3F0486-19, Forwards 1985 Annual Financial Repts for Florida Power Corp & Participants,Except Alachua
| ML20210N598 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 04/30/1986 |
| From: | Widell R FLORIDA POWER CORP. |
| To: | Harold Denton NRC OFFICE OF ADMINISTRATION (ADM), Office of Nuclear Reactor Regulation |
| Shared Package | |
| ML20210N608 | List: |
| References | |
| 3F0486-19, 3F486-19, NUDOCS 8605050199 | |
| Download: ML20210N598 (990) | |
Text
{{#Wiki_filter:. __ _ . _ _ No OcI 0' Power C OR PO R ATION April 30, 1986 3F0486-19 Mr. H. R. Denton, Director Office of Nuclear Reactor Regulation Attention: Document Control Desk Washington, DC 20555
Subject:
Crystal River Unit 3 Docket No. 5G-302 Operating License No. DPR-72 Annual Financial Reports for Florida Power Corporation and Participants
Dear Sir:
Florida Power Corporation (FPC) hereby submits the 1985 Annual Financial Reports for Florida Power Corporation and Participants (co-owners of Crystal River Unit 3) except Alachua. When Alachua supplies copies of its annual report, it will be submitted. FPC submits the aforementioned reports in compliance with 10 CFR 50.71(b) and Regulatory Guide 10.1 " Compilation of Reporting Requirenents for Persons Subject to NRC Regulations". Should you have any questions concerning this submittal, please contact this office. Sincerely, h R. Is Widell Mansjer, Nuclear Operations Licensing and Fuel Management DVH/feb xc: Dr. J. Nelson Grace Regional Administrator, Region II Office of Inspection and Enforcement U.S. Nuclear Regulatory Cornission 101 Marietta Street N.W., Suite 2900 Atlanta, GA 30323
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\D GENERAL OFFICE 3201 Thirty-fourth Street South.P.O. Box 14042, bt. Petersburg, Florida 33733 813-8665151
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l Auditors' Reix>rt . ... .. ... ...... . 1 Balance Sheets. . . . ... ........ 2. l Statements of Income and Accumulated 1 Retained Earnings . . . . .. .... . 4 Staten ents of Changes in Financial R>sition . 5 Notes to Financial Statements . . . ..... . 6 e I
Ernst &Whinney cenmed rennmeomos m sous u mena m uceec P.O. Ilos 3426 Orlando. Ilorida 32502 305 841 2050 Orlando Utilities Commission Orlando, Florida We have examined the balance sheets of the Orlando Utilities Commission as of September 30, 1984 and 1985, and the related statements of income and accumulated retained earnings and chaages in financial position for the years then ended. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the financial statements referred to above present fairly the financial position of the Orlando Utilities Commission at September 30, 1984 and 1985, and the results of its operations and the changes in its financial position for the years then ended, in conformity with generally accepted accounting principles consistently applied except for the change, with which we concur, in the method of accounting for transfers to the General Fund of the City of Orlando for the year ended September 30, 1985, as described in Note F to the financial statements. In connection with our examination, nothing came to our attention that caused us to believe that the Commission was not in compliance with any covenants, agreements or conditions of the Bond Resolution dated April 18, 1978 as amended and supplemented. However, it should be noted that our examination was not directed primarily toward obtaining knowledge of such noncompliance. M+ . Orlando, Florida Noverr.be r 27, 1985 m_. - - - - - - - - - - - -_d
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p. ~ n BALANCE SHEETS ORLANDO UTILITIES COMMISSION Septemler to AS E 1984 198;. UTillTY PLANT
- in wrvice:
Ek< tric. . .. .. . . 5 436,610,411 5 465,651.927 { Water . . . . . . . .... .. ... . ... . .. ... 69,126,578 80.057,080
~ Common . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... 14,833,137 17,846,290 Allowances for depreciation and amortizatk>n (deduction) (139,840,489) (155,680,193) 380,749,639 407.875,104 Construction nurk in progress - Note G. . ... .... . . 157,946,741 242.341,685 538.696,180 650.216,789-RESTRICTED ASSETS-Note B Debt wrsice funds . )48.I64,122 216,557,!69 Construction and related furxl> . . . . . 245.506,780 200,306,281
~ .
Other.................. .. .. . . . .. . . ... . . . 383.508 1.463.933' 494,034,410 418,327,38i CURRENT ASSETS Cash. 831.510 I,910,055 Pooksi inustments . . . . . . 21.078.277 37,565,157 Customer account > rec eivable, less alkman( e for doubtful accounts (1984 - $232.936; 1983 - 5450,438) . . . 14.032,976 16.373.217 - Accrued utility resenues . . . . . . . .. . 10,858,566 12,162,855 Fuel for t;eneration. .. . , . 11,059,082 6,104,770 Materials and supplies . 4,l'#9,1.19 4,12ti,150 Accrued interest rcceivabk- 5,510,718 2.201,756 Miscellaneous receivahks and prepaul ex;wms . 468.466 66I,784 68 080,754 til,129,744 I
^ ' DEFERRED ASSEIS Unamortized debt expenx5 . .
1,66tl,246 1,262,ill
. TOTAL ASSE15 5 1,102,499.790 5 _1,151,136,237 94" fWW*4 f4 fifMf7 Mf %fdff171f *fD 2
september 30 CAPITALIZATION AND LIABILITIES 1984 1985 CAPITALIZATION Equity: Accumulated retained earnings: Appropriated for debt servke . .. . . 5 99,604,112 5 90,543,333 Insested in or apptupriated for utilits plant and working capital . . . 62,970,758 105,337,028 162,574,870 195,880,561 Contributed capital . .. . .. . .. . 19,841,709 27,097,681 182,416,579 222,978,242 Long-term debt - Notes C and G: Bond principal. . .. .. . . 580,370,000 576,313,000 Bond anticipation notes. . . ... . .. . . . . .. 280,000,000 280,(X10,(X)0 Unamortized di3 count (deduction) . . . . (10,528,295) (10,048,095) 849,841,705 846,266,905 TOTAL CAPITAllZATION 1,012,258,284 1,069,245,147 CURRENT LIABILITIES - payable from restrkted assets Accrued intere>t payable on long-temi debt . . .. .. . 29,163,551 27,582,658 Current portion of long-temi debt - Note C . . . . .. .. 1,340,0(X) 4,055,(XX) Accounts payable - construction funds 6,582,179 20.230,707 37,085,730 51,868,365 CURRENT LIABILITIES - payable from current assets Accounts payable and accrued expenses . 20,294,868 16,949,825 Customer meter deposits and interest thereon . 3,831,054 4,028,791 , Colk<tions on betialiof state and polrtical sulxlivisw>ns . 1,206,549 1,385,268 Due to the Cmeral fund of the City of Orlando 626.015 626 015 27,958,486 24,984,899 OTHER LIABillTIES Customer water and ele < trk line extension dep Wts 5,197,290 5,042.826 10TAL CAPITAllZAllON AND LIAHillTIES 5 1,102.499,790 $ 1,151.136,217 M1 ruirm to Iwex t.nl statovnots 3
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, ' STATEMENTS OF INCOME AND ACCUMULATED RETAINED EARNINGS ORLANDO UTILITIES COMMISSION Year Ended September 30 1984 1985 Operating res enues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........ . $ 182,727.754 5 .204,322,303 .. Operating expenses:
Fuel and purchael power for generation . 81,606,329 81,169,644 Pnxiuction .. . ... . ... . . 17,278,188 19,157,900 Transmission and distiibution . . . . ................ . .... 9,136,186 8,112,300 Depreciation and amortization . . . . . . . . . . . . . . . . . ......... ... 14,705,223 15,225,873 Customer accounting. . . . . . . ....... . .... .. .. . . .. 3,480,696 4,186,354 General and administrative . . . . . . . . . . . . . . . ... . . 10,103,448 11,923,264 5 State utilities tax . .. . ),362,815 -2,525,071 Customer sersice informational and sales expenses . 1,244,874 1,057,677 Payments to the General Fund of the City of Orlando- Note A . 6.231,000 6.211,000 146,148.759_ 149,589,083 OPERATING INCOME 36,578,995 34,733,222 Interest and other income . . . . . . ....................... . . . 28,071,351 55,748,146 64,650,346 110,481,368 Other deductions-principallv interest . . . . .. .. . 44,711,214 69.751,611 INCOME BEFORE OPERATING TRANSFER 19,919,132 40,729,757 Operating transfers to the General Fund of the City of Orlando-Notes A and F . . .. 7,941,000 NET INCOME _19,939,132 32,788,757
. Accumulated retained earnings at beginning of year. 149,203,273 162,574,870 Less transfers to the General Fund of the City of Orlando- Notes A and F (7,941.000) 161,201,405 195,363,627 Depreciation of contributed utility plant - Note A 1,373,465 516,93' ACCUMULATED RETAINED EARNINGS AT END Of YEAR 5 162,574 870_ $._195,880,56_1_
I I i l 5?** rupten to finartMl statemr'nts. 4
STATEMENT OF CHANGES IN FINANCIAL POSITION ORLANDO UTILITIES COMMISSION Year Ended September 30 1984 1985 SOURCE OF FUNDS Net income. . . . . . . . .... . . . . . ... . $ 19,939,132 $ 32,788,757 Charges to operations not requiring current outlay of working capital: Depreciation and amortization of plant charged to operations . . 15,192,472 15,699,457 Depreciation and amortization charged to fuel costs . . . . 3,191,081 2,310,993 Amortization of bond discount and expenses . . . . . 297,719 1,009,784 TOTAL FROM OPERATIONS 38,620,404 51,808,991 Proceeds from sales of bonds ard bond anticipation notes 579,000,000 280,000,000 Contributed capital . .. . .. . ..... . 3,668,810 7,772,906 increase in restricted liabilities . . . . .. 20,829,201 14,782,635 increase in other liabilities . . . . .. .. . 1,779,961 Decrease in restricted assets . . . .. . .. 75,727,027 643,898,376 430,091,559 APPLICATION OF FUNDS Decrease in other liabilities . . . . . . . .. .. 164,464 increase in restricted assets . . . . . . . 409,722,536 Additions to otility plant - net . . . . 118,805,720 129,530,859 Transfers to the General Fund of the City of Orlando ... . 7,941,000 Reduction of long-term debt . . . . .. 97,340,000 284,055,000 Expenses attributable to sale of bonds and notes. 9.620.281 123,659 643,429,537 413,873,982 INCREASE IN WORKING CAPITAL $ 468,839 $ 16,217,577 CHANGES IN COMPONENTS OF WORKING CAPITAL increase (decrease) in current assets: Cash . . ... . . . .. $ 737,479 5 1,076,525 Pookd inwstments . . .. . . (339,703) 16,486,880 Customer accounts receivable . . (231,016) 2,340,241 Accrued utility revenues . .. . 2,794,864 1,304,289 Fuel for generation . .. . .. (2,180,934) (4,954,312) Materials and supplies . .. . 246,326 129,011-Accrued interest receivables . . . . 4,393,974 (3,326,962) Miscellaneous receivables and prepaid expenses . 135,484 193,318 5,556,474 13,248,990 increa<e (decrease) in current liabilities: Accounts payable and accrued expenses. . 6,593,557 (3,345.043) Customer meter deposits and interest thereon . . 443,154 197,737 Collections on behalf of state and political subdivisions . . (1,149,612) 178,719 Due to the General Fund of the City of Orlando . , (799,464) 5.087,635 (2,968,587) INCREASE IN WORKING CAPITAL $ 468,839 $ 16,217,577, Sw rw>tes to hn.xv ut sta.wrn 5 J
y __ q NOTES TO FINANCIAL STATEMENTS ORLANDO UTILITIES COMMISSION September 30,1985 Note A-Summary of Significant Accountingibli(ies Depre(lation: The financial statements of the Orlando Utilities Com- Utihty plant is depret iated using the straight-line mission are presented in conformity with generally meth.xlior eac h of the sanous plant dassifications at rates accepted accounting prinuples and represent General w hk h w ill anun tite the costs owr the estimated et onomk Purpw financial Statements as definnt in Statement 1 - useful hses of the assets. Depreciation of whides and Gowrnmental Accountingand Iinancial Reporting Pnnci- ofher construc ion niuipment h ( harged to departmental 1 ples promulgated by T he National Courw il on G(w ernnwn- operating espenses or (onstruction work in progress. tal Accounting (NCGA and affirmed by the Gmemmental Amounts for all other awets are (harged to depreoatuen Accounting Standards Board (GASB). The statements are expense. substanhally in conformity w ith accounting pnnciples and methods prescobed by the federal Ene'rgy Regulatory Undin ided inierest in foint Projects: Commission and other regulatory authorities eu ept for the The Cotumission accounts for its unda kfni ow nership meth(xl of aucunting for contnhuted capital descntwd interest in elec'ric generating taahtits owned wath other beknv utihties (See Note D) based on the C(unmisuon's pn> rata share of the proje( t's ( onstruc tion ( osts and operating Reporting Entity: expenses. Statement 3 of the NCGA requires that all funds and enti-ties controlled by or dependent on the Odando Utilities Iboledim estments: Commission be included in the Commission's financial The Commission maintains three pooled inwstment statements. The Orlando Utihties Commiwn>n (ontrols no au ounts whk h indode all restricted and unrestritted other funds or entities other than those funds ucated under imestments cu ept those in the investment Au ount de-the terms of its Bcnd Resolution. % nhed in Note C. The investments ( onsist mainly of dire ( t The Orlando Utihtk s Commiwsion was ucated by the ohhgatnins of the U.1 Gowmment, debt instruments of Florida State I.egislature and is a part of the gowrnment of federal agenues, and secuotkw he ld under repurt hase the City of Orlando, Flonda. The Commission (onusts of agreements. These inwstments, at (osi (market value of ine members, in(luding the Mayor of the Citv. Members $4a1,1al,877 and $410.911,111 at september 10.1984 serw without salary and, with the eveption of the Masor and 1983, respectnely) were dassinal as folkms; w ho is an ex-of ficio member of t he Commission, are nomi-nated by the Commission and elec ted by the Citv Counul. s mber to These financial statements do not include the City of '"d4 W Orlando. Florkla which is considered a separate gowrn- gesino,4 assen . 5 m4. Ial . n s 5CsUN mental entit y in accordanc e with c ritena set forth in NCGA f urrmt me a n7n.2" e seaw Statement 1. 101 m s4ns zw w2 54n ue,sai Utility Plant: Utihty plant is stated at onginal ( ost w hk h indudes uist Customer Accounts Receisable; of (ontract work, labor, materials and albicated indan i The Conimiwion biHs c ustonin 3 monthly on a ( ydn al (harges for equipment, supervision and engmecong and haus and au rues rewnues at the end of the Incal year for labor related u>sts. The Commission (harges the cost of enngy and water wM but not biUni. repairs and minor replawments to maintenant e expense. The cost of ele ( tric or water plant propert y ret uni or other-h MM m Mi dhMwd %#'m w ise disposed of, toget her w ith remos al ( osts Icw sais age, ' "" # *W g * '"P"" " statnianhe kiwa of asnagn ost onn.uket Nudear fuelis j is charged to au umulatnj depreciation at suc h time as property is remmed fnirn servue. The estimated useful dandini as unhty plant and amor nini owr Se estnnarni hws are as follows: "'#N" "" Ih" ""L tintric Phnt Contributed Capital: Gr-raum Punt: The Commisuotu onuders amounts rn eiwd f rom cus-sten . to w"" tomers and others for ( onstrut tion of utiht y plant as capital it wm Pl$ni . a van ( onthbunons N < on hngk Wew ( apid ( onthbunons e o.sinburm PLnt.- added to plant assets and are treated as a separate uunpo. Owrhcad . .. 1s . In wars nent of Commission equity. Depre(iation applicahle Undergrnund . 40 50 wars gg (gggghgggl gg,Qy pl ant n ( hargni agairwt in( onle and, Nrn Pt. int ') t'ifer the ()( toher I .198 3, reduces ( onttihuted capital Pneton Plant n - 50 wan at u>unts ihn ( hange had no etic ( l on net int unie. The Dntnhufum Plant. &O.M wan $I,171,4h5 of depr(>(iatN)f) of (()ntnbuted utilltV p} ant g,,pg for the }c.ir evided bepten)her 10, I984 ( onsists (if steue runs arwl mp%ements sowan $ 194,084 asuK iated with the war ended Neptemlier 10, Unw e eyog ent 14ttran 1984 and $979,181 ( umulatiw deplet sation pnot to Vefw les and orfer t nnstruc tm equyment. 5 - h l van ()( If >ht r l,198 l. ti e
l
.. Debt Discount andEspenses: operating te enues and has nmv been classified as a reduc-Debt discount and issue expenses are deferred and tion to operating ewenses (see Note DJ.-
amortized to operations owr the liws of the related issues using the bonds outstanding method of amortization. Note 8-Itestricted Amets
! RestrKtesi awet, umat d the hem og funik Rafes andResenues: September 30 Each year, the Commission's staff performs a rate ade- 3984 "i gg g g quacy study to deternune the electnc and water rewnue in,qn, %,unt m . ~ 5 20.930.176 5 a ut.867-requirements. Based on thus study, current cost of seruce Pnnopalamiintee9 Atuiunt, 4 4.s73.ss7 is.a t 2.910 studies and regulations of the Florida Public Service Com- cerne Reew rund, . sa36awi 59.4is.au mission regarding electric
- rate structure" the Commis- 1984 B"d ^n'"'Pd"* N de sion's staff dewlops its electric and water rate schedules. ,9 N ,'g" i g g 324#" A28 The Commission makes its determination or resenue interew rund. . 96.6a4.s29 1 ; requirements using the rate base method and includes p gi g ,22 2ius'.169 construction work in progress in the rate base. Therefore, c mirut ton ami tu4aimumN c ' in accordance with proper rate making theory, the Com- Bond conorta ta c rumi . . . '4.441.674 291957 -
1 mission does not use an alknvance for funds used during 1984 Bond ^n8'"Pd"* N *'
,03 @"'"
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construction (AFUDC) in determining re enue require-ments. Since the Commission's level of rewnue require-cc,w,,txt==t rurut . . . . .. t a4.a i9.asi l- ments and subsequent revenue is determined without Rawwal and Replxonmq Iw=1 13229J9 15,191,471 regard to AFUDC, the Commission does not capit lize us306;ao 2un. son.2ai interest on construction work in progress, Operating revenues are recorded based on actual g"""" 3" ,, billings to customers plus an accrued estimate for unbilled o, hec ! electric and water consumption. Effective for the 3 ear Retamage and surety runds. . a36.i ta , ended September 30,1984 the Commiwion refined the Nx trar ce=-rai >n r.x do 1 - method of calculating accrued operating te enues to D" ""'""""'"mg h==L 3aisna - - 627.ais more appropriately match unbilled consumption. The 183508 8.461.911 effect of this change in accounting estimate was an $494.054 410 5418.327.131
- increase in operating rewnues and net income of apprmi-
! mately $2,500,000 for 1984. 1he funds umis d: i Cash . . . .... .. 5 7.497 $ 3.176 , Payments and Transfers to the City of Orlando: Un+11 su s, Treawry m untw
! d "*'
The Commission makes pay ments to the General fund 2 of the City of Orlando based on gross rewnues deriwd from sales of electricity and water to customers within the [ [ ' E -T, '..... 1985 - $19.mts4m 2n,271.126 :23.871.m6 boundaries of the City. This amount is considered an oper- - Pt=&d mwenmer N>te ^ , 4M.iat.nis 185.751,424 -
- - ating expense for financial reporting and rate making pur- '"'"e" a=' * - 939M2 8 A"8 77 poses. In addition, the Commission transfers monies to the 1otAts 5494 m4.4 t o 54is.i27.lai General fund of the City of Odando based on the Commis-I sion's income before the transfer (see Note F for change in Note C-1.ong Term Debt
- accounting principle). During 1978. the Commission provi&d for the advance On March 30,1984, the Commissioners voted to freeze refunding of all of its water and elec t ric rewnue tx>nds out-
- the annual transfer to the City of Odando at the fixed standing at April 1,1978 in the aggregate principal amount amount of $14,172,000 for the fiscal ye,m ending Sep- of $123,325,000 (Refunded Honds) by the sale of .
tember 30,1984 through September ',o,1987, w hen Unit $110,330,000 Water and Electric Rewnue Refundmg and
! No. I of the Curtis E. Stanton Ecergy Center ISEC 1) is imprmement ikinds Series 1978 and $94,650,000 Spe-expected to be operational. cial Obligation ihmds Series 1978. From the proceeds of the sale of the two issues, mon es were inwsted in United CompensatedAbsences7 States obligations in an irrevocable Esuow Deposit Trust
- The Commission records compensation for unused fund. Such United States obligations will mature at such t vacation and sick lease as an espense in the year m , w hic h time and in suc h amounts so as to provide sufficient funds l the vacation and sick leam ss earned in ac cordance with for the payment of maturing principal and interest on the
, Govemmental Accounting and Financial Reporting State- Refunded Bonds. All interest earned or accrued on the 4 **"' 4 ' United States obligations has been pledged and will be
- - #eclassification
- used for the payment of the prinopal and interest on the i For comparability purposes, certain redassifications Special Obligation lionds, Series 1978. The $84,290,000 t
haw been made to the 1984 financial statements to con. in Refunded Bonds outstanding at September 30,1985 form with the 1985 financial statement presentation, are treated as extinguished debts for financial reporting induding $2,064,816, which was previously reported as purposes. i l l 7 t t' 1
i 1 NOTES TO FINANCIAL STATEMENTS - CONTINUED ? ORLANDO UTILITIES COMMISSION Note C- Long Term Debt i in 1979 and 1980 the Commission issued the balance of days from their respectiw dates of issuant e. T he Commis- Y the authorized Water and Electric Refunding and improse- sion enterniinto a Revolving Credit Agreement dated lanu-ment Bonds as Series 1978A and 1978B in the amounts of ary 1,1985 with Morgan Guaranty Trust Company of New
$40,000,000 and $75,000,000, respectnely. York. The Revolsing Crnfit Agreement permits the Com-In May of 1984, the Commission issued $250.000,000 mission to make bank borrowings to pay prinopal on i inWater and Electric Rewnue Bonds, Series 1984 A. These maturing tavesempt commercial paper notes at any t:me bonds were issued on a parity with all other outstanding until the earlier of the date of soluntary termination of the bonds. The proceeds of these bonds were usal to estin- commitment of the Bank by the Commission or May 31, guish outstanding rnenue notes in the amount of $% mil- 1989. Ihe Tadesempt Commercial Paper Notes are hon, to pros ide additional funds for the construction of SEC secured 1 y the pn> cents of the Tavesempt Commercial I and to fund 50% of the interest on the bonds through Paper Notes, hgether with any Tavewmpt Commercial April 1,1986. The Series 1978,1978A,19788,1982 and Paper Note mostruction fund earnings thereon, and nel 1984A Bonds aie payable from and secured by a first hen rnenues, whk h lien and pledge of net rnenues is junior, upon and pledge of the net resenues deriwd by the Com- inferior ar d subordinate in all respet ts to that of the out-mission from the! peration of the water and etectric s3 stem standing innds and Transfers of Funds as defined in the and irom irwestment inc ome carned on monies and obhga. Bond Resolution. The proceeds of the Taeesempt Com- 4 tions in certain sinking fund accounts. mercial Paper Notes are to be used to fund all of the interest i Aiso in May,1984, the Commission issued requirements on the Tavewmpt Comn en ial Paper Notes 1
$280,000,000 of Water and Electric Revenue Bond Antici- and to pros ide.x fditiona' monies for construc tion of SIC 1.
pation Notes IRAN's) Series 1984 maturing May 31,1989. It is estimated that the piocenis from the bonds and the The proceeds of the BAN's were used to fund all of the Tavesemp' Commeraal Paper Notes deposited in mn-interest requirements on the BAN's and to provide adds- struction ftads together with projected rnenue will be tional monies for construction of SEC 1. suffioent to finance the Orlam o Utihties Commission's i in January 1985, the Comrmssion refunded the BAN's portion of St C 1. Interest paid on the Tavesempt Commer-with the proceeds of a safe of Water and Electric Bond cial Paper Notes is based epon market rates in cife( t at the Anticipation Notes. Senes 1985 A ttas-ewmpt commer(ial time of their sale. Annualimerest rates being paid on notes paper notes) with a prino,)al amount of $280,000,000. outstandmg at September 30,1985 ranged from 4.50% to The notes ha e varying maturities of not more than 270 5.375 % Bond, Tavewmpt Commercial Paper Notes and HAN poncipal cutstanding as of September 30 is as follows: lua4 Aldum wt.wwe , vias 1978 Serk% 3.8%-617%. due wrully I994 to 2006 and in term 6 wm w12008 . 5110.110J xM $110.llojuH 1978A Serk% 5.6V6.4%, due scrully 199 3 to 2tna . 40 in oJ nio aoJoaja n j 19788 Serks 6.25%8 0%. due wruth through 2tM l . 71, Im) 1.x o $ I,I to ano 70.04n oro 19s2 Senes s 5% to 9 62w. due wn. iiv 1981 to 2m t i10fnuJx o itoinunu 1984A Scrks t0 5% v1 term 6 wm. due 2014, marwtitors redernto wi innn 2004 to 2014. 52 W JKOIap 250J00(xn) 1984 Bund Antksgutant Nstes retunrial hnuary.1981 280/k UJ MU nu) o(O IN C 19aiA Series Tax-cwmpe Commert al Parer N >tes voth tmi riuturiin, due May 31.1989. $2noJpojnw 2nojno ooo
$a61,7 0 000 52Moj n) t x o hat,140ino ine,0.170 t x 0 tesuurrent portuun ks9: term debt . 1.140 tn> 4,oi ,J a n
$860 }IOJh>) $; lib, $ I 5,l)l N )
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)
Note C-Long Term Debt (Continued) Following is a schedule of annual long term debt senite requirements for the pas ments of bond and BAN punapal and interest: hwal ' tear Pas ments for Pament For Pa ment, f or Pasment f or Pa ments f or Ending 5enal tlond Ictm Borni Baxi T.wcwmpt Cantm ut Taummp Cimnmial segember 30 Prnind Pnnopal t I I intenwt Pwer %>te Prn tpal Papa N,te irrerest i It kga, t b ( 4,2 % .000 I 1986. $ $ 3.923.904 5 50,lia '94 $ 2i Saun) $ 82.177,69p 1987 4.530 000 4.126.550 50.097.736 21 800 000 82 714g10e 1%d. 4 815,000 4:44079 49507.157 l l H00 J t00 Bl.It P j 1989 3.127.000 5.062.122 49.432. 0 1 $280.u n 000 15366,667 155.ii6 a 19% . 5 497.500 5 496.654 49.115.22; 60,10% l79 1991 . SE87.500 5 % O003 48.703 642 60. W .lio
!"2- 6.255.000 6.523.280 4 & 266.661 6104f r941 1993 , 10.472.500 2,397 602 47A21362 60 t:4I,664 1994 . 14.5251100 47.113 641 61.640 645 1995. !5.512,500 46.125.816 61.658,116 1946 . I b.593 AX10 4 3.04 h 4 '; blA41.475 1997 17.7701XX) 41E6 ? Eol h l ,617 Sa l 1998. 19.080.000 42.5n 1.010 61.641.080 1999 . 20 562.500 41.0'8.109 61A40EO9 20t0 . 22.227.500 19.411 PM0 616 5M580 2001 . 22.892.500 3' MhA45 in 4'9.14 5 2002 24.783 000 35 693 2h1 t4481266 200). 2n 842.500 11 647.910 (A480,410 2004 . 4 617.500 9.910 U(0 11.29'.50' 43 84 LOO 7 2005. 4.1i3000 11.763 n10 29.'mi.~ lO 4i 84, 710 2006 . 3,462.500 11.90i1AK) 23 4 ' t .4 4' 4sH38.947 2007 1.377.500 l i 4 '3 0t X) 26.741212 45.547,712 2(o8 . f.d45 0u0 19,0ikk o 22.9'i,163 4Ll't,163 2009 21.020 000 IH B361TO 4I.%16 150 2010 . 23 4401Fi 16 469.250 41.m M. 210 2011 . 28.110 fm 11.798 HiO 41 908 050 2012 . I1.060,0u) iO h46.500 41 %16fA) 738i.Jto 2013. 34.320.000 41.*K b.2i n 2014 . 17,920.(M M) 1981.f 4 X) 41,901.f thi
$265.282.500 $283.lW.199 $1.Ol6Ei' 416 $ 280 000.000 $ 8' 266 667 $1.9 37 f 03.782 Interest of appanimately $87,000,tX)0 in the summary is furuleil from the promil, e dIhe IJ n-cwmpt Commert ial Paper Notet
- 0) The pay ments for principal through 199 i assumes pur. O) Bawd c0 an awumer. interest rate of 8.%
chase of 81/4% U.S. Treasury Bonds at prices ranging Outstamhng bond prinopal of the Commission as of Sep-from 98 80% to 101.14% of par and the payment of tember 30.198. .3 n (omposed of the folioning: accrued interest aggregating $1,088428. The princi-pal of such Treasury Bonds or other Insestment 5"'di B""d P"'*d '" I" '""d"L $2"i2"2 N"
. Ter m Bonal Prn ipal to lie funde~t 288 199,199 Account Secuntles is required under the Resolution to iy33 7 ,,, gnna p,pg s,n1 23o n goon be used to pay for the retirement of $61,740 0001978 c mg sona P,me.%st Term Bonds that are due in 2008. + of sep'ent er 1019m 1.147500 for purposes of this sc hedule it is assumed that the Te"n B""d P""" pal. pun hannmi.
abuse referred Treasury Bonds will not be redeemed ,'$'"("'[,IQ"""h" I"l"83 3 ,,4 3,,,, prior to their matunty, May 13,2003. In the esent suc h Pun u.gnreona p,nnium to be Treasury Bond 3 are so redeemed by the U.S. Govern- fundnt thnwh 19n i t . to i Ouo ment on february 15, 2000 or on any interest pas ment $n,u i70 Om
- ~ ~~
) date thereaf ter, the Commission has the option to / redeem the 1978 Term Bonds at par or reinsest the Note D - Participation Ag ecments proceeds of such Treasury Bonds in other imestment in 1980 the Commisuon entered into a Participation Account Securities. Agreement w ith Ilooda Power and light Company (F PU to The payments for term bond prinopal in the im al purc hase a 6.08931 ? , undnided ownership interest in St. years 2004 to 20!4 relate to the mandatory redemp- 1ucie Unit No. 2 nu(lear powcred elettrit generating faul-tion of the Water and Electric Resenue Bonds Senes ity construc ted by f PL This unit is presently rated at 850 1984A. No insestment assumptions are made with net megawat ts NW) and ( ommenc ed ( ommer c ial opera-respect to these payments, therefore they are pre" tion in August,198 5. The Commnsion has also entered sented as shown in the debt service requirement into a Reliabihty f u hange Agreement with f Pt The Reli-schedule estabbshed in the Bond Resolution. abihn I v hange %reement results in the Commisuon (2) Does not include earmngs from the Insestment and euhanging 50% of its share of the output from St. Luc ie Debt Servi (e Reserve Arc ounts. Unit No. 2 for a hke amount from st. l u(ic Unit No.1. 9
)
r~ , NOTES TO FINANCIAL STATEMENTS - CONTINUED ORLANDO UTILITIES COMMISSION Note D - Participation Agreements (Continued) Amounts from F PL for the output from St. L uoc Unit No. 2 Note G - Conunitments And C<mtingent Liability gnen to FPl. in accordance with the Rehabihty Exchang" 1. $IC 1 i,cunently unden onstrut tion and is exps ted to Agreement amounted to $2,064,816 and $2.342,754 for begin (ommer(ial operahons in luft Pla7 with a 415 the years en(kti September 30,1984 and 1985, respec- net megawatt t.apaoty. The Comnussion has exes uted tisely, and have been classiintl as a reduction to operatin4 contra ( ts for construt tion of the $[C 1 totaling appioxi-cxpenses in the financial statements. F PL has operational mately $ 191 mdhon of whi(h $219 milhon has been control of this project- paid thmugh September 30.1985. T he total ( ost of $1 C The Commission also has a Partic ination Agreement I and tert' ain land and related faohties is c urrently esh-with the City of Lakeland, Florida dated Apol 4,1978 mated to cost $51 I milhon of whic h approximately Under the terms of this Agreement the Commission has a $100 milhon will be paxiley FMPA and the Kissirnrnee 40% interest in a 340 net MW refuse and coal-fired steam Uhhty Authoritv. As of September 30,1985, $510 mil-generating unit (McIntosh Unit No. 3).1he City of take- Ian of Honds and lavhempt Commert ial Paper Notes land has operational c ontrol of this proje( t- haw lx en issued for the purpose ni funding the um-Since 1975, the Comrnission has owned a 1.6015% sinKtion of SIC 1. undivkled interest in Fb wla Power Corporationi 846 net MW nuclear powerrd elet tric generahng plant de3ismated 2. Ihe Comnupon has entensi into a (oal supply (on-Crystal Rner UrQ No.1. This ownership interest was tract for a mimmum of 600,000 tons per scar for, acquired unde, the terms of a Participation Agreement d D"""I "I I"" "d """ ("""""C idl "W'Jh"" "' SEC 1. with Flonda h)wer Corp >rahon and ten other Ilorida uhli. ties. Florida Poswr Corporation has operational control or 3. In 1969, the Orlando Utilities Commnsion pledged this proOct. $480.000 of its annual rewnues in conne( in>n w ith the in H84, the Commnsion entered into Participatmo issuance by the City of Orlando of $5.500,000 Agrwments with Florida Municipal Poswr Agern y (F MPA) Improsement Rewnue tionds. Ihis pledge is for a ar.d the Kiwimmee Utihty Authont y to sell a portion of SEC peruxf oi 22 3 ears from the date of issuanw by the City
- 1. Under the terms of these agreements, FMPA has a of the improwment Rewnue lionds or suc h longer 14.8193% onnership mterest and the Kiwimmee Utihty period as shall be required to pay and retire all prinopal
/.uthority has a 4.8193% ownenhip interest. In 1985, the and interest on sut h bonds ihn hen on the rewnues Cornmission entered into two additional Partiopation denusj from the uhhtes shall be pumor and solninhnate Agreements with i MPA in which additional shares of to the Ien of holders of any obligahons of the unnmis-6.5060% and 5.3012% of ow nership interest were trans- som outstandmg or pari passu obbgabons hereinaf ter ferred from OUC to FMPA. The Commasion has opera- issued for purposes of the Comnnssion, but shall be tional control of this projet t. At September 10,1985 poor and supenor to any hen, ph dge or encumbran( e ownership interests were as tolknvs: hereafter madeof su( h rewnues for any purposes other f Orlan<b e st M on m won. on war. than sani obhgations of the Comnusuon for water or Florsb Munn ipal hu Awrw y it. (,16% Ch-(1ric purpost% -
ksem r Utihts Autbonty . 4 H es i% g, Note H - IVrwkm Plan The Orlando Uhhhes ( wnmnuun has a defined lwncfit , Note E - Capa(ity Commitment pension plan ( ownng substantially all emplowes The in 1985, the Commnsion entered into an agreement total pension expense for the years 1984 and 1985 was with the Florida Municipal Power Agency (FMPA) to $2,665,011 and $2,818,44 5, respec tnely, w ha h in-provide FMPA w ith a total of 130 MW of the Comnussion's dales nonnal(osts plus amortvahon of past sen a e unsts generating cap.wity on a take or pay basis. Pas ment to the ouw a penod of appnniniately 10 wan. A< ( umulated Commisskm is based upon a 21.65% share of the oest of pLn beneht nuonnahon, .n estunated by ( onsulhng .n tu-operation of the Commission's oil / gas bred Inchan Rner ann .uid plan net assets are. generating fachty. The 130 MW represents 21.65% of the ve mmber I total generating capauty of the Indian Rner facihtv Total W" _ WM generating capacity of the Indian Rner f.fihty is appnni- heuhent * "' mately 600 MW The contrat term is espe (ted to begin " ' ",","j'" h '" b* * , g , g, , , 3 gg,.g , dunng 1986 and w dl extend 15 years. FMPA has an ophon %,,. .a 4 niu 21 4 m u? to renew the contra ( t for an additional fue years. 3 ,,, om no g n na 3ja Note f - Change in Am>unting Principle %4 au aatalan t-iik $ in 914 m $ ii m un Poor to Oc tober 1,1984 the Commission ret onfed its the assumed ran of return used in determinmg the transfers to rhe General F und of the Cit y of Orlando sinnlar a tuarial present salue of .u c umuLied plan benetits to a dividend in the statement of ar( umulated retained w , p,, , carrungs. To conform with Gowrnmental A< (ounting and financial Reportmg Ponoples - 5tatement I such transfer Note 1 - Rcgulation is rnorded as an operating transfer and deducted in the A< < on hng to emhng laa s of the State of I looda, the In e Commnsion's cak ulatuen of net eru orne for 1985. members of the ()rlando I!!ihhes ( onunnuun .n t as the 10 t
F l l regulatory authority for the establi3hment of elecinc and respet ting the standanh and prm edures. T hereiore, there water rates. The Flonda Pubhc Seruce Commission (F PSC) is no assurance that the units in operatn>n, under ( onstruc-l has authority to regulate the electric " rate structures
- of tion, or contemplated w ill alw avs remain subjet t to the reg-municipal utihties in florida. It is behered that " rate struc- ulat ons c urr ently in et fe( t, or w ill alway s be in c omphanc e tures" are clearly distingunhahle from the total amount with future regulations.
of resenues which a particular utihty may receise from An inabihty to mmply with ensironmental standants or rates and that datin(tion has thus tar been (arefulh made deadhnes could result in nxiut ed operating kwls or com-bs the FPSC. plete shutdown of indnidual elettnc generating umts or Prior to implementatton of any rate (hange, the Com- w ater plant fauhties not m wmphanc c. F ur thermore, t om-
, mi>sion has established the prerequisite of a Pubhc Notice phante with ensironmental standards or deadhries may and the bokhng of a Public Hearing. soldtantially int rease apital and operating wsts.
Florida Public Sersice Comminion: Note l- Busines Segment As noted abose, the f PSC has jurisdiction to regulate T he Commnsion operates in tu o huuness segments; the
> electric rate structures" of munit ipal utihties. In addition, generation, transmiwion and dntnbution of elet tricit y and the Florida Energy Efiitiencs and ( onservation Att has the produ( tion, treatment, transmission and datnbution of gnen the FPSC exclusise authontv to approse the con' water. A summary of the segment intormation is shown struction of new power plants under the Florida Elettrical w v:
Power Plant Siting Ac t. The F PSC al-o eserc ise3 junsdit tion under the National Energy Act, including cle(tric use mn-sersation programs. operating resenuesI"""Y""d"'""*"*"""". for the years 1984 and 198 "I i N*K~I""*'I""' fuelWe Act of 1978: The Comr.ii3 ion is subject to the prosisions of the Iuct h n the opinion of the Commnsion and its munsel, that Use Act of 19M. Under the original terms of this a( t the the Udando Utihties Comnuwion is e empt from lederal Commission is mereh res'rit ted in the use of natural gas and state in( ome taws. as a fuel. Eftetthe August 13,1981, the Omniho Budget Note L-Sulwcquent hent Reconciliation Act of 1981 amended the Fuel U e A( t. Ihe e Connunuon inwnds to reiund aH nNing bon amendment e s entiaHy chminated the prohilvaon against burning natura! gas, subject to the requiremen'. that the util-w1th a proposnJJ)omt inue &nn MO Bonk @of approsunawh 000,00R e dodng of ge bomt ities submit consersation plans. The Commi<uon has sub-swue n npn ted to ou ur k Dn nnbn R WR>. mitted its plan to the Department of Energs and re(ened Prior to or simultaneously w ith the issuant e of the Senes approval for the plan and the burning of na> ural gas. 1985 Bonds the Commisuon shall proside for the re-Em ironmentaland Other Regulations: tsrement oi its $280.000,000 Water anti Ela trit Bond Operations of the Commnsion are st tye(t to enuron- Anticipation Notn, Senes 19M A by the issuance of mental regulation by Federal. State an.1 k> cal authonties approumately 5280.000.000 Water and liettru Bond and to zoning regulations by local autharities. Federal and Antuipation Notes, either in ihe form of sanable rate State standards and pro (edures that pern wntrol of the demand obhgations or a ( ommen ta! loan pla( ni with a erwironment can (hange. These (hinges (an arise from bank or other lendmg institution. (ontinuing legislattse, regulator'. and ludKial at tion Businen Segment Summary (Note j) war frM septemic 30,1984: f W to, waver beal O lrrahng rewnum . $ t w H19.6 Hi ) 11.d h ia .1 1 r. $ 1P1127'54 Depreoarm and amortezat m . 11 118 Vel 1.137.171 14 '0i.121 Operseg enu av .. . . . Il ' '6 't91 l & ID100 % 578,993 0;wra rng iranor s to the r,es ot oaanan c e<+ral f und . 6 499.507 1.441.491 7.941 t m M fflt f FTW . . . . l f s N )H 24 ' $IU)003 l')N 191 12 Contr txted rapal . I 164 9.'i 16.576 TM4 19 n4 l JD'8 Nirapral abbhor% . 111 l'.0 638 66%0W 11HSni]JO Ni MFhngLdpilM l' ill) hj8 I Ii7 468 18 f*l81394 1AM awls . . . . . .. .. lOl4.I'MllO e di. lo9. iMU l . l u!.499J40 lbrwh.lort oth*4 lors term lsdphba H r),911.0 li 9 9J9 7 tin H 49.8 41.70i li AM M{uff y . I m ~6 4 827 SI,6il 752 I M1.416.i79 k kar Indnj 5epternlear 30,1981: opera 6ng rmenun . $ ItW16ildt $ 11.1 %.522 $ 104 U2toi Depret satwyt and anw erb /atws) . 1 IJ li li' l .490 61b 15JJiE7i Operahng inr eme . ... . 49 14 3, li9 i,'.H4 e6 I ;4 711.211 j . .. . . operahng unte,s to rbe < in oi od.,ndo c-rmrai r und. 6 aim 1.on'v66 734: 000 Mi lnC Of1 W . . . 23 h41.201 4.4MH.ii6 11.78M 737 c;mf tdsutuj < andal . 4.1 /11. 51 ; 22.97'.166 J 7,097.631 Ni t'apftJl Aldtit #ts I2I 61l.I44 I 09\ pI t j29.3Uld59 N4 wirbeg i apital . i 1.i'O 79M J 769 n47 W l 19 E 4'i Ioial ants . . .. ... Io'4 7'i019 '6 161.118 1.131.116.217 Borwh arvi other long term lob &tw, . n H,. Il' Joi 9.'819.700 846166 udi Ir /J1 iTIUliV . I6 l M i7 min 6\.!4I).164 /22.9'O 242 11 a J
ORLANDO UTILITIES COMMISSION I COMMISSIONERS,1985 LAMES II. PUGil, JR., President ROYCE B. WALDEN, first Vice Pre 3ident GRACE C. LIN DBLOM, Second Vice President BILL FREDERICK, Afa>or , W. M. SANDERLIN, Imnuxhate Past President ORLANDO UTILITIES STAFF ti. C. LUFF becutisc Vice President - General Atanager Secretary T. C. POPE Assistant General Afanager and Anistant Scaetary R. D. BROWN V. E. CRANE B. l. PERROW Assistant Scaetary L. E. STONE, Afanager A. R. BOYD, JR., Afanager Electric Operations Department Water Operations Department R. D. BROWN, Afanager T. B. TART l Financial Operations Department Staff Counsel } S. R WILLIS, Afanager D. E. MOORE, Afanager Customer Relations & Support Operations Department Strategic Planning Department j T. L. SMITH, Afanaging Director Communicoaons Division CONSULTANTS BLACK & VEATCti, llectric Consultants Kansas City. Miw>uri CH2M IllLL, Water Con:.ultants Gainessille, florida M. G. LEWIS & CO., INC., finarx ial Consultants Winter Park, Florida ERNST & WillNNEY IN TLRNAllONAL Certdied Pubhc Anountants Orlando, F lorida
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)
CITY OF KISSIMMEE FLORIDA
/, .,, )
) W COMPREHENSIVE Ya ' b ANHUAL FINANCIAL REPORT
,a > F/ SCAL YEAR ENDED j SEPTEMBER 30,1985 I
) CITY OF KISSIMMEE, FLORIDA. ) COMPREHENSIVE ANNUAL FINANCIAL REPORT SEPTEMBER 30,1985 ) ) ) ) ? FINANCE DEPARTMENT JEAN C. BENNETT ) FIN ANCE DIRECTOR JOHN E. HEARN ASSIST ANT FIN ANCE DIRECTOR ) l )
O CITY OF KISSIMMEE, FLORIDA O LISTING OF CITY OFFICIALS AS OF SEPTEMBER 30, 1985 0 ELECTED OFFICIALS George A. Gant, M.D. - Mayor - Commissioner Naomi D. Winbush - Vice Mayor - Commissioner James W. Wells, Jr. - Mayor Pro Tem - Commissioner
- R
Bruce R. Van Meter - Commissioner Kenneth C. Maher - Commissioner Q APPOINTED OFFICIALS A. B. Preston - City Manager Edward Brinson - City Attorney O DEPARTMENTAL OFFICIALS Rob *rt '- Bar2ia*kY ^"*i"taat City "aaa9"r O Jean C. Bennett Finance Director Dennis Foltz Planning Director James G. Thory Central Services Director George W. Mann, Jr. Pubi te works s Engineering Director O Frank J. Ross Police Chief Kenneth L. Kamp Fire Chief J. Pat Daugherty Building and Zoning Director William E. Pa lmer Parks and Recreation Director O James C. Welsh Electric Utility Director Brian L. Wheeler Water and Sewer Utility Director Kathleen A. Gaylor Personnel and Labor Relations Director George R. Hoagland Aviation Director Q ill O
1 l n LA CITY OF KISSIMMEE. FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT q) FOR THE YEAR ENDED SEPlEMbER 30, 1985 9 TABLE OF CONTENTS O INTRODUCTORY SECTION TITLE PAGE............................................ 1 O' PRINCIPAL CITY OrFICIALS.............................. sts TABLE OF CONTENTS..................................... av via LETTER OF TRANSMITTAL................................. A 4-19 9-ORGANIh 'IONAL CHANTS................................. A A-23 CERTIFICATE OF CONFORMANCE............................ A A-27 FINANCIAL SECTION () AU D I T O R ' S F E PO R T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E-5 GENERAL PURPOSE FINANCIAu STATErENTS (COMBINED STATEMENTS - OVERVIEW) G Comoined Balance Sheet - All Fund Types and Account Groups................................. D B-13 Combared Statement of Revenues. E<penditures and Changes in Fund Palances - All Governmental Fure Types and Empendable Trust Funds.......... B D-15 Combined Statement of Revenues, Empenditures and (p Changes in Fund Palances - Dudget and Actual - All Governmental Fund Types.................... B B-21 Comba r.ed St at ement of Revenues, Expenses and Changes in Retained Earnings / Fund balances - f411 Propriet.ery Fund Types and Similar Trust Funds............................. ............ P D-25 (> Combined Statement of Changes in Financial Position - All Proprietary Fund Ty pes and Similar Trust Funds............................ D B-29 Notes to Financial Statements.................... D D-61 9 iv 9 1
)
i I COMBINING STATEMENTS - BV FUND TYPE Governmental Fure Typer.1 General Fund - l Balance Sheet................................ B-68 Statement of Changes an Fund Balance......... B-69 Statement of Revenues and Other F4nanctog Sources - Budget and Actual...... B B-71 Statement of Expenditures and Other ) Financing Uses - Budget and Actual......... B B-73 Special Revenue Funds - l Combining Balance Sheet...................... B B-77 l l Combinar.g Statement of Revenues. Expenditures } and Changes an Fund Balances............... B B-79 Statement of Revenues. Expenditures and Changes in Fund Balance - Budget and Actual B-80 Utility Tax Fund......................... f Federal Revenue Sharing Fund............. B-81 l Capital Improvement Fund................. B-82 Vehtele Replacement Fund................. B-83 Recreation Impact Fund................... B-84 Local Octson Gas Tax Fund................ B-85 Bikeway Grant Fund....................... B-86 Debt Service Funds - Combantng Balance Sheet...................... B-88 Combining Statement of Revenues, Expenditures and Changes in Fund Balances............... B-89 b Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Downtown District Bonds Fund............. B-90 FmHA Bonds Fund.......................... B-91 Capital Projects Funds - Combining Balance Sneet...................... B-9* - b-95 b Comb 1ntng Statement of Revenues, Expendatures and Changes an Fund Balances............... B-% - B-9 7 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Downtown Development Fund................ B-96 City Hall Cxpanston Fund................. B-99 b Lakefront Development Fund............... B-100 Cormunit y Development Grant s Fund. . . . . . . . B-101 Special Assessment Funds - Combining Balance Sheet...................... B-104 Ccimoining Statement of Revenues, Expenditures and Changes in Fund Balances............... B-105 b Statement of Revenues. Expenditures and Changes an Fund Balance - Budget and Actual Paving Assessment Fund................... B-106 i Butiding Demolition Assessment Fund...... B-107 l h i V 0
CI Procrietary Fund Tvces: Entercrise Funds - Combining Balance Sheet...................... B-112 - B-115 O Combining Statement of Revenues, Expenses and Changes in Retainec Earnancs............... B-116 - B-117 Combtntnc Statement of Changes in Financial Position......................... B-118 - B-119 Internal Service Funds - Com b i n i n g Ba l a rc e Sh ee t . . . . . . . . . . . . . . . . . . . . . . B-122 9 Combining Statement of Revenues, Expenses and Changes an Retatned Earnings............... B-123 Comeintna Statement of Changes an Financial Position......................... B-124 Fiduciary Fund Types: G Trust and Agency Funds - Combining Balance Sheet - All Trust a nd Agency Funds............................... B-120 - B-129 Statement of Revenues, Expenditures and Cnanges in Fund Balance - E n pendable Trust Fund................................. B-130 0 Cemetning Statement of Revenues. Eupenses and Changes in Fund Balances - All Nonexpendable and per. sten Trust Funds...... B-132 - B-133 Combining Statement of Changes in Financial Position - All Nonexpendable and Pension Trust Funds................................ B-134 - B-135 O Comeining Statement of Changes in Assets and Liab111ttes - All Agency Funds............. B-136 General Ftwed Assets Account Group: Schedule of General Fixed Assets By Source..... B-138 Schedule of General Fixed Assets - By Function G a nd A C t 1 V i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-139 Schedule of Changes in General Fined Assets - By Function and Activity..................... B-140 SCHEDULES Senedule of Fined Assets and Depreciation - G Electric Uttlaty Fund.......................... B-144 - B-145 Senedule of Fixed Assets and Depreciation - Water a nd S e we r F u nd . . . . . . . . . . . . . . . . . . . . . . . . . . . B-146 - B-147 Schedule of F1ved Assets and Depreciation - Airport Fund................................... B-148 - B-149 Senedule of F1wed Assets and Depreciation - e Solid Waste Fund............................... D-150 - B-151 Schedule of Fixed Assets and Depreciation - Central Services Fund.......................... B-152 - B-153 0 vi 9
O STATISTICAL SECTION O STATISTICAL INFORMATION Table 1 - General Fund - Expenditures by Department - Last Ten Fiscal Years.. C C-5 Table 2 - General Fund - Revenues by Source - Last Ten Fiscal Years............... .C-6 Table 3 - Property Tax Levtes. Tax Collections () and Assessed Valuations - L st Ten Fiscal Years........................ C-7 Table 4 - Senedule of Property Tax Rates - All Overlapping Governments - Last Ten Fiscal Years........................ C-8 Table 5 - Schedule of Special Assessment [] Collections - Last Ten Fiscal Years. C-9 Table 6 - Computation of Legal Debt Margin....... C-10 Table 7 - Computation of Direct and Overlapping Debt................................ C-11 Table 8 - Ratto of General Bonded Debt to () Assessed Value and Net Bonded Debt per Capita - Last Ten Fiscal Years.. C-12 Table 9 - Ratto of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures - Last Ten Fiscal Years.................... C-13 () Table 10 - Schedule of Electric Revenue Bond Coverage - Last Ten Fiscal Years.... C-14 Table 11 - Schedule of Water and Sewer Revenue Bond Coverage - Last Ten Fiscal Years............................... C-15 Table 12 - Schedule of Airport Revenue Bond () Coverage - Last Ten Fiscal Years.... C-16 Table 13 - Table of Demographic Statistles....... C-17 Table 14 - Tables of Property Values, Construction and Bank Deposits - Osceola County...................... C-18 Table 15 - Schedule of Major Taxpayers........... C-19 Table 16 - Miscellaneous Stattstical Data........ C-20 () Table 17 - Ut:11ty Enterprise Funds Statistical Data................................ C-21 Table 18 - Schedule of Insurance in Force........ C-22 O O vil O
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yKCS can a mumcum moo r o nm m, . ~=n in mm mu . v, m zm ) # Lonto* i D March 4, 1966 ) Mr. Richard G. Sanimons City Manager City of Kissimmee Kissimmee, Flortda
Dear Mr. Stumons:
The Comprehensive Annual Financial Report of the City of Kissammee, Florida, for the fiscal year ended September 30, 1985, is submitted herewsth pt'rsuant to Section 5-1-6 of the City Charter, Florida Statutes Chapter 166.241 (1) and Chapter 10.550 of the Rules of the
, Auditor General of the State of Flortda. This Comprehensive Annual J Financial Report was prepared by the staff of the Finance Department and, therefore, responsibility for both the accuracy of the data and the completeness and fa)rness of the presentation, including all disclosures, rests with the City. We belteve the data, as presented, is accurate an all material aspectst that it is presented an a manner designed to fairly set forth the financial position and results of d activity of its various fundst and that all disclosures necessary to enable the readers to gain the mawamum understanding of the City's financial activity have been included.
As required by Section 5-1-6 of the City Charter and Florida Statutes Chapter 11.45(3)(a>3, the Comprehenstve Annual Financial Report has
-> been examined by a firm of andependent certified public accountants and their unqualifted opinion is included as part of this report.
ACCOUNTING SYSTEM AM EypDETARY, CONTROL 3 The City's accounting records for General, Special Revenue, Debt Service, Capital Projects, Special Assessments and certain Trust and Agency Funds are maintained on a modified accrual basis with revenues being recognized when they become measurable and available, while expenditures are recorded at the time liabilitles are incurred, l A-3 1 l t
O Mr. Racnard G. S t enmons March 4 19E6 9 Acccunting records f or t he Ent erprise. I nt er r.a ! Serv ice ar.d certain Trust and Ag eric y Funds are maintaired :.n a full accrual basis. Enterprise Funds are charuec for administrative, account ing and data processing services crovided by various departments in other funds. This is dor.e wtth a view toward making t hese funds self-supporting and to provide a basis for comparison with i n v e s t e r -ow ried public uttltttes. The Internal Service Funds provide services of a support nature on a city wide basis for which user departmer,ts are charged service fees. In developing ar# modifytog the Cit y's accounting II systen, consideration is given to the adecuacy of int ernal accour.t a ng controls. Internal accounting controls are designed to pr0 vide reasonable, but not absolute, assurance regardingt
- 1. The safeguarding of assets against loss f rco ur, author t red use or disposition; and O
- 2. The rel1abt11ty of fananc1al records for prepar a ng f I rianc a l stat ements and maint aining account abilit y for assets.
The concept of reasonable assurarce recognizes thatt 9
- 1. The cost cf a control should not exceed the benefits likely to be derived; and
- 2. The evaluation of costs and terefits requires estimates and judgment s by manacement.
4 All interrial cont e ol evaluat ions occur within the aDove framework. We believe that the C i t y's internal accour. ting controls adequately safeguard assets and provide reasonable assurarice of proper recordtr<g of financial transactions. budgetary cor,t rol i s Ma i nt a t r,ed at tne sub tbject l ef ve l by the O enc umtsra rice of estimated purchase or c ont ract amounts. Dudgetary reports are issued ard reviewed e w_,r,t h i . as outlined in the City Charter. Sections 5-1-4 ard 5-1-7. Oper encumorances are reported as retervattent of fur.d talance at Septemtc 30, 1965. Destqnations of fund balarces are used for approved prt Jects for which no formal encumbrance has been processed. ID
, TH niE041!NQ CNT I TY AND ! T5 UERy,1.C[.p Tne City of Kassammee which occupies ten square males, was O locornorated in 1883. The City t r, the county seat of asceola County, A-4 9
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Mr. Richard G. Simmons March 4, 1986 i Florida which is the geographical center of Florida. The City as i approximately 18 miles south of Orlando, Florida and seven miles east of the Walt Disney World/Epcot Center complex. c
- 2) i The City, whose 1985 estimated population was 22,929, has enjoyed a stable economic base due to its proximity to the Walt Disney l World/Epcot Center complex and numerous other tourist attractions and due to its surrounding cattle and citrus i ndust e t es. The City's economy also consists of many diversified retail trade, lodging, food ;
[) and beverage and manufacturing establishments. The City has a commission / manager form of government, with a Mayor-Commissioner and four other Commissioners who are elected at large for two year staggered terms. Elections are held on the last Tuesday of March of each year. The City employs a full-time manager [) who is the chief executive and administrative of ficer of the City. The City provides a full range of municipal services, including police, fire, sanitation, soetal services, pubite improvements, planning, zoning, recreational services and general administrattve , services. In addition, public utilities (electric, water, wastewater
)' and water pollution control) and a municipal airport are provided.
The funds and entities related to the City of Kissimmee, included in our Comprehensive Annual Financial Report, are controlled by or dependent on the City. Determination of " controlled by or dependent on" is based on criterna outlined in National Council on Government [) and Accounting (NCGA) statements. The basic criterion for inclusion is the exercise of oversight responsiblity by the City Commission. Based on this criterion, the various funds and account groups shown l in the table of contents are included in this report. The report, together with the accounting and budgeting systems, has been designed to conform to the standards set forth by the National Council on () Governmental Accounting, American Institute of Certified Public Accountants and the Financial Accounting Standards Board, as affirmed by the Governmental Accounting St andards Board (GASB) in GASB Statement No. 1, " Authoritative Status of NCGA Pronouncements and AICPA Industry Audit Guide". Furd structure has also been designed to comply with the legal requirements of the various revenue bond
) resolutions. ,
FINANCIAL STATGMENT FORMAT t I {} The report is arranged in the following sections: 1 A-5 _, 4) V . { #1
(n u mr. Richard G. 51mmens Parch 4, 1986 O Section I: Introductory Section - Cont ains the Letter of Transmittal and other such material as rna y be useful in understancing the reporting entity. O Section II: Financial Section This section of the report cont a t ris ccmbi ned, combining and Individual fund and account groups financial statements which present fairly the f inancial position and results of ouerations for the fiscal year. These qb statements and schedules are divided into tnree parts: Part 1. General Purpose Financial Statements, which display financial data for the City as a wholet GD Part 2. Combining Statements - By Fund Type, which present data for homogeneous funds; and 9 Part 3. Supporting Schedules, which present supplementary data not necessary for fair 4D present at ion. Section III: Statistical Section This section presents detailed historical information which will be beneficial to the reader in understanding the City's growth and GD it s fut ure pot ent ial. REDORTING AND EUDGETING ACHIEVEFENTS O On September 5, 1985, the Government Finance Officers Association of the United States and Canada (GFDA) awarded a Certificate of Conformance in Financial Reporting to the City of Missimmee for its Annual Finarcial Report for the fiscal year ended September 30, 1984 In order to be awarded a Certificate cf Conformance, a government al unit must publish an easily readable and efficiently organized GD Comprehensive Annual Financial Report, the contents of which conform to industry standards. Such reports most satisfy botn generally accepted accounting principles and applicable legal requirements. A Certifteate of Conformance is valid for a period of one year onlv. We believe our current report cont inues to conform to the Cert ificate ID of Conformance Program recuirements and we are submitting at to GF04 A-6 0
r O Pr. Richarc G. Samsons Maren 4, 1986 O to cetermine its eligt b111t y for another cert i ficate. 3 The City received the GFOA's award for Distinguished Budget Presentation for its budget cocument for the fiscal year ending September 30, 1985. The award as valid for one year only. We believe our current budget continues to conform to program reautrements anc we are submitting at to GFOA to determine its eligibtitty for another aware. 3 FINANCIAL CONDITION General Fund The following table presents General Fund revenues and other financing sources en a comparative basis for fiscal years 1985 and 1984. REVENUE AND OTHER INCREASE cs FINANCING SOURCES FY 1985 FY 1984 (DECREASE)% CHANGE o Property taxes $ 1.250,295 $ 1,088,643 $ 161,652 14.8 Franchise taxes 83,288 65,609 17,679 26.9 Licenses and permits 277.731 318,077 ( 40,346) (12.7) Federal, state and
, local grants 9,222 86 9,136 N/A State Revenue Sharing 633,471 555,190 78,281 14.1 Snared taxes and 12 censes 1,023,570 857,456 166,114 19.4 Charges to other funds 618.139 411,483 206,656 50.2 Otner charges c3 for services 117,136 116,603 533 .5 Fines and forfeitures 134,683 138,770 ( 4,087) (2.9)
County ambulance service 483,918 418,228 65,690 15.7 Interest earned 204,570 168,978 35,592 21.1 Other revenue 30,346 70,816 ( 40,470) (57.1) Fund transfers 3,203,323 2,928,503 274,820 9. 4
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TOTALS $ 8,069,692 $ 7,138,442 $ 931,250 13.0 Overall, revenues and other financing sources increased 13.0%. Major components of this increase include: 3 Property taxes - increased 14.8%, partially as a result of increasing the millage 8.0% above the rolled back rate, and the A-7 c N),
O Mr. Richard G. Simmons March 4, 1966 9 remainder resulting from a 6.8% increase in new construction on the tax roll. II Assessed property valuations of $344,792,659 for tax year 1984 represent an overall 11% increase over the toal valuation of $310.181,508 for 1983. Current tax collections were 96. 7% of the total t ax levy. Franchise taxes - and cable II Increased 26.9% due to increased gas television sales, upon which these fees are basec. The franchise tax rate remained unchanged. Licenses and permits - decreased 12.7%, whlch reflects the decline in butiding 4 permit revenue coupled with a decline in the number of building permits assued. This reflects a leveling off from the construction activity of prev 1ous years. State revenue sharing - increased 14.1%, reflecting an increase in the revenue from the sales of the items which rake up this source, O as well as an increase in the City's populat ion, on which the allocation to the City is partially based. Snared taxes and 12 censes - Increased 19.4 A as a result of an increase in the I receipts from the half-cent state-shared sales tax. Charges to other funds - Increased 50.2% as a result of the review and update of the andarect cost allocaticn plan cn which these charges are based. O County ambulance service fees - increased 15.7%. This is a result of increased amounts provided by the County for this service wh;ch as operated on a cost re a rnbursament basis by the City. Interest earnings - increased 21.1% despite a decline in the overall rate of return on investments. This as due to the larger amount of cash available for investment. Other revenue - O declined 57.1%. This source will fluctuate greatly over time, as it is a revenue category for items that are n:,t A-8 9
Mr. Richard G. Simmons March 4, 1986 specifically tracked elsewhere such as reimbursements for damage to City property, sale of surplus equipment or scrap, etc. All other 1985 sources - show minor fluctuations when compared with 1984. The following table presents General Fund expenditures on a functional comparative basis for fiscal years 1985 and 1984. INCREASE FUNCTION FY 1985 FY 1986 (DECREASE)% CHANGE General government $ 1,270,012 $ 1,176,621 s 93,391 7. 9 Public safety 3,896,504 3,514,447 382,057 10.9
) Public works 1,276,825 1,269,623 7,202 .6 Culture / Recreation 386,180 395,053 ( 8,873) ( 2.2)
Fund transfers 411,433 777,580 (366.147) (47.1) TOTALS S 7,240,954 S 7.133,324 s 107,630 1. 5
) The following table shows General Fund information for fiscal years 1985 and 1984 on an object of expenditure basis.
i INCREASE CLASSIFICATION FY 1985 FY 1986 (DECREASE)% CHANGE i [) Salaries and wages s 4,336,453 $ 3,933,695 s 402,758 10.2 l Employee benefits 945,103 892,343 52,760 5. 9 Operating expenses 1,371,141 1,286,424 84,717 6. 6 j General insurance 11,017 55,627 ( 44,610) (80.2) Charges from service l organizations 35,868 34,478 1,390 4. 0 I) Capital outlay 110,299 126,383 ( 16,084) (12.7) Debt service 19,640 26,794 ( 7,154) (26.7) Transfers 411,433 777,580 (366,147) (47.1) l I i TOTALS $ 7,240,954 s 7,133,324 $ 107,630 1. 5 l A-9 )
O Mr. Rienard G. Simmons
- March 4 1986 i
GD
% OF TQTAL EXPENDIT_yRES 4
INCREASE - CLASSIFICATION FY 1985 FY 1984 (DECREASE) Salaries and wages 59.9% 55.1% 4.8% Employee benefits 13.0% 12.5% .5% Operating expenses 18.9% 18.0% .9% General insurance .2% .8% ( .6%) Charges from service II organizations .5% .5% - Capital outlay 1. 5% 1. 8% ( .3)% Debt service .3% .4% ( .1)% ' Transfers 5. 7% 10.9% (5.2)% TOTALS 100.0% 100.0% - I Undesignated fund balance in the General Fund increased from
$1,563,887 in 1984 to $2,344,857 in 1985, an increase of 50%. A substantial portion of this f und balance forward has been anticipated as a source of funding for the FY 1985-86 budget. II a
Special Revenue Funds Joecial Revenue Funds account for revenue II f ree; specific revenue sources which are legally restricted for specified purposes. Ut ilit y ta.*es are pledged praraortly for the various obligations of the water and sewer ut111ty systems. Federal Revenue Sharing funds are obligated to fund those specific items'so designated in the City's annual budget. The Capital Improvemewt Fund was established to provide montes for major capital items benefit ing nonproprtetary I funds. The Vehicle Replacement Fund was established to provide a system of vehicle fleet replacement. This fund was not used in 1985, with vehicles being acquired through Federal Pevenue Sharing or the Cap 1tal Improvement Fund. Recreation impact fees are designated for recreatzonal improvements throughout the City and are levned on each new living unit. The Local Opt,' ion Gas Tax fund was established to II' account for the City's share of 'the 4-cent Local Option Gas Tax which as used for road i mproversent s. The Bikeway Grant Fund was established to account for{undsreceived from the Florida Department of Natural Resourbes to , construct a bikeway near the City's lakefront. O A-10 0
._ .. .- _ - . . _ . . . . - _ _ . . . _ _ . _ _ - __ ___.._____m._. . _ _ . . -_ _
l l l l M r. Richard G. Simmons March 4, 1986 l l A comparison of Soecial Revenue fund revenues for the last three fiscal years is oresented in the following table. 1985 1984 1983 Utility tax $1,070,723 $ 836,023 $ 791,944
- Federal revenue sharing 231,952 257,305 258,979 r
Capital improvement 52,423 71,781 84,897 Vehicle replacement 26,850 27,312
) Recreation ampact fees 48,f03 81,626 87,290 l Local option gas tax 503,620 443,394 '
Bikeway Grant Fund 43,229 ; TOTALS $1,950,750 $1,716,979 $1,250,422 Capital Pro 1ects Funds l Downtown Development The beautification of Kissimmee's downtown commenced in 1978 with the creation of a special district governed by a board appointed by the
) C2ty Commission. The disbursement of funds is controlled by the Commission-appoi nt ed Downtown Develpment Board. Revenues from a I
special tax were used to fund the issuance of bonds which, in turn, fund various beautification projects. This work has essentially been completed and the only remaining small projects are those funded from interest earnings on the remaining construction fund proceeds.
)
City Hall Expansion The program was designed to increase the workable area by approximately 15,000 sq. ft. It enabled all City departments to be located in the same building and eliminated the need for rental of office space. The project was financed through an FmHA loan of {) $500,000 at 5% for 40 years, as well as budgeted funds of $250,000 in the 1981 budget year. For 1983, an additional $30,000 was appropriated to provide furnasnings for the expanded facility. This project has been completed. Lakefront Development
) This fund was established to account for smprovements to the park on Lake Tohopekaliga. A five year development program was begun in i fiscal year 1983. Financing is obtained from a combination of General Fund monies, donations, and grants.
j ') Community Development Grants Fund This fund was established an 1984 to account for insfrastructure improvements financed by various Community Development Block Grants. A-11 0
(1 2 l Mr. Rachard G. Simmons March 4, 1986 , [ 0; i Epecial Assessments Funds l The Paving Assessments Fund accounts for assessments levned to finance public improvements specifically benefit ing the properties against which the assessments are levied. During 1985 two streets were completed and added to the assessment roll. The Demolition Fund accounts for the costs of demolish 1ng condemned structures. The cost of demolishing is assessed to the property owner. There was increased activity in th3s fund in FY 1984-85. II General Fixed Alsets The general fixed assets of the City of Massammee are tnose fixed . assets used in the performance of general governmental functsons and ' exclude the faxed assets of the Proprietary Funds. As of September 30, 1985, the general fixed assets of the City totaled S6.068,216. l This amount represents the ortganal cost of the assets and i s, therefore, considerably less than their present value. Depreciatlon of general fixed assets is not recognized in the City's accounting system. I The City will be embarking on.s fixed asset spectfac identification project in FY 1985-86 which will make signiftcant improvements not only to the General Fixed Assets Account Group records, but also to the records of the Enterprise Funds. O EJectric Util:1y Fund Electric Utility Fund 1985 operating revenues increased $6,908,103 or 24.7% over fiscal year 1984. This increase is attributable to a financing strategy to partially defray the cost of required capital II improvements with Internally generated funds. Base rates were increased 6.2% during FY 1984-85. It is anticipated that with the continuing growth of the system only a 2.0% rate increase will be required for FY 1985-86. The $28.4 million bond assue which was sold in September 1984 to II finarce the acquasation of a 4.8193% undivided ownershap Interest an the Curtas H. Stanton Energy Center Unat One being constructed by the Orlando Utilities Commission and to finance a portion of the cost of transmission and distributton system impeovements was advance refunded to achieve a high to low interest rate savings in December 1985. The net effect of this transaction will be reflected in the II A-12 0
r Mr. Richard G. Simmons March 4, 1986 Comprehensive Annual Financial Report for the period ending September 30, 1986. ) Effective October 1, 1985, the activities of the former Electric Utility Fund of the City of Kissimmee have been spun off to the Kissimme Utility Authority (KUA) (See Footnote 27A). It is anticipated that separate financial statements for the KUA will be issued in FY 1985-86. ]) Comparative data for the last three fiscal years is presented in the following table: 1985 1984 1983 Total revenue (operating [) and interest) 936,627,751 $29,504,645 $26,350,130 Income before extraordinary items 4,409,977 1,444,927 2,953,745 Income available for debt service 17,247,198 10.371,803 8,558,790 Debt service 7,286,426 5,901,623 6,032,412 ~[] Debt Coverage (income available for debt service divided by maximum future debt service) 2.37x 1.76x 1.42x Cash and investments (unrest rict ed) 6,716,636 4,307,002 3,190,443 [) Current ratio 3.5 to 1 2.0 to 1 3.1 to 1 Water and Sewer Fund , Operating revenue in 1985 increased $569,316 or 18.0% over 1984. A [] rate increase of 6.0% was implemented in 1985 and sales have increased due to growth and improved metering capability. l Operating ex penses increased $385,926, or 16.3% as a result of increased treatment costs. [] In 1983 the City was awarded $450,000 in Florida Department cF Environmental Regulation funds for construction and operation of a pilot project utilizing water hyacinths in the 3ewage treatment process. This project is seneduled to be completed in fiscal year 1985-86. [) In July 1984, the City sold $10.7 million in revenue bonds to finance a major portion of the cost of design and construction of a new 6.0 A-13 i
g v Mr. Richard G. Simmons March 4, 1986 O mgd advanced wastewater treatment plant. This project is expected to be completed in fiscal year 1986-87 The Water and Sewer Fund has a healthy cash positton and current O rat to due to inclusion of impact fees. lhese are anticipated to be used for plant expanston and the cash balance and current ratto will deeltne in subsequent years. Comparative data for the last three fiscal years is illustrated in the following table: 9 1985 1984 1983 Total revenue (operating and interest) $ 5,055,879 $ 4.140,722 $ 2,729,589 Net inceme 1,681,595 1,099,182 97,942 Income available for O debt service 2.474,532 1,703,426 874,890 Debt service 1,754,063 888,181 675,840 Debt coverage (income available for debt service divided by debt service) 1.41x 1.92x 1.29x Cash and investments 9 (unrestrteted) 10,740,967 8,879,719 5,680.265 Current ratto 10.4 to 1 3.7 to 1 3.6 to 1 AtrDort Fund Airport operating revenue in 1985 increased $35,603 or 25.3% over 9 1984 Operating expenses decreased $2,682 cc 1. 5% from t9e previous year. Net income for the fiscal year ended September 30, 1985, was $3,284. A master development plan for the airport property has been completed. Development of the Airport Industrial Park has begun. O This should substantially increase airport revenue over the comsnq years. Also, city departnents are paying the fair market rental value of any airport leased space which has increased revenue and improved the debt coverage ratto. Comparative data for the last three fiscal years is presented in the e following table: 9 A-14 9
r t ) Mr. Richard G. Simmons March 4, 1986
)
1985 1984 1983 D Total operating revenue $ 176,022 $ 140,419 $ 133,201 I Net income (loss) 3,284 3,933 (4,947) Income available for debt serice 35,135 34,994 36,350 Debt service 29,454 30,672 31,466 Debt coverage (income
) available for debt service divided by maximum future debt service) 1.19x 1.14x 1.16x Cash and investments (unrestricted) 56,691 97,232 43,226 Current ratio 1.2 to 1 1.3 to 1 4.9 to 1 )
SoliQ Waste Fund In 1982 the City established the Solid Waste Fund to account for the provision of solid waste removal services to the residents of the City. The fund is subsidized by an operating transfer from the
) General Fund. This is a result of a public policy decision that the cost of sanitation services should not necessarily be totally borne by rate payers, although the majority should be.
A $1.00 per month rate increase was approved in 1985 for this fund.
- ) The condition of the fund has improved significantly since its inception and it as anticipated that the subsidy from the General Fund will not be required in 1986.
Comparative data for the last three fiscal years is illustrated in the following table 0 1985 1984 1983 Total operating revenue s 583,560 $ 440,037 $ 363,269 Net income 141,394 76,542 16,761 Cash and investments (unrest rict ed) 143,010 31,134 e) Current ratio 2.0 to 1 .5 to 1 N/A (1) (1) Funds had a negative cash position at year end. The Solid Waste system has no bonded indebtedness outstanding. 3 t A-15 O
O Mr. Richard G. Simmons March 4, 1986 O Internal Service Funds The Central Services Fund accounts for services of a etty-wide II nature, including building maintenance, central garage and data processing, as well as a central warehouse and petnting division. Costs are charged to the using funds. In fiscal year 1983, the City estabitsbed a new internal service fund. In response to consistent increases in health care costs, the I City opted to partially self-insure its health insurance coverage and to provide funding througn a combination of charges to employees and charges to various funds for the employers' portton. The plan called for the City to bear individual expenses up to a specific stop loss of $25,000 with a plan stop loss coverage beyond $1,198 per employee per year. In an attempt to contain etsing plan costs, the City rebad its health insurance in fiscal year 1985 and obtained coverage through Humana Care Plus, thus eliminating the need for the Self Insurance Fund. O Trust and Agency Funds Trust and Agency Funds are nonbudgetary funds established to account for assets held my the City as trustee for individuals, private organizations and other governmental units and/or funds. The Section 8 Housing Assistance Payments Program Fund was created to account for receipts from the federal government where the City acts as a conduit for the disbursement of montes. The program has regulations governing the type of disbursements to be made and provides for periodic independent audits. The Supplemental Care Fund was created to account for revenues received from the supplementary care program at the municipal cemetery. Tnis program is designed to accept advance payments from cemetery customers for the maintenance of cemetery plots. Interest earnings on this trust fund are available to help defray maintenance gg costs borne by the General Fund. The General Employees, Police and Firefighters Pension Trust Funds were created to account for the accumulation of resources to be used for tne reti*ement annuittes of all etty employees. The Payroll Fund accounts for the receipt of montes from various funds for gross payroll and the disbursement c net payroll and related employee liabilities. A-16 9
O Mr. Richard G. Simmons () March 4, 1986 The Occupational License Fund accounts for the receipt and () disbursment to the General Fund of the City occupational Itcenses. Occupational licenses are pledged for payment of debt service on the FmHA bonds. CASH MANAGEMENT O On October 2, 1984, the City entered into a depository contract with Sun Bank, N.A., coverang the period Augsut 1, 1984, through August 1, 1986, with a one year renewal option. This contract followed an extensive competitive bidding process. The contract guarantees a return on all collected funds in the City's accounts above a () compensating balance of $131,296, as follows:
$ 1,000,000 and over 50 basis points below Federal funds rate
$ 1,000,000 to $1,999,999 75 basis points below Federal funds rate
$ 250,000 to $ 999,999 100 basis points below Federal funds rate
$ 100,000 to $ 249,999 200 basis points below Federal Funds rate o The City uses a pooled cash concept for all funds under its control, except certain bond funds which may be specifically invested in accordance with applicable bond resolutions. The cash management program involves a theory of keeping principal and earnings free from risk, maintaining reasonable liquidity to meet maturing obligations
() and maximizing return through the use of a competitive rate comparison from various investment sources. The City Invests in those instruments authorized by the State of Florida, the City Code, and applicable bond resolutions. A summary of interest earned on the City's pooled investments is shown in the following table.
'() Fiscal Year Interest Earned
- Averace Rate gf Return 1985 $ 3,917,299 9.8%
1984 2,934,885 12.1% 1983 1,919,619 10.9% 1982 2,014,536 12.6% q[) 1981 2,362,373 14.8% 1980 1,070,483 8.8% 1979 858,995 9.3% 1978 970,587 8. 4%
*Does not include Pension Funds, which are adminstered by an
- () investment firm, or bond-related funds which have specifically l identifiable investment instruments.
A-17 . C) i l i
-. - . ..- ~. -- - - . - . = . . _ . - - _ _ - .
CY 1 5 Mr. Richard G. Simmons March 4, 1986 gg: 4 4 DEBT ADMINISTRATION I GD i Overlapping debt is that portion of the total Osceola County general obligation debt allocated to Kissammee's residents for purposes of ascertaining the total debt each resident is responsible for paying. At September 30, 1985, total overlapping debt allocated to the City was $482,375, or $21.04 per resident. It should be noted that the City has no ad valoren supported general obligation debt of its own. gg l Bonc ratings for the five outstanding revenue bond issues are as follows: j MOODY' S STANDARD & POOR' S ' GD Electric Refunding Revenue Bonds, Series 1982-A - AAA l Electric System Revenue Bonds, Series 1984 - AAA Water and Sewer Revenue Bonds, Series 1977 A AAA gg Water and Sewer Revenue Bonds, Series 1981 - AAA
- Water and Sewer Revenue Bonds, t
Series 1984 Aaa AAA FINANCIAL POSITION AND FUTURE PROSPECTS The financial position of the City has continued to be sound over the past year, with actual operating results better than originally estimated. Some of the important factors which enabled the City to maintain this constant level weret gg
- 1. All departrnents operatec within budget appropriations.
- 2. Estimated revenue was realized or exceeded.
- 3. Ao valorem tax collections remainec at a constant 96.7% of the levy.
- 4. Pooled investment incorne for the year totaled $3,917,299, gg an increase of 33% over the previous year.
There were no significant or matertal changes in financial policy. All reautred principal and interest payments on outstanding boncs were met. gg Missammee's standards for services are considered excellent and its tax rates compare favorably to other area governments. The City has
.\
. A-18 '
O
I l i f l Mr. Richard G. Simmons March 4, 1986 t established prudent budgetary policies that allow us to provide for g future capital replacements and meet the demands of growth. ' Taxation r/ policies and exploration of impact fees for growth-related demands on ! our infrastructure will permit us to meet the challenges of impending reductions in federal spending. ! ACKNOWLEDGEMENTS ) The preparation of this report could not have proceeded smoothly without the diligent efforts of the entire Finance Department and the cooperation and assistance of the City's external auditors. A very special note of appreciation is due to John Hearn, Assistant Finance Director and Millie Doern, Administrative Secretary, whose hard work is largely responsible for the preparation of this report. Respectfully submitted, a.4 - ean C. Bennett Finance Director l ) l j s . A-19
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'O O O O O ORGANIZATION CHARTS O O O O O A-21 O
CITY C06MISS10N AllV ISORY CITY BOARDS ATTORNEY , CITY MANACER , , CITY OF ORGANIZATION KISSIMMEE, FLORIDA l CilART ASSISTANT , CITY MANACER 1 l
? !
i U AIRPORT FINANCE FIRE IUI I SERVICES INSPECTION t i i ELECTRIC PUBl.!C WOHKS & PERSONNEL & PARKS & UTILITIES ENCINEERINC LABOR RELATIONS RECREATION ! WATER & SEWER Pl.ANNINC UTil.lTIES , I I O e e e e e e e e e e
h CITY OF FINANCE KISSIMMEE, FLORIDA DEPARTMENT ORGANIZATION CITY CllART MANAGER
? FINANCE $ DIRECTOR ACCOUNIING PURC: LASING l
i
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) ' ) ) ) CERTIFICATE OF CONFORMANCE D D D D 3 A-25
O e "The Governmental Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Conformance in Financial Reporting to the City of Kissimmee for our Annual Financial Report for the fiscal year ended Septanber 30, 1984. In order to be awarded a Certificate of Conformance, a governmental unit must publish an easily readable and efficiently organized Cmprehensive Annual Financial Report, whose contents conform to industry standards. Such reports must satisfy both generally accepted accounting principles and applicable legal g requiranents. A Certificate of Conformance is valid for a period of one year only. We believe our current report continues to conform to Certificate of Conformance program requirenents, and we are sutmitting it to g GFOA to determine its eligibility for another certificate." e e e e A-26 e
3 3 Cer:1::1ca~:e D o:- Con ~ormance 3 in Financia Repor:ing Presented to a City of l Kissimmee, Florida b For its Comprehensive Annual Financial Report ! for the Fiscal Year Ended l September 30, 1984 b A Certificate of Conformance in Financial Reporting is l ! presented by the Government Finance Officers Asvactation of the United States and Canada to governmental units and public employee retirement systems whose comprehensive l annual financial reports (CAFR's) are judged to substantially j conform to program standards N
$ ! "!E" 5
" g President Nen h Al
?
