ML20023D798
| ML20023D798 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 05/26/1983 |
| From: | OCALA, FL |
| To: | |
| Shared Package | |
| ML20023D793 | List: |
| References | |
| NUDOCS 8306030325 | |
| Download: ML20023D798 (153) | |
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i CITY OF OCALA, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 1982 TABLE OF CONTENTS
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Pages I. INTRODUCTORY SECTION
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LETTER OF TRANSMITTAL v-xiv CITY OF OCALA ORGANIZATION CHARTS xv II. FINANCIAL SECTION
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REPORT OF CERTIFIED PUBLIC ACCOUNTANTS xvi GENERAL PURPOSE FINANCIAL STATEMENTS (COMBINED FINANCIAL STATEMENTS - OVERVIEW) o Combined Balance Sheet - All Fund
) Types and Account Groups 1- 4 o Combined Statement of Revenues, Expen-ditures and Changes in Fund Balance -
All Governmental Fund Types and Expendable Trust Fund 5- 6 o Combined Statement of Revenues, Expen-ditures, and Changes in Fund Balance -
Actual and Budget - General and Special Revenue Fund Types 7- 8
> o Combined Statement of Revenues and Expenses - All Proprietary Fund Types and Nonexpendable Trust fund 10 o Combined Statement of Changes in Fund Equity - All Proprietary Fund Types and i Nonexpendable Trust Fund 11-12 o Combined Statement of Caanges in Financial Position - All Proprietary Fund Types and Nonexpendable Trust Fund 13-14
> o Notes to Financial Statements 15-41
Pages 4
INDIVIDUAL FUND AND COMBINING FINANCIAL STATn1ENTS BY FUND TYPE Governmental Fund Types Special Revenue Funds o Combining Balance Sheet 43-44 o Combining Statement o f Revenues ,
I Expenditures and Changes in Fund Balance - Actual and Budget 45-46 o Statement of Revenues , Expenditures and Changes in Fund Balance - Actual and Budget:
Occupational License Fund 47 ,
Central Florida Regional Library Fund 48 Off-Street Parking Fund 49 Downtown Development Fund 50 Debt Service Funds 53 I o Combining Balance Sheet o Combining Statement of Revenues, Expenditures and Changes in Fund Balance 54 Capital Project Funds (
o Combining Balance Sheet 57 o Combining Statement of Revenues ,
Expenditures and Changes in Fund Balance 58 Proprietary Fund Types l Enterprise Funds o Combining Balance Sheet 61-62 i
o Combining Statement of Revenues and Expenses 63-64 o Combining Statement of Changes in Fund Equity 65-66 o Combining Statement of Changes in Financial Position 67-68
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Pages i
j o Electric and Bulk Power Supply l Revenue Funds: !
{ Consolidating Balance Sheet 70 I i Consolidating Statement of Revenues
- and Expenses 71-72 Consolidating Statement of Changes in Fund Equity 73-74 ;
Consolidating Statement of Changes l in Financial Position 76 j Fiduciary Fund Types l t
Trust Funds ;
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! o Combining Balance Sheet 79 i o Statement of Revenues, :
Expenditures and Changes in Fund !
Balance - Expendable Federal Revenue l Sharing Trust Fund 80 ;
o Statement of Revenues and Expenses - !
l Nonexpendable Consolidated Retirement !
Trust Fund 81 i
o Statement of Changes in Fund Equity -
l Nonexpendable Consolidated Retirement }
g Trust Fund 82 '
! o Statement of Changes in Financial Position - Nonexpendable Consolidated l Retirement Trust Fund 83 .
I l III. STATISTICAL SECTION j o Report of Certified Public Accountants on !
i Statistical Schedules 84 f o General Governmental Revenues by Scurce 87-88 :
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o General Governmental Expenditures by Function 89-90 r
l o Property Tax Levies, Tax Collections and f
- Assessed Valuations 91-92 l
I f o Property Tax Rates and Levies - All Overlapping Governments 93 l ;
i o Special Assessment Collections 94 l
o Computation of Legal Debt Margin 96 f i
o Ratio of Net General Obligation Bonded [
Debt to Assessed Value and Net Bonded Debt Per Capita 97-98 ;
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Pages o Ratio of Annual Debt Service for General Obligation Bonded Debt to Total General Expenditures 99 o Schedules of Bond Coverage Electric and Bulk Power Supply !
i Revenue Bonds 100-101 Water and Sewer Revenue Bonds and Anticipation Notes 102 Improvement Revenue Bonds, Series 1966 103-104 '
Refunding and Improvement Excise Tax (
Bonds, Series 1965 and 1972 105-106 ;
Street Improvement Bonds 107 !
Pollution Control Revenue Bonds, Series C 108 l o Debt Service Requirements to Maturity All Bonded Debt 109-110 i Improvement Revenue Bonds 111 j Refunding and Improvement Excise Tax Bonds 112-114 :
Electric and Bulk Power Supply Revenue Bonds 115-116 l Water and Sewer Revenue Bonds and Notes 117-118 ;
Street Improvement Bonds 119-121 ,
o Computation of Direct and Overlapping General ;
Obligation Debt 122 f o Miscellaneous Statistical Data 123 (
o Demographic Statistics 124 o List of Ten Largest Taxpayers 125 }
r o Schedule of Insurance in Force and Surety l Bonds 126 l o Property Value, Construction and Bank !'
Deposits 127 o List of Of ficers' Salaries 128 l-i u
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FINANCE DEPARTMENT J P. O. BOX 1270. OCALA. FLORDA 32878 March 1, 1983 ;
City Manager and Council City Hall i Ocala, Florida 32678 j
- The Comprehensive Annual Financial Report (CAFR) of the City of
- Ocala, Florida for the year ended September 30, 1982 is submitted i herewith, i J
j Accounting and Reporting Practices .
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The accounting principles and reporting practices of the City conform to generally accepted accounting principles applicable to municipal governments adopted by the Financial Accocnting Standards Board (FASB) and included in " Governmental Accounting and Financial Reporting Statements 1, 2, 3 and 4" published by the National j Council on Governmental Accounting (NCGA) adopted by the American j Institute of Certified Public Accountants in the State and Local
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- Audit Guide, as amended. The City adopted FASB Statement No. 35 i j and, accordingly, presents investments of the Consolidated Retire' i ment Fund at market value. This policy has not been adopted by the j NCGA and the City will continue to present these investments at j market value until the FASB and NCGA reach an agreement as to the appropriate accounting principles for investments of governmental entity pension funds.
1 The presentation of this Comprehensive Annual Financial Report is ,
controlled by and is dependent on the City. We believe it fairly .
- presents the financial position and results of operations of the !
i City. . The fund structure of the City is designed to comply with the requirements of the NCGA and with the legal requirements of ,
the various bond resolutions of the City. Furthermore, the City's !
i chart of accounts substantially complies with the State Chart of Accounts, as prescribed by the Department of Banking and Finance j
of the State of Florida.
The accounting records for general government operations are main-tained on a modified accrual basis. Under this basis of accounting, ,
revenues are generally recorded when earned and expenditures are recorded when incurred. The accounting records for City utilities and other enterprise funds are maintained on the accrual basis of accounting. ,
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Budgetary control is maintained by an annual allotment basis and both expenditures and encumbrances are recorded against budgeted appropriations. One regular review is made of the proposed budget by department heads. In addition, two separate reviews are made by Finance for final annual appropriations approval. Close atten-tion is paid to availability of funds. Monthly budget comparison reports and a schedule of investments and cash allocations, by fund, are submitted to management and council. The monthly budget comparison reports reflect both unrealized revenues and unencumbered appropriations. In addition, department directors are furnished monthly budget progress reports for the divisions of the City that they are responsible for managing.
For the fiscal years ending September 30, 1981 and 1982, the City received an unqualified audit opinion. Previously, acceptable Electric Fund detail property records were not maintained and an audit opinion was not expressed on the financial statements of the Electric Revenue Fund. Acceptable Electric Fund detail property records were established in 1981 with the assistance of the pro-i fessional firm of Marshall and Stevens, Incorporated. For the purposes of the detail property records, the digital structure of the State Chart of Accounts was modified to accc adate retrieval by Federal Energy Regulation Commission account category.
The City's accounting system is developed to ensure that the objectives of providing reasonable assurance that assets are safe-guarded and that transactions are executed and recorded properly
- to permit the preparation of reliable financial records are met.
The financial reports presented herewith are the work of the financial staff of the City and full responsibility for diligent application of these two concepts is assured and is an integral part of these financial reports.
i Open encumbrances are recognized as fund balance reservations in the General, Special Revenue and Capital Project Funds balance sheet presentations.
The City Tne City of Ocala is centrally located in Marion County, Florida and is the county seat. It is approximately 90 miles west of Daytona Beach, 90 miles north of Tampa, and 80 miles north of Walt Disney World. It is known as being the Florida home of Inter-national Arabian and Thoroughbred Horse Breeder Sales and is the
- home of the world famous Silver Springs natural attraction. The population approximates 38,000.
The City provides the public with general services including police and fire protection, general govcrnment, culture and recreation, e
. highway and drainage maintenance and library services . Ocala is l the regional headquarters for a three-county library group.
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f In addition to the above general services, the City owns and oper-ates for public service. seven enterprise facilities as follows:
eeo championship country clu'o golf courses, a trash and garbage pick up service (both back door and curbside), water and sanitary sewer services, a membership tennis facility, electric service, a commuter air service airport (Ocala Municipal Airport / Jim Taylor Field) that provides service to Tampa and Orlando International Airports and a municipal trailer park.
The City also supports an up to date and aggressive Chamber of Commerce and Industrial Development Council whose modern facility is located one block from the City Hall and adjacent Police Complex.
In addition, Ocala is the home of the Central Florida Fire College and the Central Florida Community College.
In 1982, the Cicy was declared a Standard Metropolitan Statistical ;
area (SMSA) and is involved in a three phase program of Community j Development Block Grants. '
The City Report E The City's Comprehensive Annual Financial Report (CAFR) is arranged' l I
in sections as follows: }
Section I Introductory Section f i
Section II Financial Section Part 1 - General Purpose Financial Statements Part 2 - Individual and I Combining Financial
} Statements by Fund Type
! Section III Statistical Section l The Financial Section of the report contains the report of our {
- Certified Public Accountants , combined financial statements for all
! fund types and account groups and individual and combining financial l i statements, which present the financial position and results of j operations of the City at September 30, 1982 and for the fiscal year i then ended. The Financial Statements are divided into two parts:
- 1. General Purpose Financial Statements which present the combined financial statements for the City by fund type and account group. i
- 2. Individual and Combining Financial Statements by fund type which present financial data by homogeneous funds. j
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The Statistical Section presents historical information which is !
designed to enhance the readers understanding of the City's past and !
I its future potential.
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The entire report is structured to be of interest'to the public, local government officials, stat.e agencies and the banking and financial community in general.
General Government The general government encompnsses all functions of the City govern-ment not accounted for in other separate funds.
l Total general government revenues and other financing sources for the fiscal year ending September 30, 1982 amounted to $10,753,139 as compared with $9,025,640 for the fiscal year ending September 30, 1981, for an increase of $1,727,499, or 19.14%. General property taxes produced 18.52% of 1982 revenues end ciher financial sources as compared with 18.10% of 1981. The amount of revenues and other financing sources for fiscal year 1981 are as follows:
Increase (Decrease)
Amount Percent over 1980-81 Revenues:
Property Taxes $ 1,991,899 18.52 $ 357,897 Franchise and Other Taxes 504,200 4.69' 45,049 State Revenue Sharing 1,232,360 11.46 58.831 i
Other Intergovern-mental Revenue 326,564 3.04 251,681 !
Licenses and Permits 121,650 1.13 (55,914) !
I Fines and Forfei-tures 247,099 2.30 1,303 j Charges for Services 74,360 . 69 (16,891) i Interest Income 84,550 . 79 (2,158) l Other Income 224,441 2.09 153,591 ;
i Subtotal $ 4,807,123 44.71 $ 793,389 j i
Other Financing Sources:- f Transfers From <
Other Funds: [
Electric Fund 5,262,553 48.94 677,553 of f-S treet Parking Fund 11,163 . 10 (6,837)
Special Assessment Fund 500,000 4.65 250,000 ,
Other Funds 172,300 1.60 13,394 j i Total $ 10,753,139 100.00 $ 1,727,499 !
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The City's assessed valuation for 1982 increased by 3% as compared to 1981. Homestead exemptions increased by 27%. The valuation increase is due primarily to growth and the homestead increase is largely due to a progressive homestead allowance to residential j property owners, g
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The City maintains a very low property tax millage (3.478) and traditionally draws from its utilities for general government suoport. During 1982 the City drew an additional $677,553 from electric utilities and $250,000 from surplus special assessment money to help pay for much needed streets and drainage improvements and a major beet up of its police protection facility.
Expenditures and other financing uses for general government totaled
$10,387,504 in fiscal year 1982, an increase of 7.30% over ' fiscal year 1981. The amount of expenditures and other financing uses and the increase or decrease in the levels of expenditures by major category are as follows:
Increase (Decrease)
Amount Percent Over 1980-81 Expenditures:
General Govern-ment and Administration $ 1,433,279 13.80 $ 125,250 Public Safety 4,554,075 43.84 554,493 Public Works 1,809,302 17.42 195,916 Culture and Recreation 1,149,592 11.07 40,243 Non-Departmental 17,236 .17 (3,948)
Capital Outlay 964,329 9.28 (238,175)
- Housing Rehabilitation 107,945 1.04 107,945 Principal and Interest on Notes 19,681 .19 (988)
Other 11,780 .11 11,780 Subtotal $ 10,067,219 96.92 $ 792,516 Other Financing Uses:-
l i Trans fers to .
Other Funds :
Library Fund 213,009 2.05 (13,674)
Revenue Debt Fund 90,115 .87 (40,174)
Other Funds 17,161 .16 (32,232)
Total $ 10,387,504 100.00 $ 706,436 Debt Administration As of and during the year ending September 30, 1982, the City had no general obligation debt. There is, therefore, no ratio of bonded debt to assessed valuation and per capita to declare. Neither are L' there any carryforward amounts in related Debt Service Funds.
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The City Charter provides for. the issuance of general obligation bonds supported by an ad-valorem debt levy for that purpose.
Under Section 9.02 of the City Charter, the maximum amount of general obligation bonds' the City can issue is limited to 20% of the most recent real property valuation. Any general obligation debt issue is required to be approved by a referendum of the voters. The non-existence of this type of debt is indicative of the considered improbability of a successful referendt.m. It is also a signal indicator of the deep economic recession of the nation as a whole.
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General Fixed Assets !
The general fixed assets of the City are those fixed assets that are used in the performance of general government functions and exclude infrastructure assets and assets of Enterprise and Internal Service Funds . As of September 30, 1982 the value of these assets amounted to $9,117,414. This represents value at ,
cost at date of acquisition. Depreciation is not provided on gen-eral fixed assets.
Proprietary Funds The Enterprise Funds of the City continue to function well and satisfactorily provide the specific services for which they were established. Individual commentaries follow. Enterprise Funds are i l
grouped by those that have outstanding bonded debt and those that j do not. ;
Consolidated Electric l and Bulk Power Supply Water and i Fund Sewer Fund Gross Operating Income $ 40,704,351 $ 3,301,630 Add: Collections, Including Interest and Penalties, on Series 11,000 Assessment ,
Levy 846 !
Less: Net Operating Expenses l Excluding Depreciation and Amortization 32,133,006 1,924,606 Income Available for i Debt Service (a) 8,571,345 1,377,870 l 1,049,196 l Annual Debt Service (b) 1,705,404 Debt' Service Coverage l (Ratio of (a) to (b)) 5.03 1.31 !
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The Consolidated Electric Fund has a good ratio of income to debt service. The latest rate adjustment on retail KWH consumption, otner than .for Florida Pouer Corporation wholesale cost pass through adjustments , occurred in 1977-78. While net earnings of the system were good this year, the system has accumulated a shortage in working capital over the past five years. This is primarily due to continuing to operate from the 1977 base KWH retail cates while expanding the system to new customers at growing inflationary costs.
Ocala is a growing area and the demand of this growth has been ' heavy.
A base charge is added to the retail KWH rate, but it does not quite carry the load. General government support transfers have shown a steady increase and is somewhat tied to inflation. The growth (and attendant cost) of extending customer distribution facilities has not been explosive over the past five years , but it has been steady. :
In addition, the expected savings by participation ownership in the I nuclear power facility at Crystal River, Florida has not generated i the degree of savings that were anticipated. !
During 1982 the City commenced steps to reverse the working capital problem. In addition, the Council is presently considering a retail rate adjustment of 3.25 percent as an aid to working capital. The general government support transfer from the Electric Fund was reduced in 1983 by 5% as compared with 1982.
During 1982 the electric consulting engineers have recommended to l
the City a major capital improvement program to the Power Supply i Facility estimated at $10,000,000. The primary purpose of this
- program is to provide additional connector points for 230 KV j incoming energy and conversion to 69 KV for distribution to City customers. At present the City only has one connector point. This l
program will require an additional overall rate increase of l
approximately 3.6%.
The outlook looks good, but the City has a competitive rate problem with the surrounding retail customers of the electric co-ops and !
Florida Power Corporation. This becomes self limiting at times, !
but the outlook continues to look good.
l The Water and Sewer Fund outlook is good despite a marginal income to debt ratio. In fiscal 1981 the City issued a second in a series ,
of two Bond Anticipation Note Issues totalling $6,600,000. These were issued as short term notes due to the unfavorable market con-dition for longer range bonds. The market is better now and they are scheduled for conversion to long range bonds in June of 1983. ,
l In fiscal 1982 the City implemented an interim overall rate increase l of 26%. Also, in fiscal 1982 an impact fee for new construction was l implemented. In addition, a formal rate adjustment was implemented l in September, 1982 for the fiscal year ending September 30, 1983. j j Budget projections indicate that revenues for fiscal 1983 will increase an additional 25% over 1982. These are all positive out- l look factors.
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I Somewhat on the negative side is the delay in finalizing sewer assessments on the west side of the City. There has been a problem with the Department of Environmental Regulation in certifying our treatment facility to handle the flow created by the new customers included in the improvement district. The problem has been cleared and finalization should be cleared by March, 1983. The preliminary roll is established at $1,447,099.
Working capital reduction for the year of $6,339,291 at first seems alarming, until it is recognized that this is primarily attributable to principal on the Bond Anticipation Notes due in June, 1983 in the amount of $6,600,000. Funds will be provided in June, 1983 by rolling these notes over or issuing long range bonds. There is no real working capital problem. The outlook for long range bonds at a favorable rate is good.
The outlook for the Water and Sewer Fund is good. ,
Enterprise Funds Without Bonded Debt Municipal Fort King Municipal Ocala Sanitation Golf Tennis Trailer Municipal Fund Course Court Park Airport Gross Operating . !
Income $1,814,787 $ 380,218 $ 37,723 $ 66,225 $ 40,039 l i
Operating Expenses Excluding Depreciation Amortization 1,712,275 306,836 46,297 60,565 34,103 Income Avail-able for ,
Debt Service (a) 102,512 73,382 N/A 5,660 5,936 Debt Service (b) 33,672* N/A N/A N/A N/A Debt Service !
Coverages f l
(Ratio of )
3.04 (a) to (b)) N/A N/A N/A N/A !
- Debt on Equipment Bank Loans j The Sanitation Fund services the City for trash and refuse pick up service. This service over the past three years has improved dramatically in quality and efficiency. This has been accomplished largely by purchasing new equipment to replace older and worn out equipment. This has cost rather heavily and has created a working capital problem. The financial outlook may be described as guardedly optimistic. It is aniticpated that the completion of the new public ,
works complex in fiscal 1984 will bring about some substantial equip- !
ment maintenance economies in the form of preventive maintenance- !
and thereby prolong the life of recently purchased vehicles. A rate review should be performed in late fiscal 1983.
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'The Municipal. Golf Course Fund continues to operate at a profit and maintains positive working capital. The facility is well maintained, managed, and has a heavy usage by the community and surrounding
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areas. It is an asset to the City financially and recreation-wise.
The outlook financially is very positive.
The Fort King Tennis Court Fund, while somewhat small, provides membership tennis facilities year round. It is sightly and well managed. It is an asset to the community but'it has limited financial capability and usually runs at a small deficit and at a small working ; capital deficit. This best describes the financial forecast for the complex.
The Municipal Trailer Park Fund continues to show a profit. This is a well managed and maintained facility. Spaces are provided for winter residents and year round residents. The facility is full during the winter season. A well run recreation facility is main-tained on premises and shuffleboard and swimming is available nearby. The financial outlook is positive but limited due to space availability.
The Ocala Municipal Airport Fund was primarily acquired and built with Grants and Fund Contributions money. It has excellent finan-cial potential as a commuter air facility because of geographical proximity to four major jet facilities and the nearby facilities of the International Horse Breeder Sales Association. Industrial land leases are probably its largest potential for the future and several facilities have already been added. There is a modest yearly working capital deficiency, but as industrial leases are added, this should disappear. The financial outlook is good.
Highlights and Activities Urban Mass Transit Administration: The City has made an application for and expects to receive in fiscal 1984 Grants totalling $95,000.
These funds will be utilized to expand the vehicle complement of a privately operated bus system. The system is operated by free I
enterprise under contract with the City. The $95,000 will be funded as follows: 80% from the Urban Mass Transit Administration (UMTA),
10% from the State of Florida Department of Transportation, and 10%
free the independent contractor. This approach to inner city trans-portation has worked out very well operationally and financially, with no cash subsidy on the part of the City.
Community Development Block Grants (CDBG): ,Primarily due to being j
awarded the status of a Standard Metropolitan Statistical Area (SMSA) l our grant level of CDBG has increased from $300,000 to $668,000.
This is primarily allocated to streets improvements ($300,000) and ressed areas of the City housing rehabilitation
($186,000). on 1984 funding level will be property in dep$702,000.
Other Grants: As the core of a Metropolitan Planning Organization (MPO) the City also received a planning grant of $87,000 to assist in transportation for Ocala and its urban area.
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In addition, the City was awarded a grant of $47,000 under the Florida Recreation Development Assistance Program (FRDAP). This grant was used for park development at South East 30th Avenue.
