Professional
Sports Facility
Sales Tax BB&T Notes
Banc Of
America
Assets
Restricted Cash $ 1,725,212 $ - $ -
Total Assets 1,725,212 - -
Liabilities and Fund Balances
Fund Balances
Restricted 1,725,212 - -
Total Fund Balances 1,725,212 - -
Total Liabilities and Fund Balances $ 1,725,212 $ - $ -
See accompanying Independent Auditor's Report.
190

-- 192 of 298 --

JP Morgan
Chase
Public Service
Tax TD Bank
Banc of
America
Leasing &
Capital
Total Nonmajor
Debt Service
Funds
$ - $ 1,698,850 $ 5,607,260 $ 370,499 $ 9,401,821
- 1,698,850 5,607,260 370,499 9,401,821
- 1,698,850 5,607,260 370,499 9,401,821
- 1,698,850 5,607,260 370,499 9,401,821
$ - $ 1,698,850 $ 5,607,260 $ 370,499 $ 9,401,821
191

-- 193 of 298 --

City of St. Petersburg, Florida
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
Debt Service Funds
Fiscal Year Ended September 30, 2017
Professional
Sports
Facility Sales
Tax BB&T Notes
Banc Of
America
Expenditures
Debt Service:
Principal Payments $ 1,495,000 $ 210,000 $ 159,000
Interest Payments 410,083 20,085 38,665
Remarketing and Other Fees - - -
Total Expenditures 1,905,083 230,085 197,665
Excess (Deficiency) of Revenues Over Expenditures (1,905,083) (230,085) (197,665)
Other Financing Sources (Uses)
Transfers In 1,920,424 230,085 197,665
Transfers Out - - -
Issuance of Debt - - -
Total Other Financing Sources (Uses) 1,920,424 230,085 197,665
Excess (Deficiency) of Revenues and Other Sources Over
Expenditures and Other Uses 15,341 - -
Fund Balances - October 1 1,709,871 - -
Fund Balances - September 30 $ 1,725,212 $ - $ -
See accompanying Independent Auditor's Report.
192

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JP Morgan
Chase
Public
Service Tax TD Bank
Banc of
America
Leasing &
Capital
Total
Nonmajor
Debt Service
Funds
$ 2,978,000 $ 400,000 $ - $ - $ 5,242,000
190,346 2,033,358 - - 2,692,537
- - 130,290 18,598 148,888
3,168,346 2,433,358 130,290 18,598 8,083,425
(3,168,346) (2,433,358) (130,290) (18,598) (8,083,425)
3,168,346 2,655,651 - - 8,172,171
- - (46,872,450) (2,180,903) (49,053,353)
- - 52,610,000 2,570,000 55,180,000
3,168,346 2,655,651 5,737,550 389,097 14,298,818
- 222,293 5,607,260 370,499 6,215,393
- 1,476,557 - - 3,186,428
$ - $ 1,698,850 $ 5,607,260 $ 370,499 $ 9,401,821
193

-- 195 of 298 --

City of St. Petersburg, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
Capital Projects Funds
September 30, 2017
Housing
Capital
Improvement
Transportation
Improvement
Downtown
Parking
Garage
Assets
Cash and Cash Equivalents $ 29,517 $ 2,398,153 $ 704,404
Investments 190,713 12,064,610 2,206,228
Receivables:
Accounts 49,860 - -
Notes 43,485 - -
Total Assets 313,575 14,462,763 2,910,632
Liabilities and Fund Balances
Liabilities
Vouchers and Accounts Payable - 76,698 -
Accrued Salaries - 11,909 384
Retainage on Contracts - 42,742 -
Due to Other Governmental Agencies 10 469,876 -
Total Liabilities 10 601,225 384
Deferred Inflows from Resources
Deferred Inflows from Notes Receivable 43,485 - -
Deferred Inflows from Future Revenues 22,824 - -
Total Deferred Inflows from Resources 66,309 - -
Fund Balances
Committed 3,443 1,644,557 1,080
Assigned 243,813 12,216,981 2,909,168
Total Fund Balances 247,256 13,861,538 2,910,248
Total Liabilities and Fund Balances $ 313,575 $ 14,462,763 $ 2,910,632
See accompanying Independent Auditor's Report.
194

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Weeki Wachee
Total Nonmajor
Capital
Projects Funds
$ 2,318,853 $ 5,450,927
- 14,461,551
- 49,860
- 43,485
2,318,853 20,005,823
178,761 255,459
2,029 14,322
40,916 83,658
- 469,886
221,706 823,325
- 43,485
- 22,824
- 66,309
1,329,349 2,978,429
767,798 16,137,760
2,097,147 19,116,189
$ 2,318,853 $ 20,005,823
195

-- 197 of 298 --

City of St. Petersburg, Florida
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
Capital Projects Funds
Fiscal Year Ended September 30, 2017
Housing
Capital
Improvement
Transportation
Improvement
Downtown
Parking
Garage
Revenues
Use of Money and Property:
Pinellas County - Other $ - $ 73,867 $ -
Earnings on Investments 1,010 93,431 20,570
Total 1,010 167,298 20,570
Miscellaneous Revenue:
Assessments - 902,804 -
Dispositions of Property 3,600 - -
Other 18,753 - -
Total 22,353 902,804 -
Total Revenues 23,363 1,070,102 20,570
Expenditures
Capital Outlay 143,985 1,236,926 32,877
Total Expenditures 143,985 1,236,926 32,877
Excess (Deficiency) of Revenues Over Expenditures (120,622) (166,824) (12,307)
Other Financing Sources (Uses)
Transfers In - - 850,000
Total Other Financing Sources (Uses) - - 850,000
Excess (Deficiency) of Revenues and Other Sources
Over Expenditures and Other Uses (120,622) (166,824) 837,693
Fund Balances - October 1 367,878 14,028,362 2,072,555
Fund Balances - September 30 $ 247,256 $ 13,861,538 $ 2,910,248
See accompanying Independent Auditor's Report.
196

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Weeki Wachee
Total Nonmajor
Capital
Projects Funds
$ - $ 73,867
- 115,011
- 188,878
- 902,804
- 3,600
- 18,753
- 925,157
- 1,114,035
1,360,224 2,774,012
1,360,224 2,774,012
(1,360,224) (1,659,977)
270,000 1,120,000
270,000 1,120,000
(1,090,224) (539,977)
3,187,371 19,656,166
$ 2,097,147 $ 19,116,189
197

-- 199 of 298 --

City of St. Petersburg, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
Permanent Funds
September 30, 2017
Kopsick Trust
Fire Rescue
and EMS
Awards Library Trust
Total Nonmajor
Permanent
Funds
Assets
Cash and Cash Equivalents $ - $ 15,430 $ 43,855 $ 59,285
Investments 157,703 18,507 194,960 371,170
Total Assets 157,703 33,937 238,815 430,455
Liabilities and Fund Balances
Fund Balances
Non-Spendable 157,703 33,937 238,815 430,455
Total Fund Balances 157,703 33,937 238,815 430,455
Total Liabilities and Fund Balances $ 157,703 $ 33,937 $ 238,815 $ 430,455
See accompanying Independent Auditor's Report.
198

-- 200 of 298 --

City of St. Petersburg, Florida
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
Permanent Funds
Fiscal Year Ended September 30, 2017
Kopsick Trust
Fire Rescue
and EMS
Awards Library Trust
Total Nonmajor
Permanent
Funds
Revenues
Use of Money and Property:
Earnings on Investments $ 15,687 $ 94 $ 1,626 $ 17,407
Contributions - 3,000 - 3,000
Total Revenues 15,687 3,094 1,626 20,407
Expenditures
Current Operations:
General Government 120 - - 120
Fire and EMS - 1,400 - 1,400
Total Expenditures 120 1,400 - 1,520
Excess (Deficiency) of Revenues Over
Expenditures 15,567 1,694 1,626 18,887
Other Financing Sources (Uses)
Transfers Out (3,416) - (4,133) (7,549)
Total Other Financing Sources (Uses) (3,416) - (4,133) (7,549)
Excess (Deficiency) of Revenues and Other
Sources Over Expenditures and Other Uses 12,151 1,694 (2,507) 11,338
Fund Balances - October 1 145,552 32,243 241,322 419,117
Fund Balances - September 30 $ 157,703 $ 33,937 $ 238,815 $ 430,455
See accompanying Independent Auditor's Report.
199

-- 201 of 298 --

200

-- 202 of 298 --

Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Earnings in Investments 	$ 	239,000 $ 	239,000 $ 	374,763 $ 	135,763
Other 	- 	- 	155 	155
Total Revenues 	239,000 	239,000 	374,918 	135,918
Expenditures
General Government 	278,000 	278,000 	55,265 	222,735
Total Expenditures 	278,000 	278,000 	55,265 	222,735
Excess (deficiency) of revenues over 	(39,000) 	(39,000) 	319,653 	358,653
expenditures
Other Financing Sources (Uses)
Transfers In 	- 	- 	- 	-
Transfers Out 	(20,000) 	(290,000) 	(290,000) 	-
Total Other Financing Sources (Uses) 	(20,000) 	(290,000) 	(290,000) 	-
(59,000) 	(329,000) 	29,653 	358,653
Budgetary Fund Balances - October 1 	11,044,170 	11,044,170 	11,044,170 	-
Reserve for Encumbrances - October 1, 2016 	- 	- 	- 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	- 	-
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	10,985,170 $ 	10,715,170 	11,073,823 $ 	358,653
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	-
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	6,151,709
Fund Balance - September 30 	$ 	17,225,532
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Special Revenue Funds
Fiscal Year Ended September 30, 2017
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
Weeki Wachee
Current Operations:
201
See accompanying Independent Auditor's Report

-- 203 of 298 --

Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
State - Sales Tax 	$ 	2,000,004 $ 	2,000,004 $ 	2,000,004 $ 	-
Earnings in Investments 	- 	- 	47 	47
Total Revenues 	2,000,004 	2,000,004 	2,000,051 	47
Other Financing Sources (Uses)
Transfers Out 	(1,920,424) 	(1,920,424) 	(1,920,424) 	-
Total Other Financing Sources (Uses) 	(1,920,424) 	(1,920,424) 	(1,920,424) 	-
79,580 	79,580 	79,627 47
Budgetary Fund Balances - October 1 	14,431 	14,431 	14,431 	-
Reserve for Encumbrances - October 1, 2016 	- 	- 	- 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	- 	-
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	94,011 $ 	94,011 	94,058 $ 47
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	-
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	8
Fund Balance - September 30 	$ 	94,066
See accompanying Independent Auditor's Report
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Special Revenue Funds
Fiscal Year Ended September 30, 2017
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
Professional Sports Facility Sales Tax
202

-- 204 of 298 --

Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Licenses and Permits 	$ 	4,034,300 $ 	4,034,300 $ 	6,451,948 $ 	2,417,648
Charges for Services and User Fees 	826,000 	826,000 	1,241,392 	415,392
Earnings on Investments 	101,000 	101,000 	162,323 	61,323
Other 	10,000 	10,000 	8 	(9,992)
Total Revenues 	4,971,300 	4,971,300 	7,855,671 	2,884,371
Expenditures
Current Operations:
Community and Economic Development 	5,116,306 	5,272,440 	5,186,508 	85,932
Capital Outlay 	52,000 	81,205 	87,230 	(6,025)
Total Expenditures 	5,168,306 	5,353,645 	5,273,738 	79,907
Excess (deficiency) of revenues over 	(197,006) 	(382,345) 	2,581,933 	2,964,278
expenditures
Budgetary Fund Balances - October 1 	8,854,357 	8,854,357 	8,854,357 	-
Reserve for Encumbrances - October 1, 2016 	- 	74,418 	74,418 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	- 	-
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	8,657,351 $ 	8,546,430 	11,510,708 $ 	2,964,278
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	74,414
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	35,329
Fund Balance - September 30 	$ 	11,620,451
See accompanying Independent Auditor's Report
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Special Revenue Funds
Fiscal Year Ended September 30, 2017
Building Permit
203

-- 205 of 298 --

Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Fines and Forfeitures 	$ 	- 	$ 	- 	$ 	548,297 $ 	548,297
Earnings in Investments 	24,000 	24,000 	5,422 	(18,578)
Total Revenues 	24,000 	24,000 	553,719 	529,719
Expenditures
Current Operations:
Public Safety
Police 	106,950 	450,468 	277,917 	172,551
Capital Outlay 	265,251 	86,531 	178,720
Total Expenditures 	106,950 	715,719 	364,448 	351,271
Excess (deficiency) of revenues over 	(82,950) 	(691,719) 	189,271 	966,690
expenditures
Budgetary Fund Balances - October 1 	920,216 	920,216 	920,216 	-
Reserve for Encumbrances - October 1, 2016 	- 	346 	346 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	(110,458) 	110,458
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	837,266 $ 	228,843 	999,375 $ 	1,077,148
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	12,280
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	118,642
Net Change in Fair Value of Investments 	-
Fund Balance - September 30 	$ 	1,130,297
See accompanying Independent Auditor's Report
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Special Revenue Funds
Fiscal Year Ended September 30, 2017
Local Law Enforcement Trust
204

-- 206 of 298 --

Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Licenses and Permits 	$ 	- 	$ 	- 	$ 	100 $ 	100
Charges for Services and User Fees 	12,078,029 	12,078,029 	12,119,977 	41,948
Federal, State, Other Grants 	- 	- 	7,837 	7,837
State - Other 	27,000 	27,000 	31,670 	4,670
Pinellas County - Other 	- 	- 	21,596 	21,596
Earnings in Investments 	28,000 	28,000 	25,753 	(2,247)
Dispositions of Property 	- 	- 	5,565 	5,565
Other 	- 	- 	217 	217
Total Revenues 	12,133,029 	12,133,029 	12,212,715 	79,686
Expenditures
Current Operations:
Public Safety
Fire and EMS 	12,637,091 	12,962,949 	12,532,713 	430,236
Capital Outlay 	875,107 	1,024,873 	720,905 	303,968
Total Expenditures 	13,512,198 	13,987,822 	13,253,618 	734,204
Excess (deficiency) of revenues over 	(1,379,169) 	(1,854,793) 	(1,040,903) 	813,890
expenditures
(1,379,169) 	(1,854,793) 	(1,040,903) 	813,890
Budgetary Fund Balances - October 1 	1,645,116 	1,645,116 	1,645,116 	-
Reserve for Encumbrances - October 1, 2016 	- 	211,532 	211,532 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	- 	-
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	265,947 $ 	1,855 	815,745 $ 	813,890
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	49,643
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	4,034
Fund Balance - September 30 	$ 	869,422
See accompanying Independent Auditor's Report
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Special Revenue Funds
Fiscal Year Ended September 30, 2017
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
Emergency Medical Services
205