Executive Director e A-27 g i
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) ) ) ) FINANCIAL SECTION 3 THIS SECTION CONTAINS THE FOLLOWING SUBSECTlONS: ) AUDITOR'S REPORT GENERAL PURPOSE FINANCIAL STATEMENTS ) COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES SCHEDULES 3 ) ) J
3 J D D D AUDITORS' REPORT J D D B-3 9
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J MayZunaaa rea/W PA Au=nuno sJ q To the Honorable Mayor, City Commissioners and City Manager City of Kissimmee, Florida ACCOUNTANTS' REPORT ' U We have examined the combined financial statements of the City of Kissimmee, Florida, as of and for the year ended September 30, 1985, as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting g records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the combined financial statements referred to above present fairly the financial position of the City of Kissimmee, Florida at September 30, 1985, and the results of its operations and the changes in financial position of 3 its proprietary fund types and similar trust funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis con-sistent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole. The combining, individual fund, and
, account group financial statements and schedules listed in the table of contents are presented for purposes of additional analysis and are not a required part of the combined financial statements of the City of Kissimmee, Florida. The infor-mation has been subjected to the auditing procedures applied in the examination of the combined financial statements and, in our opinion, is fairly stated in all material respects in relation to the combined financial statements taken as
" a whole. The information listed as statistical information has not been sub-jected to the auditing procedures applied in the examination of the cotbined financial statements and, accordingly, we express no opinion. O* a
~
Tampa, Florida November 20, 1985 O e
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O O O O GENERAL PURPOSE O FINANCIAL STATEMENTS (COMBINED STATEMENTS-OVERVIEW) O THESE B ASIC FIN ANCI AL ST ATEMENTS PROVIDE A SUMMt.RY OVERVIEW OF THE FIN ANCI AL POSITION OF ALL FUNDS AND ACCOUNT OROUPS AS WELL AS THE OPERATING RESULTS OF ALL FUNDS. THEY ALSO SERVE AS AN INTRODUCTION TO O THE MORE DET AILED ST ATEMENTS AND SCHEDULES TH AT FOLLOW IN THE NEXT SUBSECTION. O O O o
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O CITY OF KISS!mEE, FLORIDA COMBIED BALANCE STET ALL FUND TYK S AND ACCDUNT GROUPS SEPTEMBER 38, 1985 9' GOVERMENTAL FUND TYKS SPECIAL DEBT CAPITAL SPECIAL GENERAL REVENUE SERV!CE PROJECTS ASSESSMENTS S ASSETS Eculty in pooleo casn ard investments s 2,495,275 1 1,347,191 $ 54,771 9 37,138 9 264,372 Receivables - (ret of allowances for uncollectiDIes): Accrued interest - - - - 21,933 $ Accounts (Note 3) 56,963 - - - - Soecial As assments (Note 3) - - - - 332,847 Due from cther funcs (Note 4) 115,151 - - - - Due from other goverreents 71,377 95,644 - 138,772 - Notes receivable - - Inventories 4,373 - - - - 9 Prepaid expenses - - - Restrteted assets: Sinking fonds-cash and 2nvest e ts - - - Str. king funds-accrued interest receivable - - Construction Funes-cash and investments - - - - - O Construction Funds-accrued interest receivable - - Bond asset replaceernt furds-cash and investments Custceer ceposits-eash a d investments - - - - - Land (hete 5) - - - - - O Butidings (Note 5) - - - Eculpment (hete 5) - - - Isarovements other than Dutidings thote 5) - - - - - Plant and equionent-net (Note 51 - - - - - Constructton in progress (hote 5) - - - Inventory - nuclear fuel - (net) - - - - - O Bond issue costs - (net) - - Lease accuisition costs - Land held for future use - - - Amount available for dect service in the Debt Service Fure reount to be proviced for cett service - - - - - O TOT A ASSETS S 2,653,153 $ 1,443,835 1 54,771 $ 175,982 $ 615,152 E33F33E33333 133333332333 333323R333333 33333332EEWS 333335395S23 See accompanying notes to finarcial statments. O B-10 ! e l I L
i D PAGE 1 0F 2 FIDUCIARY PROPRIETARY FUND TYPES FIAD TYPES ActXILAT 6AOLPS EERAL TOTALS EhTERPRISE INTERPEAL TRIST AfC EDERAL LING-TERM (EMORA2UM (N.Y) ] (W TE 25) SERVICE AGENCY FIIED ASSETS DEBT 1985 1964 s 17,657,3M $ 92 $ 7,853,187 $ - S - t 29,615,322 s 23,198,669 151,227 - - 173,160 145, % 7 3,587,850 - - - - 3,644,833 3,861,818 332,847 254,918 794 - - - 115,945 72,134 64,477 - - - - 379,478 123,229 g 986,575 1,973,063 65,948 986,575 2,643,384 970,905 1,724,695 353 31,489 - - 31,642 74,548 16,417,997 - - - - 16,417,997 29,442,688 g 18,862 22,244,457 - 18,862 22,244,457 13,725 24,196,548 512,661 - - - - 512,661 309,721 1,883,786 - - - - 1,883,786 1,945,251 g 774,139 848,866 774,139 848,866 674,614 435,834 1,913,328 - 1,913.328 1,817,152 2,664,957 - 2,664,957 2,485,192 485,488 - 485,488 433,295 71,664,124 368,687 - - - 72,928,731 78,338,248 g 18,892,633 599,983 154,815 155,577
!!,202,225 599,083 6,484,874 629,621 2,274,483 - - - -
2,274,483 2,355,838 2,929 - - - - 2,929 3,838 49g,34g g - - - - 54,771 54,771 46,6 % 995,165 995,165 1,901, % 5 l s 151,549,543 $ 589,809 $ 8,935,983 1 6,068,216 $ 1,M9,936 s 172,235,426 $ 163,593,824 9 { l l B-11 0
O. CITY CF KISSIMIEE, FLORIDA COMBINED M.ANCE S4ET ALL FL90 TYPES AND FCCOLAT SROUPS SEPTDOER 30, 1985 00VEme! ENTAL RAD TYKS SPECIAL DEBT CAPITAL SPECIAL GEERAL REVENUE SERV!CE PROJECTS ASSESS (NTS LIAEILITIES Ah3 FUhD EDu!T) LIABILITIES Accounts payasle 5 19.108 6 1,978 $ - 6 132,128 9 - g Acerued Liabilities 121,772 - - 880 - Contracts /retagnages cayable - - Due to other funes mote 4) - 22,865 - 6,3# - Due to other gove'esents 24,941 - - - Accumulatec unused coeoensated absences mote 21.24) 15,540 - - - g Deoostts payable (Note 11) 8,571 - - - Liantlities payacle fece restrteted assets: Accounts cayable - Contracts /retatnages payasle - - Customer cesosits Accruec service ceoosit teterest - - - g Revenue bonds payasle - current - - Accrued revenue bonc Interest - Devenue bonds payaale - (net) motes 14,15,16,17,221 - - Ge wral oeltgation bones payable Motes 18,19,20) - - - - - g Deferrec revenue - - - - 317,439 Dbligations urcer eacital leases mote 25) - - - TOTAL LIABILITIES 183,932 24,835 - 15,314 JU, afs CONT!46ENCIES RAD C0pa! TENTS Orate 26) O PJaC EDUITY Investment in gereral fixed assets - - - Ccetributec cacital (Note 22): Ccetribution by gover*ments - Contrisutton by ortvate sources - - - ContriDutton cy cther furds - - - - - g Retaired earnings: Reservec for revenue bord retirement - Reserved for eerd asset reolacemeet L+reservec INcte 23) Furd balances: Reserved for eneuserarces 80.968 147.273 1,888 69.654 g Feserved for public safety empenditure 35,725 - - - - Reserved for ee:loyees rettreernt systees - - - Reserved for deot service - - 14,771 - Unreserved - Designated for subsecuent years esperditures 1,677 30,8% - - - g Orcesignatec 2,344,657 1.240,031 - 35,568 227,859 70iAL RAD EQUITY 2,463,227 1,418,29F' 34,771 Jt>,:,ss cst, n J TOTAL LIABILITIES AND FUND EQUITY $ 2, f,53,159 $ 1,443,035 1 54,771 l 175,902 $ 615,152
=
See accomoanying notes to f anareial statments. g H-12
l l l PAGE 2 0F 2 l FIDLIIMY PR@RIETARY FUND TYPES R AD TYPES ACC0lmT GROUPS TOTALS ENTERPRISE INTERNAL TRUST AhD EETRAL GEEML L(N6- (EMORANDLR OKY) (NOTE 25) SERVICE AGENCY FIIED ASSETS TE M DEBT 1985 1984
$ 1,665,334 $ 22,379 $ 2,7N $ -
$ 1,843,627 $ 1,652,455 537,918 7,827 - - -
668,397 318,474 11,584 - - - - 11,584 88,007 14,263 72,511 - - 115,945 72,130 6,249 - - 31,190 9,452 j 168,739 10,385 - - 197,765 392,429 329,530 1,850,977 - - - - 1,859,548 4,125,664 202,035 - - - - 202,035 51,657 24,850 - - - - 24,850 39,729 765,393 - - - - 765,393 667, 0 % j 8,747 - - - - 8,747 7,518 15,000 - - - - 15,000 55,000 4,770 - - - - 4,770 3,673,4 %
;N,527,768 - - - -
IN,527,768 IN,208,764 j - - - - 847,000 847,000 863,600 1,446,751 465,956 - 43,352 - - 826,757 229,212 - - - 5,171 234,383 128,204 114,478,293 54,854 124,820 - 1,043,935 !!5,373,423 121,137,567 D 6,068,216 - 6,068,216 5,184,707 2,249,115 28,388 - - - 2,277,503 1,873,674 10,584,913 - - - - 10,584,913 6,449,992 g 114,250 268, % 9 - - - 383,219 376,652 16,418,789 - - - - 16,418,789 16,691,094 1,883,786 - - - - 1,683,786 1,905,142 ! 5,820,397 237,598 - - - 6,057,995 t433,7%) ) - 299,095 35,725 87,319 23,360 7,831,810 - - 7,831,810 6,434,856 i - - - - - 54,771 46,6 % 32,573 51,717 79,273_ - - 3,927,608 3,164,044 37,071,250 534,955 7,911,083 6,968,216 - 55,856, NJ 41,855,457
$ 151,549,543 $ 589,809 $ 8,035,903 $ 6,868,216 $ 1,049,936 $ 172,235,426 $ 163,593,024 g B-13 i
L
O CITY OF MISSIMMEE, FLORIDA COMBIWD STATEMENT OF REVE'CES, EXPEICITLRES AND D@iGES IN FUND BALANCES ALL 60VER'eqENTAL FUND TYPES AND EIPENDABLE TRUST FUNDS FOR T4 YEAR DCED SEPTE@ER 30, 1985 0 80WRpsOITAL FUND TYPES SPECIAL DEST CAPITAL GEKRAL REkOLE SERVICE PROJECTS O REVEMES Taxes $ 1,333,583 $ 1.554,596 $ 17,128 $ - Licenses and persats 277,731 - - - Intergovernmental revenues 2,154,181 255,778 - 362,162 Charges for services 735,275 - - - O Fines and Forfeitures 134,683 - - - Miscellaneous reve w 234,916 140,374 3,962 13,434 Soecial assessments - - TOTAL REVENUES 4,866,369 1,950,750 21,118 375,5 % 9 EIE.NDITURES Current: General goverreent 1,278,012 - - - Public safety 3.8 % ,564 - - - Puelic works 1.276,825 - - -
. Culture / recreation 386,180 - - - O elfare - - - -
Capital outIay - 1,829,936 - 422,850 Debt service - - 61,329 - _= TOTAL EIEr01TURES 6,829,521 1,829,036 61,329 422,850 0 EXCESS OF REVENLES (NER (UNDER) EIENDITURES (1,963,152) 921,714 (48,219) (46,454) OTK R FINANCING SOURCES (USES) Coerating transfers in 3,283,323 301,249 48,294 29,580 Doerating transfers out (411,433) (1,176,842) - - O TDTAL OTKR FINANCING SOURCES (USES) 2,791,890 (875,593) 48,294 29,580 EXCESS OF REVENUES AND OTK R SOURCES OVER (tNDER) EIPE@lTURES AND OTKR USES 828,738 46,121 8,875 (16,874) O FtAD BALf4CES AT BEGIhh!NG OF YEAR 1,E34,469 1,371,237 46,6 % 54,384 RESIDUAL EQUITY TRf#aFER - 842 - (842) FUND BfLANCES AT END OF YEAR $ 2,463,227 $ 1,418,200 $ 54,711 $ 36,588 mmmm mmmm m mmm. mm.m O See acconcanying notes to financial statements. B-14 0
O FIDUCIQRY FUND T)TES TOTALS SPECIAL EXPENDABLE (MEMORANDtB ORY) 3 ASSESSMENTS TR'JSTS 1985 1964 t 2,985,389 $ 2,495,779 277,731 318,877
- 418,481 3,178,682 2,387,138 q
735,275 528,866
- - 134,683 138,778 43,942 -
436,648 495,722 121,528 - 121,528 81,393 165,462 418,481 7,789,768 6,444,957 J 1,278,812 1,178,398 8, 778 - 3,985,274 3,514.447 53,428 - 1,338,253 1,266,259 q' 386,188 395,853
- 483,736 483,736 333,926 37,924 -
1,483,818 1,251, 4 5
- - 61,329 63,991 m 188,122 493,736 8,845,734 8,822,631 65,348 6,745 (1,856,826) (1,577,676) 35,588 -
3,617,946 3,629,421 .n ' (1,568,275) (1,787,4211 35,588 - 2,829,671 1,922,888 188,848 6,745 973,645 344,326 7, 1 % ,873 44,836 3,343,635 2,999,389
- q $ 297,713 8 % ,781 8 4,317,288 9 3,343,635 B-15 O
O CITY OF KISSIMMEE, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL ALL GOVERNMENTAL FUND TYPES II FOR THE YEAR ENDED SEPTEMBER 30, 1985 GENERAL FUND BUDGET (REVISED) ACTUAL REVENUES Taxes S 1,279,986 $ 1,333,583 Licenses and perra i t s 357,390 277,731 Intergovernmental revenues Gb 2,148,183 2,150,181 Charges for services 735,272 735.275 Fines and Forfeitures 103,900 134,683 Miscellaneous revenue 183,800 234,916 Saecial assessments - - TOTAL REVENUES 4,808,531 4,866,369 EXPENDITURES Current: General government 2,035,916 1,270,012 Public safety 4,120,716 3,896,504 gg Public works 1,444,000 1,276,825 Culture / recreation 408,445 386,180 Capital outlay - - Debt service - - TOTAL EXPENDITURES 8,009,077 6,829,521 gg EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (3,200,546) (1,963.152) OTnE9 FINANCING SOURCES (USES) Ocerating transfers in 3,203,325 3.203,323 gg Operating transfers out (411,639) (411,433) TOTAL OTHER FINANCING SOURCES (USES) 2,791,686 2,791,890 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (408,860) 828,738 gg-FUND BALANCES AT BEGINNING OF YEAR 1,634,489 1,634,489 RESIDUAL EQUITY TPANSFER - - FUND BALANCES AT END OF YEAR $ 1.225,629 $ 2,463,227
============ ============
g See accompanying notes to financial statements. B-16 9
1 l PAGE 1 0F 3 [) . SPECIAL REVENUE FUNDS
-=_- _ _ ----_ -------------------- -- ----- ==- --
VARIANCE VARIANCE .g FAVORABLE BUDGET FAVORABLE
- (UNFAVORABLE) (REVISED) ACTUAL (UNFAVORABLE)
-- =- =. --- .----
S 53,597 $ 1,602,725 S 1,554,598 $ (48,127) (79,659) - - -
) 1,998 276,925 255,778 (21,147) 3 - - -
30,783 - - - t 51,116 61,557 140,374 78,817 l - - - - 57,838 1,941,207 1,950,750 9,543
-- -- _- - -------- = ____ -- ---- - - - - - - - - - _ - - _
l \ l ( 765,904 - - - l 224,212 - - - 'O 167,175 - - - 22,265 - - - 2,307,935 1,029,036 1,278,899
-- == -_ . ---- ------------ - - = _ - - _ - - - -
1,179,556 2,307,935 1,029,036 1,278,899 C) =-- ----_- == == --- - -_ -_------_---- 1,237,394 (366,728) 921,714 1,288,442
-- ------------ =_ _-- -------------
(2) 301,249 301,249 - e) 206 (1,176,844) (1,176,842) 2
=- ---_--- ----- -- -----= -- -------------
l 204 (875,595) (875,593) 2 i i 46,121 1,288,444
) 1,237,598 (1,242,323) 1,371,237 1,371,237 -
842 842 -
--. ==- ------------ _- ------- -------------
S 1,237,598 $ 129,756 $ 1,418,200 $ 1,288,444 f) ============= ==========.. ............ ............. B-17 O
O CITY OF KISSIMMEE, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL gg ALL GOVERNMENTAL FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 1985 DEBT SERVICE FUNDS BUDGET (REVISED) ACTUAL REVENUES Taxes $ 17,000 $ 17,128 Licenses and permits - - gg Intergovernmental revenues - - Charges for services - - Fines and Forfeitures - - Miscellaneous revenue 4,130 3,982 Special assessments - - TOTAL REVENUES 21,130 21,110 EXPENDITURES Current: General governtaent - - Public safety - - gg Public works - - Culture / recreation - Capital outlay - - Debt service 112,783 61,329 TOTAL EXPENDITURES 112.783 61,329 gg EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (91,653) (40,219) OTHER FINANCING SOURCES (USES) Doerating transfers in 48,500 48,894 gg Operating transfers out TOTAL OTHER FINANCING SOURCES (USES) 48,500 48,294 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (43,153) 8,075 gy FUND BALANCES AT EEGINNING OF YEAR 46,696 46,696 RESIDUAL EQUITY TRANSFER - FUND BALANCES AT END OF YEAR $ 3,543 $ 54,771 gg See accompanytng r:otes to financial statements. B-18 9
) PAGE 2 0F 3 ) CAPITAL PROJECTS FUNDS VARIANCE VARIANCE FAVORABLE BUDGET FAVORABLE (UNFAVORABLE) (REVISED) ACTUAL (UNFAVORABLE)
$ 128 $ -
749,680 362,162 (387,518) (148) 1,530 13,434 11,904 (20) 751,210 375,596 (375,614)
- - - - = - - - - - - - - - -
) - - - 832,985 422,050 410,935 51,454 - - - ) - - - -
- -_-- -- = [- - ----- [ _
51,434 (81,775) (46,454) 35,321 (206) 29,580 29,580 - D - - - - (206) 29,580 29,580 -
------------- ------------ ------------ ------~~-----
51,228 (52,195) (16,874) 35,321 54,304 54,304 - l l (842) (842) -
$ 51,228 $ 1,267 $ 36,588 $ 35,321 r
i D-19 J f i i
C CITY OF KISSIMMEE. FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL II ALL GOVERNMENTAL FUND TYPES FOR THE YEAR ENDED SEPTEMDER 30, 1985 SPECIAL ASSESSMENT BUDGET II (HEVISED) ACTUAL REVENUES Taxes $ - 5 - Licenses ano permits - Intergovernmental revenues - - O Charges for services - - Fines end Forfettures - Mtscellaneous revenue 21,500 43,942 Soecial assessments 40,000 121,520 TOTAL REVENUES 61,500 105,402 O EXPENDITURES Current: General government - - Public safety 50,000 8,770 Public worsu 53,500 53,*LO O Culture / recreation - - Capital outlay 108,000 37,924 Debt service - - TOTAL EXPENDITURES 211,500 100,122 _----.----._ -------__--_ G EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (150,000) 65,340 OTHER FINANCING SOURCES (USES) Operating transfers in 35,500 35,500 Goeratsnq transfers out - - O TOTAL OTHER FINnNCING SOURCES (USES) 35,500 35.500 EXCESS Or 9EVENUES AND OTHEH SOURCES OVEH (UNDER) EXPENDITURES AND OrrER USES (114,500) 100,640 0 FUND EALANCES AT bEGINNING OF FEAR 196,h/J l's6, 0 7 2 RESIDUAL EQUIT( IRANSFER - - FUND DALANCES AT END OF 'r E AR S 02,3/3 $ 29/,/13 u........... ............ O See accompanying notes to finanraal st atument s. 11-20 0
O PAGE 3 0F 3
- D FUNDS 1985 TOTALS (MEMORANDUM ONLY) 1984 TOTALS (MEMORANDUM VARIANCE VARIANCE ONLY)
() FAVORABLE BUDGET FAVORABLE - =------- (UNFAVORABLE) (REVISED) ACTUAL (UNFAVORABLE) ACTUAL s - t 2,899,711 8 2,995,389 s 5,598 $ 2,495,779 r) - 357,390 277,731 (79,659) 318,977 3,174,788 2,768,121 (496,667) 2,848,883 735,272 735,275 3 528,886 183,998 134,683 38,783 138,779 22.442 272,517 436,648 164,131 495,722 81,529 48,000 121,529 81,529 81,393
) ===_-_. ..___.....__
103,962 7,583,578 7,379,287 (294,291) 6,106,630
=---__ ------------ -_ .... _---- -_-_-_---_..
2,035,916 1,270,912 765,904 1,178,390 e) 41,238 4,179,716 3,905,274 265,442 3,514,447 72 1,497,500 1,338,253 167,247 1,286,259 408,445 386,188 22,265 395,953 70,076 3,248,929 1,489,919 1,759,918 1,251,465 112,783 61,329 51,454 63,891 () 111,378 11,474,280 8,442,958 3,032,222 7,688,795
---__. .. _. . ==
215,340 (3,890.782) (1,062,771) 2,827,931 (1,582,075) () 3,618,154 3,617,946 (288) 3,629,421 (1,588,483) (1,588,275) 288 (1,707,421) 2,929,671 2,829,671 - 1,922,000
----==__ -- ------__ - ------------ -------_ ---- -----------_
() 215,340 (1,861,031) 966,900 2,827,931 339,925 3,303,599 3,303,599 - 2,963,674
-- =------- ------ ...-- ---------__. _------------ -------_....
()
- 215,340 $ 1,442,568 4 4,279,499 s 2,827,931 6 3,383,599 r
ii- 21 lO
O CITY OF KISSIMMEE, FLORIDA COMBINED STATEMENT REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS / FUND BALANCES ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS II FOR THE YEAR ENDED SEPTEMBER 38, 1985 PROPRIETARY FUND TYPES ENTERPRISE INTERNAL II (Note 25) SERVICE OPERATING REVENUES Charges for services $ 39,188,784 $ 744,196 Interest Contributions - 35,893 II Miscellaneous - 9,234 Tap fees 150,697 - TOTAL OPERATING REVENUES 39,331,481 789,323 ____________ __.. ==.. OPERATING EXPENSES A Power generation 7,093,283 - Purchased power 18,571,234 - Transeission 511,052 - Distribution 1,583,832 - Operajions and maintenance 1,843,614 712,115 Administrative and general 2,968,274 - II Benefit payments - 77,816 Refunds of contributions - - Miscellaneous costs - 18,174 Depreciation 2,525,613 28,848 TOTAL OPERATING EXPENSES 27,017,782 836,953 II OPEATING INCOME 12,313,699 (47,630) NONOPERATING REVENUES (EXPENSES) Interest revenue 3,132,377 9,510 Interest / amortization expense (6,619,402) - II Sain (loss) on disposition of assets (568,030) - Operating grants - - Miscellaneous revenue (expense) (723) - TOTAL NONOPERATING REVENUES (EXPENSES) (4,047,778) 9,510 ____________ ____________ 4D INCOME BEFORE OPERATING TRANSFERS 8,265,921 (38,120) See accompanying notes to financial statements. GD' n-22 g,
O PAGE 1 0F 2 O FIDUCIARY FUND TYPES PENSIDN TOTALS O NONEXPENDABLE TRUST (MEMORANDUM ONLY) TRUST (Note 12) 1985 1984 S 39,924,900 $ 32,159,681 2,991 756,147 759,138 417,268 C) - 865,353 981,246 1,347,441 9,234 144,332 150,697 227,394 ___--________ __ =_-_-__ ____..-_-_-- __. ..______ 2,991 1,621,500 41,745,215 34,d96,236 O 7,893,283 18,197,937 18,571,234 5,564,182 511,852 484,498 1,563,832 1,354,972 2,555,729 2,295,822
.O - -
2,968,274 2,904,266 126,136 293,922 694,138 26,912 26,912 15,896 71,528 89,782 55,613 2,554,461 1,813,911 C) - 224,546 28,079,291 25,289,437 2,991 1,396,954 13,666,814 9,096,799 3,141,887 2,572,318 () - - (6,619,482) (5,929,682) (568,938) 1,298 32,035 (723) 9,564
._-_____-_-__ .-_____._-__ ........____ ____.=-- --
(4,938,268) (3,314,471) () ------------- ------------ ------------ ------------- 2,991 1,396,954 9,627,746 5,692,328 O i 1 B-23 0
c O CITY OF KISSIMMEE, FLORIDA COMBINED STATEMENT REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS / FUND BALANCES ALL PROPRIET4RY FUND TYPES AND SIMILAR TRUST FUNDS $' FOR THE YEAR ENDED SEPTEMBER 30, 1985 PROPRIETARY FUND TYPES ] ____________________________ ENTERPRISE INTERNAL g (Note 25) SERVICE OPERATING TRANSFERS Operattr.g transfers in 192,929 - l Operating transfers out (2,132,690) - TOTAL OPERATING TRANSFERS (2,029,671) - INCOME BEFORE CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE 6,236,259 (38,120) CUMULATIVE EFFECT OF CHANGE IN 0-ACCOUNTING PRINCIPLE (Note 24) - - 1 NET INCOME (LOSS) 6,236,250 (38,120) RETAINED EARNINGS / FUND BALANCES AT BEGINNING OF YEAR 17,886,722 275,718 g-RETAINED EARNINGS / FUND BALANCES
- AT END OF YEAR $ 24,122,972 9 237,598 I
See accompanying notes to financial statements. 9 1 O' i O I b S' B-24 i G
O PAGE 2 OF 2 O FIDUCIARY FUND TYPES PENSION TOTALS O NoNExPENDA8LE TRUST (MEMORANDUM OM.Y) TRUST (Note 12) 1985 1984 182,929 78,000 (2,132,600) (2,000,see) C) -_-__---- _____------_ _____ _-__-- - -_--_. (2,829,671) (1,922,000) _-_. . _-___--_- ---- __---_ --- =---_-_ 2,991 1,396,954 7,598,975 3,778,328 O
- - - (113,419)
_-- -- _-_-- =-_ -_-_-_--___- __--. ---_ 2,991 1,396,954 7,598,975 3,656,999 m ks 29,501 6,434,856 24.626,797 29,969,888
$ 32,492 $ 7,831,819 s 32,224,872 $ 24,626,797 O
O n %.9 O B-25 O
n V CITY CF KISSIMMEE. FLORIDA COFBINED STATEFENT OF CHANGES IN FINANCIAL POSITION ALL PRODRIETARY FUND TYPES AND SIMILAR TRUST FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1985 PROPRIETARY FLND TYPES $ ENTERPRISE INTERNAL (Not e 25) SERVICE SOURCES OF WORKING CAPITAL 9 Frcm coerations: Incorce before euromulat ive ef f ect of change in account t r.g pr i nc t ole $ 6.236,250 $ (38,120) Acc: Expenses r.t creating current i1abt1it ies or using current assets: depreciation and amortizattore 2.606,194 28,848 $ interest exoense artsing from amort a rat ion of Donc discount 374,005 - Working capital provided f ecta operat tons exclusive of cumulative effect of change in account t r g principle 9,216,449 (9,272) e Cumulative effect of a chance t r, accounting princtole using working capital (Note 24) - - 9,216,449 (9.272) G Decrease in restricted assets 5,779,182 - Disposal of property and eauspreer=t r,e t of accumulated depreciation 350,792 9,462 Decrease in otner essets 490,915 - Increase in liabilities payable from restricted assets - - G Oroceeds from long-term debt issuance 185,318 - Contributions (Note 22) 4,539 I31 6,186 TOTAL SOURCES Oc WORKING CAPITAL 20,561,787 0,376 APPLICATIONS OF WO4".ING CAPITAL G Increase in restractec assets 93,825 - Acoutsition of fixed asset = 9,015,332 135,146 Increase in otner assets Decrease in liabilities payable f rora restricted assets 3,473,702 - Gettrement of long-term debt 134.319 - G Decrease in contrtoutions TOTAL ADPLICATIONS OF WO9VING CAPITAL 12,/17,178 135,146 NET 1r4 CREASE (DECREASEi IN WORKINO CAPITAL $ 7,844,00') $ (17.8,770) S
....on.e...: =sn.. 2.,n r See accompanyanra nntes to fananc:al statements.
11 - 2 6 O
D PAGE 1 OF 2 [) FIDUCIARY FUND TYPES _________-__. ._===-__-_-_-_ PENSION TOTALS NONEXPENDABLE TRUST (MEMORANDUM ONLY) TRUST (Note 12) 1985 1984
==__ -__---______ ------_-____ ---____--_-__
O
$ 2,991 $ 1,336,954 $ 7,598,075 $ 3,770,328
[) - - 2,635,042 1,941,979 374,005 342,498
=. ._-_____ ___.-______-- _-____--____ __---__-_____
[) 2,991 1,396,954 10,607,122 6,054,805 0 (113,419) m sJ 2,991 1,396,954 10,607,122 5,941,386 l 5,779,182 49,530 360,254 23,645 490.915 - [) - - 0 2,001,843 185,318 38,060,574 4,545,317 3,873,748 l ! 2,931 1,396,954 21,968,108 49,950,726 O 93,825 33,499,687 9.150,478 11,178,312 0 1,249,406 i 3,473,702 287 j) - - 134,319 110,157 0 45,412 i - - 12,852,324 46,083,261 [) $ 2,991 $ 1,396,954 $ 9,115.784 $ 3,867,465
..........=== ............ ============ == ..........
B-27 O
n U CITY OF KISSIMMEE, FLOGID4 COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION ALL PROPHIETARY FUND TYEES AND SIMILAR T9UST rUNDS FOR THE VEAR ENDED SEPTEFDER 30. 1985 O PROPRIEIA9y FUND TYPLS ENTERPR!SE INTERNAL (Note 25) SERVICE O CD*PONENT ELEFENTS OF NEr INCREASE (DECREASE) IN WORKING CAPITAL Ecutt, in pooled cash and investments $ 4.342,217 $ (146,290) Accrueo interest receivable - - Accounts receivable 601,325 (ae,773) O Due t ror.t other funds -
/94 Due from other governr.;ents 14,766 -
Notes receivable 15,670 - Inventorv 315,686 c,301 Prepaid encenses (49,850) 353 Accounts cayable 5122,476) 50,364 O Accrued liabtittles (321,403) 4* Contracts /retatnages payable 65,849 - Due to other funos - (14.c63) Accumulated unused compensated absences (27,657) 708 Deposits payable 2,271,853 - Deferred revenue 756,861 - O Oblications uncer capital lease (18,2d6) - NET INCREASE ' DECREASE) IN WOFKINri CADITAL $ 7,844,009 $ (128,770)
... . .....r ......w.....
O See accompany t r y nctes to financial statements. O O O H-28 9
O PAGE 2 0F 2 O FIDUCIARY FUND TYPES PENSION TOTALS N NEXPENDABLE TRUST (MEMORANDUM ONLY) O TRUST (Note 12) 1985 1984
$ 2,991 $ 1,366,926 $ 5,565,836 $ 5,431,547
- 39,828 30,828 14,334
) - - 578,552 291,895
- - 794 -
14,766 33,193
- - 15,678 828,586
- - 317,987 707,962 (49,497) 49,858
,-) - - (72,112) (134,233) (321,365) (69,686) 65,849 (77,433) (14,263) -
- - (26,949) (152,175) 2,271,853 (2,182,181)
) - - 756,861 (952,764)
- - (18,226) (1,329)
$ 2,991 $ 1,396,954 4 9,115,784 6 3,867,465
)
O O O q{} B-29
O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 O
- 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the City of Kissimmee conform to II generally accepted accounting principles as applicable to governments. The following is a summary of the more signt'irant policies. A. Entity Definition The accompanying financial statements present the financial II position, results of operations and changes in financial position of the applicable fund t ypes and account groups governed by the City Commission of the City of Kissimmee, Florida in accordance with NCGA Statement No. 3 " Defining the Governmental Report ing Entity", a nd subsequent interpretation No. 7 clarifying the application of Statement II No. 3. The reporting entity for the City includes all functions of government in which the City Commission exercises oversight responsibility. Oversight responsibility includes, but is not limited to, financial interdependency, selection of governing authority, designation of management, ability to significantly influence operations and accountability for II fiscal matters. As a result of applying the above reporting entity criteria, no other component units entst in which the City has any oversight responsibilities which would require inclusion in the City's financial statements. B. Organization of Accounts II The City of Kissimmee organizes its accounts on the basis of funds and account groups, each of which is ccnsidered a separate accounting entity. The various funds are grouped, in the financial statements in this report, into eight generic fund types and three broad fund categories as follows - O Governmental Fund Types o General Fund - accounts for financial resources, which are not required to be accounted for in another fund. o Special Revenues Funds - account for the proceeds of specific revenue sources that are restricted by law or specific II administrative action to ex pendi t ure for purposes. o Capital Projects Funds - account for financial resources segregated for the acquisition of major capital facilities. o Debt Service Funds - account for the accumulation of I i resources for, and the payment of, interest and principal on general long-term debt. 11-30 er l
O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 () o Special Assessment Funds - account for the financing of public improvements or services deemed to benefit the properties against which special assessments are levied.
) Proprietary Fund Types:
o Enterprise Funds - account for operations that are financed a nd operated in a manner similar to private business enterprises. o Internal Service Funds - account for the financing of goods or services provided by one department to other
) depart ment s of the City or to other governments, on a cost-reimbursement basis.
Fiduciary Fund Types: o Trust and Agency Funds - account for the assets held by a governmental unit as a trustee or agent for individuals,
) private ceganizations and/or other governmental units.
Account Groups: o General Fixed Assets - accounts for all fixed assets of the city, except fixed assets of Proprietary Funds and certain improvements other than buildings, including
) roads, bendges, curbs and gutters, streets and sidewalks, and deatnage systems.
o General Long-term Debt - Accounts for the outstanding principal balances on any general or special ob!!gation bonds of the city.
) Measurement Focus:
Governmental Fund Types - General, Special Revenue, Debt Service, Capital Projects and Special Assessment Funds are accounted for on a " spending" or " financial flow" measurement focus. Accordingly, the reported undesignated fund balances provide an indication of available, spendable or appropriable () resources. Proprietary Fund Types - Enterprise Funds and Internal Service Funds are accounted for on a cost of services or " capital maintenance" measurement focus. Accordingly, all assets and liabilities are included on their balance sheets, and the () reported fund equity (total reported assets less total reported liabilities) provides an indication of the economic net worth of the fund. Operating statements for Proprietary Fund Types use an income determination measurement focus and, therefore, report i ncreases (revenues) and decreases (ex penses) in total economic net worth. O Accounting for the Electric utility Fund is in conformity with the requirements prescribed by the Florida Public Service 11 - 3 1 0
O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 g Commission and the Federal Energy Regulatory Commission. Fiduciary Fund Types - Agency and Expendable Trust Funds are accounted for Itke Governmental Fund Types; and Nonexpendable Trust Funds and Pension Trust Funds are accounted for like gp Proprietary Fund Types. Fixed assets, which are not used in Proprietary or Fiduciary Fund operations, are accounted for in a separate self-balancing General Fixed Assets Account Group. Long-term debts, which are not int ended to be financed through gg Proprietary, Fiduciary or Special Assessment Funds, are accounted for in a separate self-balancing General Long-term Debt Account Group. C. Basis of Accounting Basis of accounting refers to when revenues and em penditures gg or expenses are recognized in the accounts and reported in the financial statements. The modified accrual basis of accounting is followed by all Governmental Fund Types, Expendable Trust Funds and Agency Fu nds. Under the modified accrual basis, expenditures other gp than unmatured interest on genera l long-term debt are recognated at the time Itabilities are incurred, if measurable. Revenues are recognated in the accounting period when they become measurable and available. Revenues which are susceptible to accrual are as follows - 9 Federal and State Revenue Sharing Interest Income State and Local Grants Proprietary, Nonexpendable Trust Funds and Pension Trust Funds are maintained on an accrual basis with revenues being () recognized when earned and expenses recognized when incurred. D. Budgets and Dudgetary Accounting The City follows these procedures in establishing the budgetary data reflected in the financial statements - () (1) The City Manager submits to the City Commission a proposed operating budget for the ensuing fiscal year. The operating budget includes proposed empenditures and the sources of receipts to finance them. 9 (2) Public hearings are conducted to obtain tampayer comments. H-12 9 1
I g CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS g SEPTEMBER 38, 1985 (3) The budget is approved by the Commission and becomes the basis for the millage levied by the Commission. (4) The budget is adopted on a line-item basis. The City g Manager is authorized to approve transfers between line l items within any department with all such adjustments l reported to the City Commission on a monthly basis. ~ l Transfers between departments and increases or decreases in total budget for a fund must have prior approval of ! the Commission. I O (5) Formal budgetary integration is employed as a management control device during the year for the General Fund, Special Revenue Funds, Debt Service Funds, Capital Projects Funds and Special Assessment Funds. (s) Budgets f r funds that have f rest budgetary integration O are adopted on a basis consistent with generally accepted accounting principles. (7) Appropriations lapse at year end. Encumbrances outstanding at year end are charged against the ensuing years budget and thus are not reflected in budget to O actual presentations. (8) The City received the Governmental Finance Officers Associat ion's award for Distinguished Budget Presentation for its budget document for fiscal year ending September se, 1985. O (9) Budgeted amounts are as originally adopted, or as amended in accordance with City resolution. Following is a summary of budget revisions. O O O Il- 13 0
r
., ~
O
. s CIT ( OF HISSINFEE, FLORIDA
. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30. 1985 g Original Final Budget Pevisions Budget Geeeral Fund 8 8,202,670 S 218,946 4 8,420,716 Soscial Revenue Funds utility Tan 897.400 173,325 1,070,72' Feoeral Revenue Sharing 425.419 2.800 428,299 Recreation lepact 321.1 % -
327,1 % Capstal leprovement 524,769 133,428 658,197 M acle Replaceernt 22,000 9,233 31,233 Bakemay Geart 12/,200 - g 127,200 Local Dotion Ses fan 873,162 - 873,162 i Dett Service Funos Downtown District Bones 48,863 - 48,063
/ Fed Boncs 64,720 - 64,720 g
Capital Projects Funds Downtown Development 14,863 3,487 18,350 Lakefront Develoosent 50,000 14,955 64.955 City Hall (spansion - 842 842 Community Development - 749,640 749,680 g Soectal 4sessment Funes paving 4 sessment 161.500 - 161.500 Droolition 4 sessment - 50,000 50,000 j $ 11,738,962 8 1,355,876 6 13,094,838 g n ... . . . . . - = . .-= E. Eausty in Pooled Cash a nd Investments The City of t(a ss arotece, for accountano and Invest rnent purposes, j Maintains a pooled cash and investments account for all Caty funds. This otves the City the ability to invest larpe a nounts of tale rash for short periods of time and to niaximtre $ earning potentsa). The "enutty an pooled cash anc investments" reoresents the af400nt owned Dv cach f und of t hat City.
- e. Receavables Ut Isty ccerat ing revenues are ceneral1y reccgnized on the 9 basts of cycle ballinos rendered taonthly. The cycle with the
- meter re.eding date closest to September 30 is selected as the
, cutoff for accrual ourposes. The City does not accrue e ev enues for services de1ivered durano tne fascal year that have not teen read by Septemt'er 30 9 , 30eci al Asset.starint s recei va9 e accr uu interest at the rate of in- 34 0
s ! ) . CITY OF KISSIMMEE, FLORIDA , NOTES TO FINANCIAL STATEMENTS , c SEPTEMBER 30, 1985 } 8%. Those accounts 'not paying within the due date are assessed a penalty of 1% per month on the unpaid principal balance. Both of these have beert, incerued at September 30, 1985 and are itemi:ed in the accrued 2nterest line item an the balanca sheet. An allowance for encollectibles has been } established for any account which has not made any payment during the fiscal year. G. Investments . Investments are recorded at cost, which approximates market. ) Adjustments are made to cost for any premiums or discounts. Premiums and discounts are amortized over the life of the investment. H. Inventories Inventories are stated at the lower of cost (weighted average) or market. } I. Property Taxes The amount of taxes receivable at year-end is immaterial and therefore not accrued. Under Florida Law, the assessment of all properties and the collection of all county, municipal and g school board property taxes are consolidated in the of fices of the County Property Appraaser and County Tax Collector. The laws of the State regulating tax assessment are also designed to assure a consistent property valuation method statewide. State Statutes oermit cities to levy property taxes at a rate of up to 10 mills. ' The . millage rate in ef fect for the fiscal year ended September 30, 1985 was 3.7486. 3 The tax levy of the City is established by the City Commf3sion 4 prior to October 1 of each year and the Osceola County Property Appraiser incorporates the millagt= into the total tax levy, which incluous the municipalities, independent districts and the County School Board tax requirements. All property is reassessed according to its fair market value on January 1 of each year. Each assessment roll is submitted to the Executive Director of the State Department of Revenue ' for review to determine if the rolls meet all of the appropriate requir+ments of state stotutes. ] AlltaxesaredueandpayableonNovhber1ofedhyearoras soon thereafter as the assessment roll is certified and delivered to t.he Tax Collector. 'All unpaid taxes become delinquent on April 1 following the year in.which they are assessed. Discounts are allowed for early payment at the rate of 4% in the month of November, 3% in the month of December, 2% in the month of January and 1% in the month of February. i B-35 3
O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 O The taxes paid in March are witnout discount. Delinquent taxes on real property bear interest of 18% per year. On or prior to June 1 following the tax year, certificates are sold for all delinquent taxes on real II property. Application f or a tax deed on any unredeemed tax certificates may be made by the certificate holder after a period of two years. Unsold certificates are held by the County. Delinquent taxes on personal property bear Interest of 18% per 8 year until the tax is satisfied either by seizure and sale of the property or by the five year statute of limitations. The City does not accrue its portion of the County-held cerfificates due to the immaterial amount. II J. Fixed Assets Fixed Assets purchased in the Governtnental Fund Types are recorded as expenditures at the time of purchase. Such assets are capital 12ed at cost an the General Fixed Assets Account Group, except for certain improvements other than buildings, inclucing roads, brsdges, curbs and gutters, streets and sidewalks and drainage systems. Gifts or contributions are recorded in the General Fixed Assets Account Group at fair market value when received. No depreciation has been provided on general fixed assets. The fixed assets purchased an the proprietary Fund Types are capitalized at cost when purchased. Depreciation is provided using the straight-line method. The estimated useful 11ves of the various classes of depreciable assets are as follows - ASSETS YEARS II Electric System 10 - 50 Sewer System 6 - 100 Water System 5- 50 Bu11 dings 10 - 40
- Imorovements other
< than buildings 4- 12 II Equipment 5- 20 K. Long-Term Debt Long-term debt of Proprietary Funds is accounted for an those funds. Unamortized bond d1scounts and assuance costs on long-term debt are amortized over the life of the issue on a straight-line basis. Long-term debt of Governmental Funds as B-36 9
r lO CITY OF kISSIMMEE. FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 20 1985 z) accounted for in the General Long-term Account Group. Current debt service is accounted for in the Debt Service Funds. The City has no special assessment long-term debt outstanding. L. Nuclear Fuel
) Amortization of nuclear fuel is based on the cost, which as ororated by fuel assembly batch an accordance with the thermal energy that each assembly produces. Due to the uncertaan future of the nuclear fuel reprocessing tndustry and government approvals for reprocessing and plutonium recycling, the City is estimating no value for restdual credits or costs
{) for future reprocessing. M. Deferred Revenues Revenues which are measurable, but not available or earned. are reported as deferred revenues. In the governmental funds. deferred revenues include the portton of Special Assessments
) receivable due in excess of one year, since these receivables do not represent available scendable resources. Deferred revenue in the Enterprise funds represent the Electric utility Fur.d's cost of power adjustment revenues collected, but for which costs have not been incurred.
O N. Penston Plans The City sponsors and administers three penston plans covering substantially all the full-time employees. General employees are covered by a plan established during 1968 that was amended and restated in 1975. Employees of the Police and Fire Departments were enrolled in separate retirement plans adopted
) by the City effective January 1, 1976, superseding the previous state established plans. Annual costs for the pension plans are actuarially computed and include amoett:ation of past service costs over a period of 30 to 40 years. General employees contribute 4% of their annual salary to their plan. The City's policy is to fund the annual ) pensten costs in the annual budget. (See Note 12.)
O. Reserves Governmental Funds and certain Fiduciary Funds - Reserves are used to indicate that a portton of the fund balance is not appropetable for expenditure or is legally segregated for a () specific future use. Usage of reserves has been limited to the following items - o Reserve for Encumbrances - andacates a portion of the fund balance that has been segregated for expenditure upon vendor performance.
) This consists of purchase orders outstanding at the balance sheet date.
B-37 0
l O CITY OF MISSIMMEE, FLO9 I DA NOTES ro rINANCI AL STATEMENTS SEDTE.*BER 20, 1985 gg
.- Reserve for cublic Safety Expenditures - Indicates a certton of fund balance that has been segregated for Montes receiv?d that are restricted for public safety expenditures only, o Reserve for Debt Service - indicates tne portion of fund balance which has been segregated for the payment of future principal and interest coming due on general long-term debt.
Preortetary Funds and certain Fiductary Funds - Reserves are g used to indicate a segregation of a portion of retained earnings equal to the net current assets that are restricted for necting various covensnts as may be spectfled and defined in 6. h e vernous revenue bond indentures. Usage of reserves has been limited to the following items - o Reserve for Bond Retirement - restrteted for future servicing of the revenue bonds. o Reserve for Bond Asset Replacement - restricted for meeting of various contingencies as may be so specified end def:ned in the indenture (frequently referred t o as g renewal. replacement and Improvement). o Reserve for Employees Rettreroent Systems - restricted for payment of retirement benef i t s. P. Encumbrances gg Encurebrances represent cont ract ual commit ments in the form of purchase orders and contracts. Such encumbrances are not recordec as excerditures, but rather as reservettons of fund balance. They will become expenditures upon vendor performance and will be charged against the ensuing year's budget. g D. Total Columns on Comoined Statements - Overview Total columns on the combined statements - overview are captioned Memorandum Only to indicate that they are presented only to aid in financial analysts. Data in these columns do not present financial position, results of operations, or gg char.nes in firancial position in conformity with generally accepted accounting principles. These colurans do not F represent consolidated amount s because interfund eltmanat:ons have not been made. P. Reciassifacatnons g Certain September 20, 1984 account balances have been B-38 9
- O l
l CITY OF KISSIMPEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985
- O reclassified in this report to conform with the ftnancial statement presentation used in 1985.
- 2. IMPACT FEES O Pooled cash and investments in the Enterortse Funds include
$7.289,477 in water and sewer impact fees. These fees can only be used for ortmary water or primary sewer system extensions.
- 3. ACCOUNTS RECEIVABLE O The accounts receivable and allowances for uncollectibles at Seotember 30, 1985 were as follows:
4.L0eCE ACCOLNTS FOR LtCII.- O ECEIVABLE LECT!BLES ET Cv eral Fund s 89,314 8 32,331 6 56,983 Paving Assessments Fund 413,166 86,448 326,718 Building Demolition Assessernts Fund 6,129 - 6,129 O Electric Utility Fund 3,815,586 238,889 3,585,417 Airport Fund 2,433 - 2,433 Section 8 H. A.P.D. Fund 1,388 1,388 - TOTAL $ 4,327,928 9 350,248 $ 3,977,640 8 ** E233 3333333 O 4 INTERFUND BALANCES Individual fund interfund receivable and Dayable balances at September 30, 1985, are as follows: INTERFUND INTERFUND O RECEIVABLES PAYABLES General Fund $ 115,151 $ - Special Revenue Fund Bikeway Grant - 22,865 Capital Projects Fund - O Commun1ty Deve1coment - 6,306 Internal Service Fund - Central Serv 2ces 794 14,263 Excendable Trust Fund Section 8 H.A.P.P. - 5,348 Acency Fund - Q Occuoational Lacense - 67,163 TOTALS S 115,345 5 115,945
=========== =========
B-39 O __ _ _ _ _ _ _ _ _ _ . ____.--___J
O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 g
- 5. FIXED ASSETS The following is a summary of changes in general fixed assets during the year ended September 30, 1985:
O BAUSCE BALMCE OCTCBER 1 SEPTDOER 30 1964 ADDITI(MS DELETIOp6 1985 Lard s 435,034 6 413,932 s let t 645,866 g Butidings 1,817,152 128,895 24,719 1,913,326 Equipuent 2,445,192 282,634 102,869 2,664,957 Improvements other than buildings 433,295 52,283 - 485,486 Construction in progress 14.124 153,695 12,242 155,577 g TOTAL $ 5,164,707 6 1,023,439 $ 139,930 8 6,068,216 Construction in progress is composed of the followings g PROJECT EIPD CED TD IEUUllED AlmORIZA- !EPTDER FUTUIE FUTUIE TICM 1985 CGellTTED Fil80EII6 Traffic signal, Oak and Central $ 22,005 $ 16,638 8 2,000 $ 3, %7 Bikemay 127,200 86,465 - 44,735 Boat Docks 850 850 - Lakefront Development Project 93,135 51,524 - 41,511 g TOTAL $ 243,190 $ 155,577 6 2,000 $ 85,613 At September 30, 1985, the Proprietary Fund plant and equipment consisted oft g O 11 - 4 0 0
l l CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 ] PLANT LESS: Ale A(nft1ATED EDUIPPENT DEPRECIATION NET D Electric $ 72,757,328 $ 14,100,684 8 58,656,644 luter ard Se.er 13,738,748 2,439,881 11,298,947 Airport 1,929,621 595,124 1,334,497 Solidleaste 501,343 131,387 378,836 Central Services 428,755 68,148 368,687 3 $ 89,355,795 6 17,327,064 6 72,828,731 TOTAL Construction an progress at Sept ember 30, 1985 consisted principally of costs associated with the construction of Orlando g Utilities Commission's Stanton Energy Center Unit 1 (see note 7).
- 6. CONSTRUCTION PROJECT INTEREST COST In accordance with Statement of Financial Accounting Standards g No. 62, " Capitalization of Interest Cost in Situations Involving Certain Tax-Exempt Borrowings and Certain Gifts and Grants," the City has recorded interest cost as construction in progress that has been financed by long-term debt. The amount of net interest cost (income) recorded in construction projects for the fiscal year ended September 30, 1985 was:
ELECTRIC UTILITY WATER & SEWER FUND FUND
=_- ------ _- -__ __---
O Total interest expense allocable to construction projects $2,931,025 $ 1,085,000 Less: Interest earned in construction funds 2,003,026 1,004,744 'O NET COST (INCOME) CAPITALIZED $ 927,999 $ 80,256 I
- 7. ELECTRIC FUND MAJOR PROJECTS g A. Stanton Energy Center Unit No. 1 (SEC 1)
The City has entered into a Participation Agreement with Orlando Utilities Commission (OUC) to acquire a 4.8193% (20 i l B-41 P l'
O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 gp MW) undivided ownership interest in SEC 1 and to participate in the use of related common and external faciltiles. The capacity and energy of the City's ownership interest in SEC 1 will be transmitted through DUC's transmission fac111 ties to the City's transmission facilities. SEC 1 is part of the (b Stanton Energy Center, which involves the development of an approximately 3.200 acre plant site located approximately 20 miles northeast of the City. In addition to SEC 1, the Stanton Energy Center is capable of accommodating three more units with a total capacity at the Stanton Energy Center of approximately 2000 MW. gb The total estimated cost of SEC 1, certain land and related facilities as of October 10, 1985 is $511,069,000. The estimated cost of the initial coal inventory is $18,090,000. The City's respective share of SEC 1 costs and initial coal inventory together with the City's 4. 8193% ownership share () applied to 60 percent of the 00C's interest costs during construction on common and external facilities are estimated by OUC to total $17,436,000. At the Balance sheet date, the City's construct ion in progress was $9,366,572. The City does not exercise significant influence or control () over operating or financial policies of DUC. B. Major Transmission System and Substation Improvements The City engaged consulting engineers to conduct a transmission system planning study to develop a plan for the expansion of the City's transmission syst em. The study gp determined that additional interconnection capacity is required. The study recommended increases in the interconnection capacity by reconductoring a portion of the City's 69 kV interconnection with Florida Power Corporation (FPC), installing a 69kV interconnection between Taft and Buenaventura Lakes Substations, and installing an additional (p 230 kV - 69kV transformer at Marydia Substation. The study also recommended improvement to the system protection and 69 kV-13.2 kV distributton substation equipment. Studies performed by the City indicate the need for two additional 69 kV13.2 kV substations to serve increasing loads in developing areas of the City's service territory. The total cost of gp these major transmission and substation improvements is estimated to be $14,200,000 and such ex pendi t ures are scheduled to be made over the next five years. Some of the cost of such improvements are expected to be financed from the proceeds of the 1984 Bonds and the gp remainder is expected to be financed through internally generated funds of the System. B-42 0
CITY Ce KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985
- 8. OTHER PARTICIPATION AND POWER SUPPLY AGREEMENTS The Electric Utility Enterprise Fund as party to the following agreements:
C) A. In 1975, the City entered into a Part icloat ion Agreement with Florida Power Corporation (FPC) to purchase a .6754% undtvided interest an their 806 net MW nuclear powered electric generating plant designated Crystal River Unit No.
- 3. The City is billed for its share of operating and capital costs. Capi t al costs are included in Plant and I) Equipment and operatang costs are included as power generation expenses.
Tne City does not exercise signifteant influence or control over the operating or financial policies of FPC.
- 2) 5. In 1981, the City entered a Power Supply Acquisition Agreement with the Florida Municipal Power Agency (FMPA).
Under the agreement, the City is to recetve approximately 7 MW of power. FMPA has an 8.806% undivided interest in Florida Power & Light's (FP & L) St. Lucie Unit No. 2 nuclear powered electric generating facility. They also I) have a Reliability Exchange Agreement with FP &L that enables them to share in FP & L's St. Lucie Unit No. 1. Costs ~ associated with this agreement are included in purchased power expenses.
- 9. WASTEWATER TREATMENT FACILITY PROJECT In July of 1984 the City sold $10,655,000 of Water and Sewer Revenue Bonds. The proceeds of the 1984 Bonds will be used for a major portion of the cost of design and construction of a wastewater treatment plant. In July, 1985, the Florida Department of Environmental Regulations offered the City of
() Kissimmee a $3,000,000 grant to be used in conjunction with this project. The remaining funds for construction of a wastewater treatment plant will be supplied by sewer impact fees and EPA grant funds. The wastewater treatment plant will be located on lands to the west of the present Martin Street Plant. The wastewater treatment plant will include an influent pump station; C) grit and comminution equipment; secondary reactors and settling tanks; hyacinth advanced waste treatment basins and chlortnation basans; sludge handling systems; an operations building ancluding control room, laboratory, offices, maintenance areas, and other miscellaneous facilities; and an effluent pump station and force main discharging to Reedy Creek or to alternative sites as may be () designated by the City. Total cost is estimated to be
$25,000,000. Anticipated completion date is July 1, 1987.
B-43 0
p v C:TY OF kISSIMMEE CLORIDA NOTES 10 FINANCI AL ST ATEMENTS SEPTEMBER 20. 1965 O The Cit y is coerat ina it s wastewat er t reat ment factllties under a temporary one,ating cermit issued by the Flortoa Department of Environmentel Regulation in February, 1985. The permit recuires the City to have its new factitty operational by July 1 1987. II
!?. LOSS ON DISPOSAL 0; ASSETS Durtn; fiscal year 1985. the City transferred a one-story administration butiding, related land and a site held for future use from the Electric utility Fund to the Cit y's General Fixed Asset Account Group. The City also transferrec a ene-story cownunit y building and relat ed land from the General Fixed Asset gg Account Group to the Electric Utility Fund. These transfers resulted in a net loss of $558,270 which as reflected in the Electric Utility Func as a loss on disposal of assets. The engineers certified that the propert ies disposed of by the Electric Ut ilit y Fund are not necessary for cont inued operat ion and w1]l not acversely affect the revenues to be certved from the gg n v st ern.
There was, in adotticn to the above. a sMall loss on disposal of some other fixec assets amounting to $1.237 in the Electric Uti11ty Fund ar# $523 1n the Airport Fund. O l'. LINE EXTENSION POLIC< In fisca; year :985. the Electric Utility Fund changed its policy related to e<tenctnq electric lines for c us t orcers. In prior fears, the custoner paid the cost of entension anc was retrnbursed over a three year period cased on usage of electricity. Tnts usually resulted in the customer being reimbursed the entire gg amount paid for the line extenston. These agreernents were recorded in the balance sheet as deposits payable. Deposits payable were reduced from $1,515.697 at Sept ember 30, 1984 to
$931,82E at Sept ember 30, 1985. They will continue to cecrease untti rettnbursemente related to existing line extension
;greements terminate. g i r. the current year, the policy was changed t a recurre the customer to pay 70y. of tne cost of itne extensions with no reimbursement. Under the new policy the payments are recorced as c_,nt ri but t or;s f ec m private sources on the balance sheet.
$473.111 was collected in fiscal year 1985. gp
- 12. PENSIONS A. General Employees Penston plan The General Employees Pension Plan was established in 1968 ano amenced a r.o restated in 1975 to cover sunstantially all gp full-time employees, except police officers and firefighters.
Annual costs of the pension plan are actuarially computeo and B .44 9 l
) CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 ). include amortization of past service costs over a 30 to 40 year period beginning January 1, 1974. The employees contribute 4% of their annual salary to the plan. An actuarial study was conducted at January 1, 1985 and reflected ) a net actuarial deficiency of $1,968,731. The actuarial value of pension fund assets of $4,567,591 exceeded the present value of the actuarially computed vested benefit s of
$2,642,518 by $1,925,073 at January 1, 1985. Nonvest ed benefits totaled $328,033.
The City's contribut ton to the plan was $386,535 for fiscal
) 1985. This included the actuarial funding requirement of
$345,507 and $41,028 in administrative costs.
B. Municipal Police Officers Retirement Plan The Municipal Police Officers Retirement Plan, which covers all full-time sworn officers, was amended and restated in {. ) 1976. Annual costs of the pension plan are actuarially computed and include amortization of past service costs over a 30 year period beginning January 1, 1982. An actuarial study was conducted at January 1, 1985 and reflected a net actuarial deficiency of $239,283. The actuarial value of pension fund assets of $1,590,792 exceeded the actuarially computed vested
) benefits of $844,282 by $746,510 at January 1, 1985.
Nonvested benefits totaled $104,387. The City's contribution to the plan was $119,105 for fiscal 1985. This included the actuarial funding requirement of
$99,596 and $19,509 in administrative costs. )
C. Municipal Firefighters Retirement Plan The Municipal Firefighters Retirement Plan, which covers all full-time firefighters, was amended and restated in 1976. Annual costs of the retirement plan are actuarially computed and include amortization of past service costs over a 30 to
) 40 year period beginning January 1, 1976. An actuarial studi was conducted at January 1, 1985 and reflected a net actuarial deficiency of $144,246. The actuarial value of pension fund assets of $889,434 exceeded the actuarially computed vested benefits of $413,083 by $476,351 at January 1, 1985.
Nonvested benefits totaled $60,948. The City's contribution to the plan was $71,303 for fiscal 1985. This included the actuarial funding requirement of
$60,312 and $10,991 in administrative costs.
g The Entry-Age Normal-Level percentage of Pay actusrial cost method was utilized in the January 1, 1983 valuations for all three funds. The significant assumptions for these plans are B-45 0
O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 gg (1) life expectancy is calculated using the GA-1951 Male Mortality projected to 1965 by Scale C with a five year set-back for females, (2) an interest return of 7.5% compounded annually, (3) a salary increase of 6% per year.
- 13. DEFERRED COMPENSATION PLAN The City offers its employees two deferred compensation plans created in accordance with Internal Revenue Code Section 457.
The plans are administered by Mutual of New York (MONY) and International City Managers Association (ICMA) . The plans, gg available to all City employees, permit them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination or unforeseeable emergency (ancluding death, retirement and disability). All amounts of compensation deferred under the plan, all property gg and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made avaialble to the employee or other beneficiary) solely the property and rights of the City (without being restracted to the provisions of benefits under the plans), subject only to the claims of the City's general creditors. gg Part ici pant s' rights under the plans are equal to those of general creditors of the City in an amount equal to the fair market value of the deferred account for each participant. MONY and ICMA are responsible for investment of f u nd s, distribution of benefits and reporting to participants. The City gg believes that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. The following 1s a summary of the increases and decreases of the fund for the plan year ended October 31, 1985 (MONY) and December 31, 1985 (ICMA). gg Fund assets (at market value) at beginning of plan year s 72,121 $ 15,189 Deferrals of compensation 20,974 6,228 Earnings and adjustment to market g value 9,158 1,348 payments to eligible participants and beneficiaries (1,500) - Administrative expenses (75) (12) Fund assets (at market value) at g end of plan year $100,678 s 22,753 B-46 O
. .. _ ~ _ _ . ._- - _. ___._. .-_ _ ._ . _ . _ _ _ . . __
a CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS j) SEPTEMBER 30, 1985 14 ELECTRIC REVENUE BOND CONVENANTS i The Electric Revenue Bond resolutions provide for: A. Establishment and maintenance of various funds
) (1) Revenue Furd records all operating revenues and
, expenses of the system; (2) Sinking Fund recoras principal and interest recuirements; (3) Bond Amortization Fund records funds held for the retirement of term bonds;
) (4) Reserve Fund records funds held for the maximum annual , debt service requirement; 5
(5) Renewal, Replacement and Improvement Fund as to be used only for making improvements, extensions and replacements to the system; and (6) Construction Fund records the cost of major additions () to the system financed by revenue bonds. ] B. Restrictions on the use of cash from operations in order of ) priority (1) Deposits are made to the Revenue Fund to meet current l) (2) operations according to the budget; Deposits to the Sinking Fund account are required on or ; before the 25th day of each month equal to one-sixth L (1/6) of the interest coming due on the next semi-annual interest payment date and one-twelfth
- (1/12) of the principal coming due on the next
- CI principal payment date; i
(3) Deposits to the Bond Amortization Fund are required on or before the 25th of each month equal to one-sixth (1/6) of the amortization installment coming due on the
- next semi-annual payment date; (4) Deposits to the Reserve Fund are to be made wnen required to maintain the Fund at the reserve
!() requirement (maximum annual debt servlee); and j (5) Deposits to the Renewal, Replacement and Improvement Fund are required each month in an amount equal to - one-twelfth (1/12) of the adopted budget for that fund. The total annual deposit may not be less than 5% of the gross revenues for the preceding fiscal year after ') ' deducting 100% of the fuel expense and the energy l component of purchased power expenses incurred in such l preceding fiscal year. However, no such monthly l deposit shall be required when the amount in such fund snall at least equal $1,500,000. lC) e, g,rly reeemotion l The bond ordinance provides for early redemption of f f B-47 i C) t
O
~
C!rY OF %ISSIMMEE. eLORID4 NOTES TO FINANCIAL STATEMENTS SEPT & EER 30, 1985 g outstanding bonds, except ortganal issue discount bonds, at call rates varying from 100% to 102% of the instrutnents' face value, deper. dent upon tne cal 1 date. Or1ganal 1ssue otscount bones raay _ be receemed early at call rates of 80% to 100% of the face value, cepencent upon the call date. g D. Investment restrictions (1) Funds of the Sinking Fund, Bona Arnort t rat ion Func, Reserve Fund ar.d Renewal, Replacement and Improvernent Fund are required to be cont inuously secured in the same manner as municipal deposits of funds are reautred g to be secured by the Laws of the State of Flor da; and (2) Montes on deposat in the S1nk1ng Fund and the Bond Amorttzation Fund shalI be invested only tn dtrect obligations of, or obitgations the principal of and anterest on whien are guaranteed by the United States of Ameraca and whach do not perm 1t redernpt ion pr1or to g maturity at the option of the City. Montes on depostt n r. the Revenue Fund, Reserve Fund and Renewal, Pepl acernent and Improvernent Fund snay be anvested as described above as well as in obligations of agencies of the United States of America, obligations rating an "A" or better from Moody's Investors Service, Inc., g barek time deposits represented by certificates of depostt and bankers acceptances, repurchase agreements, corarneretal paper which has the highest investment grace rating and shares of investment compantes which invest principelly in United St ates governroent securt t les. E. The refuncing and revenue bor.c s consist of the following seraa; anc term bonds AM0uhi OUTSTANDIMi INTEREST FINRL ORIGINAL SEPTEGER 30, DESCRIPTICN RATES / DATES NATURITY AMOUNT 1965 0 Electete Refurding Feyenue 5.B5-9.1255 Bords, Series 1982A 4/1;10/1 10/01/12 8 71,580,000 8 71,500,000 Electric Revenue 7.255-10.755 O fionds. Series 1984 4/l:10/1 10/01/17 9 28,400,000 $ 28,400,000 n = == .. In accordance with the insurance policy covering the City's
$28,400,000 Electric Pevenue Bor,cs, Series 198*, proceecs from g the bonds, totaling 53,718,811, were segregated within the construction func and are being used, together with interest 11 - 4 8 9
O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 earned thereon, for the payment of one-half of the interest coming due on such bonds through Detober 1, 1987.
- 15. WATER AND SEWER REVENUE BOND COVENANTS
() The Water and Sewer Revenue bonds resolutions provide for A. Establishment and maintenance of various fur.ds (1) Revenue Fund records all operating revenues and expenses of the systeel (2) Sinking Fund records all debt service requirements ,() which includes the Sinking Fund account, bond amortization account and reserve account; (3) Renewal, Replacement and Improvement Fund is to be used only for making improvements, extensions a nd replacements to the system; and (4) Construction Fund records the cost of major additions i() to the system financed by revenue bonds. l B. Restrictions on the use of cash from operations in order of priority (1) Deposits are made to the Revenue Fund to meet current operations according to the existing bond ordinance; C) (2) Deposit s to the Sinking Fund account are required monthly equal to one-sixth (1/6) of the interest coming due on the next semiannual interest payment date and one-twelfth (1/12) of the principal coming due on the next principal payment date; (3) Deposits to the bond amortization account are required () monthly equal to one-sixth (1/6) of the amortization installment coming due on the next semiannual payment date. (4) Deposits to the reserve account are to be equal to one-sixtieth (1/60) of the reserve requirement (maximum principal and interest) and are to be transferred () monthly; and (5) Deposits to the Renewal, Replacement and Improvement Fund are required in each month equal to one-twelfth (1/12) of the adopted budget for that fund. The total annual deposit may not be more than 10% nor less than () 5% of the gross revenues for the preceding fiscal year. However, no such nonthly deposit shall be required whenever the amount in such fund shall at least equal
$375,000.
C. Early redemption The bond ordinance provides for early redemption of () outstanding bonds at call rates varying from 100% to 103% of the instruments' face value, dependent upon the call date. B-49 O
O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 O D. Investment restrictions (1) Funds of the sinking fund account, bond amortization account, reserve account and renewal, replacement and impro+; *:ent fund are required to be continuously secures , ,,in the same manner as municipal deposits of g funds at;e required to be secured by the Laws of the State o-l Florida; and (2) All mor.ies deposited shall be continuously invested in direct obligations of the United States of America, obligations of its several agencies or Time Deposits in banks, trust companies or savings and loan associations O represented by Certificates of Deposit. E. The revenue bonds consist of the following serial and term bonds y OUTSTANDIE O INTEEST FINAL ORIGINAL SEPTD GER 30, DEERIPTI(N RATES / DATES MATURITY m(RMT 1985 Water and Seier Revenue 4.801-5.505 4/1;10/1 10/01/07 8 5,525,000 8 5,525,000 0 Bonds, Series R Water and Sauer Revenue 8.005-12.255 Bonds, Series 1981 4/1110/1 10/01/95 8 2,600,000 $ 2,485,000 Water and Sauer Revenue 7.00-10.401 Bonds, Series 1964 4/1;10/1 10/01/15 8 10,655,000 $ 10,655,000 0
- 16. REFUNDED BONDS O
The City presently has outstanding serial bonds, which were refunded through the full cash defeasance method on January 4, 1978 and through the net cash defeasance method on February 25, 1982 and January 25, 1983 as follows: O O B-50 0
O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 () ELECTRIC, WATER AND SEWER AMOUNT DUTSTANDING AT BOND ISSUES SEPTEMBER 30, 1985 1954 $ 29,000 d- 1963 1,865,000 1965 540,000 1967 1,175,000 1971 850,000 1971-A 540,000 1973 3,295,000
) 1975 3,520,000 STATE OF FLORIDA POLLUTION CONTROL BONDS, SERIES F 1,320,000 ) ELECTRIC REVENUE BONDS Series A 18,400,000 197o-1 2,580,000 1982 47,500,000 )
TOTAL $ 81,614,000 Since governmental obligations are held in escrow for the payment e of principal and interest on these bonds, they are not
'-) liabilities to the City.
- 17. AIRPORT REVENUE BOND COVENANTS The Airport Revenue Bonds resolution provides for:
A. Establishment and maintenance of various funds (1) Airport Revenue Fund records gross revenues from the operation of the Airport facilities; (2) Airport Revenue Bonds, Series 1971 Sinking Fund records all the debt service requirements of the issue which includes the principal, interest, sinking fund and .) reserve requirements; and (3) Renewal and Replacement Fund is to be used only for making extensions, enlargements, additions and replacements to the Airport facilities.
,, B. Restrictions on the use of cash in order of priority
^J (1) Deposits to the Sinking Fund are required on or before the 15th day of each month equal to one-sixth (1/6) of B-51 iC) t
O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 9 the interest coming due on the next semiannual interest payment date and one-twelfth (1/12) of the principal coming due on the next principal maturity date; (2) Deposits to the Renewal and Replacement Fund in an amount equal to one-twelfth (1/12) of five percent (5%) gg of the gross revenues of the facilities for the previous fiscal year, until there shall be on deposit
$50,000; and (3) Balance remaining can be used for any lawful purpose
- af ter making all of the above required payments.
II C. Investment restrictions (1) Funds of the revenue fund, sinking fund, reserve account and the renewal and replacement fund are required to be continuously secured in the manner by which the deposits of public funds are authorized to be secured by th'e Laws of the State of Florida; and (2) All monies deposited shall be continuously invested or secured by direct obligations of the United States of America or time deposits in banks and trust companies represented by certificates of deposit. D. The revenue bonds (serial) consist of the following O mas (RJTSTfud)lldi INTEIEST FIML ORI6IML SEPTDEER 38, DEERIPTI(Di MTES/ DATES MTURITY fBE1MT 1985 9 airport Rewne Boeds 5.5e54.58s Series 1971 6/1;12/1 12/01/95 t 350,000 8 245,000
- 18. LIMITED AD VALOREM TAX BOND COVENANTS O
The Limited Ad Valorem Tax Bonds resolution provides for the establishment and maintenance of a Sinking Fund to be held and administered by the City for the purpose of paying the principal and interest on the bonds as they become due. In each year, while any such bonds are outstanding, there shall be levied and II collected a special limited ad valorem tax not exceeding five (5) mills in eacn year, levied on all taxable property in the special taxing district comprising the municipal development district of the City over and above all other taxes authorized by law. The Limited Ad Valorem Tax Bonds (serial) consist of the II following: B-52 9
D CITY OF HISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 () ftGMT (UTSTf00)!fei INTEIEST FINRL ORI6!let. !EPTEER 30, DEERIPTI(> IWITES/ DATES MATURITY funtfT 1905 O Limited Ad Valores 5.255/6.005 Tan Bonds 10/1;4/1 10/01/93 6 171,000 $ 109,000
- 19. EXCISE TAX REVENUE BOND COVENANTS
)
The $265,000 and $500,000 Excise Tax Revenue Bonds resolutions provide for: A. Establishment and maintenance of various funds (1) Revenue Fund records all pledged excise tax revenues
) received by the City and required transfers to other funds as stated below; (2) Bond and Interest Sinking Fund records all debt service requirements of the issue, which includes the principal, interest, sinking fund and reserve requirements; and (3) Construction Fund records the cost of the project financed by excise tax revenue bonds.
B. Restrictions on the use of cash in order of priority (1) Deposits of excise taxes are made promptly to the Revenue Fund as they are received;
) (2) Deposits to the Bond and Interest Sinking Fund are required on or before the 15th day of each month equal to one-twelf th (1/12) of the principal of the bonds maturing on the next succeeding anniversary date; (3) Deposits to the reserve account in the Bond and Interest Sinking Fund are required on or before the
) 15th day of each month equal to $130 until such time as the funds total $15,600 for the $265,000 bonds; and
$242 until such time as the funds total $29,025 for the
$500,000 bonds; and (4) Balance remaining may be used for any lawful purpose f3 after making all of the above required payments.
v C. Early redemption The bond resolution provides for early redemption of outstanding bonds at call rates varying from 100% to 105% of the instrument's face value, dependent upon the call date. D. Investment restrictions (1) Funds of the sinking fund account and reserve account B-53 0 _ .. _ - - _ _ - - - - - _ - _ _ - - _ - - - _ _- - _ - _ - -- J
I o CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 g are required to be continuously secured in the same manner as municipal deposits of funds are required to be secured by the Laws of the State of Floridal and (2) Montes in the sinking fund and reserve accounts may be invested in direct obligations o f, or obligations g guarar. teed by, the United States of America. Montes on deposit in the Revenue Fund shall not be invested at any time. E. The revenue bonds (serial) consist of the following O AN0 twt QJTSTA$1NG INTEEST FINAL ORIGINAL EPTDGER 30, DESCRIPTION RATES / DATES MATURITY ANIMT 1985 O Escine Tam Revenue Bonds, 0265,000 5%i9/1 9/01/2019 8 265,000 8 253,000 Excise Tan Arverwe Bonds, 8500,000 55l9/1 9/01/2022 0 500,000 $ 445,000
. . - - G
- 29. CHANGES IN LONG-TERM DEBT The following is a summary of bond transactions of the City for the year ended September 30, 1985:
ELECTRIC WATER AND 9 LinlTED EICIE UTILITY SEER AIRPORT AD VALOREA TAI TOTAL Bones Payaele At 18/1/84 s 99,500,000 s 18,745,000 $ 260,000 s 119,000 $ 744,600 $ !!9,768,600 9 fiew Bones Issued - - - Bones Retired - (80,000) (15,0W) (10,000) (6,600) (111,600) BOM6 PAYAELE AT 9/30/85 $ 99,900,000 $ 18,665,000 s 245,000 $ 109,000 $ 738,000 $ !!9,657,000 The annual requirements to amortize all debt outstanding as of e September 30, 1985, including interest payments of $205,229,889, are as follows: O B-54 9
D CIT /OFKISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS ') SEPTEMBER 30, 1985 YEAR ENDING ELECTRIC WATER AND LIMITED EICISE SEPTEMBER 30 UTILITY SEER RIRPCRT AD VALOREM TAI TOTAL
$ 9,863,748 $ 1,828,286 $ 28,879 s 17,400 $ 44,700 $ te,983,$13 3 1986 1%7 9,067, sea 1,830,032 28,016 17,784 44,510 18,987,350 1988 9,151,347 1,831,888 32,$10 17,112 45,310 11,077,667 1989 9,247,685 1,828,365 30,860 17,440 44,150 11,168,500 1990 9,250,485 1,828,221 29,695 17,660 45,125 11,171,186 1991-1995 47,865,124 9,131,328 153,153 52,700 223,165 57,425,470
'g 19 W 2000 47,545.451 9,129,681 30,825 - 222,465 56,928,422 2001-2005 46,340.181 9,130,947 - - 223,045 55,694,173 2006-2010 46,132,937 6,509,250 - - 223,750 52,865,937 2011-2015 27.901,513 5,790,080 - - 222,665 33,914,258 2016-2920 6,237,975 - - - 208,190 6,446,165 2021-2022 - - - - 58,000 58,000 3 267,803,454 48,838,078 333,438 140,096 1,605,155 318,720,221 TOTALS 4 Less: Amount representing interest ; 171,971,426 32,271,775 88,438 31,096 867,155 205,229,890 3 Add: Aeount represent rg bond amortization fund 2nvestment purchases and interest arcome (4,067,972) (2,098,697) - - - (6,166,669) 3 $ 99,900,000 $ 18,665,000 6 245,000 $ TOTAL AT PRESEhT Valli !#9,000 $ 738,000 1 119,657,000
- 21. CHANGES IN LONG-TERM ACCUMULATED UNUSED COMPENSATED ABSENCES g Following is a summary of changes in accumulated unused compensated absences during f2 seal year 1985.
General Long-Term Debt Account Group O Liability at 9/30/84 $161,444 Net accumulation (usage) during the year 36,321 O Liability at 9/30/85 $197,765
========
B-55 0
O CITY OF d.ISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 g Accumulated unuseo comoensated absences in Enterprise and Internal Service Funes are considered current liaDilattes.
- 22. CONTRIBUTIONS Tne #ollowing as a summary of changes an c,)ntracuted ca pt t al during the year enced September 30, 1985.
WATER AND SOLID CE.% TRAL ELECTRIC SEWER AIRPORT WESTE SERVICES TOTAL
-- g C0hT419UTED cap!TAL Octoser 1,1984 5 -
S 6,915,721 s 1,450,946 $ 43,380 $ 291,171 9 8,700,318 G tieter ard! sewer tooact fees g 3,274,755 - - - 3,274,755 Contribution for entruct acn: Federal Goverreen - - 134,488 - - 134,488 State Sove-reent - 261.273 8,066 - - 269,339 Contrioutton fros sundaviceas g 473,111 387,955 - - - 860,!66 Contribution from General Fund - - 383 - - 383 Contrieutton free Capital Isorevement Furt! e 6,186 6,186 CONTRIBUTED C# 1TA Seatevner 30, 1985 5 473,t11 9 19,'.38,864 $ 1,592,983 $ 43,380 s 297,357 $ 13,245,635 EE23E23232E3 ESEBRE2WEESS ESSESSEWEESE R33332853595 333333333323 533333333333
- 23. NEGATIVE fiETAINED EARNINGS g
Tne following fund recorded negative retained earnings at September 30, 1985: Airoort (Enterprise Fund) - $317,345. There as an industrial cark under develooment which should enhance earnings. g 24 CHANGE IN ACCOUNTING PRINCIPAL During the year ended September 30, 1984, the C1ty changed it5
><ethod of account ing for accumulated unused corneensated absences to ccnform to the reautrements of NCGA Statement 4 Statement 4 g reautres the accrual of certain accumulated unused cornpensated absences as current and/or long terrn liabilittes in the financial B-56 9
O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985
.O statements. In the past the amount of accumulated unused compensated absences had been disclosed in the footnotes only.
The City's accumulated unused compensated absences that meet the criteria of Statement 4 are accumulated medical and vacation I) leave. The current City policy allows each employee to accumulate no more than 70 days of vacation leave. All vacation leave over 70 days must be used within one month or it will be forfeited. The majority of employees use their vacation leave within one year of accrual. Employees are allowed to accumulate up to 60 days medical leave. Any amount over 60 days is paid at
.E) the rate of one-half of the employee's normal pay rate in December of each year.
l The following acjustments were made to retained earnings in the fiscal year ended September 30, 1984 to record the cumulative effect of this change in accounting principle on prior years. Electric Fund S 78,743 Water & Sewer Fund 19,901 Airport Fund 2,410 Solid Waste Fund 2,878 Central Services Fund 9,487
- C) ____
TOTAL $113,419 The City's financial records did not provide information E) sufficient to segregate the liability for accumulated unused compensated absences by funds prior to September 30, 1984. , 25. SEGMENT INFORMATION FOR ENTERPRISE FUNDS The City maintains four Enterprise Funds which provide water and
^)
sewer services, electric services, airport services and solid waste collection services. Segment information for the year ended September 30, 1985 is as follows: !C) .O B-57 - C)
L O CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 TOTAL ELECTRIC IdATER SILID ENTEIFRl!E , UTILITY APG SEER AllFORT IdRSTE F100)6 Operating revenes 8 34,842,642 $ 3,729,217 $ 176,022 6 583,560 $ 39,331,441 g Depreciation aM amoritration expense 2,646,192 273,050 23,170 37,787 2,WS,199 Operating income (loss) 11,286,787 978,030 4,765 44,117 12,313,699 9 Operating transfers In - - 7,919 95,918 102,929 Out (2,132,600) - - - (2,132, feel leet income (loss) 4,409,977 1,681,595 3,284 141,394 6,236,250 0 Current espital centributions 473,111 3,923,083 142,937 - 4,539,131 Property, plant and equipment: Additions 7,037,456 1,627,505 164,172 186,119 9,015,332 g Deletions (net) 350,269 - 523 - 350,792 ht working capital 8,779,394 10,640, % 9 16,061 71,772 19,508,1 % Total assets 112,442,574 37,002,345 1,591,578 513,046 151,549,543 9 operating grants - - - - - Bonds aM other long-ters liabilities payable from operating revenues 99,900,000 18,(65,nse 230,000 168,657 118,963,657 O Total equity 17,810,754 17,711,707 1,275,638 273,151 37,071,250
- 26. CONTINGENCIES AND COMMITMENTS A. The City is an the process of defending a class action suit which alleges discriminatory practices by the City and seeks Federal Revenue Sharing funds as relief. Management believes O the final outcome will have no adverse financial effect on the City.
B. The City owns a portion of Florida Power Corporation's nuclear power plant at Crystal River, Florida. This plant is scheduled to be decomm ssioned in about the year 2008. The O City will be liable for approximately S668,000 in B-58 9
)
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 decommissioning costs at that time. In fiscal year 1985, the City began escrowing a portion of this amount. C. Leases (1) The property under capital lease consists of five garbage trucks and a telephone system at the Police Department. All leases have terms of five years. Title to the equipment shall be transferred to the City at the end of the lease terms and upon the vendor's receipt of one dollar. As of Sept ember 30, 1985
- 7) $90,292 in principal payments had been made on this equipment.