Downtown Parking: During the year, a study was made of off-street parking facilities and enforcement in the Downtown Area at a cost of
$5,000. This study recommended a substantial revenue bond issue to
. fund a rather large multi-level parking facility. There was some question as to whether this was economically feasible. Instead, the City opted to hire a parking enforcement officer to enforce more strenuously, its existing ordinances. This was the right move for the City. Net of expenses, revenues will exceed last year by an estimated $30,000 on an annualized basis.
Bank Service _ Contract: In 1982 the City re-awarded a three year service contract for performing basic banking service. Based on leaving a free balance of $100,000 with the successful bidder, the savings to the City is expected to be approximately $20,000 annually.
Insurance: In addition to bidding bank services , the City also offered for bid its general and auto liability insurance and liability umbrella. The resulting savings are a minimum of $90,000 annually and probably more, in that the retrospective billing was eliminated and the umbrella ceiling was reduced to the statutory ceiling of $100,000 per occurrence.
The City is also preparing statistical claims data in expectation of offering for bids its coverages of life, health and disability income insurance for its 709 regular employees. Further substantial savings are expected by self funding some of this coverage.
Independent Audit The City Charter requires an independent annual audit of the books, financial records and transactions of all Administrative Departments of the City by a Certified Public Accounting firm selected by the City Council. This requirement has been complied with, and the Auditor's opinion is included in this report.
Acknowledgements The preparation of this report could not have been accomplished with-
! out assistance of our accounting staff, under the leadership of Marc Wilson, Assistant Finance Director, and Diane Cangelosi, Chief Accountant. Our grateful appreciation is also extended to our out-side auditors who were very helpful. In addition, our appreciation is extended to the City Manager and the City Council whose continued l
interest in good fiscal city government continues to be an invaluable l asset to the community. (
l Respectfully submitted, d
Robert F. Sprinkle Finance Director
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f CITY OF OCALA FLORIDA j ORGANIZATION CHARTS FOR THE YEAR ENDED SEPTEMER 30, 1982
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ThF CITY ;
I CITY COUNCIL - -- - - - - MAY0k !
i CITY ATTORNEY AUDITOR ;
6 CLERK
._. I CITY MANAGER ADMINISTRA. ~ ~ ~ ~ ' ASSISTANT TO ~ ~~~ ~~
ASSISTANT ~ - ~-~ ~
POLICE f CITY MANAGER l TIVE ASSISTANT CITY MANAGER I
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FINANCE I I PURCHASINC WORKS _ LIBRARY ENGINEERING PIANNING INSPECTION I FIRE I i
l ELECTRIC DATA PERSONNEL RICREATION COLF AIRPORT UATER AND SEkTR PROCESSING I
l BOARDS AND COMMISSIONS I '
CITIZENS 0F 1 OCALA I
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l CITY COUNCIL MAYOR l
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BOARD TENNIS DOWNTOVN j CODE AIRPORT ENFORCC M OF CCNTRACTOR ADVISORY DEVEIDP MI'{T HOUSING j p ADJUSTMENT EXAMINERS BOARD COMMISSIC: AUTHORITY l BOARD _
I PINE OAK MUNICIPAL MUNICIPAL i COLF COLF MUNICIPAL PLANNING PUBLIC ,
LIBRARY ARTS AND ZONING SAFETY RICREATION I j COURSE COURSE I
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Tjj/aterliouse March 1, 1983 Honorable City Council City of Ocala, Florida We have examined the combined financial statements of the City of Ocala, Florida as of September 30, 1982 and for the year then ended, as listed in the table of contents on page 1. Our examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting rccords and such other auditing procedures as we considered necessary in the circumstances.
In our opinion, the combined financial statements referred to above present fairly the financial position of the City of Ocala, Florida at September 30, 1982, and the results of its operations and the changes in financial position of its proprietary fund types and nonexpendable trust fund for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year after giving retroactive effect to the change, with which we concur, in the method of accounting for compensated absences as described in Note 3 to the financial statements.
Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole.
The accompanying individual fund and combining financial statements, as listed in the table of contents on pages 11 - 111, are presented for purposes of additional analysis and are not a required part of the combined financial statetents of the City of Ocala, Florida. Such information has been subjected to the auditing procedures applied in the examination of the combined financial statements and, in our opinion, is fairly stated in all material respects in relation to the combined financial statements taken as a whole.
1 Certified Public Accountants
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CITY OF OCALA, FLORIDA COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1982 Governmental Fund Types Special Debt Capital General Revenue Service Projects Assets Current assets:
Cash and investments $. 306,950 $143,860 Equity in pooled cash and investment fund 894,700 111,626 $65,047 Accounts and notes receivable, net of allowances for doubtful accounts 62,419 696 Accrued unbilled revenues Current special assessments receivable Delinquent special assessments receivable Due from other funds 16,640 Interfund loans receivable 88,718 Inventories Other current assets 149 Total current assets 1,369,576 256,182 , _ _ _
65,047 Restricted assets:
Cash and investments 24,324 13,093 $673,091 Equity in pooled cash and investment fund Accrued interest and dividends receivable 6,525 14,599 Due from other governments Due from other funds Interfund loans receivable Other 1,579 15 17,694 Total restricted assets 40,502 13,108 697,310 ___
Interfund loans receivable after one year 238,000 Deferred special assessments receivable _ _
Property, plant and equipment, net __
Issuance costs on long-term debt Amount available in debt service funds Amount to be provided for retirement of general long-term debt ___
Total assets $1.648.078 $269,290 $697.310 16520 7, l ,
l See accompanying notes to financial statements.
(continued)
I r
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L
l Fiduciary Proprietary Fund Types Fund Types Account Groups General General Total Special Internal Fixed Long-Term (Memorandum Enterprise Service Trust Assets Debt Only)
Assessment
$ 1,575 $ 150 $ 452,535
$379,490 109,025 379,657 1,939,545 3,798,246 1,901 3,863,262 2,425,522 2,425,522 47,522 47,522 105,390 105,390 258,916 111,650 387,206 88,718 1,629,381 120,899 1,750,280 28,946 29,095 532,402 8,251,(11 614,257 11,089,075 2,971,665 $8,437,364 12,119,537 5,854,757 107,109 5,961,866 23,960 241,016 271,501 106,720 121,319 600 52,820 53,420 57,500 57,500 78,569 19,391 117,248 8,929,551 9,021,920 16,702,391 238,000 247,396 247,396 45,055.114 1,333,326 $9,117,414 55,505,854 203,319 203,319
$ 697,310 697,310 2,411,852 2,411,852
$779'.798 $62.439,595 $1.947.583 $9.021.920 $9.117.414 13,109.162 189,095,197 l
CITY OF OCALA, FLORIDA COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1982 (continued)
Governmental Fund Types Special Debt Capital General Revenue Service Projects Liabilities and Fund Equity Current liabilities:
Accounts payable $ 444,386 $ 7,015
. Compensated absences payable 186,776 8,820 Bonds and notes payable within one year Accrued interest payable Due to pooled cash and investment fund $110,240 Due to other funds 52,660 1,213 Customer deposits Deferred revenue 127,189 Interfund loans payable 57,500 23,718 Total current liabilities 741,322 167.955 110,240 Liabilities payable from restricted assets:
Accounts payable 1,114 Accrued interest payable Due to pooled cash and inve s tmen t fund 11,368 Due to other funds 2,170 Deferred revenue 8,405 Bonds and notes payable within one year Other 177 Total liabilities payable from restricted assets 23,234 Interfund loans payable af ter one year Bonds and notes payable af ter one year Deferred special assessment revenue Total liabilities 764,556 167.955 110,240 Fund equity:
Investment in general fixed assets Contributed equity / employee pension contributions Retained earnings:
Reserved for debt service Reserved for renewal and replacement Total reserved retained earnings Unres e rved :
Designated for alternate energy study Undesignated Total unreserved retained earnings Total retained earnings ,
Fund balance (deficit):
$697,310 Reserved for debt service Reserved for retirement benefits Reserved for interfund loans receivable af ter one year 238,000 Reserved for encumbrances 53,531 3,283 5,059 Reserved for restricted assets 17,268 13.108 Total reserved fund balance 308,799 16,391 697,310 5,059 Unreserved fund balance (deficit) 574.723 84,944 (50,252)
Total fund balance (deficit) 883,522 101,335 697,310 (45,193)
Total fund equity (deficit) 883,522 101.335 697,310 (45,193)
Total liabilitit sad fund equity $1.648.078 S269.290 $697.310 $ 65.047 See accompanying notes to financial statements.
t l
l Tiduciary Proprietary Fund Types Fund Type Account Groups General General Total Snecial Internal Fixed Long-Term (Hemorandum Assessment Enterprise Service Trust Assets Debt only)
$ 3,242,090 $ 140,663 $ 3,834,154 133,317 18,057 F46,970
$ 50,000 6,788,023 25,751 6,863,774 16,966 16,986 4,964,294 4,964,294 272,115 2,228 438,456 908,139 908,139 3,480 6,907 137,576 65,000 146,218 53,480 16,396,871 186,699 17,656,567
$ 140,064 141,178 612,364 612,382 11.368 2,170 8,405 1,155,000 $ 295,835 1,450,835 9,981 10,158 1,777,363 140,064 295,835 2,236,496 238,000 238,000 360,000 17.528,071 24,776 2.813.327 20,726,174 247,396 247,jyg 660,876 35,940,305 211.475 140,064 3,109,162 41,104,633
________ , $9,177,414 9.117,415 5,490,338 1,280,832 1,281,956 ,_
8.053.126 3.054,549 3.054,549 55,401 55,401 3,109,950 3,109,950 2,619,813 2,619,813 15,279,189 455,276 15,734,465 17,899,002 455,276 18.354.278 21,003,952 455,276 __.
21,464,228 697,310 7,467,723 7,467,723 238,000 34,266 96,139 30,376 7,501,989 8,529,548 118,922 97,911 876,248 118,922 ___________ __
7,599,900 9,353,796 118,922 26,499,290 1,736,108 8,881,856 9,117,414 47,990,564 5779.798 2hl4M,g DM M U Zg $9.117.414 $3.109.162 189.095 M
CITY OF OCALA, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FLWD FOR THE YEAR ENDED SEPTEMBER 30, 1982 Governmental Special Debt General Revenue Service Revenues:
Property taxes $ 1,991,899 $ 37,427 Other taxes 504,200 Federal and state revenue sharing 1,232,360 Other intergovernmental revenues 326,564 462,741 Parking meters 16,165 Licenses and permits 121,650 273,635 Fines and for fe iture s 247,099 9,432 Charges f or services 74,360 Special assesswent levies 84,550 19,735 $ 90,957 Interest incoce Gifts 5,497 224,441 16,3.58 Other 4,807,123 840,990 90,957 Total revenues Expenditures:
General governcent and administration 1,433,279 Public safety 4,554,075 Public works 1,809,302 Culture and recreation 1,149,592 585,350 Nondepartmental appropriations 17,236 Capital outlay 964,329 1,644 Housing rehabilitation 107,945 17,700 16,757 256,000 Principal payments 164,999 Interest and paying agent fees 1,981 7,073 11,780 13,100 Other 10,067,219 623,924 420,999 Total expenditures Excess (deficiency) of revenues over expenditures (5,260,096) 217,066 (330,042)
Other financing sources (uses): 417,639 Transfers from other fund s 5,946,016 279,076 Transfers to other funds (320,285) (404,754) 5,625,731 (125,678) 417,639 Total other sources (uses)
Excess (de ficie nc y) of revenues and other sources over expen- 87,597 ditures and other uses 365,635 91,388 Fund balance at beginning of year, 609,713 as restated (Note 3) 517,887 9,947 Fund balance at end of year S 883.522 [101.335 S 697.310 See accompanying notes to financial statements.
Fund Types
! Total l Capital Special Expendable (Memorandum Projects Assessment Trust Only)
$ 2,029,326 504,200
$ 426,877 1,659,237 789,305 16,165 395,285 256,531 74,360
$108,750 108,750
$ 14,640 43,084 25,602 278,568 5,497 26,046 266,845 14,640 177,880 452,479 6,384,069 3,042 1,436,321 4,554,075 1,809 1,734,302 ,942 17,236 160,974 1,131,061 2,258,008 107,945 290,457 26,350 200,403 29 24,909
_'54,016 26,379 1,131,061 12,433,598 (149,376) 151,501 (678,582) (6,049,529) 6,642,731 (666,670) (1,391,709)
(666,670) 5,251,022 (169,376) (515,169) (678,582) (798,507) 104,183 634,091 810,759 2,686,580 (S 45.19_3) S118.922 S 132.177 S 1.888.073
CITY OF OCALA, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALAN,CE ACTUAL AND BUDGET GENERAL AND SPECIAL REVENUE FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 1982 General Special Adjustments A dj us tment s to Actual on Favorable to Budge tary a Bindgetary (Unfavorable) Budgetary Actual Basis Basis Budget Variance Actual Basis Revenues:
Property taxes $ 1,991,899 $ 1,991,899 $ 2,003,665 ($ 11,766) $ 37,427 other taxes 504,200 504,200 538,200 (34,000)
State revenue sharing 1,232,360 1,232,360 1,138,226 94,134 Other inter-governmental revenuer 326,564 326,564 343,136 (16,572) 462,741 Pzrking meters 16,165 Licenses and permits 171,650 121,650 150,500 (28,850) 273,635 Fines and forfeitures 24!,C)9 247,099 013,300 33,799 9,432 Charges for services 74,360 74,360 79,890 (5,530)
Interest income 84,550 84,559 57,000 27,550 19,735 Gifts 5.497 Other 224,441 224,441 229,145 (4,704) 16,358 Total revenues 4,807,123 4,807.123 4,753,062 54,061 840,990 Expenditure s :
General government and administra-tion 1,433,279 $ 2,048 1,435,327 1,477,192 41,865 Public safety 554,075 4,780 558,855 4,544,022 (14,833)
Public works 4,809,302 1, 21,751 4,831,053 1, 1,877,956 46,903 Culture and recreation 1,149,592 730 1,150,322 1,173,029 22,707 585,350 $1,840 Nondepartmental appropriations 17.236 17,236 16,000 (1,236)
Capital outlay 164,329 24,222 988,551 1,052,777 64,226 1,64 4 1,261 Rehabilitation 107,945 107,945 108,020 75 Principal payments 17,700 17,700 17,700 16,757 Interest and paying agent fees 1,981 1,981 1,980 (1) 7,073 Other 11,780 133 780 27,776 15,996 13,100 182 Total expenditures 10,067,219 53,531 10,120,750 _10,296,452 175,702 623,924 3,283 Excess (de ficiency) of revenues over expenditures (5,260,096) (53,531) (5,313,627) (5,543,311) 229,763 217,066 (3,283; Other financing sources (uses):
Debt proceeds from loan payment 57,500 (57,500)
Operating transfers from other fund s 5,946,016 5,946,016 5,946,016 279,076 Operating transfers to other funds (320,285) (320,285) (3*0,285) (404,754)
Total other sources (uses) 5,625.731 5,625,731 5.683.231 (57,500) (125,678)
Excess (de ficiency) of revenues and other sources over expendi-tures and other uses before fund balance allocation 365,635 (53,531) 312,104 139,841 172,263 91,388 (3,283)
Fund balance allocation (139,841) 139,841 Excess (deficiency) :f revenues and other sources over expenditures and other uses 365,635 (53,531) 312,104 312,104 91,388 (3,283)
Fund balance at beginning of year, as re stated (Note 3) 517,887 517,887 517,887 9,947 Fund balance at end of year $ 883.522 (111,121) $ 829.991 $ 517.887 $312.104 $101.335 (11.11])
See accompanying notes to financial statements.
. .m _ . _ __ . _
Totals Revenue (Memorandum Only)
Adjustments Actual on Favorable to Actual on Favorable a Budgetary (Unfavorable) Budgetary a Budgetary (Unfavorable)
Basis Budget Variance Actual Basis Basis Budget Variance __
$ 37,427 $ 41,935 ($ 4,508) $ 2,029,326 $ 2,029,326 $ 2,045,600 ($ 16,2 74) 504,200 504,200 538,200 (34,000) 1,232,360 1,232,360 1,138,226 94,134
. 462,741 433,811 28,93J 789,305 789,305 776,947 12.356 j 16,165 14,000 2,165 16,165 16,165 14,000 2,165 273,635 272,420 1,21 ', 395,285 395,285 422,920 (27,635) 9,432 9.360 72 256,531 256,531 222,660 33,871 74,360 74,360 79,890 (5,530)
, 19,735 19,750 (15) 104,285 104,285 76,750 27,535 5,497 2,500 2.997 5,497 5,497 2,500 2,997 16,338 14,670 1,688 240,799 240,799 243,815 (3,016) 840,'90 808,446 32,544 5,648,113 5,648,113 __5,,561,508 86,605 f
1,433,279 $ 2,048 1,435,327 1,477,192 41,665 4,554,075 4,780 4,558,855 4,544,022 (14,633) 1,809,302 21,751 1,831,053 1,877,956 46,903 587,190 602,790 15,600 1,734,942 2,570 1,737,512 1,775,819 36,307 17,236 17,236 16,000 (1,230) 2,905 11,190 8,285 965,973 25,483 991,456 1,063,967 72,511 107,945 107,945 108,020 75 16,757 40,476 23,719 34,457 34,457 58,176 23,719 7,073 6,820 (253) 9,054 9,054 8,800 (254) 13,;82 64,145 50,863 24,880 182 25,062 91,921 66,859 627,207 725,421 98,214 10,691,143 56,814 10,747,957 11,021,873 273.916 1
213,783 83,025 130,758 (5,043,030) (56,814) (5,099,844) (5,460,363) 360,521 l
l 57,500 (57,500) 279,076 279,076 6,225,092 6.225,092 6,225,092 (404,754) (404,754) (725,039) (725,039) (725,039) l (125,678) (125,678) 5,500,053 5,$00,053 5,557,553 (57,500) i 88,105 (42,653) 130,758 457,023 (56,814) 400,209 97,188 303,021 42,653 (42.653) (97,188) 97,186 I
i l 88,105 88,105 457,023 (56,814) 400,209 400,20'>
l 9,947 9,947 527 t814 527,834 527,834 __,
i i $ 48,05J $ 9,9_41 M $ 984,857 ($56.8 M) $ 928.043 $ 527.82 140L23
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CITY OF OCALA, FLORIDA COMBINED STATEMENT OF REVENUES AND EXPENSES ALL PROPRIETAFY FUND TYPES AND NONEXPENDABLE TRUST FUND FOR THE YEAR ENDED SEPTEMBER 30, 1982 Proprietary Fund Types Nonexpendable Consolidated Total Internal Retirement (Memorandum Enterprise Service Trust Only)
Operating revenues:
Sale of electricity $40,116,833 S40,116,833 Sale of water 1,694,946 1,694,946 Sewer and sanitation service charges 3,165,304 3,165,304 Fees and rentals 461,602 $1,930,139 2,391,741 Commissions 57,205 57,205 City and state contributions S 710,792 710,792 Income on investments 791,769 791,769 Net appreciation in fair value of investments 1,519,736 1,519,736 Other 846,083 846,083 Total operating revenues _46 '41,973 1,930,139 3,022,297 51,294,409 Operating expenses:
I Purchase of electricity 2 '5,818 25,075,818 Distribution 2, 38,115 2,468,115 Back-up 2,191,922 2,19',922 Transmission 274,069 274,069 Operation and maintenance 2,958,766 2,958,766 Water and sewer treatment 944,058 944,058 Sewer collection 366,623 366,623 Municipal garage 1,284,175 1,284,175 Data processing, central reproduction and records management 363,588 363,588 Building maintenance 262,990 262,990 Pension payments 204,652 204,652 Realized loss on sale of investments 892,701 892,701 Administration 1,362,578 41,737 1,404,315 Depreciation and amortization 2,352,608 54,987 2,407,595 Other 575,739 575,739 Total operating expenses 38,570,296 1,965,740 1,139,090 41,675,126 Operating income (loss) 7,771,677 (35,601) 1,883,207 9,619,283 l Nonoperating revenues (expenses):
Interest income 687,674 46,417 734,091 l Interest expense (1,630,797) (4,304) (1,635,101)
! Total nonoperating revenues (expenses) (943,123) 42,113 (901,010)
Income before operating t rans fers 6,828,554 6,512 1,883,207 8,718,273 Operating transfers:
From other funds 17,161 17,161 To other funds (5,268,183) (5,268,183)
Total operating transfers (5,251,022) (5,251,022)
Net income $ 1.577.532 $ 6.512 $1.883.207 $ 3.467,251 l
l l
l See accompanying notes to financial statements.
CITY OF OCALA, FLORIDA COMBINED STATEMENT OF CHANCES IN FUND EQUITY ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUND FOR THE YEAD ENDED SEPTEMBER 30, 1982 Proprietary Fund Types Enterprise Funds Internal Service Fund Retained Contributed Retained Contributed Earnings Equity Total Earnings Equity ___ Total Fund equity at beginning of year, as previously repcrted $19,541,011 $4,563,573 $24,104,584 $464,769 $1,280,832 $ 1,74 5,601 Effect of retro-actively applying a change in the method of accounting for compensated absences (Note 3) (109,591) (109,591) (16,005) (16,005)
Fund equity at beginning of year, as re s ta t ed 19,431,420 4,563,573 23,994,993 448,764 1,280,632 1,729,596 Net income 1,577,532 1,577,532 6,512 6,512 Capital contributions 926,765 926,765 Re funds to employees Reclassification of retinees' contributions to fund balance Fund equity at end of year j,2MM ggy }J,gM $455.276 RW42, L 7,4g.100 1
i See accompanying notes to financial statements.
