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Schedule 2 (Continued)

CITY OF MYRTLE BEACH, SOUTH CAROLINA CHANGES IN NET ASSETS Last Eight Fiscal Years (Accrual Basis of Accounting)

General Revenues and Other Changes in Net Assets Governmental Activities: Property Taxes Local Accommodations Taxes Business License Taxes Franchise Taxes Hospitality Fee Taxes Local Option Tourism Taxes Grants and Contributions not Restricted to Specific Programs Investment Earnings Gain on Disposal of Capital Assets Extraordinary Item - Payment to Component Unit Transfers Total Governmental Activities (2)

$

$

15,775,202 $

16,491,359 $

16,746,337

1,620,514

1,709,878

1,748,313

11,832,415

13,158,555

15,405,237

2,374,870

2,382,525

2,520,579

6,771,948

7,336,273

7,708,776

7,213,218 508,191 147,123

7,499,247 349,655 4,100 (42,443,983) (671,575) 5,816,034 $

7,973,606 604,479

(899,212) 45,344,269 $

(875,788) 51,831,539

2003

Fiscal Year 2004

2005

Business-Type Activities: Investment Earnings Special Item - Loss on Sale of Water and Wastewater Plant Extraordinary Item - Loss on Extinguishment of Debt Transfers Total Business-Type Activities (4)

Total Primary Government

(3)

$

299,319 $

$

899,212 1,198,531 $

$

46,542,800 $

671,575

875,788

904,810 $

1,245,654

233,235 $

369,866

6,720,844 $

53,077,193

$

6,967,156 $

(29,509,041) $

12,783,026

2,759,980

5,106,563

5,167,132

$

9,727,136 $

(24,402,478) $

17,950,158

Change in Net Assets Governmental Activities Business-Type Activities Total Primary Government

Notes: The City began to report accrual information when it implemented GASB Statement 34 in fiscal year 2003.

  • (1)

    See Schedule 3 for program revenues by function/program.

  • (2)

    In 2004, the City made a $42,443,983 payment to the Myrtle Beach Convention Center Hotel Corporation, a

component unit. The payment was used to extinguish a portion of the component unit's revenue bonds.

(3)

In 2006, the City sold its water and wastewater plant, which resulted in an $18,577,670 loss being recognized.

(4)

In 2006, the City extinguished all of its outstanding Waterworks and Sewer System Revenue Bonds, which resulted in a $1,844,003 loss being recognized.

UNAUDITED

  • -

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