Finance In Public Organization City Of Maitland In Florida Factors affecting Maitland City, Florida
Population growth
Maitland is located in Florida, United States of America. It is a suburban city that recorded a population of 14,172 residents in the year 2006. The city is well known in the United States because it is the home to Enzian Theater who is an internationally recognized movie theater in central Florida. He is the only movie theater who is independent and works on full time basis. Florida Film Festival is at the centre of Maitland city therefore making the city as also the centre Art and History museums. The city is also one of the oldest in central Florida. It was named after Fort Maitland which today is known as Lake Maitland. In the early centauries’ the city was inhabited by many Native Americans. Fort Maitland was built in the year 1838 during the 2nd Indian Seminole war. The war ended and the city fell down leaving only the settlement. It is from this settlement that the name Maitland came to be born. The town has several old residences that still exist. An example of these oldest residences include: Chadburne Hall also known as High Oaks (1890), Arthur O’Heir (1885), Robert Wagner (1881), James Arch (1885), as well as the Hill stone house (1908). The climate at Maitland city has made it become one of the most famous vacation spots in America. It also has several parks that are along the lakes. These parks attract several boaters from different parts.
According to 2000 united states census, Maitland had a total of 12,019 people. This population consisted of 3,242 families and 4,825 households. Its population density according to statistics was 2,589.1 inhabitants as per square mile that is 1000.1km. The housing units were 5104 and this is at an overall average density of 1100 per square mile of 425km. When it comes to racial make up, Maitland is densely populated by white Americans composing 85%. Others are black or Africa American (10%), Native American (0.12%), Pacific Islander (0.01%), Asians (2%), other races (1%). Out of the 4,825 households in Maitland, 33% got children while under the age of 18 years. The married couples who are living together form 53% while female householders who have got no husbands make 11%. 33% are non families as 27% is made up of individual households. The households with some people above the age of 65 made up a 10%. According to U.S statistics, average household size at Maitland was 2.45 while the average of the family size is 3.01. Maitland’s age population is also spread out whereby those under the age of 18 years make 33%, age 18 years to 24 (19%), age 25 to 44 years (29%), age 45 to 64 years (24%) and 16% for those above 65 years of age, Also in every 100 females, there was 90 males while for those aged 18 years and above there was 85 males for every 100 females. The median age is 40 years.
Economic factors
The median income is $62,500 for household while $69,504 makes up median income for family. Males make $53,542 median income against females $30,256. The city’s per capita income is $37,290. According to the 2000 census, the residents of Maitland city who were living under poverty line make 6.4% of the total population. This indicates that the area is not surrounded by a lot of poverty. Maitland’s economy has been growing very fast. Today, the city’s 226 acre land is surrounded by over 400 fast growing businesses as well as several office buildings. Some of the largest firms in United States are having their headquarters at Maitland. An example of these firms is Worldwide Brands. This is a company that was started in 1999 by Chris Malta. It is a research company that deals with product sourcing. Another potential service is SunRail, a commuter company proposing to build rail station for passengers in Maitland early this year. Other largest companies that have improved Maitland’s economy include: EA Tiburon, Charles Schwab, Fidelity Integrated Financial solutions, Sonny’s Real Pit Bar and SunGard Higher education.
Maitland city is located in Orange County. According to the statistics from centers for disease and control, approximately number of 18,818 residents of Orange County died between the years of 1999 to 2001. The death rate of the county amounted to seven per one thousand residents, as compared to ten per one thousand people in the whole state. Those who died from cancer were approximately 4,355 people making a county rate of 1.6 per thousand people; this is as compared to 2.5 in the whole state. Other causes of death that were highly reported came from motor vehicle accidents. A total number of 440 people were reported to have died from road accidents contributing to county death rate of 0.2 per one thousand residents as compared to 2.5 per thousand in the whole state.
