ML021370254
| ML021370254 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 05/02/2002 |
| From: | Bernhoft S Florida Power Corp |
| To: | Document Control Desk, Office of Nuclear Reactor Regulation |
| References | |
| 3F0502-05 | |
| Download: ML021370254 (102) | |
Text
Comprehensive Annual Financial Report of the City of Bushnell, Florida for the Fiscal Year Ended September 30,2001 PREPARED BY THE OFFICE OF THE CITY CLERK
COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 2001 CITY OF BUSHNELL, FLORIDA TABLE OF CONTENTS Page Introductory Section City Council Elected and Appointed Officials.........................
i Organizational Chart......
ii Letter of Transmittal....
lll-Xll Financial Section Independent Auditors' Report.....................................
1-2 General-Purpose Financial Statements (Combined Statements-Overview)
Combined Balance Sheet - All Fund Types and Account Groups..............
3-4 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types........................
5 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types.......
6 Combined Statement of Revenues, Expenses, and Changes in Retained Earnings - All Proprietary Fund Types - Enterprise.....................
7 Combined Statement of Cash Flows - All Proprietary Fund Types Enterprise..................................................
8-9 Combined Statement of Changes in Plan Net Assets - Pension Trust Funds......
10 Notes to Financial Statements.....................................
11-32 Required Supplementary Information Schedule of Contributions - Employer and Other..........................
33 Combining, Individual Fund and Account Group Financial Statements and Schedules General Fund Comparative Balance Sheets.....
34 Comparative Statement of Revenues, Expenditures and Changes in Fund Balance..................................
35 Schedule of Revenues - Budget and Actual...........................
36-37 Schedule of Expenditures - Budget and Actual........................
38-39 Special Revenue Funds Combining Balance Sheet.....
40 Combining Statement of Revenue, Expenditures and Changes in Fund Balances.....
41
COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 2001 CITY OF BUSHNELL, FLORIDA TABLE OF CONTENTS (Continued)
Page Combining, Individual Fund and Account Group Financial Statements and Schedules (Concluded)
Special Revenue Funds (Concluded)
Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - Evergreen Cemetery Fund........................
42 Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - Community Development Block Grant Fund 43 Enterprise Funds Combining Balance Sheet....................................
Combining Statement of Revenues, Expenses and Changes in Retained Earnings.....
46 Combining Statement of Cash Flows...............................
47-48 Statement of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual - Electric Utility Fund....................
49 Statement of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual - Water Utility Fund.....................
50 Statement of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual - Wastewater Utility Fund.................
51 Statement of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual - Sanitation Fund 52 Pension Trust Funds Combining Statement of Plan Net Assets..............................
53 Combining Statement of Changes in Plan Net Assets.....................
54 General Fixed Assets Account Group Schedule of General Fixed Assets - By Source.........................
55 Schedule of Changes in General Fixed Assets - By Function and Activity...............................................
56 Schedule of General Fixed Assets - By Function and Activity.............
57 Statistical Section Table 1 - General Governmental Expenditures By Function...................
58 Table 2 - General Governmental Revenues By Source.......................
59 Table 3 - General Governmental Tax Revenues By Source....................
60 Table 4 - Property Tax Levies and Collections...........................
61 Table 5 - Assessed and Estimated Actual Value of Property..................
62 Table 6 - Property Tax Rates - Direct and Overlapping Governments............
63
COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 2001 CITY OF BUSHNELL, FLORIDA TABLE OF CONTENTS (Concluded)
Page Statistical Section (Concluded)
Table 7 -
Principal Taxpayers.....
64 Table 8 -
Ratio of Annual Debt Service Expenditures For General Debt to Total General Expenditures..........................
65 Table 9 -
Schedule of Electric Utility Revenue Debt Coverage.................
66 Table 10 - Schedule of Water Revenue Debt Coverage......................
67 Table 11 - Schedule of Sanitation Revenue Debt Coverage.................
68 Table 12 - Demographic Statistics.....
69 Table 13 - Property Values and New Construction..........................
70 Table 14 - Miscellaneous Statistics....................................
71 Table 15 - Schedule of Insurance Coverage.............................
72-73
Introductory Section
ELECT D OFFICIALS Mayor Vice Mayor Councilman Councilman Councilman City Clerk Joseph P. Strickland Jr.
Warren Maddox Billy K. Williams Dale Swain Dale Barnes N. Joy Coleman APPOINTED OFFICIALS City Manager Public Safety Director Utilities Superintendent Director of Public Works Vince Ruano George (Eddie) Lovett Herschel Stone Ronnie Pitts i
City of Bushnell Organizational Chart ii t
ý I
I
CITY OF BUSHNELL 219 N. Market Street Bushnell, Florida 33513 P.O. Box 115 (352) 793-2591 Fax(352) 793-2711 January 18, 2002 TQtb ojzn QfThe oiy fBun1L The comprehensive annual financial report of the City of Bushnell for the fiscal year ended September 30, 2001, is hereby submitted. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with the City. To the best of our knowledge and belief, the enclosed data are accurate in all material respects and are reported in a manner designed to present fairly the financial position and results of operations of the various funds and account groups of the City. All disclosures necessary to enable the reader to gain an understanding of the government's financial activities have been included.
FINANCIAL STATEMENT PRESENTATION The comprehensive annual financial report is presented in three sections. Introductory, Financial, Statistical. The Introductory Section includes this transmittal letter, the City's organizational chart and a list of principle officials. The Financial Section includes the general purpose financial statements, combining fund, individual fund & account group financial statements and schedules and the auditors report on the financial statements and schedules.
The Statistical Section includes selected financial & demographic information.
THE REPORTING ENTITY AND ITS SERVICES This report includes all funds and account groups of the City. The City of Bushnell provides a full range of general governmental services and activities. These services include police, fire and code enforcement; administrative and financial services; planning, zoning and development review; maintenance of highways, streets & drainage; library, recreation and special events. In addition to general government activities, the governing body exercises authority over special revenues and enterprise funds. Special revenue funds are maintained for the purpose of grant administration and for the perpetual maintenance of the Bushnell Evergreen Cemetery. Enterprise funds consist of electric, water, waste water and sanitation funds. These funds maintain their own set of accounts on a full accrual basis.
iii L.
ECONOMIC CONDITION AND OUTLOOK Bushnell is the County Seat of Sumter County, reported by the University of Florida Bureau of Economic and Business research as " The fastest growing County in the State of Florida in 1998 and 1999". Situated just 50 miles north of Tampa and 50 miles west of Orlando, Bushnell is strategically located between Interstate 75 and the Florida Turnpike. Our location provides easy transportation access to both of these metropolitan areas.
Easily accessible from many areas and being the County Seat in rural Sumter County makes Bushnell's market area much larger than it's corporate limits. Independent market studies suggest that the population within the market area affected by the City of Bushnell could exceed 50,000 people. In addition to this significant number, traffic studies conducted by the Sumter County Road & Bridge Department indicate average daily traffic counts of 17,000 cars on Main St. (CR 475) as measured just north of Belt St. These statistics are mentioned only to illustrate the much larger market and social forces affecting this small community on a daily basis.
Within the utility service area, which comprises mostly the incorporated City limits and some small areas in the unincorporated Sumter County, the City of Bushnell services a total of 1047 metered customers, 262 of which are commercial customers. Bushnell exhibits steady growth in its commercial sector. Continued community growth and development is expected along Main St. north, and SR 48 west corridor to the I - 75 interchange. The SR 48 and I - 75 interchange still has a number of commercial undeveloped parcels of varying size; currently, the City serves potable water, wastewater and sanitation services to this area.
Based on current trends and projections, it's anticipated that the interchange area will have the most impact on the commercial sector of the City of Bushnell. As such, it will present the City with significant challenges in order to preserve adopted level of service of its infrastructure while allowing quality develops.
CURRENT YEAR PROJECTS During the fiscal year 01', the City of Bushnell initiated, some major construction projects to improve on the service delivery for our citizens. The following will highlight some of these major initiatives taken by the City during the fiscal 01:
Bushnell Public Libraru During the Spring of 2001 the City awarded a contract for the construction of a new public library building located at the intersection of Florida Street and Dade Avenue. The building, currently still under construction, will be a modern looking facility constructed of brick, Sumter County fill stone and glass. The interior area will be approximately 4, 500 square feet.
The building will be segmented into three areas. The first area will be for children's media and activities. The center will house the main collection and provide numerous computer terminals for the library's patrons. The last area will consist of offices and a community room that will be available to various groups for meetings or training purposes.
This new library is jointly financed by the City of Bushnell and the State of Florida Division of Library Services. Total cost, once completed and furnished will be $600,000. The new library site will have paved parking with landscaping and handicap accessibility will be made available throughout. Currently, we expect completion of this new building by April 2002.
iv
The Bushnell Public Library is part of the Sumter County cooperative library system, which consists of five public libraries and the community college library. Operational funds for the cooperative library system come from the state with each individual library supported by state and local tax dollars.
Electric and Water System Expansions The City of Bushnell continues to expand and upgrade its utility systems on an ongoing annual basis. Expansions have been made not only to serve new customers but to improve reliability of the systems During the Fiscal Year the City of Bushnell entered into negotiation with local developers for the acquisition of a two acre parcel containing an 8" deep well. This agricultural well will be rehabilitated to comply with the various environmental regulations to be transformed into a community potable water supply resource.
This rehabilitation will be jointly funded by the City of Bushnell and the Withlacoochee Regional Water Supply Authority. The total cost of the project is anticipated to be $220,000.
Of key importance is the location of this well, which is at the outmost western portion of the City of Bushnell's potable water system, due west of the 1-75 interchange. The well will allow for continuous service to the western side of the system should a main failure occur along the State Road 48 corridor.
Currently this project is under engineering and should be presented for permitting to the Department of Environmental Protection within the next couple of months with a targeted completion date of September 2002.
MAJOR INITIATIVES/FUTURE PROJECT A number of major initiatives for the City are being considered by the City government.
Some initiatives are in more advanced stages than others. This section will highlight briefly, the future major initiatives as follows:
Waste Water Sustem:
In 1996, the Bushnell City Council commissioned a study committee consisting of 13 citizens to explore the feasibility and desirability of a Citywide waste water system. The study committee's final recommendation to the governing body was to proceed with the development of the system providing it is determined that the system could be economically feasible. Since that time, the City of Bushnell has been found eligible for funding through the Rural Utility Services (R.U.S.) a program of the US Department of Agriculture (U.S.D.A).
The State of Florida, through a legislative appropriation, has earmarked $700,000.00 to initiate the project. The project is estimated at a total project cost of $ 5.5 million dollars with the R.U.S. providing financing in the amount of $ 4.8 million.
This project was officially started by the City's acceptance of a ceremonial check from USDA officials during the July 12, 1999 "Water 2000 Celebration", a presidential initiative ceremony, held at the Bushnell Community Center. Construction for this project is scheduled to start in April 2002 with a commercial operation schedule date of March 2003.
v
West Side Drainaae Improvements A grant agreement with the Florida Department of Community Affairs hasbeen entered into for the purpose of providing neighborhood improvements/flood protection on the Southwest area of the City. This grant request was in the amount of $550,000 and provides for the enlargement, connection, and outfall of four ponds in the area. The South West Florida Water Management District has agreed to contribute an additional $275,000 towards this project for the purpose of enhancing flood protection and water quality, bringing the total project cost to $825,000. Engineering design is currently underway for this project, with an estimated construction start during the Fall of 2002.
Electric Distribution It has been the City's intention, to upgrade the electric distribution system to a more efficient and reliable single voltage system. Currently, the City's system is split. Roughly half of the system carries a voltage of 13 kV and the remaining carries 4 kV.
Through a continued effort of upgrading the system it is anticipated that within the next five years, the entire system will be functioning at a 13 kV level. This conversion process has been and is expected to continue to be performed strictly in house with municipal crews.
Department Focus:
The Bushnell Public Library offers a large selection of Adult Bestsellers, reference materials, juvenile fiction, juvenile non-fiction and reference materials. Other popular items include a large selection of fiction and non-fiction audios and videos, copies of popular magazines and newspapers, and large print book. There is also a Florida Section featuring non-fiction items about Florida history and culture, and recreational areas.
Also available to the public are computers that are Internet accessible, a large selection of tax forms, lamination of documents, incoming and outgoing fax service, and photocopying.
Featured weekly is children's story time on Wednesday from 3:15 to 4:15, and a summer reading program daily in the summer months. A monthly newsletter for patrons is available to keep them informed of new materials, and programs.
The Bushnell Public Library utilizes volunteers in many ways. Several volunteers are available to help shelve books, assist patrons and supervise at the children's story hour. The Outreach Program makes weekly trips to the Nursing homes, elementary school classes, day care centers, and presents a reading program at the local Sumter Youth Charities.
ACCOUNTING SYSTEM, INTERNAL ACCOUNTING CONTROLS, AND BUDGETARY CONTROL Management of the City of Bushnell is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the City are protected from loss, theft and misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that (1) the cost of a control should not exceed the benefits likely to be derived; (2) the valuation of costs and benefits requires estimates and judgments by management.
vi
Budgeting Controls:
The City of Bushnell maintains budgetary controls; the objective of these budgetary controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the City Council. Activities of the general fund, special revenue funds and enterprise funds are included in the annual budget. A five-year capital expenditure plan is reviewed every year and incorporated into the budget. The level of budgetary control is established by section 7.04 "Budget Adoption" of the Bushnell City Charter which establishes the fund as the level of budgetary control.
As demonstrated by the statements and schedules included in the financial section of this report, the City of Bushnell continues to meet its responsibility for sound financial management.
General Government Operation:. The following schedule presents a summary of general fund revenues for the fiscal year ended September 30, 2001.
It is evident by the table above that the General Fund derives the vast majority of its revenue from outside sources; such as utility taxes, local option gas tax, or transfers from enterprise funds. The larger sources of Intergovernmental funds are; state revenue sharing, local option gas tax and state sales tax. Intergovernmental transfers are derived from electric, water & sanitation with a make up of 20% of the revenues to general fund.
vii Revenues and other 2001 Percent funding sources Amount of Total Ad Valorem
$103,989 6%
Local Gov't. Infrastructure Sutax
$151,513 8%
Local Option Gas Tax
$195,722 11%
Utility Taxes
$306,902 18%
Franchise Fees
$87,545 5%
License & Permits
$8,836 1%
Intergovernmental
$316,206 17%
Charges for Services
$21,699 2%
Fines & Forfeitures
$22,494 2%
Transfer In
$335,646 20%
Miscellaneous
$32,479 10%
Grant Revenues
$176,248 10%
Total Revenues:
$1,759,279
Other large self-generated revenue sources for the General Fund are the utility tax &
franchise fees. Currently a 10% utility tax is charged on all services that are provided with in the municipal limits, excluding telecommunications, which where calculated during fiscal year 2001 at a municipal rate of 7%. Franchise fees are also remitted by companies providing electric, cable TV, and phone services within the municipal limits, at varying percentage of gross sales.
It is notable that the ad valorem taxes are fairly insignificant to the City as a revenue source. The City has rolled back its ad valorem tax levy since 1981.
The following schedule presents a summary of general fund expenditures for the fiscal year ended September 30, 2001:
The table above shows that the expenditures within the Police & Street departments are fairly significant in comparison to the other expenditures. The expenditures for the special events include the annual fall festival and the yearly summer youth program. The library expenditure continues to increase from previous years due to the growth and increase of programs available to the citizens.
viii 2001 Percent Expenditures Amount of Total Legislative
$33,098 2%
Administrative
$279,158 17%
Legal
$22,883 2%
Police
$458,772 27%
Fire
$61,048 4%
Code Compliance
$42,788 3%
Streets
$280,747 16%
Industrial Development
$2,000 1%
Cemetery
$2,563 1%
Library
$175,313 10%
Parks & Recreation
$205,461 12%
Special Events
$36,312 2%
Debt Services
$64,502 3%
Total Expenditures/Expenses:
1,664,645
Enterprise Operation:
Electric: The City of Bushnell has owned and operated it's own electric services since the 1920's. The electric department has been a continued source of revenues for the General fund of the City. The City's electric distribution system is one of the smallest found in the state of Florida, with an average customer base of approximately 1,047 electric customers and a service territory of 1 1/2 square miles.