-- 207 of 298 --

Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Federal, State and Other Grants 	$ 	1,622,936 $ 	1,659,445 $ 	1,676,070 $ 	16,625
Earnings in Investments 	36,000 	36,000 	72,385 	36,385
Other 	390,000 	390,000 	700,205 	310,205
Total Revenues 	2,048,936 	2,085,445 	2,448,660 	363,215
Expenditures
Current Operations:
Public Works 	- 	- 	1,020 	(1,020)
Recreation, Culture and Social 	2,022,936 	3,606,388 	2,045,235 	1,561,153
Total Expenditures 	2,022,936 	3,606,388 	2,046,255 	1,560,133
Excess (deficiency) of revenues over 	26,000 	(1,520,943) 	402,405 	1,923,348
expenditures
Budgetary Fund Balances - October 1 	1,524,107 	1,524,107 	1,524,107 	-
Reserve for Encumbrances - October 1, 2016 	- 	59,603 	59,603 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	- 	-
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	1,550,107 $ 	62,767 	1,986,115 $ 	1,923,348
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	6,775
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	4,081
Fund Balance - September 30 	$ 	1,996,971
See accompanying Indpendent Auditor's Report
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Special Revenue Funds
Fiscal Year Ended September 30, 2017
Local Housing Assistance Trust
206

-- 208 of 298 --

Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Earnings in Investments 	$ 	8,000 $ 	8,000 $ 	37,528 $ 	29,528
Other 	- 	- 	41,220 	41,220
Total Revenues 	8,000 	8,000 	78,748 	70,748
Expenditures
Current Operations:
Recreation, Culture and Social 	- 	- 	- 	-
Total Expenditures 	- 	- 	- 	-
Excess (deficiency) of revenues over 	8,000 	8,000 	78,748 	70,748
expenditures
Budgetary Fund Balances - October 1 	94,594 	94,594 	94,594 	-
Reserve for Encumbrances - October 1, 2016 	- 	- 	- 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	- 	-
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	102,594 $ 	102,594 	173,342 $ 	70,748
Reconciliation of Budget to GAAP Reporting 	-
Reserve for Encumbrances - September 30, 2017 	-
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	676
Fund Balance - September 30 	$ 	174,018
See accompanying Independent Auditor's Report
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Special Revenue Funds
Community Housing Trust
Fiscal Year Ended September 30, 2017
207

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Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Fines and Forfeitures 	$ 	370,000 $ 	370,000 $ 	386,175 $ 	16,175
Earnings in Investments 	5,000 	5,000 	815 	(4,185)
Other 	- 	- 	- 	-
Total Revenues 	375,000 	375,000 	386,990 	11,990
Expenditures
Current Operations:
Community and Economic Development 	- 	- 	- 	-
Total Expenditures 	- 	- 	- 	-
Excess (deficiency) of revenues over 	375,000 	375,000 	386,990 	11,990
expenditures
Other Financing Sources (Uses)
Transfers Out 	(370,000) 	(375,000) 	(374,911) 	89
Total Other Financing Sources (Uses) 	(370,000) 	(375,000) 	(374,911) 	89
5,000 	- 	12,079 	12,079
Budgetary Fund Balances - October 1 	51,624 	51,624 	51,624 	-
Reserve for Encumbrances - October 1, 2016 	- 	- 	- 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	- 	-
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	56,624 $ 	51,624 	63,703 $ 	12,079
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	-
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	409
Fund Balance - September 30 	$ 	64,112
See accompanying Independent Auditor's Report
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Special Revenue Funds
Fiscal Year Ended September 30, 2017
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
School Crossing Guard Fund
208

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Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Federal, State and Other Grants 	$ 	- 	$ 	123,740 $ 	150,990 $ 	27,250
Earnings in Investments 	1,000 	1,000 	- 	(1,000)
Total Revenues 	1,000 	124,740 	150,990 	26,250
Expenditures
Current Operations:
Public Safety
Police 	- 	195,476 	143,076 	52,400
Capital Outlay 	- 	- 	14,963 	(14,963)
Total Expenditures 	- 	195,476 	158,039 	37,437
Excess (deficiency) of revenues over 	1,000 	(70,736) 	(7,049) 	63,687
expenditures
Other Financing Sources (Uses)
Transfers In 	- 	- 	- 	-
Total Other Financing Sources (Uses) 	- 	- 	- 	-
1,000 	(70,736) 	(7,049) 	63,687
Budgetary Fund Balances - October 1 	(73,955) 	(73,955) 	(73,955) 	-
Reserve for Encumbrances - October 1, 2016 	- 	79,420 	79,420 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	- 	-
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	(72,955) $ 	(65,271) 	(1,584) $ 	63,687
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	6,662
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	-
Fund Balance - September 30 	$ 	5,078
See accompanying Independent Auditor's Report
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Special Revenue Funds
Police Grants Fund
Fiscal Year Ended September 30, 2017
209

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Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Fines and Forfeitures 	$ 	- 	$ 	- 	$ 	46,994 $ 	46,994
Earnings in Investments 	- 	- 	1,691 	1,691
Other 	150,000 	150,000 	360 	(149,640)
Total Revenues 	150,000 	150,000 	49,045 	(100,955)
Expenditures
Current Operations:
Public Safety
Police 	150,000 	150,000 	30,403 	(119,597)
Total Expenditures 	150,000 	150,000 	30,403 	(119,597)
Excess (deficiency) of revenues over 	- 	- 	18,642 	18,642
expenditures
Budgetary Fund Balances - October 1 	94,046 	94,046 	94,046 	-
Reserve for Encumbrances - October 1, 2016 	- 	- 	- 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	- 	-
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	94,046 $ 	94,046 	112,688 $ 	18,642
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	-
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	265
Fund Balance - September 30 	$ 	112,953
See accompanying Independent Auditor's Report
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Special Revenue Funds
Police Officers Training
Fiscal Year Ended September 30, 2017
210

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Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Charges for Services and User Fees 	$ 	- 	$ 	- 	$ 	16,403 $ 	16,403
Federal, State and Other Grants 	- 	- 	- 	-
Earnings in Investments 	- 	- 	6,881 	6,881
Contributions 	850,000 	850,000 	232,972 	(617,028)
Other 	- 	- 	2,590 	2,590
Total Revenues 	850,000 	850,000 	258,846 	(591,154)
Expenditures
Current Operations:
Community and Economic Development 	- 	- 	17,584 	(17,584)
Public Safety
Police 	- 	- 	1,835 	(1,835)
Fire and EMS 	- 	- 	607 	(607)
Recreation, Culture and Social 	850,000 	850,855 	266,166 	584,689
Capital Outlay 	- 	- 	0 	-
Total Expenditures 	850,000 	850,855 	286,192 	564,663
Excess (deficiency) of revenues over 	- 	(855) 	(27,346) 	(26,491)
expenditures
Other Financing Sources (Uses)
Transfers In 	- 	- 	7,549 	7,549
Transfers Out 	- 	- 	- 	-
Total Other Financing Sources (Uses) 	- 	- 	7,549 	7,549
- 	(855) 	(19,797) 	(18,942)
Budgetary Fund Balances - October 1 	538,380 	538,380 	538,380 	-
Reserve for Encumbrances - October 1, 2016 	- 	855 	855 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	- 	-
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	538,380 $ 	538,380 	519,438 $ 	(18,942)
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	-
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	16,005
Fund Balance - September 30 	$ 	535,443
See accompanying Independent Auditor's Report
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Special Revenue Funds
Donation Funds
Fiscal Year Ended September 30, 2017
211

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Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Earnings in Investments 	$ 	- 	$ 	- 	$ 	- 	$ 	-
Total Revenues 	- 	- 	- 	-
Expenditures
Debt Service:
Principal Payments 	1,495,000 	1,495,000 	1,495,000 	-
Interest Payments 	410,083 	410,083 	410,083 	-
Remarketing and Other Fees 	- 	- 	- 	-
Total Expenditures 	1,905,083 	1,905,083 	1,905,083 	-
Excess (deficiency) of revenues over 	(1,905,083) 	(1,905,083) 	(1,905,083) 	-
expenditures
Other Financing Sources (Uses)
Transfers In 	1,920,424 	1,920,424 	1,920,424 	-
Total Other Financing Sources (Uses) 	1,920,424 	1,920,424 	1,920,424 	-
15,341 	15,341 	15,341 	-
Budgetary Fund Balances - October 1 	-
Reserve for Encumbrances - October 1, 2016 	1,709,871 	1,709,871 	1,709,871 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	- 	-
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	1,725,212 $ 	1,725,212 	1,725,212 $ 	-
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	-
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	-
Fund Balance - September 30 	$ 	1,725,212
See accompanying Independent Auditor's Report
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Debt Service Funds
Professional Sports Facility Sales Tax
Fiscal Year Ended September 30, 2017
212

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Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Earnings on Investments 	$ 	- 	$ 	- 	$ 	- 	$ 	-
Total Revenues 	- 	- 	- 	-
Expenditures
Debt Service:
Principal Payments 	210,000 	210,000 	210,000 	-
Interest Payments 	20,085 	20,085 	20,085 	-
Total Expenditures 	230,085 	230,085 	230,085 	-
Excess (deficiency) of revenues over 	(230,085) 	(230,085) 	(230,085) 	-
expenditures
Other Financing Sources (Uses)
Transfers In 	230,085 	230,085 	230,085 	-
Total Other Financing Sources (Uses) 	230,085 	230,085 	230,085 	-
- 	- 	- 	-
Budgetary Fund Balances - October 1 	- 	- 	- 	-
Reserve for Encumbrances - October 1, 2016 	- 	- 	- 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	-
Change in Advances with other Funds 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	- 	$ 	- 	- 	$ 	-
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	-
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	-
Fund Balance - September 30 	$ 	-
See accompanying Independent Auditor's Report
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Debt Service Funds
BB&T Notes
Fiscal Year Ended September 30, 2017
213

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Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Earnings on Investments 	$ 	- 	$ 	- 	$ 	- 	$ 	-
Total Revenues 	- 	- 	- 	-
Expenditures
Debt Service:
Principal Payments 	159,000 	159,000 	159,000 	-
Interest Payments 	38,665 	38,665 	38,665 	-
Total Expenditures 	197,665 	197,665 	197,665 	-
Excess (deficiency) of revenues over 	(197,665) 	(197,665) 	(197,665) 	-
expenditures
Other Financing Sources (Uses)
Transfers In 	197,665 	197,665 	197,665 	-
Transfers Out 	- 	- 	- 	-
Total Other Financing Sources (Uses) 	197,665 	197,665 	197,665 	-
- 	- 	- 	-
Budgetary Fund Balances - October 1 	- 	- 	- 	-
Reserve for Encumbrances - October 1, 2016 	- 	- 	- 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	- 	-
Change in Advances with other Funds 	- 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	- 	$ 	- 	- 	$ 	-
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	-
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	-
Fund Balance - September 30 	$ 	-
See accompanying Independent Auditor's Report
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Debt Service Funds
Banc of America
Fiscal Year Ended September 30, 2017
214

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Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Earnings on Investments 	$ 	- 	$ 	- 	$ 	- 	$ 	-
Total Revenues 	- 	- 	- 	-
Expenditures
Debt Service:
Principal Payments 	2,978,000 	2,978,000 	2,978,000 	-
Interest Payments 	190,504 	190,504 	190,346 158
Remarketing and Other Fees 	- 	- 	- 	-
Total Expenditures 	3,168,504 	3,168,504 	3,168,346 158
Excess (deficiency) of revenues over 	(3,168,504) 	(3,168,504) 	(3,168,346) (158)
expenditures
Other Financing Sources (Uses)
Transfers In 	3,168,504 	3,168,504 	3,168,346 (158)
Transfers Out 	- 	- 	- 	-
Total Other Financing Sources (Uses) 	3,168,504 	3,168,504 	3,168,346 (158)
- 	- 	- 	-
Budgetary Fund Balances - October 1 	- 	- 	- 	-
Reserve for Encumbrances - October 1, 2016 	- 	- 	- 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	-
Change in Advances with other Funds 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	- 	$ 	- 	- 	$ 	-
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	-
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	-
Fund Balance - September 30 	$ 	-
See accompanying Independent Auditor's Report
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Debt Service Funds
JP Morgan Chase
Fiscal Year Ended September 30, 2017
215

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Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Earnings on Investments 	$ 	- 	$ 	- 	$ 	- 	$ 	-
Total Revenues 	- 	- 	- 	-
Expenditures
Debt Service:
Principal Payments 	2,528,938 	400,000 	400,000 	-
Interest Payments 	- 	2,128,938 	2,033,358 	95,580
Remarketing and Other Fees 	- 	- 	- 	-
Total Expenditures 	2,528,938 	2,528,938 	2,433,358 	95,580
Excess (deficiency) of revenues over 	(2,528,938) 	(2,528,938) 	(2,433,358) 	95,580
expenditures
Other Financing Sources (Uses)
Transfers In 	2,528,938 	2,688,319 	2,655,651 	(32,668)
Transfers Out 	- 	- 	- 	-
Total Other Financing Sources (Uses) 	2,528,938 	2,688,319 	2,655,651 	(32,668)
- 	159,381 	222,293 	62,912
Budgetary Fund Balances - October 1 	1,476,557 	1,476,557 	1,476,557 	-
Reserve for Encumbrances - October 1, 2016 	- 	- 	- 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	-
Change in Advances with other Funds 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	1,476,557 $ 	1,635,938 	1,698,850 $ 	62,912
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	-
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	-
Fund Balance - September 30 	$ 	1,698,850
See accompanying Independent Auditor's Report
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Debt Service Funds
Public Service Tax
Fiscal Year Ended September 30, 2017
216

