3. Receivables and Payables

City Council · 2026-04-21 · agenda_item

This agenda item concerns the City of West Melbourne's financial processes for receivables and payables, specifically focusing on how the city accounts for money owed to it. It details how trade receivables, amounts due from other governments, and program/capital grants are recorded. The city also accounts for unearned revenue and unbilled receivables within its Water and Sewer fund, which are based on services rendered but not yet billed. The item explains how accounts are shown net of allowances for uncollectible amounts, with receivables over 180 days potentially considered uncollectible. It also outlines the process for ad valorem taxes, including assessment by the Brevard County Property Appraiser and collection by the Brevard County Tax Collector. Finally, it describes how the city's lease receivables are measured and accounted for, including variable payments. This item is currently under review as part of a financial reporting process. The scope of work involves financial analysis, accounting, and reporting, with potential phases including data collection, reconciliation, and audit preparation. Local businesses in accounting, financial consulting, and potentially legal services related to municipal finance could find opportunities. Early engagement may be beneficial as these financial processes are reviewed.