Nonexpendable Totals Consolidated Retirement Trust Fund (Memorandum Only)
Employee Contributed Equity /
Fund Pension Retained Fund Employee Pension Balance Contributions Total Earnings Balance Contributions Total
$5,314,644 $1,600,319 $6,914,963 $20,005,780 $5,314,644 $7,444,724 $32,765,148 (125,596) (125,596) 5,314,644 1,600,319 6,914,963 19,880,184 5,314,644 7,444,724 32,639,552 1,883,207 1,883,207 1,584,044 1,883,207 3,467,251 926,765 926,765 (46,491) (48,491) (48,491) (48,491) 269,872 (269,872) 269,872 (269,872)
$ 7 . 4 6_7 . 7_2_3 $1.281.956 $8.749.679 $21.464.228 $7.467.723 $8.053.126 111,1152177 l
l I
I t
,e CITY OF OCALA, FLORIDA COMBINED STATEMENT OF CHANCES IN FINANCIAL POSITION ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUND FOR THE YEAR ENDED SEPTEMBER 30, 1982 Pr:prietary In t e rn.1 Enterprise Se rvice Financial resources were provided by;-
Net income $ 1,577,532 $ 6,512 Add (deduct) charges (credits) not affecting working capital:
Depreciation and amortization of property and equipment and issuance costs on long-term debt 2,352,608 54,987 Amortization of bond discount 677 Loss (gain) on disposal of property and equipment 53,420 50, (333)
Working capital provided by operations of the period 4,034,237 61,166 Proceeds from issuance of notes payable 649,599 32,829 Decrease in restricted assets 2,457,644 Decrease in bond issuance costs 32,045 Capital sontributions 926,765 Total financial resources provided 8.100,290 93.995 Financial resources were used for:
Refunded employee centributions Additions to property and equipment 4,555,515 650,674 Reduction of revenue bonds and notes payable after one year 7,920,689 37,493 Reduction in interfund loans payable af ter one year 65,000 Decrease in liabilities payable from restricted assets 72,847 Increase in restricted assets Total financial resources used 12,614.051 688,167 Decrease in working capital ($ 4.513.761) ($594.172)
Analysis of Changes in Components of Working Capital Increase (decrease) in current assets:
Cash and investments ($ 100)
Equity in pooled cash and investment fund 23,456 ($647,314)
Accounts and notes receivable, cet 1,129,419 616 Accrued unbilled resenues 378,092 Due from other func, 85,365 111,453 Inventories 72,805 56,688 l Other current assets (61,015) l Total increase (decrease) in current assets 1,628.022 (478,557) l (Increase) decrease in current liabilities:
Accounts payable (181,861) (97,667)
Compensated absences payable (23,726) (2,052)
Bonds and notes payable within one year (6,759,403) (17,317)
Accrued interest payable (16,986)
Due to pooled cash and investment fund 653,706 Due to other funds (76,010) 1,421 Customer deposita 319,404 Interfund loan payable (50,000)
Deferred revenue (6.907)
Total increase in current liabilities (6,141,783) (115,615)
Decrease in working capital (S 4.513.761) ($594.172)
See accompanying notes to financial statements.
i
]
, Nonexpendable Total 3
i Consolidated (Memorandum Retirement Trust Only)
S1,883,207 S 3,467,251 2,407,595 53,677 50,087 1,883,207 5,978,610 682,428 2,457,644 32,045 926,765 1,883,207 10.077,492 48,491 48,491 5,206,189 7,958,182 65,000 4,938 77,785 1,829.778 1,829,778 1,883,207 15,185,425 4
($ 5.107.933)
S (S 100)
(623,858) 1,130,035 378,092 j.
196,818 493 i 129,015)
(61,
- 1,149,465 (279,528)
(25,778)
(6,776,720) l (16,986) 653,706 1
(74,589) 404 319,000)
(50, (6.907) j (6,257.398) l 3 (S 5.107.933) f I
l l
l
.n a
CITY OF OCALA, FLORIDA l-NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 1982 NOTE 1 - DESCRIPTION OF FUNDS AND REPORTING ENTITY The City of Ocala (the " City") operates under a council-manager form of government and-provides the following services as authorized by its charter: public safety, public works, public utilities, culture, recreation and community development. The financial activities of all municipal boards.and commissions that provide services to the citizens of the City, except for the Ocala Housing Authority, are included in the City s financial statements.
The City includes municipal boards and commissions within the City in its financial statements in circumstances where the City selects the governing authority, designates management, has the ability to influence operations, and has accountability for fiscal matters of the munici The Ocala Housing l
Authority (Authority) pal boards and commissions., which provides public housing s the City, is not included in the reporting entity of the City since the City, although appointing the governing authority, does not designate the Authority's management,'have the ability to significantly influence the Authority s operations, and is not accountable for the Authority's fiscal matters.
j The accounting records of the City are organized on the basis of funds and account groups. The operations of each fund are accounted for within a separate -set of self-balancing accounts that comprise _its assets, liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for . in individual funds based upon the 4
purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped in the accompanying financial statements into eight generic fund types and three broad fund categories: governmental funds,
- proprietary funds and fiduciary funds.
Homogeneous funds are consolidated for purposes of financial statement presentation. Interfund transactions and balances are eliminated in the consolidation of homogeneous funds. Other funds which are similar by type but not homogeneous are combined. In te r-fund transactions and balances are not eliminated on funds which are combined rather than consolidated.
GOVERNMENTAL FUNDS Governmental fund s include the general, special revenue, debt service, capital project, and special assessment funds. The measurement focus of governmental funds is determination of financial position and sources and uses of resources rather than net income determination. The funds are maintained on the modified
._ _ ~ - _ _ _ - - _ _ _ _. ._ __, _. . . __ . _
accrual basis of accounting. Generally, only current assets and current liabilities are included on their balance sheets. Their reported fund balance is considered a measure of available spendable resources. The following is a description of the governmental funds of the City:
General Fund The general fund is the general operating fund of the City. It is used to account for revenues, general operating expenditures and capital outlay expenditures not specifically required by law or administrative action to be accounted for in another fund. All general property taxes (except for those levied for the Downtown Development Commis s ion) , franchise taxes, licenses, fines and certain intergovernmental revenues are recorded in this fund.
Operational expenditures and capital outlays of the administrative, public safety, public works and numerous other departments are paid for through this fund.
Special Revenue Funds Special revenue funds are used to account for the proceeds of specific revenue sources that are legally or administratively restricted to expenditure for specific purposes . Special revenue funds used by the City are:
Occupational License Business license and permit revenues which are pledged as security for the Refunding and Improvement Excise Tax Bonds dated July 1,1965 and January 1,1972 are recorded in this fund.
Revenues collected are transferred to the appropriate debt service l
fund as required.
Central Florida Regional Library This fund is used to account for federal, state and county l contributions, and general fund subsidies which are restricted for I the operation of the regional library.
O f f-S treet _ Parking This fund accounts for the proceeds from the City's parking system. O f f- s treet parking revenues are pledged as security for the Improvement Bonds dated July 1, 1966.
Downtown Development This fund accounts for property taxes levied against i downtown property owners. These property tax revenues are used for debt service on the Improvement Bonds dated July 1,1966.
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Debt Service Funds Debt service funds are used to account for the accumulation of i
resources for.the payment of principal, interest and related costs.
of the City's general long-term debt not paid from special assessment funds.
Capital Project Funds Capital project funds are used to account for resources ear-marked for the acquisition and construction of major capital facilities and other project oriented activities other than those financed by proprietary and special assessment funds.
Special Assessment Fund The special assessment fund is used to account for financial resources and long-term debt obtained for the financing and construction of public improvements that are to be fully or partially paid for by ascessments levied against benefited ' property owners. It is the policy of the City to levy special assessments subsequent to completion of the related capital improvement
. projects. Construction costs of the public improvements against which special assessments are levied are primarily budgeted in other funds and are not accounted for within the special assessment fund. Expenditures of the special assessment fund consist a primarily of trans fers to other funds to finance the costs of l capital improvements.
PROPRIETARY FUNDS Proprietary funds -include enterprise and internal service funds. The measurement focus of proprietary funds is . determination of net. income, financial position and changes in financial
, . position. The generally accepted accounting principles for l
proprietary funds are those applicable to businesses in the private sector and thus these funds are maintained on the accrual basis of l
accounting. Accordingly, all assets and liabilities associated with their activity are included on their balance sheets. Their reported fund. equity is segregated into contributed equity and retained earnings components. Proprietary funds used by the City are as follows :
Enterprise Funds
! Enterprise funds are used to account for operations that are financed and operated in a manner similar to private businesses where'the intent of the governing body is that the costs (including depreciation) of providing certain goods and services to the '
general nublic be financed or recovered primarily through user charges or where the governing body has deemed that periodic determination of net income is appropriate for purposes of
, monitoring capital maintenance, accountability or other purposes. ;
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Enterprise funds used by the City are as follows :
Bulk Power Supply Revenue and Electric Revenue Funds For legal purposes, transactions pertaining to the City-owned portion of Crystal River Nuclear Plant No. 3 (CR-3) are accounted for in a fund (bulk power supply revenue fund) separate from the fund which accounts for the transactions of the City's electric system (electric revenue fund). However, for financial accounting and reporting purposes, these funds are consolidated and all interfund transactions, consisting primarily of sales and related purchases of electricity, are eliminated in consolidation.
On a consolidated basis, the electric and bulk power supply revenue fund is used to account for the construction, operation, and maintenance of the City-owned portion of CR-3 and the City-owned electric system as well as sales of electricity and other services to the general public. Electricity rates charged to customers are set by City Council within the rate structure established by the Florida Public Service Commission.
Water and Sewer Fund This fund accounts for the construction, operation and maintenance of the City-owned water and sewer system.
Sanitation Fund This fund accounts for the operation and maintenance of the City's refuse collection system.
Municipal Golf Course Fund This fund accounts for the construction, operation and maintenance of the City's golf courses.
Fort King Tennis Court Fund This fund accounts for the operation and maintenance of the Fort King tennis courts.
Municipal Trailer Park Fund This fund accounts for the operation and maintenance of the City-owned trailer park.
Jim Taylor Airport Fund This fund accounts for the construction, operation and maintenance of the City's airport.
3 Internal Service Fund The internal service fund accounts for the operation of the-municipal garage, data processing, central reproduction, records management and building maintenance departments. The revenues of the internal service fund are derived from user fees charged to other City funds .
FIDUCIARY FUNDS Fiduciary funds of the City include expendable and nonexpendable trust funds. Trust funds are used to. account for assets held by the City in a trustee capacity. The measurement focus and basis of accounting of the expendable trust fund are the same as governmental funds and is therefore maintained on the modified accrual basis of accounting. The measurement focus and basis of accounting of the nonexpendable trust fund are similar to proprietary funds and is therefore maintained on the accrual basis of accounting. The following fiduciary funds are used by the City:
Expendable Federal Revenue Sharing Trust Fund Revenues received under the State and Local Fiscal Assistance i Act of 1972 (as amended) and related expenditures are accounted for in this fund.
Nonexpendable Consolidated Retirement Trust Fund This fund accounts for the financial transactions of the City-administered consolidated pension plan.
i' ACCOUNT GROUPS Fixed assets and long-term liabilities associated with
. governmental funds are accounted for in the General Fixed Asset and General Long-Term Debt Account Groups. The two. account groups are not funds and are concerned only with the measurement of financial position.
l General Fixed Asset Account Group Fixed assets used in governmental fund type operations are accounted for in the General Fixed Asset Account Group. Public
- domain (infrastructure) general fixed assets consisting of certain
- improvements other than buildings such as roads, sidewalks and drainage systems are not, however, capitalized as general fixed assets.
j General Long-Term Debt Account Group Long-term liabilities, except for special assessment bonds which are accounted for in the special assessment fund, expected to be financed from governmental funds are accounted for in the General Long-Term Debt Account Group.
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NOTE 2 -
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES The accounting principles and reporting practices of the City conform to generally accepted accounting principles applicable to governments adopted by the Financial Accounting Standards Board and included in " Governmental Accounting and Financial Reporting
. Statements 1,2,3 and 4" published by the National Council on Governmental Accounting adopted by the American Institute of Certified Public Accountants in the State and Local Audit Guide, as amended. The following is a summary of the more significant policies and principles used by the City in the preparation of the accompanying financial statements.
Basis of Accounting The financial' statements of proprietary and nonexpendable trust funds are presented on the accrual basis of accounting. Under this method of accounting, revenues are recognized when they are earned and expenses are recognized when they are incurred. The financial i statements of governmental and expendable trust funds are presented on the modified accrual basis of accounting. Under the modified accrual method of accounting, revenues are recognized when they become measurable and available as a resource to finance operations of the current year. All material revenues except for property taxes and occupational licenses of the City's governmental funds and the expendable trust fund are considered measurable and i available and as such, susceptible to accrual under the modified accrual basis of accounting. Property taxes and occupational licenses for the next' fiscal year are not considered measurable and available since neither a legally enforceable claim exists nor are the related services or privilege provided or available as of September 30, 1982. Revenues of a. material amount not received at the normal time of receipt are accrued or deferred, as appropriate.
Under the modified accrual basis, expenditures are generally recognized when the related liability is incurred except:
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- a. Inventory of governmental and expendable trust funds is recorded as an expenditure when purchased.
- b. Principal and interect on general long-term debt are recognized as expenditures in the debt service funds when due.
I c. Interest income on special assessments receivable and interest expense on related long-tern debt are not accrued.
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- d. Expenditures are not divided between years by the recording i of prepaid expenses.
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Encumbrances Encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of monies are recorded in order to reserve a portion of the applicable budget appropriation, is utilized by the governmental and expendable trust funds of the City. Encumbrances outstanding at year-end are reported as reserves of fund balance of-governmental and expendable. trust funds since they do not constitute expenditures or liabilities. They are recognized as expenditures in the period in which the actual goods or services are received and a liability is incurred.
Total Columns on Combined Statements - Overview The columns entitled " Total (s) (Memorandum Only)" included in the General Purpose Financial Statements (Combined Financial Statements-Overview) section of this report are presented only to facilitate financial analysis. These total columns are not comparable to consolidated financial information as the basic reporting entity is by fund type which utilize differing bases of accounting. In addition , interfund eliminations have not been made in the aggregation of this data.
Interfund Payables and Receivables Interfund payables and receivables are non-interest bearing and generally are liquidated monthly. Interfund advances are liquidated in accordance with the City Council's resolution and may bear interest (Note 6). Noncurrent portions of interfund advances receivable of governmental fund types are presented as a reserve of fund balance as these amounts do not constitute available spendable resources.
Investments Investments, except those of the nonexpendable consolidated retirement fund, are stated at cost, which together with the accrued interest receivable approximates market. Investments of the nonexpendable consolidated retirement fund consisting of commercial paper, money market funds, repurchase agreements, stocks and bonds are stated at fair market value based on quoted market prices at the end of the fiscal year.
l The City maintains a pooled cash and investment fund which l allows the various funds of the City to pool monies for investment purposes. The City aaintains appropriate records to identify the equity of from borrowed eachthe fundpool investing (Note 4)in. the pool as well Investment as amounts earnings of the pool are recorded as earned and are allocated to the participating funds based on the respective fund's equity in the pool at the end of each month.
Income from other investments owned by the individual funds is recorded in the respective funds as earned.
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_ Capital Grants and Contributions Program and capital grants received by governmental funds are recorded in the applicable governmental fund as receivables and revenues at the time reimbursable costs are incurred and all significant grant restrictions are satisfied. Grant revenues received in advance of meeting all major grant restrictions are deferred. Capital grants for general fixed asset additions prior to October 1, 1977 are recorded in the general fixed asset account group as investments by the governmental fund which expended the grant monies. Capital grants for general fixed asset additions subsequent to September 30, 1977 are recorded in the general fixed asset account group as contributions from federal or state grants.
Capital grants received by proprietary funds are also recorded as receivables when reimbursable project costs are incurred or as deferred credits if the grant money is received in advance of i proj ect expenditures. Capital grants and other contributions for j fixed asset additions to the proprietary funds prior to October 1, l 1977 are recorded as additions to retained earnings. Capital grants and other contributions for fixed asset additions to the
- proprietary funds subsequent to September 30, 1977 are recorded as additions to contributed equity. Depreciation on proprietary fund assets purchased with capital grants or other capital contributions is recorded as a reduction of retained earnings.
Contributed assets, including property and equipment, are recorded in proprietary funds and in the general fixed asset account group at fair market value at the time received.
Inventories Inventories held by the proprietary funds consist primarily of equipment and supplies held for use or for capital improvements and are stated at average cost. Obsolete and unusable items have been
- reduced to estimated salvage values.
Property, Plant and Equipment Proprietary Funds Property, plant and equipment of the proprietary funds are carried at historical cost, if known, or estimated historical cost.
The use of estimated historical cost was necessary since the City had not previously fully maintained the appropriate detail property records. The City used appraisals and other estimation techniques (indices) to estimate, where necessary, the original historical cost of the units of property, plant and equipment. Since the development of detail property records, all additions to property, plant and equipment of proprietary funds have been recorded at cost with retirements recorded using the established actual or estimated historical cost (net of accumulated depreciation).
Depreciation is provided on all exhaustible assets of proprietary funds on the straight-line method over the following estimated useful lives:
Buildings 30 years Extensions and improvements other than buildings 30-60 years Fixtures, vehicles and equipment 5-15 years An annual depreciation rate of 3.6% is applied tc the historical cost of Crystal River Unit No. 3 (CR-3). This annual depreciation rate was approved by the Florida Public Service Commission for use by Florida Power Corporation, the majority owner of the proj ect. The City's share of nuclear fuel, which is included in the CR-3 investment account , is amortized on a unit-of production method at a rate based on actual BTU's of energy produced.
Additions, improvements and expenditures that significantly extend the useful life of assets held by proprietary funds are 1 capitalized. Other expenditures for repairs and maintenance are charged to operations as incurred.
Interest costs, net of interest income, on assets constructed or otherwise produced for use by proprietary funds is capitalized, as appropriate. For the year ended September 30, 1982, the interest cost incurred by proprietary funds was
$1,706,200 of which $71,100 has been capitalized.
Governmental Funds General fixed asset additions are recorded as capital outlay expenditures in the respective governmental fund and are simultaneously capitalized at cost in the general fixed asset account group, except for infrastructure assets (Note 1). Unit costs of property and equipment recorded in the general fixed asset account group were established at historical cost or estimated historical cost in a manner similar to fixed assets of proprietary funds. Depreciation is not provided on general fixed assets.
Capital Leases Property and equipment and long-term liabilities associated with capital leases of governmental and similar funds are accounted for in the General Fixed Asset and General Long-Term Debt account groups, respectively.
Property and equipment and liabilities associated with capital leases of proprietary and similar funds are accounted for and reported in the financial statements of the respective proprietary fund.
Bond Discounts and Issuance Costs Bond discounts and issuance costs are deferred and amortized over the term of the bonds using the bonds outstanding method (which approximates the interest method).
Bond discounts are presented as a reduction of the face amount of the related bonds payable and issuance costs are recorded as other assets.
Annual Budgets An annual budget is prepared for all governmental, proprietary and fiduciary funds except the special assessment, capital project ,
debt service and the consolidated retirement funds. The budget amounts presented in the accompanying financial statements for the bovernmental funds are as originally adopted, or as legally amended, by the City Council during the year ended September 30, 1982. The City Manager is authorized to transfer budgeted amounts between departments within any fund; however, any budget amendments that alter the total expenditures of any fund must be approved by the City Council. During 1982, the City Council approved various supplemental budget appropriations to provide for unanticipated requirements for the period. Budget appropriations may not be legally exceeded on a fund basis. The budgets for the governmental funds are adopted on a basis consistent with generally accepted accounting principles (GAAP) except that encumbrances are treated as expenditures. Budgetary comparisons presented for the governmental funds in the accompanying financial statements are on this non-GAAP budgetary basis. Appropriations lapse at the end of each fiscal year.
Accrued Revenues Revenues of enterprise funds are accrued based on estimated unbilled services provided to the general public at the end of the fiscal year.
Property Taxes Property taxes levied by the City are billed and collected by the County and normally attach as an enforceable lien on property as of January 1. Generally taxes are levied on November 1 and are payable on or before June 1. Property tax revenues are recognized l when levied or billed to the extent that they result in current l receivables.
l The City is permitted under its charter to levy taxes up to $10 per $1,000 of assessed valuation for general government se rvices other than the payment of principal and interest on general
[ long-term debt and in unlimited amounts for the payment of principal and interest on long-term debt. Additional taxes assessed for the payment of general long-term debt issues of the j City must be approved by the public. The tax rate assessed by the t
City for the year ended September 30, 1982 was $3.478 per $1,000 of assessed property value.
i Reserves of Retained Earnings and Fund Balance Reserves of retained earnings on the proprietary funds are created by increases in net assets restricted for debt service and renewal and replacement. There is no reservation of retained earnings for assets set aside for construction under bond indentures. Increases in net assets restricted for debt service and renewal and replacement result from earnings on restricted assets included in consolidated net income of the proprietary funds and transfers to the restricted accounts. Increases in restricted assets decrease unreserved retained earnings and increase reserved retained earnings. The use of the restricted assets generates a restoration of unreserved retained earnings as debt payments are made and as renewal and replacement expenditure requirements are met.
Fund balances of governmental funds are reserved for assets which have been legally segregated for specific future uses or which are not available for expenditure . Increases to these '
I reserves are created by transfers to restricted accounts, earnings on restricted assets and gif ts designated by the donor for a specific use. Fund balances are also reserved for noncurrent portions of interfund loans receivable as these assets are not available spendable resources. In addition, open encuubrances at year-end are reported as reservations of fund balance to reserve that portion of the current year budget appropriation which has not been recognized as an expenditure or a liability.
Administrative Fees Certain administrative expenses are incurred by the City's electric revenue fund on behalf of the water and sewer and sanita-tion funds. The electric revenue fund charges for these services based on the receiving fund's original budgeted appropriations.
The reimbursement for these services is recorded as an operating expense of the water and sewer and sanitation funds and as a reduction of administrative expense of the electric revenue fund.
The City's general fund 91so incurs certain administrative expenditures on behalf of other funds of the City. The general fund is reimbursed for these expenditures based on actual cost allocations. The amounts reimbursed are recorded as a reduction of expenditures of the general fund. The related reimbursements are recorded as either an operating expense of the proprietary funds or as an expenditure of the governmental funds.
NOTE 3 - ACCOUNTING CHANGE f
During the year ended Septetber 30, 1962, the City adopted the policy of recognizing the liability for compensated absences associated with employee vacations in accordance with the )
requirements of " Governmental Accounting and Financial Reporting - I
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Statement 4." The change in accounting was adopted to more closely re flec t expenditures or expenses, as appropriate, of the various funds of the City.