REVENUES:
Electric Sales:
Miscellaneous:
TOTAL REVENUES:
2001 Amount
$2,380,486
$69,509
$2,449,995 EXPENDITURES/ EXPENSES:
Operations & Maintenance:
Interest & Debt Service:
Transfers (out):
TOTAL EXPENDITURES/EXPENSES:
$1,932,692
$133
$276,646
$2,209,471 Water: City of Bushnell water system consists of two well fields with a combined rated capacity of 4.8 million gallons per day. Currently, the City's average daily flow is only 11% of maximum rated capacity. The City serves customers within and out of its municipal territory, with an average customer base of 747 residential and 260 commercial customers.
REVENUES:
Water Sales:
Miscellaneous:
TOTAL REVENUES:
EXPENDITURES /EXPENSES:
Operations & Maintenance:
Interest & Debt Service:
Transfers (out):
TOTAL EXPENDITURES/EXPENSES:
2001 Amount
$401,838
$19,335
$421,173
$376,660
$10,645
$40,000
$427,305 Percent of Total 95%
5%
89%
2%
9%
ix Percent of Total 92%
8%
87%
1%
12%
Wastewater: This is the first year for this enterprise fund. The City acquired an existing package plant in September of 2001 that accounts for the small sales amount. The construction of a new wastewater plant and collection system will be completed within the next fiscal year. There will be an increase in sales in the near future. Currently, there is only one commercial customer on the system.
Sanitation: The City provides sanitation services to customers by residential curbside pick up and commercial rear-loading containers on a twice a week basis. Disposal takes place at the Sumter County recycling and composting facility. Sanitation service is provided to customers inside the City limits or customers having a pending annexation agreement with the City. The sanitation customer base for fiscal year 2001 is 751 residential and 179 commercial.
Percent of Total REVENUES:
Sanitation Sales:
Miscellaneous:
TOTAL REVENUES:
-EXPENDITURES/EXPENSES:
93%
1%
6%
TOTAL EXPENDITURES/EXPENSES:
Operations & Maintenance:
Interest & Debt Service:
Transfers (out):
2001 Percent REVENUES:
Amount of Total Wastewater Sales:
$674 98%
Miscellaneous:
$8,558 2%
TOTAL REVENUES:
$9,232 EXPENDITURES/EXPENSES:
Operations & Maintenance:
$4,542 100%
TOTAL EXPENDITURES/EXPENSES:
$4,542 97%
3%
2001 Amount
$338,861
$9,701
$348,562
$286,084
$4,754
$19,000
$309,838 x
Special Revenues:
The Bushnell Evergreen Cemeter": The Cemetery fund is a fund created for the purpose of operating and maintaining the Bushnell Evergreen Cemetery. Under Section 9-1 through 9-26 in Chapter 9 of the Code of Ordinance's, the City is required to fund the maintenance on a perpetual basis for the Cemetery.
2001 Percent REVENUES:
Amount of Total Lot Sales & Contributions:
$16,940 33%
Miscellaneous:
$24,180 46%
Transfer (in):
$10,500 21%
TOTAL REVENUES:
$51,620 EXPENDITURES/ EXPENSES:
Operations & Maintenance:
$20,844 100%
TOTAL EXPENDITURES/ EXPENSES:
$20,844 Pension Plan & Trust Fund Operations:
The City of Bushnell provides its employees with retirement benefits. Employees hired after January 1, 1996 are on the Regular Employees Pension Plan (REPP). Police Officers hired after January 1, 1996 were placed on the Police Officers Pension Plan (POPP). The POPP is a Chapter 185 plan which entitles the City to the.85% insurance premium tax on real estate.
Both plans are defined benefit plans, with similar benefits as offered by the Florida Retirement System (FRS). The REPP is currently contributed to at 9.6%. The POPP is currently contributed to at 22.1% with a 1% contribution from the employee. Contributions are calculated on the employee's salary.
The City of Bushnell offers a deferred compensation plan defined by the IRS as a 457 B.
Participation within this plan is voluntary. Participating employees currently receive a 10%
match from the City on money deposited into the plan. The investments within this plan are self directed by the employee and maintained by the Nationwide Retirement Solutions Inc.,
formerly the Public Employee Benefit Service Corporation.
Debt Administration:
All funds of the City of Bushnell have significantly low levels of debt. The 1976 Bond Series of the City combined Water & Electric System was defeased two years ahead of schedule in October 1997 which significantly decreased debt service within these respective funds.
The electric and water departments have participated in a pooled loan program with Florida Municipal Power Agency. This program enabled the City of Bushnell to finance certain improvements in the electric & water systems. This program offers a variable interest rate, xi
which is monitored by staff on an ongoing basis with the program consistently yielding favorable interest rates.
All other debts of the City are secured through local lending institutions and are usually for short-term fixed interest rate.
Cash Management:
Cash accounts during the year 2001 were invested in demand deposits, certificates of deposit, and pooled investments. The pension trust fund's investments were within mutual funds. The City earned interest revenue of $126,350 on all investments for the year ended September 30, 2001.
The City's investment policy is to minimize credit and market risks while maintaining a competitive yield on its portfolio. Accordingly, deposits were either insured by federal depository insurance or collateralized. All collateral on deposits was held either by the City, its agent or financial institution's trust department in the government's name.
Risk Management:
The City of Bushnell participates in a managed care program for workers' compensation. This program provides the City with a system that controls fraud and routes medical services. By participating within this managed care program, a premium credit was provided by the carrier. In addition, various risk control techniques, including employee accident prevention training, are ongoing programs intended to minimize accident-related losses. Coverage is currently maintained for workers' compensation claims through the Florida League of Cities.
OTHER INFORMATION Independent Audit:
State statutes require an annual audit by independent certified public accountants. The accounting firm of Purvis, Gray, and Company was selected by the City of Bushnell's to complete this year's audit. The auditor's report on the general-purpose financial statements and combining and individual fund statements and schedules are included in the financial section of the report.
Awards:
Safety Award: The City has received numerous electric safety awards. The first safety award was presented to the City by the Florida Municipal Electric Agency to the Utility Department for recognition of a perfect safety record without reports of accidents. The City has received this award for 15 consecutive years.
Tree Citu USA: The Tree City USA award was first presented to the City in 1994. The City has continued to receive this award to the present. This award requires an annual Arbor Day Celebration, the planting of trees, and the implementation of a tree preservation policy as well as an annual application documenting levels of expenditure for maintenance of the program.
xii
Outstandinq Rural Communitt: The State of Florida issued its first annual Outstanding Rural Community Award of the Year to the City of Bushnell. This award highlights one rural community with population under 8,000 for a project that significantly impacts the community's quality of life. In 1992, the City of Bushnell submitted the Kenny Dixon Sports Complex as the project for this award.
Acknowledgments:
The preparation of the comprehensive annual financial report on a timely basis was made possible by the dedicated service of the entire staff of the Administrative Department.
Each member of the department has our sincere appreciation for the contributions made in the preparation of this report. We should also like to thank the Mayor and the Council Members for their interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner.
Sincerely, JoyI 4man, City Qlerk/ Finance Director
)Xince Ruano, City Manager xiii
Purvis Gray &
Compa y INDEPENDENT AUDITORS' REPORT Honorable Mayor and Council Members City of Bushnell Bushnell, Florida We have audited the accompanying general-purpose financial statements of the City of Bushnell, Florida as of and for the year ended September 30, 2001, as listed in the table of contents.
These general purpose financial statements are the responsibility of the City of Bushnell, Florida's management. Our responsibility is to express an opinion on these general-purpose financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general-purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general-purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the general-purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of Bushnell, Florida as of September 30, 2001, and the results of its operations and changes in cash flows of its proprietary fund types for the year then ended in conformity with generally accepted accounting principles.
As described in the notes to the general-purpose financial statements, the City of Bushnell, Florida adopted the provisions of Governmental Accounting Standards Board Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions as of October 1, 2000. This results in a change to the City of Bushnell, Florida's method of accounting for certain nonexchange revenue.
In accordance with Government Auditing Standards, we have also issued a report dated January 17, 2002, on our consideration of the City of Bushnell, Florida's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit.
Certified Public Accountants P.O. Box 23999 9 222 N.E. 1st Street 9 Gainesville, Florida 32602 a (352) 378-2461 9 FAX (352) 378-2505 Laurel Ridge Professional Center
- 2347 S.E. 17th Street
- Ocala, Florida 34471 a (352) 732-3872
- FAX (352) 732-0542 443 East College Avenue
- Tallahassee, Florida 32301 * (850) 224-7144 9 FAX (850) 224-1762 1727 21d Street
- Sarasota. Florida 34236 a (941) 365-3774 a FAX (941) 365-0238 MEMBERS OF AMERICAN AND FLORIDA INSTITUTES OF CERTIFIED Psuc ACCOUNTANTS MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES AND SE.C. PRACTICE SECTIONS 1
Honorable Mayor and Council Members City of Bushnell Bushnell, Florida INDEPENDENT AUDITORS' REPORT (Concluded)
Our audit was made for the purpose of forming an opinion on the general-purpose financial statements of the City of Bushnell, Florida taken as a whole. The required supplementary information listed in the table of contents is not a required part of the general-purpose financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information.
However, we did not audit the information and express no opinion on it.
The combining and 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 general-purpose financial statements of the City of Bushnell, Florida. Such information has been subjected to the auditing procedures applied in the audit of the general-purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general-purpose financial statements taken as a whole. The information presented in the statistical section is presented for the purposes of additional analysis and is not a required part of the general purpose financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the general-purpose financial statements and, accordingly, we express no opinion on it.
January 17, 2002 Ocala, Florida awd 2
GENERAL-PURPOSE FINANCIAL STATEMENTS (Combined Statements - Overview)
These basic financial statements provide a summary overview of 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 subsection.
COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA Governmental Fund Types Special General Revenue Assets and Other Debits Assets Cash and Cash Equivalents Investments Receivables:
Taxes Other Receivables Accounts (Net of Allowance For Uncollectibles
$2,000)
Deferred Debit - Power Cost Adjustment Retainage Receivable Due From Other Governments Due From Other Funds Advances to Other Funds Inventories Restricted Assets:
Cash and Investments Property, Plant and Equipment (Net, Where Applicable, of Accumulated Depreciation)
Other Assets Amount to be Provided For Retirement of General Long-Term Debt Total Assets and Other Debits Proprietary Fund Type Enterprise 999,465 460.,171 $ 2,059,170 Fiduciary Fund Type Pension Trust Account Groups General General Fixed Long-Term Assets Debt 6,676 166,809 82,710 60 185,988 32,485 250,000 31,872 371,443 119,410 52,333 14,286 214,290 224,776 3,450,461 4,286 Totals (Memorandum Only) 2001 2000
$ 3,525,482
$ 2,731,468 166,809 120,874 82,710 60 371,443 119,410 52,333 232,146 35,105 250,000 214,290 2,620
$ 3,238,810 48,059 90 354,150 61,200 0
151,533 6,465 250,000 204,827 224,776 200,951 6,689,271 6,210,581 4,286 4,572 944,850 944,850 382,076 1,550,708 492,043
$ 6,510,455 $
176,105
$ 3,238,810 944,850 $ 12,912,971
$ 10,726,846 See accompanying notes.
3 K-K-K-K-~-
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COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA (Concluded)
Governmental Fund Types Special General Revenue Proprietary Fiduciary Fund Type Fund Type Pension Enterprise Trust Account Groups General General Fixed Long-Term Assets Debt Totals (Memorandum Only) 2001 2000 Liabilities and Fund Equity Liabilities Accounts Payable Other Accrued Liabilities Due to Other Funds Deferred Revenue/Deferred Credit Deposits Payable From Restricted Assets:
Customer Deposits CR-3 Decommissioning Deferred Credit Notes Payable Compensated Absences Payable Advance From Other Fund Total Liabilities Equity and Other Credits Contributed Capital Investment in General Fixed Assets Retained Earnings:
Unreserved Fund Balances:
Reserved Unreserved Total Equity and Other Credits Total Liabilities, Equity and Other Credits 138,582 $
24,315 2,433 1,525 146 $
196,605 36,541 32,485 187 1,228 3,150 99,895 124,836 278,500 71,106 250,000 166,855 37,009 1,057,670 1,784,162 3,668,623 1,176 1,382,677 1,383,853 455,034 335,333 60,856 35,105 1,228 4,675 99,895 124,836 866,155 1,144,655 78,695 149,801 250,000 0
0 944,850 2,206,384 3,238,810 176,105 455,034 5,452,785 176,105 3,238,810 0
220,801 53,990 6,465 1,228 4,225 93,888 107,018 674,380 143,808 250,000 1,555,803 1,784,162 1,616,747 3,238,810 2,955,008 3,668,623 3,390,817 632,315 1,382,677 10,706,587 566,301 642,170 9,171,043 1,550,708 $
492,043 $ 6,510,455 $
176,105
$ 3,238,810 944,850 $ 12,912,971
$ 10,726,846 See accompanying notes.
4
1IL --
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA Revenues Taxes Licenses and Permits Intergovernmental Grant Revenue Charges For Services Fines and Forfeitures Interest and Miscellaneous Total Revenues Expenditures Current:
General Government Public Safety Physical Environment Transportation Economic Environment Cemetery Culture and Recreation Debt Service:
Principal Interest Capital Outlay (Total Expenditures)
Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses)
Operating Transfers In Operating Transfers Out Loan Proceeds Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues and Other Financing Sources Over (Under) Expenditures and Other Financing Uses Fund Balances, Beginning of Year (As Restated)
Fund Balances, End of Year General 845,671 8,836 316,206 176,248 21,699 22,494 32,479 1,423,633 328,680 496,174 0
227,956 2,000 2,563 215,345 Special Revenue 0
0 0
46,019 0
0 41,120 87,139 0
0 66,663 0
0 0
0 45,255 0
19,247 0
327,425 200 (1,664,645)
(66,863)
Totals (Memorandum Only) 2001 2000 845,671 8,836 316,206 222,267 21,699 22,494 73,599 1,510,772 328,680 496,174 66,663 227,956 2,000 2,563 215,345 45,255 19,247 327,625 (1,731,508) 752,375 10,120 279,018 50,319 15,675 28,262 118,663 1,254,432 305,061 459,110 24,230 279,020 15,000 0
193,200 45,663 17,415 291,080 (1,629,779)
(241,012) 20,276 (220,736)
(375,347) 335,646 (10,500) 600,000 925,146 684,134 10,500 0
10,500 30,776 699,719 424,257 1,383,853 $
455,033 See accompanying notes.
