HomeMy WebLinkAboutCC 1978-07-13 Discussion ItemWV' or MIAI.1i, FUDNIbA
INTE14,00PitE MEMORANbUNI
ro' ROBERT JENNINGS, DIRECTOR
STADIUMS AND MARINAS DEBT.
FlIOM:
t•1ES E. GUNDERSON
DIRECTOR OF FINANCE
DA" JUNE 13, 19/8
•uiIt' ENCUMUnANCis
f1EFERENCE6:
(ENCLOSURES:
ACCORDING TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) AN ENTERPRISE FUND IS TO
FUNCTION AS A COMMERCIAL ENTERPRISE) THEREFORE) ENCUMBRANCES ARE NOT CARRIED FORWARD
INTO FUTURE YEARS. DUE TO THIS PRINCIPLE) ANY REMAINING BALANCES IN LAST YEARS
PURCHASE ORDERS WERE CLOSED AGAINST RETAINED EARNINGS. THOSE PURCHASE ORDERS FOR
GOODS OR SERVICES TO DC RECEIVED IN FISCAL YEAR 77-78 WERE SET UP AS 77-78 PURCHASE
ORDERS EVEN iF WRITTEN IN 76-77.
THE NET EFFECT OF THESE TRANSACTIONS WAS:
1- INCREASED 9-30-77 RETAINED EARNINGS+
2- INCREASE IN THE AMOUNT OF PURCHASE ORDER AND SUBSEQUENT EXPENDITURES FOR
NEW FISCAL YEAR 77-78.
THEREFORE, FINANCE RECORDS AND ANY EXPENDITURE AND ENCUMBRANCE CONTROLS YOU MIGHT
HAVE WILL NOT DE IN AGREEMENT.
To AVOID HAVING EXPENDITURE CONTROL HOLD ANY NEW PURCHASE ORDERS DUE TO LACK or FUN03,
WC SUGGEST THAT YOU PROJECT YOUR NEEDS FOR THE REST of THE CURRENT YEAR BASED ON
FA;.IIS EXPENDITURE REPORTS 1 OR 24. IF A SHORTAGE 15 FORESEEN FOR ANY LINE ITEMS)
YOU MIGHT WANT TO REQUEST A BUDGET AMENDMENT FROM THE DEPARTMENT OF (MANAGEMENT AND
BUDGET TO TRANFER FUNDS FROM RETAINEd EARNINGS FOR YOUR OPERATIONS, WHICH WERE AS
FOLLOWS AS OF 9-30-77:
(MARINE STADIUM
MIAMI STADIUM
ORANGE BOWL
MARINAS
DINNER KEY AUDITORIUM
BAYFRONT AUDITORIUM
CAN
6lie•P‘
- 0- (neFICIT)
1 43, 500
451,902
-0- {RESERVED FOR IMPROVEMENT)
11,400
- 0- (DEFiciT)
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•
;11,,‘, M r 3.. • .1
{11i1 3 ii 1`)711,/
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