In governmental funds and similar trust funds, the primary emphasis is on the flow of financial resources and expenditures are recognized on the modified accrual basis. The amount of compensated absences recorded as expenditures in governmental and l similar trust fund s represents the amount accrued during the year l that would normally be liquidated with available spendable resources. Accordingly, the amount of the compensated absence liability that would normally be liquidated with expendable available resources in the next fiscal year is reflected in the financial statements of governmental and similar trust funds. The remainder of the compensated absence liability of governmental and similar trust funds, if any, is reported in the General Long-Term Debt Account Group.
In proprietary and similar trust funds, the primary emphasis is on the determination of net income, financial position and changes in financial position and expenses are recognized on the accrual basis. Accordingly, the amount of compensated absences recorded as expenses of proprietary and similar trust funds represents the amount accrued during the year and the liability for compensated
- absences of these funds is reflected in the respective financial statements.
The financial statements of the City for the year ended September 30, 1981 bave been restated to retroactively apply the change in accounting method. The effect of the retroactive application of the change in accounting on fund balances of the governmental funds as previously reported for the year ended September 30, 1981 is as follows:
Effect of retroactively applying a Balance at change in the beginning of method of Balance at year, as accounting for beginning of previously compensated year, as Fund reported __ absences ___ restated General $674,717 ($156,830) $517,887 Special Revenue 18,230 (8,283) 9,947 9
The change in accounting method had the effect of decreasing the net income and the excess of revenues over expenditures of proprietary and governmental funds, respectively, for the year ended September 30, 1982 as follows:
Fund Amoun_1 Governmental:
General $29,947 Special Revenue 437 Proprietary:
Enterprise $23,726 Internal Service 2,052 NOTE 4 - POOLED CASil AND 1NVESTMENTS Funds not prohibited by bond covenants have pooled their cash balances in order to maximize investment earnings. The City's banking arrangement requires the City to maintain a compensating bank balance of $100,000. This compensating balance has been satisfied substantially by float.
The assets of the City's pooled cash and investment fund at September 30, 1982 are as follows:
Maturing Interest Book Security Through_ Rate _ Value Repurchase agree-ments October, 1982 8.9% $ 519,000 Equity in State Board of Adminis-tration Fund November, 1982 12.3% 1,353,659 U.S. government securities August, 1986 4.25-8.0% 1,023,922 Accrued interest receivable 28,214 Interfund receivables 4,975,662 C as h 954 Total equity of participating funds $19_0_1g _MQ The concept of the pooled cash and investment fund permits participating funds to borrow cash for current operations from the pooled fund. The amounts invested and borrowed by the various 6 funds of the City are presented as equity in pooled cash and investment fund and as due to pooled cash and investment fund, respectively, in the accompanying financial statements. At 1 September 30, 198?, the total equity of restricted accounts of
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proprietary and trust funds in the pooled fund was $5,961,866 as compared to assets of the pooled fund as of that date, exclusive of interfund receivables, of $2,925,749.
The State Board of Administration Fund is an investment pool administered by the State of Florida. Investments held in the State Board of Administration Fund consist of short-term federal agency obligations, treasury bills, repurchase agreements, and commercial paper. These short-term investments are stated at cost, which approximates market. Investment income is recognized as earned and is allocated to participants of the fund based on their ;
equity participation. !
Investments of all governmental and proprietary fund types not -
participating in the pooled fund as of September 30,*1982 are summarized as follows :
Maturing Interest Book Security Through, Rate Value Repurchase agree-ments October, 1982 7.5-9.25% $1,435,000 Equity in State Board of Adminis-tration Fund November, 1982 12.3% 2,071,040 Certificates of deposit December, 1982 6.5% 575,000 0
$4.081,,,04,0 The market value of investments of the nonexpendable consoli-dated retirement fund at September 30, 1982 is as follows: common stock - $1,773,675; bonds - $5,590,526; and repurchase agreements, money market funds and commercial paper - $1,073,163.
The cost of investments of the nonexpendable consolidated retirement fund at September 30, 1982 is as follows: common stock
- $1,587,707; bonds - $5,478,452; and repurchase agreements, money market funds and commercial paper - $1,073,163.
NOTE 5 - INTERFUND RECEIVABLES /PAYABLES The following summarizes the interfund receivables and payables of the various funds of the City at September 30, 1982:
Interfund Receivable __ _ _ ,_Interfund Payable _ _ _
Fund Current Restricted Total Current Restricted Total
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General S 16,640 $ 16,640 S 52,660 $2,170 S 54,830 special e 1,213 1,213 Projut 110,240 !!0,240 Enterprise 258,916 $ 600 259,516 272,115 272,115 111,650 111,650 2,228 2,228 Trust $52,820 52,820 Egg WM $440 626 M M S440.626 NOTE 6 - INTERFUND ADVANCES Enterprise Funds On July 18, 1978, the City Council authorized a loan of
$118,000 from the general fund to the municipal golf course fund.
This loan was later increased to $148,000 under a resolution dated January 2, 1979. As of September 30, 1982, $45,000 of this loan had been repaid leaving an outstanding balance of $103,000. The current portion of this advance of $15,000 is based upon the fiscal year 1983 budget adopted by the City Council. Interfund interest recognized on the loan in fiscal year 1982 is $6,000.
On August 15, 1980, the City Council authorized a $200,000 loan from the general fund to the sanitation fund. This loan is non-interest bearing and the current portion of this advance is
$50,000 based upon the fiscal year 1983 budget adopted by City Counc il .
Special Revenue Funds The City Council authorized a 13% interest-bearing loan of
$47,437 from the general fund to the Central Florida Regional Library fund on August 11, 1981. During fiscal year 1982, $23,719 of the loan was repaid. The remaining balance is to be repaid in fiscal 1983.
General Fund On May 11, 1982, the City Council authorized a loan of $57,500 from the expendable federal revenue sharing trust fund to the general fund. This loan is non-interest bearing and will be repaid during fiscal 1983.
NOTE 7__- PROPERTY AND EQUIPMENT Property and equipment of the proprietary fund types at September 30, 1982 is summarized as follows :
I'nternal Enterprise Se rvice Funds _ Fund Buildings $ 852,632 $ 50,593 Extensions and improvements other than buildings 48,814,068 970 Crystal River Unit No. 3 9,011,961 Fixtures, vehicles and equipment 2,886,485 630,510 61,565,146 682,073 Less - accumulated depreciation 19,123,380 247,020 42,441.,776 435,053 Land 1,638,783 285,304 Construction in progress 974,565 612,969 145 &55 ,11_4_ $M3_3_ ,3 2_6_
The cost of Crystal River Unit No. 3 (CR-3) represents the City's 1.333% share of the ownership of a nuclear power generating plant (bulk power supply system) acquired through a participation agreement with Florida Power Corporation (FPC). Under the parti-cipation agreement, FPC is acting as agent for the City in the maintenance and operation of the plant. The City is committed to pay its ownership share of the operational costs of the plant as well as capital improvements and nuclear fuel procurements. For its investment, the City receives the ratio of its percentage ownership in the net energy output of the CR-3 plant.
In 1976, the City Council adopted resolution 76-44 which authorized the construction of the Utility Public Works Complex which will house the operations of the electric, water and sewer and other public works activities of the City. The cost of the Complex has been partially financed by contributions from various City funds and is being accounted for within the internal service fund since operations of the Complex will be funded by user charges to the re spective funds utilizing the Complex. At September 30, 1982, construction of the Complex had not commenced; however, land had been purchased for the site of the Complex and architectural and engineering costs had been incurred for its planning and design. Subsequent to September 30, 1982, the City issued capital improvement bonds to further finance the construction of the Complex (Note 16).
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The following_ is a summary of the changes in the City's general fixed assets for the year ended, September 30, 1982:
Balance at Balance at October 1, Retire- September 30, 1981 Additions ments 1982 Property, plant and equipment:
Land $2,876,090 $277,055 ($ 29,591) $3,123,554 Buildings 3,069,717 7,137 3,076,854 Equipment, furniture and fixtures 2,604,932 412,997 (100,923) 2,917,006 Q,150.739 $_697 .18.9 ($J_10,5,14) j k1_11 414_
Net investment in general fixed assets:-
Investment in property acquired prior to September 30, 1975 $5,599,936 $5,599,936 Investment in property acquired after September 30, 1975:
Capital project funds 357,213 940 465,153 General fund 1,378,758 $107,431 523, ($ 69,115) 1,833,074 Special revenue funds 268,741 54,279 (1,789) 321,231 Trust funds -
federal entitle-ments 520,611 (59,610) 461,001 Special assessment fund 35,170 '
35,170 Federal and state grants 390,310 11,539 ____
401,849
$8_,550.739 $697.189 ($.130.514) .$9 117,4_14 NOTE 8 - PENSION PLAN The City maintains a defined benefit pension plan covering full- time firemen, policemen and all other general employees of the City. The plan was amended from a contributory to a noncontributory (
plan during fiscal year 1982. The City accounts for the pension plan on the accrual basis in a nonexpendable trust fund. It is the City's policy to fully fund pension costs determined by an $
actuarial valuation performed as of the beginning of each fiscal year. The actuarial cost method used in the valuation is the entry age normal cost method.
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l Funding to the pension trust for the year ended September 30, 1982 was based on a constant percentage of employees' compensation during the year (5.67%). The current year funding of $710,792 exceeded the minimum amount recommended in the actuarial valuation i by $53,243. Current year contributions expended or expensed by fund groups and state contributions are as follows:
City Contribution by Fund:
General $315,666 Special revenue 14,503 Capital projects 2,253 Enterprise 187,561 Internal service 29,258 Total City contribution 549t241 State contribution 161,551 Total contribution j l l,0 a7,9 2, Pension costs includes normal cost and amortization of prior l
service cost over a 30 year period.
The City's contributions to the pension trilst were based upon an actuarial valuation as of October 1, 1981, the most recent date for which accrued benefit information is available. As of October 1, 1981, the actuarial present value of vested and non-vested accumulated plan benefits was $4,894,541 and $747,921, respectively. The rate of return used to determine these actuarial present values was 7%. The net assets, on an actuarial basis, of the pension trust available for providing benefits as of October 1, 1981 was $7,115,927 which exceeded the act.uarial present value of vested plan benefits as of that date by $2,221,386.
NOTE 9 - PROPRIETARY FUNDS LONG-TERM DEBT Enterprise Funds i
l Following is a maturity schedule of outstanding debt of the I enterprise funds:
Water and Sewer Bonds Fiscal Electric Ealk Power Water and Anticipation Water and Sanitation 'lutal Year Ended Revenue Supply Revente Sewer Notes Sewer Notes Equipment Principal September 30, Bonds Bands Revenue Bonds Series 1979-2 Payable Notes Due 1983 $ '885,000 $ 270,000 $6,600,000 $124,375 $ 63,648
- 7,943,023 1984 925,000 280,000 124,375 65,791 1,395,106 1985 965,000 290,000 124,375 33,025 1,412,40u 1986 1,010,000 305,000 124,375 33,025 1,472,400 1987 690,000 S 355,000 325,000 20,000 1,390,000 1988-2006 495,000 10,825,000 710,000 12,030,000 Total long-term
- debt 4,970,000 11,180,000 2,180,000 6,600,000 517,500 195,469 25,642,959 Less - current l
portion 885,000 270,000 6,600,000 124,375 63,648 7,943,023 Less - unamortized
- 3Tscount 33.081 138,814 _ , _ 171.sv5 Total long-term l Portion 14.Q11.212 111.Qil. M ((.21,Q.QQQ $ MM.Q MHg M1.Mq _yh 75% 70%
Interest rate 4.3 - 4.9& 4.6 - 5.75_1 5.9 - 6.0% _ 9.75% of Prime 2U11911
The electric revenue, bulk power revenue and water and sewer revenue bonds are each secured by the net operating revenues of the respective fund. The City is in compliance with all significant limitations and restrictions contained in the various bond indentures with the exception of a rate covenant pertaining to the water and sewer revenue bonds.
The water and sewer revenue bond covenants require that the excess of water and sewer operating revenues over operating expenses, exclusive of depreciation, must be sufficient to meet 125% of the highest debt service requirement secured by the net revenues of the system in any succeeding year plus system renewal and replacement requirements equal to 5% of the gross revenues of the preceding year. In 1982, water and sewer revenues were below the required amount by $50,721 or 1.5%. The deficiency is related to the issuance of the water and sewer revenue bonds , series 1979-2 anticipation notes discussed below. The City instituted a new water and sewer rate structure in September of 1982, based upon an engineering study performed by an outside firm. It is anticipated that the new rates will prevent bond covenant violations in future years.
The water and sewer revenue bonds, series 1979-2 anticipation notes were issued on June 25, 1981 and are payable in full on July 1, 1983. The principal portion of the anticipation notes is secured by the unissued $6,900,000 1979 water and sewer revenue bonds authorized by the City Council and the unlevied 31,000 series special assessments. It is expected that the 31,000 series special assessments will be levied against benefited property owners for approximately $1,400,000 once certain capital improvement proj ects are completed. The interest due under the terms of the notes is secured by the net revenues of the City's water and sewer system.
The water and sewer notes payable represent notes payable to a bank dated July 13,1982 for $417,500 and $100,000 payable over four and five years, respectively. The proceeds of the notes were utilized to purchase undeveloped land for future use in expanding water and sewer facilities. The interest and principal payments are due in one annual instalment each year. The notes are secured by the property purchased.
The sanitation equipment notes represent notes payable to a bank and are payable with interest over the next four years and are secured by sanitation equipment.
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Following is a schedule of debt service requirements to maturity for all outstanding debt of the City's enterprise funds as of September 30, 1982:
Water and Total Electric Bulk Power Water and Sewer Bond Water and Sanitation Principal Fiscal Revenue Supply Revenue Sewer Anticipation Sewer Notes Equipment and Interent
_ Year Bonds Bonds Revenue Bonds Notes Payable Notes Due ,
1983 $1,094,425 $ 609,528 $ 400,090 $7,243,500 $176,036 $ 79,087 1984 1,094.815
$ 9,602,666 609,528 393,890 162,976 75,747 2,336,956 1985 1,092,041 609,528 387,090 149.917 39,041 2,277,b17 1986 1,091,109 609,528 384,690 136,857 35,804 2,257,988 1987 730,816 956,362 386,390 21,670 2,095,238 1988 507,127 944,738 386,890 1,838,755 1989 927,638 386,535 1990 1,314,173 929,688 929,688 1991 925,503 1992 925,503 925,044 925,044 1993 923,154 923,154 1994 124,652 924,652 1995 924,368 924,368 1996 921,239 927,239 1997 923,354 923,354 1998 922,688 922,688 1999 924,930 924,930 2000 924,910 924,910 2001 922,761 922,761 j 2002 923,315 923,315 2003 916,563 916,563 2004 917,332 917,332 2C35 915,324 915,32/
2006 915,588 915,588 S5.610.333 $20.953.263 S2.725.575 S7.243.500 $647.456 $229.679 $37.409.806 Internal Service Fund In 1980 and 1982, the City Council authorized the City to enter into two secured capital lease obligations for the purchase of copying equipment and data processing equipment. The lease obligations pay,able bear interest at 7.5% and 9.7%, respectively, and are payable as follows :
Principal Fiscal Principal and Interest l
Year Due Due __
1983 $25,751 $28,975 l 1984 14,218 15,485 l 1985 10,558 10,988 150A21 115.448 l
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NOTE 10 - GENERAL LONG-TERM DEBT The following is a summary of changes in the City's general long-term debt for the year ended September 30, 1982:
General General Debt Balance at Long-Ters Long-Tera Service Balance at October 1, Debt Debt Funds September 30, 1981 Additions Retired Operations 1982 Amounts available in debt se rvice funds $ 609.713 $87.597 $ 697.310 Amount to be provided:
Serial bonds 2,688,287 ($256,000) (87,597) 2,344,690 Notes payable 35,400 (17,700) 17,700 Instalment purchase and capital lease obligations _ 13,469 $52,750 (16,757) 49,462 2,737,156 52,750 (290,457) (87.597) 2,411,852 Total amount available and to be provided $3.346.869 $ 52,710 ($290.457) S S3.109.162 General long*(era debt payable:
Serial bonds $3,298,000 ($256,000) $3,042,000 Notes payable 35,400 (17,700) 17,700 Instalment purchase and capital lease obligations 13.469 $52,750 (16,757) 49,462 Total general obligation debt payable $3.346.611 M (S290.457) S3.109.162 Ceneral 1.O n g - t e r m debt matures as tolloWS:
kefunding and improvement ExtL6e Tax Bonds _
Instalment Fiscal Dated Dated Unsec ured Purchase and Total Year Ended July 1, January 1, Improvement Bank Capital Lease Principal September 30, 1965 1972 Bonds N)tes Obligations Due 1983 $185,000 $ 45,000 $37,000 $17,700 $11,135 $ 295,835 1984 195,000 45,000 12,566 252,566 1985 200,000 50,000 13,862 263,862 1986 210,000 55,000 11,899 276,899 1987-1993 2,020,000 2,020,000 S790.000 &M M M M $3.109.162 Interest 5.5 - 15.01 rate W 4.0-5.41 M M and 7.51 Refunding and Improvement Excise Tax Bonds The refunding and improvement excise tax bonds were issued to finance various municipal improvements including a public works complex, arterial street improvements, city building renovations, and a downtown parking garage. Occupational license taxes and cigarette I
l L
taxes are pledged to secure these issues. In accordance with bond indentures, the City has established debt service and reserve funds which are consolidated in the accompanying financial statements.
Improvement Bonds The improvement bonds, dated July 1, 1966, were issued to finance the acquisition of land and construction of off-street parking facilities. Off-street parking and cigarette tax revenues are pledged to secure this issue and, the re fore , these bonds are subordinate to the refunding and improvement excise tax bonds described above. The debt service sinking and reserve funds established in compliance with bond indenture provisions are consolidated in the accompanying financial statements.
Capital Leases During the years ended September 30, 1980 and 1982, the City
. entered into instalment purchase and capital lease agreements for the acquisition of equipment for the regional library. The obligations are secured by the equipment acquired under the agreements.
Debt service requirements to maturity for all outstanding general long-term debt are as follows:
Refunding and Exc o ds Instalment Total Fiscal Dated Dated Unsecured Purchase and Principal Year Ended July 1, January 1, Improvement Bank Capital Lease and Interest September 30, 1965 1972 Bonds Notes Obligations Due 1983 $220,155 $ 158,095 $38,739 $18,690 $17,663 $ 453,342 1n84 221,923 155,800 17,663 395,386 1985 218,245 158,505 17.331 394,081 1986 219,345 160,955 13,684 393,984 1987 278,150 1988 374,125 378',150 374 125 1969 374,590 374,590 1990 373,990 373,990 1991 366*980 1992 354,430 366',980 354 430 1993 197,600 197.600 S879.668 S3.053.220 M2 M M S4.056 358 On October 27, 1981, the City Council finalized a resolution authorizing the issuance of Industrial Development Revenue Bonds at an amount not to exceed $2,500,000. The proceeds of the bonds are to be used by an independent real estate developer for the construction of a l commerical project within an area of the City designated as blighted.
l The bonds will not represent debt or an obligation of the City and are secured solely from the gross revenues of the completed project. The completed proj ect and all revenues derived therefrom, subsequent to the payment of all debt service requirements, will belong exclusively to the developer.
t i
4 NOTE 11 - SPECIAL ASSESSMENT DEBT
- Special assessment long-term debt matures as follows
Street Improvement Bonds i
February 1, 1975 July 1, 1978 Fiscal Se rie s Series Total l Year Ended 13,000- Series 26,000 Principal September 30, 17,000 24,000 & 27,000 Due 4
1983 $ 50,000 $ 50,000 1984 $100,000 100,000
- _ 1985 1986 1987-89 $200,000 , 60,000 ____
260,000 S200.0.00_ EL1_0_ 00_Q 1100.000 $410s 03 Interest rate 6.5% 6.0% 6.75%
Each of these issues is secured by and payable solely from the special assessment series indicated above. City Council authorized by resolution the issuance of $280,000 in bonds for the 26,000 and 27,000 series special assessments; however, only $100,000 in bonds have been issued.