346,146 (10,500) 600,000 935,646 714,910 301,141 (11,041) 0 290,100 (85,247) 1,123,976 1,157,189 1,838,886 $
1,071,942 5
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COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL ALL GOVERNMENTAL FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 2001 CITY OF BUSHNELL, FLORIDA General Fund Variance Favorable Budget Actual (Unfavorable)
Special Revenue Funds Budget Actual Variance Favorable (Unfavorable)
Budget Totals (Memorandum Only)
Variance Favorable Actual (Unfavorable)
Revenues Taxes Licenses and Permits Intergovernmental Grant Revenue Charges For Services Fines and Forfeitures Interest and Miscellaneous Total Revenues Expenditures Current:
General Government Public Safety Physical Environment Transportation Economic Environment Cemetery Culture and Recreation Debt Service:
Principal Interest Capital Outlay (Total Expenditures)
Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses)
Operating Transfers In Operating Transfers Out Loan Proceeds Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues and Other Financing Sources Over (Under) Expenditures and Other Financing Uses Fund Balances, Beginning of Year (As Restated)
Fund Balances, End of Year 774,591 7,710 291,559 280,000 16,933 31,329 63,029 1,465,151 324,590 484,940 0
260,913 2,000 2,400 207,353 65,285 30,235 516,331 (1,894,047) 845,671 8,836 316,206 176,248 21,699 22,494 32,479 1,423,633 328,680 496,174 0
227,956 2,000 2,563 215,345 45,255 19,247 327,425 (1,664,645) 71,080 1,126 24,647 (103,752) 4,766 (8,835)
(30,550)
(41,518)
(4,090)
(11,234) 0 32,957 0
(163)
(7,992) 20,030 10,988 188,906 229,402 (428,896)
(241,012) 187,884 335,646 335,646 (10,500)
(10,500) 0 600,000 325,146 925,146 (103,750) 684,134 647,685 543,935 600,0 600,0' 0
0 0
357,210 0
0 35,500 392,710 0
0 136,900 0
0 0
0 0
0 250,600 (387,500) 0 0
0 46,019 0
0 41,120 87,139 0
0 66,663 0
0 0
0 0
0 200 (66,863) 0 774,591 0
7,710 0
291,559 (311,191) 637,210 0
16,933 0
31,329 5,620 98,529 (305,571) 1,857,861 70,23 250,41 320,6:
5,210 20,276 15,066 0
10,500 0
0 D0 0
00 10,500 787,884 699,719 52,034 1,383,853 839,918 15,710 10,500 0
0 10,500 30,776 0
324,590 0
484,940 37 136,900 0
260,913 0
2,000 0
2,400 0
207,353 0
65,285 0
30,235 00 766,931 37 (2,281,547) 845,671 8,836 316,206 222,267 21,699 22,494 73,599 1,510,772 328,680 496,174 66,663 227,956 2,000 2,563 215,345 45,255 19,247 327,625 (1,731,508) 71,080 1,126 24,647 (414,943) 4,766 (8,835)
(24,930)
(347,089)
(4,090)
(11,234) 70,237 32,957 0
(163)
(7,992) 20,030 10,988 439,306 550,039 (423,686)
(220,736) 202,950 0
346,146 0
(10,500) 0 0
0 335,646 346,146 (10,500) 600,000 935,646 15,066 (88,040) 714,910 0
0 600,000 600,000 802,950 424,257 424,257 0
1,071,942 1,123,976 52,034 439,967 455,033 15,066 983,902
$ 1,838,886 854,984 See accompanying notes.
6
f1 COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES - ENTERPRISE FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA 2001 3,131,463 396 3,131,859 1,395,064 66,636 357,303 121,054 83,448 73,302 164,939 198,688 139,544 (2,599,978)
Operating Revenues Charges For Sales and Services Miscellaneous Revenues Total Operating Revenues Operating Expenses Demand and Energy Charge CR-3 Operations and Maintenance Salaries Employee Benefits Professional Services Operating Supplies Other Current Charges Depreciation Landfill (Total Operating Expenses)
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Interest Income Interest Expense Other Debt Service Costs Total Nonoperating Revenues (Expenses)
Net Income (Loss) Before Transfers I
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2000 2,701,953 568 2,702,521 1,075,660 63,126 348,425 121,164 73,584 31,891 121,256 191,302 132,509 (2,158,917) 531,881 543,604 107,103 (15,246)
(286) 91,571 623,452 Operating Transfers (Out) 99,992 (16,539)
(286) 83,167 626,771 (335,646)
(290,100)
Net Income (Loss)
Retained Earnings, Beginning of Year Retained Earnings, End of Year 3,390,817 3,054,146 3,678,623 3,390,817 See accompanying notes.
7 287,806 336,671 I
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COMBINED STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES - ENTERPRISE FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA Reconciliation of Operating Income (Loss) to Net Cash Provided By (Used In) Operating Activities:
Operating Income (Loss)
Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided By (Used In) Operating Activities:
Depreciation Change in Current Assets - Decrease (Increase) and Current Liabilities - Increase (Decrease):
Accounts Receivable Deferred Debits - Power Cost Adjustment Due From Other Funds Inventories Accounts Payable Other Accrued Liabilities Due to Other Funds Compensated Absences Payable Customer Deposits Total Adjustments Net Cash Provided By (Used In) Operating Activities Cash Flows From Noncapital Financing Activities Operating Transfers Out to Other Funds Deferred Credit CR-3 Decommissioning Net Cash Provided By (Used In) Noncapital Financing Activities Cash Flows From Capital and Related Financing Activities Advance From Other Fund Acquisition and Construction of Capital Assets Principal Payments on Notes Interest Paid on Notes Contributed Capital Proceeds of Note Payable Net Cash Provided By (Used In) Capital and Related Financing Activities Cash Flows From Investing Activities Interest Received 2001 2000 521,881 543,604 198,688 (70,965)
(58,210) 49,950 (9,463) 23,564 5,690 (3,608)
(4,569) 6,007 137,084 658,965 (335,646) 17,818 (317,828) 0 (393,576)
(84,470)
(14,057) 167,415 0
191,302 (1,794)
(61,200) 4,305 (22,163) 25,249 (12,464) 0 14,882 10,050 148,167 691,771 (290,100) 16,623 (273,477) 250,000 (607,393)
(68,600)
(13,749) 313,932 90,000 (324,688)
(35,810) 107,103 99,992 Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning of Year Cash and Cash Equivalents, End of Year 123,552 2,160,394 2,283,946 482,476 1,677,918 2,160,394 See accompanying notes.
8
COMBINED STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES - ENTERPRISE FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA (Concluded) 2001 2000 Presented in the Accompanying Combined Balance Sheet as:
Unrestricted Cash Restricted Cash Total Cash 2,059,170 $
1,503,685 224,776 174,233 2,283,946 $
1,677,918 See accompanying notes.
9 I
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COMBINED STATEMENT OF CHANGES IN PLAN NET ASSETS PENSION TRUST FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA 2001 2000 Additions Contributions Employer Employee State Miscellaneous Total Contributions 42,319 1,265 21,311 399 65,294 21,963 1,251 7,379 0
30,593 Investment Income Interest and Dividend Income Net Appreciation (Depreciation) in Fair Value of Investments Total Investment Income 40,757 32,806 Deductions Termination Payments Miscellaneous (Total Deductions)
Net Increase (Decrease)
Net Assets Held in Trust Benefits:
(1,183) 176 0
43 (1,183)
(219) 39,574 32,587 For Pension Beginning of Year End of Year 136,531 103,944 176,105 $
136,531 See accompanying notes.
10 Total Additions 11,159 (35,696)
(24,537) 5,051 (2,838) 2,213
I LL NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDAI Note 1 -
Summary of Significant Accounting Policies I
The City of Bushnell, Florida (the City) is a political subdivision of the State of Florida located in Sumter County. The City was established under the legal authority of the Laws of Florida, Chapter 57-105. The City operates under a council-manager form of government.
The legislative branch of the City is composed of a four-member elected City Council, and an elected mayor. The Mayor and City Council are governed by the City Charter by State and local laws and regulations.
The Mayor and City Council are responsible for the establishment and adoption of policy. The execution of such policy is the responsibility of the City Manager. The City provides services to its residents in many areas, including public safety (police and fire), highways and streets, utilities, sanitation, culture and recreation, public improvements, and general administrative services.
The accompanying general-purpose financial statements present the combined financial
.1 positions and results of operations of the various fund types and account groups and the cash flows of the proprietary fund types for all funds of the City.
The following policies of the City conform to generally accepted accounting principles as applicable to governments. The following is a summary of the significant policies.
I Reporting Entity The accompanying financial statements present the financial position, results of operations and cash flows of the-applicable fund types and account groups governed by the Mayor and City I
Council of the City. The reporting entity for the City includes all functions of government for which the Mayor and City Council are considered to be financially accountable.
In evaluating the City as a reporting entity, management has addressed all potential component units (traditionally separate reporting entities) for which the City may or may not be financially accountable and, as such, be included within the City's financial statements. The I
City (the primary government) is financially accountable if it appoints a voting majority of the organization's governing board and (1) it is able to impose its will on the organization, or (2) there is a potential for the organization to provide specific financial benefit to or impose I
specific financial burden on the City. Additionally, the primary government is required to consider other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity's financial l
statements to be misleading or incomplete.
Management determined that the Evergreen Cemetery is the only organization that should be included in the City's financial statements as a component unit.
J
- Blended Component Unit Evergreen Cemetery - The Evergreen Cemetery was established by Ordinance No. 125 in 1975. The members of the Evergreen Cemetery's Board of Trustees are appointed by City Council and include one member of the City Council. City Council approves an annual budget for the Evergreen Cemetery. The financial activity of the I
Evergreen Cemetery is properly shown in the general-purpose financial statements as 11
-A
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA Note 1 -
Summary of Significant Accounting Policies (Continued)
N Blended Component Unit (Concluded)
Evergreen Cemetery (Concluded) a special revenue fund. Separate financial statements for the Evergreen Cemetery fund have not been developed.
Basis of Presentation The City maintains its accounting records in accordance with the principles and policies applicable to governmental units set forth by the GASB, -as well as generally accepted accounting principles (GAAP) as promulgated by the American Institute of Certified Public Accountants and the Financial Accounting Standards Board (FASB). The proprietary funds do not apply FASB statements and interpretations issued after November 30, 1989.
Fund Accounting The accounting system and financial reports of the City are organized and operated on a fund basis. A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein which are segregated for the purpose of carrying on 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:
"U Governmental fund types are those through which most government functions typically are financed. The acquisition, use, and balances of expendable financial resources and the related current liabilities (except those accounted for in the proprietary funds) are accounted for through governmental type funds. Governmental funds used by the City are as follows:
0 General Fund - To account for all financial resources which are not required to be accounted for in another fund.
Special Revenue Funds - To account for the proceeds of specific revenue sources that are restricted to expenditures for specified purposes.
"* Proprietary funds are used to account for the City's ongoing activities which are similar to those found in the private sector.
Enterprise Funds - To account for activities that are operated in a manner similar to private businesses where the costs of providing goods and services are primarily recovered through user charges.
12
ii NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA I
Note 1 -
Summary of Significant Accounting Policies (Continued)
- 1.
Fund and Account Group Categories (Concluded)
"* Fiduciary fund types are used to account for assets held in a trustee capacity for others.
Pension Trust Funds - To account for the accumulation of resources to be used for retirement payments to employees.A
"* Account groups record and control the City's general fixed assets and general long-term l
debt. The account groups are not funds and do not 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 1
proprietary fund operations.
General Long-Term Debt - To account for unmatured principal of long-term special I
obligation indebtedness, notes and capital leases payable, and compensated absences which are not the specific liability of a proprietary fund.
l Measurement Focus Governmental fund types (general and special revenue) are accounted for on a "spending" or "financial flow" -measurement focus.
This means that only current assets and currentI liabilities are generally included on the balance sheets. Reported fund balance (net current assets) is considered a measurement of "available, spendable, or appropriate resources."
Governmental fund type operating statements present increases (revenues and other financing I
sources) and decreases (expenditures and other financial uses) in net current assets.
Proprietary fund types are accounted for on a "cost of services" or "capital maintenance" measurement focus.
This means that all assets and all liabilities (whether current or noncurrent) associated with its activity are included on its balance sheet to provide an indication of the economic net worth of the funds. The reported fund equity (net total assets)
I is segregated into contributed capital and retained earnings components. The proprietary fund types operating statement presents increases (revenues) and decreases (expenses) in net total assets.
.1 Fiduciary fund types are accounted for like proprietary funds.
Basis of Accounting Governmental fund type revenues and expenditures are recognized on the modified accrual basis. Revenues are recognized when they become susceptible to accrual; that is, when they become both "measurable" and "available" to finance expenditures of the current period.
Expenditures are recognized in the accounting period in which the fund liability is incurred, if measurable, except for unmatured interest on general long-term debt which is recorded when paid.
13
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 1 -
Summary of Significant Accounting Policies (Continued)
Basis of Accounting (Concluded)
Governmental fund type revenues that are susceptible to accrual include utility service taxes, franchise fees, federal and state-shared revenues, and reimbursements from grants for authorized expenditures through September 30.
Proprietary fund revenues and expenses are recognized on the accrual basis. Revenues are recognized when earned, and expenses are recognized when incurred.
Fiduciary funds of the City consist of pension trust funds which are accounted for on the accrual basis.
Transfers Transfers are recognized in the accounting period in which the interfund receivable and payable arise. Transfers are made from the utility funds to finance operations of the general fund.
Grants - Proprietary Funds Unrestricted grants, entitlements or shared revenues received are reported as nonoperating revenues.
Such resources externally restricted for capital acquisitions or construction are reported as contributed capital. Operating expenses include depreciation on all depreciable fixed assets (including those financed by grants).
Cash and Cash Equivalents The City considers all demand deposits as well as all highly liquid investments (including restricted assets) with a maturity of three months or less when purchased to be cash equivalents.
Investments In all funds, investments are stated at fair value. Interest earnings on the City's cash and investment pool are allocated based on each funds' proportionate ownership of the cash and investment pool's fund equity.
Receivables Utility operating revenues are generally recognized on the basis of cycle billings rendered monthly. The amount of services delivered after the last billing date and up to September 30 is estimated and accrued at year end.
Inventories and Prepaid Items Inventories held by the utility funds are priced by the weighted-average costs method at the lower of cost or market. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items.
14
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA 1
(Continued)
Note 1 -
Summary of Significant Accounting Policies (Continued)
Cost Reimbursements Certain personal services and operating expenses/expenditures recorded in various funds and i
departments are a results of services performed and expenses/expenditures incurred for the benefit of other funds and departments.
In order to better reflect various funds' and departments' actual costs, a cost reimbursement is recorded as a reduction in expenditures or expenses.
The funds and departments that benefit from the services and_1 expenses/expenditures record a cost reimbursement as an increase in expenditures or expenses.
I Proprietary Fund Fixed Assets Proprietary fund fixed assets are recorded at historical cost.
Donated fixed assets are recorded at fair market value on the date received. Depreciation is computed by the straight-I line method over the estimated useful lives of the assets as follows:
Useful Lives I
Electric Utility Fund Buildings 32 Years Improvements Other Than Buildings 25 to 40 Years Machinery, Equipment and Vehicles 6 to 12 Years Investment in Crystal River No. 3 Nuclear Plant 28 Years Water Utility Fund Improvements Other Than Buildings 25 to 101 Years Buildings 50 Years Equipment 25 Years Sanitation Fund Equipment 7 Years General Fixed Assets General fixed assets purchased are recorded as expenditures in the governmental fund types at the time of purchase. Such assets are capitalized at cost in the general fixed assets account groups. The City's policy is not to capitalize public domain fixed assets such as streets, right-l of-ways, sidewalks, drainage systems and similar assets. Donated fixed assets are valued at their estimated fair market value at the time of acquisition. Depreciation is not provided on general fixed assets.
j Bond Discounts and Issuance Costs Bond discounts and insurance costs for proprietary fund types are deferred and amortized over the term of the bonds using the straight-line amortization method which produces a result not significantly different from the interest method. Bond discounts are presented as a reduction of the face amount of bonds payable, whereas issuance costs are recorded as deferred charges.