Political factors
In 2006 elections in the gubernatorial race, Charlie Christ was elected to represent Florida. He won that seat on a Republican party whereby he defeated Jim Davis of democrat party with 52 %votes. For the senate seat the Florida residents voted back Bill Nelson, a democrat. Bill defeated Katherine Harris with a large margin of 60% of the total vote. For the presidential race of the year 2004, John Kerry got 193,217 votes over George Bush who got 192,390 votes. In 2008 Florida was ranked 13th statewide in the campaign disclosure law category. Florida has got 27electoral college votes out of all the 538 Electoral College’s votes. (community, Comprehensive Annual Financial Report FY 2010 , 2010)
Religion
Maitland is in Orange County where congregational members include full members together with their children and other regular adherents who attend church services. Historically as it has been a tradition the African or black American denominations was not included in the congregation and membership totals of the year 2000. Denominational groups in the year 2000 included: evangelical protestants who make up a total population of 156,124; catholic 118,737; mainline protestant 64,591; orthodox1,860; others 19,490; unclaimed 535,532. Some of the religious bodies include American Baptist association, associate reformed Presbyterian church, Buddhism, Armenian apostolic church, Pentecostal church of God, Lutheran church, Orthodox Presbyterian church, salvation army, Wesleyan church, Evangelical covenant church etc.
Crime rate
According to 2000 statistics, total number of crimes that were reported in the county of Orange Florida was 64,096. Larcency-theft topped the list with a number of 36,515 cases followed by burglary 11,230. Other crimes included murder 59 cases, rape 421 cases, robbery 2,352 cases, and aggravated assault 6,738, and motor vehicle thefts 6,712. This data was collected by FBI and it was part of its program on uniform crime reporting. Also it does not include all the offences and arrests committed since there are other crimes committed and are not reported. It only includes the offences and arrests that were reported to the law enforcement agencies. The city of Maitland has got its own comprehensive debt management policy. This is because the governing of all municipalities may borrow money as well as contract loans and issue the bonds as according to Florida statute 166.101. Although the city does not set any kind of legal debt limit as within its policy it sets some affordable targets by all that should be followed. This includes using an objective approach that is analytical to determine whether it is able to afford assuming new debts that are beyond what it expects each year. When it comes to net outstanding debts and this is as per capita, it is less than 15%. This is per capita of personal income while its general outstanding obligation debt is always less than 1% of tax imposed on property values. In Maitland city the requirements of annual total debt service does not exceed 10%. This is in relation to operating expenditures for long term debt. The requirements also do not allow 10% of any revenue pledged for enterprise debt nor does it allow overlapping of any net general obligations.
In Maitland city public transportation makes up a 1.6% while car, truck and motorcycle transportation cover 90.5%. Those who work at home therefore not uses any means of transport make 6% while those who just walk to their places of work are 1.3%.
CITY OF MAITLAND STATEMENT OF NET ASSETS YEAR 2010 GOVERNMENTAL ACTIVITIES TOTAL
2008 2009 2010
ASSETS $ $ $ $
Cash and cash equivalents 12,894,531 15,898,290 $18,470,905 47,263,726
Investments 3,755,984 4,790,966 3,751,909 12,298,859
Restricted Assets Cash and Cash equivalents 11,870,712 9,448,364 6,776,965 28,096,041
Accounts Receivable-Net 481,486 488,657 634,460 1,604,603
Accrued Interest Receivable 47,459 28,268 21,679 97,406
Special Assessments Receivable 22,259 20,723 20,723 63,705
Due from other governments 1,203,606 727,257 691,753 2,622,616
Internal balances 0 -1,872,374 -1,837,516 -3,709,890
Prepaid items 62,857 46,137 95,162 204,156
Capital assets Non-depreciable 20,755,573 19,973,557 17,094,438 57,823,568
Depreciable-Net 24,322,644 27,916,495 32,913,676 85,152,815
Unamortized Bond issue costs 464,291 446,261 428,230 1,338,782