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Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Proceeds from Sale of Debt Instrument 	$ 	- 	$ 	2,570,000 $ 	2,570,000 $ 	-
Total Revenues 	- 	2,570,000 	2,570,000 	-
Expenditures
Debt Service:
Financing Fees and Premium Paid 	- 	- 	18,598 	(18,598)
Remarketing and Other Fees 	- 	- 	- 	-
Total Expenditures 	- 	- 	18,598 	(18,598)
Excess (deficiency) of revenues over 	- 	2,570,000 	2,551,402 	(18,598)
expenditures
Other Financing Sources (Uses)
Transfers In 	- 	- 	- 	-
Transfers Out 	- 	(2,550,000) 	(2,180,903) 	369,097
Total Other Financing Sources (Uses) 	- 	(2,550,000) 	(2,180,903) 	369,097
- 	20,000 	370,499 	350,499
Budgetary Fund Balances - October 1 	- 	- 	- 	-
Reserve for Encumbrances - October 1, 2016 	- 	- 	- 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	-
Change in Advances with other Funds 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	- 	$ 	20,000 	370,499 $ 	350,499
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	-
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	-
Fund Balance - September 30 	$ 	370,499
See accompanying Independent Auditor's Report
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Debt Service Funds
Banc of America Leasing & Capital
Fiscal Year Ended September 30, 2017
217

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Original Budget
Final Approved
Budget 	Actual
Variance with Final
Budget Over/ Under
Revenues
Proceeds from Sale of Debt Instrument 	$ 	- 	$ 	52,610,000 $ 	52,610,000 $ 	-
Total Revenues 	- 	52,610,000 	52,610,000 	-
Expenditures
Debt Service:
Financing Fees and Premium Paid 	- 	86,900 	130,290 	(43,390)
Remarketing and Other Fees 	- 	- 	- 	-
Total Expenditures 	- 	86,900 	130,290 	(43,390)
Excess (deficiency) of revenues over 	- 	52,523,100 	52,479,710 	(43,390)
expenditures
Other Financing Sources (Uses)
Transfers In 	- 	- 	- 	-
Transfers Out 	- 	(52,473,000) 	(46,872,450) 	5,600,550
Total Other Financing Sources (Uses) 	- 	(52,473,000) 	(46,872,450) 	5,600,550
- 	50,100 	5,607,260 	5,557,160
Budgetary Fund Balances - October 1 	- 	- 	- 	-
Reserve for Encumbrances - October 1, 2016 	- 	- 	- 	-
Change in Reserve for Prepaid Costs and Inventory 	- 	- 	-
Change in Advances with other Funds 	- 	- 	-
Budgetary Fund Balances - September 30 	$ 	- 	$ 	50,100 	5,607,260 $ 	5,557,160
Reconciliation of Budget to GAAP Reporting
Reserve for Encumbrances - September 30, 2017 	-
Current Year Advances with other Funds 	-
Reserve for Prepaid Costs and Inventory 	-
Net Change in Fair Value of Investments 	-
Fund Balance - September 30 	$ 	5,607,260
See accompanying Independent Auditor's Report
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses
City of St. Petersburg, Florida
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Nonmajor Debt Service Funds
TD Bank, N.A.
Fiscal Year Ended September 30, 2017
218

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City of St. Petersburg, Florida
Non-Major Enterprise Funds
Enterprise Funds account for operations that are financed and operated in a manner
similar to private enterprise.
Airport - This fund is used to account for the operation of Albert Whitted Municipal
Airport.
Port -This fund is used to account for the operation of the Port of St. Petersburg.
Marina - This fund is used to account for the operation of the St. Petersburg Municipal
Marina.
Golf Course - This fund is used to account for the operation of Mangrove Bay, Cypress
Links at Mangrove Bay, and Twin Brooks golf courses.
Jamestown Complex - This fund is used to account for rental housing units for lower
and middle income residents.
Parking - This fund is used to account for the revenue collected from downtown parking
and the related fines and is used for parking operations, improvements, and debt
service.
Mahaffey Theater - This fund is used to account for the revenue generated by the
Mahaffey Theater, general fund transfers and the related operating and capital
expenditures.
Pier - This fund is used to account for the revenue generated by the Pier, general fund
transfers and the related operating and capital expenditures.
Coliseum - This fund is used to account for the revenue generated by the Coliseum,
general fund transfers and the related operating and capital expenditures.
Sunken Gardens - This fund is used to account for the revenue generated by the
Sunken Gardens, general fund transfers and the related operating and capital
expenditures.
219

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City of St. Petersburg, Florida
Combining Statement of Net Position
Nonmajor Enterprise Funds
September 30, 2017
Airport Port Marina Golf Course
Assets
Current Assets:
Cash and Cash Equivalents $ 243,802 $ 84,290 $ 1,092,162 $ 25,087
Investments 13,974 20,179 1,242,972 4,068
Receivables (Net, where applicable, of
Allowance for Uncollectibles)
Accounts 48,879 14,216 41,832 8,086
Due from Other Governmental Agencies:
Grants 78,441 - - -
Inventories - - 37,891 134,196
Prepaid Expenses and Deposits - - 1,250 3,500
Total Current Assets 385,096 118,685 2,416,107 174,937
Noncurrent Assets:
Restricted Investments - - 2,407,808 -
Capital Assets:
Land 1,912,168 1,001,500 - 392,907
Buildings 12,128,053 11,100,759 4,021,915 1,518,898
Improvements 13,087,917 8,059,540 14,060,802 6,331,178
Machinery and Equipment 165,774 5,100 328,058 916,154
Projects in Progress 1,012,858 - 205,391 -
Accumulated Depreciation (10,323,692) (6,238,382) (12,812,049) (5,810,679)
Net Capital Assets 17,983,078 13,928,517 5,804,117 3,348,458
Total Noncurrent Assets 17,983,078 13,928,517 8,211,925 3,348,458
Total Assets 18,368,174 14,047,202 10,628,032 3,523,395
Deferred Outflows of Resources
Deferred Outflows of Pension Resources 19,679 16,399 137,753 295,186
Total Deferred Outflows of Resources 19,679 16,399 137,753 295,186
Liabilities
Current Liabilities:
Vouchers and Accounts Payable 69,027 6,638 147,482 61,888
Accrued Salaries 11,625 6,223 35,843 78,862
Accrued Annual Leave - - 427 14,329
Retainage on Contracts - - 7,542 625
Due to Other Funds - - - 394,107
Due to Other Governmental Agencies 6,693 262 17,682 9,543
Payable from Restricted Assets:
Bonds and Notes Payable - Current Portion - - 580,000 -
Accrued Interest - - 35,061 -
Deposits 51,000 - 40,490 124,676
Unearned Revenue 200 - - -
Total Current Liabilities 138,545 13,123 864,527 684,030
Noncurrent Liabilities:
Advance from Other Funds 2,271,233 - - 1,450,380
Accrued Annual Leave less Current Portion 24,794 3,865 68,916 192,960
Net Pension Liability 30,127 25,106 210,892 451,911
Obligation for OPEB 74,975 196,806 422,945 718,080
Notes Payable - - 4,960,000 -
Total Noncurrent Liabilities 2,401,129 225,777 5,662,753 2,813,331
Total Liabilities 2,539,674 238,900 6,527,280 3,497,361
Deferred Inflows of Resources
Deferred Inflows of Pension Resources 3,902 3,251 27,312 58,526
Total Deferred Inflows of Resources 3,902 3,251 27,312 58,526
Net Position
Net Investment in Capital Assets 17,983,078 13,928,517 2,671,925 3,348,458
Unrestricted (2,138,801) (107,067) 1,539,268 (3,085,764)
Total Net Position $ 15,844,277 $ 13,821,450 $ 4,211,193 $ 262,694
See accompanying Independent Auditor's Report.
220

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Jamestown
Complex Parking
Mahaffey
Theater Pier Coliseum
Sunken
Gardens
Total
Nonmajor
Enterprise
Funds
$ 45,676 $ 877,319 $ 92,146 $ 9,910 $ 166,314 $ 249,075 $ 2,885,781
- 5,306,873 - - 26,633 223,454 6,838,153
18,096 376,275 1,418 124 2,069 382 511,377
- - - - - - 78,441
- - - - 17,905 59,685 249,677
- - - - 1,000 15,513 21,263
63,772 6,560,467 93,564 10,034 213,921 548,109 10,584,692
- - - - - - 2,407,808
1,738,673 50,023 2,313,500 - 2,015,663 2,918,450 12,342,884
6,159,031 12,162,894 50,063,083 163,970 2,270,062 4,187,747 103,776,412
- 1,806,774 8,796,878 - 729,336 1,901,909 54,774,334
135,009 1,814,968 3,689,051 - 845,506 64,975 7,964,595
- - - 13,343,504 - - 14,561,753
(2,199,712) (6,668,656) (29,812,019) (6,559) (2,517,259) (2,442,693) (78,831,700)
5,833,001 9,166,003 35,050,493 13,500,915 3,343,308 6,630,388 114,588,278
5,833,001 9,166,003 35,050,493 13,500,915 3,343,308 6,630,388 116,996,086
5,896,773 15,726,470 35,144,057 13,510,949 3,557,229 7,178,497 127,580,778
49,198 396,861 - - 49,198 52,477 1,016,751
49,198 396,861 - - 49,198 52,477 1,016,751
27,037 368,538 35,833 - 3,572 34,422 754,437
10,802 68,932 - - 15,582 27,078 254,947
- 1,488 - - - - 16,244
- - - - - - 8,167
139,037 - - - - - 533,144
- 13,586 - - 920 9,097 57,783
- - - - - - 580,000
- - - - - - 35,061
45,119 - - - 150,950 355,034 767,269
- - - - - 32,345 32,545
221,995 452,544 35,833 - 171,024 457,976 3,039,597
298,000 - - - - - 4,019,613
51,325 55,261 - - 36,297 32,937 466,355
75,318 607,569 - - 75,318 80,340 1,556,581
133,530 596,078 - - 134,803 140,025 2,417,242
- - - - - - 4,960,000
558,173 1,258,908 - - 246,418 253,302 13,419,791
780,168 1,711,452 35,833 - 417,442 711,278 16,459,388
9,754 78,685 - - 9,754 10,405 201,589
9,754 78,685 - - 9,754 10,405 201,589
5,833,001 9,166,003 35,050,493 13,500,915 3,343,308 6,630,388 111,456,086
(676,952) 5,167,191 57,731 10,034 (164,077) (121,097) 480,466
$ 5,156,049 $ 14,333,194 $ 35,108,224 $ 13,510,949 $ 3,179,231 $ 6,509,291 $ 111,936,552
221

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City of St. Petersburg, Florida
Combining Statement of Revenues, Expenses and Changes in Fund Net Position
Nonmajor Enterprise Funds
Fiscal Year Ended September 30, 2017
Airport Port Marina Golf Course
Operating Revenues
Sales and Concessions $ - $ - $ 784,277 $ 439,375
Service Charges and Fees - 64,282 2,583 1,984,930
Fines and Forfeitures - - 135 -
Rentals and Parking 1,137,980 23,978 2,996,875 428,173
Total Operating Revenues 1,137,980 88,260 3,783,870 2,852,478
Operating Expenses
Personal Services and Benefits 394,345 200,544 1,073,575 2,279,572
Supplies, Services and Claims 405,133 283,096 1,505,322 1,035,101
General Administrative Charges 32,508 - 86,052 220,176
Depreciation 679,490 542,779 593,109 249,481
Total Operating Expenses 1,511,476 1,026,419 3,258,058 3,784,330
Operating Income (Loss) (373,496) (938,159) 525,812 (931,852)
Nonoperating Revenues (Expenses)
Intergovernmental Revenues - - 864 328
Earnings on Investments 134 (30) 33,456 172
Interest Expense (39,463) - (186,021) -
Issue Cost and Amortization of Bond Discount - - (76,872) -
Gain (Loss) on Disposition of Capital Assets - - 859 -
Miscellaneous Revenue 7,923 - 285 92
Total Nonoperating Revenues (Expenses) (31,406) (30) (227,429) 592
Income (Loss) Before Contributions and Transfers (404,902) (938,189) 298,383 (931,260)
Transfers and Contributions
Capital Assets from (to) Other Funds - - - 604,295
Contributions from Citizens and Developers - - - 15,350
Capital Contributions 379,166 61,434 - -
Transfers In (Out):
Transfers In 35,984 285,000 14,422 22,140
Transfers Out - - (434,272) (66,060)
Total Transfers and Contributions 415,150 346,434 (419,850) 575,725
Change in Net Position 10,248 (591,755) (121,467) (355,535)
Net Position - October 1 15,834,029 14,413,205 4,332,660 618,229
Net Position - September 30 $ 15,844,277 $ 13,821,450 $ 4,211,193 $ 262,694
See accompanying Independent Auditor's Report.
222

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Jamestown
Complex Parking
Mahaffey
Theater Pier Coliseum
Sunken
Gardens
Total
Nonmajor
Enterprise
Funds
$ - $ - $ - $ - $ - $ - $ 1,223,652
11,528 5,963,120 146,434 - 659,576 1,354,252 10,186,705
- 1,468,361 - - - - 1,468,496
571,738 205,587 - - - - 5,364,331
583,266 7,637,068 146,434 - 659,576 1,354,252 18,243,184
376,289 2,045,099 46,000 - 502,472 769,270 7,687,166
304,675 3,281,752 753,996 19,668 309,472 617,495 8,515,710
- 234,612 - - - - 573,348
113,053 372,409 1,649,354 3,279 58,000 159,158 4,420,112
794,017 5,933,872 2,449,350 22,947 869,944 1,545,923 21,196,336
(210,751) 1,703,196 (2,302,916) (22,947) (210,368) (191,671) (2,953,152)
- - - - - - 1,192
- 45,348 - - 256 2,055 81,391
- - - - - - (225,484)
- - - - - - (76,872)
(351,715) (148,967) - - 273 - (499,550)
- 165 29 - 5 409 8,908
(351,715) (103,454) 29 - 534 2,464 (710,415)
(562,466) 1,599,742 (2,302,887) (22,947) (209,834) (189,207) (3,663,567)
- 539,605 1,857,129 8,055,580 137,716 344,520 11,538,845
- - 314,004 - - 1,143 330,497
- - - - - - 440,600
92,581 313,798 321,000 20,000 147,000 19,000 1,270,925
- (1,403,958) - - - - (1,904,290)
92,581 (550,555) 2,492,133 8,075,580 284,716 364,663 11,676,577
(469,885) 1,049,187 189,246 8,052,633 74,882 175,456 8,013,010
5,625,934 13,284,007 34,918,978 5,458,316 3,104,349 6,333,835 103,923,542
$ 5,156,049 $ 14,333,194 $ 35,108,224 $ 13,510,949 $ 3,179,231 $ 6,509,291 $ 111,936,552
223