J 15
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 1 -
Summary of Significant Accounting Policies (Continued)
Compensated Absences Accumulated unpaid vacation and sick pay benefit amounts are accrued in the period they are earned in proprietary funds (using the accrual basis of accounting). Such amounts are accrued in governmental funds (general fund) to the extent of the amount left unpaid at the end of the reporting period that would normally be liquidated with expendable and available financial resources. The remainder of the liability is reported in the general long-term debt account group.
The policy as of September 30, 2001, is to vest up to a maximum accumulation of 1,040 hours4.62963e-4 days <br />0.0111 hours <br />6.613757e-5 weeks <br />1.522e-5 months <br /> of sick leave. Upon voluntary termination, 50% of the accumulated hours are paid to the employee (75 % for long-term employees with twenty or more years of full-time service).
The City accrues 100% of unpaid vacation pay and 50% of accumulated unpaid sick pay at the employee's current pay rate.
Encumbrances Encumbrances accounting, under which purchase orders, contracts, and other commitments are recorded as expenditures in order to reserve that portion of the applicable appropriation, is not employed by the City for budgetary purposes.
Deferred Revenues Deferred revenues include amounts collected before the revenue recognition criteria are met and receivables which, under the modified accrual basis of accounting, are measurable but not yet available. The deferred revenues will be recognized as revenue in the fiscal year they are earned or become available. The deferred items consist primarily of grant revenues, over collected electric power cost adjustments, and for monies collected for use in future decommissioning of the Crystal River No. 3 Nuclear Power Plant.
Reserves Fund balances are reserved as follows:
General Fund Reserved For Drug Interdiction 1,176 Special Revenue Funds Reserved For Perpetual Care - Cemetery 455,034 Pension Trust Funds Reserved For Pension Benefits 176,105 Budgeting The City's procedures in preparing and adopting the annual budget are as follows:
16
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 1 -
Summary of Significant Accounting Policies (Continued)
Budgeting (Concluded)
"- The City Manager is responsible for preparing a proposed operating budget for all governmental funds and proprietary funds for the upcoming year prior to September 30, that includes estimated revenues, proposed expenditures, and other financing sources and uses.
Public hearings are held to obtain taxpayer comments and suggestions. The budget is enacted through passage of a resolution.
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 Council The budget data presented is in agreement with the originally adopted budget as amended by the City Council.
Formal budgetary integration is employed as a management control device during the year A
for substantially all funds.
Budgets are adopted on a basis consistent with generally accepted accounting principles, except that the provision for depreciation expense is not included in the budget of the proprietary funds. Total budgetary appropriations within I
a governmental fund type may not be exceeded legally. Appropriations lapse at the end of the year. Budget data, when presented in the general-purpose financial statements is prepared on the same basis of accounting as that prescribed for the fund.
An annual operating budget was prepared for all funds except the pension trust funds.
During the year, the City made supplemental budget appropriations which increased or decreased the budgets as necessary.
Water Line Extension Charges Water line extension charges are made to customers to cover the full cost of the addition.
Such charges are recorded as an equity contribution. Costs of the extension are reported as property and equipment and depreciation over the estimated useful life of the assets.
Fund Equity Contributed capital is recorded in proprietary funds that have received capital grants or contributions from developers, customers or other funds. Reserves represent those portions of fund equity not appropriable for expenditures or legally segregated for a specific future use..J Total Columns on Combined Statements Total columns on the combined statements are captioned "Totals (Memorandum Only)" to indicate that they are presented only to facilitate financial analysis. Data in these columns do i
not present financial position, results of operations, or cash flows in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data.
171
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 1 -
Summary of Significant Accounting Policies (Concluded)
Comparative Data Comparative total data for the prior year has been presented in the accompanying financial statements in order to provide an understanding of changes in the City's financial position and operations. However, comparative data has not been presented in all statements because their inclusion would make certain statements unduly complex and difficult to understand. Minor reclassifications of 2000 amounts have been made to enhance the comparison to 2001.
Property Taxes Under Florida law, the assessment of all properties and the collection of all county, municipal and school board property taxes are consolidated in the offices of the County Property Appraiser and the County Tax Collector. The laws of the state regulating tax assessment are also designed to assure a consistent property valuation method statewide. Florida Statutes permit municipalities to levy property taxes at a rate of up to 10 mills. The millage rate assessed by the City for the fiscal year ended September 30, 2001, was 1.889.
The tax levy of the City is established by the City Council prior to October 1 of each year and the Sumter County Property Appraiser incorporates the City millages into the total tax levy, which includes the County and the County School Board tax requirements.
All property is assessed according to its fair market value on January 1 of each year. Each assessment roll is, submitted to the Executive Director of the Florida Department of Revenue for review to determine if the rolls meet all of the appropriate requirements of Florida Statutes.
Taxes are assessed on November 1 of each year or as soon thereafter as the assessment roll is certified and delivered to the County Tax Collector. 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.
The taxes paid in March are without discount.
On or prior to June 1 following the tax year, certificates are sold for all delinquent taxes on real property. After sale, tax certificates bear interest at 18% per year or any lower rate bid by the buyer. Application for 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 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 tax sales certificates or personal property tax warrants because such amounts are not measurable and available as of the balance sheet date.
18
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA I
(Continued)
Note 2 -
Deposits and Investments Deposits At September 30, 2001, the carrying amount of the City's cash deposits was $2,287,642 and the bank balance was $2,326,746. All cash deposits were held in qualified public depositories and were covered by federal depository insurance or by the Florida Security for Public Deposits Act (the Act); Chapter 280 of the Florida Statutes. The Act established a multiple financial institution collateral pool with the ability to assess member institutions to satisfy the j
claims of governmental entities if any member financial institution fails. This ability to assess provides protection which is similar to depository insurance.
Investments Florida Statutes authorize the investments of funds in certificates of deposits or savings accounts of financial institutions approved by the State Treasurer, obligations of the United States Government, instruments guaranteed by the United States Government, and money market funds registered with the Securities Exchange Commission. Investments may also include repurchase agreements collateralized by U.S. Treasury Securities and Market-to Market, and deposits with the State Board of Administration pool, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act. The City is further authorized to invest in securities of, or other interests in, any open-ended or close ended management type investment company or investment trust registered under the Investment Company Act of 1940, 15 United States Code. Revenue bond covenants also restrict the type and maturities of investments on bond related funds.
Governmental investments are generally required to be categorized as either: (1) insured or registered for which the securities are held by the City or its agent in the City's name; (2) uninsured and unregistered for which the securities are held by the counterparty's trust department or agent in the City's name; or (3) uninsured and unregistered for which the securities are held by the counterparty's trust department or agent, but not in the City's name.
Certain City investments, such as investment pools managed by other governments, cannot be categorized because the City's investments are not evidenced by specific, identifiable investment securities.
The Local Government Surplus Funds Trust Fund is an investment pool administered by the Florida State Board of Administration. Investments held in the Fund consist of short-term federal agency obligations, treasury bills, repurchase agreements, and commercial paper. Investment income is recognized as earned and is allocated to participants of the fund based on their equity participation. In accordance with GASB Statement No. 31, the SBA has reported that the Local Government Investment Trust, which it operates, is a "2A-7 like" pool and, thus, these investments are valued using the pooled share price.
Assets of the general employees' pension trust fund and police officers' pension trust fund may be invested in accordance with Florida Statutes as previously described. Currently, the assets consist of stock and bond mutual funds which are not required to be categorized since the investments are not evidenced by securities that exist in physical or book entry form.
J 19
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 2 -
Deposits and Investments (Concluded)
Investments (Concluded)
Throughout the fiscal year, the City invested only in types of investments as listed below:
Investment Description U.S. Government Bonds Commercial Paper Repurchase Agreement Bond Money Market Funds Subtotal Stock and Bond Mutual Funds (Pension)
Total Investments Local Government Surplus Funds Trust Fund Cash Deposits Certificates of Deposit Total Cash and Cash Equivalents Total Investments and Cash and Cash Equivalents Category Category 1
2 0$
0 Note 3 -
Restricted Assets Nuclear Decommissioning The Florida Public Service Commission requires utilities to set aside monies to pay the estimated future cost of dismantling or decommissioning nuclear power plants. The City has set aside such monies in the custody account with a third party trustee.
Customer Deposits Customer deposits have been restricted to indicate that the amount is not available for the financing of current utility operations.
Note 4 -
Property, Plant and Equipment Changes in General Fixed Assets The following is a summary of changes in general fixed assets during the fiscal year:
Land Buildings Improvements Other Than Buildings Construction in Progress Machinery and Equipment Total Balance 10/1/00 486,370 705,325 539,227 0
1,224,086 2,955,008 (Deletions and Additions Transfers) 0$
0 0
0 49,978 0
132,480 0
101,344 0
283,802 $
0 Balance 9/30/01 486,370 705,325 589,205 132,480 1,325,430 3,238,810 20 Category 3
36,634 68,740 19,019 442 124,835 Fair Value 36,634 68,740 19,019 442 124,835 166,809 291,644 897,781 2,287,642 440,000 3,625,423
$3,917,067
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 4 -
Property, Plant and Equipment (Concluded)
Change in General Fixed Assets (Concluded)
The following is a summary of the proprietary fund September 30, 2001:
Land Buildings Improvements Other Than Buildings Machinery and Equipment Construction in Progress Total (Accumulated Depreciation)
Net Electric Utility Fund 2,300 230,544 1,907,214 380,809 0
2,520,867 (1,216,134)
$ 1,304,733 Water Utility Fund 18,090 457,541 1,268,186 582,702 0
2,326,519 (855,459)
$ 1,471,060 type property, plant and equipment at Waste water Fund
$ 351,034 0
0 0
221,610 572,644 0
572,644 Sanitation Fund 0
0 0
324,885 0
324,885 (222,861) 102,024 Totals 371,424 688,085 3,175,400 1,288,396 221,610 5,744,915 (2,294,454)
$ 3,450,461 Note 5 -
Enterprise Funds - Long-Term Liabilities The following is a surmnary of all long-term liabilities of the enterprise funds at September 30, 2002:
Florida Municipal Power Agency (FMPA) - Initial Pooled Loan Project The City has entered into a financing agreement with the FMPA.
Interest is payable at a variable rate (currently 3.40% plus a 0.60% administration fee. Final maturity is July 1, 2011.
Sanitation Fund Note Payable - SunTrust Bank During 2000, the City borrowed $90,000 from SunTrust to finance the purchase of a sanitation truck. The loan is payable in semi annual installments of principal in the amount of $11,500 plus interest at 5.97% per annum, with final maturity on June 1, 2004.
Total Loans and Notes Payable I
J I.
211,000 I
-t 67,500 278,500 21 J
I
.i I
I 1i i
.--L d
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 5 -
Enterprise Funds - Long-Term Liabilities (Concluded)
The following represents the debt service requirements to maturity of all the City's enterprise funds as of September 30, 2000, including future interest payments.
Year Ending 9/30 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Total (Amounts Representing Interest)
(Current Principal Portion)
Long-Term Debt Water Utility Fund FMPA Loan 22,287 21,769 26,251 25,560 24,869 24,179 28,488 27,625 26,761 26,898 254,687 (43,687)
(15,000) 196,000 Sanitation Fund SunTrust Certificate 26,657 25,284 21,911 0
0 0
0 0
0 0
73,852 (6,352)
(22,500) 45,000 Total 48,944 47,053 48,162 25,560 24,869 24,179 28,488 27,625 26,761 26,898 328,539 (50,039)
(37,500) 241,000 Crystal River 3 Decommissioning Trust Fund Federal law requires that an external trust fund be created to accumulate amounts to pay the future plant decommissioning. The City contributes to a common trust fund, maintained by FMPA, for all its members that own a portion of the Crystal River 3 Nuclear Generating Unit. As of September 30, 2001, the City has a balance in the trust fund of $124,836.
Crystal River 3 Nuclear Decommission Cost Payable The City is responsible for its share of the future costs to decommission the Crystal River 3 Nuclear Generating Unit. The City is accruing this cost over the expected useful life of the plant.
A summary of the activity in the liability account is as follows:
Balance, September 30, 2000 2001 Accrual Balance, September 30, 2001 107,018 17,818 124,836 22
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 6 -
General Long-Term Debt Bank Note Payable - SunTrust Bank On August 7, 2001, the City borrowed $600,000 from the SunTrust Bank of Brooksville, Florida, with quarterly interest only payments at 4.98% until June 30, 2003, at which time a $300,000 principal plus accrued interest payment is due.
Thereafter, beginning December 30, 2003, seventeen semiannual principal payments of $16,667 plus accrued interest are due with the final payment due on or before June 30, 2012.
Bank Note Payable - Community National Bank On August 25, 1998, the City borrowed $290,000 from the Community National Bank of Pasco County, for the purpose of financing the construction of the City's new public works building. The loan is collateralized by a first lien on 50% of the annual local option gas tax revenue, with a minimum annual collateral of $90,000. The loan is payable in semiannual payments of $14,500, including interest at 4.88%, beginning June 1, 1999, and is due December 1, 2008.
Bank Note Payable - Community National Bank On July 15, 1994, the City borrowed $150,000 from the Community National Bank of Pasco County, payable in monthly payments of $1,597, including interest at 5%, beginning August 15, 1994. The loan is due July 15, 2004, and is unsecured.
The following is a summary of debt service payable:
to maturity for all general long-term debt notes Year Ending 9/30 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Total Principal 46,114 346,990 75,887 62,333 62,333 62,333 62,333 47,833 33,333 33,333 33,333 866,155 Interest 42,289 36,303 22,096 18,707 15,594 12,480 9,366 6,252 4,210 2,526 842 170,665 j
Total 88,403 383,293 97,983 81,040 77,927 74,813 71,699 54,085 37,543 35,859 34,175
$ 1,036,820 The general fund is used to provide the debt service payments of the general long-term debt.
23 I
I
..£
-i I
4 1
_.i A.
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 6 -
General Long-Term Debt (Concluded)
The following is a schedule of changes in general long-term debt for the year ended September 30, 2001:
SunTrust Bank Community National Bank Community National Bank Compensated Absences Total Balance 10/1/00 0
246,500 64,910 70,666 382,076 Additions 600,000 0
0 8,029 608,029 (Principal Reductions) 0 (29,000)
(16,255) 0 (45,255)
Balance 9/30/01 600,000 217,500 48,655 78,695 944,850 Note 7 -
Contributed Capital The changes in the City's contributed capital accounts for its enterprise (proprietary) funds were as follows:
Balance, October 1 Additions Capital Contribution From Customers Capital Contribution From State of Florida Balance, September 30 Electric Utility Fund 176,873 Water Utility Fund
$ 1,016,354 0
1,649 0
176,873 0
$ 1,018,003 Wastewater Fund 394,071 0
165,766 559,837 Sanitation Fund 29,449 Totals
$ 1,616,747 0
1,649 0
29,449 165,766
$ 1,784,162 Note 8 -
Electric Power Agreements Crystal River Power Unit 3 Participation Agreement The City is a participant in an agreement with Florida Power Corporation, which was entered into on July 31, 1975.
Under terms of the agreement, the City acquired a 0.0388%
ownership interest and generation entitlement share in the nuclear steam electric generating unit.
Participants are entitled to energy output of the unit based upon their respective generation entitlement share.
Florida Power Corporation has been appointed by the participants to act as their agent and has sole authority to manage, control, maintain and operate the unit. Operating costs of the unit, in general, are shared in proportion to each generation entitlement share on a monthly basis. Common and external facilities of the generating unit are solely owned by Florida Power Corporation, and participants share in the operating and maintenance expenses of such facilities in proportion to their generation entitlement share.
24
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 8 -
Electric Power Agreements (Concluded)
-J Crystal River Power Unit 3 Participation Agreement (Concluded)
The participation agreement provides for reversion of the ownership interest of the unit to Florida Power Corporation on August 1, 2050, or upon retirement from service, whichever occurs first.