The following is a schedule by year of future minitum lease payments under capital leases, together with the
, present value of the net minimum lease payments, as of
'> September 30, 1985. GENERAL LONG-TERM SDLID YEAR ENDING DEBT ACCOUNT WASTE SEPTEMBER 38 GROUP FUND 1986 $ 5,484 $ 78,144 1987 - 63,426 1988 - 63,426 g, 1989 - 44.928 1990 - 22,464 TOTAL MINIMUM LEASE PAYMENTS 5,484 272,388 Less: Amounts representing interest 313 43,176 PRESENT VALUE OF NET MINIMUM LEASE PAYMENTS $ 5,171 $229,212 gg ............ ........ (2) In addition, the City is lessor on various leases at the Airport. The following is a schedule of minimum future rentals on noncancelable operating gg leases: B-59
)
C CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1985 gg YEAR ENDING SEPTEMBER 30 1986 $ 84,875 gg 1987 80,069 1988 97,886 1989 97,086 1990 114,418 After 1990 10,058,035 _ -=_ TOTAL MINIMUM FUTURE RENTALS $18,930,769 Total income on noncancelable operating leases for the gg year ended September 30, 1985 was $95,237,
- 27. SUBSEQUENT EVENTS O
A. Kissimmee Utility Authority Created On October 1, 1985, the Kissimmee Utility Authority was created by an ordinance amending the Charter of the City of Kissammee. The Authority is responsible for the development, production, purchase and distribution of all electricity and such other utility services as may be designated by resolution gg by the City Commission. The Authority has exclusive Jurisdiction, control and management of the said utilities of the City and all its operations and facilities. The Authority shall operate as a separate unit of the City government. The Electric Utility is the only utility service that was separated on October 1. It is anticipated that, in the gg Comprehensive Annual Financial Report for the fiscal year ending September 30, 1986, the Electric utility Fund will be excluded and reported as a separate entity. B. Electric Utility Bonds Refunded On December 31, 1985, the Kissimmee Utility advance refunded gp the $28,400,000 Electric Revenue Bonds Series 1984 with the Electric Revenue Refunding Bonds, Series 1985. Par amount of the new issue is $36,875,000. C. Neighborhood Redevelopment Grant Awarded In April, 1985, the Florida Department of Community Affairs gg awarded the City a grant in the amount of $354,858. In November, 1985 the grant was amended to increase the total B-60 9
O : CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBEP 30, 1985 J, l grant award to $650,000. The main purpose is to provide infrestructure improvements to the targeted area. Expected completion date is September, 1986. No activity occured on , this grant during fiscal year 1985. ,O l O 'O O
?,
t O O L O B-61 O
O O O O O This page intentionally left blank. O 9 O O O B-62 0
s ) a ) COMBINING AND INDIVIDUAL FUND - AND ACCOUNT GROUP STATEMENTS AND SCHEDULES THESE FIN ANCIAL ST ATEMENTS PROVIDE A MORE DET AILED VIEW OF THE *GENER AL PURPOSE FINANCIAL STATEMENTS
- PRESENTED I IN THE PRECEDING SUBSECTION.
COMBINING ST ATEMENTS ARE PRESENTED WHEN THERE ARE MORE THAN ONE FUND OF A GIVEN FUND TYPE. INDIVIDUAL FUND AND l ACCOUNT GROUP STATEMENTS ARE PRESENTED WHEN THERE IS l ONLY ONE FUND OF A GIVEN TYPE AND FOR THE ACCOUNT GROUP. THEY ARE ALSO NECESSARY TO PRESENT BUDGETM4Y COMPARISONS. ) FINANCIAL SCHEDULES ARE ALSO PRESENTED THAT PROVIDE GRE ATER DETAILED INFORM ATION THAN REPORTED IN THE FIN ANCIAL STATEMENTS. SCHEDULES ALSO PRESENT INFORMATION TH AT IS SPREAD THROUGHOUT l THE STATEMENTS THAT CAN BE EROUGHT TOGETHER AND SHOWN IN GREATER DET AIL. 2
p.,--- k ) 3 J GOVERNMENTAL FUND TYPES L ? 3 '] B-65 J
O e O O O This page intentionally left blank. O O O 9 9 11-66
D D 0 CENERAL FUND To account for resources traditionally associated with g governments which are not required to be accounted for in another fund. D L, p, J j n
~,/
B-67 m, n.r m...... .
O CITY OF KISSIMMEE, FLORIDA BALANCE SHEET GENERAL FUND SEPTEMBER 30, 1985 II 1985 1984 ASSETS Equity in pooled cash and investments $ 2,405,275 $ 1,640,429 ID Accounts recesvable 89,314 50,340 less: Allowance for doubtful accounts (32,331) - Due from Bikeway Grant Fund 22,865 - Due from CDBG Grant Fund 6.256 - Due frem Central Services Fund 14,263 - Due from Section 8 H.A.P.P. Fund 4,604 13,391 II Due from Occupational License Tax Fund 67,163 58,739 Due from other governments 71,377 15,394 Inventory of materials and suppines 4,373 3,671 TOTAL ASSETS 2,653,159 1,781,964
============ ============ GD LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable 19,108 25,432 8,056 6,291 II Accrued Taxes Payable Accrued Salaries 113,716 87,555 Deposits Payable 8,571 2,834 Due to other Governments 24,941 9.452 Accumulated unused compensated absences (Note 24) 15,540 15,911
= =_______ ______ ___ GD TOTAL LIABILITIES 189,932 147,475 CONTINGENCIES AND COMMITMENTS (Note 26)
FUND EQUITY II Fund Balance: Reserved for encumbrances 80,968 42,370 Reserved for public safety expenditure 35,725 23,360 Unreserved - Designated for subsequent years expenditures 1,677 4,872 Uncesignated 2,344,857 1,563,887 II TOTAL FUND EQUITY 2,463,227 1,634,489 TOTAL LIABILITIES AND FUND EQUITY $ 2,653,159 $ 1,781,964
============ ============
0 See accompanying notes to finanetal statements. B-68 9
) l l l CITY OF KISSIMMEE, FLORIDA STATEMENT OF CHANGES IN FUND BALANCE GENERAL FUND
) FOR THE YEAR ENDED SEPTEMBER 30, 1985 1985 1984 FUND BALANCE AT BEGINNING OF YEAR $ 1,634,489 $ 1,629,371 Cnanges during the current year Revenues and other financing sources 8,069,692 7,138,442 Expenditures and other financing uses (7,240,954) (7,133,324)
FUND BALANCE AT END OF YEAR s 2,463,227 $ 1,634,489
============ --..........
See accompanying notes to financial statements. D D D O O e B-69 O
CITY OF KISSIMMEE FLORIDA STATEMENT OF REVENUES AND OTHER FINANC}NG SOURCES - BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 1985 1985 vHn HNLt II BUDGET FAVORABLE (REVISED) ACTUAL (UNFAVORABLE) REVENUES Taxes: General property taxes - current and deltnquent $ 1.220,536 $ 1,250,295 $ 29,759 II Franchise taxes 59,450 83,288 23,838 Total 1,279,986 1,333,583 53,597 Licenses and permits: Business licenses 135,240 119,420 (15,820) Butiding permits 219,250 154,826 (64,424) Other Itcenses and permits 2,900 3.485 585 II Total 357,390 277,731 (79,659) Intergovernmental revenues: Federal, state, local grants 8,500 9,222 722 State Revenue Sharing 615,822 633,471 17,649 Shared taxes and licenses 988,705 1,000,043 11,338 II County Shared Revenue 22,297 23,527 1,230 County ambulance service 512,859 483,918 (28,941) Total 2.148,183 2,150.181 1,998 Charges for services: General Government enarges 19,700 30,812 11.112 General Government charges 617,508 618,139 631 II to other funds Pubite Safety charges 38,047 29,492 (8,555) physical Environment charges 24,500 28,915 4,415 Transportation charges 5,900 6,308 408 Culture /Recreatton charges 29,617 21,609 (8,008) Total 735,272 735.275 3 II Fines and forfettures Court fines and costs 103,900 134,683 30,783 Miscellaneous revenue: Interest earnings 116,000 204,570 88,570 Rents 8,200 6,793 (1,407) Other revenue 44,100 8,006 (36,094) II Sales of cemetery lots 15,500 15,547 47 Total 183.800 234,916 51,116 TOTAL REVENUES $ 4,8BE,51T $ 4,866,369 $ 57,838 OTHER FINANCING SOURCES Transfers from other funds: Capital Improvement Fund S - Electric utility Fund 2,132,600 2,132,600 - II Utility Tax Fund 1,070,725 1,070,723 (2) TOTAL OTHER FINANCING SOURCES 3,203,325 3,203,323 (2) TOTAL REVENUES AND OTHER FINANCING SOURCES 8,011,856 8,069.692 57,836 II APPROPRIATED FUND BALANCE 408.860 - (408,860) TOTALS $ 8,420,716 $ 8,069,692 $ (351,024) See accompanying notes to financial statements. B-70 g
O
) VAR 1ANCE BUDGET FAVORABLE (REVISED) ACTUAL (UNFAVORABLE)
$ 1,017,000 $ 1,088,643 $ 71,643 40,363 65,609 25,246 1,057,363 1,154,252 96,889 155,000 126,646 (28,354) 125,647 188,727 63,080
) 2,500 2,704 204 283,147 318,077 34,930 8,355 86 (8,269) 575,115 555,190 (19,925) () 549,000 857,386 308.386 1,000 70 (930) 427,673 418,228 (9,445) 1,561,143 1,830,960 269,817 14,900 18,006 3,106 O 411,483 411,483 - 17,000 41,334 24,334 31,000 27,023 (3,977) 3,000 5,102 2,102 15,950 25,138 9,188 493,333 528,086 34,753 e) 75,556 138,770 63,214 110,000 168,978 58,978 7,500 6,781 (719) 40,500 46,312 5,812 () 12,000 17,723 5,723 1/5,pww cJV,/V4 by,/V4 D 4,b95,D9d D 4,cWW,v44 5 569,397
$ 92,480 $ 92,480 $ ) 2,000,000 2,000,000 837,000 836,023 (977) 2,929,480 2,928,503 (977) 6,570,022 7,138,442 568,420 b) 866,426 719,742 (146,684) $ 7,436,448 $ 7,858,184 $ 421,736
() B-71
O CITY OF KISSIMMEE, FLORIDA STATEMENT OF EXPENDITURES AND OTHER FINANCING USES - BUDGET AND ACTUAL GENERAL FUND (D FOR THE YEAR ENDED SEPTEMBER 30, 1985 1985
=--- .. __ -- -- -----.__ -----
VARIANCE BUDGET FAVORABLE (D (REVISED) ACTUAL (UNFAVORABLE) EXPENDITURES GENERAL GOVERNMENT City Commission $ 89,935 $ 85,419 4 4,516 City Manager 1,109,200 449,727 659,473 GD Community Development 94,018 88,937 5,081 Legal 126,650 44,284 82,366 Financa 332,595 321,210 11.385 Personnel 122,215 119,132 3,083 Central Services Charges 161,303 161,303 -
. . _-_-- gp TOTAL GENERAL GOVERNMENT 2,035,916 1,270,012 765,904 PUBLIC SAFETY Police 2,446,124 2,275,510 170,614 Fire 1,446,260 1,407,507 38,753 228,332 213,487 14,845 UD Inscection
-_=_-_ --
TOTAL PUBLIC SAFETY 4,120,716 3,896,504 224,212 PUBLIC WORKS 1,444,000 1,276,825 167,175 CULTURE / RECREATION 408,445 386,180 22,265 GD TOTAL EXPENDITURES 8,009,077 6,829,521 1,179,556 OTHER FINANCING USES Transfer to Capital Improvement Fund 237,649 237,649 - GD Transfer to Solic Waste Fund 95,910 95,910 - Transfer to Lakefront Development Fund 29,580 29,580 - Transfer to Debt Service Fund 48,500 48,294 206 GD TOTAL OTHER FINANCING USES 411,639 411,433 206 TOTAL EXPENDITURES AND OTHER FINANCING USES $ 8,420,716 4 7,240,954 $ 1,179,762
............ ............ ............ qp See accompanying notes to financial statements.
B-72 9
O' I l l 3 1984 VARIANCE () BUDGET FAVORABLE (REVISED) ACTUAL (UNFAVORRBLE) S 89,785 $ 83,559 s 6,226 ,)- s 466,667 410,594 56,073 92,339 75,650 16,689 50,500 46,684 3,816 317,697 314,423 3,274 107,106 88,712 18,394 156,999 156,999 - C) _ - - - - -_- 1,281,093 1,176,621 104,472
-=- -_ = _ _ - - ---------
2,200,593 2,100,541 100,052 1,256,257 1,218,006 38,251 C) 207,905 195,900 12,005 3,664,755 3,514,447 150,308
-=- ------------ -------
1,299,686 1,269,623 30,063
----- __= __ -----
L) 412,693 395,053 17,640 6,658,227 6,355,744 302,483 __ _ -== _ _ - ------------ () 641,742 641,742 - 78,000 78,000 - 8,479 8,479 - () 50,000 49,359 641
- _ _ . ==--- ------------ ------------
778,221 777,580 641
------ _= ------- -- ------------
$ 7,436,448 $ 7,133,324 $ 303,124 C) ............ ............ ............
B-73 0
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) SPECIAL REVEEUE FUNDS 3 Utility Tax - To account for the receipt and disbursement of an 8% tax on all purchases of electric, water, gas, telephone and telegraph services. Monies collected from this tax are a secondary pledge on the outstanding Water and Sewer Bonds. ) Monies are purposes. typically used for General Fund Federal Revenue Sharing - To account for the receipt and disbursement of Federal Revenue Sharing Entitlement Funds. A separate accounting is required by Federal 3 Law. Capital Improvement - To account for the acquisition of various capital items. Money is transferred from this fund to a Capital Projects Fund for major capital projects. These acquisitions are 3 funded by transfers from the General Fund. Vehicle Replacement - To account for the systematic replacement of City vehicles. These acquisitions are funded by transfers from the General Fund. $ Recreation Impact ~- To account for impact fees designated for the various City parks. Impact fees are <.harged to each new living unit constructed. Local Option Cas Tax - To account for gas taxes that are designated for road improvements. O Bikeway Grant - To account for proceeds of grant from the Florida Department of Natural Resources to construct a bikeway. O 3 e B-75 C
O CITY [F KISS!fGE, FLORIDA CWWINIPE BAutG SEET AL SPECIAL EVEM.E FLseS SEPTEMBER 30, 1985 g FEDEML UTILITY EWMK CAPITAL VEhlCLE TAX SHARING If M 0 0 0 T ERACDENT ASSETS O Equity in pooled cash and investments 8 -
$ 174,674 8 576,068 s -
Due from other goverreents - 52,615 - - g TOTAL ASSETS - 227,289 576,968 - LIABILITY AND Ft>D EDUlTY LIABILITIES Accounts Payable - 137 1,861 - Due to General Fund - - - - TOTR.LIABILIT!ES - 137 1,061 - CONTINIBCIES Ape CINTINIBCIES (Note 26) FUND EDulTV Fund Balances: g. Reserved for encusarances - 76,330 2,793 - Unreserved - Designated for subsequent years espenditures - 3,868 8,126 - Uncesignated - 146,954 564,868 - g TOTAL RMD EQUITY - 227,l'2 . 574,987 - TOTAL LIABILITIES AND FUIC EQUITY $ -
$ 227,289 8 576,048 6 -
See acceepanying notes to financial statearnos. O 11-76 9
O 'O LOCAL TOTALS ECEATIGI @T!@d BIMEWAY IismCT GAS TAI GlWWIT 1985 1984 O l t 225,271 $ 371,198 9 - t 1,347,191 $ 1,319,954 l 0
'3'22' '5' 2** 5 "3 225,271 371,198 43,229 1,443,e35 1,374,413 O
772 - - 1,978 3,176 22,865 22,865 - 772 - 22,865 24,835 3,176 O O - 68,158 - 147,273 26,507 700 18,202 - 30,896 4,845 223,799 284,8 4 2s,364 1,24e,sai i,297,885 O 224,499 371,198 at,364 1,418,200 1,371,237 6 225,271 6 371,198 9 43,229 6 1,443,435 8 1,374,413
~
O O Il-77 O
O CITY OF KISSIfmEE, FLORIDA COPEINING STATEENT OF REVEMJES, EIPENDITUES AND DiRNGES IN FUG BALANCES ALL SPECIAL EVDeJE FIMDS FOR TE YEAR ENDED SEPTEMBER 30, 1985 O FEMRAL UTILITY REVENE CAPITAL VEHICLE TAI SHARING l@ROVEENT REPLACDENT REVEMJE O Tanes: Water revenue tan s 44,685 5 - t - Electric revenue tan 849,022 - - Bottled gas revenue tas 72,950 - - - Telechore revenue tas 104,066 - - ecreatioe. impact fees - - - - Local oction gas ta - - - - O Intergover mental revenue: State Grant Federal Revenue Sharing - 212,549 - - Interest earnings - 19,443 52,423 - Piscellareous revenue O TOTAL REVENES 1,070,723 231,952 52,423 - EXPENDITURES - CAPITit DUTLAY General Goverwet - 9,664 107,936 - Public Safety - 141,759 15,288 -
- 49,105 3,534 - O Public Works Culture / Recreation 8,189 6,792 -
TOTAL EIPENDITUDES 208,717 133,460 - EXESS OF REVDUES OVER (LNDER) EIf0 0!TURES f40 OTE R USES 1,070,723 23,235 (81,837) - 0 OTHER FI M CING SOURCES (USES) Operating transfers in - - 237,649 - Coerating transfers out (1,070,723) - (196,119) - TOTAL OTHER FINANCING SOURCES (USES) (1,070,723) - 131,530 - O EICESS OF REVENUES AND OTHER SOURCES OVER (thDER) EIKNDITURES f40 OTT R USES
- 23,235 50,493 -
FuhD BAUEES AT BEGhNING OF YEAR 203,917 492,420 31,232 O RESIDUAL EQUITY TRfd6FER 32,074 (31,232) FUND Bf4ANCES AT END OF YEAR S - t 227,152 6 574.981 $ -
.====== ====== = = = = = = = ======
0 See accompanying notes to financial statements.
, B-78 e
i
D D LOCAL TUTALS RECREATION @T10N BIKEWAY I44CT GAS TAI GRANT 1985 1984 0 t 44,685 $ 33,932
- - - 849,622 644,764 72,958 57,616 184,966 99,771 27,333 - -
27,830 62,815
- 456,845 -
456,845 425,931
- - 43,229 43,229 -
212,549 217,843 21,773 46,775 - 148,374 168,142 7,125 48,883 563,620 43,229 1,950,750 1,716,979 117,600 5?,228 479,666 'g - - - 157,047 449,156 568,671 - 621,318 31,723 - 66,465 133,879 99,945 31,723 568,671 86,465 1,029,836 1,680,995 0 17,860 (65,G31) (43,236) 921,714 635,964 63,600 381,249 641,742 (1,176,842) (928,503) O - - 63,600 (875,593) (286,761) 17,883 (6",851) 29,364 46,121 349,223 O 207,419 436,249 - 1,371,237 1,822,814 842 -
$ 224,499 $ 371,198 $ 29,364 $ 1,418,290 $ 1,371,237
" ' ~ " " " " " " " ~ ~ ~ "" " ~ " ~ " ~ " ~ '" ~ " ' ' * " ' " ' ~
O H-79 0
O CITY OF MISS!! WEE, FLORIDA STATEENT OF RENDLES, EIPD0!TURES AND CHAleES IN FLOG BRUWCE - BUDGET AND ACTURL $ UTILITY TAI FLOC FOR TE YEAR ENDED SEPTDOER 30, 1985 VARIANCE FAVORROLE 1984 BUDGET ACTURL ttsFAVORABLE) ACTUAL 9 REVD4JES Tanes: 6 dater revenue tan 6 40,000 $ 44,685 8 4,685 $ 33,932 Electric revenue tan 873,325 849,022 (24,303) 644,704 Bottled gas e revenue tan 49,480 72,950 23,550 57,616 Telephore revenue tas 108,000 104,066 (3,934) 99,771 TOTAL REVEMES 1,070,725 1,070,723 (2) 836,023 0 EIPD0!iURES - EICESS OF REWMES OVER (t00ER) EIPD0!TLRES 1,070,725 1,070,723 (2) 836,023 e OTMER FINANCING SD,,GS (USES) Operating transfers out i1,070,725) t1,070,723) 2 I836, 0231 EXCESS OF REVENUES APO OTrER S SOURI S OVER (UNDER) EI E 2 !TURES AND OTE R USES FUND BAlfdCE AT BE61NNI'6 0F YEAR O FLpiD BMNCE AT De OF YEAR $ - S - S -
= = . - = . ===.- . - - . . . --.--
See accespanying notes to financial statements. O. O I 11 - 8 0 9 {
CITY OF MISSIPUEE, FLORIDA STATEENT OF REVEMIS, EIPDCITURES AND CHAMBES IN FU@ BALANCE - RJDGET ABC ACTUAL FEDEARL EVDCE SHARIN6 FLMD FOR T)E YEAR DCED SEPTDGER 30, 1985 VARIANCE FAV0pAELE 1964 g BUDGET ACTUAL (LMAVORABLE) ACTUAL EVOCES Intergovermental revenue - Revenue sharing entitlement funds S 213,325 8 212.549 s (7761 s 217,643 g Interest earnings 11,057 19,443 8,34 39,462 TUTAL END4ES 224,382 231,952 7,578 257,305 EIPDCITURES - CAPITAL DUTLAY O senerai sover-ent 13,8es 9,664 4,136 i5,3ei Public Safety 145,999 141,759 4,244 371,384 Public Works 259,500 49,185 218,395 - Parks & Recreation 9,000 8,189 811 - TOTAL EIPD elTURES 428,293 298,717 219,582 386,685 O EICESS (F EVEMES (NER (UWER) EIPE21TURES (293,917) 23,235 227,152 (129,380) FLMD BAUNCE AT BEGIGING OF YEAR 293,917 293,917 - 333,297 3 FlhD BALANCE AT END OF YEAR s - t 227,152 s 227,152 s 293,917 See accompanying notes to financial stateserts. O O O Il- 81
- O
O CITY OF MISSIMMEE, FLORIDA STATENENT OF REVEM.ES, EXI9elTURES AND 4 DeGES IN FIN) BAUKE - BUD 6ET AND ACTIFa. O CAPITAL IMPROVD U T FUND FOR THE YEAR E2 ED SEPTEMBER 30, 1985 VARIANCE FAVORABLE 1964 BUDGET ACTUAL (LWM)RABLE) ACTUAL
. O REVEMES Interest Earnings - 52,423 52,423 71,781 EXPEWITUGES - CAPITAL OUTLAY O 394,083 107,936 286,067 36,927 General Goverreent 31,236 15,286 15,948 38,128 Publ c Safety 115,864 3,534 112.326 163,606 Pubite Works 10,979 6,702 4,277 81,441 Culture / Recreation 552,078 133,460 418,618 320,062 TOTAL EXPENDITURES O
EICESS OF REVENUES OVER (UhDER) (552,078) (81,037) 471,041 (248,281) EXPENDITURES OTHER FlhAhCING SOURCES (USES) 237,649 237,649 - 399,974 Operatteg transfers in O (196,119) (196,119) - (92,400) Operating transfers out TOTAL OTHER FINRNCING SQJACES 131,530 131,530 - 307,494 (USES) EXCESS OF REVENLES 24) OTHER O SOUR IS OVER (L M ER) EIPE2 1TURES AND OTE R USES (420,548) 50,493 471,M1 59,213 492,420 492,420 - 433,207 FUhD BAUME AT BE61mlE OF YEAR RESIDUAL EQUITY TRANSFER 32,075 32,074 (1) - O Fu@ BALANCE AT END OF YEAR S 103,947 6 574,987 9 471.044 6 492,420
= = . . - = . . ====== = . . . . . . = = . . . = .
See acconcanying notes to finarcial statseents. O O H-82 0
O CITY OF MISS14EE, FLORIDA STATEMENT OF EVEMES, EIPE21TUES AhD O DGNBES IN FUhD BALANCE - REGET AG ACTUAL VEHICLE EPLACDENT FLpe FOR Tit YEAR EW ED SEPTUEER 30, 1985 WWillWCE FAV0AABLE 1964 O BUDGET ACTUAL (L9FIM)RAILE) ACTUAL EMUES Interest earnings S - $ - S - 6 19,Tc5 miscellaneous Aevenue - - - 7,125 O TOTAL REVEMES 26,854 EIPDelTUES - CAPTIAL OUTLAY Pub! e Safety - - - 70,154 Public biorks - - - 278,405 Culture /Recreatton - - 10.5% TOTAL EIPE21TUES - - - 359,155 EICESS OF EVDtES OVER (LNDER) EIPO@lTURES
- - - (332,385) lO OTitR rinANCr m S0uRCES (uSES)
Operating transfers in - - - 241,768 EICESS OF EVDtES AM) OT)(R SOURES OVER (tseER) EIPDCITURES f40 OTE R USES - - - (90,537) FUhD BALANE AT BESl*IM OF YEM 31,232 31,232 - 121,769 RESIDUAL EQUITY TRANSFER (31,233) (31,232) 1 O Fue BAuvCE AT E@ (F YEAR $ (1) $ - S 1 8 31,232
. . . - - j See accompanying notes to finarcial statements.
O O D-83 O
O CITY OF K15 SIPS (E. FLORIDA STATEENT OF REVENUES, E1PDelTUAES AND DHs0ES IN RM) BALAPCE - BUDGET AhD ACTUAL $ RECREATION IMPACT FIN) FOR TE YEM ENDED SEPTEMR 30, 1985 VMIANCE FAWOMGli 1964 10DGET ACTUAL (UlfAWOMBLE! ACTUAL g REVENUES Recreation !spect Fees S N,000 $ 27,030 $ (52,970) 6 62,815 Interest earnings 25,500 21,773 13,727) 18,811 TOTAL REVENUES 105,500 48,883 (%,697) 81,626 9 EXPOCITU8ES - CAPliAL QUTLAY Culture / Recreation 327,1% 31.723 295,473 7,948 EICESS OF REVENUES OVER (UNDER) , EIPEN0!TURES (221,6%) 17,000 238,776 73,678 9 FlhD BALANCE At BEGINNING 0F YEM 207,419 207,419 - 133,741 FUND BALANCE AT De OF YEM S (14,277) 6 224,499 $ 238,776 6 207,419 9 See accompanying notes to financial statements. O 9 9 9 H-84 9
) CITY OF KISS!mEE, FLORIDA STATEeT F 004KS, EIPDGITURES Ape CHANGES IN RDO BALANCE - BUDGET Ape ACTUAL } LOCAL @TI(h GAS TAI FtMD FOR THE YEM DOED SEPTEMBER 30, 1985 VARIANE FAVORABLE 1984 BUDGET ACTUAL (LDFAVORABLE) ACTLA. Local Option 6as Tax 6 452,000 $ 456,845 t 4.845 s 425.031 Interest earnings 25,000 46,775 21,775 18,363 TDTAL O DtKS 477,000 503,620 26,620 443,394 ] EIPENDITURES - CAPITAL OUTLAY Public Works 873,162 568,671 304,491 7,145 l' EICESS & BENLES OVER (Lf0ER) EIPDGITURES (396,162) (65,051) 331,111 436,249 FUND BufCE AT BEBINNIN6 0F YEAR 436,249 436,249 - - s J FL#C BAUWEE AT DC OF YEM $ 40,087 4 371,198 6 331,111 6 436,249 See accespanying notes to financial statements. O J J e B-85 O
O CITY OF MISSINEE, FLORIDA STATEENT F REVEMES, EIPENDITU4ES AND 04AMES IN FLND BALANLE - BLEGET AND ACTUAL g B!KEWAY 6thT Fist FOR T)E YEAR ENDED SEPTEER 30, 1985 VARIANCE FAVOAABLE 1984 RfDGET ACTUAL (LMAVOAABLE) ACTUAL g REVENUES State Grant s 63,600 6 43,229 s (20,371) 9 - EIPENDIT M S - CAPITAL OUTLAY Culture /Resertion 127,200 86,465 44,735 - g EICESS OF REVEMES DVER (tNDER) EIPOCITURES (63,688) (43,2361 29.364 - OTER FINANCIE, S(LRCES (USES) Cperating transfers in 63,680 63,600 - - g EXCESS OF REVERES Al0 DTER S(ERES OVER (tPCER) EIDENDITURES AND OTE R USES - 29,364 E8,364 - FUC BALANT AT BEB121NG OF YEAR - g Flpe IWUWCE AT DC F YEAR S - S 20,254 9 20,364 6 - See accompany 1og notes to f anancial stateeen s. G: O 9 9 Il-86 9
.) )
() DEBT SERVI *E FUNDS Municipal Development [) Authority - To accumulate monies for the payment of the 1978
$171,000 Limited Ad Valorem Tax Serial Bonds with final maturity in 1993. Property taxes are levied against the Downtown Development District to finance the payment of the principal and interest.
() FnRA Bonds - To accumulate monies for the payment of 1980 Excise Tax Revenue Bond, $265,000; and 1981 Excise Tax Revenue Bond, $500,000. Occupational licenses are pledged for payment of the principal and interest. Monies are transferred from the General Fund. O O O O l O B-87 0
O CITY OF MISSIMEE, FLORIDA COMINING BAUKE 9(ET ALL DEBT EWICE FU@S SEPTDGER 30, 1985 O D0letT0lm TOTALS O! STRICT IM6 FuMA B M S 1905 1964 O ASSETS Ecuity in pooled cash and S 33,998 6 20,773 $ 54,771 l %,6% investsents 54,771 %,6% O TOTAL ASSETS 33,996 28,773 LIABILITIES M F M EDulTY LIABILITIES g C0hTIMiDCIES M CDeIIMTS (Note 26) FIAD EQUITY Fund balarres - O Reserved for debt service 33,998 29,773 54,771 %,6% TOTAL LIABILITIES W F M EmjlTY l 33,996 $ 20,773 4 54,771 l %,6% O See accompanying notes to finarcaal statseents. O O O Il-88 9
O CITY 0F MISS!IEEE, FLORIDA CDP 91NING STATENENT F REVEWES, EIPDGITURES AND CHAMBES IN Flpe BALANCES
'3 ALL DEBT SERV!CE FUSS FOR T4 YEAR EleED SEPTDGER 30, 1965 D0mT0m TOTALS DISTRICT FWtA B0pGS g BOWS 1985 !?e4 REVENUES Taxes - Property taxes $ 17,128 $ -
t 17,128 $ 17,658 Interest earnings 3,982 - 3,982 4.242 g TOTAL EVDtES 21,110 - 21,110 21,900 EIPDCITtmES Debt Service , 17,499 43,830 61,329 63,991 El SS OF REVDES OVER (INDER)
, EIPDGITURES 3,611 (43,830) (48,219) (41,191) .)
CTER FIMMCIN6 SOURCES (USES) Transfer free General Fund - 46,294 48,294 49,359 Transfer from Capital Projects Fund - - - 1, 338 TOTAL OTER FINANCING SOURCES (USES) - 48,294 48,294 $8,697 3 EIESS OF REW)tKS AIC OTER SOURCES OVER (t#@ER) EXPOelTURES A2 OTWR USES 3,611 4. W4 8,075 9,586 O FlMD BALANCE AT BEGINNIE OF YEAR 30,387 16,309 46,6 % 37,190 Fl#O BRJWCE AT DO 0F YEAR $ 33,998 8 29, T73 $ 54,771 l 46,6 % g See accompanying notes to finarc:al statearnts. D J 11-89 0
O CITY OF KISS!mEE, FLORIDA l STATEEhT [F REVEMES, EIPDe!TIKS Ale CHMES IN FlM) IIALANCE - REGET ADO ACTUAL DGMTOW DISTRICT BGeS Flpe O FOR TE YEAR DOED SEPTDER 30, 1985 VARIAICE FAV0lWl0LE i BUDGET ACTUAL (tM AVORROLE) 1964 _ O REVENUES Taxes - Property taxes i 17,000 8 17,128 6 128 9 17,658 Interest earnings 4,130 3,982 11481 4,242 l TOTAL REVDRES 21,130 21,110 (20) 21,900
... _ _ ', O EXPDelTURES .
Debt Service 48,063 17,499 30,564 18,1% EICESS OF REWNLES OVER (lMER) ! EIPCCITURES (26,933) 3,611 30,544 3,904 ! O 1 CTER FIWNCl4 SMCES (USES) ! Transfer from Capital Projects Fum - - - 1,338 l __ _ l EIESS OF EVEMES A10 SOURCES OVER O (tpeER) EIPENDITURES (WD OTER USES (26,933) 3,611 30,544 5,042 ( l l FlM) BAUSE AT BEGIm!E OF YEAR 30,387 30,387 - 25,345 l i FUND BR.AN AT EhD OF YEAR S 3,454 6 33,998 8 30,544 8 30,307 0
- . . . , -.m.
See acceepaying notes to financial statements. i l 9 l t l 9 O B-90 9 i -
O CITY (F KISS!spEE, FLORIDA STATDENT OF EVEMES, EXPEWITURES M
- n. CHANES IN FU@ BALANE - BL3lET A@ ACTUAL V FaHA BGC Fue FOR TE YEM DCED SEPTEMBER 30, 1905 VARIANCE FAVORABLE 1964 BUDGET ACTUAL (LDFm0RABLI) ACTUlt.
RERMES S - 6 - 8 - S - EIPENDITUIES Debt Service 64,729 43,lL18 29,890 44,895 EIESS OF EVDtES OVER (UWER)
, EIPDGITURES (64,720) (43,lkle) 20,090 (44,895)
OTER FINftCDEi S(UEES (UKS) Transfer free Geferal Fund 48,500 48,294 (206) 49,359 EXESS OF EVDA.ES Ape OTER SOURCES OWR (180ER) EIPOCITUES AfC OTER USES (16,220) 4,44 29,684 4,464 Ft#6 BALMEE AT BEGle!E OF YEM 16,309 16,309 - 11,845 0 FUW Bf0fCE AT EW OF YEM S 89 6 20,773 8 29,644 5 16,309 See accompanying notes to financial statements.
/
i O O 11-91 O
O e O O This page intentionally left blank, t 9 9 9 O B-92 9
D .' i\- e 1 CAPITAL PROJECTS FUNDS I Municipal Development Authority - To account for improvements to the Downtown g Development District. fiscal year 1979 and Construction began in was substantially completed during fiscal 1982. Financing was provided through the sale of $171,000 of Limited Ad Valorem Tax Bonds. g Ctty Hall Expansion - To account for the construction of an addition to the current City Hall. Design and construction started during fiscal year 1981 , and was substantially completed in late 1982. Financing is provided by $250,000 from the Capital Improvement Fund and $500,000 from FmHA g j Bonds. Lakefront Development - To account for improvements to the park on Lake Tohopekaliga. A five year development was begun in fiscal year 1983. Financing will be obtained from a combination of General Fund p monies, donations and grants. Comraunity development Grants. - To account for infrastructure improvanents financed by various Community Development Block grants. l 3 l I l O s B-93 lO I
, y p ----,,,g--.----,.w,,, , , , -n-m.,,,,.,, ,4 ,nn,.,pm_, ,,w, .--w-,,v-m _ ,c-<,, ,,,.,,, , ,-,,,.,,,-,,,,,, -_,,, ,,,-, -- -- v- ,,n , ,
O CITY OF KISSIMMEE, FLORIDA COMBINING BALANCE SHEET ALL CAPITAL PROJECTS FUNDS (D SEPTEMBER 30, 1985 DOWNTOWN CITY HALL DEVELOPMENT EXPANSION __- =.--- ..=- __-- ASSETS db Equity in pooled cash and investments $ 10,063 $ - Due from other governments - - O TOTAL ASSETS 10,063 - LIABILITIES AND FUND EQUITY LIABILITIES GD Accounts Payable - - Due to General Fund - - Due to Central Services Fund - - Accrued taxes payable - - Accrued salaries payable - - ___---______ _____-- _ - _ gp TOTAL LIABILITIES - -
-- = --- _==-___-
CONTINGENCIES AND COMMITMENTS (Note 26) FUND EQUITY GD Fund balances: Reserve for encumbrances - - Unreserved 10,063 -
-_- =_= __
- - - =
TOTAL FUND EQUITY 10,063 - GD
= ==--- ----_-_. -
TOTAL LIABILITIES AND FUND EQUITY $ 10,063 $ - Jy See accompanying notes to financial statements. O B-94 9
l l
)~
F i COMMUNITY TOTALS ! LAKEFRONT DEVELOPMENT - - - - - - - - DEVELOPMENT GRANTS 1985 1984
== --
$ 26,710 $ 357 $ 37,130 $ 55,579
- 138,772 138,772 -
__ _==_ __ ____________ l 26,710 139,129 175,902 55,579
............ ==.......... ............ ............
L D 185 131,943 132,128 1,275 l
- 6,256 6,256 -
50 50 - 58 58 - 822 822 -
- ) _ __
185 139,129 139,314 1,275 ' ___ __ =- l _ ___ _ l l ) l l 1,000 - 1,000 18,442 25,525 - 35,588 35,862 _ ==_ _ _ _ __
;) 26,525 -
36,588 54,304
- $ 26,710 $ 139,129 $ 175,902 $ 55,579 l ............ ............ ............ =======.....
D l
)
4 B-95 l
n) CITY OF KISSIMMEE, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES gg ALL CAPITAL PROJECTS FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1985 DOWNTOWN CITY HALL DEVELOPMENT EXPANSION Federal and State grants $ - Donation from private sources - - Interest Revenue 1,221 - TOTAL REVENUES 1,221 - EXPENDITURES - CAPITAL PROJECTS Construction Contracts - Other costs 8,264 - g TOTAL EXPENDITURES 8,264 - EXCESS OF REVENUES OVER g (UNDER) EXPENDITURES (7,043) - OTHER FINANCING SOURCES (USES) Operating transfers in - - Operating transfers out - - g TOTAL OTHER FINANCING SOURCES (USES) - - EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (7,043) - FUND BALANCE AT BEGINNING OF YEAR 17,106 842 RESIDUAL EDUITY TRANSFER (842) FUND BALANCE AT END OF YEAR S 10,063 $ -
============ ============
See accompanying notes to finaneral statements. g, l B-96 9 l
D D COMMUNITY TOTALS LAKEFRONT DEVELOPMENT - - - - - - - - - - - - ---------------- DEVELOPMENT GRANTS 1985 1984
= - - - ._ -== _ _ . ------------
D
$ 362,162 $ 362,162 $ -
8,000 - 8,000 4,000 4,213 - 5,434 6,276 D 12,213 362,162 375,596 10,276 _ - _ __=- .......----- ---_ __ ----__ _ - - - - 50,749 259,403 310,152 52,059 875 102,759 111,898 1,769 D ----- _- ----== -=- ------------ - 51,624 362,162 422,050 53,826 D (39,411) - (46,454) (43,550) _ - - - - - - ------------ ------------ - - - _ = _ - - - - - 29,580 - 29,580 8,479 (1,338) D __ _ __ -____-______ -- _ ._____ ___-________ 29,580 - 29,580 7,141 s (9,831) - (16,874) (36,409) 36,356 - 54,304 90,713 l. (842) -
$ 26,525 $ -
$ 36,588 $ 54,304 mmmmmmmmmmma sm4mmmmmmmma saammassmans maammmmmmans 9
B-97
/
O CITY OF KISSIMMEE, FLORIDA STRTEMEhT OF REVENLES, EIFOiDITURES AND CHMES IN FLN) BALANE - BUD 6ET A@ ACTUAL 00lMTOWN DEWLOFMNT FUW O FOR TT YEAR EhDED SEPTEMBER 30, 1985 VARIANCE FAVOAABLE BUDGET ACTUAL (LWAVORABLE) 1964 9EVENUES O Interest revenw $ 1,530 5 1,221 $ (399) $ 2,433 EXPENDITURES - CAPITAL PROJECTS Construction Contracts - - - - O Other costs 18,350 8,264 19,086 10,009 TOTAL EIPEhD1TURES 18,354 8,264 If,086 18,199 EICESS OF REENLES OVER (!NDER) EIPEM)1TURES (16,828) (7,043) 9,777 (7,576) O GTTR FINAhCING SQJRCES (USES) Operating transfers out - - - 1,338 O EIESS OF REVENLES AND OTHER SOURCES OVER (LADER) EIPENDITL1tES AND OTHER USES (16,829) (7.043) 9,777 (8,914) FUND BALANCE AT BE61Nh!N6 O OF YEAR 17,1E 17,1M - 26,829 FUND BALANCE AT EPC 0F YEAR S 2E $ le,E3 $ 9,777 s 17,im O See accompanying notes to financial statements. O O H-98 9
O CITY OF HISS!IGEE, FLORIDA STATEENT OF REVEMJES, EIPDOITtMS M neS IN FtM) BAuur - BUDGET M ACTUAL O CITY HALL EIPANSION F M FOR TE YEAR EWED SEPTDOER 3B,1985 VARIADE FAVORABLE 1984 BUDGET ACTUAL (LW M RAILE) AClDAL O REVDES Interest revenue 6 - 9 - n EIPDCITURES - CAPITAL PROJECTS Construct 1on Contracts - - - 997 Other costs - - - 962 TOTAL EIPD elTURES - - - 1,959 EIT95 7 REVDES DVER (INDER) O - - - (1,959) EIPDCITURES Ft.90 BfLANCE AT BEGINNING F YEAR 842 842 - 2,881 RESIDUAL EallTY TRANSFER (842) (842) - - O FtM) BALAICE AT E2 0F YEAR S - S 842 See accespanying notes to financial statsments. O , O O
.O l B-99 l
O CITY OF MISSIMEE, FLORIDA STATEENT OF REVEMES, EIPENDITURES AND CHAMEES IN FLN) Bft.ANCE - BUDGET AND ACTUAL g LAKEFRONT DEWLWENT FLN) FOR THE WAR ENDED SEPTDEER 30, 1985 VARIANCE FAVORABLE 1984 BUDGET ACTUAL (LWAVORABLE) ACTUAL g REVENUES Donation frce private sources 4 - t 8,000 $ 8,000 6 4,000 Interest revenue - 4,213 4,213 3,843 TOTAL REVENUES - 12,213 12,213 7,843 g EIPEM)!TURES - CAPITAL PROJECTS Construction Contracts 58,075 50,749 7,326 41,051 Otner costs 6,880 875 6,005 807 9 TOTAL EIPENDITURES 64,T5 51,624 13,331 41,858 EXCESS OF REVEMKS DER (thDER) EIPENDITURES (64,955) (39,411) 25,544 (34,015) OTER FINANCING SOURCES (USES) g Operating transfers in 29,580 29,580 - 8,479 EXCESS OF EVENLES AND OTER SOURCES OVER (UNDER) EIPDOITURES AND OTE R USES (35,375) (9,831) 25,544 (25,536) G FLMD BALANCE AT BESDes!'6 0F YEAR 36,356 36,356 - 61,892 FLhD BALANCE AT DO OF YEAR S %1 S 26,525 8 25,544 s 36,356
= = = - . --- --- . . - . ,
See accompanying notes to financial statseents. G 9 B-100 9
) CITY OF KISSIleEE, FLORIDA STATDENT OF REVEWES, EXPENDITURES AND CHANIES IN FUG BAUINCE - BUDGET A2 ACTUAL j CGetMITY DEVELIHENT GRANTS FlM) FOR TE YEAR ENDED !EPTDGER 30, 1985 VARIANCE FAVORABLE ACTUAL (l#FAV0W.El 1%4 ) BUDGET REveoES Federal and State Grants t 749,680 $ 362,162 $ (387,518) 8 - EIPENDITI E S - CAPITAL PROJECTS Construction Contracts 641,712 259,443 342,309 - Other costs 147,968 102,759 45,299 - TOTAL EIPO O!TURES 749,680 362,152 387,518 - ) EXCESS & IEVDES OVER (LBCER) EIPDOITURES Flp0 BALANCE AT BESIm!!G OF YEAR - - - - ) FUG BUDCE AT END OF YEAR $ - See accompanying notes to financial statements. D D D D B-101 9
O O O O O This page intentionally left blank. O l l l
' O O
1 1 l l t O l B-102 0 1 l l l , _
l l l l i i l SPECIAL ASSESSMElrf FUNDS l-Paving Assessments - To account for the costs of paving and drainage ) improvements. One-third of the project cost is paid by a transfer from the General Fund and two-thirds is assessed to property owners. Building Demolition Assessments - To account for the costs of demolishing condemned ) structures. Costs of demolishing are assessed to the property owner. 3 ) l ? l t i i B-103
$)-
O CITY OF MISS!MEE, FLGRIDA CM!hlN6 BALANE SEET ALL SPECIAL ASSESSMENT F M S SEPTEMER 30, 1985 O BUILDIMi TOTALS
~
PAVING DENOLITION ASSESSENTS ASSESSENTS 1985 1984 ASSETS Equity in pooled cash aM investsents s 212,923 s 47,449 6 260,372 $ 151,725 Special assessments receivable 413,166 6,129 419,295 287,938 less: allossarce for doubtful assessments (86,448) - (E,448) (33,828) O Acerued interest on special assessments 21,933 - 21,933 24,768 561,574 53,578 6 52 TOTAL ASSETS 43 g LIABILITIES AM) FUND EQUITY LIABILITIES Contracts /retainages g payable - - - 18,574 Deferred revenue 317,439 - 317,439 223,964 TOTAL LIABILITIES 317,439 - 317,439 234,538 C(MTIMiENCIES M C0pWITENTS (Note 26) FlM) EQUITY Reserved for encueorances 69,854 - 69,854 - Fund balances - unreserved 174,281 53,578 227,859 1 % ,873 g TOTAL FlM) EDUITY 244,135 53,578 297,713 1 % ,873 TOTAL LIABILITIES M FIN) EQUITY s 561,574 8 53,578 6 615,152 8 431.all See accompanying notes to financial statseents. O B-104 9
CITY OF MISSINEE, FLORIDA l COMBlh!NG STATEENT F IDDtES, EIPDCITURES Ale CHAMBES IN FL30 BALANES ALL SPECIAL AS!ESSENT FLDOS } FOR TE YEAR DOED SEPTDGER 30, 1985 BUILDIN6 TOTALS PAVING DENDLITION ASSESSENTS AS!ESSENTS 1985 1984 D REVENUES Interest earnings en investments $ 17,774 $ 2,876 $ 20,650 $ 19,950 Interest and penalttes on assessments 23,290 - 23,298 36,5 % Special assessments 112,073 9,447 121,520 81,393 } Miscellaneous revenue 2 - 2 9,597 TDTAL REVDAES 153,139 12,323 165,462 147,536 D EIPDelTURES Street panng 37,924 - 37,924 118,413 Butiding demolition - 8,770 8,770 - Bad debt erpenses 53,428 - 53,428 16,636 D TOTAL EIPD OITURES 91,352 8,770 100,122 135,049 EXCESS F IDDLES OVER (t#0ER) EIPD0!TURES 61,787 3,553 65,340 12,487 D OTER FINANCIN6 SOURES (USES) Operating transfers in - 35,500 35,500 - EIESS OF EVDLES AhD OTER SOURCES OVER (LDOER) EIPENDITURES g AND OTE R USES 61,787 39,153 100,840 12,487 FLIO BALANCE AT BEBlWING OF YEAR 182,348 14,525 1 % ,873 184,386 Flf0 BALAK E AT END OF YEAR $ 244,135 8 53,578 $ 297,713 $ 196,873 g - -- See accompanying notes to financial statseents. l f) l B-105 I)
O CITY OF KISS]MEE, FLDRlDA STATEEhi 0F REVENUES, EIKNDITUES AND DWNSES IN FU2 BALANCE - BUDGET AND ACTUAL PAVING ASSESSENT FlM) O-FOR TE YEAR ENDED SEPTEMBER 30, 1985 VARI M I FAVORABLE 1984 BUDGET ACTUAL (UNFAVORABLE) ACTUAL S REENUES Interest earnings on investments $ 6,500 $ 17.774 6 11,274 $ 18,730 Interest 4 penalties on assessments 15,000 23,290 8,290 36,5 % Special assessments 40,000 112,073 72,073 75,799 O Miscellaneous revenue - 2 2 9,597 TOTAL REEMES 61,500 153,139 91,639 140,722 EXPENDITURES Street paving 108.000 37,924 70,076 !!8,413 Bad debt expense 53,500 53,428 72 16,636 TOTAL EIPEhDITURES 161,500 91,352 70,148 135,049 EXCESS OF REVENLES OWR (!MDER) EXPE2!TURES (100,000) 61,787 161,787 5,673 FLMD BAUNCE AT BE61*ING OF YEAR 182,348 182,348 - 176,675 FLhD BMNCE AT EM) 0F YEAR S 82,348 6 244,135 l 161,787 $ 182,348 g See accespanying notes to finavtal statements. O O O B-106 O
D CITY OF KISSIIeEE, FLORIDA STATDENT T IDEMES, EIPDCITURES AND CHANGES IN FUC BAUSCE - BUDGET Afe ACTUAL BUILDIlti DDO.ITI(W FIN) FOR TIE YEAR DEED SEPTEMR 30, 1905 VARIAIG FAVOMBLE 1964 BUDGET ACTUAL (LDFAVORABLE) CUR. nEvENuES Interest earnings on investments S -
$ 2,876 $ 2,076 $ 1,220 Special assessments -
9,447 9,647 5,594 b TOTAL IDEMES - 12,323 12,323 6,814 EIPDelTURES Building Demolition 50,000 8,770 41,230 -
- EI&SS & IEVDGES OVER (Lf0ER)
EIoDCITURES (50,000) 3,:J3 53,553 6,814 OTER FINANCDei SQJACES (USES) Operating transfers in 35,500 35,500 - - EXCESS T IEVDLES Ap0 OTER O- SOUR &S DVER (LNDER) EIPDEITURES l AND OTER USES (14,500) 39,053 53,553 6,814 FlM) BALANCE AT BESDMIMi 0F YEAR 14,525 14,525 - 7,711 l FlM) BALAIG AT END OF YEAR S 25
- 53,578 9 53,553 $ 14,525 See accompanying notes to fincial statements.
l lo l lO l O B-107 O
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O C C C d3OdEI21Y31 daMG lAJHS C C .C C C C 8-106 O
,m_ _ , , __ -- ---
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D. 'O ElrrERPRISE FUNDS Electric Utility - To account for the provision of electric service to the residents of our service g area. All activities to provide such service are accounted for in this fund, including, but not limited, to, administration, generation, transmission, distribution and customer service. O Water and Sewer - To account for the provision of water and sewer services to the residents of the City and some county residents. All activities necessary to the provision of these services are accounted for in this 3 fund, including, but not limited to, administration, plants and line maintenance. Airport - To account for the operation and g maintenance of the municipal airport. All activities related to the airport are I accounted for in this fund. Solid Waste - To account for the provision of solid 'O waste removal service to the residents of the City. All activities necessary to the provision of this service are accounted for in this fund. jO L l l l O B-111 O
a O CITY OF KISSIMMEE, FLORIDA COMBINING BALANCE SHEET - ALL ENTERPRISE FUNDS SEPTEMBER 30, 1985 ELECTRIC UTILITY ID ASSETS CURRENT ASSETS Equity in pooled cash and investments $ 6,716,636 II Accounts receivable 3,815,506 less: allowance for doubtful accounts (230,089) Due from other governments Notes receivable 32,543 Inventory 1,937,759 Prepaid expenses __ - _____ ap TOTAL CURRENT ASSETS 12,272,355 RESTRICTED ASSETS Sinking funds - cash and investments 13,716,004 Sinking funds - accrued interest receivable 10,437 GD Construction funds cash and investments 12,708,370 Construction funds - accrued interest receivable 326,565 Bond asset replacement fund - cash and investments 1,500,000 Customer deposits - cash and investments 774,139 29,035,515 ID TOTAL RESTRICTED ASSETS FIXED ASSETS Property, plant and equipment (Note 5) 72,757,328 less: accumulated depreciation (14,100,684) O 58,656,644 Construction in progress (Note 5) 10,248,045 Inventory - nuclear fuel 599,003 69,503,692 II , TOTAL FIXED ASSETS _ OTHER ASSETS Unamortized bond costs 1,631,012 Lease acquistion costs 4D Land held for future use (Note 10) =- .
= ____
TOTAL OTHER ASSETS 1,631,012 _________~__ TOTAL ASSETS $ 112,442,574
............ O See accompanying notes to financial statements.
B-112 0
f PAGE 1 0F 2 l i } l WATER AND SEWER AIRPORT SOLID WASTE 1985 TOTALS 1984 l
$ 10,740,967 $ 56,691 $ 143,010 $ 17,657,304 $ 13,315,087 ]) -
2,433 - 3,817,939 3,017,483 (230,089) (30,958) 39,852 24,625 - 64,477 49,711 954,032 - - 986,575 970,905 35,304 - - 1,973,063 1,657,377
----- ----= --
11,770,155 83,749 143,010 24,269,269 19,029,455 2,651,273 50,720 - 16,417,997 20,402,608
]) 18,062 13,725 7,625 - -
9,536,087 - - 22,244,457 24,190,540 186,096 - - 512,661 309,721 375,000 8,786 - 1,883,786 1,945,251 774,139 674,614
} 59,506 12,756,081 -
41,851,102 47,536,459
---- =----= ------- -
- - =
13,738,748 1,929,621 501,343 88,927,040 85,187,058
]) (2,439,801) (595,124) (131,307) (17,266,916) (15,126,766)
--- --- =- ------------
11,298,947 1,334,497 370,036 71,660,124 70,060,292 539,221 105,367 - 10,892,633 6,322,920 599,003 629,621
;) -_-_-- --
11,838,168 1,439,864 370,036 83,151,760 77,012,833 637,941 5,530 - 2,274,483 2,355,030 2,929 - 2,929 3,038
]) - - - -
490,840 637,941 8,459 - 2,277,412 2,848,908
--- == ------------ ------------ ------------ -- ------
l
$ 37,002,345 $ 1,591,578 $ 513,046 $ 151,549,543 $ 146,427,655 ]) ............ ............ ............ ............ ............
I B-113 3
C CITY OF KISSIMMEE, FLORIDA COMBINING BALANCE SHEET - ALL ENTERPRISE FUNDS SEPTEMBER 30, 1985 ELECTRIC gg UTILITY LIABILITIES AND FUND EQUITY CURRENT LIABILITIES (PAYABLE FROM CURRENT ASSETS) Accounts payable $ 1.493,369 Accrued taxes payable 454,236 gg Contracts /retainages payable 283 Accrued salaries 59,556 Accumulated unused compensated absences (Note 24) 129,585 Deposits payable 901,836 Revenues collected in advance 454,096 Obligations under capital lease - gg TOTAL CURRENT LIABILITIES (PAYABLE FROM CURRENT ASSETS) J, 4ve,161 CURRENT LIABILITIES (PAYABLE FROM RESTRICTED ASSETS) Accounts payable from construction funds 152,101 Accounts payable - other - Contracts /retainages payable from construction funds 24,850 gg Contracts /retainages payable - other Accrued interest on customer deposits 8,747 Accrued interest payable - revenue bonds - Customer deposits 765,393 Revenue bonds payable - TOTAL CURRENT LIABILITIES (PAYABLE FROM RESTRICTE9 ASSETS) 951,09f gg OTHER LIABILITIES Revenue Bonds payable (Notes 14,15,16,17,20) 99,900,000 Obligations under capital lease (Note 26C) - less: unamortized bond discount (9,712.232) TOTAL OTHER LIABILITIES 90,187,768 gg TOTAL LIABILITIES 94,631,820 CONTINGENCIES AND COMMITMENTS (Note 26) FUND EQUITY gg Contributed capital (Note 22): Governments - Private sources 473,111 Other funds - 4/J,Ill Retained earnings: gg Reserved for revenue bond retirement 13,726,441 Reserved for bond asset replacement 1,500,000 Unreserved - (deficit) (Note 23) 2,111,202 17,337,643 TOTAL FUND EQUITY 17,810,754 TOTAL LIABILITIES AND FUND EQUITY $ 112,442,574 See accompanying notes to financial statements. B-114 O
O PAGE 2 OF 2 SOLID TOTALS ') WATER AND SEWER AIRPORT WASTE 1985 1984
$ 129,435 $ 42,113 $ 417 $ 1,665,334 $ 1,542,858
-3 1,166 462 275 456,139 149,325 '> 5,000 6,301 - 11,584 77,433 16,545 1,772 3,906 81,779 67,184 27,899 5,170 6,085 168,739 141,082 949,141 - - 1,850,977 4,122,830
- 11,870 -
465,966 1,222,827
- - 60,555 60,555 42,329 1,129,186 67,688 71,238 4,761,0/4 /,JbL,abe 49,934 - -
202,035 14,414 37,243 24,850 37,620
) - - - -
2,109 8,747 7,518 4,770 - 4,770 3,673,496 765,393 667,096 15,000 - 15,000 55,000 49,934 19,770 1,ede,/vo 4,434,4yb
,)
18,665,000 230,000 - 118,795,000 118,850,000 168,657 168,657 62,658 (553,482) (1,518) - (10,267,232) (10,641,236) 18,111,518 228,482 168,657 108,696,423 1e8,271,422
,)
19,290,638 315,940 239,895 114,478,293 128,131,786 0 725,704 1,523,411 - 2,249,115 1,845,286 10,108,227 3,575 - 10,584,913 6,449,992 4,873 65,997 43,380 114,250 113,869 10,838,804 1,592,983 43,380 12,948,278 8,409,147 0 2,658,898 33,450 - 16,418,789 16,691,094 375,000 8,786 - 1,883,786 1,905,142 3,839,005 (359,581) 229,771 5,820,397 (709,514) 6,872,903 (317,345) 229,771 24,122,97d 17,886,/dd 17,711,707 1,275,638 2/J,151 J/,0/1,23e 26,d93,669
) $ 37,002,345 $ 1,591,578 $ 513,046 $ 151,549,543 $ 146,427,655 B-115 O
O CITY OF MISSIMMEE, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS ALL ENTERPRISE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1985 II ELECTRIC UTILITY OPERATING REVENUES Metered sales S 34,894,968 Sales to other utilities 183,380 Lease revenue II Solid waste disposal fees Other operating revenues 565,162 Tap fees TOTAL OPERATING REVENUES 34 s42,~552-OPERATING EXPENSES II Power generation 7,893,283 Purchased power 19,571,234 Transmission 511,852 Distribution 765,448 Plant operations Airport operations Solid waste operations Administrative and general 2,374,446 Depreciation 2,239,552 TOTAL OPERATING EXPENSES 23,3s3,815 OPERATING INCOME (LOSS) 11,286,787 , NONOPERATING REVENUE (EXPENSES) Interest revenue 1,785,149 Operating grants Interest expense (5,914,540) Aeortization expense (55,312) Loss on disposition of assets (Note 10) (559,507) I Miscellareous revenue (expense) TOTAL NONOPERATING REVENUE (EXPENSES) te,/99,casi INCDME BEFORE OPERATING TRANSFERS 6,542,577 II OPERATING TRANSFERS Operating transfers in Operating transfers out (2,132,680) TOTAL OPERATING TRANSFERS (2,132,655) s INCOME BEFORE CUMULATIVE EFFECT OF A CHANC# IN O ACCOUNTING PRINCIPLE 4,409,977 Cueulative effect of a change in accounting
\ -
principle (Note 24) NET INCOME 4,489,977 II RETAINED EARNINGS (DEFICIT) AT BEGINNING OF YEAR 12,927,666 RETAINED EARNINGS (DEFICIT) AT END OF YEAR $ 17,337,643 See accompanying notes to financial statements. b-116 gg
D WATER SOLID TOTALS AND SEWER AIRPORT WASTE 1985 1984
$ 3,569,985 $ -
$ 37,664,045 $ 29,649,670 183,380 595,123 174,597 -
174,597 138,870 II - - 490,620 490,620 366,229 8,535 1,425 92,940 668,962 697,570 150,697 - - 150,697 227,394 3,723,217 176,822 583,560 39,331,401 31,674,856 II - - - 7,093,283 8,595,640 10,571,234 7,165,579 511,852 484,400 738,384 - - 1,583,832 1,354,972 1,193,150 - - 1,193,150 1,073,733 148,808 - 148,808 152,012 II - - 501,656 501,656 369,357 593,828 - - 2,968,274 2,793,715 225,825 22,449 37,787 2,525,613 1,789,767 2,751,187 171,257 539,443 27,017,702 23,779,175 978,030 4,765 44,117 12,313,699 7,895,681 1,326,662 7,921 12,645 3,132,377 2,565,519 32,035 (598,409) (14,594) (11,278) (6,538,821) (5,837,466) (24,688) (581) - (80,581) (92,216) E - (523) - (560,030) (1,340) (723) - (723) 9,560 703,565 (8,500) 1,367 (4,047,778) (3,323,908) 1,681,595 (3,735) 45,484 8,265,921 4,571,773 D 7,019 95,910 102,929 78,000 (2,132,600) (2,000,000) 7.019 95,910 N 29,671) ( 1,9EE~BBBl O 1,681,595 3,284 141,394 6,236,250 2,649,773 (103,932) 1,681,595 3,284 141,394 6,236,250 2,545,841 0 5,191,308 (320,629) 88,377 17,886,722 15,340,881
$ 6,872,903 $ (317,345) $
229,771 $ 24,122,972 $ 17,886,722 B-117 9 m u u . ___ _ . _ _ . _ __ . _ _ l
i O CITY OF KISSIMMEE, FLORIDA COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION - ALL ENTERPRISE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1985 ELECTRIC gg UTILITY SOURCES OF WORKING CAPITAL From ooerations: Income before cumulative effect of a change in accounting principle $ 4,409,977 i Add: Expenses not creating current liabilities or gg using current assets - depreciation and amortization 2,294,864 interest expense from amortization of bond discount 351,328 Working capital provided from operations exclusive of cumulative effect of a change in accounting principle 7,056,169 9 Cumulative effect of a change in accounting principle working capital (Note 24) 7,936,169 Decrease in restricted assets 5,779,182 Disposal of fixed assets net cf accumulated depreciation 350,269 Decrease in other assets 490,915 gg Increase in liabilities payable from restricted assets - Proceeds from long-term debt Cont ri but ions (Note 22) 473,111 TOTAL SOURCES OF WORKING CAPITAL 14.149.646 APPLICATIONS OR WORKING CAPITAL gg Increase in restricted assets Acquisition of fixed assets 7,037,456 Increase in other assets Decrease in liabilities payable from restricted assets 2,778,329 Maturities of long-term debt - Decrease in centributtons gg TOTAL ADPLICATIONS OF WORKING CAPITAL 9,815,785 NET INCREASE (DECREASE) IN WORKING CAPITAL $ 4,333,861 , COMPONENT ELEMENTS OF NET INCREASE (DECREASE) IN WORKING CAPITAL gg Equity in pooled casn and investments $ 2,409,634 Accounts receivable (net) 604,627 Due from other governments Notes receivable 32,543 Inventory 313,272 Prepaid expenses (49,850) gp Cash overdraft - Accounts payable (17,719) Accrued taxes payable (306,583) Contracts /retainages payable (283) Accrued salaries (12,418) Accumulated unused compensated absences (20,827) , gp Deposits payable 613,861 Revenues collected in advance 767,604 Obligations under capital lease NET INCREASE (DECREASE) IN WORKING CAPITAL $ 4,333,861 See accompanying notes to financial statements, gg B-118
Ql 0 WATER SOLID TOTALS AND SEWER AIRPORT W4STE 1985 1984
$ 1,681,595 $ 3.284 $ 141,394 $ 6,236,250 $ 2,649,773 )
250,513 23,030 37,787 2,606,194 1,917,835 22,537 140 - 374,005 342,498 1,954,645 26,454 179,181 9,216,449 4,910,106
)
(103,932) 1,954,645 26,454 179,181 9,216,449 4,806,174 5,779,182 49,530
-s -
523 - 350,792 1,340
'J - - -
490,915 - 2,001,843 185,318 185,318 38,060,574 3,923,083 142,937 - 4,539,131 3,846,410 5,877,728 169,914 364,499 20,561,787 48,765,871 0 86,084 7,741 - 93,825 33,499,687 1,627,585 164,172 186,119 9,015,332 10,999,038 1,249,406 695,085 288 - 3,473,702 287 40,000 15,000 79,319 134,319 110,157
) - - - -
45,412 2,448,754 187.201 265,438 12,717,178 45,903,987
$ 3,428,974 $ (17,287) $ 99,061 $ 7,844,609 $ 2,861,884 O
$ 1,861,248 $ (40,541) $ 111,876 $ 4,342,217 $ 4,401,153 l
(3,302) - 601,325 269,122 15,971 (1,205) - 14,766 33,103 (16,873) - - 15,670 828,506 2,414 - - 315,686 700,125 g3 - - - (49,850) 49,850 34,169 (87,320) (24,874) 7,437 (122,476) (107,401)
, (121) (41) (69) (306,814) (56,653) 2,388 63,744 -
65,849 (77,433) (1,705) 493 (965) (14,595) (15,370) l) (5,020) (818) (992) (27,657) (141,082) 1,657,992 - - 2,271,853 (2,102,181)
- (10,743) -
756,861 (952,704) (18,226) (18,226) (1,320)
$ 3,428,974 $ (17,287) $ 99,061 5 7,844,603 5 d,ebl,Ba4 C) B-119
O e G 9 This page intentionally left blank. O O O 9 O O B-120 e
)~ l t-INTERNAL SEEVICE FUEDS 4 Central Services - To account for the costs of operating )~ -c centralized services (Data Processing, Warehouse, Central Garage, Building
-- s Maintenance, Printing / Graphics) of the City.
,4 Costs are billed to other City departments at '-" s. actual cost.
'1
)' Self-Insurance - To account for the provision of health and life insurance benefits to City employees and dependents. The City pays employee premiums ,c< t and employees pay dependent premiums. j~ x D i f t e I, B-121 0
O. CITY OF KISSIMEE, FLORIDA CDP 6thlNG BALANE SKET - All. INTERNAL SERVICE FlkDS SEpTDGER 30, 1985 CENTRAL SELF TOTALS SERVICES INSURANCE 1985 1984 O ASETS CURRENT ASSETS Equity in pooled casn and investments 8 92 $ -
$ 92 $ 146,390 Accounts receivable - - -
22,773 Due from other funds 794 - 794 - O Inventory 65,948 - 65,948 63,647 Prepaid empenses 353 - 353 - TOTAL CURRENT ASSETS 67,187 - 67,187 232,810 FIIED ASSETS O Property, plant and equipment (Note 5) 428,755 - 428,755 314,534 less: accumelated depreciation (68,148) - (60,148) (36,578) 368,687 - 368,687 277,956 Cmtrw: tion in progress 154,815 - 154,915 147,830 0 TOTAL FIIED (MTS 522,622 - 522,622 425,786 TOTAL ASSETS $ 589,809 $ -
$ 589,809 $ 658,5 %
LIABIGTIES APO FIND EQUITY O CURRENT LIABILITIES Accounts payaEe $ 22,379 $ -
$ 22,379 $ 72,743 Accrued taxes payaele 515 -
515 515 Accrued salaries payable 7,312 - 7,312 7,356 Accumulated unused compensated absences O (Note 24) 19,385 - 18,385 11,893 Due to other Funds 14,263 - 14,263 - TOT 4. CURHENT LIABILITIES 54,854 - 54,854 91,787 C0hTINGENCIES AND CONMITMENTS (hote 26) O FUPO EQUITY Contributed capital (hote 22): Governments 28,388 - 28,388 28,388 Other funds 268, % 9 - 268, % 9 262,783 0 297,357 - 297,357 291,171 Retained earnings - unreserved 237,598 - 237,5 % 275,718 TOTAL FUPO EQUITY 534,955 - 534,955 566,889 TOTAL LIABILITIES AND FUND EQUITY $ 589,889 $ -
$ 589,809 $ 658,5 %
amm.m ...________. == mm. . - - - See accompanying notes to financial stateuents. B-122 e
O CITY OF MISSIMEE, FLORIDA COMINIE STATEENT OF REVDGES, EXPENSES AM) CHANGES IN ETAIE EMNING6 ALL INTEMAL EWIE FlfeS FOR TE YEAR EEED SEPTDEER 30,1985 Oc CENTRAL ELF TOTALS SEWICES IMiUMMCE 1985 1984 OPEMTIE REVEMES City contribution s - s 15,670 s 15,670 s 449,631 O' Employee centributions - 20,223 20,223 139,169 Charges for services: Other funds 738,935 - 738,935 6 % ,380 Others 5,261 - 5,261 15,959 Miscellaneous revenue 92 - 92 2,937 0 "'i"*""' "' 'i l "'
' ' ' '3'5 TOTAL (FEMTING EVDRES 744,288 45,035 789,323 1,445,471 OPEMTING EIPENSES Data Processing 193,446 -
193,446 187,082 o Warehouse 192,671 - 192,671 197,965 Central Garage 223,323 - 223,323 105,673 Building Maintenance 52,025 - 52,025 71,548 Printing / Graphics 50,690 - 54,690 47,652 Employee claims - 44,074 40,074 209,816 Dependent claims - 37,742 37,742 352,500 Insurance premiums - 12,494 12,494 79,732 g' 5,680 30,819 Claims administration costs - 5,680 Depreciation 28,848 - 28,848 24,144 TOTAL OPE MTING EIPENSES 744, % 3 95,990 836,953 1,306,931 CFEMTING INCDE 3,325 iW,955) (47,630) 178,540 O NOEPEMTING EVDGES (EIPENSES) Inte m t revenue 2,633 6,877 9,510 6,799 Gain on disposition of fixed assets - - - 2,638 TOTAL NDEPEMTIMi REVEMES (EIPENSES) 2,633 6,877 9,510 9,437 O INCDE BEF0E CL8t1ATIVE EFFECT & OtANE IN ACCD)(TING PRINCIPLE 5,958 (44,078) (38,120) 187,977 CLMLATIVE EFFECT OF CHANGE IN ACC0twTING PRINCIPLE (Note 24) - - - (9,487) .O ET INCOE 5,958 (44,078) (38,120) 178,490 ETAIED EARNINGS AT BE61 WING & YEAR 231,640 44,078 275,718 97,228 ETAIED EAMINGS AT DO 0F YEM $ 237,596 $ - t 237,598 $ 275,718 O See accompanying notes to financial statements. B-123 O
O' CITY OF KISSIleEE, FLORIDA COMBINING STATEE hi 0F CHANGES IN FINANCIAL POSITION ALL INTERNAL SERVICE FUNDS FOR THE N EM)ED SEPTENBER 38, 1985 CENTRAL SELF TOTALS O SERVICES INSUlW8dCE 1985 1964 SOURCES OF MING CAPITAL Frce ooerations: Income before cumulative effect ef a change in accounting princtole $ 5,958 $ (44,878) $ (38,128) $ 187,977 O Acc: Expenses not creating current liabilities or using currect assets: depreciation 28,848 - 28,848 24,144 leerking capital proviced from coera-tions exclusive of cumulative effect 9 of char.ge in accounting principle 34,886 (44,878) (9,272) 212,121 Cusulative effeet of a change in accounting principle using working caottal (Note 24) - - - (9,487) - 9 34,886 (44,978) (9.272) 282,634 Disposal of fineo assets net of accumulated depreciatton 9,462 - 9,462 E2,385 Contributiens (Note 22) 6,186 - 6,186 27,338 TOTAL SOURCES OF WOAKING CAPITAL 50,454 (44,878) 6,376 252,277 O USES OF M ING CAPITAL Accussition of fined assets 135,146 - 135,146 179,274 NET INCREASE (DECREASE) IN WORK!Mi Cr#1TAL (84,692) (44,878) (128, 774) 73,883 O COMP 0ENT ELEENTS OF NET INCREASE (C{CSEASE) IN M ING CAPITAL Ecutty in pooled cash are investeents (64,874) (81,424) (146,298) 68,284 Accounts Receivable - (22,773) (22,773) 22,773 O Due from other furds 794 - 794 - Inventory 2,381 - 2,381 7,837 Prepaid esoenses 353 - 353 - Cash overcraft - - - 17,777 Accounts payable (9.755) 64,119 58,364 (26,832) Accrued tanes payable - - - 2,286 O Acerued salaries payable 44 - 44 51 Accumulatec unused compensated absences 788 - 788 (11,993) Due to other Funes (14,263) - (14,263) - hET INCREASE (DECREASE) IN WORMING s (64,692) 6 (44,078) 6 (128,778) $ 73,883 O CAPITAL nonnon .non.nu ====== .= =. nun See accessanytng notes to financial statements. B-124 O
D 3 O O I FIDUCIARY FUND TYPES O O O O O B-125 O
O O O O This page intentionally left blank. O O O O O B-126 9
l l TRUST AND AGENCY FUNDS ( Expendable Trust Fund j Section 8 H.A.P.P. To account for the receipt of federal monies designated for housing cost assistance and the related expenditures for housing cost assistance and administration of the program. Nonexpendable Trust Fund j Supplemental Care - To account for monies provided by people buying l supplemental care in the City cemetery. ! Principal and interest will be retained in the fund through fiscal year 1984. After this, interest may be transferred to the General Fund to defray the cost of cemetery operation and maintenance. Pension Trust Funds: General Employees - To account for the accumulation of resources to be used for the retirement annuities of all
- employees, except police officers and firemen.
} l Employees pay a flat rate as determined by the pension plan and the City contributes an amount l determined by an annual actuarial study. Police Officers - To account for the accumulation of resources to be used for the retirement annuities of all police officers. The state contributes money based upon the number of police officers and the City contributes an amount determined by an
- annual actuarial study.
Firefighters - To account for the accumulation of resources to be used for the retirement annuities of all } firemen. The state contributes money based upon l the number of firemen and the City contributes an amount determined by an annual actuarial study. Agency Funds: Payroll - To account for the receipt of monies from various funds for gross payroll and the disbursement of net payroll and related employee liabilities. Occupational License - To account for the receipt and disbursement to the General Fund of City occupational licenses. Occupational licenses are pledged for , payment of debt service on FmHA Bonds. I 1 4 B-127
C CITY OF <!SSleMEE, FLDRIDA COMBINING BALANCE SHEET ALL TRUST AND A6DCf PJICS EPTEMBER 30, 1985 O, TRUST i EXPENDABLE NON-EIPENDABLE O SECT!0h 8 SUPPLEMENTAL G'NERAL H.A.P.P. CARE EMROYEES 4 ASSETS Ecuity in pooled cash ano investments t 78,241 4 32,492 6 - O Pension casn and investments - - 4,938,442 Accrued interest receivable - - 97,900 Accounts receivable 1,360 - - less: allowance for doubtful accounts (1,380) - - Precaid enpenses 31,489 - - Due from other goverreents - - - O TOTAL ASSETS S 181,738 6 32,492 6 5,028,422 FESSESS$3RSS 33333535353W E33333335328 LIABILITIES AND FLhD EQUITY O LIAEILITIES Accounts payaole - Tases to De resittet - Due to General Fund 4.644 Due to Certral Services Fune 744 Due to otner governments 6,249 - - O Revenues collected in ad ence 43,352 - - TOTAL LIABILITIES 54.949 _ _ _ . = CONTINGENCIES AND COMITMENTS (Note 26) O FUND EQUITY Fund balances lieserved for ecoloyees retireernt systses - - 5,#28,422 Unreserved 46,781 32.492 - O TOTAL PJhD EQUITY 46,781 32.492 5,028,422 TOTAL LIABILITIES khD FUND EDUlTY $ 101.738 $ 32,492
- 5,828,422 O
See acccepanying rr,tes to f snancaal statesents. B-128 9
O O AsDcv PD6I(M (Note 12) 'O P(LIE TOTALS l (FFIERS FIEF 19fTERS DELMTI(MAL ETIBENT ET!WENT PAYHILL LICDOE 1985 1984 O
$ 2,708 8 67,163 $ 172,644 8 119,156 1,754,800 995,341 - -
7,688,583 6,313,657 , 33,295 19,952 - - 151,227 121,199 l - - - - 1,300 1,380 (1,300) - O - - - 31,489 24,698 3,652
$ 1,788,095 $ 1,015,293 $ 2,708 $ 67,163 4 8,435,983 $ 6,583,742 0
2,708 - 2,708 6,971 248 744 - O - - - 67.163 71.767 72,13e 6,249 - 43,352 - 2,708 67,163 124,820 79,349 O O 1,788,095 1,015,293 - - 7,831,810 6,434,856 79,273 69,537 1,788,095 1,015,293 - - 7,911,083 6,504,393
$ 1,788,095 $ 1,015,293 $ 2,708 $ 67,163 $ 8,835,903 $ 6,583,742 O - -- - === ~ - - -- - - ~~
B-129 O
O CITY OF KISSIMMEE, FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE g EXPENDABLE TRUST FUND - SECTION 8 H.A.P.P. FOR THE YEAR ENDED SEPTEMBER 30, 1985 1985 1984 REVENUES Intergovernmental - federal grants S 410,481 S 338,327
-=___ .-___
EXPENDITURES Welfare expenditures g' Administrative salaries and expenses 44,857 41,719 Nonexpendable equipment - 137 Housing assistance payments 358,879 292,070 TOTAL EXPENDITURES 403,736 333,926 EXCESS OF REVENUES OVER EXPENDITURES 6,745 4,401 FUND BALANCE AT BEGINNING OF YEAR 40,036 35,635 i O'
! FUND BALANCE AT END OF YEAR $ 46,781 S 40,036
============ ============
See accompanying notes to financial statements. O i O O O' B-130 e'
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n U CITY OF KISSIMMEE, FLORIDA COMBINING STATEMENTS OF REVENUE 5 EXPENSES AND CHANGES IN FUND BALANCES ALL NONEXPENDAELE AND PENSION TRUST FUNDS db FOR THE YEAR ENDED SEPTEMBER 30, 1985 NONEXPENDABLE SUPPLEMENTAL CARE db 1985 1984 OPEP9 TING WEVENUE3
!nterest S . 431 S 3,018 Contricution by employees -
Contr1Dut ton by City - - O Cent ribution by St ate TOTAL OPERATING REVENUES 2,991 3.018 OPERATING EXPEN5ES S Benefit payments - - Refuncs of contributtons Administrative costs TOTAL OPERATING EXPENSES
- - G NET INCOME 2,991 3,018 FUND BALANCES AT PEGINNING OF YEAR 29,501 26,483
____________ ____________ (b FUND EALANCES AT END OF YEA 9 $ 32,492 S 23,501 ESEECMEMBERS W33B3R53B255 See accompar11ng nctes to financial st at ement s. O O 9 11-132 9
n_ PENSION (Note 12) _-------_--_---__-_----__------_----~_----_- POLICE TOTALS
) GENERAL EMPLOYEES OFFICERS' RETIREMENT FIREFIGHTERS RETIREMENT 1985 1984 $ 502,795 $ 160,536 $ 92,816 $ 756,147 $ 414,250 158,767 - -
158,767 141,573
$) 386,535 119,105 71,303 576,943 474.229
- 79,598 50,045 129,643 102,839 1,048,097 359,239 214,164 1,621,500 1,132,891 D
89,594 27,591 8,921 126,106 131,822 23,591 - 3,321 26,912 15,896 41,028 19,509 10,991 71,528 55,613
-- ==- --- -------_-_-- ---_--___--- ---_-__----- --_ ----- _-
- 2) 154,213 47,100 23,233 224,546 203,331 893,884 312,139 190,931 1,396,954 929,560 4,134,538 1,475,956 824,362 6,434,856 5,505,296
[) ----_---__ _ __-----__-__ - _ - - - - _ - - _ - . . -__-----_-_. --_ ---- _.-
$ 5,028,422 $ 1,788,095 $ 1,015.293 $ 7,831,810 $ 6,434,856
............ ............ ............ ===......=== ............
D D t l l B-133
)
i () CITY OC KISSIMMEE, FLORIDA COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION ALL NONEXPENDABLE AND PENSION TRLST FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1985 d>. NONEXPENDADLE SUPPLEMENTAL CARE 1985 1984 d> ' SOURCES OF WORKING CAPITAu Operations Net Income $ 2,991 $ 3,018 ApptICATIONS OF WORKING CAPITAL - - G NET INCREASE IN WORKING CAPITAL 2,991 3,018
============ ============
COMC'ONENT ELEMENTS OF NET INCREASE e (DECREASE) IN WORKING CAPITAL Eculty in pooled cash and investments 2,991 3,018 Pension cash and investments Interest receivable G NET INCREASE IN WORKING CADITA'_ $ 2.991 S 3,018 ss========== ============ See accomoanying notes to financial statements. O O 4D' O B-134 0
O O PENSION (Note 12) POLICE TOTALS () GENERAL OFFICERS' FIREFIGHTERS --- =- =----- EMPLOYEES RETIREMENT RETIREMENT 1985 1984
-- -_-_ --_-_-=- ---- _ - --__-------- ------------ $ 893,884 6 312,139 $ 190,931 $ 1,396,954 $ 929,560 0 _ - _ - _
893,884 312,139 190,931 1,396,954 929,560 O 878,542 305,397 183,027 1,366,926 915,226 () 15,382 6,742 7,904 30,028 14,334
$ 893,884 $ 312,139 $ 190,931 $ 1,396,954 $ 929,560 O
O O B-135 0
O CITY OF KISSI M E, FLORIDA CMINING STATEENT (F 04MES IN ASSETS M LIABILITIES ALL AGDCY FMS g FOR TK YEAR DEED SEpTDOER 30, 1985 BAUKE BALANCE OCTOBER 1, SEPTEMBER 30, 1984 ADDITI(NS DEDUCTI M 1985 PAYROLL F M Assets: Equity in pooled cash and investeents $ 7,219 8 2,942,309 $ 2,94,829 $ 2,708 Liabilities: g Accounts payable 6,971 1,272,836 1,276,299 2,708 Tames to be reestted 248 1,670,273 1,670,521 - 7,219 2,942,309 2,94,829 2,788 OCD PATIGeAL LICENSE F M Assets: Equity in pooled cash and investsents 58,739 120,355 !!!,931 67,163
= = - ===== -. .=====. = = = = .
Liabilities: Due to General Fund 58,739 129,355 111,931 67,163
.-- - - ,. .- ====. ..-==== . . . - - . -
TOTALS - ALL AGENCY FUOS Assets: g Eaunty in pooled cash and investeents 65,958 3,0f2,664 3,858,751 69,871 Liabilities: recounts payable 6,971 1,272,836 1,276,299 2,798 g Tanes to be reettted 248 1,670,273 1,670,521 - Due to Gewral Fund 58,739 129,355 !!!,931 67,163
$ 65,958 $ 3,862,664 6 3,058,751 6 69,871
. . - - - . . -- ====== - = = = =
O See accoepanyang notes to fanancial statearnts. O D-136 O
O G O ~7 CENERAL FIIED ASSETS ACCOUNT GROUP ,, To account for fixed assets not used in proprietary J fund operations or accounted for in trust funds. 3 J O O O B-137
O CITY OF KISSIMMEE, FLORIDA SCHEDULE OF GENERAL FIXED ASSETS BY SOURCE SEPTEMBER 30, 1985 O GENERAL FIXED ASSETS (Note 5) Lano S 848,866 Dutlcinos 1,913,:500 OI Eculoment 2,664.957 Irnorove:nents other than bu11 dings 485.488 Construction in arcaress 155,577 O' TOTAL GENERAL FIXED ASSETS S 6,068.216
============
INVESTMENT IN GENERAL Ol FIXED ASSETS Amounts 2nvested tc October 31, 1971 '1) 787,520 Amvuntt 2nvested after Everrber 1, 1971: O' General Fund revenuet 2,209,445 State and feceral grants 1,321,u76 Gifts and contributions 607,665 Capital projects 1,142,310 TOTAL INVESTMENT IN GENEAAL II' FIXED ASSETS S 6,068,d16
===c========
(1) Investment recorcs are not read 11y available for II years prior to feovernber 1. 1971. See accomoanytnc notes to financta' statements. G' O H-138 9
D CITY OF KISSI mEE, FLC41DA SCHEDLLE Or GENERAL FIXED ASSETS BY FLNCT! M hD ACTIVITY b SEPTEMBER 30, 1985 IMPROVEMENTS WCHINERf OTE R THAN AND FUNCT]QN ED ACTIVITY TOTAL LhD BUILDINGS BUILDINGS EQUIPMENT D GENERAL GOVE N T City Manager t 144,399 $ - t 58,975 $ 4,899 8 76,525 Consunity Development 44,832 - - 20,862 19,970 Finarce 45,076 - 233 3,704 41,139 O Personnel 3,332 - 593 - 2,739 Gereral Goverreent buildings 1,199,080 282,739 978,868 17,473 - TOTAL GENERAL GOVERmENT 1,428,719 202,739 1,838,669 4,938 144,373 O PLBLIC SWETY Police 1,149,697 93,661 298,484 41,447 716,145 Fire 1,134,249 - 369,879 5,021 759,349 Inspection 44, % 1 - - - 44, % 1 TOTAL PUBLIC SAFETY 2,324,907 93,661 668,363 %,428 1,516,455 PUBLIC WORKS 1,013,866 29,941 8,616 111,638 873,571 l l CULTl;RE/ RECREATION 1,145.147 532,425 197,680 280,484 134,558 i ! TOTAL BENERAL FIXED ASSETS (O ALLOCATED TO FUNCTIONS 5,912,639 848,866 1,913,328 485,488 2,664,957 l l CONSTRUCTION IN PR06AESS 155,577 l
- TOTAL GENERAL FIIED ASSETS S 6.866.216 O .. .. ..