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City of St. Petersburg, Florida
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
Fiscal Year Ended September 30, 2017
Airport 	Port 	Marina 	Golf Course
Cash flows from operating activities
Cash received from customers and users 	1,183,288	$ 	92,278	$ 	3,798,939	$ 	2,875,416	$
Cash payments for interfund services provided 	(396,268) 	(50,452) 	(552,581) 	(637,901)
Cash payments to vendors for goods & services 	(170,865) 	(318,187) 	(1,219,845) 	(906,973)
Cash payments to employees for services 	(201,313) 	(144,827) 	(755,702) 	(1,873,374)
Cash provided by (used for) operating activities 	414,842 	(421,188) 	1,270,811 	(542,832)
Cash flows from noncapital financing activities
Intergovernmental Revenue 	- 	- 	864 	328
(Payment) Receipt on Interfund Loan 	(2,854,303) 	- 	- 	699,685
Transfers-in 	- 	285,000 	- 	-
Transfers-out 	- 	- 	(434,272) 	(66,060)
Cash provided by (used for) noncapital financing activities 	(2,854,303) 	285,000 	(433,408) 	633,953
Cash flows from capital & related financing activities
Proceeds from the issuance of debt 	- 	- 	5,735,000 	-
Acquisition & Construction of Capital Assets 	(452,370) 	(28,758) 	(128,637) 	(96,070)
Proceeds from sale of property, plant, equipment 	- 	- 	- 	-
Bond fees and costs 	- 	- 	(67,498) 	-
Payment of interest 	(39,463) 	- 	(115,717) 	-
Principal paid on Revenue Bonds, Note Maturities & Capital Lease 	- 	- 	(195,000) 	-
Payments to Escrow Agents - Debt Refunding 	- 	- 	(3,555,485) 	-
Intergovernmental revenue 	3,123,445 	62,053 	- 	-
2,631,612 	33,295 	1,672,663 	(96,070)
Cash flows from investment activities
Purchase, Sale and Maturities of Investments, net 	(2,315) 	55,505 	(1,950,059) 	(673)
Interest received on investments 	286 	1,186 	50,345 	45
(2,029) 	56,691 	(1,899,714) 	(628)
190,122 	(46,202) 	610,352 	9,773
53,680 	130,492 	481,810 	15,314
243,802	$ 	84,290	$ 	1,092,162	$ 	25,087	$
(373,496)	$ 	(938,159)	$ 	525,812	$ 	(931,852)	$
provided by operating activities:
Depreciation 	679,490 	542,779 	593,109 	249,481
Amortization 	(1,453) 	(870) 	(13,076) 	(48,401)
Other non-operating income (loss), net 	7,923 	- 	(8,367) 	92
Changes in assets and liabilities:
Accounts Receivable, DFOG, net 	37,485 	4,018 	6,862 	2,500
Prepaids & Other Assets 	- 	- 	(952) 	(7,555)
Accounts Payable & Accrued Liabilities 	53,491 	(52,745) 	81,463 	10,206
Deposits 	- 	- 	7,200 	20,346
Accrued Salary, Compensated Absences and OPEB 	11,402 	23,789 	78,760 	162,351
Cash provided by (used for) operating activities 	414,842 	(421,188) 	1,270,811 	(542,832)
Non-cash Investing, Capital, and Financing Activities
Contributions of Capital Assets (to)/from Other Funds 	35,984	$ 	-	$ 	14,422	$ 	626,435	$
Change in Fair Value of Investments 	(152) 	(1,216) 	(16,889) 	127
Total 	35,832	$ 	(1,216)	$ 	(2,467)	$ 	626,562	$
Cash provided by (used for) capital & related financing
activities
Cash provided by (used for) investing activities
Net increase (decrease) in cash
Cash at beginning of year
Cash at year end
Reconciliation of operating income (loss) to net cash provided by
(used for) operating activities
Cash flows from operating activities
Operating Income (loss)
Adjustments to reconcile net income (loss) to net cash
See accompanying Independent Auditor's Report.
224

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Jamestown
Complex 	Parking
Mahaffey
Theater 	Pier 	Coliseum
Sunken
Gardens 	Total
581,822	$ 	7,635,673	$ 	(458,580)	$ 	1	$ 	658,702	$ 	1,473,264	$ 	17,840,803	$
(193,760) 	(1,009,810) 	(145,996) 	(84) 	(214,147) 	(241,481) 	(3,442,480)
(221,036) 	(2,688,484) 	(716,681) 	(19,584) 	(263,317) 	(565,787) 	(7,090,759)
(227,902) 	(1,650,241) 	- 	- 	(325,965) 	(565,232) 	(5,744,556)
(60,876) 	2,287,138 	(1,321,257) 	(19,667) 	(144,727) 	100,764 	1,563,008
- 	- 	- 	- 	- 	- 	1,192
4,818 	- 	- 	- 	- 	- 	(2,149,800)
92,581 	8,166 	321,000 	20,000 	147,000 	19,000 	892,747
- 	(1,403,958) 	- 	- 	- 	- 	(1,904,290)
97,399 	(1,395,792) 	321,000 	20,000 	147,000 	19,000 	(3,160,151)
- 	- 	- 	- 	- 	- 	5,735,000
- 	- 	1 	- 	- 	(1,747) 	(707,581)
- 	- 	- 	- 	- 	- 	-
- 	- 	- 	- 	- 	- 	(67,498)
- 	- 	- 	- 	- 	- 	(155,180)
- 	- 	- 	- 	- 	- 	(195,000)
- 	- 	- 	- 	- 	- 	(3,555,485)
- 	- 	- 	- 	- 	- 	3,185,498
- 	- 	1 - 	- 	(1,747) 4,239,754
- 	(1,011,818) 	- 	- 	(4,411) 	(28,404) 	(2,942,175)
- 	100,763 	- 	- 	545 	4,629 	157,799
- 	(911,055) 	- 	- 	(3,866) 	(23,775) 	(2,784,376)
36,523 	(19,709) 	(686,252) 	333 	(1,593) 	95,385 	188,732
9,153 	897,028 	778,398 	9,577 	167,907 	153,690 	2,697,049
45,676	$ 	877,319	$ 	92,146	$ 	9,910	$ 	166,314	$ 	249,075	$ 	2,885,781	$
(210,751)	$ 	1,703,196	$ 	(2,302,916)	$ 	(22,947)	$ 	(210,368)	$ 	(191,671)	$ 	(2,953,152)	$
113,053 	372,409 	1,649,354 	3,279 	58,000 	159,158 	4,420,112
(8,750) 	(68,529) 	- 	- 	(565) 	(9,332) 	(150,976)
(9,582) 	165 	29 	1 	278 	409 	(9,052)
1,327 	(1,560) 	26,497 	- 	5,861 	22 	83,012
- 	- 	103,862 	- 	(4,531) 	(18,796) 	72,028
15,833 	107,937 	(742,188) 	- 	(3,270) 	12,665 	(516,608)
6,811 	- 	(55,895) 	- 	(6,743) 	108,630 	80,349
31,183 	173,520 	- 	- 	16,611 	39,679 	537,295
(60,876) 	2,287,138 	(1,321,257) 	(19,667) 	(144,727) 	100,764 	1,563,008
(342,133)	$ 	845,237	$ 	1,857,129	$ 	8,055,580	$ 	137,716	$ 	344,520	$ 	11,574,890	$
- 	(55,415) 	- 	- 	(289) 	(2,574) 	(76,408)
(342,133)	$ 	789,822	$ 	1,857,129	$ 	8,055,580	$ 	137,427	$ 	341,946	$ 	11,498,482	$
225

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226

-- 228 of 298 --

City of St. Petersburg, Florida
Internal Service Funds
Internal Service Funds are used to account for the financing of goods or services
provided by one department to other departments on a cost reimbursement basis.
Equipment Maintenance - This fund is used to account for vehicle and equipment
maintenance, rental, and replacement.
Facilities Maintenance - This fund is used to account for the rental and maintenance of
City Hall and other municipal office buildings.
Technology Services - This fund is used to account for central data processing and
telephone systems and technology services.
Billing and Collections Services (Billing and Collections) - This fund is used to account
for the billing and collection of utility accounts, occupational taxes, and special
assessments. It also includes cashiering functions and collection of invoices.
Consolidated inventory - This fund is used to account for inventory management and
warehousing services.
Insurance Services ("Insurance") - This fund is used to account for insurance and risk
management services for all funds.
227

-- 229 of 298 --

City of St. Petersburg, Florida
Combining Statement of Net Position
Internal Service Funds
September 30, 2017
Equipment
Maintenance
Facilities
Maintenance
Technology
Services
Billing and
Collections
Assets
Current Assets:
Cash and Cash Equivalents $ 1,375,321 $ 879,118 $ 640,461 $ 806,091
Investments 18,276,184 1,780,699 3,087,598 10,985,588
Receivables (Net, where applicable, of
Allowance for Uncollectibles):
Accounts 2,472 - 950 1,205,569
Due to Other Governmental Agencies:
Services 4,942 - - 7,657
Inventories 757,418 - 15,966 -
Prepaid Expenses and Deposits - - 547,763 -
Total Current Assets 20,416,337 2,659,817 4,292,738 13,004,905
Noncurrent Assets:
Capital Assets:
Land 1,076,640 770,000 - -
Buildings 2,945,333 7,231,831 - -
Improvements 1,363,135 1,729,023 - -
Machinery and Equipment 3,190,926 3,665,405 3,999,787 625,534
Projects in Progress - - 290,752 -
Accumulated Depreciation (5,846,780) (9,642,140) (3,851,329) (457,774)
Net Capital Assets 2,729,254 3,754,119 439,210 167,760
Total Assets 23,145,591 6,413,936 4,731,948 13,172,665
Liabilities
Current Liabilities:
Vouchers and Accounts Payable 1,163,896 1,272,990 304,205 597,069
Accrued Salaries 202,945 44,298 235,748 244,803
Accrued Annual Leave 9,055 590 23,241 20,650
Due to Other Governmental Agencies - - 13,938 971,485
Claims - Current Portion - - - -
Other Current Liabilities - - - 11,000
Deposits - - - 8,524,988
Total Current Liabilities 1,375,896 1,317,878 577,132 10,369,995
Noncurrent Liabilities:
Accrued Annual Leave less Current Portion 366,576 95,327 455,682 442,920
Claims - - - -
Obligation for OPEB 1,197,309 175,713 1,611,429 2,135,370
Total Noncurrent Liabilities 1,563,885 271,040 2,067,111 2,578,290
Total Liabilities 2,939,781 1,588,918 2,644,243 12,948,285
Net Position
Net Investment in Capital Assets 2,729,254 3,754,119 439,210 167,760
Unrestricted 17,476,556 1,070,899 1,648,495 56,620
Total Net Position $ 20,205,810 $ 4,825,018 $ 2,087,705 $ 224,380
See accompanying Independent Auditor's Report.
228

-- 230 of 298 --

Consolidated
Inventory Insurance
Total
Internal
Service
Funds
$ 35,337 $ 10,799,362 $ 14,535,690
490,135 60,025,044 94,645,248
- 171,069 1,380,060
- 75 12,674
555,316 - 1,328,700
- 1,812,302 2,360,065
1,080,788 72,807,852 114,262,437
- - 1,846,640
4,946,456 - 15,123,620
1,361 - 3,093,519
112,952 - 11,594,604
- - 290,752
(1,138,194) - (20,936,217)
3,922,575 - 11,012,918
5,003,363 72,807,852 125,275,355
243,488 158,887 3,740,535
14,378 52,823 794,995
- - 53,536
- - 985,423
- 12,594,978 12,594,978
- - 11,000
- - 8,524,988
257,866 12,806,688 26,705,455
28,847 30,493 1,419,845
- 43,474,000 43,474,000
123,392 226,385 5,469,598
152,239 43,730,878 50,363,443
410,105 56,537,566 77,068,898
3,922,575 - 11,012,918
670,683 16,270,286 37,193,539
$ 4,593,258 $ 16,270,286 $ 48,206,457
229

-- 231 of 298 --

City of St. Petersburg, Florida
Combining Statement of Revenues, Expenses and Changes in Fund Net Position
Internal Service Funds
Fiscal Year Ended September 30, 2017
Equipment
Maintenance
Facilities
Maintenance
Technology
Services
Billing and
Collections
Operating Revenues
Service Charges and Fees $ 24,149,683 $ 2,891,880 $ 10,695,367 $ 8,875,754
Total Operating Revenues 24,149,683 2,891,880 10,695,367 8,875,754
Operating Expenses
Personal Services and Benefits 5,616,268 1,117,227 6,415,487 6,440,892
Supplies, Services and Claims 9,610,191 1,242,023 3,153,716 2,553,924
General Administrative Charges 629,232 - 433,344 631,776
Depreciation 6,235,533 226,333 126,076 5,347
Total Operating Expenses 22,091,224 2,585,583 10,128,623 9,631,939
Operating Income (Loss) 2,058,459 306,297 566,744 (756,185)
Nonoperating Revenues (Expenses)
Intergovernmental Revenues 37,978 - 6,000 -
Earnings on Investments 125,941 14,015 25,708 178,533
Gain (Loss) on Disposition of Capital Assets (11,111,766) (196) 5,320 -
Miscellaneous Revenue 3,357 375 7 18,778
Total Nonoperating Revenues (Expenses) (10,944,490) 14,194 37,035 197,311
Income (Loss) Before Contributions
and Transfers (8,886,031) 320,491 603,779 (558,874)
Transfers and Contributions
Capital Assets from (to) Other Funds 8,726 - - -
Transfers From (To) Other Funds:
Transfers In 26,303 - - 141,482
Transfers Out (7,091,907) (2,003,797) - -
Total Transfers and Contributions (7,056,878) (2,003,797) - 141,482
Change in Net Position (15,942,909) (1,683,306) 603,779 (417,392)
Net Position - October 1 36,148,719 6,508,324 1,483,926 641,772
Net Position - September 30 $ 20,205,810 $ 4,825,018 $ 2,087,705 $ 224,380
See accompanying Independent Auditor's Report.
230