Florida Municipal Power Agency (FMPA) 4 The City is a member of the FMPA, which is a joint action agency formed by a number of Florida municipalities for the purpose of providing electric power alternatives for its members.
J FMPA is a nonprofit, joint action agency formed pursuant to Florida Statutes. FMPA has the authority to undertake joint power supply projects and to issue tax-exempt bonds or other obligations to finance or refinance the costs of such projects.
Due to the diverse needs of Florida's municipal electric systems, FMPA was established as a project-oriented agency. Under this structure, each member has the option whether or not to participate in a project. Members may choose to participate in more than one project; however, each of the FMPA's five projects is independent from the other, and no revenues or funds available from one project can be used to pay the costs of any other project.
The City has elected to participate in the "All Requirements Project," which supplies all of the City's power requirements. The agreement will remain in effect until October 1, 2025, with optional successive five-year renewal periods.
Power rates charged to the City by FMPA are subject to a majority vote of the Board of Directors of FMPA.
In addition, the City has elected participation in the "Pooled Loan Project" in which FMPA issues debt, then loans the money to individual systems to finance utility-related projects.
Note 9 -
Employee Retirement Systems Florida State Retirement System All full-time employees of the City hired prior to January 1, 1996, participate in the Florida State Retirement System (the System). This System was created by the Florida Legislature and is a cost-sharing, multiple-employer defined benefit public retirement plan available to governmental units within the state of Florida.
The System issued a publicly available J
financial report that includes financial statements and required supplementary information for the System.
That report may be obtained by writing to the Florida Retirement System, Division of Retirement, 2639-C North Monroe Street, Tallahassee, Florida 32399-1560, or
-1 by calling (850) 488-5706.
All full-time employees of the City hired prior to January 1, 1996, are eligible to participate in the System.
Special risk employees who retire at or after age 55, with six years of creditable service; and all other employees who retire at or after age 55, with six years of creditable service; are entitled to a retirement benefit, payable monthly for life, equal to the 25
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 9 -
Employee Retirement Systems (Continued)
Florida State Retirement System (Concluded) product of: 1) average monthly compensation in the highest five years of creditable service;
- 2) creditable service during the appropriate period; and 3) the appropriate benefit percentage.
Benefits fully vest on reaching six years of service. Vested employees may retire after six years of creditable service and receive reduced retirement benefits. The System also provides death benefits, disability benefits and annual cost-of-living adjustments.
Benefits are established by Florida Statute.
The funding methods and the determination of benefits payable are provided in various acts of the Florida Legislature. These acts provide that employers, such as the City, are required to contribute 10. 15 % of the compensation for regular members, 21.16 % for special risk, and 12.13 % for senior management through June 30, 2001. Beginning July 1, 2001, the required contribution rate is changed to 7.30%, 18.44%, and 9.28% of the member's gross compensation for regular members, special risk and senior management, respectively. The City's contributions to the System for the years ended September 30, 2001, 2000, 1999, were as follows:
Year Amount 2001 60,754 2000 68,564 1999 87,620 Florida State Retirement System Opt-Out In December 1995, the City Council approved opting out of the Florida State Retirement System effective with all new employees hired after January 1, 1996. City employees covered under the System at December 31, 1995, will continue to participate in the state System and the City will continue to make contributions on their behalf.
Pension Trust Funds
- Plan Description In January 1996, the City adopted two separate single-employer pension plans, one for police officers and a general employees' retirement plan that covers substantially all full time City employees employed after January 1, 1996, pursuant to the City's opt out of the Florida Retirement System.
These plans are maintained as pension trust funds and included as part of the City's reporting entity.
City ordinance and state law requires contributions to be determined by actuarial studies every three years. Stand-alone financial reports are not issued.
The general employees' retirement plan covers all full-time employees, except for police officers. The plan is noncontributory, and the City provides the full contribution to fund the plan. The annual pension cost related to the plan includes amortization, over a thirty year period, of a prior service cost established October 13, 1995.
26
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 9 -
Employee Retirement Systems (Continued)
Pension Trust Funds (Continued)
"U Plan Description (Concluded)
The police officers' retirement plan covers all full-time police officers.
The plan is contributory and requires participants to contribute 1 % of their salary to the plan. The City provides the balance of contributions required after the participants' contributions.
In addition, state funds collected under Florida Statutes Chapter 185 are contributed to the plan. The pension cost of the Police Officers' Retirement Plan includes the amortization, over a thirty-year period, of prior service costs established October 13, 1995.
Substantially all full-time City employees hired on or after January 1, 1996, are eligible to participate in their respective plans. Benefits vest after six years of credited service for all employees.
"* Membership Membership of each plan consisted of the following as of September 30, 2001:
Active Plan Members Retirees and Beneficiaries Receiving Benefits Terminated Plan Members, Entitled But Not Yet Receiving Benefits Total General Employees 13 0
0 13 Police Officers 5
0 0
5 Annual Pension Costs The Board of Trustees of each plan establishes, and may amend, the contribution requirements of plan members and the City. The City's annual pension cost for current year and related information for each plan is shown below:
General Employees Contribution Rates Employer Employee 9.60%
0.00%
Annual Pension Cost Annual Required Contribution (ARC)
Interest on Net Pension Obligation Annual Pension Costs Contributions Made Net Pension Obligation (Asset), Beginning of Year Net Pension Obligation (Asset), End of Year 22,064 0
22,064 24,737 (14,423)
(17,096)
Police Officers 22.10%
1.00%
25,691 0
25,691 38,893 15,302 2,100 27
--4
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 9 -
Employee Retirement Systems (Concluded)
Pension Trust Funds (Concluded) 0 Annual Pension Costs (Concluded)
Actuarial Valuation Date Actuarial Cost Method Amortization Method Remaining Amortization Period Asset Valuation Method Actuarial Assumptions:
Investment Rate of Return Projected Salary Increases (*)
(*) Includes Inflation at Postretirement COLA General Employees' and Police Officers October 1, 1998 Aggregate N/A N/A Market Value 8.0%
6.0%
3.0%
3.0%
Both the general employees' and police officers' plans use the aggregate actuarial cost method, which does not identify or separately amortize unfunded actuarial liabilities.
0 Three-Year Trend Information Three-year trend information for the plan follows:
Plan General Employees Police Officers Fiscal Year Ending 9/30/2001 9/30/2000 9/30/1999 9/30/2001 9/30/2000 9/30/1999 Annual Pension Cost (APC) 22,064 13,542 9,719 25,691 18,755 14,940 Percentage of APC Contributed 162%
162%
112%
92%
46%
135%
Net Pension Obligation (Asset)
(6,002)
(14,423)
(6,002) 2,100 15,302 0
Note 10 - Retirement Benefits The City allows retired employees to participate in the City's health insurance plan. These retirees are responsible for their premium payments. There were no retirees participating in the City's health insurance plan as of September 30, 2001.
28
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 11 - Other Disclosures Segment Information For Enterprise Funds The City operates three enterprise funds which provide electric, water, and sanitation services.
Segment information for the year ended September 30, 2001, is as follows:
Operating Revenues Depreciation Expense Operating Income (Loss)
Operating Transfers (Out)
Net Income (Loss)
Current Capital Contributions Plant, Property and Equipment Additions (Deletions)
Total Assets Net Working Capital Other Long-Term Liabilities Payable From Operating Revenue Total Fund Equity Total Retained Earnings (Deficit)
Interfund Receivables and Payables Interfund receivables and payables at September 30, 2001, are as follows:
General Fund Electric Utility Fund Wastewater Utility Fund General Employees' Retirement Fund Police Officers' Retirement Fund CDBG Fund Total Interfund Receivables and Payables Interfund Receivable 282,485 0
0 104 2,516 0
285,105 Interfund Payables 2,433 187 250,000 0
0 32,485 285,105 Interfund Transfers Interfund transfers at September 30, 2001, are as follows:
Interfund Transfers In 335,646 General Fund Electric Utility Fund Water Utility Fund Sanitation Fund Cemetery Fund Total Interfund Transfers 10,500 346,146 Interfund Transfers Out 10,500 276,646 40,000 19,000 0
346,146 29 Electric Utility Fund 2,380,486 119,848 447,794 (276,646) 240,524 0
49,050 3,578,113 1,830,826 0
3,578,113 2,958,731 Water Utility Fund 401,838 60,193 25,178 (40,000)
(6,132) 1,649 152,303 1,767,335 239,277 211,000 1,767,335 500,620 Wastewater Fund 674 0
(3,868) 0 4,690 165,766 1,498 817,381 232,224 0
817,381 (4,969)
Sanitation Fund 338,861 18,647 52,777 (19,000) 38,724 0
9,876 347,626 186,666 67,500 347,626 214,241 Total Enterprise Funds
$ 3,121,859 198,688 521,881 (335,646) 277,806 167,415 212,727 6,510,455 2,488,993 278,500 6,510,455 3,668,623 I3
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 11 - Other Disclosures (Concluded)
Allowances For Doubtful Accounts Allowances for doubtful accounts at September 30, 2001, are as follows:
Electric Utility Fund Water Utility Fund Sanitation Fund Total Allowances For Doubtful Accounts Excess (Deficiency) of Operating Expenditures/Expenses Operating Expenditures/Expenses in Individual Funds Wastewater Fund Water Utility Fund Sanitation Fund Electric Fund Budget 3,563 264,882 271,434 1,704,821 Actual 4,542 376,660 286,084 1,932,692 1,000 500 500 2,000 Over (Under) Budgeted Operating Expenditures/Expenses (In Excess)
Budgeted Operating Expenditures/
Expenses (979)
(111,778)
(14,650)
(227,871)
Retained Earnings (Deficit)/Fund Balances of Individual Funds at September 30, 2001 Wastewater Fund - Retained Earnings (Deficit)
(4,969)
Note 12 -
Risk Management The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters. The City transfers risk of loss through the purchase of commercial insurance from the Florida League of Cities, Inc.
and independent agencies. Insurance against losses are provided for the following types of risk:
U U
U U
U Workers' Compensation and Employer's Liability General and Automobile Liability Real and Personal Property Damage Public Officials' Liability Accidental Death and Disability 30
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)
Note 12 - Risk Management (Concluded)
The City's coverage for workers' compensation is under a retrospectively rated policy.
Premiums are accrued based on the ultimate cost to-date of the City's experience for this type of risk. There have been no significant reductions in insurance coverage during fiscal year 2001. Settled claims have not exceeded the commercial excess coverages in any of the past three years.
Note 13 -
Contingencies Grants Amounts received or receivable from grantor agencies are subject to audits and adjustment by grantor agencies. If any expenditures are disallowed as a result of these audits, the claims for reimbursement to the grantor agency would become a liability of the City. In the opinion of management, any such adjustments would not be significant.
Wastewater Treatment Facility The U.S. Department of Agriculture-Rural Development (USDA) approved a loan and grant to the City for its wastewater project. The amount of the grant is $2,000,000, and the loan amount is $2,800,000. The loan is at a 4.75% interest rate and is repayable over a period not exceeding forty years from the date of the loan closing.
In addition, the City and Sumter County, Florida entered into an interlocal agreement whereby Sumter County will contribute approximately $1,000,000 to the capital cost of the system at a rate of $56,000 per year.
The total cost of the wastewater project is estimated to be $6,500,000.
Library Construction During the fiscal year, the City entered into a construction agreement to build a new public library. The anticipated cost of construction is $485,710. Construction costs incurred as of September 30, 2001, was $118,509.
Note 14 - Federal and State Single Audit Requirements During the fiscal year, less than $300,000 was expended in both federal awards and state financial assistance qualifying under OMB Circular A-133 or pursuant to the Florida Single Audit Act.
31
NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Concluded)
Note 15 - Prior Period Adjustment Restatement The City implemented GASB Statement No. 33, Accounting and Reporting for Nonexchange Transactions, during fiscal year 2001, which changed the timing of recognition of certain revenues. Fund balance on the general fund was restated as follows:
Fund Balance, September 30, 2000, As Originally Reported Prior Period Adjustment Fund Balance, September 30, 2001, As Restated
$ 647,685 52,034 699,719 32
REQUIRED SUPPLEMENTARY INFORMATION General Employees' Retirement Plan - The following supplemental schedules present required trend information regarding the City's General Employees' Retirement Plan.
Police Officers' Retirement Plan - The following supplemental schedules present required trend information regarding the City's Police Retirement Plan.
REQUIRED SUPPLEMENTARY INFORMATION CONTRIBUTIONS - EMPLOYER AND OTHER GENERAL EMPLOYEES' RETIREMENT FUND AND POLICE OFFICERS' RETIREMENT FUND CITY OF BUSHNELL, FLORIDA (Unaudited)
A six-year schedule of contributions from the employer and other contributing entities follows:
General Employees' Retirement Plan Year Ended September 30, 2001 2000 1999 1998 1997 1996 Annual Required Contribution 22,064 13,542 9,719 7,743 3,303 879 City's Contribution 24,737 21,963 15,721 7,743 3,303 879 State's Contribution Percentage Contributed 0
112.11%
0 162.18%
0 161.75%
0 100.00%
0 100.00%
0 100.00%
Police Officers' Retirement Plan Year Ended September 30, 2001 2000 1999 1998 1997 1996 Annual Required Contribution 25,691 18,755 14,940 8,965 5,577 2,315 City's Contribution 2,280 1,275 0
8,965 5,577 2,315 State's Contribution 21,31 7,3 20,1!
26,7T 8,4-Percentage Contributed 11 91.83%
79 46.14%
)0 135.14%
73 398.64%
21 251.00%
0 100.00%
33
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP FINANCIAL STATEMENTS AND SCHEDULES
GENERAL FUND The general fund is used to account for resources traditionally associated with governments which are not required to be accounted for in another fund. The general fund receives a greater variety and number of taxes than any other fund.
The City's general fund directly services general long-term debt.