See accoscanying notes to finarcial statements. O fi-139 O
O CITY OF NISSIMMEE, FLORIDA SCEDLLE OF CHANGES IN GOERAL FIIED ASSETS - BY FWCTim AND ACTIVITY FOR TE YEAR EleED SEPTEMBER 30, 1985 O BALANCE BALANCE DCTOBER 1, SEPTEMBER 30, 1984 ADDITIONS DELETIONS 1985 GENERAL 60E Ris O T O City Manager 6 120,345 $ 29,415 6 9,361 $ 144,399 Community Develocuent 44,543 3,660 3,371 44,832 Finance 30,339 17,222 2,485 45,076 Personnel 2,849 1,253 770 3,332 Gervral Government O buildings 990,108 208,972 - 1,199,000 TOTAL GEER GOVEl00ENT 1,184,184 264,522 15,987 1,428,719 PLTrLIC SAFETY O Police 1,183,782 98,436 52,521 1,149,697 Fire 1,091,422 52,731 9,904 1,134,249 Inssection 36,188 6,759 1,986 44, % 1 TOTAL PL'BLIC SAFETY 2,231,392 157,926 64,411 2,324,907 0 NBLIC WORKS 954,286 72,214 12,634 1,013,866 CULTURE / RECREATION 800,721 379,082 34,656 1,145,147 CONSTRUCTION IN PROGRESS 14,124 153,695 12,242 155,577 O TOTALS S 5,184,707 $ 1,023,439 8 139,930 6 6,068,216 See accompanying notes to financial statements. e 9 B-140 9
O 3 J J J SCHEDULES FIN ANCIAL SCHEDULES ARE PRESENTED TO PROVIDE GRE ATER DETAILED INFORMATION THAN REPORTED IN THE PRECEDING FINANCIAL STATEMENTS. THIS INFORMATION IN MANY CASES HAS BEEN SPREAD THROUGHOUT THE REPORT AND IS BROUGHT TOGETHER HERE FOR GREATER CL ARITY FIN ANCIAL SCHEDULES ARE NOT NECESSARY FOR FAIR PRESENTATION IN CONFORMITY WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. g a t' O i O
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.)
'] 1, a e B-143 3
.)
O 4 CITY OF KISSIMMEE, FLORIDA SCHEDULE OF FIXED ASSETS AND DEPRECIATION ELECTRIC UTILITY FUND (D FOR THE YEAR ENDED SEPTEMBER 30, 1985 ASSETS _ --- . - =__ - .==- --- BALANCE ADDITIONS BALANCE - OCTOBER 1, AND SEPTEMBER 30, , () 1984 DELETIONS 1985 _ _______ ____________ - === = = -_ Nuclear production $ 3,037,408 $ -
$ 3,037,408 Other production 39,440,312 (302,313) 39,137,999 Transmission plant 11,551,841 216,227 11,768,068 (D Distribution plant 15,848,362 1,431,728 17,280,090 General 1,375,667 158,096 1,533,763 TOTALS $ 71,253,590 $ 1,503,738 $ 72,757,328
=........... ...........= .===========
0 0 0 0 0 0 B-144 9
O O ACCUMULATED DEPRECIATIDN
=........... ----- -_====.== _ - _ _ _ - - - - - - - _ - - - _ - - - - - - -
BALANCE BALANCE DCTOBER 1 SEPTEMBER 30, NET
) 1984 DEPRECIATION RATE 1985 ASSET VALUE S 621,407 $ 91,118 3% $ 712,525 $ 2,324,883 4,056,663 904,920 3% 4,961,583 34,176,416 924,218 283,969 2 - 4% 1,208,187 10,559,881
() 6,084,592 601,349 2.5 - 4% 6,685,941 10,594,149 557,995 (25,547) 3 - 10% 532,448 1,001,315
$ 12,244,875 s 1,855,809
- 14,100,684 s 58,656,644
============ ============ ============ ============
0 0 O O O B-145 0
O CITY OF KISSIMMEE, FLORIDA SCHEDULE OF FIXED ASSETS AND DEPRECI ATION WATER AND SEWER FUND gg FOR THE YEAR ENDED SEPTEMBER 30, 1985 ASSETS BALANCE ADDITIONS BALANCE DCTOBER 1 AND SEPTEMBER 30, gg 1984 DELETIONS 1985 WATER PLANT IN SERVICE Property and plant $ 66,523 $ -
$ 66,523 Machinery and equipment 79,806 -
79,806 gg Highlands Plant - land 6,000 - 6,000 Highlands Plant - machinery and equipment 125,408 - 125,408 Water lines 3,779,461 363,762 4,143,223 TOTAL WATER PLANT IN SERVICE 4,057,198 363,762 4,420,960 gg SEWER PLANT IN SERVICE Pre-1954 system 398,098 - 398,098 Land 1,523,141 - 1,523,141 Sewer treatment plants 3,658,292 252,947 3,911,239 gg Highlands additions 190,051 248,423 438,474 Sewage lines 2,188,197 253,894 2,442,091 Lift stations 253,453 5,920 259,373 Equipment 274,405 70,967 345,372 TOTAL SEWER PLANT IN SERV?CE 8,485,637 832,151 9,317,788 gg TOTALS $ 12,542,835 $ 1,195,913 $ 13,738,748 O O O Il- 14 6 9
) , ,) ACCUMULATED DEPRECIATION __---_-_____--__--___===-- _ -__ -_-_-__________.. BALANCE BALANCE OCTOBER 1, SEPTEMBER 30, NET
) 1984 DEPRECIATION RATE 1985 ASSET VALUE
____-____ _-- ... ...-_=_ ..____.._-__. _..._.______
$ 13,970 S 1,330 2% $ 15,300 $ 51,223 n.
61,096 7,008 20% 68,104 11,702- '
) - - -
6,000 20,065 2,508 2% 22,573 102,835 838,598 75,590 2% 914,188 3,229,035
--_-_.-- = _____.._____ __------ -.. ____.._____. ) _ _ . -
_ _ '_ [__ ___[_ [_ _ 323,952 5,971 1.5% 329,923 68,175 1,523,141 516,028 73,166 2% 589,194 3,322,045
)- 30,408 3,801 2% 34,209 404,265 170,170 21,882 1% 192,052 2,250,039 76,668 5,069 2% 81,737 177,636 163,021 29,500 16.66% 192,521 152,851 II - 1. i__. _ ____ 1. . __ [. [__ ___[. _[ . .
$ 2,213,v/6 $ 225,825 $ 2,439,801 $ 11,298,947 4D ,
4D , , 1 O l l D-147 O
me () i' :u CITY OF KISSIMMEE, FLORIDA SCHEDULE OF FIXED ASSETS AND DEPRECIATION AIRPORT FUND FOR THE YEAR ENDED SEPTEMBER 30, 1985 I ASSETS BALANCE ADDITIONS BALANCE DCTOBER 1, AND SEPTEMBER 30, g 1984 DELETIONS 1985 Land $ 7,973 $ -
$ 7,973 Land improvements 3.037 - 3,037 Buildings 241,301 15.138 256,439 Runway improvements 470,052 839,364 1,309,416 Improvements other than buildings 308,580 - 388,580 Equipment 44,466 (290) 44,176
$ 1,075,409 9 854,212 $ 1,929,621 II TOTALS
============ ============ ============
0 9 e GD l 0 11-148 9
O C)
- 4 i
ACCUMULATED DEPRECIATION < _-_------------....-_-------____ -_--____-__--__. ... 4 4 BALANCE BALANCE DCTOBER 1, SEPTEMBER 38, NET
) 1984 DEPRECIATIDN RATE 1985 ASSET VALUE 8 -
S - t 7,973, 3,037 134,229 4,468 5 - 10% 138,688 117,751 () 336,789 7,865 5.3 - 5.9% 344,654 964,762 78,982 5,721 3.8 - 7.6% 83,723 224,857 , 25,384 2,675 9 - 14% 28,959 16,117 (
--------_--- =====_ __. ..-------- .-_ ---.----
O $ 574,395 $ 20,729 s 595,124 4 1,334,497
.. ========= ======== .. ............ ............
O / ', o 4 i 1
~
t
,.e 9
)
t io 1 i B-149 () > l
/-
O' 4 CITY OF KISSIMMEE, FLORIDA
> SCHEDULE OF FIXED ASSETS AND DEPRECIATION SOLID WASTE FUND FOR THE YEAR ENDED SEPTEMBER 30, 1985 O ASSETS BALANCE ADDITIONS BALANCE OCTOBER 1, AND SEPTEMBER 30, 1984 DELETIONS 1985 O Garbege trucks s 305,158 9 185,218 S 490,476 Other equipment 10,966 801 10,867 TOTALS $ 315,224 $ 186,119 $ 501,343 7 /
O 8 9. 1 4 [; ' G i 1 O O
- l. .
B-150 , q
- 6.,
1 ')
__ ___- _ . _ - . _ . _ - _ _ _ _ ...m__ _ _ - . . __ _ .. -___ _ ._._~ _ _ _ _ _ . _ _ _ . _ _ _ _ O I O-ACCUMULATED DEPRECIATION BALANCE BALANCE CTOBER 1, SEPTEMBER 30, NET 'O 1984 DEPRECIATION RATE 1985 ASSET VALUE _ _ = __-- ___________ ....______ _____________ ____________ t 93,198 4 31,757 12.5% S 124,955 $ 365,521 32 s,e3e le - 2ex s,352 4,515 0
$ 93,520 $ 37,787 $ 131,307 $ 370,036
==.......... ............ ............ ............
O i l l0 'O O ( l iO - 4 4 4 lO. i 4
. B-151 4
iO ; 4, e
*- ,-v--we, . - - - - -n-e v ,y,- ,,,,n -,,--ww gpm,-,,,,,,w gmn,.y-s.>.m-. ,. , , - - . . men-,
,7,, ,m. , , ,---,-.r, .em e,,-------- , - - - ~ r -
--e
(1 CITY OF KISSIMMEE, FLORIDA SCHEDULE OF FIXED ASSETS AND DEPRECIATION CENTRAL SERVICES FUND gg FOR THE YEAR ENDED SEPTEMBER 30, 1985 ASSETS BALANCE ADDITIONS BALANCE OCTOBER 1, AND SEPTEMBER 30, gg 1984 DELETIONS 1985
--- =-- ----- --- ==---
Buildings S 51,001 $ -
$ 51,001 Data processing equipment 140,143 13,049 153,192 Other data processing gg machinery and equipment 9,175 (1,019) 8,156 Warehouse:
Improvements other than buildings 54,202 13,358 67,560 Machinery and equipment 27,299 14,456 41,755 Garage - machinery and gg equipment 15.510 62,387 77,897 Building maintenance - machinery and equipment 915 12,465 13,380 Graphics - machinery and equipment 16,289 (475) 15,814 TOTALS $ 314,534 $ 114,221 $ 428,755 1 O O O O B-152 0
l t i ACCUMULATED DEPRECIATION BALANCE BALANCE OCTOBER 1 SEPTEMBER 38, NET. 1984 DEPRECI ATION RATE 1985 ASSET VALUE
$ 3,923 $ 1,962 3.8% $ 5,885 $ 45,116 8,118 10,765 10 - 12.5% 18,883 134,309 5,104 1,341 6.67 - 10% 6,445 1,711 9,771 4,886 9. 0% 14,657 52,903 1,154 2,223 5 - 15% 3,377 38,378 5,662 1,183 5 - 15% 7,045 70,852 327 (177) 5 - 15% 150 13,230 2,319 1,387 10 - 15% 3,706 12,108
$ 36,578 $ 23,570 $ 60,148 $ 368,607
============ ============ ============ ============
D l l { O l. l. 4 B-153 0 t-
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s b i ? b STATISTICAL SECTION 1 l STATISTICAL TABLES DIFFER FROM FINANCIAL STATEMENTS BECAUSE ' THEY USUALLY COVER MORE THAN ONE FISCAL YEAR AND MAY PRESENT NONACCOUNTING DATA. THESE TABLES REFLECT SOCIAL AND ECONOMIC DATA, FINANCIAL TRENDS AND THE FISCAL CAPACITY OF THE GOVERNMENT. J J h O
b e 0 g STATISTICAL INFORMATION 3 e O O O c-3 O
O CITY OF stSSinREE. FLOR 1DA TABLE 1 GENER AL FUND - EIPEND1TURES BY DEPARTRENT (1) LAST TEN FISCAL TEARS FEDERAL TOTAL CITY CITY & STATE Con 4UN1TV O FISCAL GRANTS DEVELOPMENT LEGAL (4) EIPENDITURES CONNISSION MANAGES PERSONNEL TEAR 1945 e 6,829.521 e SS.419 e 449.727 e 119.132 e - e 68.937 e 44.244 83.539 410.594 48.712 a 7S.650 44.644 1944 6.335.744 75.135 30.691 1943 S.665.0S8 62.407 414.126 92.361 - 73.704 3SS.63S 96.510 - 90.792 39.099 1942 S.304.944 S4.770 67.223 St.443 194142) 4.946.009 41.719 315.446 64.16S 1940 3,904.432 11.634 97.522 23.015 117.539 44.744 12.020 g 109.052 14.036 142.591 47.967 11.470 1979 3.499.704 13.294 155.063 40.764 15.024 1974 3.216.SS9 8.769 94.264 8.362 2,644.949 7.750 44.878 9.120 - S0.103 13.143 1977 16.499 1976 2.296.916 6.339 60.30S 7.036 - - til Ad3usted for division trenefore between departmente. (2) Nondepartmental expenditures recteemisted and charged to appropriate departmente. (3) Internet Servlee Fund created to account for Centrol Services in Flecal Year 1943. $ Beginning in Flecal Year 1942. than column containe charges from the Centret Services Interne! Service Fund. (4) Includee judicial empenditures throu9h Flecal Year 1941. (S) Data Processing established se Internet Service Fund in Flecal Year 1942. (65 Sanitation Diviaton eaten 11ehed as Enterprise Fund in Fiscal Teer 1942. O O O O O O C-4 9
4 O CENTRAL PUBLIC CULTURE / NON. FINANCE (5) SERVICE (3) WORKS (6) POLICE FIRE INSPECTION RECREATION DEPARTMENTAL s 321,210 e 161,303 e 1,276.825 e 2,275,510 e 1,407,507 e 213,487 s 386,180 s - 314,423 156,999 1,269,623 2,100,541 1,218,006 195,900 395,053 . 311,713 284,088 983,267 1,717,302 1,080,369 148,410 464,789 . 305,6 % 311,116 914,907 1,428,393 1,085,916 141,871 461,305 . 888,773 106,975 321,399 . $ 395,003 55,580 263,382 62,736 1,013,637 732,387 1,361,594 1,041,040 666,537 74,322 262,093 703,259 92,643 55,368 645,106 882.847 375,944 66,915 237,736 804.693 92,069 103,545 479,143 804,316 346.544 71,746 231,190 761,712 44,023 133,533 492.646 704,027 325,352 61,850 204,669 717,855 73,048 76,789 441,722 647,268 271,794 59,564 174,157 441,575 0 x w g. I
'uY a
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() CITY OF EISSINNEE. FLORIDA TABLE 2 GENERAL FUND . REVENUES SY SOURCE LAST TEN FISCAL YEARS LICENSES CHARGES OTNER FUND AND INTER. FOR FINES AND RIS. CONTRI. lD FISCAL TOTAL SUT10NS(1) TAXES PERN!TS GOVEMMMENTAL SERVICES FORFEITURES CELLANEOUS REVENU ES TEAR 735.27S e 234.916 e 3,203.323 1945 e s 069.692 e 1.333.543 e 277.731 e 2.150.181 e 134.643 e 2.924.503 7.134,442 1,154,252 314,077 1,830,960 524,046 138.770 239.794 1944 110.692 279.643 2.747.554 1943 6.646.436 1.141,659 311.433 1.623.368 472.043 S 912.731 1.378.303 215.656 1,04S 704 449,23S 62.701 249.114 2.472.014 1942 64,S64 136.03S 2,372,444 1941 S.199.890 1,149,429 203.507 941.625 247.442 913.036 291.310 67.224 224,432 1,87S.641 gg 1940 4.635.206 1.106.494 137.02S 3,733.164 1.000.816 118,872 639.136 166.097 66.275 12S 790 1.616.17s 1979 26.664 122.829 1.269,662 1978 3.313.102 995,336 101,339 644,760 152.292 634.S61 144.373 30.728 54,049 1,200.a79 1977 3.069.240 920,000 44.650 2,529.639 962,699 64,190 418.345 137.665 51,482 37.251 433.747 1976 (1) Contributtone include trenefer from Federel Revenue Shering Fund for Flecel Years 1976 1940. 4D ED 4D 4D GD II ED C-6 db
D CITT OF KISSINREE. FLORIDA TASLE 3 PACPEnTT T43 LEvtES. TAI COLLECT 10m3 AND ASSESSED WALUAftomS LAST TER FISCAL YEARS RAfto CF TOTAL ] FISCAL ASSESSED Tax RATE TOTAL TAE CURRENT TAE PERCENT OF LEvT DELINGUENT TAI TOTAL TAI COLLEC. ACCunULATED
?!Ou TO DELluGUEnf YEAR VALUAT10mtla tu MILLS LEvT COLLECT!0m3 COLLECTED COLLECTtomS COLLECT!Cs3 TAE LEWT TantS (2) 1945 e 344.792.659 3.7466 e 1.292.490 e 1.249.942 96.7 e 3S3 e 1.250.29S 96.7 e .
1944 310.141.S0s 3.6300 1.123.959 1,046.377 96.S 2.266 1.044.643 96.7 . 1943 274.027.674 4.0740 1.116.349 1.07e.377 96.6 3.549 1.041.964 96.9 . 1942 251.S34.064 S.0610 1.273.034 1.214.S23 95.7 42.393 1.260.916 99.0 2.402 1941 213.273.352 S.4460 1.172.379 1.061.242 90.S 2.667 1.063.909 90.7 2.402 1940 130.S69.394 7.2920 1,097.952 1.029.613 93.4 4.89S 1.034.SO4 94.6 4.069 1979 139.640.774 7.2940 1.019.390 94S.914 92.8 14.042 9S9.976 94.2 15.712 1978 136.644.429 7.30S0 994.184 952.127 95.4 3.391 95S.518 95.7 8.314 1977 129.313.449 7.1100 919.433 e62.440 93.8 11.226 473.666 9S.O 13.343 1976 118.109.253 7.2700 439.599 79e.139 92.9 1e0.091 934.230 101.1 36.275 (1) Effective tenoble venue from Property Appreteer's Fora ORS 20 for swee eding year. for satywlee levy enty. (2) Thie Sete le ne langer eve 11eele free the Tea Ce1&octor*e efface. O O o l m J l l i i 1 s i( l E C-7
'O
O CITY OF KISSINEE, FLORIDA TABLE 4 K1EDLLE OF PROPERTY TAI RATES - ALL OVERLAPPIMi 90WN0GTS LAST TEN FISCAL YERS O MILLS ($1 M R $1,000 VALURTION) SQJTH FLORIDA WATER FISCAL MANAGO O T DEE000EE SD00L YEAR CITY COUNTY DISTRICT BASIN LIBRARY BOARD TOTAL O 1985 3.7486 4.2690 0.1430 0.2840 0.2340 7.1710 15. 84 % 1964 3.6300 4.2690 8.1390 0.2600 0.2450 7.4200 15.9710 1983 4.0740 4.2690 8.1340 8.2500 8.2550 6.4790 15.4610 1982 5.0610 4.9730 0.1150 0.2430 0.2790 7.0800 17,7510 0 1981 5.4460 4.9730 0.1520 0.2500 0.2790 6.3320 17.4320 1980 7.2920 6.2650 0.1640 0.2620 0.3510 7.2670 21.5970 1973 7.2980 6.3980 0.1570 0.2400 - 8.5250 22.6180 1978 7.3050 5.7000 0.1950 0.2920 - 8.5660 21.9680 1977 7.1100 5.6200 8.3650 - - 8.6070 21.7020 1976 7.2780 5.7500 0.3750 - - 8.6870 22.0900 0 9 O O 9 9 c-8 9
) CITY OF KISSIMMEE, FLORIDA TABLE 5 SCHEDULE OF SPECIAL ASSESSMENT COLLECTIONS ) LAST TEN FISCAL YEARS FISCAL YEAR COLLECTIONS ______ - - - - - - - == 1985 9 106,445 1984 97,464 1983 92,149 1982 56,747 1981 38,687 - 1980 7,885 1979 16,318 I) 1978 22,669 1977 25,859 1976 63,264 NOTE: Special assessments are not a primary source of financing in Kissimmee.
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O CITY OF KISSIMMEE. FLORIDA TABLE 6 COMPUTATION OF LEGAL DEBT MARGIN SEPTEMBER 30, 1985 II Assessed Value $ 344,792,659 Debt Limit: 20% of Assessed Value
- 68,958,532 UD 5 Amount of Debt Outstanding -
LEGAL DEBT MARGIN $ 68,958,532 O The above computation pertains only to general obligation bonds. Revenue bonds, as issued by the Enterprise Funds, do not have a debt limit per ses but rather are restricted by the ability to raise revenue to 1.25 times O maximum outstanding debt. As long as that figure is maintained, revenue bonds may be issued without further restrictions. Special obligation or limited obligation bonds, such as those scaued in December, 1978 by the Municipal O Development Board, are not considered as general obligation debts. O O O O-c-10 0
I b l CITY DF KISSIMMEE, FLORIDA l TABLE 7 COMPUTATION OF DIRECT AND OVERLAPPING DEBT ! .3.. SEPTEMBER 30, 1985 i PERCENTAGE AMOUNT j APPLICABLE APPLICABLE
, NET DEBT TO CITY OF TO CITY DF NAME OF GOVERNMENTAL UNIT DUTSTANDING KISSIMMEE(1) KISSIMMEE l
DIRECT DEBT j City of Kissimusee - - - DVERLAPPING DEBT School Board of Osceola County General Obligation l() Debt 2,370,000 20.353 482,375 1 ----------- TOTAL AD VALOREM TAX SUPPORTED DEBT $ 482,375 mamammenoma RATIOS O Overall debt to FY 1985 taxable valuation 0.1399 % j Overall debt per capita $ 21.04 (1) Determined by ratio of assessed valuation of property subject to ! taxation in the City of Kissammee to valuation of property subject to 1
) - taxation in overlapping unit.
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O CITY OF KISSIMEE, FLORIDA TIMILE 8 MTIC (F GEEML BGGED DEBT TO ASSESSED VM Ape ET BGGED DEBT PER CAPITAL g LAST TEN FISCAL YEMS MTIO OF ET DEBT SERVIE BG GED DEBT ET BGGED FISCAL ASSESSED GROSS BONDED M(kIES ET B0leED TD p w w n DEBT PER g YEAR PGRATION VALUE DEBT AVAILABLE DEBT VALE CAPITA 1985 22,929 $ 344,792,659 8 - S - 8 - 8 1964 20,659 310,181,506 - - - - 1963 18,322 274,827,674 - - - - 251,538,868 g 1982 -17,863 - - - - 1981 16,866 215,273,352 - - - - 1980 15,487 150,569,394 - - - - 1979 14,500 139,680,774 - - - - 1978 13,688 136,644,429 - - - - 1977 12,708 129,315,449 - - - - 29,800 3,1% 0.02 g 1976 12,088 118,109,253 25,864 2.14 9' O O 4. 9 C-12 0
O CITY IF KISSlpeEE, FLORIDA TAeLE 9 MTIO 0F AfstlAL DEBT SEWICE EXPENDITufES FOR O teen B0ieED DEBT TO TOTAL EDERAL EXPENDITURES LAST TEN FISCAL YEARS 1 RATIO OF TOTAL DEBT SEWICE GEERAL OBLIGATIM DEBT GOERAL EDERAL TO TOTE. O FISCAL CILiliATim EIPENDI- GOERAL YEAR PRINCIPAL INTEEST DEBT SE WICE TUIES(1) EXPDelTUfES 1985 $ -
$ 7,919,886 -
1 1984 - - - 7,499,83e - O 1983 - - - 6,e31,4e5 - 1982 - - - 5,581,175 - 1981
- - - 5,296,792 -
1980 - - - 3,949,634 - 1979 - - - 3,465,289 - 1978 - - - 3,216,559 - O 1977 29,ess 1,157 3e,357 2,939,le6 2.e3 1976 32,ese 2,298 34,298 2,331,214 1.47 (1) includes 6eferal, Special Revenue and Debt Service Funds. O O
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O CITY OF KISSIMMEE, FLORIDA TABLE 10 SCHEDULE OF ELECTRIC REVENUE BOND COVERAGE
- LAST TEN FISCAL YEARS GD DPERATION NET REVENUE AND AVAILABLE DEBT FISCAL GROSS MAINTENANCE FOR SERVICE YEAR REVENUES EXPENSES DEBT SERVICE REQUIREMENTS COVERAGE
_ _ _ - - - - - - - ______________- - - __ ______ -- -_ gp. 1985 $ 38,563,461 $ 21,316,263 $ 17,247,198 8 7,286,426 2.37 X 1984 29,659,637 19,287,834 10,371,803 5,901,623 1.76 1983 26,615,463 18,056,673 8,558,790 6,032,412 1.42 1982 21,096,368 14,996,300 6,100,068 3,932,798 1.55 1981 19,775,045 14,087,782 5,687,263 1,540,834 3.69 GD 1980 14,609,276 10,776,161 3,833,115 1,265,432 3.03 1979 10,590,156 8,070,793 2,519,363 1,145,011 2. 20 1978 9,766,729 6,828,890 2,937,839 1,319,917 2.23 1977 9,236,705 5,9*8,805 3,287,900 1,140,215 2.88 1976 8,555,726 5,669,043 2,886,683 1,199,264 2.41 O
- Prior to 1978, information represents the comoined Electric and Water Systems. In 1978, Water System was combined with the Sewer System.
NOTE: Maximum debt service in any subsequent year is $9,583,142. GD' GD' O d>; GD C-14 9
D CITY OF KISSIMMEE, FLORIDA TABLE 11 SCHEDULE OF WATER AND SEWER REVENUE BOND COVERAGE * [) LAST TEN FISCAL YEARS OPERATION NET REVENUE AND AVAILABLE DEBT FISCAL GROSS MAINTENANCE FOR SERVICE
' YEAR REVENUES EXPENSES DEBT SERVICE REQUIREMENTS COVERAGE
- ) ___- ____________- _____________
1985
- 4,999,894 $ 2,525,362 $ 2,474,532 $ 1,754,063 1.41 X 1984 3,865,289 2,161,863 1,703,426 888,181 1.92 1983 2,686,472 1,811,582 874,890 675,840 1.29 1982 2,091,112 1,372,136 718,976 575,113 1.25
[) 1981 2,056,529 1,112,256 944,273 354,515 2.66 1980 1,914,801 1,058,788 856,013 355,805 2.41 1979 1,640,134 842,788 797,346 357,100 2.23 1978 1,483,124 896,693 676,431 405,512 1.67 1977 559,802 473,997 85,805 63,611 1.35 1976 534,187 446,519 87,668 63,656 1.38
- Prior to 1978, information represents the combined Electric and Water Syst ems. In 1978, Water System was combined with the Sewer System.
NOTE: Maximum deot service in any subsequent year is $1,836,429. O O O .O l l O l C-15 lO l L
O-CITY OF KISSIMMEE, FLORIDA TABLE 12 SCHEDULE OF AIRPORT REVENUE BOND COVERAGE gg LAST TEN FISCAL YEARS OPERATION NET REVENUE AND AVAILABLE DEBT FISCAL GROSS MAINTENANCE FOR SERVICE YEAR REVENUES EXPENSES DEBT SERVICE REQUIREMENTS COVERAGE gp
----- .- ------- ------- -- ---------.----- ._ =-
1985 $ 183,943 $ 148,808 $ 35,135 $ 29,454 1.19 X 1984 187,006 152,012 34,994 30,672 1.14 1983 161,806 125,456 36,350 31,466 1.16 1982 124,600 92,575 32,025 27.773 1.15 gg 1981 132.270 87,449 44,821 27,923 1.61 1980 118,384 55,551 62,833 28,321 2.22 1979 109,836 76,414 33,422 29,049 1.15 1978 96,494 65,668 30,826 29,698 1.04 1977 68,891 54,771 14,120 30,347 0.47 1976 63,488 39,190 24,298 20,679 1.18 gp NOTE: Maximum cebt service in any subsequent year is $33,450. O O O O O C-16 (D : l
D CITY OF KISSIMMEE, FLORIDA TABLE 13 TABLE OF DEMOGRAPHIC STATISTICS J CITY OF KISSIMMEE OSCEOLA COUNTY
- __ __ -- --- --= --
PERCENT INCREASE PERCENT INCREASE OVER PRIOR YEAR OVER PRIOR YEAR O YEAR POPULATION LISTED POPULATION LISTED 1950 4,310 - 11,406 - 1960 6,845 58.8 19,029 66.8 1970 7,119 4. 0 25,267 32.8 1976 12,680 69.7 37,676 49,1 0, 1977 12,700 5.1 37,944 9. 7 1978 13,600 7.1 38,500 1. 5 1979 14,500 6.6 42,344 10.0 1980 15,487 6. 8 49,287 16.4 1981 16,866 8.9 55,332 12.3
,, 1982 17,883 6. 0 59,185 7. O V 1983 18,322 2. 5 63,8 % 8.0 1984 20,659 12.8 71,983 12.7 1985 22,929 11.0 77,374 7. 5 AS PROJECTED (1)
= . = - ----
O 1990 40,591 77.0 98,900 27.8 1995 47,519 17.1 124,000 25.4 2000 55,030 15.8 147,500 19.0 2010 63,300 15.0 181,500 23.1 2020 65,262 3.1 200,000 10.2 O AGE DISTRIBUTION AS OF 1980 CENSUS (2) OSCEOLA COUNTY STATE OF FLORIDA AGE % POPULATION % POPULATION
=_ -
O e - 14 2e. 5 19.3 15 - 44 40.7 41.8 45 - 64 21.0 21.6 65+ 17.8 17.3 (1) City of Kissimmee 201 Facilities Plan and City of Kissimmee .O Planning Department for City projections; Bureau of Economic and Business Research Bulletin 74 for County Projection. (2) 1984 Florida Statistical Abstract, Table 1.38. l l lO l l C-17 O
O CITY OF KISSIMMEE, RORIDA TABLE 14 TAKES OF PROPERTY VALUES, 0016TRUCT10N AND BAfM DEPOSITS - OSCEOLA COUNTY O FISCAL YEAR PR(FERTY VALLES(1) NET NEW C0p6TRtETICN(1) 1985 $ 1,694,833,see $ 104,829,935 1%4 1,462,687,655 183,817,482 0 1%3 1,24,880,737 64,713,726 1982 1,183,822,74 37,753,845 1981 926,667,363 27,173,852 1980 684,111,968 18,649,900 1979 643,833,486 N/A N/A O 1978 628,679,847 1977 619,112,325 13,825,43 1976 563,264,568 13,464,297 BA* Dff0 SITS O (MILLIONS) SAVil65 APE) LOAN COMERCIAL BANKS (3) ASSOCIATIONS (4) DEMAND TIE TOTAL O FISCAL PERSONAL YEAR ! E ME (2) DEPOSITS DEPOSITS DEPOSITS SAVINGS 1985 $ N/A $ N/A $ N/A $ 328.3 $ 283.7 1984 N/A N/A N/A 284.0 251.8 1983 N/A 52.5 179.2 231.7 N/A N/A 48.9 137.7 173.6 N/A O 1982 1981 387.8 39.7 107,3 147.0 72.2 1980 300.6 53.2 93.8 147.0 88.3 1979 275.9 45.8 81.9 127.7 89.1 1978 225.6 N/A N/A h/A N/A 1977 189.2 27.3 %.5 73.8 89.7 1976 165.0 29.2 42.1 71.3 84.0 0 SDJRES: (1) Osceola Courty Property Appraiser's Office. (2) JE fhrica Statistical Abstract (Table 5.99). Data is only available through 1982. 9 (3) Florida 6anners' Association. Data no longer available on a separate basis. (4) Florida League of Finarcial Institutions, as of March 1985 and March 1964, respectively. O C-18 9
O CITY OF KISSIMMEE, FLORIDA TABLE 15 SCHEDULE OF MAJOR TAXPAYERS () PERCENTAGE TAXABLE ASSESSED
- OF TOTAL VALUATION AS OF ASSESSED TAXPAYER JANUARY 1, 1984 VALUATION
----- - - --= -
(3 United Telephone Company S 14,620,657 4.24 Dorado Realty Company 6,946,700 2.01 Humana, Inc. 5,575,602 1.62 Medical Center of Kissimmee, Inc. 4,924,924 1.43 Melvin F. Sembler 4,896,330 1.42 () Stagecoach Inn Assoc., Ltd. 4,086,850 1.19 Security Spring & BOE 3,847,751 1.12 Newco Three Fountains Association, Inc. 3,644,200 1. 06 Samuel Zell, Trustee 3,642,700 1. 06 The Martin Brower Co. 3,110,500 0. 90 () _--- --_ -- TOTAL s 55,296,214 16.04 Source: 1984 City of Kissimmee Tax Roll, prepared by the Osceola County () Property Appraiser's Of fice. O O O O C-19 0
O CITY OF KISSIMMEE, FLORIDA TAELE 16 MISCELLR EDUS STATISTICAL DATA O FORM OF GOVERNMENT Cosetssion-Manager PRESENT O CRTER ADOPTED O DATE OF INCORPORATION 1883 1%5 TERMS OF 0FFICE Mayor /Ccastssioner - Two Years O Fcur Commissioners - Two Years City Manager - Appointed Ar#Ul. SALARIES OF 0FFICERS
$44,013 Butleing Director $36,005 9 City Manager 43,285 Parks 8 Recreation Director 29,932 Assistant City Mana;er 29,354 Electric tjttlity Director 47,944 Finance Director 33,663 Water & Sewer Director 35,000 Central Services Director 32,511 Aviation Director 33,852 planning Director Pol ce Chief 36,879 Puelie Works Director /
33,941 City Engineer 44,304 9 Fire Chief Personnel / Labor Relat1ons Director 32.740 AREA 0F CITY 13.0 Scuare Miles - Montespal Boundaries 85 Square Miles - Electric Service Area 4 AREA 0F C0lNTY 1,313 Square Miles BulLDING PERMIT ACTIVITY (CITY) 9 YEAR PUGER Am0thT 1%5 1,571 $44,252,748 1984 1,632 42,032,116 1%3 1,517 48,623,372 9 1582 1,1E6 38,851,e97 1981 W0 12,688,719 1980 1,015 21,566,987 1979 640 15,371,8'D 1978 647 10,'W,281 654 12,687,672 9 1977 1976 656 6,975,542 C-20 9
) CITY & HISSIl0EE, FLORIDA TABLE 17 l l UTILITY ENTEIPRISE Fl#0S STATISTICAL DATA t l ELECTRIC UTILITY FIN) I ET OPEE- INCDE (LDSS) TOTAL TIldi INCDE BEFDE EITRA-FISCAL fU SER E OPEETIN6 (LOSS) AFTER ORDINARY YEAR CUSTWERS(l) REVDE DEPECIATI(M ITEMS (2) 1985 20,752 S 34,842,602 $ 11,286,787 8 4,409,977 1984 19,285 27,934,499 7,119,036 1,444,927 1983 16,905 24,706,847 5,617,941 2,953,745 1982 15,756 19,928,883 3,956,029 1,984,999 1%1 14,507 19,069,330 4,060,939 2,845,585 1980 13,105 14,204,112 2,697,286 1,167,051 1979 12,065 te, %7,296 1,735,000 676,226 1978 11,293 9,055,288 1,539,258 489,251 2,232,901 1,052,438 g 1977 1976 10,865 10,348 8,476,805 7,791,590 1,917,169 1,184,729 WATER Ald) SEER FIN) ET (FEMTING INCDE (LOSS) IEF0E
)- TOTAL IICDE (LOSS) ETTRADRDINARY FISCAL M1. 7 CUST3ERS (FEMTIMi EVERE AFTER DEPECIATI(N ITEMS YEAR WTER SCER WTER SEER WATCR !EER WATER SEWER 1985 8,258 6,616 $3,729,217(3) $ 978,O'le(3) $1,681,595(3) 1984 7,695 6,000 3,159,901(3) 794,640(3) 1,119,083(3) " 1983 6,315 5,290 1,861,023(3) (155,817)(3) 97,942(3) 1982 5,994 5,104 1,565,730(3) 39,572(3) 207,014(3) 1981 5,639 4,8% 1,55!,672(3) 271,319(3) 647,144(3) 1980 5,155 4,534 1,700,756(3) 514,177(3) 560,081(3) 1979 4,779 4,267 1,758,694(3) 669,988(3) 474,988(3) 1978 4,310 4,012 $ 779,964 $ 654,215 $ 434,866 8 92,502 444,786(3) g 1977 4,171 3,187 339,996 413,674 75,807 (111,503)$ 13,677 8 (191,771) 1976 4,021 3,687 356,607 391,706 33,082 (194,814) 54,533 (168,125)
(1) Average customer count for fiscal year, (2) After transfers to/from other funds and accounting change. g (3) Combined by consolidation of furufs. O C-21 3
O CITY OF MISSIPDIEE, FLORIDA TABLE 18 SCK DULE OF INSURANCE IN FORCE SEPTEMBER 30, 1985 g EXP! RATION TYPE OF CO W RAGE 8 INSURER POLICY MJMBER DATE DETAILS LIMITS LIABILITY: $ American Insurance Co. 1479 10/26/85 Hangarkeeper's 11 ability $100,000/asrcraft ;
$500,000/ occurrence Internattenal Insurance Co. GP60008 10/15/85 Property liability, Auto laatility, Physical g damage, equipment, etc. 61,000,000 Safety Mutual Casualty Corc. R6491FL 10/01/85 Lhbrella $5,000,000 International Insurance Co. 524 050782-3 10/01/85 Public Officials Profpssional Liability $1,000,000 g City Insurance Cespany pPL1726421 10/15/85 Police Professional 6500,000/ person Liability $1,000,000 aggregate Feceral Insurance Ccepany 81083542 10/15!85 Fiduciary Liability $5,000,000 kOWERS COMPENSATION: 0[
Zurich-American Insurance Co. WC6300!M 10/01/85 Workers Ccepensation Statutory FICE FAD EXTEADED COVER <A6E; 4:palachian Insurance Co. C8999 10/15/85 Excess Procerty $24.400,000 Hartford Steau Betler O Inspection 8 Insurance Co. AT9413979-05 10/01/85 Boiler 8 sachirery broad blanket coverage $20,000,000 ACCIDENTAL [EATH & DISMEMBERMENT: Hartford Accident 8 Indeontty Co. ETB12462 10/01/85 Acendental Death 550,000 g E40YEE TDLTH 4ND LIFE: haana, Irc. 61852-M1 12/1/85 Group health insurance Per schedule Sun Life of Canaca 47462 12/1/85 Group 1 fe insurance $15,000 - $50,000 tijCLEpR pprSERTY DAMAGE AND LIABILITY: O Purenased in cooperation with Flors:fa Power Corporatton as a party to the Participation Agreement. Covera;es are mandated tnrough Federal regulattom and are in addition to those shoem above. 9 C-22 9
I' UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA [
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I lI l - I Financial Statements I I and I Auditors' Report II September 30,1985 and 1984 L I _
e I I UTILITIES C050tISSION CITY OF NEW SMYRNA BEACH, FLORIDA l i FINANCIAL STATEMENTS AND AUDITORS' REPORT September 30, 1985 and 1984 0FFICIALS l James A. Pence, Chairman John J. Hill, Vice-Chairman H.J. Van Auken, Secretary-Treasurer Dallas Alsup, Assistant Secretary-Treasurer , Jeanne K. Diesen, Conmissioner I DIRECTOR OF UTILITIES CONTROLLER R. Ronald Hagen Valois Pagan, CPA ATTORNEY i John F. Bolt, Esquire 'I INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS Brent Millikan & Co., P.A. l l ' I I
E I UTILITIES COMMISSION CITY OF NEW SMYRNA BEACll, FLORIDA TABLE OF CONTENTS Page 1 of 2 g REFERENCE PACE INTRODUCTORY SECTION Title Page ................................................ i Organization Chart ........................................ iv Certificate of Conformance ................................ v General Letter of Transmittal, Director of Utilities ...... vi-vii Financial Letter of Transmittal, Controller ............... viii-xv FINANCIAL SECTION i I AUDITORS' REPORT .......................................... 1 BASIC GENERAL PURPOSE FINANCIAL STATEMENTS: Comparative Balance Sheets .............................. Statement 1 2-3 Statement of Revenues, Expenses and Changes in Retained Earnings ..................................... Statement 2 4 Statement of Changes in Financial Position .............. Statement 3 5-6 Notes to the Financial Statements ....................... 7-26 SUPPLEMENTAL COMBINING DETAIL OF THE ELECTRIC, WATER AND POLLUTION CONTROL SYSTEMS: Combining Statenent of Revenues, Expenses and Changes in Retained Earnings .................................. Exhibit A-1 27-28 Statement of Revenues and Expenses
- Budget and Actual - Electric System ........ Exhibit A-2 29 Statement of Revenues and Expenses j - Budget and Actual - Water System ........... Exhibit A-3 30 l Statement of Revenues and Expenses
- Budget and Actual - Pollution Control System Exhibit A-4 31 SUPPLEMENTAL SCHEDULES:
Schedule of Restricted Assets ........................... Schedule 1 32 Schedule of Operating Expenses - Electric System ........ Schedule 2 33 Schedule of Operating Expenses - Water System ........... Schedule 3 34 Schedule of Operating Expenses - Pollution Control System Schedule 4 35 Schedule of Restricted Investments ...................... Schedule 5 36-37 Schedule of Bonds Payable ............................... Schedule 6 38-41 i Schedule of Interest Earnings ........................... Schedule 7 42 I ll 11
I UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA TABLE OF CONTENTS Page 2 of 2 REFERENCE PAGE STATISTICAL SECTTON Schedule of Expenses by Function - Last Ten Fiscal Years... Table I 43-44 Schedule of Revenues by Source - 1.ast Ten Fiscal Years .... Table II 45-46 Schedule of Revenue Certificate Coverage .................. Table III 47 Demographic Statistics .................................... Table IV 48 Property Value, Construction and Bank Deposits - 1.ast Ten Fiscal Years ........................................ Table V 49 I Schedule of Insurance in Force ............................ Ten Largest Water Customers ............................... Tabic Ten of the Largest Electric Customers and Their Total Table VI VII 50-51 52 Kilowatt Hours Purchased ................................ Table VIII 53 General Utilities Commission Information .................. Table IX 54-58 SUPPLEMENTAL SECTION Auditors' Report on Supplemental Information............... 59-60 Comparative Balance Sheets - September 30, 1985, 1984, 1983, 1982, and 1981...................................... 61-64 Statement of Revenues, Expenses and Changes in Retained Earnings - For the Fiscal Years Ended September 30, 1985, 1984, 1983, 1982, and 1981............................... 65-68 Statenent of Changes in Financial Position - For the Fiscal Years Ended September 30, 1985, 1984, 1983, 1982, and 1981................................................ 69-72 I Selected Segment Information - September 30, 1985, 1984, 1983, 1982, and 1981..................................... Schedule of Revenue Certificate Coverage - For the Fiscal 73-74 4 I Years Ended September 30, 1985, 1984, 1983, 1982, and 1981................................................. Schedule of Selected Financial Ratios - For the Fiscal 75-76 i Years Ended September 30, 1985, 1984, 1983, 1982, and 1981................................................ 77-78 I I I lii
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I I I I ORGANIZATION CHART I I I I I I I I I I I I I I -
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I I UTILITIES COFSilSSION CITY OF NEW SMYRNA BEACH, FLORIDA I ORGANIZATION CHART Utilities Commission I
'I I l g* Consultants Director Attorney g of Utilities I
I I I I I Electric Operations Department Engineering Department Finance Department Water and Pollution Control Department I I I I I iv lI ______ __
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I UTII.ITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA CERTIFICATE OF CONFORMANCE for the year ended September 30, 1984
' A Certificate of Conformance is awarded by the Government Finance Officers Association of the United States and Canada only to the governmental units whose financial report is I judged to conform substantially to the high standards for financial reporting established by the Association. These !
l ! standards are contained in publications of the National Council on Governmental Accounting. It is management's f belief that the financial statements contained herein , continue to conform with these standards. I il ' r l l I 1 I
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I I I Cer:i:!ica:e I . O:~ I Con:!ormance in Financia g Reaor:ing Presented to I Utilities Commission City of l New Smyrna Beach, Florida For its Comprehensive Annual I Financial Report for the Fiscal Year Ended September 30,1984 I A Cert;ficate of Conformance in Finanual Rep <>rting is presented by the Government Finance Officers Assoaation of the United States and Canada to goternmental un;ts I and pubhc employee retirement systems whose comprehernite annual fmancial reports (CAFR's) are lodged to substantia!!y conform to program standards E -f- /pg/
/;[$oI@.1 President gg 3 g% m c _ o _ c,,,
I I I - __ _ _ _ - -
I I
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sl GENERAL LETTER OF TRANSMITTAL i DIRECTOR OF GTILITIES 4 I I
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I R. Ronald Hegen UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA ELECTRIC. WATER, POLLUTION CONTROL Post Ofike Box 519120 Sams Ave. New Smyrna Beach, Florida 32069 (904)427-1361 l January 31, 1986 I To the Chairman and Members , of the Utilities Commission City of New Smyrna Beach, Florida The comments found in this letter relate to the period and conditions existing as of September 30, 1985. In accordance with state statutes and I Resolution financial report of the Number 28-78, I hereby transmit the comprehensive annual Utilities Commission, City of New Smyrna Beach, Florida, as of September 30, 1985, and for the fiscal year then ended. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the Management of the Utilities Commission. Management helieves that the data, as presented, is accurate in all material aspects; that it I is presented in a manner designed to fairly set forth the financial position and results of operations of the Utilities Commission as measured by the financial activity of its various functions; and that all disclosures necessary to enable the reader to gain the maximum understanding of the Utilities Commission's financial affairs have been included. I In developing and evaluating the Utilities Commission's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are discussed in the accompanying financial I believe that the I letter of transmittal, and within that framework, Utilities Commission's internal accounting controls adequately safeguard assets and provide reasonabic assurance of proper recording of financial transactions. This report has been prepared following the guidelines recommended by the Federal Energy Regulatory Commission, American Institute of Certified Public I Accountants, Financial Accounting Standards Board, Governmental Accounting Standards Board, and the Government Finance Officers Association of the United States and Canada. The Covernnent Finance Officers Association awards Certificates of Conformance to those governmental entities whose I annual financial reports are judged to conform substantially with high standards of public financial reporting, including generally accepted accounting principles promulgated by the Governmental Accounting Standards vi I
Chairman and Members of the Utilities Commission City of New Smyrna Beach, Florida Page Two Ig Board and the National Council on Governmental Accounting. The Utilities 3 Commission, City of New Smyrna Beach, Florida, has been awarded a Certificate of Conformance for its annual financial reports for fiscal years 1978 through 1984 It is my belief that the accompanying fiscal year 1985
- financial report continues to meet program standards and it will be submitted to the Government Finance Officers Association for review.
2 In accordance with the above mentioned guidelines, the accompanying report ! consists of three parts: (1) Introduction section, including the financial letter of transmittal, 4 (2) Financial section, including the financial statements and ,I supplemental data of the Utilities Commission accompanied by our ! independent auditors' opinion, and (3) Statistical section, including a number of tables of data depicting certain financial information of the Utilities Commission, information on revenue certificate debt coverage and other miscellaneous information. State laws and Resolution Number 28-78 requires that the financial statements of the Utilities Commission, City of New Smyrna Beach, Florida, be audited by a certified public accountant selected by the Utilities Commission. This requirement has been complied with, and the auditors' opinion by the firn of Brent Millikan & Co., P.A., Certified Public Accountants, is included in the financial section of this report. Our basic business is supplying adequate and reliable utilities service at a j competitive cost. This objective requires long-term planning and construction activities spanning many years. These activities require a long-term commitment to the future of this area. This commitment requires financial resources and dedicated work of those who comprise the Utilities
- Commission. The employees of our system, the customers, and the Utilities Commission all have an important role in the accomplishments to be made within our systen. In our community the basic interests of these three groups are not in conflict. Rather, they supplement each other.
The preparation of this annual financial report could not have been iB accomplished without the dedicated effort of the entire staff of the Finance
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Department. Their efforts over the past years toward upgrading the accounting and financial reporting systems of the Utilities Commission, City of New Smyrna Beach, Florida, have led substantially to the improved quality l of the information being reported to the Utilities Commission, the New 1 Smyrna Beach City Commission, and our customers whom we proudly service. Respectfully submitted, 4 6 R. Ronald Hagen / Director of Utilities vii
F-- I I I FINANCIAL LETTER OF TRANSMITTAL 1 CONTROLLER I I I I I I I I I I I I l i __ -_ -
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" UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH. FLORIDA i ELECTRIC. WATER. POLLUTION CONTROL -
Poet Office Bom $19-120 Same Ave. l OFFICE OF VALOIS PAGAN New Smyrna Beach, Florida 32069 l CONTROLLER (904)427 1361 January 31, 1986 l l I To the Chairman and Members of the Utilities Commission ,I City of New Smyrna Beach, Florida The Comprehensive Annual Financial Report of the Utilities Commission, City of New Smyrna Beach, Florida, for the fiscal year ended September 30, 1985, is submitted herewith. The preparation of this report is the responsibility of the Finance Department. Responsibility for both the accuracy of the presented I data and the completeness and fairness of the presentation, including all disclosures, rests with the Management of the Utilities Commission. We believe the data, as presented, is accurate in all material aspects; that it I is presented in a manner designed to fairly set forth the financial position and results of operations of the Utilities Commission as measured by the and that all disclosures financial activity of its various functions; I necessary to enabic the reader to gain the maximum understanding of the Utilities Commission's financial affairs have been included. Internal Accounting Controls and Budgetary Control In developing and evaluating tbc Utilities Commission's accounting system, consideration is given to the adequacy of internal accounting controls. I Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of assets against loss I from unauthorized use or disposition; and (2) the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonabic assurance recognizes that (1) the cost of a control should not exceed the benefits likely to be derived; I evaluation of costs and benefits requires estimates and judgements by management. and (2) the All internal control evaluations occur within the above framework. We believe i that the Utilities Commission's internal accounting controls adequately safeguard assets and provide reasonabic assurance of proper recording of financial transactions. I viii I
January 31, 1986 g Utilities Commission g l Page Two i l l The Utilities Commission's accounting records are maintained on a full accrual I basis of accounting under which revenues are recorded when earned and expenditures are recorded as soon as they result in liabilities for benefits g received, notwithstanding that the receipt of the revenue or the payment of 3 the expenditure may take place, in whole or in part, in another accounting period. Your attention is directed to the summary of significant accounting policies in Note I to the Financial Statements which states fully the accounting practices for the presentation of the report. The electric, water and pollution control systems were combined into a single l utilities enterprise fund originally by Resolution No. 16-75, passed in a E special meeting of the Utilities Commission of the City of New Smyrna Beach, Florida, on May 28, 1975. This was done in the spirit of making these funds g self-supporting and to provide a comparable basis with other public and g privately owned utilities. Budgetary control is maintained through the use of monthly financial reports and the use of purchase orders. The Reporting Entity and Its Services The Utilities Commission, City of New Smyrna Beach, Florida, was created in g 1967 through the passage of Chapter 67-1754, Laws of Florida, Special Acts of g 1967 (House Bill 1669) which anended the Charter of the City of New Smyrna Beach, Florida, to create the Utilities Commission, City of New Smyrna Beach. In a referendum held October 2, 1984, the voters of the City of New Smyrna
; Beach, Florida, approved amendments to the City Charter. The amendments limit I a Utilities Commissioner's term to three years instead of five with no more than three consecutive terms, require City Commission approval for extensions g of utility services outside the city limits, give the City Commission the 3 right to review and approve the Utilities Commission budget, and require C(ty Commission approval before issuing or refunding revenue certificates and entering into contracts exceeding four years.
The funds and entities related to the operation of the Utilities Commission which are included in these financial statements are a component unit of the l City of New Smyrna Beach, Florida, and an integral part of the City's E reporting entity as defined in National Council on Governmental Accounting (NCGA) Statement 2 Defining The Governmental Reporting Entity. The Component E Unit Financini Report of the Utilities Commission is issued separately as g provided for in NCGA Statement 7, Financial Reporting For Component Units Within The Governmental Reporting Ent it y . Audited financial statements of the City of New Smyrna Beach, Florida, which have also been awarded the Certificate of Conformance, are available upon request from the City of New Smyrna Beach, 210 Sans Avenue, New Smyrna Beach,
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g Florida, 32069. 3 The Utilities Commission, City of New Smyrna Beach, Florida, provides the full range of electric, water and pollution control services to its customers both inside and outside the city 1imits. These activities are fully accounted for in this financial report, fx 11
January 31, 1986 Utilities Commission l Page Three : i I Electric, Water and Pollution Control System-Enterprise Fund 'E jE In compliance with Resolution No. 16-75, the electric, water and pollution control systems are accounted for as a single enterprise fund. As of j
- September 30, 1985, there were 12,468 accounts being actively billed for ig electric service, 8,122 being actively billed for water services, and 6.539 g accounts actively billed for pollution control services. Pre-1981 customer account tabulations contained the estimated and actual number of total accounts whether active or inactive. For 1981, and subsequent years, all I accounts are tabulated on the basis of " active" operating accounts only.
Service totals for the last ten years are summarized below: I Fiscal Year 1976 Accounts Included estimated active / inactive Electric Customers 8,938 Water Accounts 5,700 Sewer Accounts 4,500 1977 estimated active / inactive 9,550 6,033 4,603 I 1978 1979 actual actual active / inactive active / inactive 10,214 10,455 6,676 6,842 5,476 5,694 1980 actual active / inactive 11,049 7,004 5,797 I 1981 1982 1983 actual actual actual active active active 11,178 11,323 11,640 7,103 7,241 7,460 5,296 5,540 6,026 1984 actual active 12,105 7,864 6,344 1985 actual active 12,468 8,122 6,539 The current year's operating revenues from the combined utilities systens I totaled $19,535,978, an increase of 11.50% over last year's $17,521,727. increase was caused by general economic growth. The amount of revenue from various sources and the increases over last year are shown in the following The tabulation: I Increase Amount Percent over 1984 Operating Revenue Source _ (000'n) of Total (000's) I Electric system Water system
$15,474 2,615 79.21%
13.39 S1,673 185 Pollution control system 1,447 7.40 156 i 119 d l6 100,00% jM_14 I The current year's operating expenses from the conbined utilities system totaled $18,284,206, an increase of 14.957 over last year's adjusted amount of
$15,906,372. Increases in the levels of expenses for the individual systems I over the preceding year are shown in the following tabulation:
Amount Percent Increase Over 1984 l Function (000's) of Total (000's) Electric system $14,339 78.42% $ 2,043 Water system 2,031 11.11 203 Pollution control system 1,914 10.47 132 m 83 my mz8 I x I
January 31, 1986 g
> Utilities Commission E Page Four 4
i Debt Administration I j The revenue certificate debt coverage is a useful indicator of the Utilities Commission's debt position. The current year's revenue certificate coverage is 1 2.16 times and is sumarized in the following tabulation: Operating revenues $19,535,978 Interest and other income (excluding gain of $3,291 and construction fund interest of $242,300 g l' 1,010,940 g Connection fees 806,705
! Assessment collections 210,910 ! Gross income 21,564,533
- Operating expenses (net of depreciation and required payments to the City) 15,536,465 Income available for debt service _$_6.028.068 j Annual debt service requirement S 2.794.72R
; COVERAGE RATIO 2.16 Times A summary of revenue certificate coverage for the last ten years is detailed below:
Fiscal Year Coverage 1976 1.66x 1977 2.32x g 1978 1.48x 3
, 1979 2.18x 1980 1,94x l' 1981 2.46x l 1982 2.14x 1983 1,79x l-1984 2.37x g 1985 2.16x 3 l
On August 29, 1978, the Utilities Commission provided for the advance refunding of the following revenue certificates / bonds: Waterworks and Electric: Series 1955 - 3.75% due serially to 1993 Series 1962 refunding - 3.5% due serially to 1987, $35,000 in 1999 Series 1962 - 3.9% to 4.2% due serially to 2000 l-l Series 1965 - 4.2% and 4.25% due serially to 2004 I Sewer: E l Series S - 1963 - 3.9% due serially to 2002
! Series T - 1963 - 4.0% due 2003 Series B - 1965 - 3.7% to 4.1% due serially to 2003 Utilities:
Series 1975 - 3.75% to 6.27 due serially to 2004 Series 1975A - 5.0% to 6.6% due serially to 2005 1 Series 1976 - 4.5% to 5.3% due serially to 1986 Water and Sever Revenue General Obligation Bonds: Series 1976 - 4.5% to 6.2% due serially to 2001 l xi
i January 31, 1986 j Utilities Commission Page Five !I The refunding of the refunded revenue certificates was provided for by the sale of $25,810,000 Utilities System Revenue Refunding and improvement jl Certificates, Series 1978, and $22.335,000 Special Obligation Certificates,
!u Series 1978. From the proceeds of the sale of the two issues, sufficient ; monies were deposited into an irrevocable escrow account to be invested in ! United States obligations that, together with the interest earned thereon, will provide sufficient funds for the payment of maturing principal and t j interest on the refunded revenue certificates / bonds and the $22,335,000 Special Obligation Certificates, Series 1978. The proceeds of the certificate !
sale also provided for the funding of the re se rve fund, an amount which j equaled the maximum annual debt service requirement and provided over six -
; million dollars for the acquisition, construction, additions, and improvements i to the utility system. The refunded revenue certificates are treated as '
j extinguished debts in accordance with generally accepted accounting l principles.
! The $22,335,000 Special Obligation Certificates, Series 1978 which were issued
, as a part of the advance refunding are not a liability of the Utilities l l Commission in accordance with generally accepted accounting principles, because the interest and principal payments will be serviced from the earnings j and proceeds of the net advance refunding which were placed in an irrevocable i trust fund at the First National Bank of Florida, Tampa, Florida.
!E 'g on May 9, 1985, the Utilities Commission provided for the advance refunding of the Utilities System Revenue Improvements Certificates, Series 1982 (1982 Certificates) through the sale of the $7,515,000 Utilities System Refunding ' I Revenue Certificates, Series 1985 (1985 Certificates). From the proceeds of the sale of the 1985 Certificates, sufficient monies were deposited into an I
irrevocable escrow account invested in United States obligations that, I together with the interest earned thereon, will provide sufficient funds for the payments of maturing principal and interest on the refunded Certificates. The 1982 Certificates consisted of $6,190,000 in 12.625% serial 1982 j i 2 I bonds maturing in various amounts from April 1, 2012 through April 1, 2016. The refunded 1982 Certificates are treated as extinguished debts in accordance with generally accepted accounting principles. f [ l> As of September 30, 1985, the Utilities Commission had outstanding $32,115,000 revenue certificates payable. The obligations are secured by a first lien on j and a pledge of the net revenue on the system. These revenue certificates ( I continue to have the same ratings which they had when they were issued. These ratings are as follows: [ j Moody's Investor Service Standard & Poor's I Utilities System Revenue Refunding and Improvement i I Certificates, Series 1978 Utilities System Refunding A BBB+ l Revenue Improvenent ' I Certificates, Series 1985 A AAA (AMBAC Insured) i The debt service requirements on these ohligations are detailed in Note 7 to j ' the financial statements. xil l l I ! l
January 31, 1986 Utilities Commission Page Six Commitments I During 1983, the Utilities Commission and several Florida cities, acting through the Florida Municipal Power Agency (FMPA), participated in the purchase of a portion of Florida Power and Light Company's St. Lucie Unit No. 2, a nuclear generating unit with an original estimated net capability rating of 802 Mk'. St. Lucie No. 2 was subsequently uprated and now has a seasonally adjusted rating of approximately 840 MV. The Commission's participation provides for a 9.884% entitlement share of FMPA's 8.806% undivided ownership g interest. Under the participation agreement, the Commission is obligated to E provide payments of approximately $2.47 million annually. Cash Management Cash temporarily idle during the year was invested through the use of a , competitive bid procedure in time deposits ranging from overnight to medium l ! short-term investments. Shorter investment periods were utilized by the W , Utilities Commission due to the rapid changes and uncertainties of interest I rates experienced during the fiscal year. The interest rates and maturity g dates of the Utilities Commission's investments are detailed in the Schedule 3 Section of the financial statements. The amount of interest earned during the year was $1,091,630. The Utilitics Commisston is extremely proud of the banking service agreement consummated with a lecal bank. This agreement was obtained by a competitive bid procedure in which all local banks were allowed the opportunity to l participate. The service agreement obtained provides the Utilities Commission W many services free of charge and provides an open-ended repurchase agreement at a ninimum amount of <53,000 and in increments of $10,000 thereafter by any E l amount which the conbineo t otal of all Commission accounts covered in the g l agreement exceed the compensating balance. The following table summarizes the interest income and rates received from the Utilities Commission's checking accounts as the result of the banking service agreement for fiscal year ended September 30, 1985. Int e re s t Monthly Interest Rate Income l Low High 5 October 8.250% 11.375% $ 32,556 November 8.375 10.125 30,213 December 6.875 8.900 24,642 January 7.750 8.700 28,672 Februarv ' 7.500 8.750 27,148 March 8.050 8.950 23,927 . April 7.250 8.750 29,796 - May 7.250 8.R75 35,609 June 6.400 7.750 24,277 July 7.250 7.850 26,453 August 7.375 8.250 32,716 Septenber 7.300 8.125 44,324 . For Year 6
. ._.400%
11.3757
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I January 31, 1986
- Utilities Commission 1
Page Seven l l Utility Plant The fixed assets of the Utilities Commission are used to provide its customers electric, water and pollution control utility services. i The utility plant by department is summarized below: l Pollution Electric Water Control Total < I Utility plant in service $28,647,262 S13.321,248 $17,368,078 $59,336,588 Less: allowance for I depreciation and amortization 11,394,799 17,252,463 3,135,131 10,186,117 3,046,062 14,322,016 17,575,992 41,706,596 ! Construction work in progress 1,359,934 232,237 63,847 1,656,018 f i NET UTILITY PLANT SIR,61?,397 $10,418,354 $ 14, 3 R 5. 8 fd $43,416,614 Prospectt. For Future The Commission's power supply program is reviewed periodically by the j Commission's engineering department in conjunction with outside engineering
; consulting services. Since the Commission is interconnected at il5kV with Florida Power and Light Company (FP&L) a r.d , therefore, with the statewide transmission systems in Florida and Georgia, it is able to consider varied long range power supply alternatives.
In 1984, the Commission, in compliance with Resolution No. 28-78, had an I engineering firm prepare a Triennial Report for 1981, 1982, and 1983 which , l included projections for Fiscal Years 1984, 1985 and 1986. The results of this report, concluded in the executive summary, state "...that the electric, water, and pollution control systems are in good condition, needing only the customary attention to maintenance and improvements to continue to provide the iI i l customer with reliable and efficient service during Fiscal Years 1984, and 1986." 1985 'g The aforementioned Triennial Report recommended the engineering and 3 construction of waste lime sludge handling facilities at the Glencoe Water Treatment Plant, estimated to amount to $100,000 in capital costs, expressed in 1984 dollars. Evaluations of this recommendation, including alternatives 'I are currently under way by the Utilities Commission engineering department. Otherwise no major future water system capital improvenents are currently anticipated at the Glencoe Water Treatment Plant through 1986 l I ~ I _
January 31, 1986 I Utilities Commission Page Eight
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No maj or pollution control system capital improvements are projected through the year 2000 for treatment and effluent disposal. Additional wastewater l$ W collection system projects will be necessary in order to reet the needs of normal systen inprovenents and to provida such extension and expansion as are required to serve normal growth within the service area. Independent Audit 4
- Resolution Number 28-78 and other local and state statutes require an arnuni audit of the books of account, financial records and transactions of all administrative departments of the Utilities Commission by an independent l i
certified public accountant selected by the Utilities Commission. This W requirement has been complied with and the auditors' opinion by the firm Brent Millikan & Co., P.A., Certified Public Accountants, has been included in this I report. Certificate of Conformance The Government Finance Of ficers Association of the l'rited States and Canada (GFOA) awarded a Certificate of Conforrance in Financial P.e po r t in g to the I Utilities Commission, City of New Smyrna Beach, Florida, for its Corprehensive Annuni Financial Report for the fiscal year ended September 30, 1984. l 1 In order to be awarded a Certificate of Conformance, a governmental unit rust g j publish an easily readable and efficiently organized comprehensive annual g financial report, whose contents confern to program standards. Such reports must satisfy both generally accepted acceunting principles and applicable legal requirements.
- A Certificate of Conformuce is valid for a period of one year only. We l believe our current report continues to conform to Certificate of Conformance g Program requirements, and we are submitting it to GFOA to determine its 3 j eligibility for another certificate.
1 Acknowledgerents I The prepaiation of this report on a timely basis could not be accomplished g j without the efficient and dedicated services of the entire staff of the g Finance Department. We would like to express our appreciation to all members l of the Utilities Commission's staff who assisted and contributed to its { preparation. We would also like to thank the members of the Utilities ! Commission for their interest and support in planning and conducting the 2 financial operations of the Utilities Commission in a most responsible and j progressive manner, j Respec t f t ,itted, I i tr agri, CPA, Controller 4 < xv I i I
i I I ! i ,I l FINANCIAL SECTION !I
- This section is composed of the following four parts
AUDITORS' REPORT I BASIC GENERAL PURPOSE FINANCIAL STATEMENTS } SUPPLEMENTAL COMBINING DETAIL OF THE ELECTRIC, WATER AND POLLUTION CONTROL SYSTEMS I i SUPPLEMENTAL SCHEDULES il .i 'I I .I 4 !I
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AUDITORS' REPORT lI l I I I . I l I , l l l I I I I _ _ . __ . _ ___ ..
Brent Millikan & Company, P.A. CERTIFIED PUBLIC ACCOUNT ANTS I P O BOX 1226 205 M AGNOLI A STREE T T E L E PHON E (9046 42 7-133 3
- 252 3821 NEW SMYRN A BE ACH, FLORIDA 32070 1226 MEMBER OF ME MBE RS OF AMERIC AN INSTITUTE OF AME RIC AN AND FLORID A CE RTIFIED PUBLIC ACCOUNT AN TS INSTITUTE S OF PRIV ATE COMP ANIES CE RilFIE D PUBLIC AC COUN T A N TS PR ACTICE SECTION Utilities Commission City of New Smyrna Beach, Florida New Smyrna Beach, Florida AUDITORS' REPORT We have examined the balance sheets of the Utilities Commission, City of New Smyrna Beach, Florida, as of September 30, 1985, and 1984, and the related statements of revenues, expenses and changes in retained earnings, I and changes in financial position for the years then ended appearing on pages 2 through 26. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered I necessary in the circumstances.
In our opinion, the financial statements referred to above present fairly I the financial position of the Utilities Commission, City of New Smyrna Beach, Florida, as of September 30, 1985, and 1984, and the results of its operations and the changes in its financial position for the years then in conformity with generally accepted accounting principics applied I ended, on a consistent basis. Our examinations were made for the purpose of forming an opinion on the I basic financial statements taken as a whole. The supplemental combining exhibits of individual utility systems, schedules, and tables listed on pages 11 and 111 of the table of contents are presented for purposes of I additional analysis and are not a required part of the basic financial statements of the Utilities Commission, City of New Smyrna Beach, Florida. The information has been subjected to the auditing procedures applied in the examination of the basic financial statements and, in our opinion, is .I fairly stated in all material respects in relation to the basic financial statements taken as a whole. In connection with our examination, nothing came to our attention that caused us to believe that the Utilities Commission, City of New Snyrna Beach, Florida, was not in compliance with any of the terms, covenants, I provisions, or conditions of section 16 of Resolution No. 28-78 dated June 30, 1978. However, it should be noted that our examination waa not directed prinarily toward obtaining knowledge of such noncompliance.
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New Smyrna Beach, Florida V January 4, 1986 Certified Fublic Accountants I 1 _______-__________a
m -- - - - - - - - - - - - - - . _ I I I I BASIC GENERAL PURPOSE FINANCI AL STATEMENTS (Combined Statements - Overview) These basic financial statements provide a summary overview of the financial position as well as the operating results of the Utilities Commission. They also serve as an introduction to the more detailed statements and schedules that follow. I I I I I I I I I I I I
UTILITIES COMMISSION Statement 1 l CITY OF NEW SMYRNA BFACll, FLORIDA E COMPARATIVE BALANCE SilEETS September 30, 1985 and 1984 i ASSETS 1985 1984 ' ) l'TILITY PLANT: ! In Service: Electric system $28,647,262 $29,655,705 ' ! Water system 13,321,248 12,396,688 l Pollution Control systen 17,368,078 16,472,265 j 59,336,588 58,524,658 Less: Allowance for depreciation and anortization 17,575,992 17,394.821 l 41,760,596 41,129,837 . Construction work in progress 1,656,018 2,306,190 UTILITY PLANT-NET 43,416,614 43,436,027 RESTRICTED ASSETS: Debt Service funds 4,357,878 4.247,817 Renewal and Replacement funds: Renewal and Replacement fund 1,937,957 1,543,920 Water and Pollution Control Connection Fee fund 1,155,787 - 7 Construction funds 2,314,408 3,509,755 ; Customers' deposits 673,636 660,209 CR-3 Decommissioning fund 68,173 - TnTAL RESTRICTED ASSETS 10,507,839 9,961,701 CURRENT ASSETS: Cash 976,264 1,491,270 500,00G l W Investnent - Accrued interest receivable 63,730 76,277 Accounts receivable (net of allowance of $70,755 and $66,570 for doubtful accounts) 1,006,914 947,311 , Unbilled accounts receivable 1,456,396 1,217,672 Due from the City of New Smyrna Beach 99,170 '7,922 Due from other governments 62,504 '9,966 Inventories 1,041,73( P14,737 Prepaid expenses and other assets 116,109 194, 2 20 Assessments receivable 138,310 166,66' TOTAL CI'RRENT ASSETS 4,961,131 S, W;,037 r DEFERRED CilAPGES AND OTMFR ASSETS: Unamortized debt expense 555,240 463,785 ! Deferred charger. and other assets 26,633 ?7,293 Assessments receivable - noncurrent 476,659 655,214 TOTAL DEFERRED CilARGES AND OTi!ER ASSETS 1.058,532 1,146,?q2 TOTAL ASSETS $59,944,118 $60,049,957 I The accompanying notes are an integral part of the financial statenents. 2 g W. sw -----em--_mm .mmm.
LIABILITIES AND UTILITY EQUITY 1985 1984 UTILITY FQUITY: Contritated capital $14,580,916 S13,591,323 Retained Earnings: Reserved for net restricted assets 7,896.516 7,425,519 I Unreserved 1,001,592 4,n44,432 9,798,0!8 _lf , 'y , % I TOTAL UTILITY EQUITY 24,378,954 '5,061.274 LONG-TERM DEBT: Revenue certificates payable (net of I current portion) Less: Unamortized debt discount 31,415,000 722,938 30,595,000 702,283 TOTAL LONC-TER'i DERT 30,692,062 29,802,717 DEFERRED CREDITS AND OPERATING RESERVES: Deferred compensated absences 257,951 244,784 I Re se rve for ruclear re-fueling and maintenance outage Reserve for nuclear plant decommissioning costs 14,933 68,173 133,652 36,000 TOTAL DEFERRED CREDITS AND OPERATING RESERVES 341,057 414,436 CURRENT LIABILITIES (Payabic fron current assets): I Accounts payable Accrued liabilities 1,152,989 480,477 861,238 414,801 Due to the City of New Smyrna Beach 287,256 156,082 Energy cost adjustments payable - 567,755 Nuclear fuel disposal fees payable - 145,472 1,920,722 2,145,348 CURRENT LIABILITIES (Payable from restricted assets): Accounts payable 163,858 163,381 Customers' deposits 556,411 561,969 I Revenue certificates payable (current portion) Accrued interest payable 700,000 1,191,054 360,000 1,250,832 2,611,323 2,536,182 TOTAL CI'PRENT LI ABILITIES 4,532,045 4,681,530 TOTAL LIABILITIES 35,565,164 34,988,683 I TOTAL LIABILITIES AND UTILITY EQUITY $59,944,118 560,049,957 I I
UTILITIES COMMISSION Statement 2 g CITY OF NFW SMYRNA BEACll, FLORIDA E STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For the Fiscal Years Ended September 30, 1985 and 1984 1985 1984 OPERATING REVENUES: Sales - $19,395,812 $17,380,658 Other rewaues 140,166 141,069 TOTAL OPERATING REVENUES 19,535,978 17,521,727 OPERATING EXPENSES: Production expenses 10,637,458 8,686,618 Transmission, distribution and sewage collection 1,868,923 1,710,284 Customer accounting 547,952 496,921 Administrative and general 2,311,726 2,214,716 Required payments to the City of New Smyrna Beach 1,122,521 1,047,779 State utilities tax 170,406 145,297 Depreciation 1,625,220 1,604,757 18,284,206 15,906,372 TOTAL OPFRATING EXPENSES OPERATING INCOME 1,251,772 1,615,355 I ADD: NONOPERATING REVENUE: Interest earnings 1,091,630 1,076,576 Other income 161,610 411,860 Gain on disposal of fixed assets 3,291 301 TOTAL NONOPERATING REVENUE 1,256,531 1,488,737 TOTAL INCOME 2,508,303 3,104,092 s LESS: NONOPERATING EXPENSES: Interest and debt expense 2,376,681 2,465,284 other expenses 63,926 - g Loss on disposal of fixed assets 560 16,414 5 TnTAL N050PERATING EXPENSE 2,441,167 2,481,698 NET INCOME (LOSS) BEFORE INFREOPENT AND EXTRAGPDINARY ITEMS 67,136 622,394 INFREnnp;r ITEM: Losn fror -ale of steam generating plant 532,377 - NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM ( 465,241) 622,394 EXTRAGRDINAPY ITEM: Loss fron defensance of debt 1,206,672 - NET INCOME (LOSS) ( I,671,913) 622,394 PETAINED t'APNINGS - BEGINNING PF YEAR 11.469,951 10,847,557 R m 1 nee m x1xc - F eF mR mm.m m.z. .m The accorpanyinc notes are an integral pa rt of the financial statenent<. 4 I
I UTILITIES COMMISSION CITY OF NFW SMYRNA BEACH, FLORIDA Statement 3 Page 1 of 2 STATEMENT OF CHANCES IN FINANCI AL POSITION For the Fiscal Years Ended September 30, 1985 and 1984 1985 1984 SoliRCES OF WORKING CAPITAL: !l Operations: l5 Net income (loss) before extraordinary item $( 465,241) S 622,394 j Items not requiring working capital: Depreciation and amortization 1,716,276 1,742,271 j Increase in deferred compensated absences 13,167 27,921 4 Increase (Decrease) in unfunded nuclear re-fuel and outage reserve ( 118,719) 111,921 j Increase (Decrease) in unfunded reserve i for nuclear plant decommissioning costs ( 36,000) 36,000 i (Cain)/ Loss on disposal of utility plant-net 529,646 16,113 1
- TOTAL FROM OPERATIONS BEFORE EXTRAORDINARY ITEM 1,639,129 2,556,620 Extraordinary loss from defcasance of debt (1,206.672) -
a 1
- TOTAL FROM OPERATIONS AND E"TRM m.ni: LY ITEM 4 432,457 2,556,620 l
l Contributions in aid of construction 989,593 1,437,342 Decrease in noncurrent receivables 178,555 201,124 Increase in other liabilities payable from restricted assets 75,141 - Proceeds from sale of utility plant 244,708 19,737 Decrease in other assets 660 19,452 Increase in reserve nuclear plant
- decommissioning costs 68,173 -
Proceeds from sale of utilities system refunding revenue certificates (not of I carrying value of refunded debt of $5,884,293 and discount of $194,488) Decrease in restricted asaets 1,436,2!9 1,175,614 TOTAL SOURCES OF WORKING CAPITAL 3,425,506 5.409,889 USES OF WOREING CAPITAL
- Additions to utility plant 2,456,659 2,746,825 Increase in restricted assets 546,138 1,161,824 Reduction of long-term debt 505,000 180,000 Expenses of sale of refundinc revenue certificate 237,887 -
Decrease in other liabilities payable from restricted assets - 471,405 TOTAL USES OF WoFKING CAPITAL 1,745,684 4.762,054 NET INCREASE (DECRI:ASE) IN WORKING CAPITAL (( l{fM78) (J@K1j I The accompanying notes are an integral part of the financial statementt,, 5
UTILITIES COMfISSION Statement 3 l CITY OF NEW SSWRNA BEACH, FLORIDA Page 2 of 2 STATEMENT OF CHANGES IN FINANCIAL POSITION , For the Fiscal Years Ended September 30, 1985 and 1984 1985 1984 Increase Increase (Decrease) (Decrease) ELEMENTS OF NET INCREASE (DECREASE) IN WORKING CAPITAL: Cash $( 515,006) $ 324,886 Investments ( 500,000) 200,000 Accrued interest receivable ( l',547) ( 8,555) I Accounts receivable (net) 59,603 28,789 l Unbilled accounts receivable 238,724 239,670 W Due from the City of New Smyrna Beach 71,248 16,506
- Due from other governments 12,638 17,341 g Inventory 206,999 ( 134,048) g Prepaid expenses ( 78,111) 148,151 Assessments receivable (current) ( 28,352) ( 23,999)
Accounts payable ( 291,751) 507,286 l ] = l Energy cost adjusteents payable 567,755 ( 567,755) Accrued liabilities ( 65,676) ( 33.370) Due to other governments ( 131,174) 78,405 g Nuclear fuel disposal fees payable 145,472 ( 145,472) g NET INCREASE (DECREASE) IN WORKING CAPITAL }( 320.l78) S _ 647.R35 i l I I l I I P I The accompanying notes are an integral part of the financial staterentn. 6
I I NOTES TO THE FINANCIAL STATEMENTS I 4 I I I I I I I I - l
l ~! l UTILITIES COWISSION d CITY OF NEW SMYRNA BEACH, FLORIDA t NOTES TO TFE FINANCIAL STATEMENTS September 30, 1985 and 1984 Page 1 of ?0
- 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES i The accounting policies of the Utilities Commission, City of New Smyrna Beach, l (The " Utilities Commission") cenform to the generally accepted accounting principles as promulgated by the American Institute of Certified Public ig Accountants, the Financial Accounting Standards Board, the Governnertal l ,3 Accounting Standards Board, the Federal Energy Regulatory Commission, and the l l National Council on Covernmental Accounting. The following is a num .:.rv o f the significant policies: A. ORGANIZATION l ll The Utilities Commission, City of New Smyrna Beach, Florida, was created 'm in 1967 through the passage of Chapter 67-1754, Laws of Florida, Special ; Acts of 1967 (House Bill 1669) which amended the Charter of the City of l New Smyrn- Beach, Florida, to create the Utilities Commission, City of New Smyrna Beach. In a referendum held October 2, 1984, the voters of the City of New Smyrna Beach, Florida, approved nmendments ta the City Charter. The amendments lin't a Utilities Commissioner's term to three l
. years instead of five with no more than three consecutive terms, require City Commission approval for extensions of utility services outside the city limits, give the City Commission the right to review and approve the l
Utilities Commission budget, and require City Commission approval before issuing or refunding revenue certificates and entering into contracts exceeding four years. B. REPORTING ENTITY The funds and entities related to the operation of the Utilities Commission which are included in these financial statements are a component unit of the City of New Smyrna Beach, Florida, and an integral part of the City's reporting entity as defined in National Council on Governcental Accounting (NCGA) Statement ?, Defining The Governnental Reporting Entity. The Component Unit Financial Report of the Utilities Commission is issued separately as provided for in NCCA Statement 7 I Financial Reporting For Component Units Within The Governmental Reporting Entity. In 1983, the Utilities Commission entered into a participation agreement with Florida Municipal Power Agency (FMPA) for an entitlement share of , electric capacity and electric energy from FMPA's undivided ownership interest in Florida Power and Light Corpany's St. Lucie Unit No. 2, a nuclear generating unit. The Utilities Commission's role in the agreement ! is limited to that of a participant contractually obligated to purchase ; electric capacity and electric energy. The agreement does not constitute a joint venture between the Utilities Commission and FMPA since it does not meet the criteria for inclusion within the reporting entity of the Utilities Commission. I
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UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCI AI STATEMENTS Septenber 30, 1985 and 1984 Page 2 of 20
- l. SlTfAP.Y OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. FUND ACCOUNTING On May 28, 1975, the Utilities Commission, City of New Smyrna Beach, Florida, passed Resolution Number 16-75, which established the electric, water and pollution control systems as a singic utility fund. This utility fund is accounted for as an enterprise fund. Enterprise funds are used to account for operations that are financed and operated in a manner E where the intent of the governing body is that the costs (expenses, g including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges. D. BASIS OF ACCOUNTING l Basis of accounting refers to when revenues and expenses are recognized in l the accounts and reported in the financial statements. Basis of l accounting relates to the tining of the measurements made, regardless of l the measurement focus applied. The Utilities Commission, City of New Smyrna Beach, utilizes the accrual basis of accounting. By utilizing this method, revenues are recognized when they are earned, and expenses are recognized as they are incurred. Unbilled electric, water and pollution control utility service receivables are recorded at year end so as to i provide a better natching of service revenues and the costs of providing l the s e rvice . l i E. BUDGET AND BUDGETARY ACCOUNTING An annual budget was adopted for the electric, water and pollution control , utility systems. The budget was prepared on the accrual basis for the By use of the ! period beginning October 1, and ending September 30 accrual method of budgeting, revenues and expenses are budgeted for specific periods of time and are recorded as incurred, along with acquired assets, without regard to the date of receipts, or payment of cash. Budget appropriations are prepared by the administrative staff and authorized by the Utilities Commission. Budgetary control is exercised at the ! departmental level. Budget amendments, if any, can be requested by the Director of Utilities. However, all budget amendments must be approved by the Utilities Commission. Unexpended appropriations for operations lapse at year end. During the fiscal year ended September 30, 1985, the ; Utilities Commission, City of New Smyrna Beach, did not make any amendments to the approved budget and no supplemental appropriations were necessary. l F. CASH l The Utilities Conmission invests all cash balances in excess of a $120,000 minimum daily balance in overnight bank repurchase agreements. These g! residual investments are classified for reporting purposes as cash rather Earnings from these inventments cre appropriate 1v Ei' than investments. allocated to the investing fund accounts based upon the investment equity : and are used, where applicable, to finance general utilities commission operations. 8
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCI AL STATEMENTS September 30, 1985 and 1984 Page 3 of ?0 II -
- 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued) G. INVESTMENTS Investments are recorded at cost or amortized cost, which at.croximates market. Adjustments are made to cost, for any premium or discount, which is amortized over the maturity of the investment. ,3 H. RECEIVABLES ig Allowance for uncollectibic accounts Accounts receivable have been reported net of the allowance for uncollectible accounts which has been provided based upon management's analysis of historical trends. Those amounts of allowances for uncollectible accounts at September 30, 1985, and 1984, totaled $70,755 and $66,570, respectively. Estimated unbilled revenue Utility operating sales are recognized on the basis of cycle billings rendered nonthly. Unbilled accounts receivable are accrued at September 30, to recognize the sales revenues earned between the last meter reading date made through the end of the fiscal year. I. INVENTORIES Inventories are priced at cost by the use of the "first-in, first-out" nethod of accounting. The effect of this method is to flow the costs of the materials and supplies in the order in which they are purchased and to assign a balance sheet inventory valuation more nearly at current replacement value. Electric line transformers, electric neters, water meters and replacement units for the generating plants are classified as utility plant in accordance with accepted industry practices set forth by the National Association of Regulatory Utilitics Commissioners. J. UNAMORTIZED DEBT DISCOUNT AND ISSUE COSTS Bond discounts and issuance costs are deferred and amortized over the term of the hands using the bond outstanding method which approximates ! the interest method. Bond discounts are presented on the fir:ancial statements as such and issuance costs are presented as other assets. K. RESTRICTED ASSETS ! Proceeds from debt, funds required to be set aside for the payment of enterprise fund revenue bonds debt service and contingencies, and other specific enterprise fund assets cet aside for restricted purposes which cannot be used for routine operations are classified as restricted assets since their exclusive use is limited by applicabic bond covenants and other Icgal indentures. l"
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984 Page 4 of 20
- 1.