. Debt service requirements of special assessment debt through maturity as of September 30, 1982 follows:
4 Street Iuprovement Bonds ___
February 1,_
1975 _ July 1, 1978 ,
]
To ta l Fiscal Se ries Series Principal t
Year Ended 000- Series 26,000 and Interest September 30, 13,000 17, 24,000 & 27,000 Due
- 1983- $ 13,000 $ 56,600 $ 6,750 $ 76,350
- 1984 13,000 3,600 106,750 123,350 1985 13,000 3,600 16,600 t
1986 13,000 3,600 16,600 1987 213,000 3,600 -216,600 1988 3,600 3,600 1989 _____
63,600 _____
63,600
$113.500 f
, $_265.00Q $138.20Q $516.70Q-l I NOTE 12 - RESERVED RETAINED EARNINGS The following is a reconciliation of the reserved retained earnings to the net restricted assets of enterprise funds:
Total restricted assets $8,929,551 Restricted assets set aside for construction under bond indentures (4,042,238) 4,887,313 Liabilities payable from restricted assets (1,777,363)
Total reserved retained earnings Q1019]O NOTE 13 - FINANCIAL SEGMENT INFORMATION OF ENTERPRISE FUNDS Each of the City's enterprise operations is accounted for within a separate fund. Over 95% of the combined assets, revenues, and expenses of the enterprise funds are attributable to utility i
funds used to account for the transactions of the City's electric and bulk power, water and sewer, and sanitation systems. Other enterprise funds are used to account for the operations of golf, tennis, trailer park and airport facilities provided for the benefit of the general public. Following is a summary of significant financial information of the enterprise funds:
Electric and Bulk Pover Supply Water and Revenue Sewer 9anitation Other Total Current assets $ 7,717,388 $ 326,206 $ 87,769 $ 120,248 $ 8,251,611 Current liabilities 9,126,611 6.924,031 275,793 70,436 16,396,871 Working capital (deficit) ( L},,4Q9 d2,}) (1 1 d91 815,)( L R 8a 03 ) L ,4_9.812 ($ 8.145,260)
Property, plant, and equipment:
Additions (1,4,81,612 Ll.11Q.116 1 ld b l2) i d lkalkl 1d.111.111 Deletions L ,J[6.840 {_ M L 2(,11g L_ _2 } dig [,_2,, ,63 Total property, plant and squipment Q1,,1(2 mQl,1 QL714,112 LjQMQ4, 1 M Q6,,91} [Ig,Q g Q W Reatricted asaeta ({d216,[Q LldQ Q {} _ ({,9J9gl Total assets {}5,242.506 {2,5 a lM L JS} gdll23 [6,2M39.595 Liabilities payable from restricted assets (AlLL211 ,( J k},122 _ ll ]J,ldk] Total fund equity (deficit) $ 9.708.812 1(1,1QQdil ($ 6 Lill) gl ,}(( dQ) llid%%,12Q Total operating revenues $40,704,351 $ 3,301,630 $1,814,787 5 521,205 $46,341,973 Operating expenses (less depreciation) (32,133,006) (1,924,606) (1,712,275) (447,801) (36,217,688) l Depreciation and amortization (1,447,435) (588,629) (143,838) (172,706) J2.352,608) Operating income (loss) 7,123,910 788,395 (41,326) (99,302) 7,771,677 Operating transfers from other funds 17,161 17,161 Operating transfers to other fuads (5,262,553) (5,632) (5,268,183) Interest income 423,724 254,042 9,908 687,674 Interest expense (861,877) (756,113) (6,807) (6,000) (1,630.797) Net income (loss) LL4,2} 21/g W Q,6,94,($ 48,13})($ 78.?33) $ 1.577,5J Capital contributions L ,9& B,34, S 700.066 1 127.865 S 926,765 Long-term debt and interfund loans payable of individual enterprise funds are presented in Notes 6 and 9. I E
NOTE 14 - OPERATING DEFICITS Following is a summary of net losses of individual proprietary funds and deficiencies of revenues and other sources over expenditures and other uses of individual governmental funds for the year ended September 30, 1982 which are included in the accompanying combined financial statements : Proprietary Funds Net Loss Enterprise Funds: Sanitation ($ 48,133) Fort King Tennis Court (9,901) Jim Taylor Airport (119,752) Governmental Funds peficiency Special Revenue Funds: Occupational License (208) Downtown Development (71,835) Capital Project Funds: 1972 Municipal Improvement Co ns truc tion (39,136) Capital Improvement Construction (110,240) Special Assessment Fund (515,169) Expendable Trust Fund (678,582) Furthermore, actual expenditures on a budgetary basis of the downtown development fund exceeded budgeted appropriations approved by City Council by $598. The capital improvement construction and sanitation funds have fund deficits of $110,240 and $68,841, respectively as of September 30, 1982. The capital improvement construction fund deficit is attributable to capital outlay expenditures being incurred prior to tne issuance of the capital improvement revenue bonds discussed in Note 16. NOTE 15 COMMITMENTS AND CONTINGENT LIABILITIES Grants The City receives significant financial assistance from federal agencies primarily in the form of capital grants. The disbursement of funds received under these programs generally requires compliance with terms and conditions specified in the grant agree-ments and is subject to audit by the grantor agencies. Disallowed d claims, if any, resulting from such audits may become liabilities of the City. However, in the opinion of management, disallowed claims, if any, will not have a material effect on the City's f financial statements. Litigation The City is a defendant in a class action suit in which the plaintiffs are seeking injunction relief against alleged racial discr imination in supplying municipal services, the equalization of such services, and the escrowing or refunding of revenue sharing funds. City management, upon advice of counsel, believes that the allegations are without merit. However, in the event the City should lose on all points- there is a possibility, thought slight in the opinion of legal cmoncil, the City could incur a liability (repayment received and of disbursed) federal revenue sharing in excess of$2,800,000entitlements previously in addition to substantial attorney fees and court costs. Related to this case, the same plaintiffs have filed suit against the Office of Revenue Sharing seeking to have revenue sharing funds either refunded, suspended, terminated or escrowed. In the opinion of the City attorney, there are no other potential liabilities resulting from pending or threatened litigation or claims. Other Commitments Outstanding commitments of governmental funds are presented in the accompanying combined financial statements as reserves of fund balance. The outstanding commitments of the internal service and enterprise funds for goods or services not received as of September 30, 1982 were $61,857 and $1,294,984, respectively. These commitments are evidenced by signed purchase orders and contracts which were entered into prior to September 30, 1982. Employee Benefits City employees are entitled to accrue a maximum of 90 days sick leave. If the individual leaves the employ of the City, he or she is not entitled to be paid for the entire accumulated sick leave. Expenditures or expenses for sick leave are recorded at the time benefits are paid. At September 30, 1982, accumulated sick leave for each fund type is as follows: General $ 846,234 Special Revenue 46,291 Capital Proj ect 3,633 Enterprise 601,951 Internal Service 68,198
$1.566.307 1
NOTE 16 - SUBSEQUENT EVENT / In October 1981, the City Council authorized the issuance of
$12,500,000 Capital Improvement Revenue Bonds. During December, 1982, the City issued $7,250,000 of the Capital Improvement Revenue Bonds bearing interest at 10.125%. The proceeds of the bonds are to be used for the construction of the Utility Public Works Complex and for certain road improvements. The bonds mature annually commencing in 1984 in amounts ranging from $155,000 to $470,000.
Interest is payable semi-annually beginning October 1,1983. The bonds are secured by a lien upon and pledge of non-ad valorem revenues of the City.
\
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t 4 i 1 l i t t i I 4 4 SPECIAL REVENUE FUNDS ,
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CITY OF OCALA, FLORIDA SPECIAL REVENUE FUNDS COMBINING BALANCE SilEET SEPTEMBER 30, 1982 Central Occupational Florida Regional License _ Library __ Assets Cash and investments $143,024 S 836 Equity in pooled cash and investment fund 32,537 Accounts receivable 313 Restricted assets: Cash 13,093 Other __ 15 Total assets 1143.332 146,681 Liabilities and Fund Balance Accounts payable $ 6,474 Compensated absences payable 8,722 Due to other funds 1,159 Deferred revenue $127,189 Interfund loans payable _ _ _ _ _ 23,718 Total liabilities 127,189 40,073 Fund balance (deficit): Reserved for encumbrances 1,840 Reserved for restricted assets __ , 13,108 Total reserved fund balance 14,948 Unreserved 16,148 (8,540) Total fund balance 16,148 6,408 Total liabilities and fund balance 1143.337 14_6_,481
Off-Street Downtown Parking Development Total
$143,860
$62,064 $17,025 111,626 383 696 13,093 15 162 Q64 SIL408 1261 29.0
$ 250 $ 291 S 7,015 98 8,820 54 1,213 127,189 23,718 402 291 167,955 1,443 3,283
_ 13,108 1,443 16,391 60,219 17,117 E4,944 61,662- 17,117 101,335 161064, _ [17 408 R(920, i
CITY OF OCALA, FLORIDA SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CRANGES IN FUND BALANCE - ACTUAL AND BUDGET FOR THE YEAR ENDED SEPTEMBER 30, 1982 Actual Central Florida Occupational Regional Off-Street Downtown License Library Parking Development Total Revenues: Intergovernmental revenues $462,741 $462,741 Parking meters $16,165 16,165 Licenses and permits $273,635 273,635 Property taxes S 37,427 37,427 Fines and forfeitures 9,432 9,432 Gifts 5,497 5,497 Interest income 14,001 662 753 4,319 19,735 Other income 421 14,241 1,696 __, 16,358 Total revenues 288,05_7_ 492,573 18,614 41,746 840,990 Expenditures: Culture and recreation 585,350 585,350 Principal payments 16,757 16,757 Interest and paying agent fees 7,073 7,073 Capital outlay 1,066 313 265 1,644 Other expenditures 5,110 7,0j0 13,100 Total expenditures 610,246 5,423 8,255 623,924 Excess (deficiency) of revenues over expenditures 288,057 (117,673) 13,191 33,491 217,066 Other financing sources (uses): Transfers from other funds 213,009 66,067 279,076 Transfers to other funds (288,265) (11,163) (105,326) (404,754) Total other sources (uses) (288,265) 213,009 54,904 (105,326) 1125,678) Encess (deficiency) of revenues and other sources over expenditures and other uses before fund balance allocation (208) 95,336 68,095 (71,835) 91,368 Fund balance allocation , ___ _ _ _ _ _ _ _ _ ___ Excess (deficiency) of revenues and other sources over expenditures and other uses (208) 95,336 68,095 (71,835) 91,388 Fund balance (deficit) at beginning of year, as restated 16,356 (88,928) (6,433) 88,952 9,947 Fund balance (deficit) at end of year S 16.148 S 6.408 $61.662 S 17.117 11Q12332 f i Budget Total [entral Adjustments Actual on a Florida Favorable to Budgetary Budgetary Occupational Regional Off-Street Downtown (Unfavorable) Basis Basis License Library Parking Development Total Variance
$462,741 $433,811 $433,811 $ 28,930 16,165 $14,000 14,000 2,165 273,635 $272,420 272,420 1,215 37,427 $41,935 41,935 (4,508) 9,432 9,360 9,360 72 5,497 2,500 2,500 2,997 19,735 15,000 200 150 4,400 19,750 (15) 16,358 400 14,270 ,14,670 1,686
_840,990 287,820 460,141 14,150 46,335 808,446 32,544
$1,840 587,190 602,790 602,790 15,600 16,757 40,476 40,476 23,719 7,073 6,820 6,820 (253) 1,261 2,905 1,933 8,900 357 11,190 8,285 182 13,282 56,845 7,300 64,145 50,863 3,283 627,207 652,019 65,745 7,657 725,421 98,214 (3,283) 213,783 287,820 (191,878) (51,595) 38,678 83,025 130,758 279,076 213,009 66,067 279,076 (404,754) (288,265) (11,163) (105,326) (404,754)
(125,678) (288,265) 213,009 54,904 (105,326) (125,678) _ _ _ _ (3,283) 88,105 (445) 21,131 3,309 (66,648) (42,653) 130,758 445 (21,131) (3,309) 66,648 42,653 (42,653) (3,283) 88,105 88,105 9,947 16,356 (88,928) _ (6,433) 88,952 9,947 (@,32) $ 98.052 $ 16.356 ($_8 U gg) (1_6 413) S 88.952 LL94Z 1J&dR5
CITY OF OCALA, FLORIDA OCCUPATIONAL LICENSE FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - ACTUAL AND BUDGET FOR THE YEAR ENDED SEPTEMBER 30, 1982 Actual and Actual on Favorable a Budgetary (Unfavorable) Basis Budget . Variance Revenues: Licenses and permits $273,635 $272,420 $1,215 Interest income 14,001 15,000 (999) Other income 421 400 __ 21 Total revenues 288,057 287,820 237 Expenditures ____ _ _ _ _ _ _ _ _ _ . _ _ _ Excess of revenues over expenditures 288,057 287,820 237 Other financing uses: Transfers to other funds (288,265) (288,265) _ _ Deficiency of revenues over expenditures and other uses be fore fund balance allocation (208) (445) 237 Fund balance allocation 445 (445) Deficiency of revenues over experditures and other uses (208) (208) Fund balance at beginning of year 16,356 16,356 ___ Fund balance at end of year $ 16.148 $ 16,356 ([_ 208) (
. - - - - - _ _ = - - ._ .
CITY OF OCALA, FLORIDA CENTRAL FLORIDA REGIONAL LIBRARY FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN E BALANCE - ACTUAL AND BUDGET FOR THE YEAR ENDED SF?TEMBER 30, 1982 Adjustments to Budgetary Favorable Actual on a (Unfavorable) Actual Basis Budgetary Basis Budget Variance Revenues: Intergovernmental revenues $462,741 $462,741 Fines and forfeitures $433,811 $28,930 432 9,432 9,360 Gifts 9,497 5, 72 Interest income 5,497 2,500 2,997 66 2 662 Other income 14,241 200 462 14,241 14,270 (29) Total revenues 492,573 492,573 __460,141 32,432 Expenditures: i ' Culture and recreation 585,350 $1,840 587,190 602,790 15,600 Principal payments 16,757 16,757 40,476 i Interest and paying 23,719 agent fees 7,073 7,073 6,820 (253) Capital outlay 1,066 1,066 1,933 867 Total expenditures 610,246 1,840 612.086 652,019 39,933 Deficiency of revenues over expenditures (117,673) (1,840) (119,513) (191,878) 72,365 Other financing sources: Transfers from other funds 213,009 213,009 213,009 Encess of revenues and other sources over expenditures before fund balance allocation 95,336 (1,840) 93,496 21,131 72,365 Fund balance allocation (21,131) 21.131 Encess of revenues and other sources over enpenditures 95,336 (1,840) 93,496 93,496 Fund deficit at beginning of year, as restated (88,928) (88,928) (88,928) Fund balance (deficit) at end of year S 6.408 ($1.840) $ 4.568 ($ 88.928) 12),426 I l
CITY OF OCALA, FLORIDA OFF-STREET PARKING FUND STATEMENT OF REVENUES, EXPENDITURES AND CilANGES IN FUND BALANCE - ACTUAL AND BUDGET FOR Tile YEAR ENDED SEPTEMBER 30, 1982 Adj us tments to Actual on Favo rable Budgetary a Budgetary (Unfavorable) Actual Basis _ _ Basis Budget Variance ___ Revenues: Parking meters $16,165 $16,165 $14,000 $ 2,165 Interest income 75 3 753 150 603 Other income 1,696 ,_ __1,696 ___ _ __1,696 Total revenues 18,614 18,614 14,150 4,464 Expenditures: Capital outlay 313 $1,261 1,574 8,900 7,326 Other expenditures 5,110 _ 182 5,292 56,845 51,553 Total expenditures 5,423 1,443 6,866 65,745 __5 8 ,8 7 9 Excess of revenues over expenditures 13,191 (1,443) 11,748 (51,595) 63,343 Other financing sources (uses): Trans fe rs from other funds 66,067 66,067 66,067 Trans fers to other funds (11,163) __ (11,163) (11,163) __ _ Total other sources 54,904 _ _54,904 54,904 __ Excess of revenues and other sources over expenditures and other uses before fund balance al locat ion 68,095 (1,443) 66,652 3,309 63,343 Fund balance allocation __,,,, __ _( 3,309) __3,309 Excess of revenues e and other sources over expenditures and other uses 68,095 (1,443) 66,652 66,652 Fund deficit at beginning of year (6,433) ,_ (6,433) (6,433) _, Fund balance at end of year $_6_1_,6_62 ($1.443) $.60.21_9 ($ 6.433) [6_6.652 CITY OF OCALA, FLORIDA DOWNTOWN DEVELOPMENT FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - ACTUAL AND BUDGET FOR Tile YEAR ENDED SEPTEMBER 30, 1982 Actual and Actual on Favorable a Budgetary (Unfavorable)
- Basis _
Budget Variance __ l Revenues: Property taxes $ 37,427 $ 41,935 ($ 4,508) Interest income 4,319 4,400 (81) Total revenues 41,746 46,335 (4,589) Expenditures: Capital outlay 265 357 92 Other expenditures 7,990 7,300 (690) Total expenditures _8,255 7,657 ___(598) Excess of revenues over expenditures 33,491 38,678 (5,187) Other financing uses: Transfers to other funds (105,326) (105,326) __ _ Deficiency of revenues over expenditures and other uses before fund balance allocation (71,835) (66,648) (5,187) Fund balance allocation __ 66,648 (66,648) Deficiency of revenues over expenditures and other uses (71,835) (71,835) Fund balance at beginning of year 88,952 88,952 . _ _ _ Fund balance at end of year [,17.117 $ 88,95_2 ($71.835)
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d.m. - ,a4 . .4 - m s _-c 4 I 1 DEBT SERVICE FUNDS I s i l t I t
CITY 0F OCALA, FLORIDA DEBT SERVICE FUNDS COMBINING BALANCE SilEET SEPTEMBER 30, 1982 Excise Tax Improvement Bonds Bonds Total Assets Cash and investments $608,109 $64,982 $673,091 Accrued interest receivable 5,934 591 6,525 Other assets 17,694 ___ 17,694 Total restricted assets $63A7R $.6_5E $69_7_,310 Fund Balance Fund balance: Reserved for debt service 16_3_1_,132 $31.5L1 $1 1 J7 f I
2 CITY OF OCALA, FLORIDA DEBT SERVICE FUNDS
; COMBINING STATEMENT OF REVENUES, EXPENDITURES l AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1982 Excise Tax Improvement Bonds Bonds Total Revenues:
- j. Interest income $ 81,954 $ 9,003 $ 90,957 Total revenues 81,954 9,003 90,957 Expenditures:
Bond principal payments 220,000 36,000 256,000 Bond interest and paying 1 agent fees 161,559 3,440 164,999 Total expenditures 381,559 39,440 420,999
- Deficiency of revenues l over expenditures (299,605) (30,437) (330,042)
! Other financing sources: Transfers from other funds 378,380 39,259 417,639 Excess of revenues and other sources over expenditures and other uses 78,775 8,822 87,597 Fund balance at beginning of year 552,962 56,751 609,713
- Fund balance at end of year $631.737 16_1mSl3 $_697.310 i
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CITY OF OCALA, FLORIDA CAPITAL _PP0,JE,C_T_ _ FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1982 1972 Capital Municipal Improvement Improvement Construction Construction Total Assets Equity in pooled carh and investment fund _ _ _ _
$65,047 $ 65,047 Tota 1 assets _ _ _ , $6Q_Qi7_ $_f5,Q42 Liabilities and Fund _Bala_nce Due to other fund s $110,240 _ __ _
$110,240 Total liabilities 110,240 ,,
110,240 Fund balance (de ficit) : Reserved for encumbrances S 5,059 5,059 Unreserved (110,240) 59,988 (50,252) Total fund balance (deficit) (110,240) 65,047 (45,193) Total liabilities and iund ba1ance L_ _ m_____ M.Lp_42 $_6.5,0_47 f
CITY OF OCALA, FLORIDA CAPITAL PROJECT FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1982 1972 Capital Municipal Improvement Improvement Construction Construction Total Revenues: Interest income $ 14,640 $ 14,640 Total revenues 14,640 14,640 Expenditures: Administration S 2,300 742 3,042 Capital outlay 107,940 53,034 160,974 Total expenditures 110,240 53,776 164,016 Deficiency of revenues over expenditures (110,240) (39,136) (149,376) Fund balance at beginning of year _ _ _ _ _ _ 104,183 104,183 Fund balance (deficit) at end of year (1110.240) $ 65.047 ($ 45_,123) 4
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w 1 i 1 ENTERPRISE FUNDS i i l l ._ -_- - .__-._-_ _. __.._.____ _.-_.. _ _6_0-.
CITY OF OCALA, FLORIDA EWTERPRYSE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1982 Electric and Bulk Power Water Supply Revenue and Sewer Sanitation Assets Current assets: Cash S 1,125 S 300 Equity in pooled cash and investment fund Accounts and notes receivable, net 3,748,086 39,087 Accrued unbilled revenues 2,425,522 Due from other funds 5,010 166,137 S.87,769 Inventories 1,531,033 98,348 Other current assets 6,612 22,334 Total current assets 7,717,388 326,206 87,769 Restricted assets: Cash and investments 1,689,350 1,282,315 Equity in pooled cash and investment fund 4,110,880 1,743,877 Accrued interest receivable 13,417 10,543 Due from other funds 600 Other 9,981 68,588 __ Total restricted assets 5,823,628 3,105,923 Property, plant and equipment, net 21,522,205 21,734,532 401,384 Issuance costs on long-term debt 179,285 24,034 Total assets $35,242,506 $25.190.695 S489.153 Liabilities and Fund Equity Current liabilities: Accounts payable $ 3,053,180 $ 117,980 $ 51,155 Compensated absences payable 74,727 28,003 25,521 Bonds and notes payable within one year 6,724,375 648 63,831 Accrued interest payable 12,155 4, Due to pooled cash and investment fund 4,830,169 38,798 77,385 Due to other funds 260,396 2,720 3,253 Customer deposits 908,139 Interfund loans payable 50,000 Deferred tevenue Total current liabilities 9,126,611_ 6,924,0?1 275,793 Liabilities payable from restricted assets: Accrued interest payable 418,990 193,392 Revenue bonds payable within one year 885,000 270,000 Other 9,981 Total liabilities payable from restricted assets 1,313,971 463,392 ___ Interfund loans payable after one year 150,000 Revenue bonds and notes payable after one year 15,093,105 2,303,125 131,841 Total liabilities 25,533,687 9,690,548 557,634 Contributed equity 285,269 4,316,552 Retained earnings (deficit): Reserved for debt service 1,673,600 1,380,949 a Reserved for renewal and replacement 55,401 _ _ _ _
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Total reserved retained earnings 1,673,600 1,436,350 Unreserved: Designated for alternate energy study 2,619,813 Undesignated 5,130,137 9,747,245 (68,481) f Total unreserved retained earnings (deficit) 7,749,950 9,747,245 (68,481) Total retained earnings (de fic it) 9,423,550 11,183,595 (68,481) Total fund equity (deficit) 9,708,819 15,500,147 (68,481) Total liabilities and fund equity $35.242,506 $25,190.695 $489.153 Fort King Municipal Ocala Municipal Tennis Trailer Municipal Golf Course Court Park Airport Total
$ 50 $ 100 $ 1,575 $ 96,021 13,004 109,025 490 $ 10,583 3,798,246 2,425,522 258,916 1,629,381 28,946 96,511 50 13,104 10,583 8,251,611 2,971,665 5,854,757 23,960 600 78,569 8,929,551' 308,192 29,425 8,336 1,051,040 45,055,114 203,319
, $404,703 $29.475 $21.440 $1.061.623 $62.439,595
$ 11,983 $ 1,384 $ 2,829 $ 3,579 $ 3,242,090 $ 4,405 $ 250 $ 411 133,317 6,788,023 .