-- 232 of 298 --

Consolidated
Inventory Insurance
Total
Internal
Service Funds
$ 505,742 $ 69,022,874 $ 116,141,300
505,742 69,022,874 116,141,300
418,747 1,375,305 21,383,926
254,800 67,086,159 83,900,813
- - 1,694,352
100,320 - 6,693,609
773,867 68,461,464 113,672,700
(268,125) 561,410 2,468,600
1,500 - 45,478
4,854 516,202 865,253
404 - (11,106,238)
101 537,750 560,368
6,859 1,053,952 (9,635,139)
(261,266) 1,615,362 (7,166,539)
- - 8,726
10,833 - 178,618
- - (9,095,704)
10,833 - (8,908,360)
(250,433) 1,615,362 (16,074,899)
4,843,691 14,654,924 64,281,356
$ 4,593,258 $ 16,270,286 $ 48,206,457
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City of St. Petersburg, Florida
Combining Statement of Cash Flows
Internal Service Funds
Fiscal Year Ended September 30, 2017
Equipment
Maintenance
Facilities
Maintenance 	Technology Services
Cash flows from operating activities
Cash received from customers and users 	23,426,563	$ 	3,225,017	$ 	10,699,744	$
Cash payments for interfund services provided 	(2,063,574) 	(556,974) 	(1,459,029)
Cash payments to vendors for goods & services 	(9,729,439) 	(24,991) 	(2,895,096)
Cash payments to employees for services 	(4,510,834) 	(910,103) 	(5,515,247)
Cash provided by (used for) operating activities 	7,122,716 	1,732,949 	830,372
Cash flows from noncapital financing activities
Intergovernmental Revenue 	37,978 	- 	6,000
Transfers-in 	- 	- 	-
Transfers-out 	(2,418,730) 	(1,999,804) 	-
Cash provided by (used for) noncapital financing activities 	(2,380,752) 	(1,999,804) 	6,000
Cash flows from capital & related financing activities
Acquisition & Construction of Capital Assets 	(2,686,678) 	- 	(118,376)
Proceeds from sale of property, plant, equipment 	741,819 	- 	-
Cash provided by (used for) capital & related financing activities 	(1,944,859) 	- 	(118,376)
Cash flows from operating activities
Purchase, Sale and Maturities of Investments, net 	(3,893,536) 	632,812 	(1,290,403)
Interest received on investments 	324,826 	49,073 	46,068
(3,568,710) 	681,885 	(1,244,335)
(771,605) 	415,030 	(526,339)
2,146,926 	464,088 	1,166,800
1,375,321	$ 	879,118	$ 	640,461	$
2,058,459	$ 	306,297	$ 	566,744	$
provided by operating activities:
Depreciation 	6,235,533 	226,333 	126,076
Other non-operating income (loss), net 	(720,788) 	179 	5,327
Changes in assets and liabilities:
Accounts Receivable, DFOG, net 	(2,332) 	332,958 	(950)
Prepaids & Other Assets 	(126,070) 	- 	(98,181)
Accounts Payable & Accrued Liabilities 	(418,402) 	836,795 	90,271
Deposits 	- 	- 	-
Accrued Salary, Compensated Absences and OPEB 	96,316 	30,387 	141,085
Cash provided by (used for) operating activities 	7,122,716 	1,732,949 	830,372
Non-cash Investing, Capital, and Financing Activities
Contributions of Capital Assets (to)/from Other Funds 	(15,749,914)	$ 	(3,993)	$ 	-	$
Change in Fair Value of Investments 	(198,885) 	(35,058) 	(20,360)
Total 	(15,948,799)	$ 	(39,051)	$ 	(20,360)	$
Net increase (decrease) in cash
Cash at beginning of year
Cash at year end
Reconciliation of operating income (loss) to net cash provided by (used
for) operating activities
Cash flows from operating activities
Operating Income (loss)
Adjustments to reconcile net income (loss) to net cash
Cash provided by (used for) investing activities
See accompanying Independent Auditor's Report.
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Billings &
Collections
Consolidated
Inventory 	Insurance 	Total
9,160,746	$ 	506,248	$ 	69,492,553	$ 	116,510,871	$
(2,380,253) 	(126,929) 	(273,463) 	(6,860,222)
(1,527,741) 	(150,835) 	(66,977,375) 	(81,305,477)
(5,336,589) 	(332,874) 	4,251,967 	(12,353,680)
(83,837) 	(104,390) 	6,493,682 	15,991,492
- 	1,500 	(50) 	45,428
- 	- 	- 	-
110,400 	- 	- 	(4,308,134)
110,400 	1,500 	(50) 	(4,262,706)
(128,800) 	- 	- 	(2,933,854)
- 	- 	- 	741,819
(128,800) 	- 	- 	(2,192,035)
(827,905) 	(34,614) 	(6,997,573) 	(12,411,219)
314,693 	10,968 	1,218,289 	1,963,917
(513,212) 	(23,646) 	(5,779,284) 	(10,447,302)
(615,449) 	(126,536) 	714,348 	(910,551)
1,421,540 	161,873 	10,085,014 	15,446,241
806,091	$ 	35,337	$ 	10,799,362	$ 	14,535,690	$
(756,185)	$ 	(268,125)	$ 	561,410	$ 	2,468,600	$
5,347 	100,320 	- 	6,693,609
18,778 	506 	537,750 	(158,248)
(44,255) 	- 	(68,071) 	217,350
- 	51,742 	97,803 	(74,706)
130,318 	(246) 	(88,731) 	550,005
310,469 	- 	- 	310,469
251,691 	11,413 	5,453,521 	5,984,413
(83,837) 	(104,390) 	6,493,682 	15,991,492
31,082	$ 	10,833	$ 	-	$ 	(15,711,992)	$
(136,160) 	(6,114) 	(702,087) 	(1,098,664)
(105,078)	$ 	4,719	$ 	(702,087)	$ 	(16,810,656)	$
233

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234

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City of St. Petersburg, Florida
Fiduciary Funds
Fiduciary Funds are used to account for funds held in trust by the City of St. Petersburg for the
Employees Retirement Fund, Police Pension Fund and Fire Pension Fund or funds held in an
agency capacity for others.
Pension Funds
Employees Retirement Fund - This fund is used to account for the activities of the City of St.
Petersburg Employees Retirement Fund.
Police Pension Fund - This fund is used to account for the activities of the City of St. Petersburg
Police Pension Fund.
Fire Pension Fund - This fund is used to account for the activities of the City of St. Petersburg
Fire Pension Fund.
The Combining Statement of Fiduciary Net Position - Pension Trust Funds and the Combining
Statement of Changes in Fiduciary Net Position - Pension Trust Funds are located in the notes
to the financial statements. See Note 18 - Employee Defined Benefit Pension Plans.
Agency Funds
Payroll Treasury Agency Fund - This fund is used to account for the funds held in an agency
capacity for payroll.
Other Treasury Agency Fund - This fund is used to account for the funds held in an agency
capacity for various government units, individuals or funds.
235

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City of St. Petersburg, Florida
Combining Statement of Fiduciary Net Position
Agency Funds
September 30, 2017
Payroll
Treasury
Agency Fund
Other
Treasury
Agency Fund Total
Assets
Accounts Receivable $ 5,800 $ - $ 5,800
Total Assets $ 5,800 $ - $ 5,800
Liabilities
Due to Other Entities and Individuals 5,800 - 5,800
Total Liabilities $ 5,800 $ - $ 5,800
See accompanying Independent Auditor's Report
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City of St. Petersburg, Florida
Combining Statement of Changes in Assets and Liabilities
Agency Funds
Fiscal Year Ended September 30, 2017
Payroll Treasury
Balance
September
30, 2016 Additions Deductions
Balance
September
30, 2017
Assets
Cash and Cash Equivalents $ 34,103 608,860,196 608,894,299 $ -
Accounts Receivable 5,800 6,158 6,158 5,800
Total Assets 39,903 608,866,354 608,900,457 5,800
Liabilities
Due to Other Entities and Individuals 39,903 408,637,421 408,671,524 5,800
Total Liabilities $ 39,903 408,637,421 408,671,524 $ 5,800
Other Treasury
Balance
September
30, 2016 Additions Deductions
Balance
September
30, 2017
Assets
Cash and Cash Equivalents $ - 4,436,347,590 4,436,347,590 $ -
Pooled Equity in Investments - 237,592,543 237,592,543 -
Accounts Receivable - 47,435 47,435 -
Total Assets - 4,673,987,568 4,673,987,568 -
Liabilities
Due to Other Entities and Individuals - 19,442,851 19,442,851 -
Total Liabilities $ - 19,442,851 19,442,851 $ -
See accompanying Independent Auditor's Report
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238

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III. STATISTICAL SECTION
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City of St. Petersburg, Florida
Statistical Section
For the Year Ended September 30, 2017
The Statistical Section of the Comprehensive Annual Financial Report for the City of St.
Petersburg is intended to provide financial statement users with additional historical
perspective, context, and detail to assist in using information in the financial statements, notes
to the financial statements, and required supplementary information to understand and assess
the City's economic condition. This section includes statistics for the City (i.e., the primary
government) only and does not include the City's discretely presented component unit.
The Statistical Section is unaudited and includes the following documents:
Financial Trends Information
These schedules contain trend information to help the reader understand how the City’s
financial performance and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the City’s most significant local
revenue source: the property tax.
Debt Capacity Information
These schedules contain trend information to help the reader understand the City’s outstanding
debt, legal capacity information and related debt service coverage ratios.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the City’s financial activities take place.
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the
information in the City’s financial report relates to the services the City provides and the
activities it performs.
Sources:
Unless otherwise noted, the information in these schedules is derived from the comprehensive
annual financial reports for the relevant year. Statement users will find footnotes on the face of
the schedules to assist in understanding trends.
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FINANCIAL
TRENDS
INFORMATION
241