SUMMARY
OF SIGSIFICAST ACCOUNTING POLICIES (Continued) L. UTILITY PLANT Utility plant is stated at historical or estimated historical cost. The costs of additions, replacements, and renewals of units of property are added to utility plant. The cost (estimated, if not known) of units of property retired, less net salvage, is charged to accumulated depreciation and the appropriate asset account. Donated utility plant is stated at its estimated fair market value on the date donated. Maintenance and repairs of property and replacements and renewals of items determined to be less than units of property, are charged to operating expenses--maintenance. Construction period interest is calculated and capitalized in accordance with Financial Accounting Standards Board Opinion No. 34. Depreciation is provided for by utilization of the straight-line method calculated on a service-life basis to amortize the cost over the assets' economic estimated useful lives which are as follows: Electric System: Production plant: Nuclear production 27 years Diesel production 20-40 years l Transmission plant 30-55 years Distribution plant 28-45 years General plant: g Structures and improvements 40 years 3 Other general plant 5-20 years Water System: Source of supply plant 25-50 years Pumping plant 35 years Water treatment plant 40-50 years Transmission and distribution plant 25-50 years General plant: Structures and improvements 35 years Other general plant 10-35 years Pollution Control System: Collection plant 35-50 years Pumping plant: Structures and improvements 50 years Punping equipment 25 years Treatment and disposal plant 25-40 years l W General plant 10-50 years Common Plant: Structures and improvements 35 years Other general plant 5-15 years I 10
l i UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCI AL STATEMENTS September 30, 1985 and 1984 Page 5 of 20
- l.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued) M. ACCRUED PAYROLL AND ACCUMULATED UNPAID VACATION AND SICK PAY The portion of employees payroll costs paid subsequent to year-end attributable to services pe r f o rmed prior to year-end is recorded and recognized as a current liability. Employees earn annual vacation leave at the rate of 80 hours per year for one through five years of service and 80 hours plus eight hours for each two years service over the first five years to a maxinum of 160 hours per year. All outstanding vacation leave is payable upon termination. Employees accumulate eight hours of sick leave credit for each month on regular pay status. Generally, employees make an irrevocable election regarding the accumulation of credits and the amounts of credits which can be received upon t e rmina t ion . One option provides for the payment of all unused sick leave at 75% of the existing pay rate at termination. The j second option requires the " banking" of at least 240 accumulated hours. I Hours accumulated in excess of 240 hours will be paid annually at 75% of the preceding July 1st pay rate. N. CONTRIBUTIONS Contributions of capital to a proprietary fund from any source received are recorded in an appropriately captioned contributed capital account. O. RESERVES i i Funded reserves are used to record a pcrtion of retained earnings which must be segregated for some future use and which are, therefore, not available for further appropriation or expenditure.
! The reserve for nuclear re-fueling and maintenance outage is an F.E.R.C. ; operating reserve established to account for the estimated charges to be '" incurred for the removal and installation of nuclear fuel assemblics.
Charges are made against the reserve at the time the actual re-fueling
-l .E takes place. The reserve for nuclear plant decommissioning costs was established to account for the estimated costs of nuclear plant decommissioning. Charges against the reserve will be made at the actual time of deconmissioning.
P. RATES , REVENUES AND FUEL EXPENSES l Revenues are recognized based on monthly cycle billings to customers. The ! rate schedules are approved by the Utilities Commission. The electric rate schedule contains an energy cost adjustment clause which reflects the cost of fuel as well as the energy and fuel components of purchased power. Generally, the effect of the increases and/or decreases in the cost of energy is recovered over a four month period and is determined as the dif ference between actual applicable fuel costs and the costs actually billed during the same period. The cost of nuclear fuel is anortized to fuel expense based on the l quantity of heat produced for generation of electric energy in relation to j the quantity of heat expected to be produced over the life of the nuclear
= fuel core.
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UTILITIES COMMISSION CITY OF NEW SMYRNA BEACF, FLORIDA l NOTES TO THE FINANCIAL STATEMENTS i September 30, 1985 and 1984 Page 6 of 20 ' I
- 2. FIXED ASSETS I i
A summary of utility plant at September 30, 1985, is as follows: i Pollution Electric Water Control Total Land and land rights S 1,234,156 $ 99,830 $ 4,914 $ 1,338,900
)
Structures and inprovements 1,927,168 2,461,353 4,284,254 8,672,775 , Production plant, nuclear J fuel and treatment plant 8.753,590 3,951,972 4,200,981 16,906,543 j Transmission, distribution l and collection plant Other general plant and equipment 15,663,485 1,068,863 6,156,558 651,535 8,325,876 552,053 30,145,919 2,272,45i l' M, l 28,647,262 13,321,248 17,368,078 59,336,588 ! Less: Accumulated depreciation 11,394,799 3,135,131 3,046,062 17,575,992 17,252,463 10,186,117 14,322,016 41,760,596 i I Construction work in progress 1,359,934 232,237 63,847 1,656,018 l
$18.612.397 $10.418.354 $14.385.R63
$43.416.614 1 A summary of utility plant at September 30, 1984, is as follows: '
Electric Water Pollution Control Total,__ Ei g Land and land rights $ 1,234,156 $ 99,830 $ 4,914 $ 1,338,900 Structures and improvements 2,877,834 2,408,034 3,638,238 8,924,106 Production plant, nuclear fuel and treatment plant 9,549,804 3,919,558 4,131,961 17,601,323 Transmission, distribution and collection plant 15,280,751 5,484,950 8,304,034 29,069,735 E. E Other general plant and equipment 713,160 484,316 393,118 1,590,594 29,655,705 12,396,688 16,472,265 58,524,658 g Less: Accumulated g' depreciation 11,846,444 2,912,917 2,635,460 17,394,821 17,809,261 9,483,771 13,836,805 41,129,837 Construction work in progress 1,157,609 381,650 766,931 2,306,190 UTILITY PLANT-NET $18.966.870 $ 9.865.421,$14.603.736 $43.436.027
- 3. CAPITALT2ED INTEREST lt is the policy of the Utilities Commission to capitalize construction period interest in accordance with Statement of Financial Accounting Standards No.
- 34. During the years ended September 30, 1985 and 1984, interest and debt expense totaling $2,483,975 and $2,573,408, respectively was incurred by the )
Utilities Commission of which $107,294 and $108,124, respectively, was appropriately capitalized as construction period interest based on average : accumulated construction expenditures. 12 )
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984 Page 7 of 20
- 4. RESTRICTED ASSETS Restricted assets consist of the following:
September 30, 1985 I Accrued Interest September 30, 1984 i I Utilities System Revenue Refunding and Inprovement , Certificates: I Series 1978 Fund: Sinking fund $1,051,675 S - S 5,698 S 1,057,373 S1,053,000 Construction fund 1,134,994 - - 1,134,994 1,580,587 2,186,669 - 5,698 2,192,367 2,633,587 Series 1982 Fund: Sinking fund - - - - 394,901 Construction fund 1,179,414 - - 1,179,414 1,929,168 1.179,414 - - 1,179,414 2,324,069 i Series 1985 Fund Sinking Fund 355,711 - 1,537 357,248 - Rese rve fund 265,809 2,619,955 57,493 2,943,257 2,799,916 Renewal and replacement fund 3,093,744 - - 3,093,744 1,543,920 Customers' deposits 673,636 - - 673,636 660,209 i CR-3 decomnissioning fund 68,173 - - 68,173 - TOTAL RESTRICTED ASS ETS $7.823.156 $2.619.955 3 64.728 S10.507.839 $9.961.701
- 5. ACCOUNTS RECEIVABLE A summary of Accourts Receivable at September 30, 1985 and 1984 is as follows.
September 30, September 30 I Utility customers receivables Less: Allowance for doubtful 1985
$1,064,083 1984
$1,009,470 70,755 66,570 I
accounts 993,328 942,900 Notes receivable 13,586 4,411 ACCOUNTS RECEIVABLE A1,0061 9l_4 S 447,11_1 13
_.. _ _ _ _ _ _ _ - _ . . m, _ __ UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO TFE FINANCIAL. STATEMENTS September 30, 1985 and 1984 page 8 of 20
- 6. INVENTORIES A summary of Inventories at September 30, 1985 and 1984 is as follows:
i September 30, September 30, l 1985 1984 Materials and supplies $1,005,492 S 735,941 l , I Fuel oil 36,244 98,796 INVENTORIES 11_,041,736 1 _834_ l 3_7_
- 7. LONC-TERM DEBT On August 29, 1978, the Utilities Commission provided for the advance refunding of the fo11cving revenue certificates / bonds which are referred to herein as refunded revenue bonds:
l Waterworks and Electric: g Series 1955 - 3.75% due serially to 1993 l Series 1962 refunding - 3.5% due serially to 1987 and $35,000 in 1999 Series 1962 - 3.9% to 4.2% due serially to 2000 Series 1965 - 4.2% and 4.25% due serially to 2004 Sewer: Series S - 1963 - 3.9% due serially to 2002 Series T - 1963 - 4.0% due 2003 I Series B - 1965 - 3.7% to 4.1% due serially to 2003 Utilities: Series 1975 - 3.75% to 6.2% due serially to 2004 E Series 1975A - 5.0% to 6.6% due serially to 2005 E Series 1976 - 4.5% to 5.31 due serially to 1986 Water and Sewer Revenue General Obligation Bonds: Series 1976 - 4.5% to 6.2% due serially to 2001 The refur. ding of the refunded revenue bonds was provided for by the sale of $25,810,000 Utilities System Revenue Refunding and Improvement l Certificates, Series 1978 (1978 Certificates) and $22,335,000 Special E Obligation Certificates, Series 1978. From the proceeds of the sale of the two issues, sufficient monies were deposited into an irrevocable escrow account invested in United States obligations that, together with the interest earned thereon, will provide sufficient funds for the l payments of maturing principal and interest on the refunded revenue certificates / bonds and the $22,335,000 Special Obligation Certificates, Series 1978. The proceeds of the bond sale also provided for the funding of the reserve funds, an amount which equaled the maximum annual debt service requ i re rent and provided over $6 nillion for the l acquisition, construction, additions and inprovements to the utility E system. In accordance with generally accepted accounting principles the
$22,335,000 Special Obligation Certificates, Series 1978, which were issued as a part of the advance refundi..a are fully defensed and are not a liability of the Utilities Commission 1 cause the interest and principal
- payments will be serviced from the earnings and proceeds of the advance l
refunding which were placed in an irrevocable trust fund at the First i National bank of Florida, Tampa, Florida. i ! 14 L __ _ _ _ _ _ _ _ _ _.
I UTILITIES COMMISSION CITY OF NEW SMYRNA BEACF, FLORIDA NOTES TO Tile FINANCIAL STATEMENTS September 30, 1985 and 1984 Page n of 20
- 7. LONG-TERM DEBT: (Continued)
On May 9, 1985, the Utilities Commission provided for the advance refunding of of the Utilities System Revenue Improvements Certificates, Series 1982 (1982 , Certificates) through the sale of the 97.515,000 Utilities Systen Refunding Revenue Certificates, Series 1985 (1985 Certificates). From the proceeds of the sale of the 1985 Certificates, sufficient monics were deposited into an irrevocable escrow account invested in United States obligations that, together with the interest earned thereon, will provide sufficient funds for the payments of maturing principal and interest on the refunded 1982 Certificates. The 1982 Certificates consisted of $6,190,000 in 12.625% serial bonds maturing in various amounts from April 1, 2012 through April 1, 2016. The refunded 1982 Certificates are treated as extinguished debts in accordance with generally accepted accounting principles. l , I The authorization for the 1978 Certificates and the 1985 Certificates provides that the Utilities Commission will not issue additional obligations except for the construction and acquisition of additions, extensions and improvements to l I the system or for refunding purposes and excent upon the conditions provided in the authorizing resolution. I The 1978 Certificates and the 1985 Certificates are payable from and secured by a first lien upon and pledge of the net revenues derived from the operation
- of the system. The 1978 Certificates and the 1985 Certificates do not constitute general indebtedness of the Utilities Commission or the City of New Smyrna Beach, Florida (City) and the City is not obligated to levy any taxes for the payment thereof.
The 1978 Certificates were issued as coupon bonds, in the denomination of
$5,000 each, registerable as to principal only. The 1985 Certificates were l issued as fully registerable bonds in the denomination of $5,000 each.
l Semi-annual principal and interest ( April 1 and October 1) are payable at the principal office of the First Mational Bank of Florida, Tampa, Florida, for the 1978 Certificates, and at the principal office of the Florida National Bank, Jacksonville, Florida, for the 1985 Certificates. The 1978 Certificates and 1985 Certificates are subject to redemption prior to naturity, commencing October 1, 1988 and April 1, 1993, respectively. The 1978 Certificates consisted of $5,400,000 in 5.35% to 6.40% serial bonds maturing in various I amounts from April 1, 198?, through October 1, 1993; S9,075,000 in 7.00% term certificates due October 1, 2002, and $11,335,000 in 7.1257 term certificates due October 1, 2010. The 1985 Certificates consisted of $2,250,000 in 5.75% to 9.20% serial bonds maturing in various amounts from April 1, 1986, through I April 1, 1999; $2,135,000 in 9.375% term bonds subject to mandatory redemption in part, by lot, in various anounts from April 1, 2000, through April 1, 2005; and $3,130,000 in 9.50% tern bonds subject to mandatory redemption in part, by lot, in various amounts from April 1, 2006, through April 1, 2011. Under the terms of the long-tern debt agreements, the Utilities Commission has agreed to maintain certain restricted funds (see Note 4) and to comply with I the covenants contained in such agreements. Certain of these agrecrents contain the following provision relating to the rights of the obligation holder: 15
UTrLITIES COMMISSION CITY OF NEW SMYRNA BEACil, FLORIDA NOTES TO THE FINANCIAL STATFMENTS September 30, 1985 and 1984 Page 10 of 20
- 7. LONG-TERM DEBT: (continued)
I "Any holder of certificates or any coupons appertaining thereto issued under the provision hereof or any trustee acting for the holders of such certificates may by suit, action, mandamus or other proceedings in any court of competent jurisdiction, protect and g enforce any and all rights, including the right to the appointment of a receiver, existing under the laws of the State of Florida, or 5 granted and contained herein, and may enforce and compel the performance of all duties herein required or by any applicabic statutes to be per f o rmed by the Commission or by any officer thereof. Nothing herein, however, shall be construed to grant to any holder of the certificates any lien on any real property of the Commission I or the City." Revenue certificates / bonds outstanding at Septenber 30, 1985, and 1984, are as follows: A. Defeased debt funded from the earnings and proceeds of the advance refundings: Balances Due at g 9-30-85 9-30-84 l (000 omitted) 5l 1978 Refunding: Waterworks and Electric: Series 1955 - 3.75% due serially to 1993 Outstanding principal $ 904 $ 938 Less amounts to be retired by Trustee ( 904) $ ( 938) $ Series 1962 Refunding - 3.5% due serially to 1987 and $35,000 in 1999 Outstanding principal 163 223 Less anounts to be retired by Trustee ( 163) ( 223) Series 196? - 3.9% to 4.2% due serially to 2000 ) Outstanding principal 1,825 1,880 ' Less amounts to be retired by Trustee (1,825) (1.880) , Series 1965 - 4.2% and 4.25% duc serially to 2004 Outstanding principal 1,980 2,010 Less amounts to be retired by Trustee (1,980) (2,010) Sewer: Series S - 1963 - 3.9% due serial'y to 2002 Outstanding principal 380 400 Less anounts to be retired bv Trustee ( 380) ( 400) ; Series T - 1963 - 4.0% due 2003 Outstanding principal 888 918 Less amounts to be retired by Trustee ( 888) / 918) , 16
)
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS Septenber 30, 1985 and 1984 Page 11 of 20 3 j 7. LONC-TERM DEBT: (Continued)
- Balances Due at 9-30-85 ___
9-30-84 (000 omitted) Series B - 1965 - 3.7% to 4.1% due serially to 2003 Outstanding principal S 490 $ 510 Less anounts to be retired by Trustee ( 490) $ ( 510) $ Utilities: Series 1975 - 3.75% to 6.2% due serially to 2004 Outstanding principal 2,610 2,670 Less amounts to be retired by Trustee (2,610) (2,670) Series 1975A - 5.0% to 6.6% due serially to 2005
, Outstanding principal 3,420 3.515 i Less amounts to be retired by Trustee (3,420) (3,515) '
Series 1976 - 4.5% to 5.3% due serially to 1986 I Outstanding principal 30 110 Less amounts to be retired by Trustee ( 30) ( 110) l Water and Sewer Revenue General l Obligation Bonds: Series 1976 - 4.5% to 6.2% due serially to 2001 Outstanding principal 5,565 5,725 Less amounts to be retired by Trustee (5,565) (5,725) 1985 Refunding: Utilities: Series 1082 - 12.625% due serially from 2012 to 2016 Outstanding principal 6,190 - Less amount to be retired by Trustee (6,190) - TOTAL $ S I B. Long-tern debt to be financed from revenues derived from the operation of the utilities systems: Balances Due at 9-30-85 9-30-84 (000 omitted) Utilities System Revenue Refunding and Improvement Certificates, Series 1978: Outstanding principal $24,600 $24,965 Utilities System Refunding Revenue Certificates, Series 1985: Outstanding principal 7,515 - Utilities Systen Revenue Inproverent Certificates. Feries 1982: Outstanding principal - 6,100 10 m mm mu 17
F UTILITIES COMMISSIO" g CITY OF NEk' SMYRN A BEACH , F10RIDA g NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984 Page 12 of 20
- 7. LONG-TERM DFBT: (continued)
The current maturities of long-tern debt at September 30, 1985 and 1984, were as follows: September 30, 1985 1984 Utilities System Revenue Refunding and Improvement Certificates, Series 1978: $600,000 $560,000 Utilities Systen Refunding Revenue Certificates, Series 1985 100,000 - TOTAL $700.000 3560.000 The schedule of debt service requirements to naturity on the S25,810,000 Utilities System Revenue Refunding and Improvement Certificates, Series, 1978, is as follows: Payment Coupon Total Date Principal Rate Interest Requirements 10-1-85 $ 195,000 5.650% $ 849,861 S 1,044,861 04-1-86 200,000 5.750 844,352 1,044,352 10-1-86 205,000 5.750 838,602 1,043,602 04-1-87 210,000 5.900 832,708 1,042,708 g 10-1-87 215,000 5.900 826,513 1,041,513 g 04-1-88 220,000 6.000 820,171 1,040,171 10-1-88 230,000 6.000 813,571 1,043,571 04-1-89 235,000 6.100 806,671 1,041,671 10-1-89 245,000 6.100 799,503 1,044,503 04-1-90 250,000 6.200 792,031 1,042,031 10-1-90 260,000 6.200 784,281 1,044,281 E 04-1-91 265,000 6.300 776,221 1,041,221 g 10-1-91 275,000 6.300 767,873 1,042,873 04-1-92 285,000 6.350 759,211 1,044,211 10-1-92 290,000 6.350 750,162 1,040,162 04-1-93 300,000 6.400 740,o"! 1,040,954 10-1-93 310,000 6.400 731,354 1,041,354 04-1-94 320,000 7.000 721,434 1,041,434 10-1-94 330,000 7.000 710,234 1,040,234 04-1-95 345,000 7.000 698,684 1,043,684 10-1-95 355,000 7.000 686,609 1,041,609 j 04-1-96 370,000 7.000 674,184 1,044,184 j 10-1-96 380,000 7.000 661,234 1,041,234 04-1-97 395,000 7.000 647,934 1,042,934 10-1-97 410,000 7.000 634,109 1,044,109 04-1-98 425,000 7.000 619,754 1,044,759 10-1-98 435,000 7.000 604,884 1,039,884 04-1-99 455,000 7.000 589,659 1,044,659 l 10-1-99 470,000 7.000 573,734 1,043,734 5 04-1-00 485,000 7.000 557,284 1,042,284 18 ' II .
,g UTILITIES COFHISSION g CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO TFE FINANCIAI, STATEMENTS September 30, 1985 and 1984 Page 13 of 20
_ _ _ _ _ - - _ _ __ ___ i
- 7. LONG-TERM DEBT: (Continued)
Payment Coupon Total ___Date Principal Rate Interest Requirements 10-01-00 $ 500,000 7.000% $ 540,309 $ 1,040,309 04-01-01 520,000 7.000 522,809 1,042,809 10-01-01 540,000 7.000 504,609 1,044,609 04-01-02 555,000 7.000 485,709 1,040,709 i I 10-01-02 04-01-03 10-01-03 575,000 595,000 615,000 7.000 7.000 7.000 466,285 446,160 425,335 1,041,285 1,041,160 1,040,335 04-01-04 640,000 7.125 403,810 1,043,810 10-01-04 660,000 7.125 381,010 1,041,010 04-01-05 685,000 7.125 357,497 1,042,497 10-01-05 710,000 7.125 333,094 1,043,094 I 04-01-06 10-01-06 735,000 760,000 7.125 7.125 307,800 281,616 1,042,800 1,041,616 04-01-07 790,000 7.125 254,541 1,044,541 I 10-01-07 04-01-08 10-01-08 815,000 S45,000 875,000 7.125 7.125 7.125 226,397 197,363 167,259 1,041,397 1,042,363 1,042,259 i 04-01-09 905,000 7.125 136,088 1,041,088 10-01-09 940,000 7.125 103,847 1,043,847 04-01-10 970,000 7.125 70,359 1,040,359 10-01-10 1,005,000 7.125 35,803 1,040,803 l TOTAL $ 24.600.000 _$_2 8 . 5 61. 4 81 f_53,161.481_ i The schedule of debt service requirements to maturity on the $7,515,000 Utilities System Refunding Revenue Certificates, Series 1985, is as follows: Payment Coupon Total Date Principal Rate Interest Requirements 10-1-85 S $ 341,193 $ 341,193 04-1-86 100,000 5.750% 341,193 441,193 10-1-86 338,318 338,318 04-1-87 100,000 6.500 338,318 438,318 10-1-87 335,068 335,068 04-1-88 7.000 I 110,000 335,068 445,068 10-1-88 331,218 331,218 04-1-89 115,000 7.250 331,219 446,219 10-1-89 327,049 327,049 04-1-90 125,000 7.500 327,050 452,050 10-1-90 322,362 322,362 04-1-91 135,000 7.750 322,362 457,362 10-1-91 317,130 317,130 04-1-92 145,000 8.000 317,131 462,131 ! 10-1-92 311,331 311,331 04-1-93 8.200 311,330 466,330 I 155,000 10-1-93 104,976 304,976 04-1-94 170,000 8.400 304,975 474,975 10-1-94 297,836 297,836 04-1-95 185,000 8.600 297,835 4S2,835 10-1-95 289,880 289,880 19 ll
UTILITIFS COMMISSION l CITY OF NEW SMYP.NA BEACH, FLORIDA E NOTFS TO THE FINANCIAL STATFMENTS September 30, 1985 and 1984 Page 14 of 20
- 7. LONC-TERM DEBT: (continued)
Payment Coupon Total Date Principal Rate Interest Requirements 04-1-96 200,000 8.800 289,881 489,881 10-1-96 281,081 281,081 04-1-97 215,000 9.000 281,080 496,080 10-1-97 271,406 271,406 04-1-98 235,000 9.100 271,406 506,406 10-1-98 260,713 260,713 04-1-99 260,000 9.200 260,713 520,713 10-1-99 248,753 248,753 04-1-00 280,000 9.375 248,753 528,/53 10-1-00 235,628 235,628 04-1-01 310,000 9.375 235,628 545,628 10-1-01 221,097 221,097 l 04-1-02 335,000 9.375 221,097 556,097 5 10-1-02 205,394 205,394 04-1-03 370,000 9.375 205,394 575,394 g 10-1-03 188,050 188,050 E 04-1-04 400,000 9.375 188,050 588,050 10-1-04 169,300 169,300 04-1-05 440,000 9.375 169,300 609,300 10-1-05 148,675 148.675 04-1-06 480,000 9.500 148,675 628,675 10-1-06 125,875 125,875 g' 04-1-07 525,000 9.500 125,875 650,875 E 10-1-07 100,938 100,938 04-1-08 575,000 9.500% 100,937 675,937 10-1-08 73,625 73,625 04-1-09 630,000 9.500 73,625 703,625 10-1-09 43,700 43,700 04-1-10 690,000 9.500 43,700 733,700 10-1-10 10,925 10,925 04-1-11 230,000 9.500 10,925 240,925 10-1-11 Total }7_,515,000 $12,203,041 #13.3 718,041 The aggregate annual debt service requirements for the certificates in each of the next five years are as follows: 1986 $ 2,867,465 1987 2,857,607 l 1988 2,860,028 E
; 1989 2,859,442 1990 2,860,724
$14.105,266 I
l I 20 l
g UTILITIES COMMISSION g CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984 Page 15 of 20
-- . = = = .
- 8. COMPENSATED FMPLOYEE ABSENCES Pursuant to the Utilities Commission's collective bargaining agreements and employment contracts, the Commission provides compensatory wages for accumulated vacation and sick leave credits that vest with employees. The Commission's liability for accumulated compensated absences totaled as follows:
September 30, 1985 September 30, 1984 Current Deferred Current Deferred Portion Portion Portion Portion I Vacation credits Sick leave credit
$ 116,912 84,968
$ 29,228 228,723
$ 117,748 78,368
$ 29,437 215,347 i
$ 201.880 $ 257.951 $ 196.116 $ 244.784
- 9. CONTRIBUTED CAPITAL I Contributions in aid of construction from any source received by the Utilities Commission are recorded in an appropriately captioned contribution equity account. The following is a summary of contributed capital:
l Source 1985 1984 l l Covernmental grants S 7,208,024 $ 7,079,009 Connection fees 4,512,944 3,706,239 Special assessments 1,717,736 1,717,260 Contributions for construction 1,142,212 1,088,815
$14.580.916 $13.591.123 ,
- 10. REOUIRED PAYMENT TO THE CITY OF NEW SMYRNA BEACH, FLORIDA The 1cgislation that created the Utilities Commission requires the Commission to pay to the general fund of the City of New Smyrna Beach, Florida, a sum equal to six percent (6%) of the gross revenues from utilities under Commission centrol. This payment is subordinate to the debt service requirement of all utilities revenue certificates. The amounts required to be paid to the City totaled $1,122,521 and $1,047,779 for the years ended ;
September 30, 1985, and 1984, respectively. The accrued balances due to the City at September 30, 1985, and 1984, totaled $222,103 and $105,932, ! respectively. A summary of the Due to the City of New Smyrna Beach at September 30, 1985 and 1984 is as follows: September 30 September 30, 1985 1984 6% Required payment $222,103 $105,931 l Carbage billings 65,153 50,151 l l DUE TO THE CITY OF NEW SMYRNA BEACH $_287 g 2p (1 3 082 21
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCI AL STATEMENTS September 30, 1985 and 1984 Page 16 of 70
- 11. EMPLOYEE PENSION PLAN The Utilities Commission, City of New Smyrna Beach, Florida, has provided a pension plan for all its employees which assets are included in the Florida l Retirement System of the State of Florida. The funding methods and ;
determination of benefits payable are provided in the various acts of the Florida Legislature, which created the fund, including subsequent amendments j thereto. In previous years, these acts provided, in general, that funds were ; to be accumulated from employee contributions, employer contributions and income from the investment of accumulated funds. Subsetaent amendments ! require that the plan be non-contributory for the employees. The act also l provides that, should the accumulated funds in the fund at any time be l' insufficient to meet and pay the benefits due, the Commission shall supplement 3 the funds by an appropriation from current funds, or from any revenues which may lawfully be used for said purposes, in an amount sufficient to make up the deficiency. The actual contributions and contribution rates in effect for the year ended September 30, 1985, and 1984, were as follows: Empicyer's contributions $389.732 $318.810 _ Percent of employce's gross earnings Normal cost 6.53% 6.17% Past service cost 5.71 4.76 l 12.24% 10.93% The most recent actuarial information concerning the statewide Florida l E Retirement System is set forth below: Most recent valuation date July 1, 1983 Actuarial cost method used Entry age-normal cost Unfunded prior service cost $6,503,123,000 i i Period of amortization 30 years Interest rate used in determining costs 9.0% Total assets of pension fund $6,511,446,000 i Valuation basis of assets Bonds-amortized value Stocks-market value i l l 22 i I
I UTTI.ITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984 Page 17 of 20 I - - _ _ __ --
- 12. SECMENT INFORMATION <
I The Utilities Commission provides electric, water end pollution control services to the public. In accordance with NCGA Interpretation No. 2, the l i following is a summary of the segment information for the electric, water and pollution control systems. I Pollution Electric Water Control System System System Tctal l I Operating revenue Depreciation Operating income (loss)
$ 15,473,671 837,482 1,134,359 S 2,615,605 S 1,446,702 S 19,535,9/8 309,663 584,151 478,075
( 466,738) 1,625,220 1,251,772 g Required payments to City of g New Smyrna Beach 884,966 153,583 83,972 1,122,521 Net income (loss) ( 685,780) ( 354,042) ( 632,091) ( 1,671,913) Contributions in aid of construction 340,617 3,754,527 10,485,772 14,580,916 Utility plant acquisitions 1,235,742 972,978 898,111 3,106,831 Utility plant retirements 2,244,185 48,646 2,070 2,294,901 Revenue certificates payable 15,246,330 10,236,900 6,631,770 32,115,000 Utility equity 7,012,091 6,193,927 11,172,936 24,378,954 Total assets 24,984,122 15,814,799 19,145,197 59,944,118 l l
- 13. INFREOUENT ITEM In February 1985, the Utilities Commissien approved the disposal of the Swoope Unit Number 1, a steam generating plant. Three engineering studies conducted for the Utilities Commission concluded that under existing conditions, it would not be economical to operate the plant in either a I cycling / peaking mode or as a base load unit.
February 1983, and, subsequent to that The plant was last operated in time, had been maintained in an
" extended cold-standby" condition under a continued maintenance program. A
( [ recorded loss cf $532,377 was realized from disposal of the plant.
- 14. EXTRAORDINARY ITEM In connection with the May 9, 1985 advance refunding of the Utilities System Revenue Improvement Certificates, Series 1982 (1982 Certificates), explained in Note 7, a loss was recognized in accordance with generally accepted accounting principles. The 1982 Certificates have been treated as fully defeased since the escrow account described in Note 7 is sufficient in amount so that operating revenues will not be needed to meet the debt se rvic e requirements of the 1982 certificates. Accordingly, the transaction has been recognized as a complete refinancing.
I 23 iII l
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984 Page 18 of 20
- 14. EXTRAORDINARY ITEM (Continued)
The recorded loss of $1,206,672 was computed as follows: New securities issued: Utilities System Refunding Revenue Certificates, 1985 Series $7,515,000 I Less discount and issue costs of new issue to ! be amortized over the life of the new issue 424,035 7,090,965 Net carrying amount of refunded debt $6,190,000 Less unamortized discount and issue costs 305,707 5,884.293 LOSS FROM DEFEASANCE OF DEBT $1.206.672
- 15. LEGAL MATTERS Florida Power & Light Company has notified Utilities Commission attorneys that it might assert a claim against New Smyrna Beach for approximately
$320,000 of alleged undercollections under Florida Power & Light Company's fuel adjustment clause. If legal action is commenced, the Commission intends l vigorously to contest it and has been advised by its attorneys that E substantial defenses will be available to it.
The Utilities Commission is also engaged in other routine litigation incidental to the conduct of its municipal utilities affairs. In the opinion of the Counsel to the Commission, no legal proceedings are pending against the Commission not covered by insurance which would inhibit the Comnission's ability to perform its operations or materially affect its financial condition.
- 16. COMMITMENTS Acting through the Florida Municipal Power Agency (FMPA), the Utilities g l Commission is a participant in a portion of Florida Power and Light Company's g St. Lucie Unit No. 2, a nuclear generating unit with an original estimated net capability rating of 802 MW. St. Lucie Unit No. 2 was subsequently uprated and now has a seasonally adjusted rating of approximately 840 MV.
FMPA issued St. Lucie Project Revenue Bonds, Series 1983, in the amount of
$290,000,000 for an 8.806% undivided ownership interest of St. Lucie No. 2 together with rights to receive electric capacity and electric energy under a reliability exchange agreement. The Utilities Commission's participation provides for a 9.884% entitlement share of FMPA's 8.8067 undivided ownership interest.
A reliability exchange agreement provides for FMPA's exchanging 50% of its I output from St. Lucie No. 2 for a like amount from St. Lucie No. I to mitigate the potential for economic loss resulting from an extended or l m l permanent outage of St. Lucie No. 2. l 24
I UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984 Page 19 of 20 l 16. COMMITMENTS (Continued) l The Utilities Commission is not obligated to pay the St. Lucie Project l Revenue Bonds, Series 1983, and neither the faith and credit nor the taxing ! power of the Utilities Commission and/or the City of New Smyrna Beach is pledged to payment of the 1983 Bonds. The Utilities Commission, as a participant, has entered into a power sales contract which requires payment on a "take-and-pay" basis for the Utilities Commission's entitlement share of the project capability for the St. Lucie Project for each month during any portion of which electric capacity and electric energy are available to the Utilities Commission from the St. Lucie Project, including electric capacity and electric energy under the reliability exchange agreement with FP&L. In the event payment is not required for any month under the Utilities Commission's power sales contract, it is required to make payment for such month under its project support contract on a "take-or-pay" basis. The payment under the project support contract would be the amount the Utilities Commission would have been I required to pay under its power sales contract for such month if any electric capacity and electric energy from the St. Lucie Project had been made available to them. As a result of these agreements, the Utilities Commission is obligated to provide payments of approximately $2,469,221 annually. I In the year 2008, the Utilities Commission's share of decommissioning costs applicabic to its participation in Florida Power Crystal River Unit No. 3, a nuclear generating unit, Corporation's is expected to be approximately $2,260,000. An operating reserve has been established to account for these estimated costs. The reserve will be funded beginning in 1985 with payments of approximately $36,000 annually. Based on an assumed interest rate of 8% per annum, these annual payments, plus the I interest earned thereon, will be sufficient decommissioning costs. to meet the expected On March 21, 1985, The Florida Supreme Court entered an order requiring the Florida Public Service Commission (FPSC) to approve a pending territorial agreement between Florida Power & Light Company (FPL) and the Utilities Commission. On August 8, 1985, the FPSC approved the agreement. Under the terms of the agreement, approximately 115 present customers of the 'g Utilities Commission will be transferred to FPL and approximately 3,214 FPL be transferred t the Uti ities C mmissi n. The lE cust m rs Commission wi will be required to purchase Utilities FPL's distribution facilities in the service areas to be transferred at a purchase price of one and one-half times reproduction costs. FPL has notified the Utilities Commission that it has computed a purchase price of $6,117,764 for the facilities. I 25
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA NOTES TO THE FINANCIAL STATEMENTS September 30, 1985 and 1984 Page 20 of 20
- 16. COMMITMENTS (Continued)
The Utilities Commission has engaged an engineering firm to assist in l negotiations, cost estimates and a power supply study in connection with the W territorial acquisition from FPL. A preliminary report by the firm indicates the acquisition will result in a net annual increase in revenucs of l approximately $2.745 million and in associated power costs and operation and 3 maintenance expenses of approximately $1.855 million. The report further states that, based on present conditions, the increase in annual net operating income of approximately $890,000 will be sufficient to provide for debt service on a revenue bond issue that will generate approximately $7.963 million in net proceeds availabic for the acquisition. Validation of a $6.5 million bond issue for the territorial acquisition is currently pending before the City Commission, City of New Smyrna Beach. I I I I I I 26 I
I I SUPPLEMENTAL COMBINING DETAIL OF THE ELECTRIC, I WATER AND POLLUTION CONTROL SYSTEMS These financial statements provide a more detailed view of the " Basic General Purpose Financial Statements" presented in the preceding subsection. Resolution Numbers 16-75 and 28-78 established the electr.ic, water and pollution control systems as a single enterprise g fund. These statements are presented to provide detailed B information on the individual electric, water and pollution control utility systems and to present the budgetary comparisons and are not necessary for a fair presentation in I conformity with generally accepted accounting principles. 'I I lI l l l I I i I y-- - -
.-p, .------.--% w,,----- _,--._,-----.w ---w
UTILITIES COMMISSION Exhibit A-1 l CITY OF NEW SMYRNA BEACH, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANCES IN RETAINED EARNINGS For the Fiscal Year Ended September 30, 1985, with Comparative Actual Amounts for the Fiscal Year Fnded September 30, 1984 1985 l Utilities Systems Allocations E Pollution Electric Water Control OPERATING REVENUES: Sales $15,355,438 S 2,593,672 S 1,446,702 Other revenues 118,233 21,933 - TOTAL OPERATING REVENUES 15,473,671 2,615,605 1,446,702 OPERATING EXPENSES: l Production expenses 9,982,008 655,450 - E Transmission, distribution and sewage collection 738,176 254,328 876,419 g Customer accounting 343,777 125,141 79,034 g Administrative and general 1,382,497 533,289 395,940 Required payments to the City of New Smyrna Beach 884,966 153,583 83,972 State utilities tax 170,406 - - Depreciation 837,482 309,663 478,075 TOTAL OPERATING EXPENSES 14,339,312 2,031,454 1,913,440 OPERATING INCOME (LOSS) 1,134,359 584,151 ( 466,738) ADD: NONOPERATING REVENUES: l Interest earnings 318,774 382,114 390,742 E Other income 138,516 16,322 6,772 Gain on disposal of fixed assets - 3,291 - TOTAL NONOPERATING REVENUE 457,290 401,727 397,514 TOTAL INCOME (LOSS) 1,591,649 985,878 ( 69,224) LESS: NONOPERATING EXPENSES: Interest and debt expense 1,137,684 760,597 478,400 Other expenses 63,926 - - m Loss on disposal of fixed assets 560 - - g TOTAL NONOPERATING EXPENSES 1,202,170 760,597 478,400 NET INCOME (LOSS) BEFORE INFREQUENT l AND EXTRAORDINARY ITEMS 389,479 225,281 ( 547,624) W INFREOUENT ITEM: Loss from sale of steam generating plant 532,377 - - NET INCOME (LOSS) BEFORE EXTRA 0RDINARY ITEM ( 142,898) 225,281 ( 547,624) EXTRAORDINARY ITEM: Loss from defensance of debt 542,882 579,323 84,467 NET INCOME (LOSS) ( 685,780) ( 354,042) ( 632,091) RETAINED EARNINGS - BEGINNTNG OF YEAR 7,357,254 2,793,442 1,319,255 RL'TAINED EARNINGS - END OF YEAR y 6,671,474 j_2g 439j_400 6R7,164 27 .
I I 1985 Combined 1984 Combined System System
$ 19,395,812 $17,380,658 I 140,166 19,535,978 141,069 17,521,727 10,637,458 8,686,618 I 1,868,923 547,952 2,311,726 1,710,284 496,921 2,214,716 1,122,521 1,047,779 170,406 145,297 1,625,220 1,604,757 18,284,206 15,906,372 1,251,772 1,615,355 1,091,630 1,076,576 161,610 411,860 3,291 301 1,256,531 1,488,737 2,508,303 3,104,092 2,376,681 2,465,284 I
63,926 - 560 16,414 2,441,167 2,481,698 67,136 622,394 532,377 - ( 465,241) 622,394 1,206,672 - ( 1,671,913) 622,394 11,469,951 10,847,557
$ 9.798,038 $11.469,951 g 28
UTILITIES COMMISSION Exhibit A-2 CITY OF NEW SMYRNA BEACH, FLORIDA STATEMENT OF REVENUES AND EXPENSES - BUDGET AND ACTUAL - ELECTRIC SYSTEM For the Fiscal Year Ended September 30, 1985, with Comparative Actual Amounts for the Fiscal Year Ended September 30, 1984 1985 1984 Variance Favorable OPERATING REVENUES: Electric sales $15,560,876 $15,355,438 $(205,438) $13,678,928 Other revenues 169,000 118,233 ( 50,767) 121,459 g TOTAL OPERATING REVENUES 15,729,876 15,473,671 (256,205) 13,800,387 E OPERATING EXPENSES: Power production and fuel 10,800,553 9,982,008 818,545 8,108,726 Transmission and distribution 585,965 738,176 (152,211) 661,525 Customer accounting 547,588 343,777 203,811 310,704 i Administrative and general 1,071,466 1,382,497 (311,031) 1,383,098
- Required payments to the City of New Smyrna Beach 881,042 884,966 ( 3,924) 831,409 State utilities tax Depreciation 153,150 973,204 170,406 ( 17,256) 145,297 g 837,482 135,722 855,679 3 TOTAL OPERATING EXPENSES 15,012,968 14,339,312 673,656 12,296,438 I OPERATING INCOME 716,908 1,134,359 417,451 1,503,949
- ADD: NONOPERATING REVENUES:
l Interest earnings 482.559 318,774 (163,785) 335,648 i Other income 196,000 138,516 ( 57,484) 275,012 TOTAL NONOPERATING REVENUES 678,559 457,290 (221,269) 610,660
) TOTAL INCOME 1,395,467 1,591,649 196,182 2,114,609 LESS: NONOPERATING EXPENSFC- gI l 1,213,965 1,137,684 Interest and debt expense 76,281 1,198,693 3 Other expenses - 63,926 ( 63,926) -
Loss on disposal of fixed assets - 560 ( 560) 16,414 l TOTAL NONOPERATING EXPENSES 1,213,965 1,202,170 11,795 1,215,107 NET INCOME (LOSS) BEFORE INFREQUENT AND EXTRAORDINARY ITEMS 181,502 389,479 207,977 899,502 l l INFREQUENT ITEM: i Loss from sale of steam M l generating plant - 532,377 (532,377) - NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM 181,502 ( 142,898) (324,400) - l EXTRAORDINARY ITEM: l Loss from defcasance of debt - 542,882 (542,882) - W l NET INCOME (LOSS) $ 181.502 $( 685.780) $(867,287) $ 899.502 29
I UTILITIES C0VMISSION CITY OF NEW SMYRNA BEACH, FLORIDA Exhibit A-3 STATEMENT OF REVENUES AND EXPENSES - I BUDGET AND ACTUAL - WATER SYSTEM For the Fiscal Year Ended September 30, 1985, with Comparative Actual Amounts for the Fiscal Year Ended September 30, 1984 1985 1984 Variance I Budget Actual Favorable (Unfavorable) Actual l OPERATING REVENUES: l Metered water sales S 2,548,500 S 2,593,672 $ 45,172 $ 2,410,406 Other revenues 19,500 21,933 2,433 19,610 l TOTAL OPERATING REVENUES 2,568,000 2,615,605 47,605 2,430,016 OPERATING EXPENSES: ll i i3 Water production Transmission and distribution Customer accounting 646,273 245,272 220,589 655,450 254,328 125,141 ( ( 9,177) 9,056) 95,448 577,892 202,637 132,708 l Administrative and general 411,548 533,281 ( 121,741) 484,545 l l 3 Required payments to the City g of New Smyrna Beach 152,400 153,583 ( 1,183) 141,522 Depreciation 693,329 309,663 383,666 288,791 i TOTAL OPERATING EXPENSES 2,369,411 2,031,454 337,957 1,828,095 OPERATING INCOME 198,589 584,151 385,562 601,921 ADD: NONOPERATING REVENUES: Interest earnings 109,904 272,210 382,114 386,742 Other income 22,568 16,322 ( 6,246) 89,942 Gain on disposal of fixed assets - 3,291 3,291 301 TOTAL NONOPERATING j REVENUES 294,778 401,727 106,949 476,985 TOTAL INCOME 493,367 985,878 492,511 1,078,906 LESS: NONOPERATING EXPENSE: Interest and debt expense 84?,097 760,597 81,500 811,580 l i TOTAL NONOPERATING , EXPENSE 842,097 760,597 81,500 811,580 l , NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEF ( 348,730) 225,281 574,011 267,326 EXTRAORDINARY ITEM: Loss from defeasance of debt - 579,323 ( 579,323) - i NET INCOME (LOSS) $( 348,730) $( 354 2 042) $( 5,312) $ 767,126 I
'g 30
UTILITIES COMMISSION Exhibit A-4 CITY OF NEW SMYRNA BEACH, FLORIDA STATEMENT OF REVENUES AND EXPENSES - BUDGET AND ACTUAL - POLLUTION CONTROL SYSTEM For the Fiscal Year Ended September 30, 1985, with Comparative Actual Amounts for the Fiscal Year Ended September 30, 1984 1985 1984 Variance Favorable Budget Actual (Un f avo rab le) Actual OPERATING REVENUES: Pollution control service charges S 1,433,377 S 1,446,702 S 13,325 S 1,291,324 OPERATING EXPENSES: Collection and treatment g 3 system 957,446 876,419 81,027 846,122 Customer accounting 135,441 79,034 56,407 53,509 g Administrative and general 336,384 395,940 ( 59,556) 347,073 Required payments to the 5 City of New Smyrna Beach 86,002 83,972 2,030 74,848 Depreciation 167,663 478,075 ( 310,412) 460,287 TOTAL OPERATING EXPENSES 1,682,936 1,913,440 ( 230,504) 1,781,839 OPERATING INCOME (LOSS) ( 249,559) ( 466,738) ( 217,179) ( 490,515) ADD: NONOPERATING REVENUES: Interest earnings 292,973 390,742 97,769 354,186 Other income 2,277 6,772 4,495 46,906 TOTAL NONOPERATING REVENUES 295,250 397,514 102,264 401,092 TOTAL INCOME (LOSS) 45,691 ( 69,224) ( 114,915) ( 89,423) LESS: NONOPERATING EXPENSES: Interest and debt expense 480,372 478,400 1,972 455,011 l E TOTAL NONOPERATING EXPENSES 480,372 478,400 1,972 455,011 NET INCOME (LOSS) BEFORE EXTARORDINARY ITEM ( 434,681) ( 547,624) ( 112,943) ( 544,434) EXTRAGRDINARY ITEM: Loss from defcasance of debt - 84,467 ( 84,467) - NET INCOME (LOSS) $( 43L 681) $( 632,091) $( 1972 410) $( 544,434) l l l l 31
'I
- I I
i i + SUPPLEMENTARY SCHEDULES 1 Financial schedules are presented to provide greater detailed 1 information than reported in the preceding financial statements. This information in many cases has been spread throughout the report and is brought together here for greater clarity. Financial schedules are not necessary for a ,l fair presentation in conformity with generally accepted i 5 accounting principles. !,I
~
j
- I 11 a
4 il 1
!I._ _ _ _ _ _ _ _ _
t I UTILITIES COMMISSION Schedule 1 CITY OF NEW SMYRNA BEACH, FLORIDA
~
SCHEDULE OF RESTRICTED ASSETS September 30, 1985, With Comparative Totals for September 30, 1984 1985 1984 Combined Combined System System RESTRICTED ASSETS: Debt Service Funds: Cash $ 1,673,195 $ 1,575,851 I Investments Accrued interest 2,619,955 64,728 4,357,878 2,607,753 64,213 4,247,817 I Renewal and Replacement Funds: Cash 3,093,744 536,573 I Investments Accrued interest - 3,093,744 1,000,000 7,347 1,543,920 I Construction Funds: Cash 2,314,408 690.880 Investments - 2,800,000 Accrued interest - 18,875 2,314,408 3,509,755 I Customers' Deposits: Cash 673,636 48,286 Investments - 600,000 Accrued interest - 11,923 673,636 660,209 CR-3 Decommissioning Fund: Cash 68,173 - Investments - - Accrued interst - - 68,173 - TOTAL RESTRICTED ASSETS 110.507.839 $ 9.961.701 I I I 32
!I UTILITIES COMMISSION Schedule 7 CITY OF NEW SMYRNA BEACil, FLORIDA >I j; ELECTRIC SYSTEM SCHEDl!LE OF OPFRATING EXPENSES For the Fiscal Years Fnded September 30, 1985 and 1984 i 1985 1984
- I Power Production and Fuel:
s l Steam Power Generation: E Operation S 21,472 $ 32,002 Maintenance 372 1,708 g ' i Nuclear Power Generation: g Fuel 94,920 167,298 - Operation 329,714 196,164 Maintenance 326,106 327,516 Diesel Power Generation: l Fuel 721,704 766,045 Operation 369,489 326,655 I Maintenance Other Power Supply: Purchased power 38,925 7,861,508 39,494 6,071,278 System control and load dispatching 217,798 180,566 9,982,008 8,108,726 Transmission and Distribution: l Operation 605,569 592,164
" Maintenance 132,607 69,361 738,176 661,525
, Customer Accounting: t Operation 343,777 310,704 Administrative and General: I Ope ra t ion 1,304,279 1,297,555 Maintenance 78,218 85,543 1,382,497 1,383,098 l Required Payments to the City of New Smyrna Beach 884,966 831,409 State Utilities Taxes 170,406 145,297 1 Depreciation 837,482 855,679
- TOTAL OPERATING EXPENSES a 339.312- - - _ -
11_4 1L7,796,438 I 33
UTILITIES COMMISSION Spiedu le 3 , CITY OF NEW SMYRNA BEACH, FLORIDA l i WATER SYSTEM SCHEDULE OF OPERATING EXPENSES i For the Fiscal Years Ended September 30, 1985 and 1984 1985 1984 i Water Production: Source of Supply: i Operation S 44,094 $ 32,147 Maintennnce 11,796 1,528 Pumping: Operation 143,610 157,250 Maintenance 9,700 5,951 Water Treatment: g Operation 414,715 366,091 l Maintenance 31,535 14,925 655,450 577,892 Transmission and Distribution: Operation 221,735 170,210 l Maintenance 32,593 32,427 254,328 202,637 Customer Accounting: Operation 125,141 132,708 ! l Mainistrative and General: Operation 502,504 450,835 Maintenance 30,785 33,710 < 533,289 484,545 Required Payments to the City of New Smyrna Beach 153,583 141,522 Depreciation 309,663 288,791 l TOTAL OPERATING EXPENSES .S 2.031.454 11_,818.095 Il I I I 14
UTILITIES COMMISSION Schedule 4 CITY OF NEW SMYRNA BEACH, FLORIDA POLLUTION CONTROL SYSTEM SCHEDULE OF OPERATING EXPENSES For the Fiscal Years Ended September 30, 1985 and 1984 1985 1984 Collection and Treatment System: Collection Expenses: Operation $ 154,750 $ 137,333 Maintenance 28,502 17,176 'I Pumping Expenses: Operation Maintenance 158,764 10,953 137,549 10,022 . Treatment and Disposal Expenses: Operation 489,213 515,965 Maintenance 34,237 28,077 876,419 846,122 Custoner Accounting:
- Operation 79,034 53,509 Administrative and General
Operation 371,322 332,824 Maintenance 24,618 14,249 395,940 347,073 Required Payments to the City of New Smyrna Beach 83,972 74,848 .; Depreciation 478,075 460,287 TOTAL OPEP\ TING EXPENSES $ 1,913,440 $1.781,839 I I I 35 I
UTILITIES COMMISSION Schedule 5 I CITY OF NEW SMYRNA BEACH, FLORIDA Page 1 of 2 SCHEDULE OF RESTRICTED INVESTMENTS September 30, 1985 Interest Unamortized Total Identification Rates Maturity Par Premiums Book Numbers (%) Dates Value (D is count s) Value Debt Service Funds: Investment in U.S. Treasury Obligations Held by Federal Reserve: - U.S. Treasury Bonds 4200331 7.2193 07-01-98 $ 19,400 $ -
$ 19,400 4200332 7.2193 01-01-99 31,300 -
31,300 g 4200333 7.2193 07-01-99 19,200 - 19,200 3 4200334 7.2193 01-01-00 32,500 - 32,500 4200335 7.2193 07-01-00 20,300 - 20,300 g 4200336 7.2193 01-01-01 35,300 - 35,300 g l 4200337 7.2193 07-01-01 15,600 - 15,600 l 4200338 7.2193 01-01-02 37,300 - 37,300 l 4200339 7.2193 01-01-03 37,900 - 37,900
- 4200340 7.2193 01-01-04 33,600 -
33,600 l 4200341 7.2193 01-01-05 21,300 - 21,300 4200362 7.2193 01-01-95 24,500 - 24,500 4200363 7.2193 07-01-95 16,800 - 16,800 4200364 7.2193 01-01-96 25,700 - 25,700 4200365 7.2193 07-01-96 17,800 - 17,800 4200366 7.2193 01-01-97 27,100 - 27,100 4200367 7.2193 07-01-97 18,400 - 18,400 4200368 7.2193 01-01-98 28,500 - 28,500 4200371 7.2193 01-01-94 22,900 - 22,900 l 4200372 7.2193 07-01-94 15,900 - 15,900 4200377 7.2193 07-01-92 11,900 - 11,900 4200378 7.2193 01-01-93 24,600 - 24,600 4200379 7.2193 07-01-93 12,600 - 12,600 4200383 7.2193 01-01-89 20,300 - 20,300 4200384 7.2193 07-01-89 10,300 - 10,300 4200385 7.2193 01-01-90 21,200 - 21,200 4200386 7.2193 07-01-90 10,900 - 10,900 4200387 7.2193 01-01-91 22,400 - 22,400 4200388 7.2193 07-01-91 11,600 - 11,600 4200389 7.2193 01-01-92 23,200 - 23,200 U.S. Treasury Notes - SLGS 4113687 7.2193 01-01-86 18,200 - 18,200 g 4113688 7.2193 07-01-86 9,500 - 9,500 5 4113689 7.2193 01-01-87 17,900 - 17,900 4113690 7.2193 07-01-87 9,900 - 9,900 4113691 7.2193 01-01-88 19,600 .._ - 19,600 l 4113692 7.2193 07-01-88 9,900~ - - 9,900 W I 36 i
I UTILITIES COMMISSION Schedule 5 CITY OF NEW SMYRNA BEACH, F10RIDA Page 2 of 2 SCHEDULE OF RESTRICTED INVESTMENTS September 30, 1985 Interest Unanortized Total Ident ification Rates Maturity Par Premiums Book Numbers (%) Dates Value (Discounts) Value Debt Service Funds: (continued) Investments in U.S. Treasury Obligations Held by Atlantic National Bank of Florida: U.S. Treasury Notes 13.5000 02-15-86 $ 49,000 $ 41 S 49,041 13,5000 02-15-86 10,000 ( 26) 9,974 I 13.5000 9.3750 8.0000 02-15-86 05-15-86 08-16-86 20,000 750,000 250,000 ( 246 376) ( 3,537) 20,246 249,624 246,463 I?.7500 n2-15-87 200,000 ( 1,920) 198,060 12.7500 02-15-87 15,000 153 15,153 10.2500 03-15-87 545,000 1,853 546,853 11.0000 11-15-87 290,000 531 290,531 - 13.2500 04-15-88 240,000 ( 1,310) 238,690 TOTAL DEBT SERVICE FUNDS ' 624,300
, ( 4,345) 2,619,955 TOTAL RESTRICTED INVESTMENTS M._624,300_ fi_ M 44) g2f l9,955 i
I 'I l l l I . I I 37
UTILITIES COMMISSION Schedule 6 CITY OF NEW SMYRNA BEACH, FLORIDA Page 1 of 2 SCHEDULE OF BONDS PAYABLE September 30, 1985 Interest Final Annual Rates (7.) Issue Maturity Serial And Dates Date Date Payments RENENUE BONDS: Utilities System Revenue Refunding and Improvement Certificates. Series 1978 5.650 (10/1) 07/01/78 10/01/10 $195,000 (85) 5.750 (4/1; 10/1) 200,000 (86) 205,000 (86) 5.900 (4/1; 10/l) 210,000 (87) 215,000 (87) g 6.000 (4/1; 10/l) 220,000 (88) 3 230,000 (88) 6.100 (4/1; 10/1) 235,000 (89) 245,000 (89) 6.200 (4/1; 10/1) 250,000 (90) 260,000 (90) 6.300 (4/1; 10/1) 265,000 (91) 275,000 (91) l m 6.350 (4/1; 10/1) 285,000 (92) 290,000 (92) 6.400 (4/1; 10/l) 300,000 (93) 310,000 (93) 7.000 (4/1; 10/l) 320,000 (94) 330,000 (94) 345,000 (95) 355,000 (95) 370,000 (96) 380,000 (96) 395,000 (97) 410,000 (97) g 425,000 (98) g 435,000 (98) 455,000 (99) 470,000 (99) 485,000 (00) 500,000 (00) 520,000 (01) 540,000 (01) 555,000 (02) 575,000 (02) 595,000 (03) 615,000 (03) I I 38
I l I I Bonds Authorized Issued Retired Outstanding l I ,
$ 32,000,000 $ 25,810,000 $ 1,210,000 $ 24,600,000 I :
I I lI I II ll_ _ _ _ _ n
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA Schedule 6 g Page 2 of 2 m GCHEDULE OF BONDS PAYABLE September 30, 1985 Interest Final Annual Rates (%) Issue Maturity Serial REVENUE BONDS: (continued) , Utilities System Revenue Refunding and Improvement Certificates, Series 1978(Continued) 7.125 (4/1; 10/l) 7/1/78 10/1/10 $ 640,000 (04) 660,000 (04) 685,000 (05) 710,000 (05) 735,000 (06) 760,000 (06) 790,000 (07) 815,000 (07) 845,000 (08)
- 875,000 (08) 905,000 (09) 940,000 (09) 970,000 (10) 1,005,000 (10) j?4.600.000 Utilities System Refunding Revenue Certificates, Series 1985 5.750 (10/1; 4/1) 4/1/85 4/1/11 S 100,000 (86) 6.500 (10/1; 4/l) 100,000 (87) 7.000 (10/1; 4/1) 110,000 (88) 7.250 (10/1; 4/1) 115,000 (89) 7.500 (10/1; 4/1) 125,000 (90) 7.750 (10/1; 4/1) 135,000 (91) 8.000 (10/1; 4/1) 145,000 (92) 8.200 (10/1; 4/1) 155,000 (93) 8.400 (10/1; 4/1) 170,000 (94) 8.600 (10/1; 4/l) 185,000 (95) 8.800 (10/1; 4/1) 200,000 (96) 9.000 (10/1; 4/1) 215,000 (97) 9.100 (10/1; 4/1) 235,000 (98) 9.200 (10/1; 4/l) 260,000 (99) 9.375 (10/1; 4/1) 280,000 (00) 310,000 (01) 335,000 (02) 370,000 (03) l 400,000 (04) l 440,000 (05) 9.500 (10/1; 4/1) 480,000 (06) l 525,000 (07) 575,000 (08) 630,000 (09) 690,000 (10) l 230,000 (11) E 3 2 111 000 I
40 g
Bonds Authorized Issued Retired Outstanding l ,I i I l
$ 7,515,000 $ 7,515,000 $ -
S 7,515,000 l i I l il I I l l
$39.515.000 $31.325,000 1L 710,000 132.115_,000 L i
1
E UTILITIES COMMISSION Schedule 7 CITY OF NEW SMYRNA BEACH, FLORIDA SCHEDULE OF INTEREST EARNINGS For the Fiscal Years Ended September 30, 1985 and 1984 1985 1984 INTEREST EARNINGS BY SOURCE: From Investments: I)' Sinking funds $ 338,519 $ 344,374 Renewal and replacement funds 217,095 76,110 Construction funds 242,300 387,698 i Customers' deposits 58,596 76,713 1 Other 112,178 138,411 . 968,688 1,023,306 ' From Assessments 122,942 53,270 ' TOTAL INTEREST EARNINGS $1.091.630 $1.076.576 m l INTEREST EARNINGS BY SYSTEM: Electric system $ 318,774 S 335,648 Water system 382,114 386,742 Pollution control system 390,742 354,186 TOTAL INTEREST EARNINGS 11_3091.630 $1.076.576 l I l I 1 l l l 1 42
I STATISTICAL SECTION Statistical tables differ from financial statements because they usually cover more than one fiscal year and may present non-accounting data. These tables reflect social and economic data and financial trends of the Utilities Commission, City of New Smyrna Beach. l I I I__ __
UTILITIES COMMISSION Table I I CITY OF NEW SMYRNA BEACH, FLORIDA SCHEDULE OF EXPENSES BY FUNCTION I.AST TEN FISCAL YEARS Operating Expenses Required Transmission, Payments Distribution Administrative to City of Fiscal Total Production and Customer and New Smyrna Year Expenses Expenses Collection Accounting General Beach 1976 $ 6,558,957 $ 3,117,952 $ 543,129 $ 192,683 $ 524,505 $ 375,261 1977 7,430,153 3,462,915 663,209 201,261 691,71? 417,188 1978 8,205,483 3,650,129 802,469 206,113 964,959 440,795 1979 9,367,152 4,207,711 846,639 237,152 894,164 484,199 1980 11,121,048 5,347,656 980,960 259,025 1,213,890 598,205 1981 12,284,939 5,744,288 1,113,301 304,241 1.612,993 705,868 1982 14,921,572 7,297,762 1,409,742 315,595 1,776,286 826,719 1983 16,968,400 8,241,667 1,420,397 400,372 2,079,755 877,629 1984 18,388,070 8,686,618 1,710,284 496,921 2,214,716 1,047,779 1985 20,725,373 10,637,458 1,868,923 547,95? 2,311,726 1,122,521 l d' I 43
i l l Operating Expenses Nonoperating Expenses l State Total Interest Other Total Utilities Operating and Debt Nonoperating Nonoperating Tax Depreciation Expenses Expense Expenses Expenses S 38,220 $ 558,692 $ 5,350,442 $ 1,208,515 $ - $ 1,208,515 1 44,696 699,121 6,180,101 1,250,052 - 1,250,052
- 55,177 852,169 6,971,811 1,233,672 -
1,233,672 54,645 911,124 7,635,634 1,731,518 - 1,731,518 55,155 962,197 9,417,088 1,703,960 - 1,703,960 57,196 1,008,326 10,546,213 1,527,731 210,995 1,738,726 84,350 1,284,052 12,994,506 1,9'7,066 - 1,927,066 i 84,181 1,515,523 14,619,524 2,314,563 34,313 2,348,876 145,297 1,604,757 15,906,372 2,465,284 16,414 2,481,698 l 170,406 1,625,220 18,294,206 2,376,681 64,486 2,441,167 l l
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44
!!TILITIES COMMISS10N Table II CITY OF NEW SMYPNA BEACil, FLORIDA SCHED11LE OF REVENiiES BY SoliRCE j LAST TFN FISCAI. YFARS Oferating Revenues Fiscal Total Electric Water l'ollut ion Cont rol Year Revenues System Sys_ rem System Total
)
1976 S 6,882,200 $ 4,772,120 $ 782,419 $ 724,345 $ 6,278,904 1977 7,828,676 5,387,100 859,666 759,764 7,006,530 1978 7,950,622 5,866,939 884,646 810,419 7.562,024 1979 9,536,222 6,480,125 955,378 f62,521 8,298,224 l 1980 11,457,983 8,128,944 1,143,160 H61,954 10,134,058
- 1981 13,218,442 9,810,442 1,154,658 1,020,688 ll,985,78R 1982 14,937,949 11,152,100 1,456,125 1,111,216 13,719,441 i
1983 16,541,534 12,026,330 1,980,611 1,178,922 15,185,863 1984 19,010,464 13,800,387 2,430,016 1,?91,124 17,521,727 1985 20,792,509 15,473,671 2,615,605 1,446,702 19,535,978 1 1 i l l l l i l l l l l l 45
f Nonoperating Revenues Interest Other I Earnings S 590,153 Income
$ 13,143 Total
$ 603,296 435,660 386,486 822,146 362,467 26,131 388,598 j 1,073,772 164,226 1,237,998 1,153,818 170,107 1,323,925 1,010,548 222,106 1,232,654 1,111,615 106,893 1,218,508 1,144,035 211,636 1,355,671 1,076,576 412,161 1,488,737 1,091,630 164,901 1,256,531 I
I 46
UTILITIES COMMISSION Table III I CITY OF NEW SMYRNA BEACll, FLORIDA SCHEDULE OF REVENUE CERTIFICATE COVERAGE Last Ten Fiscal Years (000's Omitted) Gross Net Revenue Expenses Revenue Annual Debt Net Per Per Available Service Requirements Less Debt Fiscal Certificate Certificate For Debt Funded Service Coverage Year Resolution Resolution Service Principal Interest Total Interest Payments Ratio 1976 $ 6,677 $ 4,416 $2,261 S348 $1,014 $1,362 $- $1,362 1.66x 1977 7,869 5,064 2,805 334 877 1,211 - 1,211 2.32x 1978 7,973 (1) 5,679 (2) 2,294 355 1,217 1,572 21 1,551 1.48x 1979 9,027 (1) 6,240 (2) 2,787 - 1,766 1,766 485 1,281 2.18x 1980 10,958 (1) 7,857 (2) 3,101 - 1,766 1,766 166 1,600 1.94x 1981 12,960 (1) 8,832 (2) 4,128 - 1,766 1,766 85 1,681 2.46x 1982 15,342 (1) 10,883 (2) 4,459 325 2,031 2,356 269 2,087 2.14x 1983 16,733 (1) 12,226 (2) 4,507 345 2,526 2,871 351 2,520 1.79x 1984 20,030 (1) 13,254 (2) 6,776 350 2,507 2,857 - 2,857 2.37x 1985 21,565 (1) 15,536 (2) 6,028 365 2,430(3) 2,795 - 2,795 2.16x (1) Includes operating revenues, miscellaneous income including interest income (except on construction fund investments), penalty charges, special assessment collections, connection fees and rentals. l (2) Includes current expenses paid and accrued of operation, maintenaace and repair of the system except for reautred payments to the City and I depreciation expense, l I (3) Includes interest on Utilities System Revenue Improvement Certificates, Series 1982, through May 9, 1985. Includes interest on Utilities System Refunding Revenue Certificates, Series 1985, after May 9, 1985. 47 I
I UTILITIES COMMISSION Table IV CITY OF NEW SMYRNA BEACil, FLORIDA DEPOCRAPHIC STATISTICS ! LAST TEN FISCAL YEARS New Smyrna Beach's Per County School (5) Fiscal Estimated Capita Unemployment Percent Year Population (l) Income (2) Rate (4) Enrollment Attendance
- 1976 14,987 $ 5,3?8 11.8 3,553 46 5 1977 15,682 5,847 9.9 3,502 96 1978 10,128 6,516 6.7 3,455 96 i
1979 16,500 7,277 7.6 3,412 96 1980 13,310 (6) 8,139 6.5 3,391 96 l 1981 13,634 9,057 4.8 3,375 96 l 1982 13,653 9,734 (4) 6.8 3,318 97 l 1983 13,829 10,220 (3) 6.7 3,665 97 l 1984 14,104 10,629 (3) 5.2 3,710 97 ! 1985 14,697 (7) 11,593 4.4 3,862 97 (1) Obtained from University of Florida. Bureau of Economics and Business Research. (2) Obtained from U.S. Department of Commerce, Bureau of Economic Analysis. ' (3) Estimated, actual amounts not available. (4) State of Florida, Departnent of Labor and Employment Security. (5) Volusia County School Board - includes grades E-12, Coronado Beach i Elementary, Faulkner Street Elementary, New Smyrna Beach .lunior and Senior liigh, Read-Pattillo Elementary and Sacred licart , a private school. (6) Beginning with 1980, New Smyrna Beach's Estimated Population reflects only the estimated number of permanent residents based on the 1980 census data complied by the U.S. Departnent of Commerce, Bureau of the Census. Prior to 1980, the Estimated Population included residents of New Smyrna Beach who were not considered permanent residents for census purposes. (7) Estimated population obtained from the Planning and Zoning Department of the City of New Smyrna Beach. I 48
UTILITIES COMMISSION Table V CITY OF NEW SMYRNA BEACH, FLORIDA PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS (1) LAST TEN FISCAL YEARS Savings II - Const ru ct ion and Number Value Bank Loan Fiscal Of Of Deposits Deposits Assessed Year Permits Construction (000's) (000's) Value 1976 425 $ 5,676,610 $ 54,838 S 45,428 $188,331,404 1977 566 11,312,965 63,473 102,970 199,621,346 1978 582 10,405,696 71,334 122,525 214,43),769 1979 552 22,521,582 84,663 142,396 225,695,148 l 1980 582 21,103,303 93,460 167,018 246,627,345 1 1981 539 25,229,289 100,676 182,271 315,992,191 1982 550 11,111,417 104,324 192,305 421,495,317 i
; 1983 718 23,730,247 123,924 222,419 479,806,754 l 1984 937 35,666,534 144,154 260,142 550,410,029 l l
1985 2006 32,782,563 166,126 267,464 632,540,204 l t Sources- I ! Construction - City of New Smyrna Beach, Florida Building Departnent Deposits - Confirmed directly by banks and saving9 and loan associations I Assessed value - Volusia County, Florida Finance Department (1) The above data is related exclusively to area within the municipal limits of the City of New Smyrna Beach, Florida I II: l l l l l 49
r I UTILITIES COMMISSION Table VI CITY OF NEW SMYRNA BEACH, FLORIDA Page 1 of 2 SCHEDULE OF INSURANCE IN FORCE September 30, 1985 Coverage and Policy Policy Liability Insuring Company Number Period Details of Coverage Limits Special Multi-Peril Fireman's Fund 248MXX64800704 10-01-84 Property: building $14,861,165 all 11-01-85 and contents - risk with I blanket Accounts receivable
$10,000 deductible
$850,000 all risk with $500 deductible Valuable papers $100,000 all I
risk with $500 deductible Blanket crime $100,000 with
$1,000 de-ductible Liability: $500,000cs1 Comprehensive I General liability:
Broad form CGL Employee benefit linbility I Electronic data processing: Equipment $150,000 Data and Media $ 5,000 Extra Expense $ 5,000 Scheduled Property Floater Fireman's Fund 248MXX64800704 10-01-84 Contractors equipment $175,510 with 11-01-85 and mobile equipment $500 deductible Commercial Umbrella Liability Integrity Insurance ISX117028 10-01-84 Commercial umbrella $3,000,000 with 12-01-85 $10,000 scif-I insured retention lI 'I 50
. - - - - _ _ - ~ - _ _ _ _ _
UTILITIES COMMISSION Table VI CITY OF NEW SMYRNA BEACH, FLORIDA Page 2 of 2 g SCHEDULE OF INSURANCE IN FORCE September 30, 1985 E Coverage and Policy Policy Liability Insuring Conpany Namber Period Details of Coverage Limits Business Auto Policy Firenan's Fund 248MXX64800704 10-01-84 Uninsured Motorist $100,000 11-01-85 Liability and personal injury $500,000 Comprehensive Actual cash value Collision $500 deductible Boiler & Machinery Chubb Insurance 78274432 9-30-82 Breakdown due to $5,000,000 with 9-30-85 accideat $10,000 deductible Workmen's Compensation Florida Municipal Self- 109 10-01-84 Statutory coverage Statutory Insurers' Fund 10-01-85 Employers liability $100,000 Nuclear Energy Danage American Nuclear Insurers 1807 & 10-09-84 Primary property $500 million and Mutual Atonic Energy TA1566 10-09-85 Liability Underwriters American Nucient Insurers, X8448, 11-15-84 Excess property $595 million Mutual Atomic Energy XTA1567 11-15-85 Liability Underwriters and and Nuclear Electric X84-015 Insurance Limited American Nuclear Insurers NF195 12-31-84 Primary liability $160 million and Mutual Atomic Energy & MF-91 12-31-85 Liability Underwriters American Nuclear Insurers NS-347 12-31-84 Suppliers and $160 million and Mutual Atomic Energy and 12-31-85 transporters Liability Underwriters MS-65 liability Public Officials and Enpinyee Linbility I Pacific Insurance 019607 7-22-84 Public officials and $1,000,000 Company 1-01-86 employee liability with $2,500 deductible cach insured g l and $5,000 g aggregate per loss 51 i
UTILITIES COMMISSION Table VII CITY OF NFW SMYRNA BEACH, FLORIDA TEN LARGEST WATER CUSTOMERS September 30, 1985 Consumption Revenues Billed Gallons Percent of Percent of (000's) Total Amount Total Pelican Association 20,552 2.07% $ 28,764 1.11% Broadway, LTD 16,635 1.67 18,132 0.70 Islander Beach Lodge 15,642 1.57 23,086 0.89 Oceanview Towers Condominium 12,808 1.29 22,987 0.89 Brandywine Enterprises 10,988 1.10 14,066 0.54 Oceanview Restorium 10,188 1.02 13,273 0.51 Sandpiper Owner's Association 9,219 0.93 17,020 0.66 Fish Memorial Hospital 8,825 0.89 12,365 0.48 Errol by the Sea Condominium 7,812 0.79 15,177 0.58 Rinkers Material 7,340 0.74 8,821 0.34 120.009 12.07% S173.691 6.70% I I I I ,2
l UTILITIES COMMISSION Table VIII E CITY OF NEW SMYRNA BEACH, FLORIDA TEN OF THE LARGEST EI.ECTRIC CUSTOMERS AND THEIR TOTAL KILOWATT HOURS PURCHASFD September 30, 1985 Kilowatt Hour Sales Revenues Billed Percent of Percent of Ancunt(kWh) Total Amount Total Fish Memorial Hospital 3,168,880 1.85% $ 249,094 1.62% Publix Supermarket 2,871,360 1.68 224,473 1.46 Utilities Commission Water Pollution Control Plant 2,387,200 1.40 185,541 1.21 Islander Beach Lodge 1,966,080 1.15 159,380 1.03
- New Smyrna Beach Junior i High School 1,913,960 1.12 169,956 1.1I Winn Dixie Store #2302 1,913,760 1.12 148,529 0.96 I
Super X Drug Store 1,698,240 0.99 132,009 0.86 Food Fair Supermarket 1,546,200 0.90 119,603 0.78 Specialized Ice 1,448,448 0.84 117,713 0.77 l Winn Dixie Store #2204 1,427,520 0.84 109,911 0.72 1 i a a ab a . l l l l 1 I , l' l I 5, I
UTILITIES COMMISSION Table IX CITY OF NEW SMYRNA BEACll, FLORIDA Page 1 of 5 GENERAL UTILITIES COMMISSION INFORMATION I THE COMMISSION The Commission was established in 1965 and chartered in 1967 through the passage of Chapter 67-1754, Laws of Florida, (The Enabling Act) which amended
- the Charter of the City of New Smyrna Beach, Florida. Approved by referendum j vote of the citizens of New Smyrna Beach on October 24, 1967, the Enabling j Act created the Utilities Commission as an appointive body with full and j exclusive authority to the extent permitted by law over the management,
- operation and control of the City's utilities.
l The Commission consists of five members who are appointed by the City Commission. Members are paid a salary of $100 each month. Officers of the
,g Commission consist of a chairman, vice-chairman, secretary-treasurer and
'3 assistant secretary-treasurer elected by and from the membership which also appoints a birector of Utilities. The Commission has the duty to fix rates and the power to sell revenue certificates. All revenue certificates by the Commission are obligations of the Commission. The Commission has no power to l pledge the full faith and credit of the City of New Smyrna Beach. i In a referendum held October 2, 1984, the voters of the City of New Smyrna 'lm Beach approved amendments to the City Charter. The amendments limit a Commissioner's term to three years instead of five with no more than three consecutive terms, require City Commission approval for extensions of utility ! services outside the city limits, give the City Commission the right to review and approve the Commission budget, and require City Commission i approval before issuing or refunding revenue certificates and entering into contracts exceeding four years. The following information describes the five current members of the Utilities Commission and the Director of l'tilities. James A. Pence, Chairman (term expires September, 1986) Mr. Pence has over thirty years experience in the public utilities field with a nationwide telecommunications common carrier, Western Union. lie is a former chairman of the Republican Party in Volusia County, and is currently employed by a full service real estate firm. Mr. Pence was first appointed to the Commission in 1976 and served as Chairman from Septenber 1980 to September 1051. John J.11111, Vice Chairnan (term expires September, 1987) Mr.11111, a native of New Smyrna Beach, holds a Bachelor of Science degree in Electrical Engineering from Georgia Tech and is a Senior Merrber of the Institute of Electrical and Electronic Engineers. lie was associated with the Westinghouse Electric Corporation for forty-one years in various management 54 ,
UTILITIES COMMISSION Table IX I i CITY OF NEW SMYRNA BEACH FLORIDA Page 2 of 5 g CENERAL UTILITIES COMMISSION INFORMATION g John J. Hill, Vice Chairman (continued) i positions dealing primarily with investor-owned and consumer-owned electric l utilities. He served five years in the U.S. Army Signal Corps during Wo rld War II, attaining the rank of Lieutenant-Colonel as a Battalion Commander. He ! is a member of the Policy Board's Advisory Council of the American Public j Power Association (APPA). Mr. Hill was appointed to the Commission in i September, 1982. l H. J. Van Auken, Secretary-Treasurer (term expires September,1988) l E l ( Mr. Van Auken was employed by CTE Sylvania for thirty-five years before I retiring in New Smyrna Beach in 1976. As Plant Services Engineer, he was responsible for electric, water, waste treatment, gas and bulk chemicals services at a GTE Sylvania facility in Pennsylvania. His responsibilities included financial as well as engineering and operational management of these plant services and administration of a $20 million annual budget. After his retirement, Mr. Van Auken managed a local New Smyrna Beach business for three and one-half years before his appointment to the Commission in September, 1983. Dallas D. Alsup, Assistant Secretary-Treasurer (term expires September, 1989) l l Mr. Alsup has over twenty years of electric utility experience in the areas of operations, accounting and management as an employee of Consumers Power Company in Michigan. He is a graduate of Kansas State College (now Kansas l E State University) and a World War II Army veteran with over five years l service and five Battle Stars. Mr. Alsup has lived in New Smyrna Beach since j 1976 and was appointed to the Commission in September, 1984. l Jeanne K. Dienen, Commissioner (term expire- September, 1988) Ms. Diesen has a Phd. in Educational Administration, Foundations of Education from the University of Florida. She is present1v the Director for tbc i off-campus center (South Volusia Center) of Daytona Beach Community College. l She was formerly a Research Analyst for the University of Florida, served as E an editorial assistant for the Journal of Educational Finance, and also as the Area Coo rd ina t o r for Daytona Beach Community College. Ms. Diesen was g appointed to the Commission in September, 1985. g
)
- R. Ronald Hagen, Director of Utilities Mr. Hagen has over twenty-six years of progressively responsible municipal utility management experience, including twenty years with the Jacksonville Elec tric Authority (JEA) and over six years with the Utilities Continston, g He has a degree from Jacksonville University and has substantially broadened E his background through attendance and presentation of papern at industry seminars and conferences. During his tenure with the City of Jacksonville I and the JEA, he headed the Statistical and Accounting Department and was Division Chief of the Budget and Cost Division and Director of Construction and Maintenance. Later he served as Director of Custoner Service, a position l
55 I
e I UTILITIES COMMISSION Table IX CITY OF NEW SMYRNA BEACH, FLORIDA, Page 3 of 5 GENERAL UTILITIES COMMISSION INFORMATION R. Ronald Hagen, Director of Utilities (continued) j i he held until his retirement in 1976. In 1978 he was employed to fill the l newly created position of Controller for the Utilities Commission. Mr. Hagen was appointed Director of Utilities in June, 1982. THE UTILITIES SYSTEM I The municipal utilities system has been servirg residents of New Smyrna Beach since before 1920. Today the Commission serves over 12,000 electric customers, over 7,000 water customers and over 6,000 sewer customers. The I electric utility is one of 33 municipal systems in Florida which together . serve more than 750,000 customers. [ l Electric System , The Commission currently provides electric service to most incorporated areas 'Eg f the City. The Commission's distribution lines also extend west from the City limits to serve unincorporated areas. ; 1 l l Generation Resources !
- l i The system's power and energy requirements are met with a combination of self-generation and purchased power.