16,986 4,387 13,555 4,964,294 555 83 98 5,010 272,115 908,139 15,000 65,000 5,555 1,352 6,907 37,498 6,104 3,338 23,496 16,396,871 612,382 1,155,000 9,981 1,777,363 88,000 238,000 17,528,071 125,498 6,164 3,338 23,496 35,940,305 888,517 5,490,338 3,054,549 55,401 3,109,950 i 2,619,813 279,205 23,371 18,102 149,610 15,"79,189 279,205 23,371 18,102 149,610 17,819,002 279,205 23,371 18,102 149,610 _21,008,952 279,205 23,371 18,102 1,038,127 26,499,290
$404.703 Mg $21,440 S1,061,61} M h53
CITY OF OCALA, FLORIDA ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES AND EXPENSES FOR THE YEAR ENDED SEPTEMBER 30, 1982 Electric and Bulk Power Water Supply Revenue and Sewer Operating revenues: Sale of electricity $40,116,833 Sale of water $1,694,946 Sewer and sanitation service charges 1,350,517 Fees and rentale Commissions Other 587,518 256,167 Total operating revenues 40,704,351 3,301,630 Operating expenses: Purchase of electricity 25,075.818 Distribution 2,233,975 234,140 Back-up 2,191,922 Transmission 274,069 Operation and maintenance 882,179 Water and sewer treatment 944,058 Sewer collection 366,623 Administration 984,075 302,337 Depreciation and amortization 1,447,435 588,629 Other 490,968 77,448 Total operating expenses 33,580,441 2,513,235 Operating income (loss) 7,123,910 788.395 Nonoperating revenues (expenses): Interest income 423,724 254,042 Interest expense (861,877) (756,113) Total nonoperating revenues (expenses) (438,153) (502,071) Income (loss) before operating transfers 6,685,757 286,324 Operating transfers: From other funds To other funds (5,262,553) (5,630) Total operating transfers (5,262,553) (5,630) Net income (loss) S 1.423.204 $ 280.694 f Fort King Municipal Ocala Municipal Tennis Trailer -Municipal Sanitation Golf Course Court _ Park Airport Total
$40,116,833 1,694,946
$1,814,787 3,165,304
$340,202 $34,712 $64,602 S 22,086 461,602 39,254 17,951 57,205 762 11 1,623 2 846,083 1,814 - 47 380,218 _34,723 66,225 40,039 46,341,973 25,075,818 2,468,115 2,191,922 274,069 1,632,325 303,928 46,297 59,934 34,103 2,958,766 944,058 366,623 76,166 1,362,578 143,838 28,891 9,062 1,907 132,946 2,352,608 3,784 2,908 631 575,739 1,856,113 335,727 55,359 62,472 166,949 38,570,296 (41,326) 44,491 (20,636) 3,753 (126,910) 7,771,677 8,455 534 721- 198 687,674 (6,807) (6,000) (1,630,797)
(6,807) 2,455 534 721 198 (943,123) (48,133) 46,946 (20,102) 4,474 (126,712) 6,828,554 10,201 6,960 17,161 (5,268,183) 10,201 6,960 (5,251,022) ($ 48.133) $_46_,34j ( @ J) $ 4.474 ($119.752) L1.577.532
2 CITY OF OCALA , FLORIDA ENTERPRISE FUNDS COMBINING STATEMENT OF CHANGES IN FUND EQUITY FOR THE YEAR ENDED SEPTEMBER 30, 1982 Electric and Bulk Power Supply k,cvenue Water and Sewer __ Sanitation Ret.ined Retained Cont r ibuted Retained Cont r ibuted Earnings Earnings Equity Total Earnings Equity Total (Deficit) Fund equity at beginning of year, as previously re po r ted $8,059,460 $186,435 $8,245,895 $10,925,152 $3,616,486 $14,541,638 5 3,410 I Effect of retroactively l applying a change j in accounting method for compensated absences (59,114) (59,114) (22,251) (22,251) (23,758) Fund equity (deficit) at beginning of year, as restated 8,000,346 186,435 8,186,781 10,902,901 3,616,486 14,519,387 (20,348) Net income (loss) 1,423,204 1,423,204 280,694 280,694 (48,133) Capital contribu- 700,066 700,066 tions 98.834 98,834 Fund equity at sad of year $9.423.550 $285.269 $9.708.819 $11.183.595 $4.316.552 s15.500.147 (Lig ill) 1 (
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Fort King Municipal Municipal Tennis Trailer Goll Course Court Park Ocala Municipal Airport Combined Retained Retained Retained Retained Contributed Retained Contributed Earnings Earnings Earnings Earnings Equity Total Earnings Equity Total
$236,474 $33,356 $13,797 $269,362 $760,652 $1,030,014 $19,541,011 $4,563,573 $24,104,56e (4,215) (BL) (169) (109,591) (109,591) 232,259 33,272 13,628 269,362 760,652 1,030,014 19,431,420 4,563,573 23,99a,993 46,946 (9,901) 4,474 (119,752) (119,752) 1,577,532 1,577,532 127.865 127,865 926,765 926,765 $279,205 $23.371 $18,102 $149.610 $888.517 $1,038,127 $21,008.952 $5.490.338 $26.499.[99 l
l l l l l l CITY OF OCALA, FLORIDA ENTERPRISE FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED SEPTEMBER 30, 1982 Electric and Bulk Power Water Supply Revenue and Sewer Sanitation Financial resources were provided by (used for): Net income (loss) $1,423,204 $ 280,694 ($ 48,133) Add charges not affecting working capital: Depreciation and amortization of property and equipment and issuance costs on long-term debt 1,447,435 588,629 143,838 Amortization of bond discount 23,897 29,780 Loss on disposal of property and equipment 42,857 395 3,784 Working capital provided by (used for) operations of the period 2,937,393 899,498 99,489 Proceeds from issuance of notes payable 517,500 132,099 Decrease in restricted assets 2,229,271 228,373 Decrease in bond issuance costs 32,045 Capital contributions 98,834 700,066 Total financial resources provided 5,265,498 2,377,482 231,588 Financial resources were used for: Additions to property and equipment 2,485,627 1,750,826 144,795 Reduction in revenue bonds and notes payable after one year 885,000 6,972,041 63,648 Reduction in interfund loans payable after one year 50,000 Decrease (increase) in liabilities payable from restricted assets 78,941 (6,094) Total financial resources used 3,449,568 8,716,773 258,443 Increase (decrease) in working capital $1.815.930 ($6.339.2g1) ($ 26.855) Analysis of Cnanzes in Components of Working Capital Increase (decrease) in current assets: Cash and investments ($ 100) Equity in pooled cash and investment fund Accounts and notes receivable, net 112 107 $ 6,000 ($ 1,986) Accrued unbilled revenues 1,378,092 Due from other funds 5,010 68,479 11,876 Inventories 69,726 3,079 Other current assets (83,349) 22,334 Total increase (decrease) in current assets 1,481,486 99,892 9,390 (Increase) decrease in current liabilities: Accounts payable (414,236) 255,178 (25,082) Compensated absences payable (15,613) (5,752) (1,763) Bonds and notes payable within one year (6,724,375) (35,028) Accrued interest payable (12,155) (4,831) Due to pooled cash and investment fund 520,675 45,854 77,604 Due to other funds (75,786) 2,067 2,355 Customer deposits 319,404 y Interfund loans payable (50,000) De ferred revenue __ Total (increase) decrease in current (36,745) liabilities 334,444 (6,439,183) Increase (decrease) in working capital $1.815.930 (S6.339.291) ( $ 2 6. 8_5 5 ) > Fort King Ocala Municipal Tennis Municipal Municipal Golf Course Court Trailer Park Airport Total
$46,946 ($9,901) $ 4,474 ($119,752) $ 1,577,532 28,891 9,062 1,907 132,846 2,352,608 677 2,753 631 53,420 50, 78,590 (839) 7,012 13,094 4,034,237 649,599 2,457,644 32,045 127,865 926,765 78,5,90 (839) 7,012 140,959 8,100,290 33,936 1,843 138,488 4,555,515 7,920,689 15,000 65,000 72,847 48,936 1,843 138,488 12,614,051 $162 ($ 839) 1_5_di2 S 2.471 (S 4.513.761)
($ 100)
$29,280 ($ 5,824) 23,456 (442) ($ 28) 12,986 $ 782 1,129,419 378,092 85,365 72,805 (61,015) 28,838 (28) 7,162 782 1,628,022 6,266 100 (1,787) (2,300) (181,861)
(190) (166) (242) (23,726) I (6,759,403) (16,986) (778) 10,351 653,706 295 33 36 (5,010) (76,010) 319,404 ( (50,000) (5,555) (1,352) (6,907) 816 (811) (1,993) 1,689 (6,141,783) l S29.654 ( L 83,2) Q1M S 2.471 (S 4.513.761)
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CXTY OF OCALA, FLORIDA ELECTRIC AND BULK POWER SUPPLY REVENUE FUNDS CONSOLIDATING BALANCE SHEET SEPTEMBER 30, 1982 Bulk Power Electric Supply Revenue Revenue Eliminations Consolidated Assets Current assets: Cash $ 1,125 $ 1,125 Accounts receivable, less allowance for doubtful accounts of $130,589 3,748,086 3,748,086 Accrued unbilled revenues 2,425,522 2,425,522 Due from other funds 5,010 $ 3,088,838 (S3,088,838) 5,010 Inventories 1,531,033 1,531,033 Other current assets 6,612 6,612 Total current assets 7,717,388 3,088,838 (3,088,838) 7,717,388 Restricted assets: Cash and investments 1,689,350 1,689.350 Equity in pooled cash and investment fund 2,836,057 1,274,823 4,110,880 Accrued interest receivable 13,417 13,417 Other 9,981 9,981 i Total restricted assets 4,548,805 1,274,823 5,823,628 Property, plant and equipment, net 12,565,532 8,956,673 21,522,205 Issuance costs on long-term debt 34,502 144,783 179,285 Total assets $24.866.227 $13.465.117 ($'.088.838) 111.142.524 Liabilities and Fund Equity Current liabilities: Accounts payable $ 284,236 S 2,768,944 $ 3,053,180 Compensated absences payable 74,727 74,727 Due to pooled cash and investment fund 4,763,486 66,683 4,830,169 Due to other funds 3,349,234 ($3,088,838) 260,396 Customer deposits 908,139 908,139 Total current liabilities 9,379,822 2,835,627 (3,088,838) 9,126,611 Current liabilities payable from restricted assets: Accrued interest payable 114,226 304,764 418,990 Revenue bonds payable within one year 885,000 885,000 Other 9,981 9,981 Total current liabilities payable from restricted assets 1,009,207 304,764 1,313,971 Revenue bonds payable after one year 4,051,919 11,041,186 15,093,105 Total liabilities 14,440,948 14,'.8i,577 (3,088,P,38) 25,533,687 Contributed equity 285,269 , 739,884 (739,884) 285,269 Retained earnings (deficit): Reserved for debt se rvice 703,541 970,059 1,673,600 Unre se rved : Designated for alternate energy study 2,619,813 2,619,813 Undesignated 6,816,656 (2,426,403) 739,884 5,130,137 Total unreserved retained 3 earnings (deficit) 9,436,469 (2,426,403) 739,884 7,749,950 Total retained earnings (deficit) 10,140,010 (1,456,344) 739,884 9,423,550 Total fund equity (deficit) 10,425,279 (716,460) 9,708,819 Tetal liabilities and fund egoity $24.866.2H S13.465.117 (1348 M 33) jJ3L242J_0_Q CITY OF OCALA, FLORIDA ELECTRIC AND BULK POWER SUPPLY REVENUE FUNDS CONSOLIDATING STATEMENT OF REVENUES AND EXPENSES FOR THE YEAR ENDED SEPTEMBER 30, 1982 Electric Revenue Operating revenues: Sale of electricity $40,116,833 Other income _ 587,518 Total operating revenues 40,704,351 Operating expenses: Purchase of electricity 30,428,737 Distribution 2,233,975 Back-up Transmission Operation and maintenance Administration 984,075 Depreciation and amortization 907,455 Other 494,508 Total operating expenses 35,048,750 Operating income 5,655,601 Nonoperating revenues (expenses): Interest income 359,114 Interest expense (243,222) Total nonoperating revenues (expenses) 115,892 Income before operating l transfers 5,771,493 Operating transfers: To other funds (5,262,553) Total operating transfers (5,262,553) l Net income S 508.940 ( l J i
I l Bulk Power Supply Revenue Eliminations Consolidated
$30,416,272 ($30,416,272) $40,116,833 587,518 30,416,272 (30,416,272) 40,704,351 25,063,353 (30,416,272) 25,075,818 2,233,975 2,191,922 2,191,922 274,069 274,069 882,179 882,179 984,075 539,980 1,447,435 233 (3,773) 490,968 28,951,736 (30,420,045) 33,580,441 1,464,536 3,773 __7,123,910 64,610 423,724 (618,655) (861,877)
(554,045) _ _ _ (438,153) 910,491 3,773 6,685,757 (5,262,553) (5,262,553) S 910.491 S 3.773 $ 1.423.204 1 CITY Of OCALA, FLORIDA ELECTRIC AND BULK POWER SUPPLY REVENUE FUNDS CONSOLIDATING STATEMENT OF CHANCES IN FUND EQUITY FOR THE YEAR ENDED SEPTEMBER 30, 1982 Electric Revenue Fund Bulk Power Supply Revenue Fund Retained Retained Contributed Earnings Contributed Earning 4 Equity Total Deficit Equity Total Fund equity (deficit) at beginning of year, as previously reported S 9,690,184 $186,435 $ 9,876,619 ($2,366,835) $736,111 ($1,630,724) Effect of retroactively applying a change in accounting method for compensated absences (59,114) (59,114) _ Fund equity (deficit) at beginning of year, as restated 9,631,070 186,435 9,817,505 (2,366,835) 736,111 (1,630,724) Net income (loss) 508,940 508,940 910,491 910,491 Capital contributions 98.834 98,834 3,773 3,773 Fund equity (deficit) at end of year $10.140.010 $285.269 $10.425_279 (S1.456.344) 1111.&[i (S 7(q,4kg) 1
Eliminations Consolidated Retained Contributed Retained Contributed Earnings Equity Earnings Equity Total l
$736,111 ($736,111) $8,059,460 $186,435 $8,245,895 (59,114) (59,114) 736,111 (736,111) 8,000,346 186,435 8,186,781 3,773 1,423,204 1,423,204 i
(3,773) 98.834 98.834 i R39& (17M) .$.9,,4 2 3, 5 50 S285 269 $9.708.819 1 0 I l l l l I i l I l l This page was intentionally left blank. [ t l I 1' 9
CITY OF OCALA, FLORIDA ELECTRIC AND BULK POWFA. SUPPLY REVENUE FUNDS CONSOLIDATING S~i\TEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED SEPTEMBER 30, 1982 Bulk Power Electric Supply Revenue Revenue Eliminations Consolidated Financial resources were provided by: Net income $ 508,940 $ 910,491 Add charges not affecting working $ 3,773 $1,423,204 capital: Depreciation and amortization of property and equipment and issuance costs on long-term debt 907,455 539,980 1,447,435 Amortizaticn of bond discount 14,770 9,127 23,897 Loss on disposal of property and equipment 42,857 _ 42,857 Working capital provided by I operations of the period 1,474,022 1,459,598 3,773 2,937,393 Decrease in restricted assets 2,185,823 43,448 2,229,271 Capital contributions 98,834 3,773 (3,773) 98,834 Total financial resources provided 3,758,679 _1,506,819 5,265,498 Financial resources were used for: Additions to property and equipment 1,984,655 500,972 2,485,627 Reduction of revenue bonds payable after one year 885,000 885,000 Decrease in liabilities payable from restricted assets 78,941 78,941 Total financial resources used 2,948,596 500,972 3.449,568 Increase in working capital $ 810.083 $1.005.847 jl1815.930 Analysis of Changes in Components of Working Capital Increase (decrease) in current assets: i Cash ($ 100) ($ 100) Accounts receivable, net 1,112,107 1,112,107 Accrued unbilled revenues 378,092 378,092 Due from other funds 5,010 $ 349,904 ($349,904) 5,010 Inventories 69,726 Other current assets 69,726 778 (84,127) ___, (8's,349) Total increase (decrease) in current assets 1,565,613 265,777 (349,904) 1,461,480 ' (Increase) decrease in current liabilities: Accour-ts payable 36,250 (450,486) (414,236) Compensated absences payable (15,613) (15,613) Due to pooled cash and investment fund (669,881) 1,190,556 520,675 Due to other funds (425,690) 349,904 (75,786) l Customer deposits 319,404 319,404 I ' Total (increase) decrease in current liabilities (755,530) 740,070 349,904 334,444 Increase in working capital $ 810,083 S1.005.847 $ 11.815.932 i i t t
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.l t f q s TRUST FUNDS I l I t I
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CITY OF OCALA, FLORIDA TRUST FUNDS COMBINING __ BALANCE SHEET SEPTEMBER 30, 1982 Expendable Federal Nonexpendable
- Revenue Consolidated Sharing Retirement Trust Fund Trust Fund __ Total Aseets
-Ca,sh and investments $8,437,364 $8,437,364 Equity in pooled cash and investment fund $107,109 107,109 Accrusd interest and diviaands recef0able 241,016 241,016 Due from federal government 106,720 106,720 DuL from other funds 52,820 52,820 Interfund loans receivable 57,500 57,500-t Gth6r . 19,391 19,391 5s Total, assets ,' ^ R71__,)JJ
_ (8.750 2591 $1 g21,910, 3 ,s . Liabilities and ' Fund Equity , s' Accounts pay.nble i S139,152 $ 912 S 140,064 Total liabilitie~s, 139,152 912 140,064 y . . 'Tund,eguity: v
's Employee pension s ,ht,, b, . , contributions ___
1,281,956 _1,281,956 g s 1
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Fund balance:' <
'( , Reserved for retirement A' s benefitzt 7,467,723 7,467,723
~$ , l , Reserved for encumbrances 34,266 34,266
", ' -Unreserved _97,911 _ _ _ _ _ _ _
_ _97,911 N' Total fund balance 132,177 7,467,723 7_,599,900 2"y Total fund equity 132,177 _8,749,679 8,881,856 g
\ ' I- Tm u,1 1Labilitles and Cun;l quity $M1_,3M $h7J_0,ji91 SLO 2.1,,92O_
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CITY OF OCALA, FLORIDA EXPENDABLE FEDERAL REVENUE SHARING TRUST FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 3U, 1982 Revenues: Federal revenue sharing entitlements S 426,877 Interest income 25,602 Total revenues 452,479 Exp'enditures : ( Capital outlay 1,131,061 Total expenditures 1,131,061 Deficiency of revenues over expanditures (678,582) Fund balance at beginning of year , 810,759 Fund balance at end of year $ 132,111 i 4 CITY OF GCALA, FLORIDA NONEXPENDABLE CONSOLIDATED RETIREMENT TRUST FUND STATEMENT O? REVENUES AND EXPENSES FOR THE YEAR E.MDED SEPTEMBER 30, 1982 Revenues: City contributions $ 549,241 State funded contributions 161,551 Income on inves tment s 791,769 Net appreciation in fair value of investments __1,519,736 Total revenue 3,022,297 Expenses: Pension payments 204,652 Realized loss on sale of investments 892,701 Custodial and investment fees 37,951 Interest expense on refunds 3,786
, Total expenses 1,139,090 Net income 11_ 88)_ ,2R e
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CITY OF OCALA, FLORIDA NONEXPENDABLE CONSOLIDATED RETIREMENT TRUST FUND STATEMENT OF CHANGES IN FUND EQUITY FOR THE YEAR ENDED SEPTEMBER 30, 1982 Employee Pension Fund Contributions Balance Total Fund equity at beginning of year $1,600,319 $5,314,644 $6,914,963 Net income 1,883,207 1,883,207 Re funds to employees (48,491) (48,491) Reclassification of retirees' contributions to fund balance (269,872) 269,872 _ ______ Fund equity at end of year {1 ,2,8,1, g {1,467.723_ 18,739_.679 l l l l
i CITY OF OCALA, FLORIDA NONEXPENDABLE CONSOLIDATED RETIREMENT TRUST FUND STATEMENT OF CHANGES IN FINANCIAL POSITION . FQR THE YEAR ENDED SEFTEMBER 30, 1982 i Financial resources were provided by: Net income $1,883,207 Working capital and total financial resources provided by operations for the period 1,883,207 Financial resources were used for:
' Refunded employee contributions 48,491 Increase in restricted assets 1,829,778 Decrease in liabilities payable from restricted assets 4,938 Total financial resources used 1,883,207 Increase in working capital $_,,__
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I,lCC e.o sox 2988 jf4 /i tterhouse "n=c "' ^ 2 e March 1, 1983 lionorable City Council City of Ocala, Florida The accompanying statistical information of the various funds and account groups of the City of Ocala, Florida, for the year ended September 30, 1982 as presented on pages 87 through 128 are not a required part of the basic financial statements and we did not audit and do not express an opinion on such information. Fa WC Certified Public Accountants l r
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f 4 d r i STATISTICAL SECTION i i i CITY OF OCALA, FLORIDA GENERAL GOVERNMENTAL REVENUES BY SOURCE (1)(2) LAST TEN FISCAL YEARS 1973 1974 1975 1976 Property Taxes $ 786,546 $ 847,706 $ 999,638 $1,128,389 Other Taxes 321,048 256,585 311,159 265,792 Intergovernmental Revenues 986,982 1,139,440 1,375,971 1,464,246 Licenses and Permits 199,659 175,411 174,501 232,717 Fines and Forfeitures 207,045 150,253 190,868 212,706 Charges for Services and O f f-S tree t Parking 45,706 57,756 50,500 64,870 i Transfers from Other Funds 2,356,786 2,590,083 2,991,162 3,659,384 Bond Proceeds - 327,209 - - Interest Income 187,883 84,052 108,596 106,605 Miscellaneous __ 37,057 _ 53,632 86,339 , 67,500 Total $5.130_.712, $5.682.122 $_6.288.734 $] 202_.201 (1) The balances set forth above have been restated for accounting changes applied retroactively during the ten year period as compared to previously issued financial statements. (2) This schedule includes revenues of the General Fund, Special Revenue Funds and Debt Service Funds. Interfund revenues have not been eliminated between these funds. 1 J i L
1977 1978 1979 1980 1981 1982 S1,458,733 $ 1,634,211 S 1,787,149 $ 1,832,271 $ 1,671,438 $ 2,029,326 366,622 327,017 361,678 401,038 459,151 504,200 1,665,469 1,762,649 1,471,003 1,385,286 1,638,475 2,021,665 235,313 271,504 323,847 368,278 426,876 395,285 205,561 213,222 211,057 217,224 255,011 256,531 59,792 60,331 74,020 66,271 106,616 90,525 4,358,067 5,338,369 5,802,387 5,440,228 6,934,804 6,642,731 132,777 285,818 277,095 179,579 227,779 195,242 57,731 143,118 206,985 266,246 100,936 246,296 M8_2-.5_4.0 &6.5.11_0 2 036,239 110 515_,221 }10.156,4_21 111.821.086 1 1.2_ 3 8 1 . 8 0 1_ CITY OF OCALA, FLORIDA GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1) (2) LAST TEN FISCAL YEARS 1973 1974 1975 1976 General Government and Administration $ 556,270 $ 595,494 $ 643,808 $ 758,869 Public Safety 1,476,570 1,577,208 1,878,342 2,074,880 Public Works 1,347,411 1,138,091 1,060,482 1,652,968 Culture and Recreation 830,674 733,650 755,396 916,437 Nondepartmental 23,527 41,408 63,963 83,363 Debt Service 574,561 610,848 731,673 784,009 Capital Outlay - - - - Transfers to Other Funds 1,210,024 1,054,511 1,082,419 1,107,250 Miscellaneous 8,480 42,768 66,369 111484 Total $ 6,02 7_ , 5_12 [,5 7 9 3 ,3,7 8 g6J8_2_452, 1 7 #3J 9,y ,6,0, 2 (1) See Notes (1) and (2) on Page 87. (2) Prior to 1978, capital outlay was classified with the reported expenditures of the appropriate departments. t
.. .. -._ _ . . _ =. _ - . _. ~ . _. . _._ -
9 i . 1977 197_8 1979 1980 1981 1982
$ 909,545 $ 920,341 $ 1,237,687 $ 1,269,165 $ 1,308,029 $ 1,433,?.79 2,677,706 2,647,639 3,174,917 3,427,983 3,999,582 4,554,075 1,642,640 1,660,146 1,427,152 1,579,937 1,613,386 1,809,302 1
991,556 1,048,410 1,452,207 1,565,026 1,709,533 1,734,942 296,989 242,176 28,252 20,081 21,184 17,236 784,256 770,886 794,979 779,928 2,544,623 464,510 796,343 1,002,152 821,270 1,280,986 965,973 1,235,185 1,193,473 988,292 884,153 752,023 725,039 19,767 t 55d47 10,583, ,,,_ 4,713, _ 50,886 _ 132,825
$8 d51 6,4j (9,y,3 3 M 6J {(0 Q6,s,2J % 2{1,h3,5,2 2,51 J 111 2,8,0,s A2 S,1,1,s837,,_181 l
i a 1 f 4 A h i e
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CITY OF OCALA, FLORIDA PROPERTY TAX LEVIES, TAX COLLECTIONS AND ASSESSED VALUATIONS ( 3_) LAST TEN FISCAL YEARS ASSESSED VALUATION TOTAL CURRENT FISCAL (100% AT TAX RATE TAX TAX _ YEAR _ MARKET) IN MILLS LEVY (1) COLLECTIONS 1973 149,771,616 5.00 748,858 727,141 1974 167,512,359 5.00 846,121 812,276 1975 194,624,530 5.00 975,465 934,886 1976 279,840,487 3.90 1,093,703 1,056,020 1977 337,094,157 4.40 1,487,298 1,409,959 1978 359,351,077 4.48 1,614,272 1,549,764 1979 374,928,554 4.52 1,707,048 1,635,007 1980 387,525,371 4.52 1,756,180 1,697,053 1981 542,919,857 3.17 1,724,044 1,613,001 1982 $559,458,934 3.47 1,950,292 1,849,490 Source: Marion County Tax Collector and City Finance Department. (1) Includes penalties under % 193.072 Florida Statutes. , (2) Tax collections include current and delinquent taxes, tax i certificates and payments to local governments for homestead exemptions. , (3) Excludes property tax levies of the Downtown Development l Commission. i f i L
RATIO OF TOTAL P ERCENT TOTAL (2) COLLECTIONS OF LEVY TAX TO TAX UNCOLLECTED COLLECTED COLLECTIONS LEVY TAXES 97.1 747,836 99.9 21,717 96.0 813,591 96.2 33,845 95.8 960,868 98.5 40,579 96.6 1,088,622 99.5 37,683 94.8 1,417,873 95.3 77,339 96.0 1,592,785 98.7 64,508 95.8 1,745,119 102.2 72,041 96.6 1,790,939 102.0 59,127 93.6 1,634,002 94.8 111,043 94.8 1,991,899 102.1 100,802
CITY OF OCALA, FLORIDA PROPERTY TAX RATES AND LEVIES - ALL OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARS Millage Rates Water Manage!aent Fisep1 Year City County School Districts Total 1973 5.00 4.20 12.60 .43 22.23 1974 5.00 4.20 12.50 .40 22.10 1975 5.00 4.95 8.40 .53 18.88 1976 3.90 3.13 8.09 .10 15.22 1977 4.40 3.82 8.19 .38 16.79 1978 4.48 3.82 8.20 .24 16.74 1979 4.52 3.82 8.20 .16 16.70 1980 4.52 3.09 6.95 .18 14.74 1981 3.17 2.94 7.98 .23 14.32 1982 3.47 3.56 8.02 .32 15.37 Tax Levies Water Management Fiscal Year City (1) County (2) School (2) Districts (2) Total 1973 $ 748,858 $ 629,041 $1,887,122 $ 64,402 $3,329,423 1974 837,562 703,a52 2,093,904 67,005 3,702,023 l 1975 973,123 963,391 1,634,846 103,151 3,674,511 1976 1,091,378 875,901 2,263,910 27,984 4,259,173 1977 1,483,214 1,287,700 2,760,801 128,096 5,659,811 1978 1,609,893 1,372,721 2,946,679 87,322 6,016,615 1979 1,694,677 1,432,227 3,074,414 60,738 6,262,056 1980 1,751,615 1,197,453 2,693,301 71,305 5,713,674 1981 1,721,056 1,596,184 4,332,500 127,043 7,776,783 1982 1,945,798 1,991,674 4,486,861 176,789 8,601,122 (1) Does not include penalties under % 193.072 Florida Statutes. (2) The tax levies for overlapping governments reflect each government's millage applied to the total assessed valuation within the City's corporate boundaries.