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242

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City of St. Petersburg, Florida
Net Position By Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2017 2016 2015 (2) 2014 (2) 2013 2012 (1) 2011 2010 2009 2008
Governmental Activities
Net investment in capital assets $ 338,458,935 $ 345,467,808 $ 345,425,116 $ 329,454,431 $ 315,093,031 $ 338,624,957 $ 383,738,567 $ 317,722,669 $ 486,163,709 $ 462,033,885
Restricted 28,830,449 21,859,118 26,714,114 28,418,788 29,415,453 30,810,901 33,416,322 76,621,163 77,543,670 78,911,966
Unrestricted 193,210,387 191,826,966 162,890,064 132,519,821 156,549,002 147,593,223 101,165,653 140,355,385 146,956,415 146,123,014
Total Governmental Activities Net Position 560,499,771 559,153,892 535,029,294 490,393,040 501,057,486 517,029,081 518,320,542 534,699,217 710,663,794 687,068,865
Business-type Activities
Net investment in capital assets 504,565,046 484,346,509 492,706,870 513,876,988 525,501,002 559,430,846 586,110,679 597,824,125 418,716,027 414,580,883
Restricted 14,750,889 19,662,021 32,940,948 62,724,650 78,431,454 59,285,133 74,999,653 37,812,908 5,681,189 770,058
Unrestricted 142,683,420 141,793,637 121,790,678 96,030,867 95,187,269 108,194,112 88,937,520 133,860,070 166,804,172 167,802,418
Total Business-type Activities Net Position 661,999,355 645,802,167 647,438,496 672,632,505 699,119,725 726,910,091 750,047,852 769,497,103 591,201,388 583,153,359
Primary Government
Net investment in capital assets 843,023,981 829,814,317 838,131,986 843,331,419 840,594,033 898,055,803 969,849,246 915,546,794 904,879,736 876,614,768
Restricted 43,581,338 41,521,139 59,655,062 91,143,438 107,846,907 90,096,034 108,415,975 114,434,071 83,224,859 79,682,024
Unrestricted 335,893,807 333,620,603 284,680,742 228,550,688 251,736,271 255,787,335 190,103,173 274,215,455 313,760,587 313,925,432
Total Primary Government Net Position $ 1,222,499,126 $ 1,204,956,059 $ 1,182,467,790 $ 1,163,025,545 $ 1,200,177,211 $ 1,243,939,172 $ 1,268,368,394 $ 1,304,196,320 $ 1,301,865,182 $ 1,270,222,224
(1) GASB's 62, 63 and 65 were implemented in fiscal year 2012 and changes have not been restated for fiscal years 2011 and prior.
(2) GASB's 68 and 71 were implemented in fiscal year 2015 and the fiscal year 2014 balances are restated here to reflect the implementation and related prior period adjustment.
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City of St. Petersburg, Florida
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2017 2016 2015 (2) 2014 2013 2012 (1) 2011 2010 2009 2008
Expenses
Governmental Activities:
General Government $ 41,180,855 $ 39,401,295 $ 39,348,806 $ 31,433,231 $ 27,592,059 $ 27,484,912 $ 39,973,559 $ 38,178,164 $ 39,635,505 $ 39,875,230
Community and Economic Development 20,530,929 25,639,209 16,163,418 20,020,091 16,253,877 17,878,776 27,654,061 23,392,593 23,212,864 25,337,893
Police 114,930,124 100,589,020 89,420,272 95,704,280 94,712,113 93,275,050 96,398,855 91,135,117 90,646,089 91,691,477
Fire and EMS 43,254,689 41,949,594 39,758,629 49,215,924 46,543,810 47,472,803 49,592,465 47,954,869 48,384,025 47,643,841
Public Works, Streets and Facilities 31,828,229 21,319,804 30,981,025 28,294,856 34,157,385 33,931,921 25,077,637 16,208,520 21,501,313 21,884,510
Recreation, Culture and Social 54,966,996 58,126,018 51,208,250 54,790,800 47,822,871 52,601,786 46,604,748 44,972,705 61,884,711 61,549,149
Interest on Long-Term Debt 2,501,068 1,568,898 1,503,527 2,054,762 2,869,844 3,607,747 5,033,700 5,623,196 6,428,023 7,460,824
Total Governmental Activities Expenses 309,192,890 288,593,838 268,383,927 281,513,944 269,951,959 276,252,995 290,335,025 267,465,164 291,692,530 295,442,924
Business-type Activities:
Water and Waste Water Utility 115,296,480 114,768,677 115,141,604 106,155,998 107,759,932 104,932,909 104,704,408 98,015,537 95,655,633 99,136,630
Stormwater Utility 15,786,948 16,258,907 15,736,861 15,541,418 14,699,179 14,890,554 13,542,653 14,062,820 13,638,448 14,169,266
Sanitation 41,660,758 40,640,667 45,406,933 39,090,760 36,899,176 37,460,953 38,102,702 37,707,634 36,910,607 38,062,985
Tropicana Field 6,277,185 6,293,282 6,456,480 8,225,945 7,116,475 7,088,308 6,820,058 6,358,385 - -
Airport 1,546,366 1,541,559 1,760,427 1,703,550 1,419,949 1,072,295 1,417,940 1,294,662 1,388,716 1,221,822
Port 1,026,277 1,043,589 874,667 844,507 923,851 1,114,952 1,532,136 1,094,820 987,025 885,491
Marina 3,512,662 3,364,333 4,189,409 3,572,867 3,370,490 3,539,546 3,570,871 2,525,854 2,354,034 2,263,363
Golf Courses 3,777,731 3,841,861 3,591,614 3,863,244 3,967,520 4,038,963 4,145,459 3,852,204 4,250,100 4,287,233
Jamestown Complex 1,143,617 691,204 743,377 708,109 654,469 466,272 640,723 649,880 645,127 602,778
Parking 6,056,754 5,630,019 5,177,543 5,026,772 4,579,458 4,461,800 4,631,050 4,441,013 - -
Mahaffey 2,448,161 6,011,641 6,325,812 5,617,106 5,677,990 5,675,106 5,594,814 5,318,367 - -
Pier 22,944 (11,941) 358,444 446,579 4,836,102 5,756,027 5,488,667 3,317,370 - -
Coliseum 868,837 860,631 904,524 923,664 875,880 918,823 1,005,036 952,007 - -
Sunken Gardens 1,543,866 1,439,376 1,244,252 1,299,949 1,251,532 1,158,972 1,159,590 1,113,125 - -
Total Business-type Activities 200,968,586 202,373,805 207,911,947 193,020,468 194,032,003 192,575,480 192,356,107 180,703,678 155,829,690 160,629,568
Total Primary Government Expenses 510,161,476 490,967,643 476,295,874 474,534,412 463,983,962 468,828,475 482,691,132 448,168,842 447,522,220 456,072,492
Program Revenues
Governmental Activities:
Charges for Services:
General Government 26,180,815 25,008,773 25,588,021 23,979,071 21,253,713 19,998,376 21,909,825 18,867,174 19,817,671 18,195,945
Community and Economic Development 10,890,299 10,716,968 9,965,943 8,985,354 7,974,763 6,698,963 5,064,441 4,746,494 4,754,650 5,032,048
Police 4,931,788 4,537,354 4,264,678 4,908,117 5,951,206 5,783,656 3,942,075 2,798,285 4,167,737 3,937,556
Fire and EMS 13,365,978 13,491,297 13,576,957 14,285,038 13,773,082 13,063,380 13,146,937 13,323,610 15,053,402 14,266,708
Public Works 1,086,202 905,723 1,085,615 1,481,064 1,287,717 730,562 262,034 611,424 5,812,897 4,254,239
Recreation and Culture 6,426,171 6,352,970 6,564,302 5,929,944 6,561,071 7,109,628 6,866,414 5,942,323 13,172,302 13,132,583
Operating Grants and Contributions 10,517,539 9,445,795 6,821,336 9,201,224 10,331,039 6,037,740 7,458,717 6,525,944 13,086,817 22,056,970
Capital Grants and Contributions 6,471,582 5,562,573 3,733,884 616,129 916,449 9,906,530 13,840,226 18,355,946 6,389,691 5,548,409
Total Governmental Activities Program Revenues 79,870,374 76,021,453 71,600,736 69,385,941 68,049,040 69,328,835 72,490,669 71,171,200 82,255,167 86,424,458
Business-type Activities:
Charges for Services:
Water and Waste Water Utility 122,493,193 116,323,253 111,051,865 106,737,684 101,885,017 101,175,434 95,754,184 89,685,100 90,109,001 91,344,531
Stormwater Utility 15,654,513 11,824,404 11,965,653 11,726,654 11,834,570 11,642,112 12,182,306 12,275,998 11,992,634 11,777,411
Sanitation 43,760,762 44,091,174 40,187,067 40,557,379 40,117,857 39,835,630 39,524,555 39,910,352 40,089,897 39,773,147
Tropicana Field 1,359,840 1,198,181 1,304,151 1,430,589 1,506,357 1,436,634 1,421,744 1,631,382 - -
Airport 1,137,980 1,139,131 1,119,783 1,152,579 877,784 989,405 996,722 941,184 894,795 838,887
Port 88,260 133,899 43,928 105,162 57,875 206,372 185,026 182,920 189,581 156,747
Marina 3,783,870 3,753,431 3,769,189 3,747,555 3,433,502 3,351,961 3,253,788 2,765,619 2,760,434 2,720,224
Golf Courses 2,852,478 3,257,031 3,338,378 3,427,870 3,537,661 3,663,158 3,462,240 3,272,289 3,719,800 3,937,482
Jamestown Complex 583,266 469,030 465,173 486,373 453,737 388,540 526,014 503,500 510,024 442,585
Parking 7,637,068 7,613,755 6,951,993 6,162,463 6,246,572 5,671,961 4,919,124 4,508,906 - -
Mahaffey 146,434 3,571,112 3,670,641 2,787,508 3,021,141 2,979,981 2,220,446 2,513,252 - -
Pier - - - - 537,771 946,158 989,196 1,212,985 - -
Coliseum 659,576 568,464 568,681 576,373 493,279 544,769 559,190 502,147 - -
Sunken Gardens 1,354,252 1,120,215 942,843 893,863 809,863 761,578 647,923 605,338 - -
Operating Grants and Contributions 3,529,778 2,689,792 1,277,263 1,971,091 1,660,484 1,294,996 669,447 1,464,498 1,324,016 1,415,362
Capital Grants and Contributions 1,563,014 4,805,151 4,386,636 5,705,904 2,890,584 3,668,781 7,343,376 5,547,370 12,866,193 2,851,376
Total Business-type Activities Program Revenues 206,604,284 202,558,023 191,043,244 187,469,047 179,364,054 178,557,470 174,655,281 167,522,840 164,456,375 155,257,752
Total Primary Government Program Revenues $ 286,474,658 $ 278,579,476 $ 262,643,980 $ 256,854,988 $ 247,413,094 $ 247,886,305 $ 247,145,950 $ 238,694,040 $ 246,711,542 $ 241,682,210
Net (Expense) Revenue
Government Activities $ (229,322,516) $ (212,572,385) $ (196,783,191) $ (212,128,003) $ (201,902,919) $ (206,924,160) $ (217,844,356) $ (196,293,964) $ (209,437,363) $ (209,018,466)
Business-type Activities 5,635,698 184,218 (16,868,703) (5,551,421) (14,667,949) (14,018,010) (17,700,826) (13,180,838) 8,626,685 (5,371,816)
Total Primary Government Program Revenues $ (223,686,818) $ (212,388,167) $ (213,651,894) $ (217,679,424) $ (216,570,868) $ (220,942,170) $ (235,545,182) $ (209,474,802) $ (200,810,678) $ (214,390,282)
244