The Commission's generating facilities include the W.E. Swoope Generating Station which consists of three diesel engine generators with a corhined
- g nameplate rating of 5,235 kU; the Diesel Plant located on Smith Street which consists of four diesel engine generators with a combined nameplate capacity lg of 4,740 kW nnd three 2,000 kW quick-start remotely controlled peaking units; the North Causeway Plant 750 kW diesel peaking unit; and the Glencoe Road Plant 750 kW diesel peaking unit.
l l The Commission owns a 0.5608"' undivided interest in Florida Power
- l Corporation's(FPC) Crystal River No. 3 Nuclear Unit (CR-3), with a maximun 1 E nameplate capacity of 4,991 kW available to the Commission. FPC operates l CR-3 on hehalf of itself , the Commission and ten other participants pursuant I
'g to a participation agreemert. CR-3 is used as a primary base load resource l g of the Commission's electric system. l The Commission's total innta11ed naneplate generation capacity, including CK-3, is 22,466 kW, which provided approximately 17% of the Commission's j total enerrv requirements during Fiscal Year 1985. I Purchases from Florida Power and Iight Corpany (FPL), Orlando Utilities Commission (OUC), Florida Municipal Power Agency (FMPA) and economy purchases under the Energy Broker svstem have provided the remainder for the ' Cormission's power and energy requirements. I The Conn!nalon has executed interchange agreenentn prov? ding for the purchase and sale of economy energy with FPL and fifteen other investor owned and municipal utilities in Florida, and also has an agreement with OUC for the purchase of approxinately 7 MW of firm power.
,6
UTILITIES COMMISSION Table IX CITY OF NEW SMYRNA BEACH, FLORIDA Page 4 of 5 CENERAL UTILITIES COMMISSION INFORMATION St. Lucie Nuclent Project The Commission's electric system is currently one of twenty-five individual municipal electric systems within the state which are members of the Florida Municipal Power Agency (FMPA). FMPA is a joint action power agency which was formed to provide bulk electric power to its members through joint j cooperation with other electric utilities in Florida. The Commission has agreed to purchase 9.884 percent or approximately 7 megawatts, of FMPA's i entitlement share in the St. Lucie Project. The Commisalon also has a )
; reliability exchange agreement through the FMPA to exchange 507, of its output )
j from St. Lucie No. 2 for a like amount from St. Lucie No. 1. ' i Energy Control Center l The Commission has operated an Energy Control Center since April, 1977, which is staffed around the clock by power coordinators who schedule the economic loading of its generating resources and the interchange of power over the ) interconnt etion with FPL. Telemetering of tie line enere,y is provided along with " hot line" voice communication and teletype circuits to all major power E system control centers in Florida. EI i Transmission and Distribution Facilities The Commission's transmission f acilities consist of three major I installations: the 115 kV/23 kV Smyrna and Field Street Substations and the
]
115 kV transmission line between the two. The distribution system is supplied from The Swoope Station and The Diesel Plant as well as from the Smyrna and Field Street Substations. There are eight 23 kV/4 kV substations j on the Commission's distribution systen. Energy is delivered to customers by i a network of 23 kV and 4 kV lines. A nunber of residential developments are now being served by underground electric facilities. WATER SYSTEM i The current service area of the Commission's water system is an area of approximately 15 square miles, most of which is located within the City. The Commission also provides water service to the unincorporated aceth henchside area. ' l i
- The raw water supply is derived from twelve wells drawing from the Floridan l Aquifer. Seven wells, with a total capacity of 5.3 million gallons per day j (MCD) are located at the Glencoe Road Water Treatnent Plant site. During FY 1982, five additional wells were constructed and put in operation. These i additional wells are located reven miler west of the Glencoe Treatnent Plant l and are over ten miles inland to n i t i c.a t e salt water intrusion. The E i additional five wells increased total cap irity from 5.3 MGD to 9.4 MCD. E
\ 4 57 f I
I UTILITIES COMMISSION Table TX CITY OF NEW SMYRNA BEACH, FLORIDA Page 5 of 5 l GENERAL UTILITIES COMMISSION INFORMATION j Water System (continued) l The raw water supply is projected to be suffleient through 1995. The Commission has implemented both a salt water intrusion monitoring progran and a water supply management program to ensure the continued cost effective use of existing facilities, j Raw water is treated at the Glencoe Plant, which provides complete water I treatment, including aeration, softening, pH adjustment, filtration, and disinfection. The facility has a capacity of 6.2 MCD, and was designed for future expansion. Since its completion in 1977, this plant has received I numerous top honors fron the Florida Department of Environmental Regulation. I The storage, transmission and distribution system includes 4.62 million ' gallons of storage capacity, three pumping stations, and approximately 133 miles of transmission lines. f i i POLLUTION CONTROL SYSTEM l l- The present service area of the Comuission's pollution control system includes approximately ten square miles, located primarily within the City -l limits. Major system facilities include the Pollution Control Plant and the l collection system. l ! The Pollution Control Plant, located on the North Causeway, was originally constructed in 1964 as a 1.2 million gallon per day (MGD) plant. In 1981, the plant was expanded to a capacity of 4.0 MGD. The expanded facility utilizes the oxygenation activated sludge process whereby pure oxygen is used I for biological stabilization of sewage waste. This process was designed to provide nore than three times the previous treatment capacity and produce better quality effluent, with fewer plant additions and lower capital investment than a more conventional process would require. The collection system includes approximately 120 miles of associated gravity sewers and force mains. There are presently nore than 42 wastewater lift stations in service. In the past few years substantial improvements have been made in order to I expand availability of service, improve operation and curb infiltration and inflow seurces. In 1981, sanitary sewer service was extended to five previously unsevered areas within the City. A major collection system extension into the unincorporated south beachside area was completed in 1984 I to replace package treatment plants used by condominiums along the south beach. I I 58
I I I SUPPLEMENTAL INFORMATION I I , I ; I l I I lI I : I l I I I , I
I Brent Millikan & Company, P. A. CERTIFIED PUBLIC ACCOUNT ANTS i l I P O BOu 1226 20$ M AGNOll A $T RE E T T E L E P H O'.E 190 4l 4 2 7 13 3 3
- 25 2 3 6 21 NEW SMYRN A BE ACH, FLORID A 32070-1226 M E M BE RS OF UEMBER OF I AM ERIC AN INSTIT UT E OF CE RTIFIE D PUBLIC 4CCOUN T AN TS PRIV ATE Coup ANTE S Auf A sC AN AN D F L ORID A INSTITu f E S OF C E R TIFIE D DUB LIC A C C OUN T A N T S PR ACTiCE SE C TION I
Utilities Commission, City of New Smyrna Beach New Smyrna Beach, Florida AUDITORS' REPORT ON SUPPLEMENTAL INFORMATION Our examinations were made for the purpose of forming an opinion on the basic financial statements of the Utilities Commission, City of New Smyrna I Beach taken as a whole for the years ended September 30, which are presented in pages 1-26 of this report. The supplemental information presented hereinafter is presented for purposes of additional 1985 and 1984, I analysis and is not a required part of the basic financial statements. Such information for the years ended September 30, 1985, 1984, 1982 has been subjected to the auditing procedures applied 1983, and in the examinations of the basic financial statements, and, in our opinion, is fairly stated in all material respects in reintion to the basic financini statements taken as a whole. The supplemental information on pages 61-78 pertaining to the year ended September 30, 1981 has been subjected to the auditing procedures applied in the examination of the basic financial statements, and, in our opinion, I except for the effects of not accounting for accrued compensated ahcences and for the change in accounting for the capitalization of utility nlant acquisitions and retirements as explained in the following paragraph, such information is fairly stated in all material respects in relation to the basic financial statements taken as a whole after restatement for the change, with which we concur, in the method of accounting for contributed capital as deceribed in the second following paragraph. The supplemental information referred to above pertaining to tha vear ended September 30, 1981 does not reficct the effects of the change in I accounting for accrued compensated absences and the change in accounting for the capitalization of utility plant acauisitions and retire-ents. The cumulative effect of the change in accounting for accumulated unpaid employee compensatory benefits resulted in a decrease in retained earnings I of $167,171 for the years ended prior to September cumulative effect of the change in accounting for the capitalization of 30, 1082. The physical utility plant acquisitions and retirements pursuant to a inventory and cost revaluation at September 30, 1982 resulted in an increase in retained earnings of $1,178,613 for the years ended prior to September 30, 1982. I 59 I 1
Utilities Commission, City of New Smyrna Beach Page Two I The supplemental information referred to in the second preceding paragraph pertaining to the year ended September 30, 1981 has been restated for the effect of the change in accounting for contributed capital as a component of fund equity rather than as an amortized reduction of utility plant as I was previously reported. utility equity originally reported increased $7,821,742 for 1981. Net As a result of this change, the amount of income increased $46,160 for the effect of the amortization of contributed capital previously recorded as a reduction of depreciation expense.
~~
New Smyrna Beach, Florida I January 4, 1986 Certified Public Accountants I , I I I I I 60
liTILITIES COvMISSION l CITY OF NTW SMYRNA BEACH, FLORIDA Page 1 of 2 5 COMPARATIVE BALANCE SHEETS September 30, 1985, 1984, 1983, 1982, and 1981 ASS ETS 1985 1984 UTILITY PLANT: In Service: l Electric system $28,647,262 $29,655,705 E Water system 13,321,248 12,396,688 Pollution Control system 17,368,078 16,472,265 g 59,336,588 58,524,658 g Less: Allowance for depreciation and acortization 17,575,992 17,394,821 41,760,596 41,129,837 Construction work in progress 1,656,018 2,306,190 UTILITY PLANT-NET 43,416,614 43,436,027 RESTRICTED ASSETS: Debt Se rvice funds 4,357,878 4,247,817 Renewal and Replacement funds: g Renewal and Replacement fund 1,937,957 1,543,920 Water and Pollution Control Connection Fee fund 1,155,787 - E Construction funds 2,314,408 3,509,755 Customers' deposits 673,636 660,209 l CR 3 decommissioning fund 68,173 - W TOTAL RESTRICTED ASSETS 10,507,839 9,961,701 CURRENT ASSETS: Cash 976,264 1,491,270 Investment - 500,000 Accrued interest receivable 63,730 76,277 Accounts receivabic (net of allowances of $70,755
$66,570, $80,016, $87,063, and $92,219 for doubtful accounts) 1,006,914 947,311 Unbilled accounts receivable 1,456,396 1,217,672 Due from the City of New Smyrna Bench 99,170 27,922 g Due from other governments 62,504 49,866 g Inventories 1,041,736 834,737 Prepaid expenses and other assets 116,109 194,220 Assessments receivable 138,310 166,662 TOTAL CURRENT ASSETS 4,961,133 5,505,937 DEFERRED CHARGES AND OTHER ASSETS:
Unamortized debt expense 555,240 463,785 Deferred charges and other assets 26,633 27,293 E Loan to the City Library fund - noncurrent - - g Assessments receivable - noncurrent 476,659 655,214 TOTAL DEFERREn CHARGES AND OTHER ASSETS 1,058,532 1,146,792 TOTAL ASSETS $59,944,118 $60,049,957 l et ll
i 1983 1982 1981
$26,900,862 $25,980,911 $20,753,941 11,006,185 10,643,745 7,759,279 15,942,561 15,853,717 4,912,724 I 53,849,608 15,734,884 38,114,724 52,478,373 14,189,128 38,289,245 33,425,944 10,624,255 22,801,689 4,339,379 2,583,248 12,668,185 42,454,103 40,872,493 35,469,874 I 4,165,204 2,692.583 2,192,090 464,709 358,492 282,838 4,462,844 7,143,247 3,384,921 882,734 779,964 648,912 9,975,491 10,974,286 6,508,761 1,166,384 413,496 559,037 I 300,000 84,832 500,000 95,065 23,643 918,522 886,136 891,891 978,002 521,489 655,747 8,000 4,000 4,000 I 35,941 968,785 46,069 34,646 972,909 31,105 538,979 929,545 67,889 190,661 145,411 22,171 4,697,196 3,604,257 3,692,902 I 468,957 461,484 333,836 46,745 46,169 54,703 I 4,000 852,338 8,000 1,138,843 12,000 72,965 1,372,040 1,654,496 473,504 $58,498,830 $57,105,532 $46,145,041 I
62 1
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA Page 2 of 2 Comparative Balance Sheets September 30, 1985, 1984, 1983, 1982 and 1981 , l LIABILITIES AND UTII,ITY EQUITY 1985 1984 l UTILITY EOUITY: l W l Contributed capital $14,580,916 $13,591,323
- Retained Earnings
- g j Reserved for net restricted assets 7,896,516 7,425,519 3 Unreserved 1,901,522 4,044,432 i 9,798,038 11,469,951 ,
TOTAL UTILITY EQUITY 24,378,954 25,061,274 l LONG-TERM DEBT: g Revenue certificates payable (net of E current portion) 31,415,000 30,595,000 Less: Unamortized debt discount 722,938 702,283 TOTAL LONG-TERM DEBT 30,692,062 29,892,717 DEFERRED CREDITS AND OPERATING RESERVES: l Deferred compensated absences 257,951 244,784 " Reserve for nuclear re-fueling and maintenance outage 14,933 133,652 g l Reserve for nuclear plant decommissioning costs 68,173 36,000 3 ! TOTAL DEFERRED CREDITS AND OPERATING RESERVES 341,057 414,436 CURRENT LIABILITIES (Payable from current assets): Accounts payable 1,152,989 861,238 Accrued liabilities 480,477 414,801 Due to other governments 287,256 156,082 Energy cost adjustments payable - 567,755 Nuclear fuel disposal fees payable - 145,472 1,920,722 2,145,348 CURRENT LIABILITIES (Payable from restricted assets): Accounts payable 163,858 163,381 Customers' deposits 556,411 561,969 Revenue certificates payable (current portion) 700,000 560,000 Accrued interest payable 1,191,054 1,250,832 2.611,323 2,536,182 l m TOTAL CURRENT LIABILITIES 4,532,045 4,681,530 TOTAL LIABILITIES 35,565,164 34,988,683 I TOTAL LIABILITIES AND UTILITY EOUITY $59,944,118 $60,049,957 63
I 1983 1982 1981 I $12,153,981 $11,200,933 S 7,964,261 6,965,904 8,176,177 4,772,022 3,881,653 3,098,246 5,474,582 10,847,557 11,274,423 10,246,604 23,001,538 22,475,356 18,210,865 I 30,975,000 31,330,000 25,485,000 710,331 718,153 554,915 30,264,669 30,611,847 24,930,085 I 216,863 181,831 - I 21,731 31,402 - 238,594 213,233 - 1,368,524 599,029 641,374 I 381,431 234,487 282,153 125,805 193,822 107,156 1,984,442 1,006,987 942,352 409,014 1,743,847 1,147,324 810,116 709,267 589,415 530,000 345,000 325,000 I 1,260,457 3,009,587 2,798,109 2,061,739 4,994,029 3,805,096 3,004,091 35,497,292 34,630,176 27,934,176 I I * "'*' ' ' I 64
UTILITIES COMMISSION l CITY OF NEW SMYRNA BEACH, FLORIDA Page 1 of 2 M STATEMENT OF REVENUES , EXPENSES AND CilANGES IN El:TAINED EARNINGS For the Fiscal Years Ended September 30, 1985, 1984, 1983, 1982, and 1981 1985 1984 OPERATING REVENUES: Sales $19,395,812 $17,380,658 Other revenues 140,166 141,069 TOTAL OPERATING REVENUES 19,535,978 17,521,727 OPERATING EXPENSES: Production expenses 10,637,458 8,686,618 Transmission, distribution and sewage collection 1,868,923 1,710,284 Customer accounting 547,952 496,921 Administrative and general 2,311,726 2,214,716 Required payments to the g City of New Smyrna Beach 1,122,521 1,047,779 g State utilities tax 170,406 145,297 Depreciation 1,625,220 1,604,757 TOTAL OPERATING EXPENSES 18,284,206 15,906,372 I OPERATING INCOME 1,251,772 1,615,355 ADD: NONOPERATING REVENUE: Interest earnings 1,091,630 1,076,576 g Other incone 161,610 411,860 g Gain on disposal of fixed assets 3,291 301 TOTAL NONOPErATING REVENUE 1,256,531 1,488,737 TOTAL INCOME 2,508,303 3,104,092 LESS: NONOPERATING EXPENSES: Interest and debt expense 2,376,681 2,465,284 Other expenses 63,926 - Loss on disposal of fixed assets 560 16,414 TOTAL NONOPERATING EXPENSE 2,441,161 2,481,698 NET INCOME (LOSS) BEFORE INFREQUENT AND EXTRAORDINARY ITEMS 67,136 622,394 INFREQUENT ITEM: Loss from sale of steam generating plant 532,377 - NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM ( 465,241) - EXTRA 0RDINARY ITEM: l Loss from defeasance of debt 1,206,672 - E NFT INCOME (LOSS) S(1,671,913) S 622,394 65 I
I 1983 1982 1981
$15,061,672 $13,644,748 $11,894,457 124,191 74,693 91,331 15,185,863 13,719,441 11,985,788 8,241,667 7,297,762 5,744,288 1,420,397 1,409,742 1,113,301 400,372 315,595 304,241 2,079,755 1,776,286 1,612,993 877,629 826,719 705,868 84,181 84,350 57,196 1,515,523 1,284,052 1,054,506 14,619,524 12,994,506 10,592,393 I
566,339 724,935 1,393,395 1,144,035 1,111,615 1,010,548 I 211,636 100,499 6,394 222,106 1,355,671 1,218,508 1,232,654 1,922,010 1,943,443 2,626,049 I 2,314,563 1,927,066 1,527,731 34,313 - 210,995 2,348,876 1,927,066 1,738,726 I ( 426,866) 16,377 887,323
$( 426,866) $ 16,377 $ 887,323 I
66 J
UTILITES COMMISSION CITY OF NEW SMYRNA BEAC1!, FLORIDA Page ? of 2 Statement of Revenues, Expenses, and Changes in Retained Earnings For the Fiscal Years Ended September 30, 1985, 1984, 1983, 1982, 1981 l E 1985 1984 RETAINED EARNINGS - BEGINNINC OF YEAR AS PREVIOUSLY REPORTED l PRIOR PERIOD ADJUSTMENTS: Resulting from a physical inventory and revaluation of utility plant Resulting from a change in accounting for sick leave RETAINED EARNINGS - BEGINNING OF YEAR - AS RESTATED $ 11,469,951 $ 10,847,557 NET INCOME (I.0SS) ( 1,671,913) 622,394 RETAINED EARNINGS - END OF YEAR $ 9.798.038 S 11.469.951 I I I I l I I I I I l I I 67 l l
r 1983 1982 1981 i I $10,246,604 I 1,178,613 I 167,171) ( S 11,274,423 11,258,046 $ 9,359,281 l ( 426,866) 16,377 887,323
$ 10.847.557 $11.274.423 310.246.604 lE l
I I !I l lI 68
f UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA Page 1 of 2 STATEMENT OF CHANGES IN FINANCIAL POSITION l For the Fiscal Years Ended September 30, 1985, 1984, 1983, 1982, and 1981 W 1985 1984 SOURCES OF WORKING CAPITAL: Operations: Net income (loss) before extraordinary item $( 465,241) $ 622,394 Items not requi ing working capital: l E Depreciation and amortizatien 1,716,276 1,742,271 Increase in deferred compensated absences 13,167 27,921 Increase (Decrease) m unfunded nuclear g re-fuel and outage reserve ( 118,719) 111,921 g Increase (Decrease) in unfunded reserve for nuclear plant decommissioning costs ( 36,000) 36,000 (Cain)/ Loss on disposal of utility plant-net 529,646 16,113 TOTAL FROM OPERATIONS BEFORE EXTPAORDINARY ITEM 1,639,129 2,556,620 Extraordinary loss from defeasance of debt (1,206,672) - TOTAL FROM OPERATIONS AND EXTRAORDINARY ITEM 432,457 2,556,620 Contributions in aid of construction 989,593 1,437,342 Decrease in noncurrent receivables 178,555 201,124 Increase in other liabilities payable from l W restricted assets 75,141 - Proceeds from sale of utility plant 244,708 19,737 Decrease in other assets 660 19,452 Increase in reserve nuclear plant decommissioning costs 68,173 - Proceeds from sale of revenue certificates (net) 1,436,219 - Decrease in restricted assets - 1,175,614 1 i TOTAL SOURCES OF WORKING CAPITAL 3,425,506 5,409,889 USES OF WORKING CAPITAL: Additions to utility plant 2,456,659 2,746,825 Increase in restricted assets 546,138 1,161,824 E Reduction of long-term debt 505,000 380,000 g Expenses of sale of refunding revenue certificates 237,887 - Increase in unamortized revenue bond discount and debt issue costs - Increase in other assets Decrease in other liabilities payable from restricted assets - 473,405 . Increase in noncurrent receivables - TOTAL USES OF WORKING CAPITAL 3,745,684 4,762,054 NET INCREASE (DECREASE) IN VCRKING CAPITAL $( 320.178) $ 647,835 I 69
I 1983 1982 1981 I S( 426,866) $ 16,377 $ 887,323 1,633,401 1,382,833 1,132,811 35,032 37,097 - ( 9,671) 31,402 - 34,313 ( 6,394) 210,995 1,266,209 1,461,315 2,231,129 1,226,209 1,461,315 2,231,129 953,048 2,731,377 3,931,424 294,408 - - l 211,478 716,370 326,784 19,337 6,394 6,406 8,304 4,000 6,190,000 - 2,680,403 - 4,029,103 5,424,883 11,113,760 10,528,846 I 3,255,812 1,681,608 5,090,354 4,465,525 9,509,131 414,391 355,000 325,000 - I 12,500 302,077 - 4,479 - 160
- 1,061,648 78,925 5,309,399 11,244,604 10,002,607
$ 115.484 S( 130,844) S 526,239 I :
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA Page 2 of 2 STATEMENT OF CHANCES IN FINANCIAL POSITION For the Fiscal Years Ended September 30, 1985, 1984, 1983, 1982, and 1981 1985 1984 Increase Increase (Decrease) (Decrease) ELEMENTS OF NET INCREASE (DECREASE) IN WORKING CAPITAL: Cash S( 515,006) $ 324,886 Investments ( 500,000) 200,000 Accrued interest receivable ( 12,547) ( 8,555) Accounts receivabic (net) 59,603 28,789 Unbilled accounts receivable 238,724 239,670 Due from the City of New Smyrna Beach 71,248 16,506 Due from other governments 17,638 17,341 l Inventory 206,999 ( 134,048) g l Prepaid expenses ( 78,111) 148,151 g Assessments receivable (current) ( 28,352) ( 23,999) Accounts payable ( 291,751) 507,286 Energy cost adjustments payabic 567,755 ( 567,755) Accrued liabilities ( 65,676) ( 33,370) Due to other governments ( 131,174) 78,405 Nuclear fuel disposal fees payable 145,472 ( 145,472) NET INCREASE (DECREASE) IN WORKING CAPITAL $( 320.178) $ 647.835 I : I I; 71
1 I 1983 1982 1981 Increase Increase Increase (Decrease) (Decrease) (Decrease)
$ 752,888 $( 145,541) $ 108,454
( 200,000) 500,000 - ( 10,233) 71,422 23,643 32,386 ( 5,755) ( 180,569) I 456,513 1,295 4,000 ( 134,258) ( 504,333) 154,723 157,158 ( 4,124) 43,364 58,310 14,964 ( 36,784) ( 6,174) 45,250 123,240 6,842 ( 769,495) 42,345 299,088 I _ ( 99,278) ( 108,682) ( 65,895) ( 18,649) ( 103,605) 8,369
$ 115.484 $( 130.844) $ 526.239 I
I g
1983 1982 1981
$ 15,185,863 S 13,719,441 S 11,985,788 837,868 723,398 621,646 I 448,832 260,404 413,580 485,396 342,606 10,268 16,732,967 15,341,815 12,960,308 14,619,524 12,994,506 10,592,393
( 1,515,523) ( 1,284,052) ( 1,054,506) ( 877,629) ( 826,719) ( 705,868) 12,226,372 10,883,735 8,832,019 4,506,595 4,458,080 4,128,289 345,000 325,000 - 2,525,534 2,030,964 1,766,066 ( 351,125) ( 269,178) ( 84,985)
- S 2,519,409 $ 2,086,786 S 1,681,081 1.79_ 2.14 ?.46 I
76
UTILITIES COMMISSION CITY OF NEW SMYRNA BEACH, FLORIDA E 3 SCHEDULE OF SELECTED FINANCIAL RATIOS For the Fiscal Years Ended September 30, 1985, 1984, 1983, 1982, and 1981 1985 1984 Current ratio - current assets (unrestricted) divided by current liabilities (for unrestricted) (Times) 2.58 2.57 Quick ratio - current assets (unrestricted) less inventories divided by current liabilities (for unrestricted) (Times) 2.04 2.18 Current assets (unrestricted) divided by total assets (Percent) 8.28% 9.17% Current liabilities (total) divided by total liabilities (Percent) 12.74% 13.38% Current liabilities (unrestricted) divided by total liabilities (Percent) 5.40% 6.13% Current liabilities (total) divided by utility equity (Percent) 18.59% 18.68% Contributed capital divided by utility equity (Percent) 59.81% 54.23% Total liabilities divided by utility equity (Times) 1.46 1.40 Revenue certificate debt (net) divided by utility equity (Times) 1.26 1.19 Current liabilities (total) divided by total assets (Percent) 7.56% 7.80% Long-term debt divided by total assets (Percent) 51.20% 50.47% Total liabilities divided by l W total assets (Percent) 59.33% 58.27% Sales divided by average accounts receivable (Times) 19.99 18.78 Average collection period - average billed accounts receivable divided by average daily sales (Days) 18.01 19.17 l l 77
F I 1983 1982 1981 2.37 3.58 3.92 1.88 2.61 2.93 8.03% 6.31% 8.00% l 14.07% 10.99% 10.75% I 5.59% 2.91% 3.37% 21.71% 16.93% 16.50% 52.84% 49.84% 43.73% 1.54 1.54 1.53 l 1.32 1.36 1.37 l 1 8.54% 6.66% 6.51% 52.14% 53.98% 54.03% 60.68% 60.64% 60.54% 16.98 15.54 12.25 21.20 23.17 29.39 I 78
l COMPREHENS VE i ANNUAL FIN A \lCIAL g R EPORT Fiscal Year Ended September 30,1985
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CITY OF !sg LEESBURG m.ce cw W '{! }. [. $l3
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I I I I COMPREHENSIVE ANNUAL FINANCIAL REPORT I O.THE CITY OF LEESBURG, FLORIDA ! FOR THE FISCAL YEAR ENDED SEPTEMBER 30,1985 g I I I . I I I I Prepared by: FINANCE DEPARTMENT JAMES C. SCHUSTER FINANCE DIRECTOR I - _ _ _ - - _ _- . _ _ - - _ - _ _ -_ -
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I I I CITY OF LEESBURG, FLORIDA I COMMISSION - MANAGER FORM OF GOVERNMENT I City Commission CHARLES C. STRICKLAND - Mayor C. JOE KNOWLES - Vice Mayor TED BOWERSOX I SANNA HENDERSON C. ROBERT LOVELL REX TAYLOR - City Manager I Finance Department JAMES C. SCHUSTER i Finance Director I I I 'I l I
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I I CITY OF LEESBURG, FLORIDA LISTING OF CITY OFFICIALS AS OF SEPTEMBER 30,1985 ELECTED OFFICIALS Mayor-Commissioner Charles C. Strickland Commissioner Vice Mayor C. Joe Knowles I Commissioner Commissioner Commissioner Sanna Henderson Ted Bowersox C. Robert Lovell APPOINTED OFFICIALS City Manager Rex Taylor City Attorney Dewey Burnsed Directorof Finance James C. Schuster Director of Economic & Community Development / l Ass't. City Manager Greg A.Beliveau Director of Public Work & Engineering Richard Shanklin Police Chief James Brown l l Fire Chief Jerry Works Directorof Parks & Recreation Clifford H. " Sonny" Bell Electric Utility Directcr Joseph Tardugno WastewaterTreatment Director Charles Bowman Gas and Water Director Don L. Napier i I
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I CITY OF LEESBURG, FLORIDA I COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1985 TABLE OF CONTEIES Title Page Principal City Officials I Table of Contents Chief Executive Officers' Letter of Transmittal Organization Charts FINANCIAL SECTION PAGE AUDITORS' REPORT 1 I COMBINED STATEMENTS - OVERVIEW (" LIFTABLE" GENERAL PURPOSE FINANCIAL STATEMEIRS) EXHIBIT 1 Combined Balance Sheet - All Fund Types and Account Groups 2-5 I 2 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Go"ernmental Fund Types 6 3 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget (GAAP Basis) and Actual General, Special Revenue, and Capital Projects Fund Types 7-8 4 Combined Statement of Revenues, Expenses and Changes in Retained Earnings - All Proprietary Fund Types and Similar Trust Funds 9 5 Corbined Statement of Changes in Financial Position - All Proprietary Fund Types and Similar Trust Funds 10-11 6 Notes to Financial Statements 12-30 I I I
I CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1985 TABLE OF CONTENTS CCNTINUED PAGE COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES General Fund A-1 Balance Sheet 31 A-2 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual 32 A-3 Statement of Revenues, Budget (GAAP Basis) and Actual 33-34 A-4 Statement of Expenditures, Budget (GAAP Basis) and Actual 35-41 A-5 Statement of Other Financing Sources and Uses, Budget (GAAP Basis) and Actual 42 I Special Revenue Funds B-1 Combining Balance Sheet 43 B-2 Combining Statement of Pevenues, Expenditures, and Changes in Fund Balances 44 B-3 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Federal hevenue Sharing Fund 45 B-4 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Ccmmunity Development Fund 46 B-5 Statement of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual - Housing Assistance Fund 47 I I
CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1985 TABLE OF CONTENTS CONTINUED PAGE I COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (CONTINUED) I Debt Service Funds C-1 Combining Balance Sheet 48 C-2 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 49 Capital Projects Funds D-1 Combining Balance Sheet 50 D-2 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 51 I D-3 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Airport Improvement 52 D-4 Statement of Revenues, Expenditures and Changes in Fund Balance - , Budget and Actual - Industrial Park Development 53 D-5 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - City Hall Renovation 54 D-6 Project - Length Schedule of Contruction Projects 55 I Enterprise Funds E-1 Combining Balance Sheet 56-59 E-2 Combining Statement of Operations and Changes in Retained Earnings (Deficit) 60-61 l E-3 Combining Statement of Changes in Financial Position 62-63 I I I
I CITY OF LEESBURG, FLORIDA I COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1985 TABLE OF CONTENTS CONTINUED e PAGE CCMBINING AND INDIVIDUAL FUND AND ACCCUNT GROUP STATEMENTS AND I SCHEDULES (CONTINUED) I Internal Service Fund F-1 Balance Sheet - Motor Pool Service Fund 64 F-2 Statement of Revenues, Expenses and Changes in Retained Earnings - Motor Pool Service Fund 65 F-3 Statement of Changes in Financial Position - Motor Pool Service Fund 66 Fiduciary Fund Types G-1 Combining Balance Sheet 67 G-2 Combining Statement of Pevenues, Expenses and Changes in Fund l Balances 68 5 G-3 Combining Statement of Changes in Financial Position 69 Account Groups H-1 Statement of General Fixed Assets By Sources 70 H-2 Statement of General Fixed Assets - By Functions and Activities 71 H-3 Statement of Changes in General Fixed Assets - By Functions and Activities 72 H-4 Statement of General Long-Term Debt 73 I I I I
CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1985 I TABLE OF CONTENTS CONTINUED PAGE
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c-COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATU!ENTS AND SCHEDULES (CONTINUED) I Schedules I-1 Summary Schedule of Utility Plant in Service - Combined Utility Funds 74 Schedule of Utility Plant in Service: I-2 Electric Utility Fund 75 I-3 Gas Utility Fund 76 I-4 Water Utility Fund 77 I-5 Sanitary Sewer and Wastewater Treatment Fund 78 I I-6 I-7 Sanitation Services Fund Motor Pool Fund 79 60 I-8 Combined Schedule of Investments - All Funds 81-84 I-9 $19,999,999 Refunding Utilities Revenue Bonds, Series 1984 Debt Service Requirements to Maturity 85 I-10 Utility Rate Schedules 86-90 I Tables 1 General Governmental Expenditures - By Function 91 2 General Revenue - By Source 92 3 Property Tax Levies and Collections 93 4 Assessed Value of Exempt and Taxable Property 94-95 5 Property Tax Rates - All Overlapping Governments 96 I I
I CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1985 l TABLE OF CONTENTS CONTINUED I l Tables PAGE Tables (Concluded) l 6 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures 97 , l 7 Computation of Legal Bonded Debt Margin 98 8 Computation of Overlapping Debt 99 l 9 Ratio of Annual Debt Service Expenditures for General l Bonded Debt to Total General Expenditures 100 10 Combined Utility Funds Schedule of Revenue Bond Coverage 101 11 Demographic Statistics 102 12 Property Value, Construction and Bank Deposits 103 13 Principal Taxpayers 104 14 Miscellaneous Statistical Data 105 15 Miscellaneous Statistics 106 16 Corporate Limits and Annexations 107 17 Schedule of Insurance in Force 108-110 I I I I I
. CITV
' *** OF
.. LEESBURG The Complete City I. ,. p g g s
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March 1, 1986 Honorable Mayor & Members of the City Commission City of Leesburg Leesburg, Florida 32748 Ladies and Gentlemen: I The Comprehensive Annual Financial Report of the City of Leesburg, Florida, for the Fiscal Year ended September 30, 1985, is herewith submitted. This report was prepared by the City's Finance Department . Responsibility for the I accuracy of the presented data and the completeness and fairness of the presen-tation including all disclosures, rests with the City. We believe the data, as presented is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its various funds; and that all disclosures necessary to gain the maximum understanding of the City's financial affairs have been included. Accounting System and Budgetary Control The City's accounting records for general governmental operations are I maintained on a modified accrual basis, with the revenues being recorded when available and measurable and expenditures being recorded when the services or goods are received and the liabilities are incurred. Accounting records for the City's utilities and other enterprises are maintained on the accrual basis. In developing the City's accounting system consideration is given to the adequacy of internal accounting controls. Internal accounting controls are I designed to provide reasonable, but not absolute assurance regarding:
- 1. the safeguarding of assets against loss from unauthorized use or disposition, and
- 2. the reliability of financial records for pre-paring financial statements and maintaining I accountability for assets.
The concept of " reasonable assurance" recognizes that:
- 1. the cost of a control should not exceed the benefitn likely to be derived, and i
1 1 I post offce bo/ 630 - leesburg flonaa 32749-0630 904-787-4313
Honorrble Mayor, Mrmbers of the City Commission I March 1, 1985
- 2. the evaluation of costs and benefits requires estimates and judgments by management.
All internal control evaluations occur within the above framework. We believe that the City's internal accounting controls adequately safeguard assets l and provide reasonable assurance of propet recording of financial transactions, u Budgetary control is a general management control function and is accom-modated through the integration of budgetary and financial accounting. Budget-g g ing is considered to be a system of managerial estimates of projected financial position. Such estimates are compared to actual on a monthly and annual basis. Corrections to estimates are made by general management and the City Comission. The Resolution adopting the annual budget sets forth controlling appropriations on a fund total level and prescribes methods for budget amendment. Notes to the Financial Statement Notes are prepared to provide for a fair presentation and adequate dis- g closure in the financial statements. The content of the notes provides narra-tive descriptions of accounting methods and practices employed by the City and g discloses additional financial data that may be more informative to the state-ment user. The Peporting Entity and It's Services The funds and entities related to the City of Leesburg included in the comprehensive annual financial report are controlled by or dependent on the City. Determination of " controlled by or dependent cn" is based on criteria developed by the U.S. Federal Bureau of the Census. The criteria relates to existence as an organized entity, governmental character, and substantial l m autonomy. Based on these criteria, the various funds and account groups (being all the fund and account groups of the City) listed in the Table of contents are included in this report. The City provides the full range of municipal services contemplated by statute or charter. This includes public safety (police and fire) , highways and l streets, airport operations, sanitation, recreational and cultural services, E public improvements, comprehensive planning and general administrative services. In addition, the City operates and maintains electric, water, gas, and waste-water treatment / sanitary sewer utilities. General Governmental Functions Revenues, for general government functions included in the General Fund, Special Pevenue Funds, the Debt Service Fund and the Capital Project Fund, totaled $3,468,995. Other financing sources totaling 04,854,241 were B principally comprised of operating transfer from utilities of $2,659,861 and g bond proceeds of $2,194,380. The Electric Utility operating transfer was increased by $500,000 for Fiscal Year 1984 and reduced the like amount for Fiscal Year 1985. In effect, part of the utility transfer for 1985 was booked in 1984 to help stabilize the Electric system's rates for the projected Crystal River #3 nuclear plant downtime expense in 1985. 11 I
Honorabla Mayor, M:mburs of thn City Commission March 1, 1985 The following table presents the various financing sources for general government and the increase (decrease) over the prior year: All Governmental Funds Increase 1984 1985 Percent (decrease) Amount Amount of total from 1984 Financing Sources Revenues: I Property taxes Licenses and permits Intergovernmental revenues: S 965,947 113,216 S 1,052,868 127,475 12.65 1.53 S 86,921 14,259 Shared revenue 940,778 1,098,502 13.20 157,724 , Operating Grants 298,521 270,516 3.25 ( 28,005) l Capital Grants 324,458 238,133 2.86 ( 86,325) Charges for services 119,118 158,588 1.91 39,470 I Fines and forfeits Other revenues Total Revenues 117,993 214,098 3,094,129 143,904 379,009 3,468,995 1.73 4.55 41.68 25,911 164,911 374,866 I Other Financing Sources: Debt proceeds Operating transfers 1,600,000 3,211,477 2,194,380 2,659,861 26.36 31.96 594,380 (551,616) Total Other Financing Sources 4,811,477 4,854,241 58.32 42,764 Total Revenues and Other Financing Sources S 7,905,606 S 8,323,236 100.00 $ 417,630 Current tax collections were 99.8% of the tax levy, up 3.40% from last year. This is the twelfth consecutive year in which current property tax collections have exceeded 96%. Delinquent tax collections were 0.01% of the total tax levy. The ratio of total collections (current and delinquent) to the current tax levy was 99.8%, an increase of 3.40% from last year. Allocations of l property tax rate (per $1,000 of taxable value) by purpose for 1985 and the preceding two fiscal years are: Purpose 1985 1984 1983 General Fund S 3.967 S 3.727 S 3.910 General Obligation Debt Total tax rate S 3.967 $ 3.727 $ 3.910 Operating grants decreased primarily due to the decrease in activity of the Community Development Program. The capital grant decrease reflects the de<;ree of completion of the airport capital improvement project. Shared revenues have I experienced positive growth reflecting the current economic recove ry, the City's half-cent portion of the state's additional one-cent cales tax, and new revenues from the local option (two-cents) gas tax. iii I
Honorable Mayor, M:mbers of the City Commission March 1, 1985 Expenditures for general government functions totaled $7,713,896 which excludes operating transfers of $305,026. Total expenditures increased $1,708,376 from $6,005,520 to $7,713,896. Changes in expenditures by function and operating transfers over the preceding year are presented as follows: Increase 1984 1985 Percent (decrease) Amount Amount of total from 1984 Other Financing Uses ' Expenditures by Function: General Government S 521,701 S 592,568 7.39 $ 70,867 Public Safety 2,190,947 2,257,055 28.15 66,108 Physical Environment 250,424 250,850 3.13 426 Transportation 590,267 795,043 9.91 204,776 Economic Environment 112,726 20,723 .26 ( 92,003) Human Services 135,498 166,630 2.08 31,132 Culture and Recreation 1,209,820 1,356,032 16.91 146,212 Capital Projects Fund 949,833 359,099 4.48 ( 590,734) Debt Service Fund 44,304 1,915,896 23.89 1,871,592 Total Expenditures 6,005,520 7,713,896 96.20 1,708,376 l Other Financing Uses 5 Operating Transfers 954,773 305,026 3.80 ( 649,747) Total Expenditures and Other Financing Sources S 6,960,293 $ 8,018,922 100.00 S 1,058,629 The debt service increase is due to the issuance of a $2,250,000 bond issue for various capital improvements. The operating transfer decline is due to the one-time transfer to the Debt Service Fund of amounts sufficient to pay the principal due on a short term note. Long-Term Debt Issues The City issued $2,250,000 in refunding and capital improvements bonds to finance the renovation of City Hall, City Hall Annex, Community Building and Library and to finance an industrial park. The bond proceeds were used to make principal payments on notes used as interim financing. The City refunded its Utility Revenue Bonds, Series 1977 in the amount of $12,020,000 by the issuance of the S19,999,999 Pefunding Utilities Revenue Bonds, Series 1984 which included sufficient amounts to also refund the out-standing $8,500,000 Public Utility Revenue Bond Anticipation Notes, Series 1980 and to provide $5,700,000 in new money for various Electric, Natural Gas, Water and Wastewater projects. Footnote 2 on page 16 provides additional discussion of the transaction, including an extraordinary gain of S3,669,458. Table 10 in the Statistical Table section presents the revenue bond cover-age for the combined utilities. For 1985 the utilities' ratio of net revenues available to debt service requirements was 2.59 which is a 0.48 decrease over 1984. This descrease is primiarily due to the increase in debt service required under the refunding. g iv 3 I
Honorablo M_yor, M:mbers of th2 City Commission March 1,1985 I n-- _ ; _- Cash Nanagement Cash temporarily idle during the year was invested in U.S. Treasury Bills and Bonds of various maturities and in other U.S. Obligations as shown on the I Combined Schedule of Investments. Cash held in checking accounts was invested in overnight repurchase agreements which pay interest daily of 0.5% below the federal funds rate charged to banks. Interest earned by the City this year was
$658,801, a decrease of $303,090 over interest earned on temporary investments in Fiscal Year 1984.
Capital Projects Funds I The City continued its improvements to the airport through Federal, State and Local grants totaling $238,133. continue through 1986. This improvement program is expected to General Fixed Assets The general fixed assets of the City are those fixed assets used in the I performance of general governmental functions and exclude the fixed assets of Enterprise and Internal Service Funds. As of September 30, 1985, the general fixed assets of the City amounted to $10,923,171. This amount repre.mnts the original cost of the assets and is considerably less than their present value. Depreciation of general fixed assets is not recognized in the City's acccunting system. City Utilities On the whole the City's electric, water, natural gas, and wastewater I utilities changes in financial position were as e xpected. The combined utilities current asset to current liability ratio was 2.30 for 1985 which compares favorably with the same ratio of 1.95 for 1984. Net income be fore operating transfer in 1985 was $3,281,489 compared to $3,724,739 for 1984, a I decrease of $443,250 or 11.9%. This performance is primarily due to the refueling outage of the Crystal River #3 nuclear generating plant. Anticipating the refueling outage in 1985 the City transferred an additional $500,000 in 1984
- and reduced the 1985 transfer accordingly, thus attempting to equalize the two years. Consequently, the net income after operating transfer for these Combined Utilities totaled $926,653 for 1985 as compared to $568,035 for 1984. Retained I earnings increase from $14,942,191 to $15,868,844. The net income (loss) for the individual utilities for the periods ending September 30, 1983, 1984 and 1985 was as follows:
1983 1984 1985 Electric $ 24,870 S 392,749 S 595,089 Gas 69,113 37,066 59,349 Water 103,144 109,458 188,838 Wastewater Treatment and Sanitary Sewer 116,626 28,762 83,377 S 313,753 S 568,035 S 926,653 v I
Honorablo Mayor, Memb:ra of th3 City Comission March 1, 1985 4 The Elect ric utility haa experienced fluctuations in prior years' net incore due to recent wholesale rate increases, subsequent negotiated reduction, the purchase of its substations to obtain lower rates, and performance varia-tions of the Crystal River #3 Nuclear Generating Plant. Retail rate changes have adjusted the system to these fluctuations and the current years' net income l reflects this stabilization. m The Gas, Water and Wastewater Utilities have generally maintained their g financial position. The Gas system's performance has reflected the impact of g the citrus freezes of 1984 and 1985. However, the improved positions of both the Water and Wastewater systems have offset this decline. Independent Audit The City Charter requires an annual audit of the books of account, g financial records, and transactions of all departments of the City by inde- 3 pendent certified public accountants selected by the City Commission. This requirement has been satisfied and the auditor's opinion has been included in this report. Reporting Standards The Governmental Finance Officers Association c ~ the United States and Canada (GFOA) awarded a Certificate of Conformance in F.nancir.1 Reporting to the City of Leesburg, Florida for its comprehensive annual fie Acial report for the g Fiscal Year ended September 30, 1982, the second of the City's reports to be so g awarded. However, due to a qualified opinion for Fiscal Year 1983 referencing General Fixed Assets and utility plant accounts, the GFOA would not review the subsequent reports for conformance to program standards. In order to be awarded a Certificate of Conformance, the City must publish an easily readable and efficiently organized comprehensive annual financia E report, whose contents conform to program standards. Such reports must satisfy 3 both generally accepted accounting principles and applicable legal requirements. A Certificate of Conformance is valid for a period of one year only. With the exception stated in the qualified opinion, it is believed that the current report would continue to conform to Certificate of Conformance Program require-ments, and the report would have been submitted to GFOA to determine its l eligibility for another certificate. 5 Auditors' Peport The Auditors' Report sets forth a qualified opinion in the belief that sufficient evidential matter could not be obtained to determine if Enterprise Fund plant assets and General Fixed Assets are fairly presented. Although historical costs had been accumulated in plant accounts, unit property records are not readily subject to inventory. The City, however, does not necessarily agree that current valuations are materially incorrect vis a vis historica E cost. The auditors' exception to the propriety of amounts in the property, g plant and equipment of the Enterprise Funds and General Fixed Assets Group vi I
Honorable Mayor, Members of the City Commission March 1, 1985 Accounts is due primarily to the exclusion of administrative overhead cost to I force accounts for assets constructed by the City for its own use. The majority of assets are constructed for the City by private contractors and the amount of increase in historical cost due to assignment of administrative overhead cost would not necessarily materially increase the value of fixed assets. Acknowledgements The preparation of this report on a timely basis could not be accomplished without the efficient and dedicated services of the entire staff of the Finance Department. I would like to express my appreciation to all members of the i g Department who assisted and contributed to its preparation. I should also like 5 to thank the members of the City Commission for their interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner. Respectfully submitted, i Rex' Taylor 1 S f1 City Manager cr_ ! Jam *s C. Schu ter C y Clerk /Fi ance Director I I I I I I v11 I
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I I I I ORGANIZATIONAL CHARTS I I I I I I I I I
FINANCE CITY CLERK & ORGANIZATION FINANCE DIRECTOR DEPARTMENT . CHART EXECUTIVE SECRETARY CITY CLERK ACCOUNTING COLLECTIONS OFFICE DATA CUSTOMER PROCESSING SERVICE
m m m m m m m m m m m m m m m e e e e City cf Lee: burg ORGANIZATION CHART CITY COMMISSION l I CITY CLERK & CITY CITY I FINANCE DIRECTOR MANAGER ATTORNEY FINANCE ENGINEERING & PERSONNEL PURCHASING DEPARTMENT PUBLIC WORKS DEPARTMENT DEPARTMENT 1 I I FIRE POLICE CITY PARKS AND DEPARTMENT DEPARTMENT LIBRARY RECREATION I I I I WATER & GAS WASTEWATER ELECTRIC COMMUNITY & DEPARTMENT TREATMENT DEPARTMENT ECONOMIC DEVEL.
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O I I I I I FINANCIAL i SECTION I This Section Contains the Following Subsections: AUDITORS' REPORT I GENERAL PURPOSE FINANCIAL STATEMENTS COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS SCHEDULES I I I I lI -
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PURVIS GRAY AND COMPANY CERTIFIED PUBUC ACCOUNTANTS naassonne oF I AusRfCAN SNeTTTUTE .P
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AUDITORS' REPORT Honorable City Commissioners City of Leesburg Leesburg, Florida We have examined the combined financial statements of the City of Leesburg, Florida, as of and for the year ended September 30, 1985, as listed in the table of contents. Except as explained in the following paragraph, our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. We did not obtain sufficient evidential matter to determine if property, plant and equipment and the provisions for depreciation recorded in the Enterprise Funds and the fixed assets recorded in the general fixed assets group of accounts are fairly I presented at cost or estimated historical cost, due to insufficient detail within the City's property records. In our opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary had we been able to determine the propriety of amounts recorded as property, plant and equipment in the Enterprise Funds and the propriety of amounts recorded as fixed assets in the general fixed assets group of accounts, the combined financial statements referred to above present fairly the financial position of the City of Leesburg, Florida, at September 30, 1985, and the results of its operations and the changes in financial position of its proprietary fund types and similar trust funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole. The combining, individual fund and account group statements listed in the table of contents and columns on the accompanying combined financial statements captioned " Total (Memarandum Only)" are presented for purposes of additional analysis and are not a required part of the combined financial statements of the City of Leesburg, Florida. The information has been subjected to the auditing procedures applied in the examination of the combined financial I statements and, in our opinion, except for the effects of such adjustments, if any, related to the matters discussed in the second paragraph, is f airly stated in all material respects in relation to the combined financial statements taken as a whole. January 17, 1986 , A MM %D I OFFICES IN GAINESVILLE AND OCALA
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I I GENERAL PURPOSE I FINANCIAL STATEMENTS I (Combined Statement-Overview) I These basic financial statements provide a summary overview of l the financial position of all funds and account groups as well as the operating results of all funds. They also serve as an introduction to the more detailed statements and schedules that follow in the next g Subsection. .I lI I I 'I I
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CITY OF LEESBt1tc. FI0RIDA I COMBINED BALANCE SHEET - A1.1. FUND TYPES AND ACCOUNT GROUPS September 30, 1985 Exhibit 1 Governmental Fund Types Special Debt Capita! ' General Revenue Service Pre' e Assets Cash in Cash Investments $ 2,209,333 $ 85,127 * $ 542,192 $ 390,770 Investments at Market Value Receivables: Custooer Accounts A11cwance for doubtful accounts Accrued Interest 30,469 Other Receivables 26,925 69,776 Due from Other Funds 114,757 33,100 Due from other Governments 64,700 54,743 177,657 Inventory, at Cost , 8,015 Restricted Assets Cash & Cash Investments Property Plant and Equipment at Cost I General Fixed Assets Accumulated Depreciation Construction in Progress Estimated 1.andfill Closure Cost Long-Term Receivables Deferred Issue Cost, Net Amount Available in Debt Service Funds Amount to be Provided for Retirement of General Long-Term Debt Total Assets $ 2,454,199 $ 209,646 $ E'.192 $ 601,527 See Accompanying Notes (Continued) 1 of 4 I I I I CITY OF 1EESBI,'RC, RORIDA COMBINED SA1MCE SHEET - All F1'ND TYPES AND ACC0t;NT CROl'PS Septester 30, 1985 Exhibit 1 9 Fiduciary Preprietary Fund Tvves Fund M e Acccunt Groups General General Totals Internal Trust And Fixed Long- (Hemorandum Only) Enterprise Service Agency Assets Ters Debt 1985 19 % S 3,845,359 $ 48,344 $ 934,096 $ $ $ 8,055,225 $ 5,607,275 5,841,066 5,841,066 4,611,620 I ( 3,832,997
$15,293) 227,958 130,349
( 3,832,897 515,293) 388,776 ( 3,118,230 414,329) 258,778 I 168,955 36,291 78,371 132,992 395,183 297,100 94,717 1,108,415 155,539 823,106 8,218 839,339 779,009 7,931,037 7,931,037 9,867,579 46,774,661 35,458 46,810,119 43,664,224 I ( 13,757,721) 1,763,578 (28,463) 10,923,171 10,923,171 (13, *B 6,18 4) 1,763,578 10,160,579 (12,026,396) 1,074,172 1,723,303 1,723,303 0 I 27,254 163,511 435,842 27,254 163,511 435,842 31,656 170,322 103,501 2,467,044 2,467,044 2,194,028
$ 53,Cc8,605 5 63,561 $ 7,020,173 $ 10,923,171 $ 2,902,886 $ 77,725,960 $ 70,578,919 See Accorpanying Notes (Continued) 2 of 4 I
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CITY OF IIESBiltC, F1.0RIDA (IF.BDTD BALANCE SIEET - ALL PJND ITPES AND ACCOUNT CROUPS September 30, 1985 Exhibit 1 W Coverreental Fund Wres Special Debt Ca pital Ceneral Revenue Service Pre! acts Liabilities Accounts Payable S 149,764 S 55,139 $ $ 51,281 Accrued Expenses 1,964 Custceer Advances for Construction Due tc Other Goverreents 86,763 Due te Otber Funds 63,597 13,314 126,376 Payable from Restricted Assets: Customer Deposits Accrued Interest on Revenue Bonds 106,350 Reveeue Bonds Payable Other Notes Payable Estimated Landfill Closure Costs Payable Refunding Revenue Bonds Payable, Series 1984 W Accrued Interest on Capital Appreciation Revenue Bonds Unamortized Discount Unearned Revenues 57,435 Total Liabilities 272,760 155,216 106,350 177,657 Fund Ecuity Contributed Capital Invest =ent in General Fixed Assets Retained Earnings: Reserved Unreserved Fund Balances Reserved 19,777 5,506 435,842 423,870 Unreserved 2,161,662 48,924 Total Fund Equity 2,181,439 54,430 435,842 423,870 Total Liabilities and Fund Equity S 2.454,199 $ 209,646 $ $42,192 S 601,527 See Acccepanying Nctes (Continued) 3 of 4 I 4
I I CITY OF t.EESBURG, FIIRTDA I COMBINED BALANCE SNEET - ALL Ft'ND TYPES AFD ACCOUNT GROUPS September 30, 1985 Exhibit 1 Fiduciary Proprietarv Fund Types Fund Tvpe Account Croups General Gene ral Totals Internal Trust And Fixed Long- (Memorandum ontv) Enterertse Service A t enev Assets Terls Debt 1985 1984 I$ 2,755,128 567,116 144,745
$ 11,544 3,787 5 100 $ $
342,695
$ 3,022,956 915,562 144,745 S 1,838,904 973,425 138,776 I 132,942 474 8,480 86,763 395,183 77,761 1,108,416 909,300 909,300 816,589 976,433 1,082,783 518,355 2,415,000 2,415,000 205,000 145,191 145,191 1,765,472 1,619,000 1,619,000 0 19,999,999 19,999,999 19,999,999 I
68,993 68,993 I( 121,451) ( 121,451) 57,435 ( 126,515) 52,292 27,102,205 15,805 8.580 2,002,886 30,741,459 27,368,474 I I 10,131,891 15,979 10,923,171 10,147,870 10,923,171 9,966,973 10,160,579 3,025,547 3,025,547 2,377,359 12,748,962 31,777 12,780,739 12,355,218 I 7,011,593 7,696,588 2,210,586 5,968,902 2,381,414 25,906,400 47,756 7,011,593 10,923,171 46,984,501 43,210,445 S 53,cca,605 $ 63,561 S 7,020,173 $ 10,923,171 S 2,902,886 $ 77,725,960 $ 70,578,019 I 5.. A.. ,..,,n8 ..t.. <c _ ,...d, ., . g I I Cl*Y OF LEESB11tc. F1.0RIDA CCMBINED STA*EMIST OF REVENUES, EXPENDITURES AND CHANCES IN FUND BALANCES - ALL COVERNMENTAL FUND TYPES Year Ended September 30, 1985 Exhibit 2 Governmental Fund Tvres Totals Special Debt Capital memorandum only) General Revenue Service Pro!ects 1985 1984 Revenues: Taxes S 1,052,868 $ $ $ $ 1,052,868 S 965,947 Licenses and Permits 127,475 127,475 113,216 Intergevernmental Revenue 270,516 238,133 508,649 622,979 g Shared Revenues 1,098,502 1,098,502 940,778 g Charges for Services 158,588 158,588 119,118 Fines and Forfeitures 143,904 143,904 117,993 Miscellaneous 368,912 368,912 114,098 10,097 " Interest Income 10,097 0 Total Revenues 2,950,249 270,516 248,230 3,468,995 3,094,129 Expenditures: Current: General Government 577,510 15,058 592,568 521,701 Public Safety 2,257,055 2,257,055 2,190,947 = Pbysical Envircement 250,850 250,850 250,424 Transportation 726,618 68,425 795,043 590,267 Economic Envirotrzent 20,723 20,723 112,726 Human Services 8,436 158,194 166,630 135,498 Culture / Recreation 1,356,032 1,356,032 1,209,820 Capital Projects 359,099 359,099 949,833 l Debt Service 1,915.896 1,915,896 44,304 W Iotal Expenditures 5,176,501 262,400 1,915,896 359,099 7,713,896 6,005,520 Excess (Deficiency) of Revenues , over Expenditures (2,226,252) 8,116 (1,915,896) (110,869) (4,244,901) (2,911,391) Other Financing Sources (Uses): Bond and Note Proceeds 1,949,318 245,062 2,194,380 1,600,000 Operating Transfers In 2,354,836 298,919 6,106 2,659,861 3,211,477 g Operating Transfers Out ( 305,026) ( 305,026) ( 954,773) g Total Other Financing Sources (Uses) 2,049,810 2,248,237 251,168 4,549,215 3,856,704 Excess (Deficiency) of Revenues and Other Financing Sources over Expenditures and Other Uses ( 176,442) 8,116 332,341 140,299 304,314 945,313 Fund Balances at Beginnleg of Year 2,357,881 46,314 103,501 283,571 2,701,267 1,845,954 Fund Balances at End cf Year $ 2,181,439 $ 54,430 $ 435,842 $ 423,870 $ 3,095,581 $ 2,791,067 See Accompanying Notes 6-
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g Cm 0F IIESBURC, 710RIDA CCMBINED SIAIEME2.T CF REVESTES, EXPENDI!i"RES, AND CHANCE 3 IN R*ND BALANCES - BCDGET (CAAP BASIS) Abt ACTUAL GINERAL, SPECIAL REVEN1'E AND CAPITAL PROJECTS FUD TYPES Year Erded September 30, 1985 Exhibit 3 Ceneral Fund Variance Favorable Budaet Actual (t'nf averable) Taxes S 1,047,000 S 1,052,868 S 5,868 Licenses and permits 115,100 127,475 12,375 Shared Revenues 1,049,900 1,098,502 48,602 Charges for services 180,800 158,588 ( 22,212) Fines and forfeitures 137,000 143,904 6,904 Miscellaneous l'8,300 368,912 190,612 Interest Income Total Revenues 2,708,100 2.950,249 242,149 Expenditures: General Government 718,000 577,510 140,490 Public Safety 2,353,000 2,257,055 95,945 Physical Environment 262,100 250,850 11,250 Iransportation 780,900 726,618 54,282 Eccccsic Environment Human Services 8,900 8,436 464 Culture / Recreation 1,463,100 1,356,032 107,068 Capital Projects Total Expenditures 5,586,000 5.176,501 409,494 Excess (Ceficiency) of Revenues Over Expenditures ( 2,877,900) ( 2,226,252) 651,648 Other Financing Sources (Uses): Bond and Note Proceeds 2,354,900 2,354,336 ( 64) l g Operating Transfers In Cperating Transfers Out ( 63,300) ( 305,026) ( 241,726) Tctal Other Financing Sources (Uses) 2,291,600 2,049,810 ( 241,790) Excess (Deficiency) of Revenues and Otber Sources over Expenditures and E Cther Uses ( 586,300) ( 176,442) 400,858 g Fund Balances at Beginning of Year 1,744,858 2,357,881 608,023 Fund Balances at End of Year S 1,163,558 $ 2,181,439 $ 1,017,841 I See Accompanying Notes (Continued) 1 of 2
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I CITY OF IIESBiltC, FLORIDA COM3INEt STAMYll CF REVEhu$, EXPENDITURES, AND CHANCES IN ftND BAI.ANCES - BCDGET (GAAP EASIS) AND ACTUAL I GENERAL, SPECIAL REVENUE AND CAPITAL PROJECTS 7TND TYPES Year Ended September 30, 1985 Exhibit 3 Special Reverue b d Tvret Capital Projects Fund Tvpes Variance Variance Favorable Favorable Budget Actual (t'nf avorable) Budget Actual (Unfavorable) I $ S S $ $ $ 340,704 270,516 { 70,188) 123,150 238,133 114,983 10.097 10,097
% 0,704 270,516 ( 70,188) 123,150 248,230 125,080 9,800 15,058 ( 5,258)
I 91,900 68,425 20,723 23,475 10,681 31,404 251,900 158,194 93,706 422,050 359,099 62,951 385,004 262,400 122,604 422,050 359,099 62,951 ( 44,300) 8,116 52,416 (298,900) (110,869) 188,031 283,550 245,062 ( 38,488) I 15,350 6,106 ( 9,244) 298,900 251,168 ( 47,732) ( 44,300) 8,116 52,416 140,299 140,299 44,300 46,314 2,014 283,571 283,571
$ $ 54,430 $ 54,430 $ $ 423,870 $ 423,870 I
See Acceepanying Notes (Concluded) 2 of 2 I I
C!N OF LEISBtTC, FifRfDA I COMSINED STATEME ."2 0F REVENUES, EXPENSES AND CHANCES IN RETAINED EARNINGS ALL PRCPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS Year Ended Septeeber 30, 1985 Exhibit 4 Fidetarv Fund Typeg Proprietarv Fund Tvres Non- Tctals W Internal Pensien Expendable memorandues entv) Enterprise Service Trust Trust 1985 1984 Operating Revenues: Charges for Services S 28,108,542 $ 195,403 $ $ $ 28,303,945 $ 24,470,951 Other Operating Revenue 355,239 355,239 309,202 Investment Incese 904,480 3,265 907,745 485,895 Contributions 641,596 504,465 1,146,061 638,048 Total Operating Revenues 28,463,781 195,603 1,546,076 507,730 30.712,990 25,004,096 Operating Expenses: Generatien and Transmission 972,079 972,079 1,011,804 Purchased Energy 16,966,832 16,966,832 13,874,714 Operating and Maintenance 2,958,290
- l 2,958,290 2,677,007 W Administrative Expenses 1,634,592 166,701 51,719 45,377 1,898,389 1,556,022 Depreciation and Amortization 1,751,824 3,844 1,755,668 1,547,625 Refunds 10,654 Benefit Payments 146,270 357,896 504,166 86,505 Investment Losses 109,950 Total Operating Expenses 24,283,617 170,545 197,989 403,273 25,055,424 20,874.281 Operating Income 4,180,164 24,858 1,348,087 104,457 5,657,566 5,029,815 Noncperating Revenues (Expense's):
Interest Earnings 658,801 658,801 961,891 Interest Expense ( 1,528,735) ( 1,528,735) ( 1,392,457) Other Income and Expenses 93,457 93,457 77,657 g Total Non-operating Revenues g (Expenses) ( 776,477) ( 776,477) ( 352,909) Income Before Operating Transfers 3,403,687 24,858 1,348,087 104,457 4,881,089 4,676,906 Operating Transfers Out ( 2,354,836) ( 2,354,836) ( 3,156,704) Net Incere before extraordinary item 1,048,851 24,858 1,348,087 104,457 2,526,253 1,520,202 Extraordinary ites - gain er advance refunding cf I long-term debt 3,669,458 Net Incore 1,048,851 24,858 1,348,087 104,457 2,526,253 5,189,660 Retained Earnings / Fund Balances at Beginning of Year 14,725,658 6,919 5,559,049 20,291,626 15,101,966 Retained Larnings/ Fund Balances at End of Year $ 15,774,509 $ 31,777 $ 6.907,136 $ 104,457 $ 22,817,879 $ 20,291,626 See Accompanying Notes 9
CITY OF IIESBURG, FirRfDA I COMBINED STATEMENT OF CHANCES IN FINANCIAL POSITION ALL PROPRIETART ITND TYPES AND SIMILAR IPI'ST FI'NDS Year Ended Senterber 30, 1985 Exhibte ! I Proprietarv Fund *vres Internal Fiduciarv Fund Tvres Non-
' Pension Expendable Totals (Memorandums cniv)
Enterprise Service Trust Trust 1985 1984 Sources of Working Capital: Operationst I Net Incces before extraordisar7 items Items not affecting S 1,048,851 $ 24,858 $ 1,348,087 $ 104,457 $ 2,526,253 5 1,520,202 Working Capital: ' I Depreciation and Amortization Working Capital Provided 1,769,200 3,844 1,773,044 1,565,562 I by Operations before extraordinary items 2,818,051 28,702 1,348,087 104,457 4,299,297 3,086,064 Extraordinary items 3,669,458 I Woriting Capital provided by Operations 2,818,051 28,702 1,348,087 104,457 4,299,297 6,755,522 I Decrease in Restricted Assets 2,098,983 2,098,983 Net Increase in Current Liabilities Payable from Restricted Assets $50,789 550,789 166,612 I Decrease in Other Assets Decrease in Deferred Issue Costs Contributed Capital 4,402 180,897 4,402 180,897 13,297 28,790 269,909 I Net Long-Ters Debt Issued - Advance Refunding 19,873,484 Increase in Landfill Closure Liability 1,619,000 1,619,000 I Book Value of Equipment Disposals Accrued Interest on Capital Appreciation Revenue Bonds 197,284 68,993 7,172 204,456 68,993 Total Sources of I Working Capital Uses of Working Capitalt 7,538,399 35,874 1,348,087 104,457 9,026,817 27,107,614 I Increase in Restricted Assets Additions to Property and Equipment 162,441 3,937,171 10,953 162,441 3,948,124 3,260,749 1,869,463 Additions in Nuclear Fuel 73,014 73,014 152,278 I Increase in Landfill Closure Costs 1,723,303 Advance refunding of net Long-Ters Debt 1,723,303 20,121,069 Total Uses of Working Capital 5,995,929 10,953 5,906,882 25,603,559 Net Increase fa. Working Capital (See Schedule en following page)$ 1,642,470 $ 24,921 S 1,348,08 7 $ 104,457 S 3,119,935 $ 1,504,0$$ I See Accompanying Notes (Centinued) 1 of 2 I I CITY OF LEESPtTC, FIDRIDA COMBINED STATEMENT OF CHANGES IN TINANCIAL POSITION ALI. PROPRIETARY FUND TYPES A M SIMILAR TRUST FTNDS Year Ended September 30, 1985 Fxhibit 5 m Fiduciarv Fund Types Preprietarv Fund Types Non- Totals Internal Fension Expendable neceorandue On!v) Enterprise Service Trust Trust 1985 1994 Changes in Working Capital l Ev Cecronent 3 Current Assets - Increase (Decrease) Cash and Cash Investments Equivalents $ 1,401, 16 $ 45,307 $ 1,318,813 $ 68,266 $ 2,833,802 $ 1,138,364 Custerer Accounts (Net) 613,703 29,183 36,291 679,177 (431,414) l Power Refund Receivable (250,823) 5 Accrued Interest 107,321 107,321 ( 38,081) Due frce Other Funds ( 139,818) (19,877) ( 159,695) (149,264) Inventory 60,690 ( 2,907) 57,783 132,036 Current Liabilities - Decrease (Increase) Accounts Payable (1,020,434) 3,549 ( 100) (1,016,985) 363,736 Accrued Expenses 50,925 ( 1,180) 91 49,836 (192,202) l g Customer Advances for Construction ( 5,969) ( 5,969) ( 11,711) Due to Other Funds 574,636 29 574,665 914,697 Deferred income 28,717 Net Increase in Working Capital $ 1,642 3 $ 24,921 $ _1,348,087 $ 104,457 $ 3,119,935 $ 1,504,0$$ I I I I s.e A. _ ,.n,,n Not.s ,c _ 1ud.d> 2 c, 2 g I I. CITY CF LEESBURG, FI.ORIDA NOTES 'IV FINANCIAL STA*EMENTS September 30, 1985 NOTE 1 SUPJ1ARY CF SIGN!FICANT ACCCUNTING PCLICIES The acccunting policies of the City of Leesburg, Florida conform to generally accepted accounting principles for governmental entities. The following is a summary of significant accounting policies. Fund Accounting The accounting system and financial reporting of the City are organized and operated en a fund basis. A fund is defined as a fiscal and acccunting I entity with a self-balancing se .: of accounts recording cash and other financial rescurces, together with all related liabilities and residual equities or balances, cnd changes therein which are segregated for the I purpose of carrying en specific activities or attaining certain objectives in accordance with special regulations, restrictions', or limitations. Fund and Account Group Categories The categories of funds and account groups of the City are summarized as follows: (1) Governmental Type Funds are those through which most gove rnment functions typically are financed. The acquisition, use, and balances of expendable financial resources and the related current liabilities I (except those accounted for in proprietary funds) are accounted for through governmental type funds. Governmental funds used by the City are as follcws: General Fund - to account for all financial resources which are not required to be accounted for in another fund. I Federal Revenue Sharing Fund, Concunity Cevelopment Block Grant, and Housing Assistance Program Fund - these funds are Special Revenue Funds which account for the proceeds of specific revenue sources (cther than special assessments, expendable trusts, or for major capital I proj ects) that are legally restricted to expenditures for specified purposes. I Cebt Service Fund - used to account for the accumulation of resources fo r , and the payrent of, principal and interest for general icng-tem debt. Capital Projects Funds - are used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds, Special Assessment Funds and Trust Funds) . (2) Proprietar*/ Funds are used to acccunt for a government's ongoing activities which are similar to those found in the private sector. I I
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CITY CF IIESBURG, FLCRIDA I NCTES TO FINANCIAL STATEPINTS NOTE 1
SUMMARY
CF SIGNIFICANT ACCCUNTING PCLICIES (Continued) (Fund and Acccunt Group Categories) - (Proprietary Funds) The two types of proprietary funds used by the City are: Enterprise Funds - to account for activities that are operated in a manner similar to private businesses where the costs of providing gceds and services are primarily recovered through user charges. Enterprise funds cf the City are as follows: Electric Utility Fund Gas Utility Fund Water Utility Fund Sanitarv Sewer and Wastewater Treatment Fund Sanitation Services Fund Internal Service Funds - to account for the financing of gocds and services provided by one department to other departments of the City on a cost-reimbursement basic. The Motor Pool Service Fund is the Internal Service Fund operated by the City. (3) Fiduciary funds are used to account for assets held in a trustee capacity for others. The City's fiduciary funds are as fo11cws: Municipal Police Officers' Retirerent Trust Fund Municipal Firemen's Retirement Trust Fund General Employees' Pension Fund General Employees' Health Insurance Fund (4) Account Groups record and control the government's general fixed assets l and general long-tem debt. The account groups are not funds and do not W reflect available financial resources and related liabilities. The following account groups are maintained by the City. General Fixed Assets - to account for property and equipment not used in Proprietary Fund operations or accounted for in Trust Funds. General Long-Term Debt - to account for un=atured principal of leng-tem general obligation indebtedness that is not a specific liability of a Proprietary or Fiduciary Fund. Basis of Acccunting Covernmental Fund revenues and expenditures are recognized cn the modified l accrual basis. This cathed recognizes revenues in the accounting period in a which they beccme available and measurable. Expenditures are recognized in the period in which the fund liability is incurred (except unmatured interest on general long-term debt which is recogrized when due). Governmental Fund Type revenues that are susceptible to accrual include property taxes, franchise fees, Federal and State Pevenue sharing revenues , l and reimbursements frem grants for authorized expenditures through 3 September 30. I
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I CI*Y CF LEESBUFG, FLCRIDA NCTES TO FINANCIAL STA*EMENTS UC E 1 SUMMAFY CF SIGNIFICANT ACCCCN ING PCLICIES (Continued) (Basis of Accounting) Budget data, when presented in the financial statements, is prepared cn the same basis of accounting as described for each fund. Encumbrances outstanding at year end are deemed cancelled and amounts sufficient to re-establish the ec:::mitment are included in the appropriations for the subsequent year. Fund balances are reserved within the General Fund for inventory (S8,015) and police expenditures (S11,762); within the Debt Service Fund (3435,842) for retirement of debt; within the Capital Projects Fund (3423,870) for I construction; and within the Special Revenue Funds (SS,506) for certain capital improvements in the Cormninity as a result of a litigaticn settlecert. I Preprietarv Fund revenues and expenses are recognized en the accrual basis. Revenues of the enterprise funds are recognized on the basis of services rendered. Billing cycles of the Utility Funds which overlap September 30 are prorated based upon meter reading dates. Total unbilled revenues for the combined Utility Funds amount to $1,448,434 at September 30, 1985. Fiduciarv Funds of the City consist of nonexpendable Pension Trust and E=ployee Health Insurance Funds and are accounted for en the accrual basis. Transfers Transfers are recognized in the accounting period in which the interfund I receivable and payable arise. Transfers are made from the utility funds to finance operations of the General Fund and the General Fund makes transfers to the Special Revenue Fund, Debt Service Fund, and Capital Projects Funds. Grants-Preprietary Funds Unrestricted grants, entitlements or shared revenues received are reported as non-operating revenues. Such resources externally restricted for capital I acquisitions or construction are reported as contributed capital, tierating expenses include depreciation on all depreciable fixed assets. Cash and Cash Investments I The City has a cash management program which provides that the pooled cash balances exceeding a minimum amount be invested in overnight repurchase agreements at an interest rate tied to the Federal Funds rate. These I repurchase agreements consist of securities guaranteed by the United States government. The City also invests excess cash in treasury obligat1cns of the United States Government, and with the Florida State Beard of Administration. Investments In all funds except the Pension Trust Funds, investments are stated at amortiz ed cost. In accordance with Statement of Financial Accounting I Standards No. 35 - Accounting and Reporting By Defined Benefit Pension Plans, the investments within the Pension Trust Funds are stated at market value. I I ,
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CITY CF LEESBURG, F?CRIDA I NC*ES TO FINANCIAL STATEMENTS MOTE 1
SUMMARY
CF SIGNIFICANT ACCCCUTING PCLICIES (Continued) Inventories Inventeries held by the Utility, Sanitation Services and Motor Pool Funds are priced by the weighted average cost method. Inventory shown in the General Fund consists of expendable supplies and Police Department gasoline held for consumptien. The amount thereof has been recorded for information purposes as an asset, offset by a reserve of an equal amount. Accounts Feceivable Custc=er acecunts receivable are presented at estimated net realizable value. The allowance method is used for determining estimated uncollectible acccunts. Arcrtizatien Bond issue costs are amortized over the life of the bonds. Fixed Assets (Preprietarv Funds) Fixed Assets (Proprietary Funds) are recorded at historical cost, g Cepreciation is computed by the straight-line method over the estimated g useful lives of the assets as follows: Utility Funds: Buildings 10 to 50 years l W
!=provements Other Than Buildings 20 to 50 years g Machinery, Equipment and g vehicles 4 to 20 years Nuclear Fuel 5 years I
Sanitation Services Funds g Equipment Vehicles 5 to 10 years g 5 to 7 years Motor Pool Service Fundr I Equipment 3 to 10 years vehicles 6 years General Fixed Assets l General Fixed Assets purchased are recorded as expenditures in the 'E Governmental Fund Types at the time of purchase. Such assets are capitalized at cost in the General Fixed Assets group of accounts. The City's policy is not te report public demain fixed assets such as streets, right-o f-way s , sidewalks, drainage systems and similar assets. Donated fixed assets are valued at their estimated fair value at the time of acquisition. Genoral Fixed Assets include the City's cost of assets of Leesburg Pegional Medical Center. Cepreciation is not provided on General Fixed Assets. I
I CITY OF LEESECEG, F?.CRIDA
?!CTES TO FINANCIAL STATEMENTS I NC'*E 1 SUMMAPY CF SIGNIFICANT ACCOUN*ING PCLICIES (Continued)
Accumulated Unpaid Vacation and Sick Pay I
*he City accrues accu =ulated unpaid vacation and sick pay for Governmental and Proprietary Funds. Personnel policies allow employees to accumulate a maximum of 90 days vacation leave and 90 days sick leave. Upon termination, employees are paid for their accrued vacation leave and 25% of their accrued sick leave balance. Accrued vacation and sick leave benefits for the various I, funds at September 30, 1985, are as follows:
VACATICN FAY SICK PAY Internal Service Fund $ 2,618 $ 1,095 Enterprise Funds: I Electric Utility Fund Gas Utility Fund Water Utility Fund 35,613 11,632 13,077 33,343 9,510 13,160 Wastewater Treatment Fund 22,164 16,221 I Sanitation Services Fund Governmental Type Funds (Note 5) TCTAL 12,299 207,485
$ 304,888 9,868 135,212
$ 210,409 I Eudgeting I The City's procedures in preparing and adopting the annual budget are as follows:
(1) The City Manager is re sponsible for preparing a preposed ope rating I budget for the upccming year prior to September 30, that includes estimated revenues, proposed expenditures, and other financing sources and uses. (2) Public hearings are held to obtain taxpayer ccreents and suggestions. The budget is enacted through passage of a resolution. (3) The City Manager is authorized to transfer budgeted amounts within any fund, but may not revise total fund expenditures without the approval of the City Ccemission. The budgetarf data presented is in I agreerent with the originally adopted budget as amended by the Cit'/ Ccemission. (4) Fo r.nal budgetary integration is employed as a management centrol I ' device during the year for all funds. Eudgets are adopted on a basis consistent with generally accepted accounting principlen. budgeted fund expenditures within the governmental type funds may nct Total be exceeded legally. Appropriations lapse at the and of the year. I I CITY CF I.EESBURG. FI.CRIDA NOTES TO FINANCIAI. STATEMEN"'S NCTE 1
SUMMARY
CF SIGNIFICANT ACCCUNTING PCLICIES (Centinued) Tctal columns en the Combined Statements-Overview Total columns on the Ccmbined Statements-Cverview are captioned Memorandum Cnly to indicate that they are presented cnly to facilitate financial analysis. Data in these columns do not present financial position, results of operaticns, or changes in financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregaticn of this data. = Proper *y Taxes Under Florida law, the assessment of all properties and the collection of all county, municipal and school board property taxes are censolidated in the of fices of the Ccunty Property Appraiser and County Tax Collector. The laws of the state regulating tax assessment are also designed to assure a censistent property valuation method state-wide. State Statutes pemit =
=unicipalities to levy property taxes at a rate of up to 10 mills.
The tax levy of the City is established by the City Comission prior ts October 1 of each year and the Lake County Property Appraiser incorporates the City millages into the total tax levy, which includes the County and the County School Beard tax requirements. All property is reassessed according to its fair market value January 1 of each year. Each assessment roll is submitted to the Executive Director of g the State Department of Revenue for review to determine if the rolls meet all g of the appropriate requirements of State Statutes. All taxes are assessed on November 1 of each year or as socn thereafter as l the assessment roll is certified and delivered to the County Tax Collector. 5 All unpaid taxes become delinquent on April 1 following the year in which they are assessed. Discounts are allowed for early payment at the rate of 4% g in the month of November, 3% in the month of December, 2% in the month of g January and in in the month of February. The taxes paid in March are without discount. Cn or prior to June 1 following the tax year, certificates are sold for all delinquent taxes on real p rope rty. After sale, tax certificates bear interest of 18% per year or at any lower rate bid by the buyer. Application g for a tax deed on any unredeemed tax certificates may be made by the g certificate holder after a period of two years. Unsold certificates are held by the County. Delinquent taxes en personal prcperty bear interest of 18% per year until the tax is satisfied either by seizure and sale of the prcperty or by the five-year statute of limitations. The City does not accrue its portien of the County-held tax sale certificates or personal property tax warrants because such amounts are not measurable and available as of the balance sheet date. I 1, . I
I CITY CF LEESBURG, -F?CRIDA NC"ES TO FINANCIAL STATEMDJ S NOTE 2 EXTRACFDINARY ITEM - ADVANCE REFUNDIhG CF LONG-TERM DEBT By ordinance adepted on September 24, 1984, the City provided for the re funding of all utility revenue bonds and bond anticipation notes outstanding in the aggregate principal amount of $20,520,000 frem the sale of I refunding utilities revenue bonds, series 1984 in the aggregate principal amount of $19,999,999. In addition to the refundin9 of prior debt outstanding, proceeds of the 1904 bonds are to be used to pay the cost of I certain utility construction projects, fund a reserve account for the 1964 bonds and to pay the costs and expenses of issuance of the 1984 bonds. As a result of the advance refunding, an extraordinary gain was recognized in I fiscal year ended September 30, 1984 by the City's utility funds. Such gain was computed as follows: I REFUNDED DEBT: CCMBINED CTILITY FUNDS Refunded Bonds and Bond Anticipation I Notes (Unamortized Discount and Issue Costs) Net Carrying Value of Refunded Debt S 20,520,000 ( 357,820) 20,162,180 I INVESTMDIT IN REFUNDING: Refunding Bonds Issued (Original Discount and Issue Costs) 19,999,999 ( 1,224,575) City Cash Contributed 3,716,493 I (City Cash Received) (Net Investment in Refunding) GAIN CN REFUNDING: ( 6,926,934) (15,564,983) I Gain on Refunding Before Elimination of Discount and Issue Costs 4,597,197 Elimination of Discount and Issue Cests (Partial) ( 927,739) Gain en Advance Refunding of Long-Term Debt S 3,669,458 BCTE 3 RESTRICTED ASSE*S AND RESERVED PE*AINED EAPJ1INGS Utility Funds - Bond Service Requirements As of September 30, 1985, bcnd funding requiremec :s are current. The Refunding Revenue Bcnd Resoluticns required the establishment of the following accounts. Refunding Pevenue Bond Debt Service In accordance with terms of the bond resolution, the City deposits cash monthly into a separate acccunt to I fund upcoming pr4.ncipal and interest payments on the bcnds. Such cash and investments are reflected in the financial statements as restricted assets. Pefunding Revenue Bond Peserve In addition to debt service deposit requirements, the bond resolution requires a reserve account to be used only to pay principal and interest in the event the monies in the I sinking fund are insufficient therefore. Deposits into this account are to be made until the amount of deposit equals the raximum amount of principal and interest becoming due in any ensuing fiscal year. I CITY OF LEESBURG, FLCRIDA I NCTES TO FINANCIAL STATEMENTS NCTE 3 RESTRIC*ED ASSETS AND RESERVED PETAINED EAFl!INGS (Continued) Renewal and Replacement The City must make monthly deposits to a separate acccunt which is restricted for paying the . costs of ex1Eensicns, enlargements or additions to, or replacement of capital assets and emergency repairs thereto. The deposit requirement is 1/12 of 5% of the l a year's gross revenues after deducting the cost of purchased energy. Bond Proceeds - Ccnstruction Account The proceeds of the bond issue have been segregated and are re stncted to payment of acquisition and construction costs of capital improvement projects. Designated Retained Earnings The depreciation acccunt and potable water account are funds set aside by city canagement. They should be distinguished from reserves, since managerial plans are subject to g change and may never be legally authorized or result in actual expenditure s. g NOTE 4 GENERAL FIXED ASSETS AND PRCPERTY, PLANT AND ECU!PMENT A su==ary of changes in general fixed assets follows: BALANCE BAIANCE 10/1/84 ADDITICNS DELETICNS 09/30/85 Land 5 1,264,857 $ S S 1,264,857 Buildings , 4,813,505 213,669 5,027,174 Improveme'nts Other Than Buildings 1,674,346 87,164 1,761,510 Equipment 2,375,875 195,040 ( 7,172) 2,563,743 Construction in Progress 31,996 305,887 (31,996) 305,887 = TOTAL $ 10,160,579 5 801,760 $(39,168) $ 10,923,171 A summar/ of prcprietary fund
- type p rope rty , plant and equipment at September 30, 1985 follows:
IbiEFRAL ENTERPRISE SERVICE Intangible Plant S 79,230 S Land 1,161,926 g Buildings 3,160,101 g Improverents Other Than Buildings 37,024,627 Equipment 5,348,777 35,458 Construction in Progress 1,763,578 TOTAL 48,538,239 35,458 l m (Accumulated Depreciation) ( 13,757,721) (28,463) NET $ 34,780,518 $ 6,995 I CITY CF LEESBURG, FLCRIDA NOTES TO FINANCIAL STATEMENTS NOTE 4 GETEFAL FIXEO ASSETS AND PRCFER'"Y, PLANT AND EQUIPMENT (Continued) Capitalized Interest The City has included net capitalized interest expen se/ (inccme ) , in the cost of its utility plant and General Fixed Assets, financed from the proceeds of I certain tax exempt bond issues. expense / (inecme) are as follows: The amounts of net capitalized interest I 1965 1984 Utility Funds Electric $(51,667) $ 13,842 Gas 5,368 1,996 I Water Wastewater Total Utility Funds 5,218 ( 9,088) (5C,169) 47,3 4 589 63,751 I General Fixed Asset Grcup of Accounts 2_9,331 Total $ (20,838) J 63,751 NCTE 5 LCNG-TERM LIABILITIES The following is a su= mary of all long-term liabilities of the City. Utility Funds Refunding Utilities Pevenue Bonds, Series 1984, Dated September 1, 1984, Issued September 27, 1984 $19,999,999 The 1984 bends are fully registered bonds in denominations of $5,000 and are collateralized by a pledge of the nat revenues of the utilities system. Bond maturity dates and debt service requirements are as follows: (Please see tha following page for bcnd maturity dates debt service requirements) I I I I I 20 - I .
