HomeMy WebLinkAbout2015 TBD Annual ReportBremerton Transportation Benefit District
Management Discussions and Analysis
Year Ended December 31, 2015
This section of Bremerton Transportation Benefit District’s (referred to as “District” throughout this
report) Annual Financial Report presents management’s overview and analysis of the District’s financial
performance for the fiscal year ended December 31, 2015. This section should be read in conjunction with
the financial statements and notes to the financial statements that follow this section.
The Bremerton Transportation Benefit District was established on February 4, 2009 by the Bremerton
City Council. The District operates within the boundaries of the City of Bremerton, and revenue
generated by the District through an imposed $20 vehicle license fee supports local transportation
improvement projects. The MD&A presents comparative financial information.
Discussion of the Basic Financial Statements
This management discussion and analysis is intended to serve as an introduction to the District’s basic
financial statements. The basic financial statements are comprised of the following components:
1. Government-wide Financial Statements
2. Fund Financial Statements
3. Notes to the Financial Statements
Government-wide Financial Statements
Government-wide financial statements are designed to provide the readers with a broad overview of the
District’s finances in a manner similar to a private-sector business. The statement of net position presents
information on all of the District’s assets and liabilities, with the difference between the two reported as
net position. This statement serves the purpose similar to that of a balance sheet of a private-sector
business. Over time, increases or decreases in net position may serve as a useful indicator of whether the
financial position of the District is improving or deteriorating. However, this is just one indicator of
financial health of the District. Other indicators include the level of change in federal, state and local
governmental support for transportation improvements that the District revenue provides, as well as the
general economic conditions within the City of Bremerton and surrounding areas.
The statement of activities presents information showing how the District’s net position changed for the
year ended December 31, 2015. It separates program revenue generated by its functions and programs.
All changes in net position are reported as soon as the underlying event gives rise to the change to occur,
regardless of the timing of related cash flows.
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The District uses a single fund accounting system to ensure
and demonstrate compliance with finance-related requirements and to provide management with
information for controlling spending activities.
The Governmental Funds Balance Sheet and Statement of Revenues, Expenditures and Changes in Fund
Balance present a single column of financial data for the General Fund.
Governmental funds are used to account for essentially the same functions as governmental activities in
the government-wide financial statements. However, unlike government-wide statements’ use of accrual
accounting, governmental fund financial statements focus on the near term inflows and outflows of
spendable resources available at the end of the fiscal year. This information is useful in evaluating a
government’s near-term financial requirements in comparison to near-term resources available.
Notes to Financial Statements
The notes 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 can be found
immediately following the basic financial statements in this report.
Condensed Financial Data
The following tables present condensed financial information related to the District’s Net Position for the
year ended December 31, 2015.
Statement of Net Position
Governmental Activities:
2015 2014
Total Assets 467,242 313,750
Total Liabilities 65,174 47,455
Total Net Position Restricted $402,068 $266,295
Statement of Activities
Governmental Activities:
Revenues 2015 2014