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City of St. Petersburg, Florida
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2017 2016 2015 (2) 2014 2013 2012 (1) 2011 2010 2009 2008
General Revenues and Other Changes in Net Position
Government Activities:
Taxes (3)
Property Tax, Levied for general purposes $ 104,481,680 $ 96,259,446 $ 88,648,292 $ 82,225,247 $ 79,021,993 $ 70,322,445 $ 75,037,770 $ 83,484,249 $ 95,140,129 $ 101,569,442
Public Service Tax 27,645,800 27,599,020 26,774,215 27,309,432 25,755,347 24,384,936 25,400,972 26,612,169 23,353,192 22,446,269
Occupational Tax 2,500,872 2,461,341 2,465,739 2,393,845 1,920,732 2,409,291 2,407,083 2,405,903 2,596,245 2,950,446
Franchise Tax 18,852,631 19,048,846 20,232,851 20,156,734 18,836,152 19,660,729 20,506,108 22,159,989 21,014,619 18,922,607
Intergovernmental
Communication Services Tax 9,620,042 9,729,360 10,318,666 11,005,466 11,493,181 11,956,587 12,802,642 12,795,240 14,085,313 16,190,432
Sales Tax 18,172,690 17,863,512 17,092,404 16,553,518 15,408,015 14,975,121 13,923,372 13,870,492 14,043,313 15,293,018
Local Option Sales Surtax 25,257,535 24,571,993 23,435,705 21,813,267 20,427,624 18,994,866 18,610,075 18,847,964 20,829,319 22,838,462
State Tax Revenue Sharing (unrestricted) 9,661,911 8,540,928 8,663,170 8,210,074 7,861,360 7,521,597 7,463,366 7,433,838 7,418,031 8,397,333
Tourist Development Tax - - 7,848,164 6,853,977 5,932,587 5,864,763 4,977,610 4,502,390 4,691,881 5,068,347
Tax Increment 6,223,820 5,127,215 4,879,693 4,203,175 3,575,584 3,423,906 3,779,258 3,986,213 4,535,832 4,139,159
Gasoline Tax 3,544,665 3,514,565 3,406,675 3,382,161 3,215,565 3,235,960 3,173,633 3,274,266 3,510,104 3,553,451
Miscellaneous Taxes 734,050 671,296 538,399 595,971 579,702 638,497 421,329 498,733 514,170 219,076
Earnings on Unrestricted Investments 5,603,689 8,768,947 5,333,206 6,401,114 1,730,780 6,312,386 4,061,012 7,817,651 10,601,682 6,719,628
Unrealized Loss on Securities Lending - - - - - - - - - (7,379,813)
Gain (Loss) on Sale of Capital Assets 854,912 946,626 906,248 393,161 1,718,115 387,657 315,113 (4,252,521) 291,919 179,223
Special item - loss on change in capitalization
threshold - - - - (27,002,920) - - - - -
Miscellaneous Income 942,413 1,786,245 9,294,246 1,790,240 6,792,592 5,499,021 1,746,660 2,177,947 549,947 2,553,459
Transfers (3,428,315) 9,807,643 11,581,772 14,465,480 8,664,915 7,545,359 6,839,678 4,145,418 9,856,596 6,256,701
Total Governmental Activities 230,668,395 236,696,983 241,419,445 227,752,862 185,931,324 203,133,121 201,465,681 209,759,941 233,032,292 229,917,240
Business-type Activities:
Earnings on Unrestricted Investments 6,423,501 7,322,148 2,334,909 2,196,891 1,717,562 4,360,754 3,294,385 6,378,443 8,471,940 9,429,294
Unrealized Loss on Securities Lending - - - - - - - - - (6,925,399)
Gain (Loss) on Sale of Capital Assets 202,994 24,529 122,310 194,469 362,819 45,629 457,340 (612,929) 506,090 427,025
Special item - loss on change in capitalization
threshold - - - - (9,841,305) - - - - -
Miscellaneous Income 506,680 640,419 799,247 811,476 3,303,422 1,073,881 1,339,528 425,903 299,910 362,604
Transfers 3,428,315 (9,807,643) (11,581,772) (14,465,480) (8,664,915) (7,545,359) (6,839,678) (4,145,418) (9,856,596) (6,256,701)
Total Business-type Activities 10,561,490 (1,820,547) (8,325,306) (11,262,644) (13,122,417) (2,065,095) (1,748,425) 2,045,999 (578,656) (2,963,177)
Total Primary Government $ 241,229,885 $ 234,876,436 $ 233,094,139 $ 216,490,218 $ 172,808,907 $ 198,338,513 $ 199,717,256 $ 211,805,940 $ 232,453,636 $ 226,954,063
Change in Net Position
Governmental Activities $ 1,345,879 $ 24,124,598 $ 44,636,254 $ 15,624,859 $ (15,971,595) $ (3,791,039) $ (16,378,675) $ 13,465,977 $ 23,594,929 $ 20,898,774
Business-type Activities 16,197,188 (1,636,329) (25,194,009) (16,814,065) (27,790,366) (16,083,105) (19,449,251) (11,134,839) 8,048,029 (8,334,993)
Total Primary Government $ 17,543,067 $ 22,488,269 $ 19,442,245 $ (1,189,206) $ (43,761,961) $ (19,874,144) $ (35,827,926) $ 2,331,138 $ 31,642,958 $ 12,563,781
(1) GASB's 62, 63 and 65 were implemented in fiscal year 2012 and changes have not been restated for fiscal years 2011 and prior.
(2) GASB's 68 and 71 were implemented in fiscal year 2015.
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City of St. Petersburg, Florida
Fund Balances, Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2017 2016 2015 2014 2013 2012 2011 2010 (1) 2009 2008
General Fund
Non-Spendable $ 9,042,585 $ 4,612,904 $ 3,734,959 $ 4,176,612 $ 4,767,840 $ 4,111,920 38,252 $ 63,585 $ - $ -
Committed 32,104,733 29,614,754 27,768,624 26,174,290 25,065,024 26,346,101 25,192,252 28,889,692 - -
Assigned - - - - - - - 637,073 - -
Unassigned 23,154,218 28,187,000 29,180,220 20,045,611 10,197,562 7,891,145 20,061,954 23,849,003 - -
Reserved - - - - - - - - 726,875 601,991
Unreserved - - - - - - - - 42,629,314 38,569,059
Total Governmental Activities
Fund Balance 64,301,536 62,414,658 60,683,803 50,396,513 40,030,426 38,349,166 45,292,458 53,439,353 43,356,189 39,171,050
All Other Governmental Funds
Non-Spendable $ 503,700 $ 433,883 $ 387,311 $ 395,569 $ 385,698 $ 374,190 $ 10,061,295 $ 353,792 $ - $ -
Restricted 229,731,689 160,736,128 97,469,715 93,431,776 81,630,216 72,439,841 62,821,368 75,600,147 - -
Committed 15,757,308 15,489,334 17,531,749 14,527,242 14,762,863 11,345,489 11,527,129 16,871,883 - -
Assigned 21,566,107 26,317,966 18,169,917 19,625,106 20,911,313 23,197,031 24,023,804 18,848,659 - -
Unassigned - - - - (21,667) (344,463) - - - -
Reserved, Reported In:
All Other Governmental Funds - - - - - - - - 18,927,131 9,128,393
Debt Service Funds - - - - - - - - - 20,713,149
Unreserved, Reported In:
Special Revenue Funds - - - - - - - - 59,568,462 62,201,246
Capital Projects Funds - - - - - - - - 56,805,379 55,876,096
Total of All Other
Governmental Funds $ 267,558,804 $ 202,977,311 $ 133,558,692 $ 127,979,693 $ 117,668,423 $ 107,012,091 $ 108,433,596 $ 111,674,481 $ 135,300,972 $ 147,918,884
(1) GASB 54 was implemented in 2010 and reflects new fund balance classifications for 2010. The new classifications have not been restated for 2009 and prior.
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City of St. Petersburg, Florida
Changes in Fund Balances - Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
REVENUES
Taxes $ 125,835,183 $ 117,769,633 $ 111,346,882 $ 104,775,826 $ 100,304,976 $ 92,519,177 $ 98,255,072 $ 108,354,252 $ 119,946,229 $ 121,512,325
Public Service Tax (6) 27,645,800 27,599,020 26,774,215 27,309,432 25,755,347 24,384,936 25,400,972 26,612,169 23,353,192 22,446,269
Licenses and Permits 6,819,973 6,668,289 5,764,730 5,173,123 4,959,026 3,847,454 3,278,469 3,170,105 3,020,012 3,104,501
Fines and Forfeitures 3,589,139 3,654,468 4,199,481 3,793,324 4,411,977 4,035,054 1,937,642 2,520,494 3,395,352 3,067,070
Charges for Services and User Fees 26,843,588 25,702,120 25,278,000 25,267,284 24,003,940 23,455,886 23,276,204 20,135,780 33,164,416 31,072,698
Charges for General Administration 7,052,832 6,914,592 9,384,636 9,412,752 9,306,064 9,306,012 9,403,380 8,724,084 8,809,572 7,668,000
Intergovernmental Revenue
Federal, State and Other Grants 11,760,247 10,221,150 10,478,002 9,780,135 11,247,925 15,907,052 20,260,984 24,311,766 16,688,588 24,975,131
State - Sales Tax 18,172,690 17,863,512 17,092,404 16,553,518 15,408,015 14,975,121 14,347,797 13,870,492 14,043,313 15,293,018
State - Revenue Sharing 10,074,186 8,940,196 9,018,877 8,555,369 8,179,856 7,521,597 7,463,366 7,433,838 7,418,031 8,397,333
State - Communication Services Tax 9,620,042 9,729,360 10,318,666 11,005,466 11,493,181 11,956,587 12,802,642 12,795,240 14,085,313 16,190,432
State - Housing Improvement Program - - - - - - - - 2,113,444 1,956,626
State - Other (1) 688,572 634,293 538,399 595,971 579,702 638,497 421,329 498,733 514,170 412,748
Pinellas County - Gasoline Tax 3,544,665 3,514,565 3,406,675 3,382,161 3,215,565 3,235,960 3,173,633 3,274,266 3,510,104 3,359,779
Pinellas County - Sales Tax 25,257,535 24,571,993 23,435,705 21,813,267 20,427,624 18,994,866 18,185,650 18,847,964 20,829,319 22,838,462
Pinellas County - Tourist Development - - 7,848,164 6,853,977 5,932,587 5,864,763 4,977,610 4,502,390 4,691,881 5,068,347
Pinellas County - Tax Increment 6,223,820 5,127,215 4,879,693 4,203,175 3,575,584 3,423,906 3,779,258 3,986,213 4,535,832 4,139,159
Pinellas County - Pedestrian Improvement Program - - - - - - - - - 35,017
Pinellas County - Other 4,452,578 4,750,000 - - - - - - - -
Total 89,794,335 85,352,284 87,016,585 82,743,039 80,060,039 82,518,349 85,412,269 89,520,902 88,429,995 102,666,052
Use of Money and Property
Earnings on Investments 4,738,478 6,095,818 3,769,083 5,196,708 2,304,239 4,834,660 1,379,053 5,342,106 6,849,689 2,229,862
Other Interest Revenue (2) - - - - - - - - - -
Securities Lending - - - - - - - - - 1,690,777
Securities Lending Unrealized Loss - - - - - - - - - (5,082,715)
Interest on Assessments - - - - - - - - - 26,393
Rentals 800,935 649,838 614,453 526,352 432,751 411,250 400,759 358,830 2,920,852 3,064,408
Total 5,539,413 6,745,656 4,383,536 5,723,060 2,736,990 5,245,910 1,779,812 5,700,936 9,770,541 1,928,725
Miscellaneous
Contributions 741,131 358,851 386,981 381,858 509,020 477,021 573,839 410,630 637,117 638,606
Assessments 927,588 1,109,677 465,516 1,999,997 1,059,024 605,383 500,686 615,887 190,434 347,144
Dispositions of Property 184,281 695,909 747,008 920,034 815,902 502,051 994,221 184,054 193,110 349,319
Settlement Revenues 13,389 - 8,000,000 - 3,997,159 - - - - -
Other (3) 1,410,821 1,545,699 1,249,277 1,416,031 3,015,734 1,108,970 1,007,961 1,284,992 1,763,629 2,523,788
Total 3,277,210 3,710,136 10,848,782 4,717,920 9,396,839 2,693,425 3,076,707 2,495,563 2,784,290 3,858,857
TOTAL REVENUES 296,397,473 284,116,198 284,996,847 268,915,760 260,935,198 248,006,203 251,820,527 267,234,285 292,673,599 297,324,497
EXPENDITURES
Current Operations
General Government 23,268,099 21,473,235 23,154,373 16,058,051 13,880,892 14,672,753 15,415,127 25,080,033 26,426,476 25,084,845
Community and Economic Development 17,384,870 14,039,942 14,912,692 17,292,165 14,464,853 15,026,177 17,999,906 28,008,570 24,238,780 22,973,120
Public Works 11,036,522 10,683,589 10,145,310 11,078,333 28,938,443 22,168,371 21,731,956 7,796,719 11,028,172 13,548,520
Public Safety
Police 105,528,893 99,772,940 93,640,691 90,914,374 91,234,377 88,866,403 88,392,589 86,082,228 85,362,695 86,025,521
Fire and EMS 44,323,468 44,341,874 44,480,137 44,942,714 44,329,900 44,246,454 44,445,246 44,496,378 44,734,932 44,336,345
Recreation, Culture and Social 48,398,807 46,813,999 44,185,356 44,713,043 44,580,867 42,767,519 48,102,411 37,137,303 48,138,462 47,854,805
Securities Lending
Interest - - - - - - - - - 1,547,237
Agent Fees - - - - - - - - - 52,156
Debt Service
Principal Payments (5) 5,242,000 14,176,000 14,070,000 31,853,000 11,938,000 38,675,000 15,831,000 17,766,000 18,396,000 46,015,000
Interest Payments (5) 2,692,537 1,087,111 1,543,967 2,968,306 3,220,917 4,066,808 5,078,422 5,908,465 6,581,709 7,084,571
Remarketing and Other Fees 148,888 618,555 9,530 56,059 10,184 62,259 49,478 9,792 18,610 72,269
Bond Costs - - - - - - - - - 45,123
Capital Outlay (4) 45,663,755 38,229,051 38,242,445 26,713,335 9,723,610 18,980,589 25,123,339 33,543,128 39,466,363 42,092,824
TOTAL EXPENDITURES 303,687,839 291,236,296 284,384,501 286,589,380 262,322,043 289,532,333 282,169,474 285,828,616 304,392,199 336,732,336
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES (7,290,366) (7,120,098) 612,346 (17,673,620) (1,386,845) (41,526,130) (30,348,947) (18,594,331) (11,718,600) (39,407,839)
OTHER FINANCING SOURCES (USES)
Transfers In 91,266,104 105,614,551 39,739,900 41,792,708 33,390,956 64,147,101 49,047,267 58,561,938 157,436,302 159,788,626
Transfers Out (72,687,369) (87,990,576) (24,485,957) (19,781,731) (19,666,519) (52,507,768) (37,563,167) (50,273,848) (145,154,910) (143,640,576)
Loan Proceeds - - - - - - - - - 23,856,000
Issuance of Debt 55,180,000 56,205,000 - 16,340,000 - 21,522,000 4,520,000 - - -
Premium - 4,440,597 - - - - - - - -
TOTAL OTHER FINANCING SOURCES (USES) 73,758,735 78,269,572 15,253,943 38,350,977 13,724,437 33,161,333 16,004,100 8,288,090 12,281,392 40,004,050
NET CHANGE IN FUND BALANCE $ 66,468,369 $ 71,149,474 $ 15,866,289 $ 20,677,357 $ 12,337,592 $ (8,364,797) $ (14,344,847) (10,306,241) $ 562,792 $ 596,211
Debt Services as % of Non-capital Expenditures (4) 2.96% 5.94% 6.01% 12.81% 6.11% 15.66% 7.96% 9.35% 9.44% 20.85%
(1) State-other revenue includes State shared revenue for alcoholic beverage tax, cigarette tax, fire fighter's supplemental comp. tax, fuel tax rebates, mobile home tax, and state aid to cities.
(2) Other interest revenue includes miscellaneous earnings on other investments
(3) Other revenue includes parks and recreation other service charges, other prior year recoveries, short and over revenue, other licenses and permits, other capital recovery, other transportation service revenue and other miscellaneous
revenues of minor dollar amounts.
(4) Debt service as a percent of Noncapital expenditures is calculated by dividing debt service by total expenditures net of capital outlay reported in the reconciliation on Page 58 of the CAFR.
(5) Includes refunding payments on all Sunshine State Government Finance Commission notes of $21.9 million in 2008, refunding payments on the Bank of America 2008A Non-Ad Valorem Revenue Note of $21.5M in 2012, and refunding
payments on the Professional SportsFacility Sales Tax Refunding Revenue Bond Series 2003 of $17,170,000 in 2014.
(6) In 2015 the City broke out the Public Service Tax for all years from the previous financial statement line "Taxes".
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REVENUE
CAPACITY
INFORMATION
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City of St. Petersburg, Florida
Taxable Assessed Value and Estimated Actual Value of Property (1)
Last Ten Fiscal Years
(In Thousands)
Total Total
Non Less: Taxable Direct Estimated
Fiscal Tax Residential Commercial Industrial Agricultural Institutional Government Mobile Home Other Tax Exempt Assessed Tax Actual
Year Year Property Property Property Property Property Property Property Property (2) Property Value Rate Value (3)
2007-08 2007 20,393,461 3,059,415 525,455 1,859 973,415 1,632,279 69,259 220,502 10,331,656 16,543,988 5.91 19,463,515
2008-09 2008 18,782,403 3,133,542 574,514 1,791 993,442 1,702,431 60,612 218,278 10,009,077 15,457,936 5.91 18,185,807
2009-10 2009 15,156,061 3,163,397 535,144 6,257 1,082,935 1,120,945 50,388 195,115 7,898,324 13,411,918 5.91 15,778,727
2010-11 2010 12,917,788 2,754,488 472,884 5,837 1,134,502 1,013,896 50,474 185,215 6,589,005 11,946,078 5.91 14,054,209
2011-12 2011 11,787,282 2,601,792 429,076 4,779 1,106,711 966,869 48,291 140,285 5,930,993 11,154,092 5.91 13,122,461
2012-13 2012 12,337,191 2,629,033 408,480 2,512 1,093,360 968,441 51,916 149,419 6,154,429 11,485,921 6.77 13,512,848
2013-14 2013 12,404,692 2,648,293 414,555 2,512 1,097,747 972,954 45,855 156,042 6,213,482 11,529,169 6.77 13,563,728