COMPARATIVE BALANCE SHEETS GENERAL FUND SEPTEMBER 30, 2001 AND 2000 CITY OF BUSHNELL, FLORIDA 2001 999,465 82,710 185,988 32,485 250,000 60 1,550,708 Assets Cash and Cash Equivalents Utility Taxes and Franchise Fees Receivable Due From Other Governments Due From Other Funds Advance to Wastewater Fund Other Receivables Total Assets Liabilities and Fund Balance Liabilities Accounts Payable Other Accrued Liabilities Due to Other Funds Deposits Total Liabilities Fund Balance Reserve For Drug Interdiction Fund Balance:
Unreserved Total Fund Balance Total Liabilities and Fund Balance 138,582 24,315 2,433 1,525 166,855 1,176 1,382,677 1,383,853
$ 1,550,708 2000 325,125 48,059 94,398 748 250,000 90 718,420 45,718 21,796 1,921 1,300 70,735 5,515 642,170 647,685 718,420 34
COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 2001 AND 2000 CITY OF BUSHNELL, FLORIDA 2001 845,671 8,836 316,206 176,248 21,699 22,494 32,479 1,423,633 Revenues Taxes Licenses and Permits Intergovernmental Grant Revenue Charges For Services Fines and Forfeitures Interest and Miscellaneous Total Revenues Expenditures Current:
General Government Public Safety Transportation Economic Environment Cemetery Culture and Recreation Debt Service:
Principal Interest Capital Outlay (Total Expenditures) 328,680 496,174 227,956 2,000 2,563 215,345 45,255 19,247 327,425 (1,664,645)
Excess (Deficiency) of Revenues Over (Under)
Expenditures Other Financing Sources (Uses)
Operating Transfers In:
Electric Utility Fund Water Utility Fund Sanitation Fund Operating Transfers Out:
Cemetery Fund Loan Proceeds Total Other Financing Sources (Uses) 2000 752,375 10,120 279,018 46,546 15,675 28,262 79,715 1,211,711 305,061 459,110 279,020 15,000 0
193,200 45,663 17,415 287,107 (1,601,576)
(241,012)
(389,865) 276,646 40,000 19,000 (10,500) 600,000 925,146 Excess (Deficiency) of Revenues and Other Financing Sources Over (Under) Expenditures 684,134 Fund Balance, Beginning of Year (As Restated) 699,719
$1,383,853 230,000 40,100 20,000 (11,041) 0 279,059 (110,806) 758,491 647,685 35
-il Fund Balance, End of Year
-1
SCHEDULE OF REVENUES - BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA 2001 Revenues Taxes Ad Valorem Taxes Local Government Infrastructure Surtax Local Option Gas Tax Franchise Fees:
Telephone Electric Cable TV Utility Service Taxes:
Telephone Gas Electric City Utility Tax Total Taxes Licenses and Permits Occupational Licenses City Permits Total Licenses and Permits Intergovernmental Two-Cent Cigarette Tax State Revenue Sharing Mobile Home Licenses Alcoholic Beverage License Half-Cent Sales Tax County Fire Fee County Occupational Licenses Sumter County Gas Tax County Library Assistance County Recreation Assistance Total Intergovernmental Grant Revenue Federal Law Enforcement Grant FRDAP Grant Library Grant SWFTMD Grant Total Grant Revenue Budget 103,952 133,293 206,393 3,000 47,219 21,000 83,978 13,875 50,728 111,153 774,591 5,010 2,700 7,710 0
74,193 6,400 1,240 83,818 73,893 2,100 37,435 12,480 0
291,559 0
100,000 90,000 90,000 280,000 Actual 103,989 151,513 195,722 3,272 59,626 24,647 119,010 11,890 65,591 110,411 845,671 6,146 2,690 8,836 0
72,451 8,248 1,141 80,712 109,967 2,399 31,963 9,325 0
316,206 4,143 107,969 59,586 4,550 176,248 Variance Favorable (Unfavorable) 37 18,220 (10,671) 272 12,407 3,647 35,032 (1,985) 14,863 (742) 71,080 1,136 (10) 1,126 0
(1,742) 1,848 (99)
(3,106) 36,074 299 (5,472)
(3,155) 0 24,647 4,143 7,969 (30,414)
(85,450)
(103,752) 36 2000 Actual 94,776 119,415 198,358 3,146 50,192 21,105 92,216 15,984 54,002 103,181 752,375 5,082 5,038 10,120 15,178 61,800 7,281 1,197 72,951 55,420 2,647 34,158 8,386 20,000 279,018 1,546 45,000 0
0 46,546
SCHEDULE OF REVENUES - BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA (Concluded) 2001 Revenues (Concluded)
Charges For Services Mowing Fees Fall Festival Summer Youth Program Total Charges For Services Fines and Forfeitures Fines and Forfeitures Police Education Total Fines and Forfeitures Miscellaneous Interest Earned Rent - Community Building Rent - Tower Space Library Fund-Raising Miscellaneous Total Miscellaneous Total Revenues Budget 1,750 7,044 8,139 16,933 30,612 717 31,329 23,905 6,000 5,400 500 27,224 63,029
$ 1,465,151 Variance Favorable Actual (Unfavorable) 1,802 $
8,211 11,686 21,699 21,830 664 22,494 15,938 5,270 5,849 0
5,422 32,479 52 1,167 3,547 4,766 (8,782)
(53)
(8,835)
(7,967)
(730) 449 (500)
(21,802)
(30,550) 2000 Actual 1,542 6,921 7,212 15,675 27,730 532 28,262 35,429 6,025 5,202 0
33,059 79,715
$ 1,423,633 $
(41,518) $ 1,211,711 37
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA 2001 Budget Actual Variance Favorable (Unfavorable) 2000 Actual General Government Legislative:
Personal Services Operating Expenditures Grants and Aids Total Legislative Finance and Administrative:
Personal Services Operating Expenditures Capital Outlay Total Finance and Administrative Legal Counsel:
Operating Expenditures Total General Government Public Safety Police Department:
Personal Services Operating Expenditures Capital Outlay Total Police Department Fire Department:
Personal Services Operating Expenditures Capital Outlay Total Fire Department Code Compliance Department:
Personal Services Operating Expenditures Total Code Compliance Department Total Public Safety Transportation Road and Street Department:
Personal Services Operating Expenditures Capital Outlay Total Transportation 18,000 5,861 10,450 34,311 191,924 73,135 6,495 271,554 25,220 331,085 320,815 62,871 50,000 433,686 27,167 28,797 12,000 67,964 38,459 6,831 45,290 546,940 122,044 138,869 158,950 419,863 18,000 5,398 9,700 33,098 192,532 80,167 6,459 279,158 22,883 335,139 342,201 62,343 54,228 458,772 27,234 21,608 12,206 61,048 37,832 4,956 42,788 562,608 113,547 114,409 52,791 280,747 0
463 750 1,213 (608)
(7,032) 36 (7,604) 2,337 (4,054)
(21,386) 528 (4,228)
(25,086)
(67) 7,189 (206) 6,916 627 1,875 2,502 (15,668) 8,497 24,460 106,159 139,116 18,000 5,556 4,450 28,006 175,358 78,465 58,213 312,036 23,232 363,274 297,304 57,718 13,094 368,116 38,833 23,072 32,985 94,890 35,074 7,109 42,183 505,189 118,395 160,625 46,562 325,582 38 Expenditures
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA (Concluded) 2001 Expenditures (Concluded)
Economic Environment Grants and Aid Budget Variance Favorable Actual (Unfavorable) 2000 Actual 2,000 2,000 $
0 15,000 Cemetery Personal Services Grants and Aid Total Cemetery 0
2,400 2,400 Culture and Recreation Library:
Personal Services Operating Expenditures Capital Outlay Total Library Parks and Recreation:
Personal Services Operating Expenditures Capital Outlay Total Parks and Recreation Special Events:
Operating Expenditures Summer Youth Program:
Personal Services Operating Expenditures Total Summer Youth Program Total Culture and Recreation Debt Service Principal Retirement Interest and Fiscal Charges Total Debt Service Total Expenditures 45,808 10,817 128,186 184,811 56,508 57,413 160,700 274,621 20,043 3,488 13,276 16,764 496,239 65,285 30,235 95,520
$ 1,894,047 163 2,400 2,563 41,704 15,100 118,509 175,313 72,949 49,280 83,232 205,461 (163) 0 (163) 4,104 (4,283) 9,677 9,498 (16,441) 8,133 77,468 69,160 0
0 0
42,613 10,232 16,705 69,550 60,815 46,539 119,548 226,902 18,666 1,377 33,001 3,940 13,706 17,646 417,086 45,255 19,247 64,502 (452)
(430)
(882) 79,153 20,030 10,988 31,018 0
0 0
329,453 45,663 17,415 63,078
$ 1,664,645 $
229,402
$ 1,601,576 39 4-
SPECIAL REVENUE FUNDS Special revenue funds account for revenues from specific taxes or other earmarked revenue sources which, by law, are designated to finance particular functions or activities of government. The City has the following special revenue funds:
"* Evergreen Cemetery Fund - To account for the proceeds and expenditures generated to maintain the City's cemetery.
"* Community Development Block Grant (CDBG) Fund - To account for the receipts awarded and expenditures made in compliance with grant requirements to develop the City's downtown area.
COMBINING BALANCE SHEET SPECIAL REVENUE FUNDS SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA Evergreen Cemetery CDBG Grant 2001 Current Assets Cash and Cash Equivalents Due From Other Governments
$ 458,330 1,841 31,872
$ 460,171 31,872
$ 430,797 0
Total Assets 458,330 33,713 492,043 430,797 Liabilities and Fund Balances Liabilities Accounts Payable Due to General Fund Deferred Revenues Deposits Total Liabilities 146 3,150 3,296 Fund Balances Reserved For Perpetual Care Total Liabilities and Fund Balances 32,486 1,227 33,713 146 32,486 1,227 3,150 37,009 455,034 0
455,034 2,043 345 1,227 2,925 6,540 424,257
$ 458,330 $
33,713 $ 492,043 $
430,797 40 Assets Totals 2000
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA Evergreen Cemetery Revenues Contributions Sale of Cemetery Lots Interest Memorials and Gifts Grant Revenue Total Revenues Expenditures Operating Expenditures Capital Outlay (Total Expenditures)
CDBG Grant 9,190 $
6,700 24,180 1,050 0
41,120 20,644 200 (20,844) 0 $
0 0
0 46,019 46,019 46,019 0
(46,019)
Totals 2001 2000 9,190 6,700 24,180 1,050 46,019 87,139 66,663 200 (66,863) 6,169 9,300 23,274 205 3,773 42,721 24,230 3,973 (28,203)
Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources Operating Transfers In Excess (Deficiency) of Revenues and Other Financing Sources Over (Under)
Expenditures Fund Balances, Beginning of Year Fund Balances, End of Year 20,276 10,500 0
20,276 0
30,776 14,518 10,500 11,041 0
30,776 25,559 424,257 0
424,257 398,698
$ 455,033 $
0 $ 455,033
$ 424,257 41
"-i
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL REVENUE FUND - EVERGREEN CEMETERY FUND FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA 2001 Variance Budget Actual Revenues Contributions Sale of Cemetery Lots Interest Memorials and Gifts Total Revenues Expenditures Operating Expenditures Capital Outlay (Total Expenditures) 8,500 6,000 20,500 500 35,500 29,690 600 (30,290) 9,190 6,700 24,180 1,050 41,120 20,644 200 (20,844)
Favorable (Unfavorable) 690 700 3,680 550 5,620 9,046 400 9,446 2000 Actual 6,169 9,300 23,274 205 38,948 24,230 200 (24,430)
Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources Operating Transfers In Excess (Deficiency) of Revenues and Other Financing Sources Over (Under)
Expenditures Fund Balance, Beginning of Year Fund Balance, End of Year 5,210 20,276 15,066 14,518 10,500 10,500 0
11,041 15,710 30,776 15,066 25,559 424,257 424,257 0
398,698
$ 439,967 $
455,033 $
15,066 $
424,257 42
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL REVENUE FUND - COMMUNITY DEVELOPMENT BLOCK GRANT FUND FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA 2001 Variance Budget Actual Revenues Grant Revenue Favorable (Unfavorable) 357,210 $
46,019 $
(311,191)
Expenditures Operating Expenditures Capital Outlay (Total Expenditures) 107,210 250,000 (357,210)
Excess (Deficiency) of Revenues Over (Under) Expenditures 0
46,019 0
46,019 61,191 250,000 311,191 0
2000 Actual 3,773 0
3,773 (3,773) 0 0
Fund Balance, Beginning of Year Fund Balance, End of Year 0
0 0
0
0$
0 $
0 $
0 43
-1.
-i
ENTERPRISE FUNDS Enterprise funds are used to account for operations (a) that are financed and operated in a manner similar to private business 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 recorded primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. Certain administrative expenses are paid by the general fund.
COMBINING BALANCE SHEET ALL ENTERPRISE FUNDS SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA Electric Utility Fund Water Utility Fund Wastewater Utility Fund Current Assets Cash and Cash Equivalents Customer Accounts Receivable, Net of Allowance For Uncollectibles Deferred Debit - Power Cost Adjustment Retainage Receivable Due From Other Funds Due From Other Governments Inventories, At Cost Total Current Assets Restricted Assets Cash and Investments:
CR-3 Nuclear Decommissioning Customer Deposits Other Total Restricted Assets Property and Equipment Utility Plant in Service Construction in Progress (Accumulated Depreciation)
Total Property and Equipment - Cost Less Depreciation Other Assets Loan Cost (Net)
Total Assets 1,456,870 $
301,474 119,410 170,850 2,048,604 124,836 99,895 45 224,776 2,520,867 226,645 $
177,840 $
197,815 $
2,059,170 $
1,959,488 21,904 278 47,787 52,333 43,440 291,989 14,286 244,737 371,4e 119,41 52,K3 14,28 214,29 245,602 2,830,9 0
0 0
2,326,519 (1,216,134)
(855,459) 124,836 99,895 45 224,776 324,885 5,172,271 572,644 572,644 (222,861)
(2,294,454) 43 354,150 10 61,200 33 0
0 5,717 36 57,135 90 204,827 32 2,642,517 107,018 93,888 45 200,951 4,962,930 390,318 (2,097,675) 1,304,733 1,471,060 572,644 102,024 3,450,461 3,255,573 0
4,286 0
0 4,286 4,572 3,578,113 $
1,767,335 $
817,381 $
347,626 $
6,510,455 $
6,103,613 44 Assets Sanitation Fund Totals 2001 2000
COMBINING BALANCE SHEET ALL ENTERPRISE FUNDS SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, (Concluded)
FLORIDA Electric Utility Fund Liabilities and Fund Equity Current Liabilities Accounts Payable Other Accrued Liabilities Due to Other Funds Current Portion of Notes Payable Compensated Absences Payable Accrued Interest Total Current Liabilities Water Utility Fund 157,227 $
27,913 187 32,324 127 217,778 Current Liabilities (Payable From Restricted Assets)
Customer Deposits Long-Term Liabilities Deferred Credit - CR-3 Decommissioning Note Payable Note Payable - Florida Municipal Power Agency Advance From Other Fund Total Long-Term Liabilities 99,895 10,091 6,072 15,000 21,549 Wastewater Utility Fund 12,513 52,712 12,513 0
0 Sanitation Fund Totals 2001 2000 16,774 $
196,605 1,086 35,071 187 22,500 37,500 17,233 71,106 1,343 1,470 58,936 341,939 0
124,836 45,000 196,000 124,836 196,000 250,000 250,000 45,000 99,895 124,836 45,000 196,000 250,000 615,836 173,041 28,369 3,795 84,970 73,142 3,826 367,143 93,888 107,018 67,000 211,000 250,000 635,018 Total Liabilities 442,509 248,712 262,513 103,936 1,057,670 1,096,049 Fund Equity Contributed Capital Retained Earnings:
Unreserved Total Fund Equity 176,873 2,958,731 3,135,604 1,018,003 559,837 500,620 (4,969) 1,518,623 554,868 29,449 1,784,162 1,616,747 214,241 3,668,623 3,390,817
!43,690 5,452,785 5,007,564 Total Liabilities and Fund Equity 3,578,113 $
1,767,335 $
817,381 347,626 $
6,510,455 6,103,613 45 I-
[
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS ALL ENTERPRISE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA Operating Revenues Charge For Sales and Services Miscellaneous Revenues Total Operating Revenues Operating Expenses Demand and Energy Charge CR-3 Operations and Maintenance Salaries Employee Benefits Professional Services Operating Supplies Other Current Charges Depreciation Landfill (Total Operating Expenses)
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Interest Income Interest Expense Other Debt Service Costs Total Nonoperating Revenues (Expenses)
Net Income (Loss) Before Transfers Electric Utility Fund 2,380,486 0
2,380,486 1,395,064 66,636 156,331 48,591 35,335 38,130 72,757 119,848 0
(1,932,692) 447,794 69,509 (133) 0 69,376 517,170 Water Utility Fund 401,838 0
401,838 0
0 136,857 43,079 44,383 23,521 68,627 60,193 0
(376,660)
Wastewater Utility Fund 278 396 674 0
1,278 3,264 0
0 (4,542)
Sanitation Fund 338,861 0
338,861 0