I CITY OF LEESBURG, FLORICA NOTES TO FINANCIAI STATEMENTS NOTE 5 LCNC-TERM LIABILITIES (Continued) BCND MATURITIES DEBT SERVICE REQUIRDtENTS TOTAL BCND TEBM AND (INCCME MATURITIES ', CAPITAL REQUIRED FROM AND DEBT DUE SERIAI. APPRECIATICN SECURITY SECURITY INTEREST SERVICE CC"CBER BCNDS BCNCS PUFCHASES PURCHASES) EXPENSE REQUIREMENTS 1985 S S $ 342,440 S( 24,956) $ 2,115,601 S 2,433,085 1986 379,319 ( 52,181) 1,952,863 2,280,001 1987 405,661 ( 82,088) 1,952,863 2,276,436 l m 1988 432,003 ( 114,263) 1,952,863 2,270,603 1989 474,150 ( 148,294) 1,952,863 2,278,719 g 1990 511,029 ( 185,831) 1,952,863 2,278,06 1991 553,176 ( 226,256) 1,952,863 2,279,783 5 1992 595,322 ( 269,775) 1,952,863 2,278,410 1993 600,000 '( 313,913) 1,952,863 2,238,950 ( 313,913) l 1994 650,000 1,900,363 2,236,450 m 1995 705,000 ( 313,913) 1,841,863 2,232,950 1996 770,000 ( 313,913) 1,776,650 2,232,737 1997 345,000 ( 313,913) 1,703,500 2,234,587 1998 925,000 ( 313,913) 1,621,113 2,232,200 1999 1,020,000 ( 313,913) 1,528,613 2,234,700 2000 . 1,120,000 ( 313,913) 1,426,613 2,232,700 g 2001 1,230,000 ( 313,913) 1,314,613 2,230,700 g 2002 1,360,000 ( 313,913) 1,190,075 2,236,162 2003 1,500,000 ( 313,913) 1,050,675 2,236,762 2004 1,655,000 ( 313,913) 896,925 2,238,012 2005 609,999 (4,118,913) 5,762,289 2,253,375 2006 1,505,000 727,288 2,232,288 2007 1,660,000 571,144 2,231,144 g 2008 1,830,000 398,919 2,228,919 g 2009 2,015,000 209,056 2,224,056 TCTAL3 $ 4,800,000 S 15,199,999 5 3,693,100 $(0,989,513) $ 41,658,204 $ $6,361,790 Esticated Landfill closure Costs The City will be closing its present landfill site over the anxt four to five years at an e sti:nated total cost of $1,723,303. An asset and related g liability have been recorded in the balance sheet of the City's Sanitation g Fund to reflect this cost and related liability. The cost of the closure is expected to be financed by increased user fees. Amortization of the cicsure cost will be over the period (six years) that rates are increased to pay off l W future long-term debt and other associated costs. A five-year cumary of reductiene in the estimated liability follows: I I 21 g.
I CITY CF LEESBURG, FLORIDA NCTES TO FINANCIAL STATEMENTS NCTE 5 LCNG-TERM LIABILITIES (Continued) Estimated Landfill Closure Costs (Ccntinued) I 1986 1987 1986 S 262,581 273,912 I 1989 1990 THEREAFTER 301,097 330,980 450,430 TOTAL S1,619,000 I General Ieng-Term Debt: Public Improvement Revenue Certificates These certificates are collateralized by cigarette tax revenues. The raturi-ty dates and interest rates of the certificates are as follows: PUBLIC IMPROVEMENT REVENUE CERTIFICATES I MATURITY DATE INTEREST RATE AMCUNT MATURITY DATE IhTEREST RATE AMOUNT 01/01/86 4.2% $40,000 01/01/88 4.2% $ 40,000 01/01/87 4.2 40,000 01/01/89 4.2 45,000 I Note Payable, Unco 11ateralized, Due in Monthly S 165,000 Installments of $2,123 Including Interest at 84 106,191 Mortgage Notes Payable Collateralized by Real Estate, Due in Annual Installments of 51,000 with Interest at 44 18,000 Mortgage Note Payable, Collateralized by Real Estate, Due in Annual Installments of $3,000 with Interest I at lot Refunding and Capital Improvement Fevenue Bonds 21,000 Payable Issued in November, 1984 2,250,000 Employee Compensated Absences Payable at September 30, 1985 (Mete 1) 34!,695 TOTAL $ 2,902,686 I I
CITY CF LEESBURG, FLCRIDA I NOTES TO FINANCIAL STATEMENTS NOTE 5 LCNG-TERM LIABILITIES (Centinued) General Lone-Term Debt: (Continued) Maturities Cf General Long-Term Debt Maturities of general long-term debt for years ending September 30, are as follcws: 1986 S 428,790 1987 111,951 1988 112,848 g 1989 118,790 g 1990 99,780 THEREAFTER 2,030,727 TCTIAL S2,902,886 The following is a su= mary of changes in general long-tern debt for the year ended September 30, 1985: BALANCE BALANCE OCTCBER 1, SEPTE:tBER 30, g 1984 ADDITIONS DEDUCTICNS 1985 g Public Improvement Revenue Certificates 5 205,000 3 S( 40,000) S 165,000 Bond Anticipation . Notes Payable 1,600,000 (1,600,000) Refunding and Capital Improvement Bonds 2,250,000 2,250,000 g Mortgages and Notes 145,191 g Payable 165,472 ( 20,281) Employee Ccepensated Absences Payable 327,057 305,697 ( 290,059) 342,695 TOTAL $2,297,529 S2,555,697 S3 ,950,340) $2,902,886 Fefunding And Capital Improvement Bonds In November 1984, the City issued $2,250,000 of Refunding and Capital Im-provement Revenue Bonds to provide funds for the constructicn of the Improve-cent Project, the completion cf the Library Expansion and the refunding and payment of the City's Fefunding and Capital Improvement Fevenue Bcnd Antici-pation Notes totalling $1,600,000, Series 1984. The 1984 Bcnds are fully registered bonds without coupons in dencminations of 55,000 each and are collateralized by a pledge of Local Government Italf-cent Sales Tax Revenue and income of certain investments. Bond maturities and " interest payments are as follows: I I I CITY CF LEESBURG0 FZ.CRICA NOTES TO FINANCIAL STATEMENTS NOTE 5 LCNG-TERM LIABILITIES (Centinued) Fefunding And Capital Ieprovement Bends: (Continued) TOTAL PAYABLE U."!EREST ASECCIATED PRINCIPAL AND CC"tBER 1. RATE PRINCIPAL INTEREST , INTEREST CUE 1985 6.75% $ 25,000 3 212,700 S 237,700 1986 7.00% 50,000 211,012 261,012 1987 7.25% 50,000 207,513 257,513 I 1968 1989 1990 7.50% 7.754 8.00% 50,000 75,000 75,000 203,887 200,138 194,325 253,887 275,138 269,325 I 1991 1992 1993 8.25% 8.50% 8.75% 75,000 75,000 75,000 188,325 182,137 175,763 263,325 257,137 250,763 1994 9.00% 100,000 169,200 269,200 I 1995 1996 1997 9.20% 9.40% 9.60% 100,000 100,000 125,000 160,200 151,000 141,600 260,200 251,000 266,600 I 1998 1999 2000 9.80% 9.904 10.25% 125,000 150,000 150,000 129,600 117,350 102,500 254,600 267,350 252,500 2001 10.254 175,000 87,125 262,125 2002 10.25% 200,000 69,187 269,187 2003 10.25% 225,000 48,688 273,688 2004 10.254 250,000 25,625 275,625 I TCTAL $ 2,250,000 $ 2,977,875 $ 5,227,875 NCTE 6 ELECTRIC PCWER AGREEMENTS Crystal Fiver Unit s3 Participation Agreement The City is a pa rticipant in an agreement with Florida Power Corporation I which was entered into on July 31, 1975. Under terms of the agreement, the City acquired an 0.8244% ownership interest and generation entitlement share in the nuclear steam electric generating unit. Participants are entitled to I energy output of the unit based upon their respective generation entitlement share. Florida Power Corporation has been appointed by the participants to act as I their agent and has sole authority to manage, control, maintain and cyrate the unit. Operating costs of the unit, in general, are shared in proportion to each generation entitlement share on a menthly basis. Common and external facilities of the generating unit are solely owned by Florida Power Corpor-ation and participants share in the operating and . maintenance expenses of such facilities. Nuclear fuel payments are required of participants in advance. I
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I CITY CF LEESBURG, FLCRICA NCTES TO FINANCIAL STATEMENTS NOTE 6 EI.EC"RIC PCWER AGREEMENTS (Continued) Crystal River Unit s3 Participation Agreement (Continued) . The participation agreement provides for reversion of the ownership interest of the unit to Florida Pever Corporation upon retirement from service. The l book value of the investment included in Utility Plant in Service amounts to 5
$3,816,660 as of Septerter 30, 1965.
St. L'ucie No. 2 Pcwer Purchase Agreement The City has negotiated an agreement with Florida Power and Light Corporation guaranteeing the City the right to purchase up to 2.326 megawatts of gener-ating capacity frem the St. Lucie No. 2 nuclear generatinc plant. The plant l W became cperational in 1984. The cost of this agreement has been capitalized and will be amortired over the plant's expected useful life. In addition, the City has agreed to sell ene-half of the capacity and energy from its respective entitlement shares frem St. Lucie No. I to certain purchasing systems. NOTE 7 GRAITTS The City participates in a nurter of State and Federal grant programs, principal of which are the following HUD Ccmunity Development Block Grants Section 8 - Housing Assistance Payments Procram Airport Improvements Grants These programs are subject to program compliance audits by the grantors or their representatives. The audits of tlsse programs for or including the year ended September 30, 1985, either (ve not yet been cenducted by the grantees or have not been accepted /apprtved by the grantors. Accordingly, the final determination of the City's ecepliance with applicable grant g requirements will be established at a future date. The amount, if any, of g expenditures which may be diaallcwed by the granting agencies cannot te determined although the City expects such amounts, if any, to be irr.aterial. NCTE 8 SEGMENT *NFCPMATICN FCP ENTERPRISE FUNOS: The City operates five enterprise funds. Segment information as of Septerter 30, 1985, is as follows: (Please see the following page) I I I 2, . g'
CITY CF LEESBURG, FLCRIDA NOTES t FINANCIAL STATEMENTS NCTE 8 SECMENT INFCRMATICN FCR Eh"TERPRISE FUNDS (Continued) I SANITARY I ELECTRIC UTILITY GAS UTILITY WATER UTILITY SEWER AND WASTEWATER TREATMENT SANITATICM SERVICES FUND FUND FUND FUND FUND Cperating Revenues S 21,691,863 $ 2,810,332 S 1,439,487 $ 1,650,061 S 872,C38 Depreciation 997,193 80,812 247,464 357,727 68,268 I Cperating Incere Cperating Transfers To General Fund 2,756,541 1,690,296 424,112 389,040 541,926 154,900 336,646 120,600 120,939 I Net Income 595,089 59,349 188,838 83,377 122,198 CurTent Year Capital - Centributiens 90,041 84,540 6,316 Froperty and Equipment Additions 3,103,254 278,698 175,392 358,933 93,908 Net Working Capital 3,349,602 243,737 430,364 657,882 51,466 Iong-Term Liabilities I Payable Frem Operating Fevenues (Net) Total Fund Equity 12,188,430 11,293,943 28,022,400 1,502,456 1,348,847 3,312,552 1,606,667 3,113,979 7,000,301 2,549,988 9,802,999 12,660,413 1,619,000 346,632 2,012,939 Total Assets NOTE 9 CTHER DISCICSURES (1) There is no excess of expenditures over appropriations in individual governmental funds. (2) Deficit retained earnings / fund balance of individual funds: FUND AMOUtri Proprietary Fund Type Sanitation Services S(94,335) (3) Individual fund interfund receivable and payable balances: I (Please see following page interfund receivable and payable balances) I I
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CITY OF LEESBURG, FLCRIOA NOTES TO FINANCIAL STATEMDT"S NCTE 9 CTHER DISCLCSUPES (Continued)
.INTERFUND INTERFUND FC;D RECEIVABLES PAYABLES General Fund $ 114,757 3 63,597 Federal Revenue Sharing 180 g Corr: unity Development 13,000 g Housing Assistance 134 Capital Pro;ects Fund 33,100 126,376 Electric Utility 168,955 6,231 Cas Utility 145,773 l
5 Water Utility 26,236 Sanitary Sewer Utility 2,463 Sanitation Services 2,239 Motor Pool 474 Pension Trust Funds 78,371 8,480 TOTAL $ 395,183 $ 395,183 NOTE 10 PENSION PLANS The City has established three defined benefit pension plans for employees. The following brief description of the plans is presented for information only. m (1) Eligibility The Municipal Police Officers' Retirement Trust Fund covers policemen upon eeployment who have attained eighteen years of age. The l Municipal Firemen's Retirement Trust Fund covers firemen who have W completed one year of employment and attained eighteen years of age. The Pension Fund for General Employees covers en:ployee s (other than firemen) who have completed one year of employment and attained eighteen years of age. (2) Plan Description The plans have dif fering provisions for pension, death and disability l a benefits. The a:ost recent actuarial valuations are as follows: General Employees' Pension Fund October 1, 1984 Police Officers' Pensien Fund October 1, 1983 Firemen's Pension Fund October 1, 1982 (3) Funding Policy Municipal Police Officers' Petirement Tntet Fund Funding of the Police Pension Fund is provided from policemen contributions (54 of their annual corrensation) and 14 excise tax. The excise tax is levied en gross preniums collected on casualty insurance policies covering property within the corporate limits of the City. The State collects and contributes the tax to the fund under Florida Statute 185. The City does not contribute to the fund since po licemen CITY CF I.EESBURG, FI.CRIDA NCTES TO FINANCIAI, STATEPJENTS NCTE 10 PENSICN PLANS (Continued) centributions and excise tax monies are sufficient to fund the plan. Policemen accumulated refundable centributions at September 30, 1985, were S191,506. Municical Firemen's Petirement Plan Firemen cent i rute 5% of their annual compensation to the plan. A 14 excise tax i. :. ire insurance premiums sold within the corporate limits is remitted to the fund by the State of Florida. The City accrues and contributes an additional amcunt, as determined by an actuary, to fund annual normal cost and prior service cost amortized over forty years. The required City contribution for the year ended September 30, 1985, I amounted to $60,302 (8.66% of covered payroll) which has been adequately funded. This amount is recorded as revenue in the pension fund and as expense in the General Fund. Firemen accumulated re fundable contributions at September 30, 1985, were $222,906. Retirement Plan For General Employees The General E=ployees' Plan is noncontributory. The City accrues and contributes an amount, as determined by an actuary, to fund annual normal cost and prior service cost amortized over forty years. The required City contribution for the year ended September 30, 1985, I amounted to 5430,587 adequately funded. (12.4% of covered payroll) which has been This amount is recorded as revenue in the pension fund and as expense in the various governmental and proprietary funds. I (4) Actuarial Information Accumulated plan benefits are those future periodic payments that are attributable under the plan's provisions to the service employees have rendered. Benefits payable under all circumstan es (retirement, death, disability, and termination of employment) are included to the extent they are deemed attributable to employee service rendered to the valuation date. The following is a summary of actuarial present value of accumulated plan benefits (most recent valuation information available): I (Please see folicwing page for valuation information) I r CITY OF LEESBURG, FLCRIDA NOTES "'O FINANCIAL STATEME!CS NCTE 10 PENSICN PLANS (Continued) MUNICIPAL MUNICIPAL RETIREMENT PCLICE FIREMEN'S PLAN FCF RETIREMENT RETIREMENT GENEFAL TRUST FUND TRUST FUND EMPLOYEES 10/01/83 10/01/82 10/01/84 Vested Benefits: Participants Currently Receiving Payr.ents S 38,350 $ 19,577 $ 832,255 g Other Participants 210,700 703,542 1,447.722 g Total Vested Benefits 249,050 723,119 2,279,477 Ncn-Vested Benefits 93,847 328,70 Total Actuarial Present Value Of Accumulated Plan Benefits $ 249,050 $ 816,966 $ 2,608,180 Net Assets Available For Benefits S 843,989 $ 1,019,734 $ 3,056,826 Rate of Return Used To Determine The Actuarial Present Value of Plan Benefits 84 84 64 NOTE 11 SELF-INSURANCE - EMPI4YEE HEALTH INSURANCE FUND Effective Cetober 1, 1984, the City established a self-insurance program for the payment of employee health and medical claims. The program provides for the payment of City and employee contributions into a self-insurance fund, l which is managed by the City and its administrative agent. Employee claims W up to $35,000 per person are paid from the assets of the self-insurance fund, with amounts in excess of $35,000 up to a maximum of $1,000,000 per year being paid from a .reinsurance policy purchased by the City. The financial positicn and results of operatiens of the fund are presented in the Fiduciary Fund Section of the Combining Financial i
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WOTE 12 CCNTINGENT LIABILITY The City is currently a co-defendant alor.g with Florida Power Corporation in g a case whereby a minor came in contact with a power line while climbing the g guy wires of a utility pole. The parents of the minor have alleged negligence against the City, claiming faulty design and construction of the utility pole and creation of an attractive nuisance. Legal Counsel for the City expects that the City will incur little or no liability for the l e incident.
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CITY CF LEESBURG, FLCRIDA WCTES TO FINANCIAL S*ATEMENTS NCTE 13 SUBSECt'E!C EVE!C Ef fective January 1, 1986, the City established a self-insurance program for the payment of employee Workmen's Compensation claims. The program provides , for Cit? contributions into a self-insurance fund which is managed by the l City and its administrative agent. Employee claims up to S150,000 per occurrence are paid from the assets of the i self-insurance fund with amounts in excess of $150,000 up to a maximum of 1 32,000,000 per occurrence being paid from a reinsurance policy purchased by ) the City. I I I I ni J i i I
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I I I I I COMBINING AND INDIVIDUAL FUND I AND g ACCOUNT GROUP STATEMENTS These financial statements provide a more deta!!ed view of the " General Purpose Financial Statements" presented in the preceding subsection. Combining statements are presented when there are more than one fund of a given fund type. Individual fund and ac-I count group statements are presented when there is only one fund of a given type and for the account group. They are also necessary to present budgetary comparisons. This section contains the following subsections: I
- Combining and Individual Fund and Account Group Statements I
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I GENERAL FUtm I The General Fund accounts for all revenues and expenditures of the City which are not required to be accounted for in other funds. It receives a greater variety and number of taxes and other general revenues than any other fund. I I I I I - I l l l
1 CITY OF LEESBURG, FLCRIDA GENEPAL FUMD BALANCE SHEET g Septe=ber 30, 1985 g , With Cc=parative Amounts for September 30, 1984 A-1 Totals 1985 1984 Assets Cash and Cash Investments S 2,209,333 S 1,938,512 Due Frem Other Governments 64,700 Assessments Receivable 6,612 3,963 Other Accounts Receivable (Net of Allcwance for Doubtful Accounts of $4,392 and $4,302) 20,313 19,271 Interest Receivable 30,469 30,469 Due frem Other Funds 114,757 687,257 Supplies Inventory at Ccst 8,015 5,468 Total Assets 5 2,454,199 $ 2,684,942 I, Liabilities And Fund Balance Liabilities: Accounts Payable 149,764 88,010 Accrued Wages and Payroll Tax 24,065 Due to other Funds 63,597 161,694 Deposits 1,964 1,000 Unearned License Revenue 57,435 52,292 l Total Liabilities 272,760 327,061 i Fund Balance: Fese rved: For Inventory 8,015 5,468 For Police Education 5,549 4,085 l m i l l For Police Expenditure 6,213 5,875 l Unreserved 2,161,662 2,342,453 l l Total Fund Balance 2,181,439 2,357,881 Total Liabilities & Fund Balance S 2,454,199 5 2,684,942 1 l 1 l [
O CITY OF LEESBURG, FLCRIDA GENERAL FUND STATEMEN'" CF REVENUES, EXPENDITURES , AND CHANGES IN FUND 8ALANCE - BUDGET (GAAF BASIS) AND ACTUAL Year Ended September 30, 1985 With Cc=parative Actual Amounts for Year Ended September 30, 1984 A-2 Variance Favorable 1984 Budget Actual (Unfavorable) Actual Revenues: Taxes S 1,047,000 $ 1,052,868 S 5,868 $ 965,947 I Licenses and permits Shared Revenues Charges for services 115,100 1,049,900 180,800 127,475 1,098,502 158,588 ( 12,375 48,602 22,212) 113,216 940,778 119,116 I Fines and forfeitures 137,000 143,904 6,904 117,993 Miscellaneous 178,300 368,912 190,612 202,971 Total Revenues 2,708,100. 2,950,249 242,149 2,460,023 Expenditures: General Government 718,000 577,510 140,490 516,263 Public safety 2,353,000 2,257,055 95,945 2,190,947 Physical environment 262,100 250,850 11,250 250,424 Transportation 780,900 726,618 54,282 493,280 Human Services 8,900 8,436 464 8,283 Culture / Recreation 1,463,100 1,356,032 107,068 1,209,820 Total Expenditures 5,586,000___ 5,176,501 409,499 4,669,017 Excess (deficiency) of Revenues Over Expenditures (2,877,900) (2,226,252) 651,648 (2,208,994) Cther Financing Sources (Uses): Proceeds of Bond Anticipation Notes 900,000 I Operating Transfers In Operating Transfers Cut ( 2,354,900 63,300) 2,354,836 ( 305,026) ( 64) ( 241,726) 3,156,704 ( 954,773) Total Other Financing Sources (Uses) 2,291,600 2,049,810 ( 241,790) 3,101,931 Excess of Revenues & Other Sources over Expenditures & I Other Uses Fund Balance at Beginning ( 586,300) 1,749,858 ( 176,442) 2,357,881 409,858 608,023 892,937 1,464,944 of Year Fund Balance at End of Year S 1,163,558 3 2,181,439 $ 1,017,881 S 2,357,881 CITY CF LEESBUFG, FLORIDA GENERAL FUND STATEMENT OF REVENUES, BUDGET (GAAP BASIS) AND ACTUAL Year Ended September 30, 1985 With Comparative Actual Amounts for Year Ended September 30, 1984 A-3 Variance Favorable 1984 Budget Actual (Unfavorable) Actual Taxes: Ad Valcrem S 1,016,000 S 1,022,465 $ 6,465 $ 937,894 Franchise Fees 31,000 30,403 ( 597) 28,053 Tctal 1,047,000 1,052,868 5,668 965,947 Licenses and Permits: Professional and Occupational 54,000 56,285 2,285 49,207 Buildino Permits 42,500 41,123 ( 1,377) 40,187 Other Permits 18,600 30,067 11,467 23,822 Total 115,100 127,475 12,375 113,216 Shared Revenues: Insured Agents-County Licenses 1,000 850 ( 150) 1,150 Two-Cent Cigarette Tax 72,000 79,824 7,824 77,006 State Revenue Sharing 351,000 383,684 32,684 371,933 Mobile Home Licenses 18,000 16,748 ( 1,252) 18,064 Alcoholic Beverage License 15,000 14,962 ( 38) 14,958 g Municipality Share of County 3 Impact Collection Fees 1,710 1,710 Rebate on Municipal Vehicles 15,400 11,189 ( 4,211) 6,045 Municipality Share of Road and Bridge Tax 45,603 Local Option Gas Tax 130,000 123,653 ( 6,347) Municipality Share of County Cccupational Licenses 17,000 16,347 ( 653) 16,370 Half-Cent Sales Tax 340,000 343,969 3,969 296,252 One Percent Fuel Tax 90,500 105,566 15,066 93,397 Total 1,049,900 1,098,502 48,602 940,778 Charges for Services: General Government Charges 5,400 5,527 127 5,325 g Cther Public Safety Charges 9,000 9,028 28 5,610 g Police Dispatch Fees 6,500 5,400 ( 1,100) 7,400 Other Physical Environment Chgs. 16,100 19,198 3,090 1,E96 Librarie s 9,300 10,094 794 9,725 Program Activitists Fees 80,000 66,106 ( 13,894) 65,731 Swimming Pools i 24,000 12,388 ( 11,612) 11,693 Cther Recreaticr.", Fees 5,000 5,963 963 2,270 Marina Charges , 3,000 2,736 ( 264) 6,140 Communijy Building 22,500 22,148 ( 352) 3,328 g p > Total 180,800 158,588 ( 22,212) 119,118 (Continued) 1 of 2
I CITY OF LEESBURG, FLCRIDA GENERAL FUND STATEMENT CF REVENUES, BUDGET (CAAP BASIS) AND ACTUAL Year Ended September 30, 1985 With Comparative Actual Amounts for Year Ended September 30, 1984 A-3 I Budget Actual Varit.nce Favorable (Unfavorable) 1984 Actual Fines and Forfeitures: Court Fines S 95,000 3 100,137 3 5,137 S 92,148 Library Fines 6,500 5,752 ( 748) 5,823 Cther Fines and Forfeitures 35,500 38,015 2,515 20,022 Total 137,000 143,904 6,904 117,993 Miscellaneous Revenues: I Interest, including Profit en Investments Rents and Percentages 125,100 3,000 321,213 3,789 196,113 789 104,922 3,115 I Airport Rental Sale of Land Sale of Purniture and Equipment 35,000 8,000 32,666 2,627 ( 2,334) ( 5,373) 42,494 10,250 8,433 Contributiens-Private Sources 276 I Cther Incomi Insuranca Co pensation Trust Fund Contributions 1,100 1,000 5,100 2,590 928 5,099 ( ( 1,490 72) 1) 3,838 2,006 27,627 Total 178,300 368,912 190,612 202,971 Total Revenues S 2,708,100 5 2,950,249 S 242,149 5 2,460,023 I . I I (Concluded) 2 of 2 i l E CITY CF LEESBURG, FLCRIDA GENERAL FUND l STATEMENT OF EXPENDITURES, BUDGE *" (GAAP BASIS) AND ACTUAL Year Ended September 30, 1985 With Comparative Actual Amcunts for Year Ended September 30, 1984 A-4 Variance Favorable 1984 = Function / Activity /Subactivity/Cb$ect Budget Actual (Unfavorable) Actual General Government Services: Legislative: City Cor: mission: Personal Services S 24,200 $ 26,476 S( 2,276) S 17,546 Cperating Expenses 16,100 17,799 301 23,403 Cost Recovered ( 21,700) ( 21,650) ( 50) ( 19,950) Total City Cc::: mission 20,600 22,625 ( 2,025) 20,999 Boards and Commissiens: Personal Services 7,500 7,454 46 Cperating Expenses 5,400 4,606 794 4,861 Total Boards & Commissions 12,900 12,060 840 4,861 Total Legislative 33,500 34,685 ( 1,185) 25,860 Executive: City Manager's Office: Personal Services 80,000 107,057 ( 27,057) 72,491 Operating Expenses 12,500 12,587 ( 87) 11,038 Capital Outlay 200 200 Cost Recovered ( 55,600) ( 55,620) 20 ( 49,920) Total City Manager's Office 37,100 64,024 ( 26,924) 33,609 City Clerk / Finance Director: Perscnal Services 131,800 132,704 ( 904) 123,437 Operating Expenses 16,300 16,618 ( 318) 20,281 Capital Outlay 1,200 1,200 513 Cost Recovered (112,000) (111,975) ( 25) ( 102,525) Total City Clerk / Finance 37,300 37,347 ( 47) , 41,706 Total Executive 74,400 101,371 ( 26,971) 75,315 Finance and Administrative: Accounting Office: Personal Services 121,800 122,261 ( 461) 110,514 Cperating Expenses 25,900 25,914 ( 14) 20.048 l Capital Cutlay 4,200 3,627 573 826 5 Cost Recovered ( 76,000) ( 75,950) ( 50) ( 71,050) Total Acccunting Office 75,900 75,852 48 60,340 Collections Office: Personal Services 73,300 72,389 911 62,598 Cperating Expenses 13,700 12,468 1,212 12,356 Capital Outlay 52,950) E g Cost Recovered ( 65,300) ( 65,250) ( 50) ( Total Collections Office 21,700 19,627 2,073 22,004 Data Processing: Personal Services 73,000 72,876 124 72,672 Cperating Expenses 47,000 33,061 13,939 42,288 Capital Cutlay 8,000 7,167 833 Cost Recovered ( 97,600) ( 103,920) ( 97,600) 14,896 11,040 E g Total Cata Prccessing 30,400 15,504 (Contir'ued) 1 of 7
I . CITY CF LEESBURG, FLCRIDA GENERAL FUND STATEMENT OF EXPENDITURES, BUDGET (GAAP BASIS) AND ACTUAL I Year Ended September 30, 1985 With Cceparative A-tual Amounts for Year Ended September 30, 1984 A-4 Variance Favorable 1984 Fun ction /A ctivi ty/ S uba ct ivi t y/Cb j e ct Budget Actual (Unfavorable) Actual I General Government Services (Cent'd): Finance and Administrative (Cont'd) Custcmer Service: Personal Services S 121,100 $ 122,496 S( 1,396) S 184,391 I Operating Expenses Capital Outlay 41,100 300 41,083 294 17 6 45,622 Cost Recovered ( 162.500) ( 162,500) ( 225,800) I Total Custcmer Service Meter Reading: Personal Services 69,330 1,373 68,476 ( 1,373) 824 4,213 Cperating Expenses 12.500 11,721 779 I Cost Recovered Total Meter Reading Purchasing Office: (___ S1,800) ( ( 81,800) 1,603) 1,603 Personal Services 48,600 48,693 ( 93) 44,830 Operating Erpenses 11,600 12,379 ( 779) 11,074 Capital Outlay 4,500 3,814 686 166 Cost Recovered ( 57,100) ( 57,024) ( 76) ( 49,192) Total Purchasing Office ~,600 7,862 ( 262) 6,898 Personnel Office: Personal Services 60,500 60,578 ( 78) 57,156 Cperating Expenses 10,800 8,474 2,326 7,305 Cost Recovered ( 32,100) ( 32,085) ( 15) ( 30,015) Total Personnel Office 39,200 36,967 2,233 34,446 Tctal Finance & Administrative 174,800 155,582 19,218 138,941 Legal Services: City Attorney's Office: I Cperating Expenses Cost Recovered Total Legal Services 67,300 ( 33,7CO) 33,600 56,017 ( 33,650) 22,367 ( 11,283
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11,233 28,888 20,000) 8,888 I Cc== unity & Econcmic Development: Planning Office: Perscnal Services 75,200 76,533 ( 1,333) 55,201 I Cperating Expenses Capital Cutlay Eebt Service 12,400 800 57,600 13,226 766 ( 826) 34 57,600 44,197 1,097 Cost Recovered ( 37,200) ( 36,700) ( 500) ( 18,550) Total Ccemunity & Economic Development 108,800 53,825 54,975 81,945 (Centinued) 2 cf 7 I CITY OF LEESBURG, FLORIDA GENERAL FUht STATDiENT CF EXPENDITUFIS, BUDGET (GAAP BASIS) Aht ACTUAL Year Ended September 30, 1985 With Cceparative Actual Amounts for Year Ended September 30, 1984 A-4 Variance l Favorable 1984 5 Function / Activity /Subactivity/Cbject audget Actual (Unfavorable) Actual General Government Se rvices (Cent'd): Cther General Government Services (Cont'd): Warehouse Services: l Personal Services S 59,600 0 59,517 $ 83 $ 46,925 g Operating Expenses 6,300 6,085 215 6,879 Capital Outlay 700 5,206 ( 4,506) 313 Cost Recovered ( 58,600) ( 58,608) 8 ( 49,896) Total Warehouse Services 8,000 12,200 ( 4,200) 4,221 Printing and Reproduction: Personal Services 19,600 19,487 113 18,327 Operating Expenses 1,600 1,643 ( 43) 535 Capital Outlay 4,500 4,500 Cost Recove red ( 9,000) ( 8,995) { 5) ( 6,545) Total Printing & Reproduction 16,700 12,135 4,565 12,317 Public Information Office: Personal Services 11,500 11,644 ( 144) 9,900 12,800 11,021 1,779 10,38 Operating Expenses E Capital Outlay 600 g Cost Recovered ( 12,200) ( 12,150) ( 50) ( 11,200) Total Public Info. Office 12,100 10,515 1,585 9,681 Civic Functions Support: l 5 Operating Expenses 28,600 29,310 ( 710) 29,094 Total Civic Funct. Support 28,600 29,310 ( 710) 29,094 Public Buildings: Personal Services 81,400 79,031 2,369 61,301 Operating Expenses 49,100 50,563 ( 1,463) 39,135 Capital Cutlay 19,600 20,175 ( 575) 24,115 Debt Service 40,100 7,159 32,941 4,124 Cost Recovered ( 28,600) ( 28,530) ( 70) ( 17,640) Total Public Buildings 161,600 128,398 33,202 111,045 Switchboard: Personal Services 12,500 12,550 ( 50) 12,387 Cperating Expenses 18,800 17,203 1,597 13,237 Capital Cutlay 116 Cost Recovered ( 15,700) ( 15,650) ( 50) ( 15,300) Total Switchboard 15,600 14,103 1,497 10,440 Elections: Operating Expenses 300 145 155 639 Total Elections 300 145 155 639 (Continued) 3 of 7 I I
I CITY CF LEESBURG, FLORIDA GENERAL FUND STATEMENT CF EXPENDITURES, BUEGET (GAAP BASIS) AND ACTUAL Year Ended September 30, 1985 With Comparative Actual A= cunts for Year Ended September 30, 1984 A-4 I Function / Activity /Subactivity/Cbject Budget Actual Variance Favorable (Unfavorable) 1984 Actual I General Government Services (Cont'd): Other General Govern =ent Services (Cent'd): Miscellaneous & Contingencies: Cperating Expenses S 50,000 $ 2,874 S 47,126 5 7,877 Total Misc. & Contingencies 50,000 2,874 47,126 7,877 Total Cther General Government Services 292,900 209,680 83,220 185,314 Total General Gcvernment 718,000 577,510 140,490 516,263 Public Safety: Law Enforcement: Police Depart =ent: I Personal Services Cperating Expenses Capital Outlay 1,059,200 189,800 61,700 1,032,382 190,278 35,130 ( 26,818 478) 26,570 984,807 182,369 54,030 Total Law Enforcement 1,310,700 1,257,790 52,910 1,221,206 Fire Control Fire Departments Personal Services 857,900 838,349 19,551 798,457 Operating Expenses 81,900 84,372 ( 2,472) 66,731 Capital Outlay 42,000 21,640 20,360 34,188 Total Fire Control 981,800 944,361 37,439 899,376 Protective Inspections: I Building and Inspections: Personal Services Operating Expenses 81,700 11,400 77,312 10,177 4,388 1,223 72,046 12,985 I Cost Recovered Total Protect. Inspections A=bulance Department: ( 32,600) 60,500 ( 32,585) 54,904 ( 15) 5,596 ( 27,615) 57,416 Cperating Expenses 12,949 I Total Ambulance Department Total Public Safety 2,353,000 2,257,055 95,945 12,949 2,190,947 Physical Environment: Cther Physical Environment: Street Cleaning: I Personal Services Cperating Expenses Cebt Service 12,900 13,400 13,143 11,558 ( 243) 1,842 17,100 9,735 Total Street Cleaning 26,300 24,701 1,599 26,835 (Continued) 4 of 7 I I CITY CF LEESBURG, FLORIDA GENERAL FUND STATEMENT CF EXPENDITURES, BCDGET (GAAP BASIS) AND AC*UAL g Year Ended September 30, 1985 g With Comparative Actual Amcunts for Year Ended September 30, 1984 A-4 Variance l Favorable 1984 W Punction/ Activity /Subactivity/Cb3ect Budget Actual (Unfavorable) Actual Physical Environment (Cont'd): Other Physical Environment: (Cont'd) Engineering: l Personal Services S 137,800 S 137,336 S 464 S 113,441 g Operating Expenses 11,600 10,529 1,071 8,962 Capital Outlay 8,300 5,895 2,405 9,101 g Cost Recovered ( 118,300) ( 118,275) ( 39,400 35,485 25) 3,915 ( 100,950) 30,554 g Total Engineering Cemeteries: Personal Services 302 Operating Expenses 9,172 l g Total Cemeteries 9,474 Public Works Office: Personal Services 71,200 69,563 1,637 65,100 Cperating Expenses 22,400 20,901 1,499 11,018 Capital Outlay 1,400 1,356 44 193 Cost Recovered ( 23,700) ( 23,700) E Total Public Works Office 71,300 68,120 3,180 76,311 g Grounds & Beautification: Personal Services 86,700 86,175 525 80,134 Cperating Expenses 38,400 36,369 2,031 23,267 3,849 = Capital Outlay Total Grounds and Beautification 125,100 122,544 2,556 107,250 Total Physical Environment 262,100 250,850 11,250 250,424 Transpcrtation: l W Roads and Streets: Street Maintenance: Personal Services 120,100 122,747 ( 2,647) 64,562 E 322,000 287,082 34,918 128,342 Cperating Expenses E Capital Outlay 51,500 51,270 230 13,952 Total Street Maintenance 493,600 461,099 32,501 226,856 Storm Crainage: Personal Services 11,200 6,251 4,949 8,736 Operating Expenses 39,000 27,726 11,274 15,416 Total Storm Drainage 50,200 33,977 16,223 24,152 g Street Lighting: 18,005 E Personal Services 20,400 23,356 ( 2,956) Cperating Expenses 141,5C0 138,237 3,263 133,021 914 Capital outlay 161,900 161,593 307 151,940 l W Total Street Lighting (Continued) 5 of 7 I CITY CF LEESBURG, FLCRIDA GENEPAL FUND STATEMENT OF EXPENDITURES, BUOGET (GAAP BASIS) AND AC'IUAL Year Ended September 30, 1985 With Comparative Actual A= cunts for Year Ended September 30, 1984 A-4 Variance I Function / Activity /Subactivity/Cbject Budget Actual Favorable (Unfavorable) 1984 Actual Transportation (Cent'd): Roads and Streets (Cont'd): Traffic Control: Personal Services S 16,500 S 16,367 S 133 S 12,246 I Cperating Expenses Capital Outlay Total Traffic Control 15,300 1,500 33,300 17,969 1,391 35,727 ( 2,669) ( 109 2,427) 12,785 4,662 29,693 Total Roads and Streets 739,000 692,396 46,604 432,641 Airport Maintenance: I Personal Services Cperating Expenses Total Airport Maintenance 20,300 21,600 41,900 17,740 16,482 34,222 2,560 5,118 7,678 16,445 22,984 39,429 Parking Facilities: Personal Services 12,663 Cperating Expenses 2,847 Debt Service 5,700 Total Parking Facilities 21,210 Total Transportation 780,900 726,618 54,282 493,21 0 Human Services: Anigal Control: Perscnal Services 8,800 8,426 374 8,258 Cperating Expenses 100 10 90 25 l W Total Human Services 8,900 8,436 464 8,283 I Culture and Recreation: Library: Personal Services 169,400 180,435 ( 11,035) 173,160 Cperating Expenses 54,400 66,258 ( 11,858) 52,651 I Capital Cutlay Cebt Service Total Library 32,300
'113,300 369,400 39,730 31,060 317,483
( 7,430) 82,240 51,917 38,064 92,871 356,766 I Parks and Recreation: Recrea*.icn Cffice: / Personal Services 151,5CO 160,394 ( 8,894) 153,323 operating Expanses 133,700 124,671 9,029 130,819 I Capital Outlay Total Recreation Office 7,700 292,900 7,544 292,609 156 291 11,521 295,663 (Continued) 6 of 7 I I CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT CF EXPEND}'"URES , BUDGE'" (GAAP BASIS) AND ACTUAL Year i nded September 30, 1985 With Conparative Actual Amounts for Year Ended September 30, 1984 A-4 Variance Favorable 1984 l 5 Function / Activity /Subactivity/Cbject Budget Actual (Unfaverable) Actual Culture and Recreation ' Cont'dl: Swimming Pools: Personal Services S 42,300 $ 30,984 S 11,316 $ 29,247 Cperating Expenses 60,000 57,643 2,357 53,354 Capital Cutlay 141,500 145,239 ( 3,739) Total Swimming Pcols 243,800 233,866 9,934 82,601 Parks and Canals: , Perscnal Services 238,700 233,135 5,565 215,509 Cperating Expenses 43,000 44,241 ( 1,241) 40,046 Capital Outlay 9,300 9,802 ( 502) 16,776 Tctal Parks and Canals 291,000 287,178 3,822 272,331 Athletic Fields: l g Personal Services 64,100 57,949 6,151 49,142 Operating Expenses 51,500 59,865 ( S,365) 45,006 Capital Cutlay 16,400 20,903 ( 4,503) 21,942 Debt Service 1,800 1,800 7,710 Total Athletic Fields 133,800 138,717 ( 4,917) 123,800 Total Parks and R'ecreation 961,500 952,370 9,130 774,3'95 Cultural Services: Cultural Arts Evilding: Cperating Expenses 3,500 4,099 ( 599) 3,086 = Capital Cutlay 13,685 Total Cultural Arts Building 3,500 4,099 ( 599) 16,771 Special Recreational Facilities: Marina: Cperating Expenses 1,557 ( 1,557) 474 Total Marina 1,557 ( 1,557) 474 m Coccunity Euilding: Personal Services 48,100 47,941 159 47,481 g Operating Expenses 20,700 19,339 1,361 13,933 g Capital Outlay 2,600 3,007 ( 407) Debt Service 57,300 10,236 47,064 Total Cor= unity Building 128,700 80,523 48,177 61,414 Total Spec. Fec. Facilities 128,700 82,000 46,620 , 61,868 Total Culture and Pecreation 1,463,100 1,356,032 107,068 1,209,820 Total Expenditures S 5,586,000 $ 5,176,501 S 409,499 $ 4,669,017 (Concluded) 7 of 7 I
I CITY CF LEESBURG, FLORIDA GENERAL FUND STATEMENT CF CTHER FINANCING SOURCES AND USES EUDGET(GAAP EASIS) AND ACTUAL Year Ended September 30, 1985 With Co::carative Actual Amounts for Year Ended September 30, 1984 A-5 I Function / Activity /Subactivity/Cbject Sudget Actual Variance Favorable (Unfavorable) 1984 Actual Cther Financing Sources (Uses): Cperating Transfers In: Electric Utility Fund S 1,690,300 S 1,690,296 S( 4) S 2,450,000 Gas Utility Fund 389,100 389,040 ( 60) 500,004 Water Utility Fund 154,900 154,900 74,604 Sanitary Sewer and Wastewater I Treatment Fund Proceeds of Bcnd Anticipation Note 120,600 120,600 132,096 900,00C I Cperating Transfers Cut: Debt Service Fund Capital Projects Fund ( ( 47,800) 15,500) ( 298,920) ( 6,106) (251,120) 9,394 ( ( 44,304) 10,469) I Payment of Bend Anticipation Note ( 900,000) Total other Financing Sources (Uses) S 2,2'91,600 S 2,049,810 S(241,790) $ 3,101,931 l I I I I - I I s ._. -. . - - _ _ _ . -.. -. . . - - -- I ( l I I I 1 I This page intentionally left blank 1 I I i I
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I I I SPECIAL REVENUE FUNOS Special Revenue Funds are used to account for the proceeds I of specific revenue sources (other than special assessments, expendable trusts, or for major capital projects) that are legally restricted to expenditure for specified purposes. Certain Administrative expenses are paid by the General fund. I I I I
CITY OF IEESisORG, FIDRIDA SPECIAI,HEVENUE FUNDS COMBINING 11AIANCE SHEET September 30, 1985 With Comparative Totals For Sel>tember 30, 1984 B-1 Federal Revenue Comunity Housing Sharing Development Asuistance , Tot a l s Fund Fund Fun 1985 1984 Assets Cash $ 67,834 $ 635 5 16,658 5 85,127 $ 32,223 Due trotn Other Governments 21,991 14,865 17,887 54,743 19,640 Due from other Funds 3,750 llousing At.sistance Ioans 69,776
- 69,776 71,481 Total Assets S 89,825 $ 85,276 S 34,545 S 209,646 S 127,094 Liabilities And Fund Balances I.iabilities:
Accounts Payable 54,790 341 55,139 655 Due to Other Funds 180 13,000 134 13,314 2,364 Housing Assistance Payments 14,487 *1,487 Due to Other Governments 72,276 72,276 77,761 Total Liabilities 54,978 85,276 14,962 155,216 80,780 Pund Da lanee-s: Fe se rved : For Capit al Improvements 5,506 5,506 7,353 Unreserved: 29,341 19,583 48,924 38,961 Total Fund Balances H.847 19,583 54,430 46,314 Total Liabilitzen and Fund Balances S 89,825 $ 85,276 S 34,545 S 209,646 S 127,094 m W W W W W W
E E E E E CITY OF LEESBURG, FIORIDA SPFCIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUFS, EXPENDITilRES, AND CliANGES IN PUND BALANCES Year Ended September 30, 1985 With Comparative Totals For The Year Ended September 30, 1984 is-2 Federal - Revenue Cosmnuni ty llousing Sharing Development Assistance Totals Fund Fund Fund 1985 1984 Revenue: Intergovernmental Revenue $ 88,771 $ 20,723 $ 161,022 $ 270,516 $ 298,521 Expenditures: General Government Services 15,058 15,058 5,438 Transportation 68,425 68,425 96,987 Economic Environment 20,723 20,723 112,726
, Human Services 150,194 158,194 127,215 p Total Expenditures 83,483 20,723 158,194 262,400 342,306 Excess of Revenues Over (Under) Expenditures 5,288 2,828 8,116 ( 43,845)
Fund Balances at Beginning of Year 29,559 16,755 46,314 90,159 Fund Balances at End of Year $ 34,847 $ $ 19,583 S 54,430 $ 46,314
I I I CITY OF LEESBURG, FLORIDA FEDERAL REVENUE SHARING FUND STATEMENT CF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - ECDGET AND ACTUAL For The Year Ended September 30, 1985 With Cceparative Actual Amounts For The Year Ended September 30, 1984 B-3 1985 variance = Favorable 1984 Budget Actual (Unfavorable) Actual Revenues: Intergovernmental Revenue Federal Revenue S 57,400 $ 88,771 S 31,371 5 78,554 Expenditures General Governmeht Financial and Administratives Other Services and Charges 600 7,352 ( 6,752) Cperating Supplies 500 649 ( 149) 110 Capital Cutlay 8,700 7,057 1,643 5,328 Total General Government 9,800 15,058 ( 5,258) 5,438 Transportation: Perscnal Services 3,374 ( 3,374) 3,053 Capital Outlay 91,900 65,051 26,849 93,934 Total Transportation 91,900 68,425 23,475 96,987 Total Expenditures 101,700 83,483 18,217 102,425 Excess of Revenues (Under) Over Expenditures ( 44,3C0) 5,288 49,588 ( 23,871) Fund Balance at beginning of year j4,300 29,559 (14,741) 53,430 Fund Balance at end of Year S S 34,847 $ 34,847 $ 29,559 I I . CITY OF LEESBURG, FLCRIDA I CCMMUNITY DEVEI4PMENT FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL For The Year Ended September 30, 1985 With Ccerarative Actual Amounts For the Year Ended September 30, 1964 B-4 I 1985 Variance Favorable 1984 Budget Actual (Unfavorable) Actual Revenues: Intergovernmental Revenue: HUD Revenues S S 3,819 5 3,819 S 4,478 Ccs::munity Development Block Grant Revenue 31,404 16,904 ( 14,500) 85,075 Total Revenues 31,404 20,723 ( 10,681) 89,553 Expenditures: Economic Environment: Housing and Urban Development I Personal Services Cperating Expenditures 25,404 843 19,880 ( 843) 5,524 17,383 89,240 Capital Cutlay 6,000 6,000 6,103 Total Expenditures 31,404 20,723 10,681 112,726 Excess of Revenues Cver (Under) Expenditures ( 23,173) Fund Balance at Beginning of Year 23,173 Fund Balance at end of Year S S S S I I CITY OF LEESBURG, FLORIDA HOUSING ASSISTANCE FUND STATEMENT CF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL For The Year Ended September 30, 1995 With Cceparative Actual Amounts For The Year Ended Septetrter 30, 1984 B-5 Variance Favorable 1984 Budget Actual (Unfavorable) Actual Revenues: Intergovernmental Revenue: HUD Contributions S 251,900 S 161,022 S (90,878) 5 130,414 Expenditures: g Human Services: 3 Welfare: Personal Services 18,600 18,658 ( 58) 17,558 Cperating Expenses 233,300 139,536 93,764 109,657 Total Current Expenditures 251,900 158,194 93,706 127,215 Excess of Pevenue Over (Under) Expenditures 2,828 2,828 3,199 Fund Balance at Beginning 16,755 16,755 13,556 of Year S 19,583 S 19,583 5 16,755 rund Balance at end of Year S I I I I
I I DEBT SERVICE FUNDS Debt Service Funds are used tc account for the accumulation of resources for, and the payment of, general long-term debt principal and interest. I
I I -.o CITY OF LEESBURG, FLCRIDA
. CEBT SERVICE FUNDS CCMBINING BALANCE SHEET September 30, 1985 With Comparative Totals for September 30, 1984 C-1 1983 Fefunding 1960 Fevenue Revenue Totals Bonds Certificates 1985 1984 Assets I
Cash S 233,368 5 103,501 S 336,869 5 35,121 Investments 205,323 205,323 100,513 Total Assets S 438,691 S 103,501 3 542,192 S 135,634 Liabilities And Fund Balances Accrued Interest Payable 106,350 106,350 . Due to Other Funds 32,133 Fund Balances (Reserved for Oebt Service) 332,341 103,501 435,842 103,501 Total Liabilities and and Fund Balances S 438,691 S 103,501 S 542,192 S 135,634 I I
CITY OF IIESEURG, I'IDRIDA DEBT SERVICE FfM S COG 1NING ST. CEMENT OF REVENL'ES, EXPENDITURES, Al@ CHANGES IN ITND BAIANCES Year Ended September 30, 1985 With Cecrarative Totals for the Year Ended September 30, 1984 c-2 1983 Notes and Refunding 1960 I Bond Mortgages Anticipation Revenue Revenue Tetals Pavable Notes Bonde Cartificates 1985 1984 I Revenues: $ $ $ $ $ $ Expenditures Retirement of Principe's 4,000 1,600,000 40,000 1,644,000 35,000 Interest and Issue Costs 3,159 260,987 7,750 271,896 9,304 I Total Expenditures 7,15 9 1,600,000 260,987 J7,750 1,915,896 44,304 Excess (deficiency) of revacues over expenditures (7,139) (1,600,000) (260,987) ( 47,750) (1,915,896) ( 44,304) I Other Financing Sources: Operating Transfers In 1983 Refunding Revenue 7,159 244,011 47,750 298,920 44,304 Bond Issued 1,600,000 349,317 1,949,317 Tetal Other Financing Sources 7,159 1,600,000 593,328 47,750 2,248,237 44,304 Excess (Deficiency) of Revenues and Other Financing Sources over Expenditures 332,341 332,341 Fund Estances at Eeginning of Year 103,501 103,501 101,501 Fund Balances at End of Year S $ $ 332,341 $ 103,501 $ 435,842 $ 103,501 I
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I I CAPITAL PROJECTS FUNDS Capital Projects Funds are used to acccunt for financial re-sources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds, Special Assessment Funds and Trust Funds). Airport Improvement Project - to account for the costs of resur-facing and lighting runways and taxiways, and the construction and purchase of various navigational aids. Ninety-seven and one-half percent (97.5%) of the estimated cost of $2,094,745 is being financed through Federal Grants (904), State and County Grants (7.5%), and the balance by General Fund revenues. Industrial Park Development - to account for the cost of the purchase of land and the installation of utilities and roads. I This development area is to be sold to coccercial and industrial enterprises. Financing is provided by bond proceeds. City Hall Renovation - to account for the costs to renovate the City Hall and Annex Building. Financing is provided by bond proceeds. l l I
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CTY CP LEESEt'RC, M.0RIDA I ) CAPIIAL PROJECIS R'NDS COMBINING BALANCE SHEEI Septes:ber 30, 1985 With Comearative Totals For September 30, 1984 D-1 1 j Airport Industrial City Improvement Park Hall , Totals ! Profeet Development Renovation 1985 1984 Assets 1 Cash $ $ 229,474 $ 161,296 $ 390,770 $ 277,459 Due free Cther Governments 177,657 177,657 135,899 Due from Other Funds 11,162 21.938 33,100 16,893 Total Assets $ 177,657 $ 240,636 $ 183,2% $ 601,527 $ 430,251 Liabilities And Fund Balances Liabilities: Accounts Payable 51,281 51,281 450 Contractors Derssits 655 Due to Other Funds 126,376 126,376 145,575 Total Liabilities 177,657 177,657 146,680 Fund Balances (Reserved for Construction) 240,636 183,2 % 423,870 283,571 Total Liabilities and Fund Balances $ S 240,636 $ 183,2% $ 601,527 $ 430,251 1 50 I
l 1 i CITY OF LEESBt'RC, FLORIDA CAPIIAL PROJECTS n'NDS COMBINING STAIEMENT OF PD'ENUES, EXPENDITURES AND CHANGES IN R:hV BALANCES Year Ended September 30, 1985 . With Coeparative Tetsts For the Year Ended September 30, 1984 D-2 Airport Industrial City Improvement Park Hall Totals Project Development Renovation 1985 1984 Federal Aviation Administration Crant Reimbursement $ 219,915 $ $ $'219,815 $ 297,897 Florida Dept. of Transportation Grant Reimbursement 12,212 12,212 18,334 Lake County Grant Reimburs.cocat 6,106 6,106 8,227 I Contributions Interest Income Total Revenues 238,133 5,929 5,929 4,168 4,168 10,097 248,230 11,127 335,585 Expenditures Construction Contracts 204,598 204,598 669,764 Engineering and Other 39,641 65,9 % 105,637 69,166 Land Purchase 48,864 48,864 210,903 Total Expenditures 244,239 48,864 65.9 % 359,099 949,833 Excess of Revenues Over (Under) I Expenditures Otber Financing Sources ( 6,106) ( 42,935) ( 61,828) (110,859) (614,248) I Cperating Transfers frem General Fund Bond Proceeds 6,106 245,062 6,106 245,062 10,469 700,000 I Total Other Financing Sources 6,106 245,062 251,168 710,669 Excess of Revenues and Other Financing Sources Over (Under) 3 Expenditures ( 42,935) 183,234 140,299 96,221
, . Fund Balances at Beginning of Year ,
283,571 283,571 187,350 Fund Balances at End of Year $ $ 240,636 $ 183,234 $ 423,870 $ 283,571 4 M I '? 9 p M
I CITY OF LEESBURG, FLCRIDA CAPITAL PROJECTS FUNDS AIRPCRT DIPROVEMENT STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AhT ACTUAL Year Ended September 30, 1985 D-3 Variance Favorable Budget Actual (Unfavorable) Revenues: Federal Aviation Administration l W Grant Reiznbursements S 102,150 S 219,815 S 117,665 Florida Department of Transportation Grant Reimbursements 5,700 12,212 6,512 g Lake County Grant Reimbursements 2,800 6,106 3,306 g Contributions 12,500 ( 12,500) Total Revenues 123,150 238,133 114,983 Expenditures: Construction Contracts 86,800 204,598 (117,798) Engineering and Cther 51,700 39,641 12,G:i9 Total Expenditures 138,500 244,239 ( 10 5 ,
- 3_9 )
Excess of Revenues Over (Under) ( 15,350) ( 6,106) 9,244 Expenditures Other Financing Sources Operating Transfers from General Fund 15,350 6,106 ( 9,244) Excess of Revenues and Other Financing Sources over Expenditures Fund Balance at Beginning of Year Fund Balance at End of Year S S S I I
I I I CITY OF LEESBURG, FLCRIDA I CAPITAL PROJECTS FUNDS INDUSTRIAL PARK DEVEI4PME!C STATEMENT OF REVENUES, EXPENDITURES AND I CHANGES IN FUND BALANCE - BUDGET AND ACTUAL For The Year Ended September 30, 1985 D-4 Variance Favorable Budcet Actual (Unf avorable ) I - 5,929_ $ 5,929 R venues: S S Interest Inccme 39,850 39,850 IExpenditures: Miscellaneous and Contingency 179,600 48,864 130,736 48,864 170,586 Land Purchase 219,450 Total Expenditures ( 42,935) 176,515 Excess of Revenues Over (Under) (219,450) Expenditures 283,571 64,121 219,450 Fund Balance at Beginning cf Year S 240,636 S 240,636 S Fund Balance at End of Year I I I I I . , , .
I CITY OF LEESBURG, FLCRIDA CAPITAL PROJECTS FUNDS CITY HALL RENOVATICN STATEMENT CF REVENUES, EXPENDITURES AND g CHANGES IN FUND BALANCE - BUDGET AND ACTUAL g For the Year Ended September 30, 1985 D-5 Variance Favorable Budget Actual (Unfavorable) Fevenues: I Interest Inceme S S 4,168 $ 4,168 Expenditures: Engineering and Other 64,100 65,996 ( 1,896) Excess of Revenues Over (Under) Expenditures ( 64,100) ( 61,828) 2,272 Other Financing Sources: Bond Proceeds 283,550 245,062 ( 38,488) Total Other Financing Sources 283,550 245,062 ( 38,488) Excess of Revenues and Other Financing Sources Over (Under) Expenditures 219,450 183,234 ( 36,216) Fund Balance at Beginning of Year (219,450) 219,450 Fund Balance at End of Year S S 183,234 5 183,234 I I I I
I I CITY OF LEESBURG, FLORIDA CAPITAL PROJECTS FUNDS I PROJECT - LENGTH SCHEDULE OF CONSTRUCTION PROJECTS Beginning of Projects to September 30, 1985 D-6 Airport Industrial City I Improvement Project Park Renovation Hall Renovation Total Project Authorization S 2,094,745 S 500,500 $ 272,130 Revenues and Other Financing Sources: Intergovernmental 1,361,285 Operating Transfers In 48,346 I Bond and Note Proceeds Interest Income
$ 1,409,631 495,039 5,929 3 500,968 245,062 4,168 3 249,230 Expenditures:
Land Purchase 259,767 Constructier Costs 1,155,382 Engineering and Other 254,249 565 65,996 I $ 1,409,631 S 260,332 3 65,996 I I-I
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I I EMERPRISE FUNDS Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business I enterprises where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the I governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appro-priate for capital maintenance, public policy, management control, accountability, or other purposes. I I I I 'I
CITY OF IIEShtJRC, FIDRIDA ENTERPRISE MINDS COMBINING BAIJLNCE SalELT September 30, 1985 With Comparative Totals For September 30, 1984 E-1 Other Sanitary Enterprise Sewer and Fund Electtic Cas Water Wastewater Cosbined Sanitation Utility Utility Utility Treatment Utility Services Totals Fund Fund Fund Fund Ihnda Fund 1985 19M4 Assets Current Assets: Cash and Cash investments: Operating Account $ 685,390 $ $ $ 173,005 $ 858,395 $ 32,929 $ 891,324 S 752,978 Depteciation Account 1,555,681 376,843 176,955 551,309 2,660,788 2,660,788 1,545,318 Potable Water Account 89,847 89,847 89,847 77,847 Crystal River Decomelaston 203,400 203,400 203,400 67,800
, Receivables:
y Customer Account s 3,504,438 71,917 82,415 108,283 3,767,053 65,844 3,832,897 3,118,230
, Allwance inr Doubtful Accounts ( 507,877) ( 781) ( ),337) ( 5,298) ( 515,293) ( 515,293) ( 414,329)
Accrued Intetest 153,649 42,278 22,011 10,020 227,958 227,958 120,637 Due from Other funds 168,955 168,955 168,955 308,773 Inventory, at cost 608,512 94,816 116,615 3,103 823,106 823,106 762,416 Total Current Assets 6,372.148 585,133 486,506 840,422 8,284,209 98,773 8,382,982 6,339,670 Restricted Assets: Cash and Cash Investments: Accrued Bond Interest 601,775 73,721 176,051 124,886 976,433 976,433 518,355 Revenue Bond Debt Se rv ice 399,889 48,978 117,020 82,972 648,859 648,859 316,099 Revenue Bond Neserve 1,269,770 523,557 119,038 1,912,3t>5 1,912,365 1,700,000 Renewal and Replacement 298,668 20,906 75,385 69,164 464,323 464,323 361,260 Const ruct ion Accommt-Eond Proceeds 1,408,657 381,193 894,517 335,390 3,019,757 3,019,757 6,155,276 Customer Deposits 815,706 46,132 47,462 909,300 909,300 816,589 Total Restricted Assets 4,794,665 1,094.487 1,429,473 612,412 7,931,037 7,931,037 9,867,579 (Cwtinued) I of 4 m W m M M M M M M M M M M M
M M M M M M M M M M m M CITY OF l.EESill!RC, FIf))DA , ENTERPRISE 111NDS (XHBINING BALANCE SilEET September 30, 1985 With Comparative Totals for Septestier 30, 1984 F. - l Other Sanitary Enterprise Sewer and Fund Electric Cas Water Wastewater Combined Sanitation Utility Utility Utility Treatment Uttitty Services Totals Fund Fund Fund Fund Funds Fund 1985 1984 Property, Plant and Equipment at Cost: Rights to Purchase Power $ 79,230 $ $ $ $ 79,230 $ $ 79,230 $ 79,230 Property and Equipment 21,854,084 2,692,126 6,761,514 13,208,195 44,515,919 574,648 45,090,567 42,040,086 Nuclear Fuel 1,604,864 1,604,864 1,604,864 1,531,849 Accumulated Depreciation and Amortization ( 8,232,623) (1,081,056) (1,720,422) ( 2,339,835) (13,373,936) ( 83,785) (13,757,721) (12,000,395) Construction in Progress 1,414,741 6,012 27,158 315,667 1,763,578 1,763,578 1,074,172 Net Property, Plant and
. Equipment 16,720,296 1,617,082 5,068,250 11,184,027 34,589,655 190,863 34,780,518 32,724,942 U , Ottaer Assets:
Fatinated Landfill Closure Costa 1,723,303 1,723,303 1 tong-Tera peceivable 27,254 , 27,254 27,254 31,656 Deferred Issue Costs (Net) 108,037 15,850 16,072 23,552 163,511 163,511 170,322 Total Other Assets 135,291 15,850 16,072 23,552 190,765 1,723,303 1,914,068 201,978 Total Assets $ 28,022,400 $ 3.312.552 $ 7,000,301 $ 12,660,413 $ 50,995,666 $ 2,012,939 $ 53,008,605 $ 49,134,169 i (Continued) 2 of 4
CITY OF IIESHlfRG, FifCII3 FKrERPRISE FUNDS COMBININC BALANCE SilltT Sept embe r 30, 1985 With Comparative Totals for September 30, 1984 E-1 Otteer Sanitary Enterprise Sewer and Fund Electric Cas Water Wastewater CosLined Sanitation Utility lit t l i t y lit tlity Treatment lit t i t t y Se rvices Totals Fund Fund Fund Fund hands Fund 1985 19ts4 1.tabilltles Current Liabilities: Accounts Payable $ 244,261 $ 116,688 $ 3,669 $ 100,225 $ 464,843 $ 22,899 $ 487,742 $ 207,122 Accounts Payable aurchased Energy 2,214,612 52,774 2,267,386 2,267,386 1,527,572 Accrued Espenses 454,164 26,161 26,237 38,385 544,947 22,169 567,116 618,041 Customer Advances for Construction 103,278 41,467 144,745 144,745 138,776 Due to other kunds 6,231 145,773 26,236 2,463 180,701 2,239 182,942 757,578 Total Current Liabilities 3,022,546 341,3 % 56,142 182,540 3,602,624 47,307 3,649,931 3,249,089 . Current Liabilities (Payable f rom ,. g Restricted Assets): , Customer Depostas 815,706 46,132 47,462 909,300 909,300 816,589 Accrued Interest cm Revenue Bonds 601,775 73,721 176,051 124,886 976,433 976,433 518,355 Total Current Liabilities (Pay-able from Restricted Assets) 1,417,481 119,853 223,513 124,886 1,885,733 1,885,733 1,334,944 tong-Tern Liabilities: . Estimated Landtill Closure Costs Payable 1,619,000 1,619,000 Refunding Revenue Ikmds Payable, Series 1984 12,326,157 1,509,020 3,606,164 2,558,658 19,999,999 19,949,999 19,999,999 Accrued Interest on Capital Appreciation Revenue Borm!s 42,521 5,209 12,439 8,824 68,993 68,993 1 % eortized Discount ( 80,248) ( 11,773) ( 11,936) ( 17,494) ( 121,451) ( 121,451) ( 126,515) Total 8c.g-Tern Liabilities 12,288,430 1,502,456 3,606,667 2.549,988 19,947,541 1,619,000 21,566,541 19,873,484 heal Liabilities 16,728,457 1,963,705 3,886,322 2,857,414 25,435,898 1,666,307 27,107,205 24,457,517 (Continued) 3 of 4 m M M M M M M M M M M M M m
m M M M M M M M M M M M M M M CITY OF IEESBimC, FIDRIllA ENTERFkISE FUNDS UttBINING BAl.ANCE SIlEET September 30, 1985 With Comparative Totale for September 30, 1984 E-3 Other Sanitary Enterprise Sewer and Fund Electric Cas Water Wastewater Combined Sanitation Utility Uttitty Utility Treatment Utility Services Totals Fund Fund Fund Fund Funds Fund 1985 1984 Fund Equity Contributed Capital: Federal Government $ 17,987 $ 6,512 $ 48,768 $ 8,011,471 $ 8,084,738 $ $ 8,084,'738 $ 8,084,738 Custtmers and Developers 730,827 401,356 474,003 1,606,186 1,606,186 1,425,289 Ceneral Fund 440, % 7 44 0, % 7 440,967 Total Contributed Capital 748,814 6,512 450,124 8,485,474 9,690.924 440,967 10,131,891 9,950,9 % g Retained Earnings: , Reserved: Revenue Bond Debt Service 399,889 48,978 117,020 82,972 648,859 648,859 316,099 Revenue Bond Reserve 1,269,770 523,557 119,038 1,912,365 1,912,365 1,700,000 kenewaI and Replacement 298,868 20,906 75,385 69,164 464,323 464,32) 361,260 Unreserved: Designations: Depreciation 1,555,681 376,843 176,955 551,309 2,660,788 2,6to,788 1,545,318 Fotable Water Account 89,847 89,847 89,847 77,347 thatcaignated (Deficit) 7,020,921 372,051 2,085.610 614,080 10,092,662 ( 94,335) 9,998,327 10,725,1 %
- Total Retained Earnings (Deficit) 10.545,129 1, % 2,3 15 2,663,855 1,317,525 15,868,844 ( 94,335) 15,774,509 14,725,658 Tot al Fund Equi t y 11,293, % 3 3,%8,847 3,113,979 9,802,999 25,559,768 %6,632 25,966,400 24,676,652 Total I.t.t.111ttes and Fund Equity $ 28,022,400 $ 3,312,552 $ 7,000,301 $ 12,660,413 $ 50,995,666 $ 2,012,939 $ 53,008,605 $ 49,134,169 (Concluded) 4 of 4
CITY OF IEESEURG, 51DRIDA FNTERPRISE E1]NDS CletBINING STATINENT OF OPERATIONS AND CHANGS IN RETAIN 12) EAkNING"> (DEFICIT) For the Year Ended Septemtser 30, 1985 With Comparative Tntals for the Year Fnded Septestser 30, 1984 E-2 Other Santtary Enterprise Sewer and Fund Electric Cas Water Wastewater Combined Sanitatten Utility t!ttitty Utility Trea tmen t Utility Services Totals Fund Nnd Fund Fund Nnds Nnd 1985 1984 Operating Revenue: User Ctatges $ 21,475,9% $ 2,784,965 $ 1,418,878 $ 1.556,727 $ 27,236,504 $ 872,038 $ 28,108,542 $ 24,279,203 Other Operating Revenue 215,929 25,367 20,609 93 ,3 % 355,239 355,239 309.202 Total Operating Revenue 21,691,863 2,810,332 1,439,487 1,650,061 27,591,743 872,038 28,463,781 24,588,405 Operating Expenses: Power Cenerat tm 760,488 760,488 760,488 794,759 Nrthased Energy 15,080,460 1,886,372 16,966,832 16,966,832 13,874,714 , Transainston 211,591 211,591 211,591 217,045 g Supply and Pumping 88,078 111,621 199,699 199,699 171,168 , Treatment 186,336 431,003 617.339 617,339 592,699 Distritmttwa and Collection 511,609 88,074 84,465 54,805 738,953 738,953 707,763 Customer Acccents 380,632 130,888 100,249 108,059 719,828 719,828 601,885 Administration and Ceneral 993,349 200,074 190,969 250,200 1,634,592 1,634,592 1,346,253 Operating Expenses 682,471 682,411 603,492 Depreciation and Amorttration 997,193 80,812 247,464 357,727 1,683,196 68,628 1,751,824 1,543,163 Total Operating Eapenses 18,935,322 2,386,220 897.561 1.313.415 23,532,518 751,099 24,783,617 20,452,941 Operating income 2,756,541 424.112 541,926 336,646 4,059,225 120,939 4,180,164 4,135,464 Monoperating Revenue (Expense): Interest income 401,046 123,210 65,429 67,857 657,542 1,259 658,b01 961,891 Other Nonoperating Income 78,372 3,959 2,498 69,073 153,902 153,902 123,207 Interest Expense ( 950,574) ( 102,892) ( 266,115) ( 2C9,154) ( ),528,735) ( 1,528,735) ( 1,392,457) Other Monoperatang Expense ( 60,445) ( 60,445) ( 60,445) ( 45,550) Total Nonoperating Revenue (Empense) ( 471,156) 24,277 ( 198,188) ( 132,669) ( 777,736) 1,259 ( 776,477) ( 352,909) Incase t,etore Operating Transfer (b. sward) 2,285,385 448,189 343,738 203,977 3,281,489 122,198 3,403,687 3,782,555 r E
m m m m M M M M M M M M M M M M M CITY OF IEESBURC, MDRIDA ENTERPRISE FUNDS (IMBINING STATEMFNT OF OPERATIONS AND CHANCES IN RETAINED EARNINGS (DEFICIT) For tlie Year Ended Septeet,er 30, 1985 , With comparative Totals for the Year Ended September 30, 1984 E-2 Other Sanitary Enterprime Sewer and Fund Electric Cas Water idas tewa te r Combined Sanitation Utility Utility Utility Treatment Utility Se rvices Totals Fund Fund Fund Fund Funds Fund 1985 1984 Income before Operating Transfer (Forward) $ 2,285,385 $ 448,389 $ 343,738 $ 203,917 $ 3,281,489 $ 122,198 $ 3,403,687 $ 3,782,555 (perating Transfer: Transfers Out ( 1,690,296) ( 38 9,0.:0) ( 154,900) ( 120,600) ( 2,354,836) ( 2,354,836) ( ),156,704) Net income Betore Entraordinary Itcs 595,069 59,349 188,838 83,377 926,653 122,198 1,048,851 625,851 Extraordinary Itam - Cain on
, Advance Ref unding of tag-Term Debt 3,669,458 Net income 595,089 59,349 188,838 83,377 926,653 122,198 1,048,851 4,295,309 Retained Earnings (Deficit)
Beginning of Year 9,950,040 1,282,986 2.475,017 1,234,148 14,942,191 (216,533) 14,725,658 10,430,149 - Retained Earwings (Deficit) Fnd of Year $ 10,545,129 $ 1,%2,335 $ 2,663,855 $ 1,317.525 $ 15,868,844 $( 94,315) $ 15,774,509 $ 14,725,658 (Concluded) 2 of 2
CITY OF IX.ESBURC, F1CIDA ENTERPRISE WNDS GWBININC STATEMENT OF QiANCES IN FINANCI AL MASITION For the Year Ended September 30, 1985 With Cteparative Totals for the Year Ended Septemtser 30, 1984 E-3 Other Santtary Enterprise Sewer and Fund Electric Cas Water Wastewater Combined Sanitation Utility Utility Utility Treatment Utility Se rvices Totals Fund Fund Fund Fund Funds Fund 1985 1984 Smrces of Writng Capital: Ope ations: . Net incme $ 595,089 $ 59,349 $ 188,838 $ 83,377 $ 926,653 $ 122,198 $ 1,048,851 $ 625,851 Items not af f ecting Wrking Capital Depreciation and Amortization 1,005,849 81,963 253,323 359,437 1,700,572 68,628 1,769,200 1,561,400 W Ling Capital Provided by Opera-tions tefore Estraordinary Ites 1,600,938 141,312 442,161 442,814 2,627,225 190,826 2,818,ts51 2,187,251 Estraoudinary item 3,f,69,45H Wik f ug Capital FrowtJed Frm
, operations 1,600,938 141,312 442,161 442,814 2,627,225 190,826 2,818,051 5,856,709 g Decicase in Restricted Assets 1,818,024 90,053 190,906 2,098,983 2,098,983 , Decrease in Other Asr.ets 4,402 4,402 4,402 42,087 Net lacrease in Current Liablittles rayable f rom Restricted Assets 360,429 42,305 118,757 29,298 550,789 550,789 166,612 Contributed Capital 90,041 84,540 6,316 180,897 180,897 269,909 Net 1or:g-Tera Det,t Issued-Refunding 1,619,000 1,619,000 19,873,484 Increase in landill! Closure Liability Book Value of Equipment Disposals 197,284 197,284 197,284 Increase in Capital Appreciation kevenue Bond Accrued Interest 42,521 5,209 12,439 8,824 68,993 68,993 Total Sm rces of Working Capital 4,113,639 278,879 657,897 678,158 5,728,573 1,809,826 7,538,399 26,208,801 116es of Working Capital:
Inc rease in Restricted Asset s 162,441 162,441 162,441 3,260,749 Additions to Preperty and Equipment 3,030,240 278,698 175,392 358,933 3,843,263 93,908 3,937,171 1,869,463 Additions in Nuclear Fuel 73,014 73,014 73,014 152,278 lixtease in Lardfill Clcsure Cost 1,723,303 AJvance Refunding of Net 1,723,303 Long-Tern Debt 20,321,069 Total Uses of Wik ti.g Og**[j 3,103,254 276,69ts 337,833 3',8,933 4,078,718 1,817,211 5,895,929 25,603,559 Met Itgrease (Drcrease) in W iking Capital (Below) $ 1,010,3d5 $ 181 $ 320,064 $ 319,225 $ 1,649,855 $( 7.385) $ 1,M.2,4 70 $ A05,242 U S S S & M M M S - 5 S S
m m m m W W W W W W W W W W W W CITY OF IEESBUNC, FIDRIDA ENTERFK:SE Fl!NDS GilB1NING STATEMENT OF OIAhCES IN FINANCIAL IUSITION For the Year Ended September 30, 19b5
- Wi th Coswrative Totale for the Year Ended September 30, 19 % E-3 Otter Sanitary Enterprise Sewer and Fund Electric Cas Water Wastewater Combined Sanitation Utility Utility Utility Treatment Utility Services Totals Fund Fund Ftand Fund Flands Fund 1985 1984 Changes in Wiking Capital By Cmponent Current Assets-Increase (Decrease)
Cash and Cash investments $ 909,025 $( 47,506) $ 141,207 $ 387,314 $ 1,390,040 $ 11,376 $ 1,401,416 $ 333,368
. Customer Accounte (Net) 879,436 ( 91,160) (172,422) ( 40,308) 575,546 38,157 613,703 (474,819) , Power Refund Receivable (250,823) , Accrued Ir.tereni 61,988 28,012 7,301 10,020 107,321 107,321 ( 38,081)
Due f ree other Funds ( 80,649) ( 80,649) (59,169) ( 139,E18) ( 14,306) Inventory 25,976 20,951 17,522 ( 503) 63,946 ( 3,256) 60,690 145,159 Current I.1 abilities-Decrease (Increase) Accousats Payable ( 858,438) ( 68,245) 4,984 ( 97,829) (1,019,528) ( 906) (1,020,434) 337,268 Accrued Expenses 49,276 9,976 ( 2,509) ( 2,607) 54,136 ( 3,211) 50,925 (191,012) Custmer Advances for Const ruction ( $16) 2,023 ( 7,476) ( 5,969) ( 5,969) ( 11,711) Due to Other Funds 24,287 146,130 323,981 70.614 565,012 9,624
- 574,636 770,219 Met Increase (Decrease) in ,
Wortiog Capital $ 1,010,385 $ 181 $ 320,064 $ 119,225 $ 1,649,855 $(1385) $ 1,642,470 $ 605,242 (Concluded) 2 of 2
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I i l I ' I I l I ; I INTERNAL SERVICE FUND The Motor Pool Service Fund has been established to account for the cost of maintaining autecotive vehicles for the various departments of the City. Costs are billed at estimated actual cost which includes I depreciation on maintenance equipment. Such billings are recognized as cperating revenue in the Motor Pool Service Fund and as expenses or expenditures of the various departments and other funds. The Motor Pool I Service Fund is a proprietary fund and is maintained on the accrual basis. I I I I I I I I I I
I I CITY CF LEESBURG, FLORICA MOTCR PCCL SERV *0E FL7:D BALANCE SHEET September 30, 1985 With Comparative Totals For September 30, 1984 F-1 " Totals 1985 1984 Assets Current Assets: Casa S 48,348 $ 3,041 g Cue from Other Funds 19,877 3 i Inventory, at Cost 8,218 11,125 56,566 34,043 Property, Plant and Equipment, at Cost I Machinery and Equipment 35,458 33,059 Less: Accumulated Depreciation (28,463) (26,001) 6,995 7,058 Total Assets S 63,561 5 41,101 Liabilities And Fund Equity Liabilities: Accounts Payable 11,544 15,095 g Cue to Cther Funds 474 3,787 501 2,607 g Accrued Vacation and Sick Pay Total Liabilities 15,805 18,203 Fund Equity: Contributed Capital - General Fund 15,979 15,979 Petained Earnings 31,777 6,919 Total Fund Equity 47,756 ::,898
, Total Liabilities and Fund Equity 3 63,561 S 41,101 I
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I CITY CF LEESBURG, FLORIDA MCTOR POCL SERVICE FUNS STATEMENT CF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS I For The Year Ended Septerter 30, 1985 With Comparative Totals For the Year Ended Septerrber 30, 1984 F-2 Totals 1985 1984 I Operating Revenues: Charges for Services S 195,403 5 191,748 Cperating Expenses: Personal Services 73,450 69,370 Insurance and Professional 4,230 3,647 Repairs and Maintenance 3,130 2,695 Operating Supplies 17,344 16,030 Lubricants and Oil 4 4,649 Gasoline 576 3,255 Diesel 198 208 Major Vehicle Parts 45,020 49,759 Tires and Batteries 22,749 22,713 Depreciation 3,844 4,462 Total Operating Expenses 170,545 176,788 Net Income 24,858 14,960 I Retained Earnings (Ceficit) at Beginning of Year 6,919 S 31,777 ( 8,041) 6,919 Petained Earnings at End of Year 5 I I I I I CITY CF LEESBURG, FLCRIDA MOTCP PCCL SERVICE FUND STATEMENT OF CHANGES IN FINANCIAL POSITICN For The Year Ended September 30, 1985 With Ccecarative Totals For The Year Ended September 30, 1984 F-3 Totals g 1985 1984 g Sources of Working Capital: Cperations: = Net Income 5 24,858 $ 14,960 Oepreciation not requiring the use g of Working Capital 3,844 4,462 g Working Capital Provile:d by (Used in) Operations 28,702 19,422 Sale of Property and Equipment 7,172 Total sources of Working Capital 35,874 19,422 g Uses of Working Capital: W Purchase of Prcperty and Equipment 10,953 Net Increase in Working Capital (See schedule below) $ 24,921 $ 19,422 Changes in Working Capital By Ccmponent Current Assets - Increase (Decrease) l Cash 45,307 3,041 W Due from Other Funds (19,877) (134,958) Invento ry ( 2,907) ( 13,123) Current Liabilities - Cecrease (Increase) Accounts Payable 3,549 21,083 Cue to Other Funds 29 144,569 Accrued vacation and sick pay ( 1,180) ( 1,190) Net Increase in Working Capital $ 24,921 $ 19,422 I I I I
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l - I I I I I l'TD'.*0I ARY FUND TYPE Fiduciary type funds are used to account for the assets of the City's employee pension funds. Certain administrative expenses are paid by the General Fund. The primary cbjective of the I following section is to provide financial infomation that is useful in assessing each plan's present and future ability to pay benefits when due. I I I I I I I I
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CITY OF LEESBilRG, FIDHIDA FIDUCIARY FUND TYPES cot 4BINING BALANCE StiEET September 30, 1985 Wit h Comparat ive Totals f or September 30, 1984 G-1 Nonexpendable Pension Trust Funds Tru st Fund Municipal Municipal General General Police Firemen's Employees' E nployees ' Eetirement Fetirement Pension liealth Ins. Totals Trust Fund Trust Fund Fund Fund 1985 1984 Assets Cash and Cash Fquivalents S 186,291 $ 237,942 $ 441,597 0 68,266 $ 934,096 S 776,463 Investzwnt s at Fair Value Municipal Bonds 156,562 156,562 170,754 U. S. Government Bonds 729,454 1,142,672 940,093 2,812,219 2,099,632 Federal A9ency Bonds 199,166 295,645 473,061 967,872 1,513,997 Corporate Bonds 52,687 105,375 995,220 1,153,282 346,500 Common Stock 751,131 751,131 480,737 Total Investments at Fair , Valun 981,307 1,543,692 3,316,067 5,841,066 4,611,620 C , Feceivables Insurance Claim 36,291 36,291 Accrued Interest 16,107 28,196 86,046 130,349 107,672 Due from Other Funds 4,406 73,965 70,371 71,865 Total Feceivables 16,107 32,602 160,011 36,291 245,011 179,537 Total Assets 1,183,705 1,814,236 3,917,675 104,557 7,020,173 5,567,620 Liabilities And Fund Equity Liabilitles: Accounts Payable 100 100 Due to Other ibnds 8,480 8,480 8,571 Total I. labilities 8,480 100 8,580 8,571 Fund Equity: Fund falances: 1:ese rved f or ETployee benefits 1,175,225 1,814,236 3,917,675 104,457 7,011,593 5,559,049 Total Laabalities and Iurd Fquity S 1,183,705 S 1,814,236 $ 3,917,6 5 $ 104,557 $ 7,020,173 5 5,567,620 m m m m m m m m m m m m m m m m
m m m m W W W W W W W m m CITY OF 11ESBURG, FIDRIDA FIDUCIARY FUND TYPES l COMBINING STATEMENT OF IEVENUES, EXPENSES AND CIIANGES IN FUND BAI.ANCES For The Year Ended September 30, 1985 With Comparative Totals For The Year Ended September 30, 1984 G-2 l Nonexpendable l Pension Trust Funds Trust Fund Municipal Municipal General General Police Firemen's Employees' Employees' Retirement Retirement Pension Health Ins. Totals Taust Fund Trust Fund Fund Fund 1985 1984 _ Operating Revenues Investrwnt Income: Unrealized Increase in Fair value et Investments S 15,466 S 40,748 $ 152,906 S S 209,120 $ Interest and Dividend Income 109,665 168,315 335,863 3,265 617,108 485,895 Cain on Sale of Investments 21,504 30,647 29,366 81,517 Total Investment Income 146,635 239,710 518,135 3,265 907,745 485,895 Contributions: 3 1.mp loye r 60,302 430,587 366,763 857,652 504,190 I
, Fmployee 39,426 28,323 137,702 205,451 59,043.