! CITY OF OCALA, FLORIDA ; SPECIAL ASSESSMENT COLLECTIONS LAST TEN FISCAL YEARS I
New Collections Total Fiscal Liens and Outs tanding Year _ Assessed Adjustments Assessments (1) 1973 $ -
$206,052 S660,541
-1974 64,511 140,498 584,554 1975 138,792 145,257 578,089 1976 298,285 263,133 613,241 1977 644,565 378,878 878,928 1978 215,858 240,205 854,581
.. 1979 87,195 268,759 673,017 1980 117,863 191,111 599,769 l 1981 -
132,112 467,657 l 1982 44,576 86,719 425,514 (1) Does not reflect reserves for uncollectible special assessment levies. l l l f. t t
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CITY OF OCALA, FLORIDA COMPUTATION OF LEGAL DEBT MARGIN SEPTEMBER 30, 1982 Assessed Value (100% at market as of January 1, 1981) 1159_s4183 934 Debt Limit: 20% of Assessed Value $111,891,787 Amount of General Obligation Debt Outstanding ___, , Legal Debt Margin [1_11,8_91.787 In accordance with Article IX, Section 9.02, of the City of Ocala Charter, the " aggregate amount of general obligation at an be bonds ofthan greater the City outstanding twenty per cent (20%)ofy one the time shallvaluation assessed not of the taxable real and personal property in the City according"to the latest assessment of such real and personal property. CITY OF OCALA, FLORIDA RATIO OF NET GENERAL OBLIGATION BONDED DEBT TO ASSESSED VALUE AND NET B0!jDED DEBT PER CAPITA LAST TEN FISCAL YEARS Gross General Taxable Obligation Less Debt Year Population (l) Assessed Value Bonded Debt Service Funds 1973 27,963 $149,771,616 $1,010,000 $112,133 1974 30,888 167,512,359 880,000 120,206 1975 30,975 194,624,530 745,000 123,117 1970 32,595 279,840,487 605,000 126,841 1977 32,619 337,094,157 460,000 131,223 1978 32,652 359,351,077 310,000 137,473 1979 34,034 374,928,554 160,000 149,485 1980 37,170 387,525,371 - - 1981 37,489 542,919,857 - - 1982 38,265 559,458,934 - - (1) 1982 Florida Statistical Abstract. I i 1 Net Net Debt To Net Debt Bonded Debt Assessed Value Per Capita
$897,867 .60% $32.11 759,794 .45 24.60 621,883 .32 20.08 478,159 .17 14.67 328,777 .10 10.08 172,527 .05 5.28 10,515 -
.31 W W e W e m
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1 1 i s CITY OF OCALA, FLORIDA RATIO OF ANNUAL DEBT SERVICE FOR GENERAL OBLIGATION BONDED DEBT TO TOTAL GENERAL EXPENDITURES LAST TEN FISCAL YEAR _S _ 1 Ratio of General Obligation Total Debe Service ! Debt Service _ Requirements General To General Year Principal Interest Total Expe gd_iture , Expenditures l' 1973 $120,000 $29,425 $149,425 $ 6,027,517 7. 48% 1974 130,000 25,988 155,988 5,793,378 2. 69 1975 135,000 22,344 157,344 6,2h2,452 2.50 1976 140,000 18,563 158,563 7,169,260 2.15 1977 145,000 14,644 159,644 8,5.57,644 1.87 , 1978 150,000 10,588 160,588 9,334,861 1.72 l 1979 150,000 6,463 156,463 10,116,221 1.55
- 1980 160,000 2,200 162,200 10,352,256 1.57
- 1981 - - -
13,280,232 - 1982 - - - 11,837,181 - l l l l
CITY OF OCALA, FLORIDA SCHEDULE OF ELECTRIC AND POWER SUPPLY REVENUE BONDS COVERAGE LAST TEN FISCAL YEARS Net Revenue Available Debt Service Requirements (2)(3) For Debt Year Service (l) Principal Interest Total Coverage 1973 $3,001,412 $200,000 $ 326,544 $ 526,544 5.70 1974 2,911,957 215,000 462,926 677,926 4.30 1975 3,581,651 475,000 449,869 924,869 3.87 1976 4,571,531 480,000 431,632 911,632 5.01 1977 6,074,873 515,000 1,077,632 1,592,632 3.81 1978 5,992,389 - 622,971 622,971 9.62 1979 5,010,408 620,000 936,145 1,556,145 3.22 1980 6,112,325 665,000 913,855 1,578,855 3.87 1981 5,976,618 745,000 887,357 1,632,357 3.66 1982 8,571,345 850,000 855,404 1,705,404 5.03 (1) Represents gross operating revenues less gross operating expenses, excluding amortization and depreciation, of the consolidated electric system for fiscal years 1973 through 1976 and the consolidated electric and bulk power supply systems for fiscal years 1977 through 1982. (2) Amounts presented do not include the debt service requirements of the
$6,500,000 Power Supply Revenue Bonds, Series A-1975 Anticipation Notes and related interest of approximately $406,000 which were paid on October 1, 1976 using a portion of the proceeds from the sale of
$10,000,000 Power bupply Revenue Bonds, Series A-1975, which were issued in April, 1976.
(3) In August, 1977, the City issued the following refunding bonds: Power Supply Revenue Bonds, Series 1977 $11,180,000
- Electric Revenue Bonds, Series 1977 7,850,000 Special Obligation Bonds, Series 1977A 10,990,000 l
l 13 M 2A gna The refunding bonds were issued to effect the advance refunding of the following issues: Electric Revenue Certificates, Series 1959 $ 240,000 Electric Revenue Certificates, Series 1962 1,145,000 Electric Revenue Certificates, Series 1967 2,140,000 Electric Revenue Certificates, Series 1972 5,725,000 Power Supply Revenue Bonds, Series A-1975 10,000,000
$19sl50 30gq I
l
-100-(continued)
I l The proceeds derived from the sale of the refunding bonds were placed-in an irrevocable escrow account, which, together with related interest earnings, will provide sufficient amounts to l satisfy not only the remaining debt service requirements, in accordance with the original maturity schedules, on the refunded bonds, but the Special Obligation Bonds, Series 1977A as well. Accordingly, the refunded bonds and the Special Obligation Bonds, Series 1977A are not considered outstanding debt of the City in consideration of the escrow account created and, as such, all debt service requirements on the refunded bonds and the Special Obligation Bonds, Series 1977A, have been excluded from the determination of revenue bonds coverage. l l l l -101-( l
CITY OF OCALA, FLORIDA SCHEDULE OF WATER AND SEWER REVENUE BONDS AND ANTICIPATION NOTES COVERAGE LAST TEN FISCAL YEARS Ne t "evenue Available Debt Service Requirements ~~~ For Debt Yea: _ Service (1) Principal Interest Total Coverage 1973 $ 749,382 $324,000 $322,990 $ 646,990 1.16 1974 825,053 335,000 304,740 639,740 1.29 1975 746,455 356,000 285,865 641,865 1.16 1976 923,680 377,000 265,765 642,765 1.44 1977 1,227,697 398,000 244,440 642,440 1.91 1978 977,233 380,000 221,890 601,890 1.62 1979 811,330 400,000 199,090 599,090 1.35 1980 839,866 240,000 262,476 502,476 1.67 1981 643,805 250,000(2) 476,465 726,465 .89 1982 1,377,870 260,000 789,196 1,049,196 1.31 (1) Represents gross operating revenues less gross operating expenses, excluding amortization and depreciation, of the Water and Sewer System and collections, including interest and penalties, on the 11,000 series special assessment levy which were also pledged to retire the refunded 1974 Pollution Conurol Bonds, Series C. Additional pledged revenues are the 31,000 series of assessments and utility service taxes, both of which have not been levied. (2) Does not include July 1, 1981 maturity of $3,745,000 Water and Sewer Revenue Bonds, Series 1979 Anticipation Notes, which were issued in June, 1980 and secured by the $6,600,000 Water and Sewer Revenue Bonds, Series 1979-2 Anticipation Notes that were issued on June 25, 1981. The 1979-2 Anticipation Notes will mature on July 1, 1983 and the related principal is secured by the unissued Water and Sewer Revenue Bonds, Series 1979. Proceeds from the sale of the 1979-2 Anticipation Notes were used to refund the 1979 Anticipation Notes, to effect an advanced refunding of the 1974 Pollution Control Bonds, Series C, and provide addirtonal funding for various improvements to the Water and Sewer System.
-102-I
CITY OF OCALA, FLORIDA SCHEDULE OF IMPROVEMENT REVENUE BONDS, SERIES 1966, COVERAGE LAST TEN FISCAL YEARS Pledged Revenues Total Revenue Off-Street Cigarette Available for Year Parking Tax (1) Debt Service 1973 $ 21,730 $ 217,212 $ 238,942 1974 22,634 204,509 227,143 1975 22,250 246,878 269,17.3 1976 16,634 217,224 233,858 1977 15,122 265,474 280,596 ' 1978 18,968 227,763 246,731 1979 18,630 267,685 286,315 1980 15,638 287,867 303,505 1981 15,365 308,993 324,358 1982 16,165 311,719 327,884 (1) The pledge of cigarette tax revenue to retire this issue is subordinate to the debt service requirements of the Refunding and Improvement Excise Tax Bonds, Series 1965 and 1972. See pages 105-106.
-103-
J Debt Service Requirements Principal Interest Total Coverage
$ 25,000 $ 16,593 $ 41,593 5.74 26,000 15,375 41,375 5.49 27,000 14,107 41,107 6.55
, 29,000 12,791 41,791 5.60 l 30,000 11,377 41,377 6.78 i 31,000 9,915 40,915 6.03 33,000 8,404 41,404 6.92 34,000 6,795 40,795 7.44 35,000 5,137 40,137 8.08 - 36,000 3,431 39,431 8.32
-104-
a
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't CITY OF OCALA, FLORIDA SCHEDULE OF REFUNDING AND IMPROVEMENT EXCISE TAX BONDS, SERIES 1965 AND 1972, COVERAGE ,
LAST TEN FISCAL YEARS Pledged Revenues Total Revenue
- Occupational Cigarette Available for Year License , _
Tax _ Debt Service 1973 $ 124,838 $ 217,212 S 342,050 1974 128,974 204,509 333,483 - 1975 133,458 246,878 380,336 ~ 1976 155,173 217'224 372,397 1977 161,847 265,474 321 1978 173,690 227,763 427,453 401, j 1979 185,811 267,685 453,496
; 1980 208,105 287,867 495,972t' 1981 249,312 308,993 558,3.05s 1982 273,635 311,719 585,354 5 -
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-105- -
i " ,' # _
~
s.. Debt' Service Requirements Principal Interest Total Coverage
$- 150,0b'0' $ 233,543 $ 383,543 .89 155,000 226,718 381,718 .87 160,000 219,680 379,680 1.00 170,000 212,430 382,430 .97 175,000 204,643 379,643 1.13 s
185,000 196,343 381,343 1.05 195,000 187,495 382,495 1.19 200,000 178,100 378,100 1.31 -:- 210,000~ 168,483 378,483 1.48 220,000 158,420 378,420 1.55 s s k t k-
-106-m
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T CITY OF-0CALA, FLORIDA' SCllEDULE OF STREET IMPROVEMENT REVENUE BONDS-COVERAGE SERIES 1966, 1967, 1975 AND 1978 , LAST TEN FISCAL YEARS Special Assessment Collections Debt Service Requirements Available for Year Debt Service (l) Principal Interest Total Coverage 1973 $ 24,991 $ -
$ 9,068 $ 9,068 2.76 1974a / _7,680 -
9,068 9,068 .85 1 1975 4,543 - 9,068 9,068 .50 1976 73,163 - - 20,467 20,467 3.57 1977 . 66,244 .- 26,033 26,033- 2.54 1978 67,917 205,'000 31,818 236,818 .29 1979 153,236 -; 36,100 36 100 4.24 1980 96,3h3 -
. 36,100 36,,100 2.67 1981 57 963 r 150,000 36 100 186,100 .31 1982 48,,354 '
*- 126,350
, 26,350 1.84 s
(1) Includes collections on the special assessment levies pledged to retire these bonds (i.e. - Series =9,000; 10',000; 13,000; 14,000; s 15,000; 16,000; 17,000; 24,000; 26,000; and.27,000). g ,r
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-107-i
.. .. - - I. .. . ~ . . -. . _ _ , , _ - . - - . , . _ .
CITY.0F OCALA, FLORIDA SCHEDULE OF POLLUTION CONTROL REVENUE BONDS, SERIES C, COVERAGE LAST TEN FISCAL YEARS i Revenue Available Debt Service Requirements. for Year Debt Service (1) Principal Interest Total Coverage
.1973 $ -
$ -- S -
1974 1,024,013 - 67,508 67,508 15.17 1975 1,064,770 - 135,016 135,016 7.89
'1976 1,218,832 45,000 135,016 180,016' 6.77 1977 -1,316,361 50,000 132,091 182,091 7.23 1978 1,084,305 55,000 128,841 183,841 5.90 1979 1,125,298 55,000 125,266 180,266 6.24 1980 _ 1,110,569 60,000 121,691 181,691 6.11
- 1981 1,232,081 65,000 117,791 182,791 6.74 1982 (2) (2) (2) (2) (2)
) _( 1) The 11',000 series special assessment levy, sewer availability charges, and State revenue sharing were pledged to retire these
' bonds.
(2) _The-remaining principal amount of the pollution control bonds after , 1981 debt service requirements were met ($1,915,000). were retired in 1981 through an advanced refunding transaction under the full 2 cash defeasance-method. The City legally satisfied its obligation with the creation of an irrevocable escrow account using cash and investments.in the debt service iunds of the refunded bonds and a portion of the proceeds of the Water and Sewer Revenue Bonds, Series 1979-2 Anticipation Notes. The balance on deposit in the L escrow account, including related interest earnings, will provide L amounts sufficient for future payment of all principal and interest j . on the refunded bonds , in accordance with the original maturity schedule.. i j' i-
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CITY OF OCALA, FLORIDA
SUMMARY
_0F DEBT SERVICE REQUIREMENTS TO MATURITY ALL BONDED DEBT 1983 - 2006 Improvement Refunding and Electric and Water and Sewer Revenue Improvement Power Supply Revenue Bonds Year Bonds Excise Tax Bonds Revenue Bonds and Notes , 1983 $38,739 $ 378,250 $ 1,703,953 $7,643,590 1984 377,723 1,704,343 393,890 1985 376,750 1,701,569 387,090 1986 380,300 1,700,637 384,690 1987 378,150 1,687,178 386,390
.1988 374,125 1,451,865 386,890 1989 374,590 927,638 386,535 1990 373,990 929,688 1991 366,980 925,503 1992 354,430 925,044 1993 197,600 923,154 1994 924,652 1995 924,368 1996 927,239 1997 923,354 1998 922,688 1999 924,930-2000 924,910 2001 922,761 2002 923,315 2003 916,563 2004 917,332 2005 915,324 '
2006 __ 915,588 _ _ _ _ _ , Total 118_.]lg 11,132.888 126.563.596 $9.969.075_
-109-w
t Street Total Improvement. Principal and Bonds _ Interest S 76,350 $ 9,840,882 123,350 2,599,306 16,600 2,482,009 16,600 2,482,227 216,600 2,668,318 3,600 2,216,480 i 63,600_ 1,752,363 1,303,678 1,292,483 1,279,474 1,120,754 924,652 924,368 927,239 923,354 , 922,688 924,930 l- 924,910 t 922,761 923,315 916,563 917,332 915,324 915,588 f516,700 M bO20.998 I
-110-I
- ~ , - . + - a en - , -. -vs ---e- . .,-- -- --, < . -
_ . . - .~ , .. .. -- . i d CITY OF OCALA, FLORIDA 0FF-STREET PARKING SINKING FUND IMPROVEMENT BONDS -:1966 ISSUE-f STATEMENT OF BONDED DEBT AND INTEREST SEPTEMBER 30, 1982 i This issue _ consists of 450 $1,000 bonds. Bonds-numbered 1
- through 413 have been retired. The bonds are retired serially according to the retirement schedule below. The paying agent is 4- Landmark Central Bank and Trust Company in St. Louis, Missouri.