0 64,115 29,384 3,730 10,373 20,291 18,647 139,544 (286,084)
Totals 2001 2000 3,121,463 396 3,121,859 1,395,064 66,636 357,303 121,054 83,448 73,302 164,939 198,688 139,544 (2,599,978) 2,701,953 568 2,702,521 1,075,660 63,126 348,425 121,164 73,584 31,891 121,256 191,302 132,509 (2,158,917) 25,178 (3,868) 52,777 521,881 543,604 19,335 (10,359)
(286) 8,690 33,868 8,558 0
0 8,558 4,690 9,701 (4,754) 0 4,947 57,724 107,103 (15,246)
(286) 91,571 613,452 99,992 (16,539)
(286) 83,167 626,771 Operating Transfers (Out)
Net Income (Loss)
(276,646)
(40,000) 0 (19,000)
(335,646)
(290,100) 240,524 (6,132) 4,690 38,724 277,806 336,671 Retained Earnings, Beginning of Year Retained Earnings, End of Year 2,718,207 506,752 (9,659) 175,517 3,390,817 3,054,146 2,958,731 500,620 $
(4,969)$
214,241 3,668,623 3,390,817 46
COMBINING STATEMENT OF CASH FLOWS ALL ENTERPRISE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA Electric Utility Fund Reconciliation of Operating Income (Loss) to Net Cash Provided By (Used In) Operating Activities:
Operating Income Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided By (Used In) Operating Activities:
Depreciation Change in Current Assets - (Increase) Decrease and Current Liabilities - Increase (Decrease):
Accounts Receivable Deferred Debits - Power Cost Adjustment Due From Other Funds Inventories Accounts Payable Other Accrued Liabilities Due to Other Funds Compensated Absences Payable Customer Deposits Total Adjustments Net Cash Provided By (Used In) Operating Activities Cash Flows From Noncapital Financing Activities Operating Transfers Out to Other Funds Deferred Credit CR-3 Decommissioning Net Cash Provided By (Used In) Noncapital Financing Activities Cash Flows From Capital and Related Financing Activities Advance From Other Fund Acquisition and Construction of Capital Assets Principal Payments on Notes Interest Paid on Notes Contributed Capital Proceeds of Note Payable Net Cash Provided By (Used In) Capital and Related Financing Activities Water Utility Fund Wastewater Utility Fund Sanitation Fund 2001 447,794 $
25,178 (3,868) $
52,777 521,881 543,604 119,848 (19,138)
(58,210) 4,451 (9,217))
11,303 3,541 187 (2,741) 6,007 56,031 503,825 (276,646) 17,818 (258,828) 0 (49,049)
(30,573)
(133) 0 60,193 12,058 0
750 (246)
(1,666) 2,160 (3,795)
(1,828) 0 67,626 92,804 0
18,647 (53,995) 0 44,233 0
10,086 0
0 0
0 324 (3,544)
(9,890) 0 516 0
3,841 (11) 0 0
0 13,103 65,880 (40,000) 0 (19,000) 0 0
0 (40,000) 0 (19,000) 0 (152,325)
(31,397)
(10,359) 1,649 (182,32 165,76 0
0 (79,755)
(192,432)
(16,56 198,688 (70,965)
(58,210) 49,950 (9,463) 23,564 5,690 (3,608)
(4,569) 6,007 137,084 658,965 (335,646) 17,818 (317,828) 0 0
0
- 26)
(9,876)
(393,576) 0 (22,500)
(84,470) 0 (3,565)
(14,057) 6 0
167,415 0
0 0
- 0)
(35,941)
(324,688) 47 Totals 2000 191,302 (1,794)
(61,200) 4,305 (22,163) 25,249 (12,464) 0 14,882 10,050 148,167 691,771 (290,100) 16,623 (273,477) 250,000 (607,393)
(68,600)
(13,749) 313,932 90,000 (35,810)
COMBINING STATEMENT OF CASH FLOWS ALL ENTERPRISE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA (Concluded)
Water Utility Wastewater Fund Fund Sanitation Fund Totals 2001 2000 Cash Flows From Investing Activities Interest Received 69,509 $
19,335 8,558 9,701 107,103 99,992 234,751 Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning of Year (120,293)
(11,546) 20,640 1,446,895 346,938 189,386 177,175 123,552 482,476 2,160,394 1,677,918 Cash and Cash Equivalents, End of Year 1,681,646 $
226,645 $
177,840 $
197,815 2,283,946 $
2,160,394 Presented in the Accompanying Combined Balance Sheet as:
Unrestricted Cash Restricted Cash Total Cash 1,456,870 224,776 1,681,646 226,645 $
177,840 0
0 226,645 $
177,840 197,815 0
197,815 2,059,170 $
1,959,488 224,776 200,906 2,283,946 $
2,160,394 48 Electric Utility Fund
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL ELECTRIC UTILITY FUND FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA 2001 Variance Favorable Operating Revenues Residential Electric Sales Commercial Demand Sales Commercial Nondemand Sales Private Area Light Sales Miscellaneous Total Operating Revenues Operating Expenses Demand and Energy Charge CR-3 Operations and Maintenance Salaries Employee Benefits Professional Services Operating Supplies Other Current Charges Depreciation (Total Operating Expenses)
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Interest Income Interest Expense Total Nonoperating Revenues (Expenses)
Net Income (Loss) Before Transfers Operating Transfers (Out)
Net Income (Loss)
Retained Earnings, Beginning of Year Retained Earnings, End of Year Budget 688,523 657,663 673,853 14,190 21,000 2,055,229 Actual 791,057 749,171 795,809 16,360 28,089 2,380,486 102,534 91,508 121,956 2,170 7,089 325,257 1,334,963 1,395,064 (60,101) 62,032 66,636 (4,604) 148,544 156,331 (7,787) 48,931 48,591 340 40,022 35,335 4,687 11,000 38,130 (27,130) 59,329 72,757 (13,428) 0 119,848 (119,848)
(1,704,821)
(1,932,692)
(227,871) 350,408 447,794 97,386 434,759 68,343 69,509 1,166 (1,528)
(133) 1,395 66,815 69,376 2,561 417,223 517,170 99,947 511,446 (289,546)
(276,646) 12,900 127,677 240,524 112,847 281,446 2,718,207 2,718,207 0
2,436,761 2,845,884 $
2,958,731 $
112,847 $2,718,207 49 2000 (Unfavorable)
Actual 659,411 610,698 618,881 13,819 79,386 1,982,195 1,075,660 63,126 148,533 45,706 38,469 2,332 61,424 112,186 (1,547,436) 78,104 (1,417) 76,687 (230,000)
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL WATER UTILITY FUND FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA Operating Revenues Residential Water Sales Commercial Water Sales Penalties and Reconnections Water Connection Fees Capacity Reservation Charges Miscellaneous Total Operating Revenues Operating Expenses Salaries Employee Benefits Professional Services Operating Supplies Other Current Charges Depreciation (Total Operating Expenses)
Operating Income (Loss)
Budget 144,172 203,535 20,480 3,371 10,000 33,822 415,380 2001 Variance Favorable Actual 140,449 161,672 20,843 4,520 36,259 38,095 401,838 127,245 136,857 44,119 43,079 23,610 44,383 27,500 23,521 42,408 68,627 0
60,193 (264,882)
(376,660)
(Unfavorable)
Actual (3,723)
(41,863) 363 1,149 26,259 4,273 (13,542)
(9,612) 1,040 (20,773) 3,979 (26,219)
(60,193)
(111,778) 150,498 25,178 125,320 118,638 Nonoperating Revenues (Expenses)
Interest Income Interest Expense Other Debt Service Costs Total Nonoperating Revenues (Expenses)
Net Income (Loss) Before Transfers Operating Transfers (Out)
Net Income (Loss)
Retained Earnings, Beginning of Year Retained Earnings, End of Year 8,277 (12,092) 19,335 (10,359) 11,058 1,733 0
(286)
(286)
(3,815) 8,690 12,505 146,683 33,868 10,788 (12,435)
(286)
(1,933)
(112,815) 116,705 (40,000)
(40,000) 0 (40,100) 106,683 (6,132)
(112,815) 76,605 506,752 506,752 0
430,147 613,435 $
500,620 $
(112,815) $
506,752 50 2000 145,930 183,063 25,162 6,187 43,266 30,956 434,564 128,228 43,674 20,169 21,002 40,871 61,982 (315,926)
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL WASTEWATER UTILITY FUND FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA Operating Revenues Commercial Wastewater Services Miscellaneous Total Operating Revenues Operating Expenses Professional Services Operating Supplies Other Current Charges (Total Operating Expenses)
Operating Income (Loss)
Nonoperating Revenues Interest Income Budget 0
0 0
0 1,278 2,285 (3,563)
(3,563) 2001 Variance 2000 Favorable Actual (Unfavorable)
Actual 278 $
278 396 396 674 674 0
568 568 0
0 10,944 1,278 0
0 3,264 (979) 2,639 (4,542)
(979)
(13,583)
(3,868)
(305)
(13,015) 8,220 8,558 338 Net Income (Loss) 4,657 Retained Earnings, Beginning of Year Retained Earnings, End of Year 4,690 3,356 33 (9,659)
(9,659)
(9,659) 0 0
(5,002) $
(4,969) $
33 $
(9,659) 51
-11 j
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL SANITATION FUND FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA 2001 Operating Revenues Residential Garbage Commercial Garbage Miscellaneous Total Operating Revenues Operating Expenses Salaries Employee Benefits Professional Services Operating Supplies Other Current Charges Depreciation Landfill (Total Operating Expenses)
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Interest Income Interest Expense Total Nonoperating Revenues (Expenses)
Net Income (Loss) Before Transfers Operating Transfers (Out) 2000 Variance Favorable Budget Actual (Unfavorable)
Actual 141,352 181,217 4,935 327,504 135,869 198,821 4,171 338,861 (5,483) 17,604 (764) 11,357 73,002 64,115 8,887 32,669 29,384 3,285 3,515 3,730 (215) 8,983 10,373 (1,390) 17,994 20,291 (2,297) 0 18,647 (18,647) 135,271 139,544 (4,273)
(271,434)
(286,084)
(14,650) 119,742 158,009 7,443 285,194 71,664 31,784 4,002 8,557 16,322 17,134 132,509 (281,972) 56,070 52,777 (3,293) 3,222 5,454 (6,379)
(925) 55,145 9,701 4,247 (4,754) 1,625 4,947 5,872 57,724 2,579 7,744 (2,687) 5,057 8,279 (19,000)
(19,000) 0 (20,000)
Net Income (Loss)
Retained Earnings, Beginning of Year Retained Earnings, End of Year 36,145 38,724 2,579 (11,721) 175,517 175,517 0
187,238 211,662 $
214,241 $
2,579 $
175,517 52
PENSION TRUST FUNDS These funds account for assets held by a governmental unit in a trustee capacity or as agent for individual, private organizations, other governmental units and/or other funds.
" General Employees' Retirement Fund - To account for the accumulation of resources to be used for retirement annuity payments at appropriate amounts and times in the future and also the administrative costs of the system. Resources are contributed by the general and enterprise funds at amounts determined by biennial actuarial studies.
" Police Officers' Retirement Fund - To account for the accumulation of resources to be used for retirement annuity payments at appropriate amounts and times in the future and also the administrative costs of the system. Resources are contributed by the state and plan participants, with additional funds needed to meet actuarially determined amounts provided by the general fund.
COMBINING STATEMENT OF PLAN NET ASSETS PENSION TRUST FUNDS SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA Assets Cash Investments Due From Other Funds General Employees' Retirement Fund 3,621 53,435 2,516 Police Officers' Retirement Fund 3,055 113,374 104 2001 6,676 166,809 2,620 2000 16,058 120,876 0
Total Assets Liabilities Due to Other Funds Net Assets Held in Trust For Pension Benefits 59,572 116,533 176,105 136,934 0
0 0
403 59,572 $
116,533 $
176,105 $
136,531 53
COMBINING STATEMENTS OF CHANGES IN PLAN NET ASSETS PENSION TRUST FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2001, WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2000 CITY OF BUSHNELL, FLORIDA General Employees' Retirement Fund Additions Contributions Employer Employee State Miscellaneous Total Contributions 24,737 0
0 0
24,737 Police Officers' Retirement Fund 17,582 1,265 21,311 399 40,557 2001 42,319 1,265 21,311 399 65,294 2000 21,963 1,251 7,379 0
30,593 Investment Income (Loss)
Interest and Dividend Income Net Appreciation (Depreciation) in Fair Value of Investments Total Investment Income (Loss) 5,052 6,107 (20,563)
(15,133)
(15,511)
(9,026) 11,159 5,051 (35,696)
(2,838)
(24,537) 2,213 Total Additions 9,226 31,531 40,757 32,806 Deductions Termination Payments Miscellaneous (Total Deductions)
Net Increase (Decrease) 0 (1,183)
(1,183) 176 0
0 0
43 0
(1,183)
(1,183)
(219) 9,226 30,348 39,574 32,587 Net Assets Held in Trust For Pension Benefits:
Beginning of Year End of Year 50,346 86,185 136,531 103,944 59,572 $
116,533 $
176,105 $
136,531 See accompanying notes.
54
-1.
GENERAL FIXED ASSETS ACCOUNT GROUP To account for fixed assets other than those accounted for in proprietary and similar trust funds.
SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE SEPTEMBER 30, 2001 AND 2000 CITY OF BUSHNELL, FLORIDA 2001 2000 General Fixed Assets Land Buildings Improvements Other Than Buildings Equipment and Furniture Construction in Progress Total General Fixed Assets Investment in General Fixed Assets General Fund Revenues Federal Grants State Grants Donations Total Investment in General Fixed Assets 486,370 705,325 589,205 1,325,430 132,480 3,238,810 2,838,293 10,997 373,048 16,472 3,238,810 $
2,955,008 55 486,370 705,325 539,227 1,224,086 0
2,955,008 2,785,967 4,739 147,830 16,472
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY FOR THE YEAR ENDED SEPTEMBER 30, 2001 CITY OF BUSHNELL, FLORIDA Additions (Deletions)
Balance September 30, 2001 General Government Financial Administrative Legislative Total General Government Public Safety Law Enforcement Fire Control Protective Inspections Total Public Safety Physical Environment Cemetery Transportation Roads and Streets Culture and Recreation Library Parks and Recreation Special Facilities:
Community Building Total Culture and Recreation Total General Fixed Assets 434,034 2,873 436,907 335,705 362,385 13,369 711,459 6,459 $
0 0
6,459 54,228 12,206 0
66,434 0
0 0
0 0
0 68,023 0
0 623,360 26,897 961,843 126,519 1,115,259 9,169 118,509 83,231 0
201,740 0
440,493 2,873 443,366 389,933 374,591 13,369 777,893 68,023 632,529 0
145,406 0
1,045,074 0
0 126,519 1,316,999
$ 2,955,008 $
283,802 $
0 $
3,238,810 56 General Fixed Assets Balance October 1, 2000
SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY SEPTEMBER 30, 2001 CITY OF BUSHNELL, FLORIDA General Fixed Assets General Government Financial Administrative Legislative Total General Government Public Safety Law Enforcement Fire Control Protective Inspections Total Public Safety Physical Environment Cemetery Transportation Roads and Streets Culture and Recreation Library Parks and Recreation Special Facilities:
Community Building Total Culture and Recreation Total General Fixed Assets Total 440,493 2,873 443,366 389,933 374,591 13,369 777,893 68,023 632,529 145,406 1,045,074 126,519 1,316,999 Land Buildings 167,985 $
0 167,985 60,426 0
0 60,426 68,023 14,250 200 157,922 17,564 175,686 Improvements Other Than Buildings 103,480 $
0 103,480 0
6,300 0
6,300 Equipment and Furniture 17,480 $
151,548 $
0 2,873 17,480 154,421 4,523 0
0 4,523 Construction in Progress 0
0 0
324,984 368,291 13,369 706,644 0
0 0
0 0
0 0
0 313,135 4,000 169,455 108,955 282,410 35,966 1,224 530,012 0
531,236 269,178 0
21,473 173,714 0
195,187 118,509 13,971 0
132,480 3,238,810 $
486,370 705,325 $
589,205 $
1,325,430 $
132,480 57
Statigtica[Section
TABLE 1 GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)(2)
LAST TEN FISCAL YEARS CITY OF BUSHNELL, FLORIDA General Government 209,553 208,491 294,711 280,284 317,049 279,604 269,378 306,366 391,477 335,139 Public Safety 507,286 417,381 458,547 425,897 439,703 469,726 437,443 440,907 505,189 562,608 Physical Environment 22,261 28,749 24,199 20,534 62,017 258,109 30,522 33,001 0
69,426 Transportation 114,909 132,729 279,891 214,868 208,376 201,520 785,847 431,133 325,582 280,747 Economic Environment 59,408 333,512 13,000 12,000 12,250 13,000 9,000 12,000 15,000 2,000 Culture and Recreation 95,070 173,512 217,257 134,779 225,620 289,541 148,863 264,934 329,453 417,086 Debt Service 0
0 0
0 0
0 97,102 43,069 63,078 64,502 Total 1,008,487 1,294,374 1,287,605 1,088,362 1,265,015 1,511,500 1,778,155 1,531,410 1,629,779 1,731,508 (1) Includes general and special revenue funds.