g State of Florida 49,108 33,850 82,958 74,815
, Total Contributions 68,534 122,475 430,587 504,465 1,146,061 _ 638,048 Total Operating l<evenues 235,169 362,185 948,722 507,730 2,053,806 1,123,943 q=: rating Expenses:
Eefunds 10,654 benefit Payments 25,486 28,162 92,622 357,896 504,166 e6,505 Administrative Expenses 3,041 7,129 41,549 45,377 97,096 37,443 Unrealized decrease in Fair Value of Investments 96,231 Losc <>n Sale o1 Investments 13,719 Total operating Exg;enses 28,527 35,291 134,171 403,273 601,262 244,552 Net I ncoe=- 206,642 326,894 814,551 104,457 1,452,544 879,391 tund balances at Beginning of Year 968,583 1,487,342 3,103,124 5,559,049 4,679,658 Pund Balar.ces at End of Year S 1,175,225 $ 1,814,236 S 3,917,675 S 104,457 5 7.011,593 S 5,559,049
CITY OF LEESHtlis, FIDHIDA FIDUCIARY FUND TYPES COMBINING STATEME7JT OF CHANGES IN FINANCIAL POSITION For The Year Ended Septemler 30, 1985 With . v trativu 2atals for The Year Ended September 30, 1984 Cy HonexpendabIe ,_ Pension Trust Funds Trust Fund Municipal Municipal General General Police Firemen'a Employees' Employees' Retirement Retirement Pension llealth Ins. To t. a l s Trust Fund Trust Fund Fund Fund 1985 1984 Sources of Wiking Capital Wrking Capital Provided From Operations - Net Income $ 206,642 $ 326,894 5 814,551 $ 104,457 $ L 452,544 $ 879,391 Net Increase in Working capital (below) $ 206,642 $ 326,894 $ 814,551 $ 104,457 $ 1,452,544 $ 879,391 Changes in W rking Capital by Cwponent current Assets - Increase (beerease)
* ( 35,675) 73,843 51,199 68,266 157,633 330,463 Cash and cash Equivalents
$ Investments 244,224 250,809 734,413 1,229,446 471,492 Feceivables ( 1,907) 2,242 28,848 36,291 65,474 43,425 Current Liabilities - Decrease (Increase)
Account s Payable ( 100) ( 100) 5,385 Due to Other Funds 91 91 ( 91) , IVferred Income 28,717 Net Increase in Working Capital (Above) $ 206,642 $ 326,894 $ 814,551 $ 104,457 $ 1,452,544 $ 879,391
I I I I . g . ACCCUh"r GROUPS Account Groups are used to establish accounting control and accountability for the City's general fixed assets and the I unnatured principal of its general long-term debt. account groups are not funds; they do not reflect available financial resources and related liabilities. These I I I I I I
e I I I CITY OF LEESBtFG, FLORIDA I STATEMENT OF GENERAL FIXED ASSETS BY SCURCES SEPTEMBER 30, 1985 With Comparative Totals For September 30, 1984 H-1 Totals 1985 1984 H neral Fixed Assets: Land $ 1,264,857 $ 1,264,857 Building 5,027,174 . 4,813,505 Improve.ments Other than Buildings 1,761,510 1,674,346 Equipment and Vehicles 2,563,743 2,375,875 Construction Work in Progress 305,887 31,996 Total General Fixed Assets $ 10,923,171 $ 10,160,579 Investments in General Fixed Assets From: General Cbligation Bonds and Revenue Certificates 2,677,384 2,562,524 Capitalized Bond Interest 29,331 Capital Projects Funds: Economic Development Administration Grants 430,079 430,079 Special Improvement Fund 62,657 62,657 Hospital Construction Fund 2,174,204 2,174,204 Federal, State and tocal Grants 1,597,674 1,359,541 General Fund Fevenues 3,315,297 2,942,085 Special Pevenue Fund Revenues 327,258 320,202 Utility Pevenue Fund Pevenues 69,607 69,607 Gifts and other 239,600 239,680 Total Investment in General Fixed Assets $ 10,923,171 $ 10,160,579 I I I
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W M M M - M W W CITY C"' LEESHURG, Fif7IDA STATEMFilT OF GENERA 1. FIXED ASSETS - LY FUNCTIONS AND AC?!VITIES September 30, 1985 H-2 Ljulpment Improvements Other Than anal Function and Activity Total Land huildings Building Vehicles General Covernment : Iw islative~ $ 787,524 5 665,331 S S 220,318 $ 1,875 Executive . 138,736 13f;,736 Financia1 and Administrative 186,699 82,544 104,155 Other Genera 1 Covernment 114,692 65.709 37t oy 11,910 Total General Government 1,227,651 731,0-10 239,935 256,676 ; l i Itblic Safety : law Enforcement 721,049 5,452 43,664 162,453 509,480 Fire control 737,840 5,452 1,298 275,559 455,531 Detention and Correction 5,002 5,002 Protective Inspection 14,042 14,042 Total Public Safety 1,477,933 10,904 44, % 2 438,012 984,055 Physical Fnvironment 325,563 14,462 66,908 244,193 1
, Transportationi: 1 s Roads and Street 190,907 17,433 47,918 125,556 1,294,132 43,050 1,192,469 49,467 9,146 7 Airport Palking Facilities 36,504 36,504 Total Transportation 1,521,543 96,987 1,192,469 97,385 134,702 Economic Environewnt 235,287 217,005 558 17,724 Hospit als and Human Services 2,179,114 '31,430 2,147,684 Culture and Fecreation:
Coeruniity Building 421,169 418,162 3,007 Libraries 1,266,301 51,000 861,244 354,057 Parks and Recreation 1,074,927 49,249 224,189 299,021 502,468 Cultural Services 236,549 1,470 232,551 2,528 Special Recreational Facilities 651,247 77,242 283,400 226,272 64,333 Total Culture and Fecreation 3 650,193 177,491 509,059 2,037,250 926,393 10,617,264 $ 1,264,857 S 1,761,510 $ 5,027,174 $ 2,563,743 Construction Work in Progress 305,887 Tctal General Fixed Am-ts S 10,923,171
[ CITY OF LEESBURG, FII)RIDA STATEMENT OF CHANGES Ill GENERAL FIXED ASSETS - IlY FUNCTIntiS AND ACTIVITIES Year Ended Septend,cr 30, 1985 y General General Fixed Assets Fixed Asceta Ptmetion and Activity 10/1/84 Additions Deductions 9/30/85 General Government: Irgislative $ 785,749 $ 1,775 $ $ 787,524 Executive 138,736 138,736 Financial and Administrative 78,764 107,935 186,699 other General Government 114,692 114,692 Total General Government 1,117,941 109,710 1,227,651 ltblic Safety: Iaw Enforcement 687,962 33,087 721,049 Fire control 727,100 10,740 737,840 Detention and Correction 5,002 5,002 Protective Inspection 14,042 14,042 Total Public Safety 1,434,106 43,827 1,477,933 Physical Environment 298,137 27,426 325,563
, Tran rix)rtat ion :
g Roads and Streets 137,263 60,816 7,172 190,907
, Airport 1,268,247 25,885 1,294,132 Parking Facilities 36,504 36,504 Total Transportation 1,442,014 86,701 7,172 1,521,543 Leoav2:dc Environment ,
234,521 766 235,287 Ilospit als and Ifunwn Services 2,179,114 2,179,114 Culture and Pecreation: Conounity Buildian 418,162 3,007 424,169 Lib ra ri es 1,226,571 39,730 *1,206,'01 Parks and Hecreation 897,765 177.162 1,074,917 Cultural Services , 236,549 236,549 Special Recreational Facilit.na F,3,703 7,544 651,237-Total Cultura and Recreat ha 3,422,750 , 227,443 3,650,193 Cxwat ruction Work in Progress 31,9 % '605,887 31,9 % 305,887 Totat @rta al Fixed Assets S 10,160,579 $ Byl,760 $, 39,168 $ 10,923,171 M M M M M M M W. M sM M
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.~ CITY OF LEESBUPG, FLORIDA STAWINT OF GENERAL IENG-TERM DEBT September 30, 1985
. With Comparative Totals For September 30, 1984 H-4 Totals 1985 1984 Amount Available And To Be Provided For The Payment Of General Iong-Tem Debt Serial Bonds - Public Improvement Revenue Certificates:
I- - Amount Available in Debt Service Fund Amount to be Provided S 435,842 1,979,158 S 103,501 101,499 Total - Serial Bonds 2,902,886 2,297,529 Other Ieng-Term Liabilities: Amount to be Provided 487,886 2,092,529 Total Available and to be Provided $ 2,902,886 $ 2,297,529 General Long-Term Debt Payable Refunding and Capital Improvement Revenue Bonds, Series 1983 2,250,000 Refunding and Capital Improvement Revenue
, Bond Anticipation Note 1,600,000 Public Improvement Revenue dertificates Payable 165,000 205,000 Employee Ccmpensated Absences Payable 342,695 327,057 Feal Estate Notes Payable 145,191 165,472 Total General Long-Term Debt Payable S 2,902,886 5 2,297,529 1
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l I I 'I I SCHEDULES I l Financial schedules are presented to provide greater detailed information than reported in the preceding financial statements. This information in many cases has been spread throughout the l report and is brought together here for greater clarity. Financial schedules are not necessary for fair presentation in conformity with Generally Accepted Accounting Principles. l i I ' I I I I I I I I
m W W W W W W W W M M M M 4 m W CITY OF l.EESBURC, FLORIDA SlettARY SCitEDUI.E OF UTILITY PLAT 6 IN SERVICE CotiBINED UTIL11T FUNDS Year Ended September 30, 1985 I-1 ASSETS ACCitttfl.ATED DEPRECTATION Balance Balance Balance Current Year Balance 10/1/84 Additions Disposals 9 /30/85 10/1/84 Depreciatinn Disposals 9/30/85 Electric Plant
- Intangible $ 79,230 $ $ $ 79,230 $ 3,4 35 $ 2,290 $ $ 5,725 land 16,156 37,767 53,923 Buildings 660,112 660,112 158,872 12,712 171,584 Improvements Other than Buildings 20,141,608 2,034,994 197,264 21,979,318 6,663,803 772,381 7,436,184 Construction in Progress 395,456 1,414,741 395,456 1,414,741 ttachinery and Equipment 754,385 19,108 793,493 408,507 44,687 453,194 Total Electric Plant 3 046,947 3,526,610 592,740 24,980,817 7,234,617 H32,070 3 066,687 Cas Plant I.a nd 19,650 19,650 Buildings 12,704 12,704 1,525 254 1,779 Improvements Other than Buildings 2,205,923 225,707 2,431,630 895,643 69,470 965,113 e Construction in Progress 12,640 6,012 12,640 6,012 E ttachinery and Equipment 168,523 54,359 222,832 103,077 11,088 114,165 Total Cas Plant 2,419,440 286,078 12,640 2,692,878 1,000,245 80,812 1,081,057 Water Plant land 36,770 36,770 Hutidings 131,595 131,595 30,977 6,581 37,558 Improves.cnts Other than Buildings 5,003,810 743,829 5,747,639 1,260,512 187,268 1,447,780 Construction in Progress 636,699 27,158 636,699 27,158 Machlaery and Equipment 804,407 36,668 841,075 176,781 58,304 235,085 Total Water Plant 6,613,281 807,655 636,699 6,784,237 1,468,270 252,153 1,720,423 Sanitary Sewer and Wastewater Treatment Plant land 1,018,868 4,015 1,022,883 Buildings 2,320,752 34,937 2,355,689 199,825 54,693 254,518 lsiprovements Other than Buildings 6,870,547 14,787 6,885,334 1,177,768 161,692 1,339,460 Cons t ruc t ion in Progress 29,378 315,667 29,378 315,667 Itachinery and Equipment 2,925,385 19,994 2,945,379 604,515 141,343 745,858 Tutal Sanitary Sewer and Uastewater Treatment Plant 13,164,930 389,400 29,378 13,524,952 1,982,108 357,728 2,339,836 TUI'A1. 00tlHlf;FD UTILITY Pl. ANT S 44,244,598 $ 1 009,743 $ 1 271,457 $ 47,982,884 $ ly8hg $ L 522,763 $ $ 13,208,003
I 1 CITY OF l.EESBURC, FIDRIDA SCllEDifLE OF LTTILITY PLAffT IN SERVICE ELECTh!C ITTILITY FlpD Year Ended September 30, 1985 1-2 ASSETS ACCl#ffff.4TED DEPRECI ATION Balance Balance Current 7 ar Balance Balance Disposals 9/30/85 10/1/84 Depreciativ.i Disposate 9 /10 /85 10/1/84 Additions s Intangible Property: 5,725 79,230 $ $ 79,230 $ 3,435 $ 2,290 $ $ Rights to Purchase Pwer S $ 16,156 37,767 53,923 Land: Buildings: 138,433 466,516 466,516 129,593 8,840 Wa rehouse 25,504 145,801 145,801 22,588 2,916 Cencrat Plant 5,327 33,295 4,661 666 City llall 33,295 14,500 2,030 290 2,320 Repair Shop-Transformers 14,500 660,112 158,872 12,712 171,584 Total Buildings 660,112 Is.provements Other Than Buildings: 135,985 1,120,351 1,531,849 73,014 1,604,863 984,366 Nuclear fuel 191,157 1,481,612 4,855,202 443,071 5,298,273 1,290,455 e Crystal River #3 Nuclear Plant 2,829,824 6,139,125 513,448 197,284 6,455,289 2,638,107 191,717 3 Overhead Conductors and Devices 56,811 463,726 168,774 632,500 40,365 16,446
, linderground Conductors & Devices 821,737 2,021,668 373,954 2,395,622 756,789 64,948 I.ine Transformers 40,411 349,411 321,020 670,431 25,114 15,297 Distribution Plant 277,835 27,101 304,936 865,757 73,907 939,664 Electric Meters 23,082 297,930 l
724,590 67,806 792,396 274,848 Street Lights and Signals 1,655 l 1,655 1,655 Rental Lights 1,655 3,188,625 374,269 106,648 480,917 Power Substattoas 3,188,625 395,456 1,414,741 395.456 1,414,741 Construction in Progress Total Improvements Other 772,381 7,436,184 20,537,064 3,449,735 592,740 23,394,059 6,663,803 Than Buildings Machinery and Equipment: 34,724 84,402 28,642 113,044 29,785 4,939 Plant and Test Equipment 104,136 20,576 4,947 25,523 Tools and Work Equipment 93,670 10,466 170,548 52,553 16,654 69,207 Office Equipment 170,548 405,765 305,593 13,147 323,740 Vehicles 405,765 793,493 408,507 44,687 453,194 Total Machinery and Equipment 754,385 39,108 592,740 $ 23 980,817 $ L234 6t? $ 832,070 $ $ 8,066,687 Total Electric Plant $ 22,046,947 $ 1 526,610 $ m W W W W W W W W W m M M M M m m m
e e m m m e e m W m m W 4 m W W CITY OF IEESBtIRC, FIJ1k1DA SCllEDUIE OF iTI1LITY PLAfff IN SERVICE CAS ITI1LITY RIND Year Ended September 30, 1985 1-3 ASSETS ACCitiULATED DEPHECIATION Balance Balance Balance Current Year Balance 10/1/84 Additions Disposals 9/30/85 1 0/1/84 Depreciation Disposals 9/30/85 f.and $ 19,650 $ $ $ 19,650 $ $ $ $ Buildings: City liall 12,704 12,704 1,575 254 1,779 Total Buildings 12,704 12,704 1,525 254 1,779 Improvements Other than Buildings: Natural Cas System 1,795,974 68,414 1,864,388 814,331 50,331 864,662 Cate Station 145,540 19,415 164,955 20,360 4,270 24,630
- Cas tkters 264,409 137,878 402,287 60,952 14,869 75,821 M Construction in Progress 12,640 6,012 12,640 6,012 .
- Total Improvements Other than Buildings 2,218,563 231,719 12,640 2,437,642 895,643 69,470 965,113 t*xhinery and Equipment System Equipment 35,057 35,057 27,889 1,069 28,958 Tools and Shop Equipment 40,939 18,406 59,345 9,461 2,836 12,297 Difice Equipment 23,485 20,307 43,792 7,955 1,742 9,697 Vehicles 69,042 15,646 84,688 57,772 5,441 63,213 Total Machinery and Equipment 168,523 54,359 222,882 103,077 11,088 114,165 Total Cas Plant $ 2,419,440 $ 286,078 $ 12,640 $ 2,692,878 $ L OOO,245 $ 80,812 $ $ 1,081,057 1
I CITY OF IEESHCC, Fl.cQ1DA SCllEDULE OF UTILITY PLAlfr IN SERVICE WATER UTILITY FUND Year Ended September 30, 1985 1-4 ASSETS ACCIHill.ATFD DEPHECI ATION Halance Balance Balance Current Year , Balance 10/1/84 Additions Disposals 9/10/85 10/1/84 Depreciation Disposals 9/30/85 land $ 36,770 $ $ $ 36,770 $ $ $ $ itulldings: Vehicle Storage 24,784 24,784 1,851 1,239 3,090 IMmping Plant 49,694 49,694 8,023 2,486 10,509 Warclumse - Water 22,618 22,618 8,481 1,131 9,612 Warehouse - Improvement 32,699 32,699 12,262 1,635 13,897 City Hall 1,800 1,800 360 90 450 Total Buildings 131,595 131,595 30,977 6,581 37,558 Iniprovements other than Buildings: Water Meters 73,054 25,173 98,227 11,303 8,563 19,866
- Water Works 2,116,533 528,531 2,645,064 672,028 119,040 791,068 0 Water Distribution 41,253 38,877 80,130 3,471 1,215 4,686 e Fire Hydrants 47,122 4,081 51,203 16,715 2,461 19,176 Water Hains and Potable Water Wells 2,460,833 147,167 2,608,000 850,892 50,688 501,580 Well and Spring Pumps 265,015 265,015 106,103 5,301 111,404 Construction in Progress 636,699 27,158 636,699 27,158 Total Improvements Other than Buildings 5.640,509 770,987 636,699 5.774,797 1,260,512 187,268 1,447,780 Nchinery and Equipment System Equipment 630,653 630,653 65,254 31,532 96,786 Tools and Shop Equipment 51,281 11,337 62,618 37,802 14,893 52,695 office Equipment 13,397 20,240 33,637 3,928 1,198 5,126 Vehicles 109,076 5,091 114,167 69,797 10,681 80,478 Total Machinery and Equipment 804,407 36,668 841,075 176,781 58,304 235,085 Total Water Plant $ b 613,281 $ 807,655 $ 636,699 $ 6,784,237 $ L468,270 $ 252,153 $ $ 1,720,423 W W W W W W W W W W W W W M M M W
E E E E E E E E E E E E E E E E E CITY OF 1.EESBifRG, FlJDRIDA SCilEDlfl1 OF IfTILITY Pl.Atff IN SERVICE SANITARY SEWER AND WASTEWATER TREATHENT HJND Year Ended September 30, 19'15 1-5 ASSETS ACCUHlfl.ATED DEPRECTATION Balance Balance Balance Current Year Balance 10/1/84 Additions Disposals 9/30/85 10/1/84 Depreciation Disposals 9/30/85 I.and I.and Sewer System $ 39,383 $ 4,015 $ $ 43,398 $ $ $ $ Treatment Plant 45,258 45,258 201 Farm 934,227 934,227 Total I.and 1,018,868 4,015 1,022,883 Buildings truck Shed 7,668 7,668 1,151 153 1,304 City llall 4,499 4,499 2,735 307 3,042 Treatment Plant 727,459 32,386 759,845 60,501 16,552 77,053 office 2,310 2,310 2,079 231 2,310 1.41, 301,388 30),388 24,678 6,373 31,051 g Disposal Plant 249,541 249,541 36,728 10,493 47,221
, Pump Stations 1,027,887 2,551 1,030,438 71,953 20,584 92,537 Total Buildings 2,320,752 34,937 2,355,689 199,825 54,693 254,518 Improvements Other than Buildings:
Sewer Lines and Hanholes 1,591,611 14,787 1,606,398 426,730 39,976 466,706 Disposal Expansion 1,007,435 1,007,435 396,971 20,148 417,119 1 rea t men t Plant 594,156 594,156 49,888 14,254 64,142 Disposal Plant 766,463 766,463 101,833 29,096 130,929 Pi pe l lt.e s 2,910,882 2,910,882 202,346 58,218 260,564 Construction in Progress 29,378 315,667 29,378 315,667 Total Improvements 6,899,925 330,454 29,378 7,201,001 1,177,768 161,692 1,339,460 Machinery and Equipnent: System Equipnent 2,641,865 10,724 2,652,589 480,545 113,414 593,959 Office Equipment 19,155 19,155 11,969 1,160 13,129 Vehicles 264,365 9,270 273,635 112,001 26 1769 13P ,7 70 Total Hachinery & Equipment 2,925,385 19,994 2.945,379 604,515 141,343 745,858 Total Sanitary Sewer and Wastewater Treatment Plant $ 13,164,930 $ 389,400 $ 29,378 $ 13,524,952 $ 1,987,108 $ 357,728 $ $ 2,339,836 e
I CITY OF I.EESBtIRC, FIDRIDA SCilEDUll OF SOLID WAS11 EQUIPMENT SANITATION SERVICES FUND Year Ended September 30, 1985 I-6 ASSETS ACCtHlH.ATED DEPRECIATION Balance Balance Balance Current Year Balance 10/1/84 Additions Disposals 9 /30/85 10/1/84 Depreciation Disposals 9/30/85 e g Machinery and Equipment 1.andfill Equipment S 97,090 $ $ $ 97,090 $ 51,301 $ 13,486 $ $ 64,787 Trucks and Other Vehic1,cs 383,649 65,208 448,857 763,856 55,142 318,998 Total Solid Waste Hachinery & Equipment S 480,739 $ 65,708 $ $ 545,947 $ 315,157 $ 68,678 $ $ 381,785
W W W W W W W W W W W W W W W 4 W W W 6 CITY OF l.EESBtfRC, FIDRIDA SCllEDU!I 0F PROPERTY AND EQUIPMENT HmT>R POOL FUtm Year Ended Septeniber 30, 1985 I-7 ASSETS ACCtN1ft.ATED DEPRECIATION Balance Balance Balance Current Year Balance 10/1/84 Additions Disposals 9/10/85 10/1/84 Depreciation Disposals 9/30/85 Machltwry and Equipsient Tools and Equipment $ 21,405 $ 2,656 $ 400 $ 23,661 $ 15,027 $ 3,108 $ 400 $ 17,735 8
, Vehicles 11,654 7,172 8,154 10,672 10,974 7,852 8,154 10,672 Total Motor Pool Machinery and Equipawnt $ 33,059 $ 9,828 $ 8,554 $ Ej3] $ 6 0]0 $ 10,960 $ 8,554 $ 3407
I CITY OF LEESBURG, FLORIDA CCMBINED SCHECULE OF INVESTMENTS - ALL FUNDS Septe:ter 30, 1985 I-8 PAR VALUE/ INVESTMENTS STATED AT I!CEREST MATURITY NUMBER CF MARKET E 7 VALUE RATES (%) DATES SHARES VALUE Municipal Police Officers' Retirement 3 Trust Fund Money Market Dreyfus Cash Management $ 126,100 S 126,100 U.S. Government Bonds: U.S. Treasury Note 12.00 1988 50,000 53,093 l U.S. Treasury Note 11.625 1992 400,000 425,500 W U.S. Treasury Note 9.875 1990 250,000 250,860 Federal Agency: Federal Home loan Bank Cons. 11.10 1987 100,000 102,687 Corporate Bonds: Chevron 12.75 1987 50,000 52,688 Bonds: Federal Home Loan Mtg. Corp. 10.50 2009 100,238 96,479 S 1,076,338 S 1,107,407 Municipal Firemen's Retirement Plan g Money Market: 3 Dreyfus Cash Management S 203,800 S 203,800 U.S. Government Bonds: U.S. Treasury Notes 8.25 1988 50,000 48,984 U.S. Treasury Notes 10.75 1989 50,000 51,781 U.S. Treasury Notes 10.50 1987 100,000 102,812 g U.S. Treasury Notes 12.0 1988 100,000 106,187 g U.S. Treasury Notes 11.625 1992 500,000 531,875 9.875 1990 300,000 301,032 I U.S. Treasury Notes Federal Agency: Federal Home Loan Banks Cons. 11.10 1987 100,000 102,687 Bonds: Chevron 12.75 1987 100,000 105,375 Federal Home Loan Mtg. Corp. 10.50 2009 200,476 192,959 5 1,704,276 S 1,747,492 Retirement Plan for General Employees Money Market: Dreyfus Cash Management S 332,500 S 332,500 I (Continued) 1 of 4
I CITY CF LEESBURG, FLORIDA CCM8INED SCHECULE CF INVESTMENTS - ALL FUNDS I September 30, 1985 I-8 , PAR VALUE/ INVESTMENTS STATED AT INTEREST MATURITY NUMBER OF MAPJIT MARKET VALCE RATES (%) DATES SHARES VALUE Retirement Plan for General E=ployees (Continued) I U.S. Govern =ent Bonds: U.S. Treasury Notes 9.0 1987 S 100,000 $ 100,625 U.S. Treasury Notes 8.25 1988 100,000 97,969 U.S. Treasurf Notes 10.75 1989 100,000 103,562 U.S. Treasury Notes 13.75 1987 100,000 108,094 I U.S. Treasury Notes 14.875 1986 200,000 210,688 U.S. Treasury Notes 11.875 1993 100,000 108,031 U.S. Treasury Notes 12.5 1987 200,000 211,124 Federal Agency: Federal National Mtg. Assn. 12.25 1987 100,000 104,406 I Federal Federal National Mtg. Assn. National Mtg. Assn. 13.65 11.45 1987 1990 150,000 200,000 160,780 207,874 Municipal Bonds: I Alaska St. Housing Finance Corporate Bonds: 12.30 1993 150,C00 156,562 I Chrysler Financial Corp. American Express Credit Corp. Household Finance Corp. 13.50 11.50 11.80 1991 1989 1989 100,000 150,000 200,000 105,750 157,313 210,220 Federal Express Co. 10.625 1995 150,000 149,250 National Med. Enterprises, Inc. 1999 150,000 157,688 I Private Expt. Fdg. Corp. 12.875 1994 200,000 215,000
$ 2,782,500 S 2,897,436 Common Stocks.
Foods: General Foods Corp. 300 S 35,512 Hospital Supplies: Baxter Travenol Lab, Inc. 1,500 19,125 Johnson t. Johnson 500 22,188 Hospital Management: Hospital Corp. of America 450 17,494 Publishing - Newspapers: Times Mirror Co. 600 27,150 Tribune Co. 700 31,325 Auto Parts: Cana Co rp . 700 16,100 Lear Siegler, Inc. 600 28,575 I (Continued) 2 of 4 g .2
I CITY OF LEESBURG, FLCRIDA CCMBINED SCHEDULE CF INVESTMENTS - ALL FUNDS September 30, 1985 I-8 PAR VALUE/ INVESTMENTS STATED AT INTEREST MATURITY NUMBER CF MAFJIT MARKET VALUE RATES (%) DATES SHARES VALUE Fetirement Plan for General E=ployees (Continued) Tires: Goodyear Tire and Rubber Cor pany S 700 S 19,162 Building Materials: American Standard, Inc. 900 26,888 Hc=e Builders: Ryan Homes , Inc. 900 22,950 Air Transport: Airtourne Fght. Corp. 1,000 22,000 Cec =:unication: American Information Technologies Corp. 400 35,150 Electric: Ccemonwealth Edison Co. 700 19,950 Oetroit Edison Co. 1,200 17,250 Paper: Willamette Ind., In c. 550 24,063 Railroads: l W CSX Corp 900 21,712 Norfolk Southern Corp. 300 20,437 Conglomerates: Calfed, Inc. 1,500 26,063 Infor ation Processing (Ex. IBM): Honeywell, Inc. 300 18,562 = NCR Corp. 600 19,875 Sperry Corp. 400 20,250 IBM: International Business Machines 200 24,775 Casualty Insurance General Fe. Corp. 400 32,950 Multi Line Insurance: Cigna Corp. 500 27,0C0 Hanover Insurance Co. 600 25,500 Banks - Ex New York City: First Interstate Bancorp 800 37,500 (Continued) 2 of 4 g
CITY CF LEESBURG, FLORIDA CCMSINED SCHEDULE CF INVESTMENTS - ALL FUNDS Sectember 30, 1985 I-8 PAR VALUE/ s INVESTMENTS STATED AT INTEREST MATURITY NUMBER CF MARYET MA %7 VALUE RATES (%) DATES SHARES VALUE t Retirement Plan for General Employees [ (Continued) Financial Services: American Express Co. S 500 S 20,750 Phibro-Salcmon, Inc. 400 14,050 Reit & Related: Merrill Lynch & Co. , Inc. 700 19,075 I Paine Webber Group, Inc. 500 14,500 i Savings & Lean: Home Fed. Svgs. & Ln. San Diego, CA 1,200 23,250 Total Ccemon Stocks Stated at Market Value 751,131 s Total Investments Stated at
. Market Value S 6,503,466 INVESTMLNTS STATED AT INTEREST MATURITY PAR MiCRTIZED AMORTIZED COST RATES (%) DATES VALUE COST General Fund U.S. Treasury Notes 14.625 1989 S 900,000 S 903,611 U.S. Treasury Notes 11.25 1989 900,000 944,264 1,800,000 1,847,875 Cembined Utility Funds Revenue Send Debt Reserve:
I i l U.S. Treasury Notes Revenue Sond Sinking Fund: 12.00 1986 1,643,700 1,643,700 U.S. Treasury Notes 8.25 2005 305,000 311,533 l 1984 Construction Account: U.S. Treasury Notes 10.125 1993 2,000,000 1,957,884 U.S. Treasury Notes 11.25 1989 1,000,000 1,046,963 i 3,000,000 3,004,847 l Cepreciation Account: U.S. Treasury Notes 11.75 1988 1,000,000 1,009,909 I U.S. Treasury Notes 11.25 1989 1,000,000 1,048,443 2,000,000 2,058,352 Cebt Service Fund U.S. Treasury Notes 14.625 1989 100,000 100,401 U.S. Treasury Notes 11.25 1989 100,000 104,918 200,000 205,319 Total Investment Stated at Acortized Cost S 8,948,700 0 9,071,626 (Concluded) 4 of 4 l t .
I I CITY CF LEESBURG, FLORIDA
$19,999,999 REFUNDING U*ILITIES REVENUE BCNDS, SERIES 1984 DEBT SERVICE REQUIREMEN*S TO MATURITY I-9
~ BCND MA'; 1ITIES DEST SERVICE REQUIREMENTS TOTAL BCND
. :A AND (INCCME MATURITIES W t..PITAL REQUIRED FRCM AND DEBT DUE SERIAL APPRECIATICN SECURITY SECURITY INTEREST SERVICE 2
CCTCBER BCNDS BCNDS PUFCHASES PURCHASES) EXPENSE REQUIREMENTS 1985 S S S 342,440 S( 24,956) S 2,115,601 S 2,433,085 1986 379,319 52,181) 1,952,863 2,280,001 1987 405,661 ( ( 82,088) 1,952,863 2,276,436 l e 1988 432,003 ( 114,263) 1,952,863 2,270,603 1989 474,150 ( 148,294) 1,952,863 2,278,719 1990 511,029 ( 185,831) 1,952,863 2,278,061 1991 553,176 ( 226,256) 1,952,863 2,279,783 1992 595,322 ( 269,775) 1,952,863 2,278,410 1993 600,000 ( 313,913) 1,952,863 2,238,950 l 1994 650,000 ( 313,913) 1,900,363 2,236,450 W 1995 705,000 ( 313,913) 1,841,863 2,232,950 1996 770,000 ( 313,913) 1,776,650 2,232,737 g 1997 845,000 925,000 ( 313,913) ( 313,913) 1,703,500 2,234,587 g 1998 1,621,113 2,232,200 1999 1,020,000 ( 313,913) 1,528,613 2,234,700 2000 1,120,000 ( 313,913) 1,426,613 2,232,700 l 2001 1,230,000 ( 313,913) 1,314,613 2,230,700 5 2002 1,360,000 ( 313,913) 1,190,075 2,236,162 2003 1,500,000 ( 313,913) 1,050,675 2,236,762 2004 1,655,000 ( 313,913) 896,925 2,238,012 4 2005 609,999 (4,118,913) 5,762,289 2,253,375 2006 1,505,000 727,288 2,232,288 2007 1,660,000 571,144 2,231,144 E 2008 1,830,000 398,919 2,228,919 5 2009 2,015,000 209,056 2,224,056 TCyrALS S 4,800,000 5 15,199,999 $ 3,693,100 5 (8,989,513) S 41,658,204 $ 56,361,790
- 1. The amounts show under the column headed " Income From Security Purchases" is deducted frem the sum of the amount shown under each other column to equal the amount shown under the column headed " Total Bond Maturities and Debt Service Requirements".
- 2. Total Cebt Service does not include Debt Service Reserve earnings. g
- 3. Debt Service Payable for the period ending October 1,1985 includes $162,739 of 3 interest attributable to the City during Fiscal Year 1984.
- 4. Criginal principal anount of Capital Appreciation Bonds.
I I 85 -
I CITY OF LEESBURG, FLORIDA I UTILITY RATE SCHEDULE < Septerber 30, 1985 I-10 Schedule of rates, fees, and charges of the system and nurier of customers in each class of service as of September 30, 1985 m I The following schedules are provided for compliance with Section 15 Covenants of the Issuer (Item J) of the Refunding and Capital Improvements Utilities Revenue Bcnds, Series 1977 Bond Resolution. ELECTRIC RATE SCHEDULE I Residential Service Charge - 5.00 I All KWH (per KWH) S
.0647 Minimum monthly charge S 5.00 I Deposit Cut-on Charge - When cut off for non-payment of bill S 75.00 S 10.00 Number of Residential electric customers 9/30/85 11,213 General Service Non-Demand Service Charge S 6.00 All KWH (per KWH) .0790 Minimum monthly charge 6.00 I
S Deposit - Estimated bill for two months' service Cut-on Charge - When cut off for non-payment of bill S 10.00 I Nurter of General Service Non-Demand customers 9/30/85 1,900 General Service Demand Service Charge S 17.00 Cemand (per KWH) .0414 Demand (per KWH) 8.00 l I Minimum =onthly charge S 17.00 ) Power Factor correction if customer's power factor l drops below 90%. Deposit - Estimated bill for two months' service Number of General Service Demand Customers 9/10/85 211 I Flat Rate Service This rate shall apply in those cases where the city chooses to not install I an electrical meter and to negotiate a flat rate in lieu thereof. Schedule (Continued) 1 of 5 I CITY CF LEESBURG, FLCRICA UTILITY RATE SCHEOULE Septerter 30, 1985 I-10 BULK PCWER CCST ADJUSTMENT ~ In addition, all of the feregoing rates, except the flat rate, shall be adjust-ed by cne of the following: Bulk Power Cost Adjustment - Non-Demand (BPCAnd) times the kwh billed to g the customer will be applied as a credit or charge to each customer not on g a demand metering basis for tilling purposes. The Bulk Power Cost Adjustment per kwh to be used for billing to non-demand customers in any given month is computed by: Total Power Cost minus Base Power Cost Total Kwh Billed Kwh Billed Where: Total power cost equals the total of the demand, energy c.ad fuel adjustment charges billed by Florida Pcwer Corporation for other than the l City's share of Crystal River Nuclear Unit No. 3 plus the fixed operating E charges for this share; as billed or accrued in the second month prior to the given month. g g Total xwh billed equals the total billed by the City of Leesburg to its customers during the second month prior to the given month. WATER RATE SCHEDULE Water Service - All Customers Availability Charge, exclusive of use S 6.50 Charge Per 100 cubic feet in addition to availability charge S 0.58 Minimum monthly charge bill per month 5 6.50 Deposit S 20.00 Cut-on Charge - When cut off for nonpayment for bill S 10.00 Number of Water Custcmers as of 9/30/85 5,539 GAS RATE SCHEDULE Residential and Small Commercial Service Charge S 2.50 First 20 therms (per therms) 0.55123 g Over 20 therms (per therms) 0.51123 g Minimum renthly charge $ 2.50 Oeposit S 20.00 Cut-on Charge - When cut off for nonpayment of bill 5 10.00 Number of Residential and Small Comercial Gas Customers 9/30,85 4,880 Schedule (Continued) 2 of 5 I CITY OF LEESBURG, FLCRIDA UTILITY RATE SCHEDULE l Septerter 30, 1985 I-10
-I GAS RATE SCHEDULE (Continued) l Heating Only Service Charge $ 2.75 First 20 the =s (per therm) 0.59123 Over 20 thems (per them)
I Minimum =cnthly charge S 0.56123 2.75 Oeposit S 20.00 Cut-on Charge - When cut off for nonpayment of bill S 10.00 Number of Heating Only Residential and Commercial Gas Customers 9/30/85 749 Public Buitding, Larcer Comercial and Small Industrial I Service Charge First 20 therms (per therm) Over 50 therms (per therm) S 6.00 0.55123 0.50123 Minimum monthly charge S 6.00
-I . Deposit Cut-on Charge - When cut off for nonpayment of bill S 20.00 S 10.00 Number of Small Industrial Gas Customers 9/30/85 115 Interruptible The rate shall be as fixed from time to time by motion by the City Com-mission, or by contract between the City and its interruptible rate consumer, negotiated by the City Manager, with the approval of the City Commission. Under this rate the City shall have the right to terminate
, the service at any time without notice. Deposit S 50.00 Cut-on Charge - When cut off for nonpayment of bill S 10.00 l Nurber of Interruptible Gas Customers 9/30/85 2 GAS RATE ADJUSTMENT The rates set forth herein shall be automatically adjusted by the City Clerk / Finance Director for gas price increases effective subsequent to July 31, 1978, which gas price increases are charged to the City by its supplier. This increase in rates to the customer shall be the exact same increase per therm that is charged the City by its supplier. I I Schedule (Continued) 3 of 5
, . As -
CITY OF LEESBURG, FLORIDA UTILITY EATE SCHEDULE Septerter 30, 1985 I-10 PCLLU*"ICN ABATEMENT RATE SCHEDULE ~ Cccestic Availability Charge S 11.50 Per 100 cubic feet or fraction thereof of metered water g not to exceed S3.00 .15 g Minimum Menthly Charge 11.50 Nurter of Derestic Users 9/30/85 5,918 Cc=mercial - Class I Service Charge 12.25 Per 100 cubic feet or fraction therof of metered water .25 Minimum Monthly Charge 12.25 Nurter of Cce=ercial Class I Users 9/30/85 719 Comercial - Class II Service Charge 20.00
.30 l
Per 100 cubic feet or fraction thereof of metered water Minimum Monthly Charge 20.00 Number of Ccenercial Class II Users 9/30/85 140 Comercial - Class III Service Charge 50.00 Per 100 cubic feet of fraction thereof of metered water .40 Mini =um Monthly Charge 50.00 Nurter of Cet=ercial Class III Users 9/30/85 114 Industrial Charges for Industrial Users will be set by contract between the City and the User. Nurter of Industrial Users 9/30/85 8 SAMITATICN SERVICE RATE SCHEDULE Residential Monthly Service Charge 8.75 Nurter of Fesidential Users 9/03/85 5,064 Schedule (Continued) 4 of 5 I I CITY CF LEESBURG, FLCRIDA L7!LITY RATE SCHEDULE Septerter 30, 1985 I-10 SANITATICN SERVICE RATE SCHEDULE (Continued) l g g Cc=mercial Roll-Out Centainers l Minimum Monthly Service Charge 510.25 Nurter of Cecmercial Roll-Cut Container Users 9/30/85 601 Come rcial/ Industrial (Dump ste rs ' I Service Charge per cubic yard not to exceed 8 yards 2.00 Minimum Menthly Service Charge 10.25 Nu=er of Cemercial/ Industrial Users 9/30/85 330 I Landfill Charge per cubic yard 2.00 I - I I I !I I I I I I (Concluded) 5 of 5
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I l 3 l l - ,I I 'I STATISTICAL TABLES 'I Statistical tables differ from financial statements because they 'g cover more than two fiscal years and present nonaccounting '5 data. The statement tables reflect social and economic data, financial trends, and the fiscal capacity of the City. 'I I I I I I I I I
m M M M M M M M M M M M M M M M M M M CITY OF LEESBURG, FLORIDA GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION last Ten Fiscal Years Table 1 Miscel-Fiscal General Itblic Physical Transpog- Economic fluman Culture & Debt laneoug 2 Year Government Safety Envi ronnent tation Environment Se rvice s Recreation Service & Other Total 1976 627,215 996,317 519,079 326,931 55,646 465,266 465,266 60,162 '408,891 3,477,390 1977 633,314 1,111,987 410,816 335,952 20,403 531,743 531,743 61,939 634,195 3,761,592 1976 741,695 1,160,341 542,150 400,440 79,539 671,839 671,839 47,550 638,792 4,305,548 1979 1,020,925 1,430,900 615,998 380,810 573,777 117,119 813,732 48,044 52,128 5,053,433 1980 1,030,852 1,611,337 234,792 293,335 607,894 928,781 928,781 45,254 61,495 4,927,592 1981 1,146,425 1,708,637 245,367 326,815 281,282 161,159 1,017,084 43,621 105,264 5,035,654 1982 1,262,196 1,967,448 254,125 474,211 47,620 149,392 1,056,506 53,020 119,899 5,384,417 1983 465,806 2,215,564 226,112 613,419 68,397 152,282 1,021,193 794,308 699,926 6,257,007 1984 517,567 2,190,947 250,424 584,567 112,726 135,498 1,109,239 154,719 954,773 6,010,460 1985 592,568 2,257,055 250,850 795,043 20,723 166,630 1,356,032 1,915,896 305,026 7,659,823 (1) Includes General, Special Revenue and Debt Service Funds. (2) In 1979 through 1982, An.bulance Services and Refuse and Garbage are shown in enterprise funds. (3) In 1978 through 1983, Insurance, Retirement Benefits, Taxes and Other Miscellaneous expenditures were distributed to the various functions.
I CITY OF LEESBURG, FLORIDA GENERAL REVENUES DY SOURCE Iast Ten Fiscal Years Table 2 Intergovern-Licenses mental and Charges Fines Miscel-Fiscal and Shared for and laneous 3 4 2 Total Years Taxes Permits Revenue Se rvices Forefeits and Other Transfers 404,656 52,838 871,971 526,669 126,918 287,830 1,495,365 3,766,797 1976 458,762 71,551 896,191 547,456 85,754 328,693 1,654,539 4,042,946 1977 79,746 1,542,556 445,389 88,335 450,235 1,747,654 4,846,309 1978 492,394 76,778 1,384,119 440,803 89,939 479,650 1,965,014 4,945,326 1979 509,023
, 1980 545,845 76,647 1,431,881 122,714 102,552 848,678 1,951,975 5,080,292
$ 104,341 923,902 2,528,621 5,487,219
, 1981 655,651 80,496 1,056,259 137,949 1982 986,279 66,228 815,269 191,688 114,252 1,196,195 2,194,639 5,564,550 1983 950,283 76,565 1,115,229 191,522 105,473 841,256 3,269,444 6,549,772 1984 965,947 113,216 1,239,299 119,118 117,993 1,102,971 3,201,008 6,859,552 1985 1,052,868 127,475 2,369,018 158,588 143,904 2,318,230 2,653,755 7,823,838 1 Includes General, Special Revenue and Debt Service Ebnds.
2 In 1979 through 1985, the Ambulance Services revenues are shown in enterprise fund. From 1979 through 1985, the Refuse and Garbage revenues are shown in enterprise fund. 3 Effective in Fiscal 1983 accounting, billing, meter reading and data processing, formerly shown as General Fund expenditures with of f setting reimbursement revenue from the Utilities Ebnd are charged directly to the Utility Fund. 4 Includes transfers from special revenue and enterprise funds. M M M M M M M M m m m m m m m m m mm
M M M M M M M M M M M M M M M M M M M CITY OF LEESBURG, FLORIDA PHOPERTY TAX LEVIES AND COLLECTIONS - last Ten Fiscal Years Table 3 2 1 Percent Percent of 3 Percent Deliquent of total tax Outstanding delinquent Fiscal Total Current tax of levy tax Total tax collections delinquent taxes to Year tax levy collections collected 3 collections collections to tax levy taxes tax levy 1976 403,541 390,744 96.8 310 391,054 96.9 1977 451,9$6 436,774 96.6 97 436,871 96.7 1978 483,135 467,uS2 96.0 467,052 96.tt 1979 493,598 475,514 96.3 649 476,163 96.5 , 1980 518,141 513,210 99.0 1,371 514,501 99.3 1 1981 639,396 622,864 97.4 2,043 624,907 97.7 ! l 1982 9f14,022 957,309 97.3 926 958,235 97.4 ' 1983 950,141 915,181 96.3 523 915,704 96.4 1984 970,938 935,650 96.4 2,244 937,894 96.6 1985 1,019,451 1,016,944 99.8 5,521 1,022,465 100.3 l 1 Property tax assessments and collections are perfonned for the City by Lake County. This information was not available f rom take County. 2 S. 197.012 of Florida Statutes allows a discount for early payment of 4% in November, 3% in Decembe r , 2 % in January and 1% in February.
i CITY OF I.EESul)RG, Fl.ORIDA ASSESSED VAI.tJE OF EXEMPT AND TAXABI.E PROPERTY Iast Ten Fiscal Years Table 4 Exempt Taxable Assessed Valuation Fiscal Assessed Centrally Assessed Year Valuation Real Personal Assessed Total Valuation 1976 52,777,660 99,956,286 29,320,580 479,033 129,755,899 182,533,559 1977 54,460,280 103,822,050 41,042,470 458,804 145,323,324 199,783,604 1978 55,204,060 105,537,140 45,350,457 621,692 151,509,289 206,713,349 1979 61,258,460 109,289,340 44,831,660 612,665 154,133,665 215,992,525 1980 67,618,300 114,584,750 46,831,900 672,627 162,089,277 229,707,577 99,776,130 146,364,880 53,282,610 664,594 200,312,084 300,088,214 h1981 1982 81,909,004 164,693,026 59,735,848 696,273 225,125,147 307,034,151 l i 1983 96,371,174 179,778,838 62,670,290 553,754 243,002,882 339,374,056 1984 107,899,539 190,860,863 69,075,019 578,684 260,514,566 368,414,105 ( l 1985 119,103,978 224,234,145 73,561,036 432,492 298,227,673 417,331,651 See following page l
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~
o E [ - CITY CF LEESBURG, FLORIDA ASSESSED VALUE OF EXEMPT AND TAXABLE PROPERTY
. Last Ten Fiscal Years Table 4 (Continued)
Notes I l 1 Florida Statutes Chapter 193 require that all property shall be assessed at just or fair market value as of January 1 of each year. All taxes are due and payable on November 1 and become delinquent on April 1 of the subsecuent fyear. Discounts are allowed at the rate of 4% in the month of November, 3%
. in December, 2% in January and 1% in February.
Chapter 193, Florida Sta56tes provides that all items of inventory (in personal property) rshall be assessed at 10% of -just valuation except gouds-in-process and raw materials which shall be assessed at it. Furthermore agricultural properties are assessed at agricultural value as [ opposed to (tir market value for non-agricultural property. 2 Estimated actual value'is not available. According to a report by the State
, of Florida Department of Revenue, the assessed value of property in Lake 2'
County is approsimately 95% of fair market value as of Fiscal Year 1982, (Tax year 1981). [ C - C [
. ,s .
F -
+ .
I CITY OF LEESBURG, PLORIDA PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS (PER S1,000 OF ASSESSED VALUE) Iast Ten Years Table 5 Northwest Water Water School Ambulance ilospital Conservation Management Tax Authority District Total District County District District Year City 0.920 - 0.150 0.250 15.676 1975 3.11 7.596 3.650 0.125 0.570 15.771 1976 3.11 7.916 3.650 0.400 - 0.100 0.330 15.676 1977 3.19 7.916 3.650 0.490 - 0.080 0.231 15.307 1978 3 19 7.916 3.400 0.490 - 0.080 0.251 14.243 1979 3.16 6.750 3.400 0.502 - e 0.537 - 0.398 0.234 13.946 1980 3.192 6.005 3.580 1.000 0.090 C.316 15.594 1981 4.371 6.060 3.318 0.439 0.421 0.960 0.046 0.224 33.771 1982 3.91 5.478 2.732 0.422 0.934 0.049 0.281 15.749 1983 3.727 7.073 3.273 0.412 0.966 0.047 0.281 14.551 1984 3.967 5.606 3.272 1 1 Tax year is equivalent to subs quent Fiscal Year, i.e. , Tax Year 1981 corresponds to Fiscal Year 1982. M M M M M M M M M M M M M M M M'M M
M M M M M M M M N m W M M M M M M M P CITY OF LEESBURG,' FIDRIDA RATIO OF NET CENERAL BONDED DEBT TO ASSESSED VAIAIE AND NET BONDED DEBT PER CAPITA Last Ten Fiscal Years Table 6 Assessed Gross Ratio of Net' Bonded Tax Taxable Bonded Bonded Debt Debt Per 3 Year Population Value Debt to Assessed Value Capita 1975 12,530 129,755,899 1976 12,663 145,323,324 1977 12,795 151,509,289 1978 12,927 154,733,065 . 1979 13,059 162,089,277 t
. 1980 13,192 200,312,084 1981 13,260 225,125,147 1983 13,663 243,002,082 1984 14,482 260,514,566 1985 15,327 298,227,673 Data Sources 1 Estimates from 1970 census, 1980 Preliminary Census and City Planning Department.
2 See Notes to Financial Statements (Note 3) for Public Improvement Revenue Certificates and Table 10<
I I I CITY OF LEESBURG, FLORIDA COMPUTATION OF LEGAL BCNDED DEBT MARGIN September 30, 1985 Table 7 Net Assessed Value S 298,227,673 Plus Exempt Property 119,103,978 Total Assessed Value S 417,331,651 Amount of Debt Applicable to Debt Limit: Total Bonded Debt (including Special Revenue Bonds and Revenue Bond Anticipation Notes) S 2,415,000 Less: Other Deductions Allowed by Law: l W Special Revenue Bonds S 165,000 Total Amount of Debt Applicable to Debt Limit 2,250,000 l m Legal Debt Margin S 122,949,495 Data Sources I 1 The City has no ordinance which limits General Cbligation Debt to a percentage of Assessed Property Values. I I I I:lI
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I I I . CITY CF LEESBURG, FLORIDA Cverlapping Debt I September 30, 1985 Table 8 Percent Total I Tyoe of Debt cutstanding Debt Allocated To City Allocated To City DIRECT DEBT: NON-SELF SUPPORTING DEBT Public Improvement Rev. Scnds (1960) S 165,000 I Refunding & Capital Improvement Revenue Bonds, Series 1983 Mortgage Notes Payable 2,250,000 145,191 Total 2,560,191
- Less: Debt Service Reserve ( 435,842)
Net Non Self-Supporting Debt 2,124,349 100% S 2,124,349 I SELF-SUPPORTING REVENUE DEBT Refunding Revenue Bonds, Series 1984 Equipment Mortgage 19,999,999 8,183 Total 20,008,182 I Less: Sinking Fund & Reserve Net Self-Support Debt ( 2,561,234) 17,446,958 100% 17,446,958 I Total Net Direct Debt OVERLAPPING DEBT 19,571,307 100% 19,571,307 I Lake County Certificates of Indebtedness Lake County Board of Public Instruction Pace Track & Jai-Alai Rev. Certificates 1,540,000 455,000 2,085,000 I State of Florida Bd. of Education Bonds Less: Debt Reserve Funds Total ( 4,075,000 8,155,000 1,582,960) Net Overlapping Debt 6,572,040 15% 985,806 TOTAL DIRECT AND OVERLAPPING DEBT S 26,143,347 S 10,557,113 I 1 Allocated based on City / County total taxable assessed valuat_on ratio. I I I ~-
I CITY OF LEESBURG, FLORIDA RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL AND SPECI AL REVENUE BONDED DEBT TO TOTAL GENERAL EXPENDITURES Last Ten Fiscal Yearn Table 9 Batio of Total Total Debt Service Fiscal Debt General # l g 3 2 Year Principal Interest Service Expenditu res General Expenditures 1976 25,000 19,081 44,081 3,476,390 1.27 1977 25,000 18,144 43,144 3,761,592 1.15 1978 30,000 17,406 47,406 4,881,575 0.97 1979 30,000 16,044 46,044 4,519,152 1.02 1980 30,000 15,254 45,254 4,927,592 0.92 1981 30,000 13,621 43,621 4,930,390 0.88 1982 35,000 18,020 53,020 5,264,518 1.01 1983 35,000 10,739 45,739 5,557,081 0.82 1984 35,000 9,304 44,304 5,055,687 0.88 1985 40,000 268,737 308,737 5,130,164 6.02 1 Includes Public Improvement Revenue Certificates, Series 1980, and Refunding and Capital Improvement Revenue Bonds, Series 1983, which are not General Obligation Bonds. 2 Excludes Operating Transfers Out M M M M M M M M M M M m m m m m m m
M M M M M M M M M M M M M q m W W CITY OF LEESBURG, FLORIDA COMBINED UTILITY FUNDS SCilEDULE OF REVENUE BOND COVERAGE last Ten Fiscal Years Table 10 Operation & Debt Service Requirements Fiscal Gross Maintenagee Net Sinking Year Revenues Costs Revenue Principal Interest Fund Total Cove rage 1976 9,733,944 7,368,578 2,635,366 175,000 428,763 593,763 3.98 1977 11,296,977 9,032,831 2,265,146 182,000 568,042 750,042 3.02 1978 12,610,000 10,270,338 2,339,662 635,320 200,195 835,515 2.80 1979 14,170,822 11,736,822 2,434,000 709,790 216,000 925,790 2.63 1980 18,056,392 15,516,277 2,540,115 740,573 231,806 972,379 2.61
, 1981 22,696,527 17,662,529 5,033,998 770,023 247,611 1,017,634 4.95 o
1982 22,770,000 18,820,674 3,949,326 1,455,240 273,952 1,729,192 2.28 l'383 25,321,236 21,071,010 4,250,226 1,386,473 295,025 1,681,498 2.52 1984 25,072,853 19,833,257 5,239,596 1,392,457 316,099 1,708,556 3.07 1985 28,403,187 22,111,542 6,291,645 2,115,601 317,484 2,433,085 2.59 1 Excludes interest expense and depreciation.
I I I CITY OF LEESBURG DEMOGRAPHIC STATISTICS Last Ten Fiscal Years Table 11 Education Level in Per Years of Unemploy- l Fiscal g Capita Median Formal School meng 5 Year Pooulation Income 8 Age Schooling Enrollment 8 Rate 1976 12,663 5,401 Not Not 5,292 9.4 1977 12,795 5,981 Available Available 5,326 10.6 1978 12,927 6,814 5,260 8.8 1979 13,059 7,534 5,309 9.3 g 1980 13,192 8,376 5,198 9.5 g 1981 13,260 9,176 5,192 15.1 1982 13,399 N/A 5,237 13.1 1983 13,538 N/A 5,177 12.3 1984 14,842 N/A 5,260 11.7 1985 15,327 N/A 4,896 12.0 I Data Sources i 1 U.S. Census Bureau and City Planning Office based on active residential electric meter count. 2 Data for Lake County was obtained from the U.S. Department of Commerce, Economic Analysis. 3 Annual school census by Board of Education. Figures represent elementary and secondary, public and private schools. Students in community colleges = are not included. l 4 U.S. Department of Labor - These estimated figures are based on the County l as a whole. No individual figures are available for the City of Leesburg. Data prior to 1974 not comparable due to major methodology change. l I I I I
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m W W W W M M M M M M M M M M 4 m M M CITY OF LEESBURG, FLORIDA PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS Iast Ten Fiscal Years Table 12 Commercial Residential Assessed Taxable Construction Con s t ruct ion Property Value e 2 Fiscal Ntimbe r o f Number of Bank Year Units Value Units Value Deposits Taxable Non-Taxable 1976 24 1,361,400 25 983,300 220,164,431 129,755,899 52,777,660 1977 16 2,756,411 165 1,010,500 238,645,000 145,322,324 54,460,2110 1978 21 3,731,398 128 2,520,100 298,030,000 151,509,289 55,204,060 1979 26 5,281,789 145 3,461,745 348,210,000 154,733,065 61,258,460 1980 10 4,113,024 177 4,991,300 410,990,000 162,089,277 67,618,300
, 1981 17 1,896,000 172 5,020,488 409,163,000 200,312,084 99,776,130 1982 12 3,482,844 32 1,886,200 460,518,000 225,125,147 81,909,004 1983 16 1,567,698 172 3,894,750 N/A 243,002,882 96,371,174 1984 24 5,465,755 230 6,983,577 N/A 260,514,566 107,899,539 1985 23 6,526,773 224 6,173,656 N/A 298,227,673 119,103,978 1 Based on building permits issued by City Department of Building and Zoning Codes. Property values are estimated construction costs. Excludes Mobile Home units.
2 Bank deposits for 1972-1977 include balances in commercial banks, savings banks, and savings and loan associations. Data provided by Florida Bankers Association. Dalances for 1982 provided by individual banks. Balances for 1983 not available. 3 Lake County Assessor's Of fice.
I I CITY OF LEESEURG, FLCRIDA I PRINCIPAL TAXPAYERS September 30, 1985 Table 13 Percentage of Assessed Total Assessed Taxcayers Tvpe of Business Valuation Valuation Florida Telephone Corporation (United) Telephone S 35,122,321 11.706 Coca Cola - Foods Division Citrus 8,825,637 2.941 Lake Hospital Corporation (Lake Community Hospital) Hospital 3,796,332 1.265 Citizens Bank Banking 2,441,956 .813 m Sun Bank Banking 2,407,448 .802 Walling Enterprises (Palm Plaza) Shopping Center 2,724,307 .908 Leesfair - Southern Realty Shopping Center 2,373,280 .791 Leesburg Associates (K-Mart Plaza) Shopping Center 2,306,059 .768 Mid-Florida Freezer Warehouse 2,087,030 .695 William Gross (Holiday Inn) Hotel 1,883,457 .627 5 63,967,827 21.316 Data Source Lake County Tax Assessor's Office I I I
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l l CITY CF LEESBURG, FLORIDA MISNTJANECUS STATISTICAL DATA Table 14 FORM OF GOVERNMENT Comissioner - Manager DATE OF INCCRPORATICN PRESENT CHARTER ADOPTED 1875 1953 TERM CF CFFICE Mayor /Comissioner and 4 Comissioners - Three Years I - City Manager - Appointed City Clerk / Finance Director - Appointed ANNUAL SALARIES OF CFFICERS I City Manage r. . . . . . . . . . . . . . . . $ 50,190 Parks & Recreation Director.S 36,712 Finance Director............ 44,885 Electric Utilities Director. 45,802 Planning Director........... 35,568 Wastewater Director......... 35,672 Police Chief................ 33,821 Water & Gas Director........ 38,542 I Fire Chief.................. Building Director........... Personnel & Safety Director. 29,224 25,314 33,821 City Engineer & Public Works Director.................. Library Director............ 41,538 24,960 I Purchasing Director......... 27,456 AREA CF CITY 10.54 Square Miles - Municipal Boundaries 71.05 Square Miles - Electric Service Area AREA OF CCLTTY 1,163 Square Miles I I g .m.
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I CITY CF LEESBURG, FLCRIDA Il MISCEI LANECUS STATISTICS Septerter 30, 1985 Table 15 ~ Miles of streets 69.5 Nurter of street lights 1,217 l Fire Protecticn: Nurter of stations 2 Nurber of firemen and officers 30 Police Protection: Nurler of stations 1 W Nurler of policemen and officers 32 Education (elementary only) : Attendance Centers (public schools only) 3 Nurter of classrooms 66 Nurber of teachers 85 Nurler of students 1,410 l W Municipal Water Department: Nurber of consumers - Residential 4,255 Average daily consumption 1.1 Million gallons Miles of water rains 300 Municipal Gas Department: Number of consumers - Residential 4,880 Average daily consumption .80 therms Miles of gas mains 172 Municipal Electric Department: Number of consumers - Residential 11,213 l Average monthly consumption 682 kwh 5 Miles of primary electric lines within the City 155 Wastewater and Sanitary Sewers: Sanitary sewers 91.5 miles Storm sewer 4.1 miles Building permits issued 840 Pecreation and culture: Number of parks 7 with 155 acres Nurter of libraries 1 Number of volumes 107,271 Total employees for the City overall: Full time employees 297 Part-time e=ployees 13 1 Elementary includes grades 1 through 4.
... g
r L c L F L. [ CITY OF LEESBURG, FLCRIDA L Corporate Limits and Annexations y Last Ten Years [ Table 16 Annexations Corporate Limits j Year Acres Acres Squares Miles L 1975 1.33 6,060.20 9.47 1976 99.80 6,061.53 9.47 1977 78.34 6,161.33 9.63 1978 27.40 6,239.67 9.75 1979 27.40 6,267.07 9.79 1980 58.70 6,294.47 9.84 1981 124.83 6,353.17 9.93 1982 6.35 6,478.00 10.12 I~ L 1983 32.70 6,510.70 10.17 1984 109.98 6,620.68 10.35 m l L- 1985 121.02 6,741.70 10.54 Source: City of Leesburg Department of Planning and Community Development 3 p. M W
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I CITY OF LEESDURG, FLORIDA SCHEDULE OF INSURANCE IN FORCE As of September 30, 1985 Table 17 Type of Coverage Policy Policy Period Liability Annual Name of Company Number From - To Details of Coverage Limits Pregnium Public Officials UPP-2229 10/01/85 Insures City for all sums legally S 1,000,000 S 5,521 1.iability Ins. 04/01/86 obligated to pay as damage under Vanguard Ins. Co. Public Of ficials I. lability Policy Police Prof. 83LE005574 10/01/85 Insures City for all sums legally S 1,000,000 $ 8,133 I.i ab . Ins. 10/01/86 obligated to pay as damages under Comb. single Imperial Cas. & Police Professional Liability limit Ind. Co. Policy. Dusiness Auto BAP0762 10/01/85 Insures all City vehicles as per S 500,000 $ 67,750 , Polciy 88476 10/01/86 schedule against bodily injury, Single limit g U.S. Pidelity & property damage claims aris,ing out for bodily in-
- Guaranty Co. of the use of the vehicles. Also jury and/or insures against claims arising out property damage of the usc of non-owned or hired vehicles. Also pays for loss or damage to specified vehicles on actual cash value basis.
boiler & Machinery BM2630092 10/01/84 Insures against direct loss or S 500,000 $ 7,019 Policy 10/01/89 accidental damage boilers, machines, Per accident Cincinnati Ins. Co. electrical aparatus as per schedule, repair or re-Also liability coverage to pay for placement on bodily injury or property damage equipment as and defense against such claims. per schedule All Risk-Computer ED8073025 10/01/85 All Risk on Electronic Data Process- S 160,271 S 767 Software & Hardware 030 10/01/86 ing Equipment U.S. Fide lity Gua ranty Co. (Continued) 1 of 3 m W W W W W W M M 4
M M M CITY OF LEESBURG, FLORIDA SCHEDtlLEOFINSURANCE[NFORGE As of September 30, 1985 Table 17 Type of Coverage Policy Policy Period Liability Annual Name of Comguny Number From - To Details of Coverage Limits Premium Airport Liability RAL-11252 10/07/85 Insures City against and txxlily $ 2,000,000 $ 2,500 USAIG Co. 10/07/86 injury or property damage claims Single limit arising out of ownership of Lees- of liability burg Airport. Does not insure any for both bod-owned aircraf t or operation ily injury & of the Airport by the City property damage bond - City Clerk 79-0170-00 1/01/86 Bond on City Clerk, Auditor and $ 100,000 S 750
& Fin. Director 227-57-0 1/01/87 Treasurer protecting City from ti. S . Fidelity & wrongful abstraction of funds, Guaranty Co. embeZZelment Dond - City 79-0080- 10/01/85 Public Employees Blanket Bond S 25,000 $ 1,183 h
'a Employees 0019157-5 10/01/88 covering all employees of City U.S. Fidelity & excluding City Clerk, Auditor, Gua ranty Ins. Co. Treasurer Monies & Se c- MSP0385- 1/01/86 Covers loss of money E securities S 12,000 $ 191 urities Policy 0442 10/01/86 by robbery both inside and outside Inside U.S. Fidelity & premises of insured. S 12,000 (Short term Guaranty Co. Outside gross) Fire Insurance MP06409 10/01/85 All risk coverage on buildings S 5,806,000 S 20,340 huildings and 6395 10/01/86 and contents of City as per Buildings Contents schedule on file with company. S 2,592,000 ti.S. Fidelity & Blanket Coverage. Contents Guaranty Company Fire Rescue Boat, 10/01/85 All risk on fire rescue boat, motor S 2,125 S 234 Motor, Trailer & 10/01/86 trailer and equipment. All risk Equit: ment Recreation Dept., boat, motor and S 2,236 tt.s. Fidelity & trailer. Guaranty Co. (Continued) 2 of 3
l CITY OF LEESBURG, FLORIDA SCllEDULE OF INSURANCE IN FORCE As of September 30, 1985 Table 17 Type of Coverage Policy Policy Period Liability Ahnual Name of company Number From - To Details of Coverage Limits Premium Mural - Couununity 10/01/85 All risk on Mural by Artist, Sid $ 5,000 $ 22 PuiIding 10/01/86 Smith. II . S . Fias.;ty & Coaranty Co. All Risk Water 10/01/05 All Risk to 3 water tanks, 4 base $ 285,000 on $ 1,176 Tanks, and Radio 10/01/86 stations, antennas and transmitter water tanks
. t.quigeent equipment $ 15,950 on (f.S.P. a. G . Communcation Ecp11pmen t . All Risk on Con- 10/01/85 All Risk coverage on schedule of $ 370,797 $ 3,506 p tractors Equipment 10/01/06 equipment, mowers, cranes, street U.S. Fidelity & sweepers, etc.
Guaranty Co. Coctrc hensive 10/01/85 Insures against Bodily Injury and S 500,000 $ 112,193 General Liability 10/01/86 Property Damage claims the city may Single limit U.S. Fidelity & be legally obligated to pay as a for bodily Guaranty Co. result of accident or injury to injury and members of public, including products property liability of Water Dept. Also pro- damage tects City against personal injury claims resulting from slander, libel, etc. l All Risks on Farm tiP06409 10/01/85 All risk coverage on schedule of $ 113,500 $ 970 Equipment b395 10/01/86 equipment located at spray field U. S. Fidelity & (Scheduled) Guaranty Co. (Concluded) 3 of 3 E E
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..n n I Gity of Ocala 131 s. E. (Osceola Aucnue (Otala. Flortba l Entupreliensiuc Annual 3 financial IReport (Of tlic Citij of locula. Iflorida
-l_ Ifor tile Ucar Enheb &cptcluber 3tl. l!1115 i City Council - 19111 - 19113 (fi eralb E. Ergic. Urcstbent IUagne E. Eubinas. fHagar 3ames E. Cunningham, fr.
(> reg 6. Clark eallu A. Knope fHithat! E. Uape ! a City (Officials s City fHanager stattu 3. Anbrems Assistant Ettu fHanager Etchard E. Ermio Assistant Ettu fHanager 30seph E. Cone I Buttbing (Official City Attorneu Donalb E. Noxon
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Ettu Elerk fH. Anne fHilam J3 Eity Engineer Doug (0, 3annarelli
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Data Urocessing fHanagcr Chester E. liollomag I Domutown Deurlopment fHanager Electric littittu Direttor Finante Director (sail (3. Gallins Uran (3. eham Eubert F. 6prinkle I; Fire Chief f>olf pro /fHanager IUtiltam E. IUnabs 3ames fH. Uanteg 3nterun! Aubitor Ertt 3. Ecmcren3 I Elbrary Director Uersonnel Director Ulanning Director flan E. Eustetter Robert 3. Erardmore liomarb fH. Eupper Dollte Chief A. Ecc fHt(schte Dubitt IUcrks Director (>ary E. 6tewart Uurchasing Agent Dauth U. (salnor Bettration Director fHark fH. Egnatten IUnter and 6emer Director Etcharb A. Dauts Y -
I _ _ _ _ _ _ I , 1 E E a i I t i I 3ntroductory B'cction g Ellis &cctipli cotituitin tlic follatuing dubsections: Enble of Ent1tenta l Ectter of Eratteluittal I Ecrtificate of Conformance l City of (Ocala (Organt3ation Eliarts i I i I
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I 'I CITY OF OCALA, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT I FOR THE YEAR ENDED SEPTEMBER 30, 1985 TABLE OF CONTENTS I I. INTRODUCTORY SECTION I Letter of Transmittal ........................................ v-xvii Certificate of Conformance ................................... City of Ocala Organization Charts ............................ xviii xix II. FINANCIAL SECTION Report of Certified Public Accountants ....................... xx General Purpose Financial Statements (Combined Statements - Overview) I e Combined Balance Sheet - All Fund Types and Account Groups .................................. 1-4 i l e Combined Statement of Revenues, Expen-I ditures and Changes in Fund Balances - All Governmental Fund Types ............................... 5 I e Combined Statement of Revenues, Expen-ditures and Changes in Fund Balances - Actual and Budget - General and Special Revenue Fund Types ........................................ 6-7 I e Combined Statement of Revenues, Expenses and Changes in Fund Equity - All Proprietary Fund Types and Trust Fund ................................. 8 e Cembined Statement of Changes in Financial I Position - All Proprietary Fund Types and
. uSt Fund ................................................ 9 e No*es to Financial Statements .............................. 10-36 I
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I Pages I I Individual Fund and Combining Financial Statements by Fund Type Governmental Fund Types Special Revenue Funds e Combining Balance Sheet ................................. 37-38 g e Combining Statement of Revenues, g Expenditures and Changes in Fund Balances - Actual and Budget ........................... 39-40 e Schedule of Revenues, Expenditures l W and Changes in Fund Balance - Actual and Budget: Federal Revenue Sharing Fund ......................... 41 g Occupational License Fund ............................ 42 g Central Florida Regional Library Fund ................ 43 Off-Street Parking Fund .............................. 44 Downtown Developmen* . Fund ............................ 45 Local Gasoline Tax Fuad .............................. 46 Debt Service Funds e Combining Balance Sheet ................................. 47 e Combining Statement of Revenues, g Expenditures and Changes in g Fund Balances ........ ................................. 48 Capital Project Funds j e Combining Balance Sheet ................................. 49 e Combining Statement of Revenues, g l Expenditures and Changes in 3 Fund Balances .......................................... 50 Proprietary Fund Type 1 Enterprise Funds j e Combining Balance Sheet ............................... 51-52 e Combining Statement of Revenues, l Expenses and Changes in Fund Equity .................. 53-54 g e Combining Statement of Changes in 3 i Financial Position ................................... 55-56 1
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L [ Pages ( e Electric and Bulk Power Supply Revenue Funds: Consolidating Balance Shtet ........................ 57-58 Consolidating Statement of Revenues, Expenses and Changes in lund Equity ............... 59 Consolidating Statement of Changes in Financial Position ............................. 60 Pension Trust Funds e Combining Balance Sheet ............................... 61 e Combining Statement of Revenues. Expenses and Changes in Fund Balances {
................ 62 e Combining Statement of Changes in Financial Position ................................ 63 General Fixed Asset Account Group e Schedule of General Fixed Assets by Function and Activity ................................ 64 i
f, e Schedule of Changes in General Fixed Assets by u Function and Activity ................................ 65 Single Audit Report e Schedule of Grant Activity ............................ 66-67 { e Reports of Certified Public Accc>untants on: Internal Accounting Control ......................... 68-69 Compliance with Applicable Laws, Regulations y and Agreements .................................... 70-73 L_ III. STATISTICAL SECTION e General Governnental Revenues by Source ..................... 74-75 e General Governmental Expenditures by Function ............... 76-77 e Property Tax Levies, Tax Collections and Assessed Valuations 78-79 [ e Property Tax Rates and Levies - All Overlapping Governments .................................... 80 E - -111-L
l l E I l Pages e Special Assessment Collections .............................. 81 e Computation of Legal Debt Margin ............................ 82 e Ratio of Net General Obligation Bonded Debt to Assessed Value and Net Bonded l Debt Per Capita ............................................ 83 t e Ratio of Annual Debt Service for General l Obligation Bonded Debt to Total General l Expenditures ............................................... 84 e Schedules of Bond Coverage l l Electric and Power Supply , Revenue Bonds, Se r ie s 1977 and 1983 ....................... 85-86 Water and Sewer Revenue and Refunding Revenue i Bonds, Series 1968 and 1983 and Anticipation Notes ........ 87 l Improvement Revenue Bonds, Series 1982 ..................... 88-89 g Refunding and Improvement Excise Tax 3 Bonds, Series 1965 and 1972 ............................... 90 Street Improvement Revenue Bonds, l Series 1966, 1967, 1975 and 1978 .......................... 91 ' Pollution Control Revenue Bonds, Series C .................. 92 e Debt Service Requirements to Maturity All Bonded Debt ............................................ 93 Improvement Bonds, Series 1982 ............................. 94 g Refunding and Improvement Excise Tax Bonds - g 1965 Issue and 1972 Issue ................................. 95-96 Electric and Power Supply Revenue Bonds, Series 1977 97-99 and Series 1983 .......................................... Water and Sewer Refunding Revenue Bonds, Series 1983 ....... 100 Street Improvement Bonds - 1975 Issue and 1978 Issue ....... 101-102 e Computation of Direct and Overlapping General Obligation Debt ............................................ 103 e Miscellaneous Statistical Data .............................. 104 l l e Demographic Statistics ...................................... 105 i l e List of Ten Largest Taxpayers ............................... 106 e Schedule of Insurance In Force .............................. 107-108 e Property Value, Construction and Bank Deposits .............. 109
!!O e List of Officers' Salaries ..................................
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( FINANCE DEPARTMENT P. O. BOX 1270, OCALA. FLORIDA 32678 January 31, 1986 , E City Manager and Council City Hall Ocala, Florida 32678 The Comprehensive Annual Financial Report (CAFR) of the City of Ocala, Florida for the year ended September 30. 1985 is submitted herewith. Accgug11gg_agd_Beggr11gg_P t ac11geg F L The City submitted their Comprehensive Annual Financial Report for the year ended September 30, 1984 to the national Governmental Finance Officers Association and their prestigious certification was bestowed for that year. The certificate of conformance is included at the end of my letter. The accounting principles and reporting practices of the City continue to conform to generally accepted I accounting principles applicable to municipal governments adopted by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The City reports investments in the Pension Trust Fund at fair market value in accordance with FASB Statement Number 35. The presentation of the Comprahensive Annual Financial Report is controlled by and is the responstbility of the City. We b e l l erv e that it fairly presents the finaniial position and results of the operations of the City. Further, the City's chart of accounts [ substantially complies with t .YU State Chart of Accounts, as L prescribed by the Department of Barik ing and Finance of the State of Florida. The City's accounting system is d+> eloped to ensure that the dual obj ec t ives of (1) providing reasonable assurance that assets are safeguarded and (2) that transactions are executed and recorded properly to permit the preparation of reliable financial records are met. The financial reports presented herewith are the work of the financial staff of the City and full responsibility for diligent application of these two concepts is assured and is an integral part [ of these reports. I L _y_
I The accounting records for general government operations are maintained on a modified accrual basis. Under this basis of accounting, revenues are generally recorded when earned and expenditures are recorded when incurred. The accounting records for City utilities and other proprietary funds are maintained on the accrual basis of accounting. Open encumbrances are recognized as fund balance reservations in the General, Special Revenue, and Capital Proj ects Funds balance sheet g presentation. 5 Budgetary control is maintained on an annual allotment basis, based on prior year working capital and revenue proj ec t ions for the current year. Both expenditures and encumbrances are recorded against budgeted appropriations. At mid-year City department heads are required to reassess their appropriations for the remainder of the year, from which a full budget revision is prepared and submitted to the legislative body for ratification. The entire budget process is coordinated by a full time budget officer. In addition, two separate reviews are made by Finance for final annual appropriations approval. After the end of the year, unliquidated purchase order balances, as of September 30, are reappropriated in the form of a supplemental appropriation resolution, which is adopted by the elective body. Monthly budget comparison reports and a schedule of investments and cash allocations, by fund, are submitted to management and council. The monthly budget comparison reports reflect both unrealized revenues and unencumbered / unexpended appropriations. In addition, Department Directors are furnished monthly budget progress reports for the divisions of the City that they are responsible for managing. The single audit concept continues to be in effect for financial audit and compliance for federal grants and federal revenue sharing. The auditor's reports and findings are presented at the end of the g second section of our Comprehensive Annual Financial Report. g Tho Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Conformance in Financial Reporting to The City of Ocala, Florida for its comprehensive annual financial report for the fiscal year ended September 30, 1984. In order to be awarded a Certificate of Conformance, a governmental unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Conformance is valid for a period of one year only, g We believe our current report continues to conform to Certificate of 3 Conformance Program requirements, and we are rubmitting it to GFOA to determine its eligibility for another certificate. Ibe_ City The City provides the public with general services including police l and fire protection, general government, culture and recreation, B
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I l I highway and drainage maintenance and library services. The Library services a three county consortium, with the Ocala Administrative j Services Division functioning as headquarters. In order to provide ,5 both financial support and a vested higher quality of service to its l citizens, the City also owns and operates, for public service, seven enterprise funds as follows: two championship golf courses with I clubhouse facilities, a trash and pick up service (both back door and curbside), water and sanitary sewer servises, a membership tennis l f facility, electric service, a commuter air service airport (Ocala Municipal Airport / Jim Taylor Field), and a municipal trailer park. The City continues to grow in population at a fast pace. The growth I seems to be independent underlying reasons continue to be and its proximity to Daytona of any Beach, national economic trends. its central location in the county Tampa, and Disney World. The The l major business continues to thoroughbred Arabian I be the and horsebreeding industry, although light manufacturing has moved into a i much tighter second place. Retail employment continues to grow. In I spite of the inner-city and urban growth, the City and environs have I not lost any natural scenic beauty. Thousands still enj oy the world famous Silver Springs Natural Attraction and the hunting and fishing offered in the adjoining wildlife regions of the Ocala National
- Forest.
l I The City expended $282,318 on inner city streets as compared with
$487,761 last year. This reduction in outlay can be partially attributed to the engineering staff being tied up with water and sewer work and partially due to a conscious effort to conserve cash collections from the county for gasoline tax, which is dedicated to
.l .5 streets bypass and highways, in order to widen 14th Street into an artery around overcrowded inner city streets. This project has been engineered at a cost of $8,000,000. Through an interlocal agreement, 40% I the county will beer about of this cost. Over and above construction coct, the county will also assist in bearing the right of way cost estimated at $1,385,000. As of September 30, 1985 the City has expended $233,446 in rights of way acquisition. The I construction phase will begin in April of 1986 and will be funded from the' City of Gulf Breeze, Florida Secondary Loan Fund, along with a State Department of Transportation Grant. The growth potential of the City continues to be virtually limitless. General city growth has been taking place at a relatively rapid pace. Attendant with this growth are growing financial strains on the City I General maintain Government's ability to keep up with the dollars required to commensurate services safety, engineering, recreation, and public workn. for the major functions of public The dollar outlay is growing at a faster pace than general revenueu. The City is well on its way toward solving the shortage of sewer I treatment capacity. Grants were approved Two State Department of Environmental Regulatiun during the year adJition, on October 30, 1985, the City closed on Serles 1985-A Water totalling 12.7/8.612. In and Sower revenue bonds in the printipal amount of $37.0H0.000. These- proceeds wili be used tor ewpanston to the water and sewor system'as follows:
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I Malgr_L*rgieg1 Eg11galgd_Qggt Water Treatment Plant Capacity Expansion s 4,628,000 Extension of Sewer Collection and Transmission Mains and Lift Station Construction 4,121,000 Expansion of Sewer Treatment Plant #1 7,821,000 g Expansion of Sewer Treatment Plant #2}}