TOTAL ASSETS 75,881,402 77,912,601 79,062,384 232,856,387
LIABILITIES Accounts payable 1,300,385 1,728,366 909,647 3,938,398
Liabilities payable from restricted areas Accrued interest payable 303,741 301,304 298,791 903,836
Customer deposits – – –
Accrued liabilities 303,741 863,496 762,041 1,929,278
Due to other governments – – 3,419 3,419
unearned revenue 142,875 303,856 153,777 600,508
Deposits 35,783 51,463 41,463 128,707
Long term liabilities Non-depreciable 20,755,573 19,973,557 17,094,438 57,823,568
Depreciable-Net 24,322,644 27,916,495 32,913,676 85,152,815
Unamortized Bond issue costs 464,291 446,261 428,230 1,338,782
TOTAL ASSETS 75,881,402 77,912,601 79,062,384 232,856,387
LIABILITIES Accounts payable 1,300,385 1,728,366 909,647 3,938,398
Liabilities payable from restricted areas Accrued interest payable 303,741 301,304 298,791 903,836 Customer deposits – – – Accrued liabilities 303,741 863,496 762,041 1,929,278 Due to other governments – – 3,419 3,419 unearned revenue 142,875 303,856 153,777 600,508 Deposits 35,783 51,463 41,463 128,709 Long term liabilities Due within one year Bonds payable 325,000 335,000 460,000 1,120,000 Compensated absences 189,396 113,944 170,191 473,531 Due in more than one year Bonds payable 27,525,000 27,190,000 26,482,181 81,197,181 Less: Unamortized bond discount -268,688 -258,253 0 -526,941 Compensated absences 678,484 774,622 719,151 2,172,257 Other post employment benefits 2,563,333 1,546,571 4,502,071 8,611,975 TOTAL LIABILITIES 32,795,309 32,950,369 34,502,732 100,248,410 NET ASSETS Invested in Capital assets (Net) related debt 28,708,698 29,442,000 29,202,281 Restricted for: Debt service 194,628 183,408 212,387 590,423 capital projects 3,596,666 3,833,037 3,844,525 11,274,228 other purposes 152,422 196,574 963,892 1,312,888 Unrestricted 10,433,679 11,307,213 10,336,567 32,077,459 TOTAL NET ASSETS 43,086,093 44,962,232 44,559,652 132,607,977 Changes that cause concerns about the financial statement
Capital assets that are used in activities of the government are not form financial resources therefore making it hard for them to be recorded or reported in the funds.
Obligation negative net pension is not in the category of assets therefore its not reported or recorded as a funds statement although it can be reported as accruals of net assets in the financial statement. Other assets such as costs of unamortized bond issuance are used in governmental activities but they are not reported in the governmental fund.
The statement of net assets has presented data on the city’s assets as well as liabilities, sometimes increases and decreases are experienced and they serve as an important and useful indicator of improving financial position of the city as well.
The city like all other local and state governments, use fund accounting in order to demonstrate and ensure legal requirements of all finance related fields are in compliance with the law. These government funds are mostly used to effectively account for all essential functions that are reported as activities of the government. Governmental funds are also narrower compared to financial statements of the wide government.
Recommendations
Maitland city in Florida should seek optimizing return that favours investments within the different constraints of liquidity as well as safety. The investment if designed properly can improve the financial conditions of the city as well as creating positive changes of its financial statements. The management should also take measures on how to control large debts which can weaken the city’s budget therefore leading it to downfall because of financial instability. Risk management should also be given priority by management so to maintain financial stability. Risk management will help avoid law enforcement liabilities, automobile liabilities; employment practices liabilities as well as workers compensation liability.
References
Andrea J, “Maitland Community Report” (2000). United States Census Bureau. Maitland: US Gazetteer files.
Charles S, “Financial report” (2010). “Maitland: A Community For Life”.
Maitland Community, (2009). Comprehensive Annual Financial Report”, Maitland Community,finance department.
Maitland City,Florida, (2008), “Comprehensive Annual Financial Report”, Maitland Community.
Orlando Sentinel, (2006), “Journal of Maitland City”, Orange County, Florida