Off-street parking and cigarette tax revenues are pledged.to retire these bonds,_the latter of which is secondary to the pledge on the Refunding and Improvement Excise Tax Bonds.
~
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4
! The purpose of this issue was.for-the~ acquisition of-land and
- buildings and construction of:off-street parking facilities on_ land previously acquired by the City.
l Interest Bond Principal Interest ~ Interest Year Rate Numbers Due 7-1 Due 1-1 Due 7-1 Tot'al l 1983 4.7%- 414-450_ $37,000 3870 $869 $38,739 Total ~ $37.000 1810 1869 $38,739 2 i m I. i k. f i- ?- j-
-111- '
4 1 CITY OF OCALA, FLORIDA
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EXCISE TAX SINKING FUND REFUNDING ~AND IMEROVEMENT EXCISE TAX BONDS - 1965 ISSUE STATEMENT OF BONDED DEBT AND INTEREST SEPTEMBER 30, 1982 , .This issue consists of 600 $5,000 bonds. Bonds numbered 1 through 442.have been retired. The bonds are retired serially according to 3 the' retirement schedule below. The paying agent is Sun First National-l Bank of10rlando ,- Florida.
- s. .0ccupational license and cigarette tax revenues are pledged to
! retire these: bonds.
' Proceeds of this issue were used for the early retirement of.
, ' Improvement' Revenue Bonds', dated August 1, 1956, Improvement Revenue < Bonds, Series 1957, dated August ~1, 1957, and the Excise Tax' Airport j Construction Certificates, dated July 1, 1959; the construction of a new City complex, fire station and sub fire station; improvements to City yard, paving .and parking areas; and . land acquisition for ,
- buildings and-drainage areas, etc.
' Interest Bond Principal Interest Interest Year Rate Numbers Due 7 Due 1-1 Due 7-1 Total 1983- 4.45% 443-479 $185,000 ~ $17,578 $17,577 $220,155 1984 4.45% 480-518 195,000 13,461 13,462 221,923 1985 4.45% 519-558 200,000 9,123 9,122 218,245 1986 4.45% 559-600 210,000 4,672 4,673 219,345 f Total. $790.000 S44.834 144 &q4 $879.668 r
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-113-
o CITY OF OCALA, FLORIDA EXCISE TAX SINKING. FUND T REFUNDING AND IMPROVEMENT EXCISE TAX BONDS - 1972 ISSUE STATEMENT OF BONDED DEBT AND INTEREST SEPTEMBER 30, 1982 4 I i This issue consists of 500 $5,000 bonds. Bonds numbered 1 through 57 have been retired. The bonds are retired serially according to the retirement schedule below. The paying agent is Sun First National Bank i of Orlando, . Florida. Occupational license and cigarette tax revenues are pledged to ( retire these bonds.
-Proceeds of this issue were used for. arterial street improvements; fire headquarters addition; new fire station; City building renovation;
- water plant number one; and an electric-operating and warehousing facility.
~ Interest Bond Principal Interest Interest . Year Rate Numbers Due ' 7 _1_ Due 1-1 Due 7 Total
- -1983 5.1% 58-66 S' 45,000 S'56,548 .$ 56,547 $ 158,095
- 1984 5.1% 67-75 45,000 55,400 55,400' 155,800 1985 5.1% 76-85 50,000 54,252 54,253 158,505
' 1986 5.1% 86-96 55,000 52,978 52,977 160,955 1987 5.1% 97-151 275,000 51,575 51,575 378,150 1988' 5.1% 152-208 285,000 44,562 44,563 374,125 1989 5.2% 209-268 300,000 37,295 37 295 374,590 1990 5.4% 269-331 315,000 29,495 2r,495 373,990 1991 5.4% 332-396 325,000 20,990 20,990 366,980 1992 5.1% 397-462 330,000 12,215 12,215 354,430-1993 4.0% 463-500 190,000 3,800 3,800 197,600 Total $2.215.000 $419,110 $419.110- $3,053,330 i
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CITY OF OCALA, FLORIDA ELECTRIC AND POWER SUPPLY FACILITY SINKING FUNDS ELECTRIC AND POWER SUPPLY REVENUE BONDS STATEMENT OF BONDED DEBT AND INTEREST SEPTEMBER 30, 1982 The Electric .and Bulk Power Supply Revenue bond issues consist of 1,570 and 2,236 $5,000 bonds, respectively. Electric Revenue' Bonds numbered'l through 576 have been retired. The bonds are retired serially according to the retirement schedule below. The paying agent is Chemical Bank in New York, New York. The net revenues derived from the operation of the bulk power and electric systems are. pledged to retire these bonds. The proceeds of these issues were used to provide a portion of the funds required to refund the entire amount of the City's previously issued Electric Revenue Certificates and Power Supply Revenue Bonds. Electric Revenue Bonds Interest Bond Principal Interest Interest Year Rate Numbers Due 10-1 Due 10-1 Due 4-1 Total 1983 4.30% 577-753 $ 885,000 'S114,226 $ 95,199 $1,094,425 1984 4.45% 754-938 925,000 95,198 74,617 1,094,815 1985 4.60% 939-1131 965,000 74,618 52,423 1,092,041 1986 4.70% 1132-1333 1,010,000 52,422 28,687 1,091,109 1987 4.80% 1334-1471 690,000 28,688 12,128 730,816 1988 4.90% 1472-1570 495,000 12,127 507,127 1989 1990 1991 1992 1993 1994-1995 1996 1997 1998 1999 .2000 2001 2002 2003 2004 1 2005 o 1 $4,9702 000 $377 t2.79 $253054 $5 g 0,333
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Power Supply Revenue Bonds Interest Bond Principal Interest Interest Combined Rate Numbers Due 10-1 Due 10-1 Due 4-1 Total Total 5.45% $ 304,764 $- 304,764 $ 609,528 $ 1,703,953 5.45% 304,764 304,764 609,528 1,704,343 5.45% 304,764 304 764 609,528 1,701,569 5.45% 304,764 304,764
, 609,528 1,700,637 4.60% 1-71 $ 355,000- 304,764 296,598 956,362 1,687,178 4.70% 72-143 360,000 296,599 288,139 944,738 1,451,865 4.80% 144-215 360,000 288,139 279,499 927,638 927,638
-4.90% 216-291 380,000 279,499 270,189 929,688 929,688 5.00% 292-370 395,000 270,189 260,314 925,503 925,503 5.10% 371-453 415,000 260,313 249,731 925,044 925,044 5.20% 454-540 435,000 249,732 238,422 923,154 923,154 5.30% 541-632 460,000 238,421 226,231 924,652 924,652 5.40% 633-729 485,000 226,232 213,136 924,368 924,368 5.45% 730-832 515,000 213,136 199,103 927,239 927,239 5.50% 833-940 540,000 199 102 184,252 923,354 923,354 5.55% 941-1054 570,000 184,253
, 168,435 922,688 922,688 5.60% 1055-1175 605,000 168,435 151,495' 924,930 924,930 5.65% 1176-1303 640,000 151,495 133,415 924,910 924,910 5.65% 1304-1438 675,000 133,415 114,346 922,761 922,761 5.70% 1439-1581 715,000 114,346 93,969 923,315 923,315 5.70% 1582-1731 750,000 93,969 72,594 916,563 916,563 5.75% 1732-1890 795,000 72,594 49,738 917,332 917,332 5.75% 1891-2058 840,000 49,737 25,587 915,324 915,324 5.75% 2059-2236 890,000 ___ 25,588 -
915,588 915,588
$11,180,000 15.039,014 $4,734,249 $20,9_53t 263 $26,561tS96
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CITY OF OCALA, FLORIDA WATER AND SEWER SINKING FUND WATER AND SEWER REVENUE BONDS DATED JULY 1, 1968 , STATEMENT OF BONDED DEBT AND INTEREST SEPTEMBER 30, 1982 This issue consists of 1,220 $5,000 bonds. Bonds numbered 1
.through 784 have been retired. Bonds are retired serially according to the retirement schedule below. The paying agent is the Florida i
National Bank of Jacksonville, Florida. Net revenues of the water and sewer system, special assessment levies as a part of its related capital improvement program, utility service taxes, and other legally available funds of the City are pledged to retire these bonds. Proceeds were used for the cost of acquiring and constructing extensions, additions, and. improvements to the water and sewer system. Interest Bond Principal Interest Interest Year Rate Numbers Due 7-1 Due 1-1 Due 7-1 Total 1983 6.0% 785-838 $ 270,000- $ 65,045 $ 65,045 $ 400,090 1984 6.0% 839-894 280,000 56,945 56,945 393,890 , 1985 6.0% 895-952 290,000 48,545 48,545 387,090 1986 6.0% 953-1013 305,000 39,845 39,845 384,690 1987 6.0% 1014-1078 325.300 30,695 30,695 386,390 , 1988 5.9% 1079-1147 345,000 20,945 20,945 386,890 i 1989 5.9% 1148-1220 365,000 10,768 10,767 386,535 Total $2.180.000 1272.788 1272 1787 {2 3725,575 l l I l
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4 CITY OF OCALA, FLORIDA WATER AND SEWER REVENUE BONDS, SERIES 1979-2, ANTICIPATION NOTES SINKING FUND
. WATER AND SEWER REVENUE BONDS, SERIES 1979-2, ANTICIPATION NOTES STATEMENT OF BONDED DEBT AND INTEREST SEPTEMBER 30, 1982 This issue consists of 1,280 $5,000 notes and 2 $100,000 notes.
The notes will mature according to the retirement schedule below. The paying agent is Rutland Bank in St. Petersburg, Florida. The proceeds to be derived from the sale of the Water and Sewer Revenue Bonds, Series 1979, and, if necessary, the net revenues-derived from the operation of the City's water and sewer system, the proceeds from the utilities services taxes, if levied, and the 31,000 series special assessment levy, when levied, are pledged to retire the
. notes.
Proceeds of this issue were used to retire the Water.and Sewer Revenue Bonds, Series 1979 Anticipation Notes and refund the 1974 Pollution Control Bonds. Remaining proceeds are being used for i extensions to the City's sewer collection system and various water main extensions and enlargements. Interest Note Principal Interest Interest Year Rate Numbers Due 7-1 Due 1-1 Due 7 Total 1983 9.75% 1-1282 $6,600,00.0 $321,750 $321,750 $7,243,500 (6 610 ,0_00 J3,21t750 17J M 500 Total g (3,2,125_0 l i -118-
CITY OF OCALA, FLORIDA SPECIAL ASSESSMENT FUND STREET IMPROVEMENT BONDS - 1975 ISSUE STATEMENT OF BONDED DEBT AND INTEREST SEPTEMBER 30, 1982 This issue consists of 350 $1,000 bonds. Bonds numbered 1 through 150 have been retired. The bonds are retired serially according to the retirement schedule below. The paying agent is Barnett Bank of Marion County, N.A., in Ocala, Florida. The purpose of this issue is for the financing of street improvements and future assessment proj ec ts . The 13,000 through 17,000 series special assessment levies are pledged to retire these bonds. Interest Bond Principal Interest Year Rate Numbers Due, 2-1 Due 2-1 Total 1983 6.5% - -
$13,000 $ 13,000 1984 6.5% - -
13,000 13,000 1985 6.5% - - 13,000 13,000 1986 6.5% - - 13,000 13,000 1987 6.5% 151-350 $200,000 13,000 213,000 Total 1200.000 $65_.000 $_265.000
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CITY OF OCALA, FLORIDA SPECIAL ASSESSMENT FUND STREET IMPROVEMENT BONDS - 1978. ISSUE - STATEMENT OF BONDED DEBT AND INTEREST SEPTEMBER 30, 1982 This issue' consists of 110 $1,000 bonds. The bonds are. retired serially according to1 the retirement schedule below. The paying agent is Sun Bank of Ocala, Florida. i The 24,000 series special assessment levy is pledged to retire these: bonds. The purpose of'this issue is for the financing of street improvements. Interest Bond Principal Interest Year Rate Numbers Due 7-1 Due 7-1 Total 1983 6.0% 1-50 $ 50,000 $ 6,600 $ 56,600 1984 6.0% - - 3,600 3,600 ' 1985 6.0% - - 3,600 3,600 4 1986 6.0% - - 3,600 3,600 1987 6.0% - - 3,600 3,600 1988 6.0% - - 3,600 3,600. 1989 6.0% 51-110 60,000 3,600 63,600 i Total $110.000 $28.200 $138.200
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CITY OF OCALA, FLORIDA SPECIAL ASSESSMENT FUND STREET IMPROVEMENT BONDS - 1978 ISSUE STATEMENT OF BONDED DEBT AND INTEREST SEPTEMBER 30, 1982 This issue consists of 56 $5,000 bonds. Bonds numbered 21 through 56, when sold, will mature July 1, 1990. Bonds numbered 1 through 20 will mature according to the retirement schedule below. The paying agent is Barnett Bank of Marion County, N.A., in Ocala, Florida. The 26,000 and 27,000 series special assessment levies are pledged to retire these bonds. The purpose of this issue is for the financing of street improvements. Interest Bond Principal Interest Year Rate Numbers Due 7-1 Due 7-1 Total 1983 6.75% - -
$ 6,750 $ 6,750 1984 6.75% 1-20 $100,000 6,750 106,750 Total $100.000 $13.500 $113.500
(
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CITY OF OCALA, FLORIDA COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT (2) SEPTEMBER 30,J1982 Bonds Applicable to City of Ocala Governmental Unit Outstanding Percent (1) Amount Marion County Board of Commissioners Courthouse and Jail Refunding Bonds, Series 1964 $375,000 27.46% $102,975 Total Overlapping Debt M7_5_ 000 21d61 $J32,975 (1) Represents the fraction of assessed valuation of taxable property in the City of Ocala over the assessed valuation of taxable property in Marion County. (2) The City of Ocala did not have any general obligation debt outstanding during the fiscal year ended September 30, 1982.
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CITY OF OCALA, FLORIDA MISCELLANEOUS STATISTICAL DATA SEPTEMBER ~30, 1982 Date-of Incorporation 9 February 4, 1869 City Charter Adopted January 28, 1885 Form of Government Council / Manager Area of City 26.95 square miles Miles of Streets, Sidewalks, and Bike Paths:
' Streets - Paved 190 miles Streets - Unpaved 53 miles Sidewalks 38 miles Bikepaths 15 miles-Miles of Sewers:
Storm 28.33 miles Sanitary 236.60 miles . Building Permits (October, 1981 - September, 1982) (1) : Permits Issued 3,512 Permit Value $24,577,787. Fire Protection: Stations 3 Employees - Sworn 75' Employees - Civilian 6 Police Protection: Stations 1 Employees - Sworn -90 Employees - Reserves 20 Employees - Civilian 28 Vehicular Patrol Units-- Vehicles 42
- Motorcycles 3
- Other Vehicles 25 Recreation:
Playgrounds - City 37 School Playgrounds, maintained by City 12 Keighborhood Recreation Centers 2 i Special Facilities - Indoor 6 l Outdoor 4 (1) Includes plumbing, gas, electrical, sewer, heating, air conditioning, refrigeration, ventilation, and building permits, the latter of which is exclusive of moving and sign permits.
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CITY OF OCALA, FLORIDA DEMOGRAPHIC. STATISTICS _ POPULATION (1) YEAR CITY OF OCALA. MARION COUNTY 1950 11,741 38,200-- 1960 13,598 51,600 1970 22,583 69,000 1976 32,595 100,100 1977 32,619 .104,400 , 1978 32,652 109,000
- 1979 34,034 114,500 1980 37,170 122,500 1981 .37,489 129,300 1982 '38,265- 135,100 Source: 1982 Florida Statistical Abstract.
POPULATION PROJECTIONS *- YEAR MARION COUNTY STATE 0F-FLORIDA 1985 150,100 11,084,200 1990 ~176,400 12,304,200
-1995 201,800 13,463,300 2000 227,000 14,592,600 2020 '277,200 17,815,400 ,
Source: 1982 Florida Statistical Abstract.
% POPULATION BY AGE GROUP - 1980*
YEAR MARION COUNTY STATE OF FLORIDA 0i14 20.7 19.3 24 15.2 16.7 25-44 23.4 25.1 45-64 23.6 21.6 ( 65 + 17.1 17.3 i Source: 1982 Florida Statistical Abstract. l
- Figures are not maintained for individual cities within Marion County.
(1)-On. April 1, 1980, ocala ranked 31st in population size cmong Florida cities;- Marion = County ranked 19th in population among Florida counties;.and'Marion County ranked 31st in population density among l- Florida counties.
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CITY OF OCALA, FLORIDA LIST OF TEN LARGEST TAXPAYERS 1981 TAX ROLL Percent of Total Type of Assessed Assessed City Tax Taxpayer Business Valuation Valuation Bill (1)(2)
- 1. Paddock Mall Associates Regional Center Shopping $ 14,062,837 2.51 $ 48,910
- 2. Marion Community General Hospital Hospital Care 5,297,102 .95 18,423
- 3. Publix Super Retail Grocers Markets 4,738,339 .85 16,480
- 4. A.M. Collins, Real Estate Jr. Investments 4,606,463 .82 16,021
- 5. Silver Springs Local Shopping Realty Center 3,429,840 .61 11,929
- 6. Florida Gulf Local Shopping Realty Center 2,864,257 .51 9,962
- 7. Homette Mobile Homes Corporation 2,721,583 .49 9,466
- 8. Ocala Real Estate Manufacturing Investments 2,607,983 .47 9,071
- 9. Florida Communications Telephone 2,382,720 .43 8,287
- 10. Sears, Roebuck Retail Sales and Co. 2,255,524 .40 7,845 44,966,648 8.04 156,394 Total Assessed Value Other .
Taxpayers 514,492,286 91.96 1,789,404 Total Assessed Value 1gg.458.934 100.00 11_ 94,5 J98 9 , I (1) City of-Ocala Taxpayers pay City, County, School Board and certain Water District Levies. The City levy only is shown here. (2) Excludes property tax levies of the Downtown Development Commission.
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CITY OF OCALA, FLORIDA SCHEDULE OF INSURANCE IN FORCE SEPTEMBER 30. 1982 Company Policy Number Type of Coverage Limit of Coverage North River Insurance Co. 500-240579-4 Blanket building and $14,318,745 based on personal property schedule 2 Insursnce Co. of North America API 8-70-60 Airport liability $5,000,000 single limit bodily injury and property damage liability Transit Casualty Co. GLA 78-09-06 General liability $100,000 per occurrence bodily injury and property damage Transit' Casualty Co. GLA 78-72-06 Automobile policy $100,000 bodily injury i per person per occurrence
$100,000 property damage per occurrence
~
-Vanguard Insurance Co. 81110001-TC Public official $1,000,000 each loss liability $1,000,000 maximum annual aggregate
- Sentry Insurance MSI-45923 Engineers' professional $200,000 per occurrence
, liability $600,000 annual aggregate
, Transit Casualty Co. PL 400401 Law enforcement $500,000 each occurrence officers liability combined single 14.mit for and/ personal or injury property damage Risk Management Services Acet. #8-75 249 Workmen's compensation As required by Florida law Hartford Insurance Co. of 21MBOCF8819. Money and securities $25,000 inside premises .
the Southeast $25,000 outside premises including messengers and armored vehicle State Automobile Mutual 7660 Blanket honesty bond $25,000 for any employee Insurance Co. of the City except those covered by individual bonds H.artford Life and Accident ETB 13081 Police and fire- $10,000 per person
, _ Insurance Co. fighters accidental $350,000 aggregate t- death and- limitation dismemberment Massachusetts Indemnity and AB 400401 Law enforcement $10,000 per person Life Insurance Co. officers accidental death and dismemberment -Aetna Life and Casualty 47318-10-001 Employees' health, Various - as specified life and long-term in policy disability -Sursty Bonds Required by Ordinance Amount City Manager - Scotty J. Andrews $95,000 State Automobile Mutual Insurance -
Co. - #78059 Finance Director - Robert F. Sprinkle $95,000 State Automobile Mutual Insurance Co- - #78058-
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7 CITY OF OCALA, FLORIDA PROPERTY VALUE,' CONSTRUCTION AND BANK DEPOSITS LAST TEN FISCAL YEARS Commercial Residential Bank Deposits Construction (1) Construction (1) (in thousands) Savings and Number of Number of Loan Units Value Units Value Banks (2) Associations (3) 1973 49 $ 4,042,544 278 $6,092,900 $206,307 $117,449 1974 34 1,981,500 209 4,690,200 203,750 132,506 1975 11 502,089 120 2,744,580 200,199 163,365 1976 46 7,550,565 191 4,385,032 231,934 191,835 , 1977 37 2,330,150 234 5,040,204 257,291 219,668 , 1978 54 5,526,768 254 6,427,684 291,594 253,975 1979 70 10,358,300 262 7,344,690 344,217 831 1980 123 12,961,320 261 8,367,874 402,567 287,432 331, 1981 94 13,521,570 178 5,926,908 456,176 369,199-1982 67 4,976,597 90 3,213,700 490,390 Not Available (1) Obtained from records maintained' by the City of Ocala Building Inspection Department. . (2) Obtained by Citizens First . Bank of Ocala from the Florida Bankers i Association. Figures shown are for Marion County and represent i total bank deposits at December 31, for years 1973 through 1981, and at September 30, for 1982. (3) Obtained by Citizens First Bank of Ocala from the Federal Home Loan Bank. Figures shown are for Marion County and represent total savings and loan association deposits at December 31 for all years presented. i l l l
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CITY OF OCALA, FLORIDA LIST OF OFFICERS' SALARIES SEPTEMBER 30, 1982 City Manag'er $36,230 Building. Official 23,712 City Attorney 18,000 City Clerk 16,787 City Engineer 26,172 Data Processing Manager 23,964 Electric Utility Director 33,481 Finance Director 29,915 Fire Chief 28,051 Golf Pro / Manager 12,000 Internal Auditor 21,500 Library Director 25,567 Personnel Director 25,667 Planning Director 23,483 Police Chief 32,178 Public Works Director 25,615 Purchasing Agent 24,232 Recreation Director 24,107 Water and Sewer' Director 25,492
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