(2)
Function includes capital outlay expenditures.
Information Source:
Audited Financial Reports 58 Fiscal Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
GOVERNMENTAL REVENUES BY SOURCE (1)
LAST TEN FISCAL YEARS CITY OF BUSHNELL, FLORIDA Taxes 293,004 407,466 469,928 504,851 536,217 577,880 708,234 741,281 752,375 845,671 License and Permits 14,987 21,039 23,748 18,748 21,940 14,891 25,446 5,093 10,120 8,836 Intergovernmental 406,743 658,040 364,562 381,085 506,840 619,647 507,413 271,282 329,337 538,473 Charges For Services 2,250 1,632 1,752 1,787 750 3,074 5,388 19,398 15,675 21,699 Fines and Forfeitures 50,271 53,826 44,038 19,134 37,014 34,834 23,348 39,109 28,262 22,494 Interest and Miscellaneous 55,683 71,841 75,812 79,900 150,006 112,377 113,954 104,625 118,663 73,599 Total 822,938 1,213,844 979,840 1,005,505 1,252,767 1,362,703 1,383,783 1,180,788 1,254,432 1,510,772 (1) Includes general and special revenue funds.
Information Source:
Audited Financial Reports 59 GENERAL TABLE 2 Fiscal Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
TABLE 3 GENERAL GOVERNMENTAL TAX REVENUES BY SOURCE (1)
LAST TEN FISCAL YEARS CITY OF BUSHNELL, FLORIDA Franchise Fees 49,199 52,061 55,850 55,796 58,618 70,562 71,762 67,172 74,443 87,545 Utility Taxes 155,823 175,359 206,020 224,986 233,307 263,724 243,798 254,215 265,383 306,902 Sales Use and Gas Taxes 0
0 117,845 131,076 149,952 146,891 298,895 324,553 317,773 347,235 Total Taxes 293,004 407,466 459,928 504,851 536,217 577,880 708,234 741,281 752,375 845,671 (1) Includes general and special revenue funds.
Information Source:
Audited Financial Reports 60 Fiscal Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Property Taxes 87,982 180,046 90,213 92,993 94,340 96,703 93,779 95,341 94,776 103,989
TABLE 4 PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS CITY OF BUSHNELL, FLORIDA Total Tax Levy 90,332 93,469 94,536 97,083 97,598 99,741 98,259 97,660 93,261 105,771 Current Collections 87,982 87,871 90,213 92,993 94,340 96,703 93,526 94,744 94,566 103,783 Percent of Levy Collected 96%
94%
95%
96%
97%
97%
95%
97%
100%
98%
Delinquent Tax Collections
- v 253 597 210 206 Total Tax Collections 86,753 87,871 90,213 92,993 94,340 96,703 93,779 95,341 94,776 103,989
- Information not available.
Information Source:
Sumter County Tax Collector and City Clerk's Office Fiscal Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Percent of Total Tax Collections to Tax Levy 96%
94%
95%
96%
97%
97%
95%
98%
100%
98%
TABLE 5 ASSESSED AND ESTIMATED ACTUAL VALUE OF PROPERTY LAST TEN FISCAL YEARS CITY OF BUSHNELL, FLORIDA Real Property Estimated Assessed Value
$ 34,612,123 37,489,724 42,971,688 49,955,255 Actual Value
$ 44,538,727 53,308,291 53,748,501 61,049,808 Personal Property Estimated Assessed Actual Value Value
$ 11,153,561 11,621,364 13,039,744 14,793,127
$ 11,160,563 12,911,203 13,046,244 14,799,627 Total Estimated Assessed Value
$ 33,468,971 37,002,810 38,012,169 40,876,122 42,016,283 44,689,547 45,765,684 49,111,088 56,011,432 64,986,935 Actual Value
$ 39,375,260 43,532,718 44,720,199 48,089,555 49,430,921 52,575,937 55,699,290 66,219,494 66,794,745 76,087,988 Ratio of Total Assessed to Total Estimated Actual Value 85%
85%
85%
85%
85%
85%
82%
75%
83%
85%
- Information not available.
Information Source:
Sumter County Property Appraiser 62 Fiscal Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
TABLE 6 PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARS CITY OF BUSHNELL, FLORIDA Total City Millage 2.700 2.7 2.53 2.49 2.38 2.35 2.18 2.147 1.997 1.889 Total State and County Millage 19.91 19.95 20.23 20.09 20.09 20.14 20.08 20.02 21.073 21.073 Information Source:
City Millage Records Sumter County Property Appraiser 63 Fiscal Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Total 22.610 22.65 22.76 22.46 22.47 22.49 22.26 22.167 23.07 22.962
TABLE 7 PRINCIPAL TAXPAYERS SEPTEMBER 30, 2001 CITY OF BUSHNELL, FLORIDA Taxpayer
- 1. Metal Industries
- 2.
Sumter Center
- 3.
Osprey Point
- 4.
Wal-Mart, Inc.
- 5.
Eckerd Corporation
- 6.
Bushnell Elderly Housing
- 7.
Bushnell R.R.H., Ltd.
- 8.
Windmeadows R.R.H., Ltd.
- 9.
MC Development
- 10. SunTrust Nature Coast Subtotal Other Taxpayers Total Assessed Value Information Source:
Sumter County Tax Collector Assessed Valuation 4,333,291 2,324,059 1,966,877 1,404,643 1,218,597 881,108 824,139 705,148 620,176 557,442 14,835,480 35,119,775 49,955,255 64 Percent of Total Assessed Valuation 8.67%
4.65%
3.94%
2.81%
2.44%
1.76%
1.65%
1.41%
1.24%
1.13%
29.70%
70.30%
100.00%
TABLE 8 RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL DEBT TO TOTAL GENERAL EXPENDITURES LAST TEN FISCAL YEARS CITY OF BUSHNELL, FLORIDA Principal 26,774 31,549 91,128 23,723 23,527 25,813 86,526 27,923 45,663 45,255 Interest 13,469 14,220 8,940 14,640 13,172 12,483 10,576 15,146 17,415 19,247 Total Debt Service 40,243 45,769 100,068 38,363 36,700 38,296 97,102 43,069 63,078 64,502 Total General Expenditures (1) 1,008,487 1,294,374 1,287,605 1,088,362 1,265,015 1,511,500 1,778,155 1,531,410 1,629,779 1,731,508 Ratio of Debt Service to Total General Expenditures 3.99%
3.54%
7.77%
3.52%
2.90%
2.53%
5.46%
2.81%
3.87%
3.73%
Includes general and special revenue funds.
The City has no bonded debt.
Computation of legal debt margin is not included within this report inasmuch as no legal debt margin has been established pursuant to Florida Statutes.
Information Source:
Audited Financial Reports 65 Fiscal Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 (1)
(2)
(3)
TABLE 9 SCHEDULE OF ELECTRIC UTILITY REVENUE DEBT SERVICE LAST TEN FISCAL YEARS CITY OF BUSHNELL, FLORIDA Operating Revenue 1,259,120 1,402,282 1,443,085 1,494,100 1,652,681 1,784,613 1,863,515 1,824,130 1,982,195 2,380,486 Operating Expenses 1,054,735 1,084,015 1,091,387 1,249,954 1,341,876 1,368,548 1,398,763 1,375,163 1,547,436 1,932,692 Net Operating Revenue Available For Debt Service 204,385 318,267 351,699 244,146 310,805 416,065 464,752 448,967 434,759 447,794 Debt Service Requirements Principal Interest Total 71,132 72,987 72,290 73,419 71,363 76,228 107,905 4,402 112,307 26,205 2,375 28,580 30,572 1,417 31,989 30,573 133 30,706
- Information not available.
Information Source:
Audited Financial Reports General Ledger 66 Fiscal Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Debt Coverage Ratio 287%
436%
487%
333%
436%
546%
414%
157%
136%
146%
TABLE 10 SCHEDULE OF WATER REVENUE DEBT SERVICE LAST TEN FISCAL YEARS CITY OF BUSHNELL, FLORIDA Operating Revenue 251,573 274,478 280,391 285,767 366,672 333,100 371,517 424,921 434,564 401,838 Operating Expenses 187,524 192,355 199,304 220,368 236,155 233,147 278,354 274,350 315,926 376,660 Net Operating Revenue Available For Debt Service 64,049 82,123 81,087 65,399 130,517 99,953 93,163 150,571 118,638 25,178 Debt Service Requirements Principal Interest Total 40,830 43,007
- 41,111
- 38,828 56,762 56,962 28,222 15,000 43,222 37,877 10,499 48,376 19,428 12,435 31,863 31,397 10,359 41,756
- Information not available.
Information Source:
Audited Financial Reports General Ledger 67 Fiscal Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Debt Coverage Ratio 157%
191%
197%
168%
230%
176%
215%
311%
372%
(60%)
TABLE 11 SCHEDULE OF SANITATION REVENUE DEBT SERVICE LAST TWO FISCAL YEARS (1)
CITY OF BUSHNELL, FLORIDA Operating Revenue 285,194 338,861 Operating Expenses 281,972 286,084 Net Operating Revenue Available For Debt Service 3,222 52,777 Debt Debt Service Requirements Coverage Principal Interest Total Ratio 0 $
2,687 2,687 120%
22,500 3,565 25,865 111%
(1) The sanitation fund has no debt service requirements from 1992 through 1999.
Information Source:
Audited Financial Reports General Ledger 68 Fiscal Year 2000 2001
TABLE 12 DEMOGRAPHIC STATISTICS LAST TEN FISCAL YEARS CITY OF BUSHNELL, FLORIDA Per Capita Income 13,021 13,529 13,995 14,473 14,967 15,364 15,640 15,847 15,144 17,312 Median Age 40.4 40.6 40.3 40.6 41.0 40.0 41.5 41.6 41.8 42.0 School Enrollment 1,352 1,390 1,415 1,447 1,551 1,702 1,627 1,710 1,686 1,804 Unemployment Rate/Percent 8.40%
7.10%
6.90%
5.90%
5.60%
3.30%
2.50%
2.70%
4.30%
2.70%
Fiscal Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Population 2,107 2,212 2,263 2,273 2,358 2,384 2,423 2,547 2,547 2,016 Information Source:
Sumter County Development Council 69
TABLE 13 PROPERTY VALUES AND NEW CONSTRUCTION LAST TEN FISCAL YEARS CITY OF BUSHNELL, FLORIDA New Construction Units 18 27 22 24 25 13 13 11 14 15 New Construction Estimated Value 849,047 1,155,429 831,128 1,024,398 806,752 528,244 421,900 1,177,184 1,683,880 1,278,616 Total Estimated Property Value
$ 39,375,260 43,532,718 44,720,199 48,089,555 49,430,921 52,575,937 55,699,290 66,219,494 66,794,745 76,087,988 Information Source:
City Building Department 70 Fiscal Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
TABLE 14 MISCELLANEOUS STATISTICS SEPTEMBER 30, 2001 CITY OF BUSHNELL, FLORIDA Date of Incorporation 1911 Form of Government Council-Manager Area/Miles 1.95 Miles of Streets 18.1 Fire Protection Volunteer Number of Stations 1
Number of Firefighters and Officers 18 Police Protection Number of Stations 1
Number of Policemen and Officers 10 Education 1 High School 1 Elementary School 1 Alternative School Municipal Water Department 1
Number of Consumers 970 Average Daily Consumption (Gallons) 525,295 Miles of Water Mains 20 Municipal Electric Department 1
Number of Consumers 1,003 Average Daily Consumption (kwh Usage) 73 Miles of Electric Lines 18 Sanitation Department Average Number of Consumers 749 Building Permits Issued 15 Recreation and Culture Number of Parks 30 Acre Sports Recreation Complex 5 Acre Recreation Complex Public Library 1
Community Center 1
Employees 37 Information Source:
City Records 71
TABLE 15 SCHEDULE OF INSURANCE COVERAGE SEPTEMBER 30, 2001 CITY OF BUSHNELL, FLORIDA Carrier Coregis Insurance Company Program Management Services, Inc.
Preferred Governmental Insurance Trust Policy #001000000144100 Hartford Life Insurance Company Type of Coverage General Liability Deductible - None Law Enforcement Operations Premises/Operations Products and Operations "Insured" Contracts Host Liquor Law Liability Broad Form Property Damage Watercraft Liability (Under 26')
Limited Worldwide Coverage Additional Persons Insured Extended Bodily Injury Incidental Medical Malpractice Employees' Benefits Liability Workers' Compensation Accidental Death/Dismemberment Disability Hartford Life Insurance Company Coregis Insurance Company Accident Partial Disability Volunteer Fire Department Accident Total Disability Benefit Automobile Liability and Physical Damage Limits of Coverage Bodily Injury and Property Damage
$100,000 Per Person
$200,000 Per Occurrence Excess Injury and Property Damage
$900,000 Per Person
$800,000 Per Occurrence Statutory - State of Florida Principal Sum Accident Medical Expense Benefit Maximum Benefit Amount - $100 Deductible Amount - None Weekly Benefit Amount - $100 Maximum Payment Period - 104 Weeks See Benefit Maximum Benefit Amount - $5,000 Accidental Death and Dismemberment Catastrophic Loss Benefit - $100,000 Weekly Benefit Amount - $250 Maximum Payment Period - 104 Weeks Bodily Injury/Property Damage
$100,000 Per Person
$200,000 Per Occurrence 72
TABLE 15 (Concluded)
SCHEDULE OF INSURANCE COVERAGE SEPTEMBER 30, 2001 CITY OF BUSHNELL, FLORIDA Carrier Coregis Insurance Company Coregis Insurance Company Coregis Insurance Company Type of Coverage Number of City Vehicles (26)
Public Officials' Liability Property - Building and Contents Deductible - $250 All Perils Coverage Extensions:
Extra Expense Accounts Receivable EDP Building Ord.
Inland Marine Coverage Deductible - $250 All-Risk Excluding Flood, Quake Limits of Coverage Excess Bodily Injury/Property Damage
$900,000 Per Person
$800,000 Per Occurrence Personal Injury Protection - $10,000 Medical Payments - $5,000 Uninsured Motorists - $30,000 Liability Deductible - None Physical Damage Coverage - Actual Value Comprehensive Deductible - $250 Collision Deductible - $250
$1,000,000 Each Loss
$1,000,000 Aggregate Retention - $2,500 Building - $2,046,167 Contents - $283,155
$25,000 Per Occurrence
$25,000 Per Occurrence
$10,000 Per Occurrence
$250,000 Per Occurrence Contractor's Equipment - $67,963 EDP Equipment - $40,000 Miscellaneous Property Floater
$138,840 Information Source:
City Insurance Records 73