2014-15 2014 14,088,686 2,740,462 436,846 2,512 1,208,183 985,209 49,227 171,162 7,200,310 13,612,278 6.77 14,684,679
2015-16 2015 16,288,810 2,877,275 461,876 2,512 1,239,358 1,009,782 54,463 179,195 8,500,993 13,612,277 6.77 16,014,444
2016-17 2016 18,221,182 3,074,151 491,971 2,488 1,225,763 1,031,482 54,678 185,962 9,459,597 14,828,080 6.755 17,444,800
(1) Pinellas County Property Appraiser
(2) Includes leasehold interest, miscellaneous and centrally assessed
(3) Estimated actual value is calculated by dividing the total taxable assessed value by .85 (this value is net of exemptions)
Additional information concerning property taxed is presented in the Notes to the Financial Statements
and includes Calendar of Property Tax Events, Tax Collections, and Tax Limitations.
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Direct and Overlapping Property Tax Rates (1)
Last Ten Fiscal Years
In Mills, Per $1,000 of Assessed Value
City Of St.Petersburg Direct Rates Overlapping Rates (2)
General Pinellas County
Suncoast
Total County School Others Transit
Fiscal Basic Direct Board Board EMS Districts Authority
Year Rate Rate Rate Rate Rate Rate (3) Rate
2007-08 5.9125 5.9125 4.8730 7.7310 0.5832 1.5121 0.5601
2008-09 5.9125 5.9125 4.8730 8.0610 0.5832 1.5551 0.5601
2009-10 5.9125 5.9125 4.8730 8.3460 0.8506 1.5106 0.5601
2010-11 5.9125 5.9125 4.8730 8.3400 0.5832 1.4410 0.5601
2011-12 5.9125 5.9125 4.8730 8.3850 0.8506 1.2390 0.7305
2012-13 6.7742 6.7742 5.0727 8.3020 0.9158 1.3034 0.7305
2013-14 6.7700 6.7700 5.3377 8.0600 0.9158 1.2959 0.7305
2014-15 6.7700 6.7700 5.3377 7.8410 0.9158 1.2799 0.7305
2015-16 6.7700 6.7700 5.3377 7.7700 0.9158 1.2629 0.7305
2016-17 6.7550 6.7550 5.3377 7.3180 0.9158 1.2448 0.7500
(1) Pinellas County Tax Collector
(2) Overlapping rates are those of local and county governments that apply to property owners within the City of St. Petersburg.
(3) Other districts include Pinellas County Planning Council, Juvenile Welfare Board and Southwest Florida Water Management District.
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City of St. Petersburg, Florida
Principal Property Tax Payers
Fiscal Year Ended September 30, 2017 and 2008
2017 2008
Percentage Percentage
Taxable of Total Taxable of Total
Principal Taxpayer Business Type Value Rank Value (1) Principal Taxpayer Business Type Value Rank Value (2)
Duke Energy Utility - Power $ 197,960,089 1 1.24 % Progress Energy Florida Utility - Power $ 156,231,430 1 0.88 %
De Bartolo Capital Retail Mall 125,000,000 2 0.79 % De Bartolo Capital Retail Mall 117,800,000 3 0.66 %
Raymond James Investments 116,886,705 3 0.73 % Raymond James Investments 144,467,640 2 0.82 %
Bayfront Health Healthcare 87,287,205 4 0.55 % (3)
Beacon 430 G E N1814 LLC Real Estate 71,000,000 5 0.45 % (3)
T G M Bay Isle LLC Real Estate 64,987,010 6 0.41 % (3)
Franklin Templeton Investments 53,000,000 7 0.33 % Franklin Templeton Investments 79,107,570 7 0.45 %
Vinoy Hotel Hotel 50,511,450 8 0.32 % (3)
M F R E V II-Fushion LLC Real Estate 49,300,000 9 0.31 % (3)
Bayway Apartments LLC Real Estate 49,000,000 10 0.31 % (3)
Verizon Florida Utility-Telephone 94,852,570 4 0.54 %
Prospect-Marathon Coquina Real Estate 91,797,800 5 0.52 %
Times Publishing News Media 85,745,830 6 0.48 %
McRae & Stolz Real Estate 78,188,700 8 0.44 %
K P Holding Real Estate 64,907,700 9 0.37 %
Knickerbocker Property Real Estate 54,500,000 10 0.31 %
TOTAL $ 864,932,459 5.44 % TOTAL $ 967,599,240 5.47 %
(1) Pinellas County Property Appraiser: Total taxable value for 2017 is $15,906,451,780.
(2) Pinellas County Property Appraiser: Total taxable value for 2008 is $17,718,466,042.
(3) Not in the top 10 tax payers in fiscal year 2008.
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City of St. Petersburg, Florida
Property Tax Levies and Collections (1)
Last Ten Fiscal Years
Collected within the
Fiscal Year of the Levy Total Collections to Date
Fiscal
Tax Levied
for the Percentage Delinquent Percentage
Year Fiscal Year Amount of Levy Collections (2) Amount of Levy (2)
2007-08 104,760,430 100,812,274 96.23 730,374 101,542,648 96.93
2008-09 98,287,212 94,785,536 96.43 431,472 95,217,008 96.88
2009-10 86,088,634 83,109,215 96.54 472,575 83,581,790 97.09
2010-11 77,259,092 74,570,330 96.52 636,929 75,207,259 97.34
2011-12 72,255,376 69,351,677 95.98 1,325,698 70,677,375 97.82
2012-13 81,749,936 78,779,223 96.37 289,633 79,068,856 96.72
2013-14 84,995,039 81,910,562 96.37 318,529 82,229,091 96.75
2014-15 91,706,371 88,387,819 96.38 225,965 88,613,784 96.63
2015-16 99,433,431 95,949,763 96.50 60,081 96,009,844 96.56
2016-17 107,448,133 103,700,661 96.51 - 103,700,661 96.51
(1) Pinellas County Property Appraiser
(2) Prior to fiscal year 2013 the delinquent taxes collected by the original tax year levied data was not available. As such all delinquent tax collections
received during the year were applied to the year prior to collection, regardless of the year in which the taxes were originally levied. Fiscal years 2013 to
2015 delinquent tax collections have been applied to the year in which they were originally levied. Consequently, the Percentage of Levy in Total
Collections to Date may be greater than 100% for years prior to fiscal year 2013.
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DEBT
CAPACITY
INFORMATION
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Ratio of Outstanding Debt by Type
Last Ten Fiscal Years (5)
GOVERNMENTAL ACTIVITIES
Public Utility Pro Sports Excise Public Service Capital
Fiscal
General Non-ad
Valorem
Improvement
Revenue
Tax
Revenue
Facility
Revenue
Tax
Revenue
Tax
Revenue
Improvement
Revenue
Unamortized
Premiums and
Year Notes Bonds Bonds Bonds Bonds Bonds Bonds Discounts
2008 39,946,000 24,077,211 5,250,000 23,410,000 54,825,000 - 2,455,000 2,901,608
2009 38,855,000 18,665,000 2,690,000 22,435,000 49,040,000 - - 2,292,558
2010 36,729,000 12,770,000 - 21,445,000 42,975,000 - - 1,739,066
2011 39,033,000 6,540,000 - 20,425,000 36,610,000 - - 1,251,536
2012 36,155,000 - - 19,375,000 29,925,000 - - 833,544
2013 32,332,000 - - 18,290,000 22,895,000 - - 492,692
2014 26,159,000 - - 16,340,000 15,505,000 - - 233,476
2015 19,859,000 - - 16,340,000 7,735,000 - - 88,431
2016 13,418,000 - - 16,340,000 - 56,205,000 - (4,440,597)
2017 65,251,000 - - 14,845,000 - 55,805,000 - (3,967,721)
BUSINESS-TYPE ACTIVITIES
Public Golf Course
Utility Airport Revenue
Revenue Sanitation Revenue Bonds and Marina Unamortized Total
Fiscal Bonds Revenue Bonds Capitalized Revenue Premiums and Primary
Year and Notes Note and Notes Lease Notes Discounts Government
2008 196,765,602 - 3,635,612 56,059 7,055,000 (19,044) 360,358,048
2009 244,253,250 - 1,655,612 4,390 6,665,000 1,502,462 388,058,272
2010 239,485,075 - - - 6,260,000 1,308,784 362,711,925
2011 283,404,789 - - 162,153 5,840,000 1,185,744 394,452,222
2012 282,603,489 - - 116,021 5,405,000 922,161 375,335,215
2013 320,529,123 - - 68,803 4,950,000 3,222,219 402,779,837
2014 339,033,525 - - 20,472 4,480,000 3,583,617 405,355,090
2015 365,037,069 6,075,000 - - 3,990,000 7,075,265 426,199,765
2016 390,865,623 4,880,000 - - 3,485,000 7,420,391 488,173,417
2017 448,434,158 3,650,000 - - 5,540,000 13,874,861 603,432,297
Percentage Personal
of Total Property Income
Fiscal Taxable Per Tax Permanent (thousands Debt
Year Assessed Value (1) Capita Value (2) Population (3) of dollars) (3) Per Income (4)
2008 0.0203 1,433.07 17,718,466,042 251,459 6,047,640 5.96
2009 0.0233 1,560.16 16,623,629,970 248,729 6,816,447 5.69
2010 0.0249 1,472.18 14,560,445,457 246,378 6,218,154 5.83
2011 0.0302 1,611.53 13,067,079,244 244,769 6,341,838 6.22
2012 0.0307 1,523.94 12,220,784,811 246,293 6,748,428 5.56
2013 0.0334 1,641.57 12,067,827,749 245,363 6,946,717 5.74
2014 0.0336 1,643.50 12,554,657,072 246,642 6,899,070 5.88
2015 0.0315 1,715.58 13,545,991,135 248,429 7,122,459 5.98
2016 0.0332 1,947.14 14,687,359,238 250,713 7,256,637 6.73
2017 0.0379 2,379.61 15,906,451,780 253,585 7,659,789 7.88
(1) Total primary government outstanding debt divided by property tax value
(2) Pinellas County Property Appraiser
(3) US Census Bureau; per capita personal income multiplied by population
(4) Total primary government outstanding debt divided by personal income
(5) Deferred amount on refunding was removed from all years of the schedule in fiscal year 2015.
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City of St. Petersburg, Florida
Ratio of Net General Bonded Debt Outstanding
Last Ten Fiscal Years
GENERAL BONDED DEBT OUTSTANDING
Net Percentage
General Restricted General of Total Property
Fiscal Obligation to Repay Obligation Taxable Tax
Year Bonds Principal (1) Bonds Property Value Value (2)
2008 - - - - 17,718,466,042
2009 - - - - 16,623,629,970
2010 - - - - 14,560,445,457
2011 - - - - 13,067,079,244
2012 - - - - 12,220,784,811
2013 - - - - 12,067,827,749
2014 - - - - 12,554,657,072
2015 - - - - 13,545,991,135
2016 - - - - 14,687,359,238
2017 - - - - 15,906,451,780
(1) Represents all funds held by Debt Service Funds less the amount provided for the payment of interest.
(2) Pinellas County Property Appraiser
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City of St. Petersburg, Florida
Direct and Overlapping Governmental Activities Debt
As of September 30, 2017
Estimated
Estimated Share of
Debt Percentage Overlapping
Governmental Unit Outstanding (1) Applicable (2) Debt
Debt repaid with property taxes
Pinellas County School Board $ 13,200,092 26.99% $ 3,553,465
Pinellas County 9,456,613 26.99% 2,545,720
Subtotal, Overlapping Debt 6,099,185
City Direct Debt (3) 139,869,000
Total Direct and Overlapping Debt $ 145,968,185
(1) Pinellas County School Board Annual Financial Report for the year ended June 30, 2017; Pinellas County Fiscal Year 2017 CAFR.
(2) Overlap percentage is calculated as the total population for the City of St. Petersburg (253,585) divided by total population for Pinellas County
(939,548). US Census Bureau.
(3) Total governmental activities bonds and notes payable net of unamortized premiums/discounts, See footnote 12 “Long-Term Obligations”.
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City of St. Petersburg, Florida
Legal Debt Margin Information
Last Ten Fiscal Years
$ 15,906,451,780
0.125
1,988,306,473
-
Legal Debt Margin Calculation for Fiscal Year 2017
Taxable Assessed Value - January 1, 2016 (1)
Debt Limit - Percentage of Taxable Assess Value (2)
Legal Limitation for the Issuance of General
Obligation Bonds
Amount of Debt Applicable to Debt Limit
Legal Debt Margin 1,988,306,473
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Debt Limit $ 2,214,808,255 $ 2,077,953,746 $ 1,820,055,682 $ 1,633,384,906 $ 1,527,598,101 $ 1,508,478,469 $ 1,569,332,134 $ 1,693,248,892 $ 1,835,919,905 $ 1,988,306,473
Total Net Debt
Applicable to Limit - - - - - - - - - -
Legal Debt Margin $ 2,214,808,255 $ 2,077,953,746 $ 1,820,055,682 $ 1,633,384,906 $ 1,527,598,101 $ 1,508,478,469 $ 1,569,332,134 $ 1,693,248,892 $ 1,835,919,905 $ 1,988,306,473
Total Net Debt
Applicable to the Limit
as a Percentage
of Debt Limit $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
(1) Pinellas County Property Appraiser
(2) City Code
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City of St. Petersburg, Florida
Pledged-Revenue Coverage (1)
Last Five Fiscal Years
Professional Sports Facility Sales Tax Bonds, Series 2003 (Refunded) (2) (3)
Fiscal Debt Service
Year Revenue Principal Interest Coverage
2013 2,000,237 1,085,000 825,538 1.05
2014 2,000,143 1,120,000 786,950 1.05
2015 - - - -
2016 - - - -
2017 - - - -
Professional Sports Facility Sales Tax Bonds, Series 2014 (2) (3)
Fiscal Debt Service
Year Revenue Principal Interest Coverage
2013 - - - -
2014 - - - -
2015 2,000,004 - 286,495 6.98
2016 2,000,004 - 429,742 4.65
2017 2,000,004 1,495,000 410,083 10.50
Excise Tax Revenue Bonds (2) (4)
Fiscal Debt Service
Year Revenue Principal Interest Coverage
2013 22,492,452 7,030,000 1,336,858 2.69
2014 24,533,313 7,390,000 965,543 2.94
2015 26,066,386 7,770,000 581,000 3.29
2016 18,989,330 7,735,000 193,374 2.40
2017 - - - -
Public Service Tax Revenue Bonds, Series 2016A and 2016B
Fiscal Debt Service
Year Revenue Principal Interest Coverage
2013 25,755,347 - - N/A
2014 27,309,432 - - N/A
2015 26,774,215 - - N/A
2016 27,599,020 - - N/A
2017 27,645,800 400,000 2,033,358 11.36
(1) Principal and interest amounts are from the City of St. Petersburg 2017 Debt Supplement. See the footnote 12 for details on pledged revenue.
(2) No operating expense column necessary due to zero balances.
(3) Professional Sports Facility Sales Tax Bonds, Series 2003 were refunded in fiscal year 2014. Series 2014 debt service payments start in fiscal year
2017.
(4) Excise Tax Revenue Bonds had the last debt service payment October 1, 2015.
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City of St. Petersburg, Florida
Pledged-Revenue Coverage - Continued (1)
Last Five Fiscal Years
Water Resources and Stormwater Revenue Bonds and Notes
Less: Net Bond & Note Service Coverage (2)
Fiscal Operating Available Debt Service
Year Revenue Expenses Revenue Principal Interest Coverage
2013 117,231,258 82,257,239 34,974,019 6,315,150 13,079,206 1.80
2014 120,820,427 81,212,499 39,607,928 6,649,576 14,914,914 1.84
2015 125,637,098 87,774,234 (3) 37,862,864 7,471,456 15,681,005 1.64
2016 129,586,236 87,374,581 (3) 42,211,655 7,786,114 16,326,522 1.75
2017 141,535,097 89,747,038 (3) 51,788,059 8,347,466 15,404,055 2.18
Bond Service Coverage
Fiscal Debt Service
Year Principal Interest Coverage
2013 4,675,000 12,535,976 2.03
2014 4,865,000 14,331,525 2.06
2015 5,700,000 15,140,210 1.82
2016 5,960,000 15,840,385 1.94
2017 6,465,000 14,974,269 2.42
(1) Principal and interest amounts are from the City of St. Petersburg 2017 Debt Supplement. Principal and interest amounts exclude the impact of the
$53.9M State Revolving Funding (SRF) loan WW520630 currently in drawdown status and is without an assigned payment schedule. See debt
footnote 12 for information on loan WW520630 and pledged revenue sources.
(2) Bond service coverage including subordinate debt service.
(3) Excludes pension expense related to application of GASB 68 Pension Accounting Standards. Calculation continues to include the funding of
pension expense based on the actuarially determined contribution.
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DEMOGRAPHIC
AND
ECONOMIC
INFORMATION
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City of St. Petersburg, Florida
Demographic and Economic Statistics (1)
Last Ten Fiscal Years
Personal Per
Income Capita
Fiscal Permanent (thousands Personal Median Unemployment
Year Population of dollars) Income Age Rate
2008 251,459 6,047,640 24,050 41.3 5.7
2009 248,729 6,816,447 27,405 42.4 9.6
2010 246,378 6,218,154 25,238 42.8 11.9
2011 244,769 6,341,838 25,909 41.6 10.7
2012 246,293 6,748,428 27,400 41.3 9.1
2013 245,363 7,012,117 28,579 41.7 7.1
2014 246,642 6,899,070 27,972 41.8 5.8
2015 248,429 7,122,459 28,670 42.1 4.4
2016 250,713 7,256,637 28,944 42.2 4.3
2017 253,585 7,659,789 30,206 42.4 3.1
(1) US Census Bureau and Bureau of Labor Statistics
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City of St. Petersburg, Florida
Principal Employers (1)(4)
Current