ML20023D800
| ML20023D800 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 01/03/1983 |
| From: | KISSIMMEE, FL |
| To: | |
| Shared Package | |
| ML20023D793 | List: |
| References | |
| NUDOCS 8306030327 | |
| Download: ML20023D800 (160) | |
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CITY OF KISSIMMEE, FLORIDA
, COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30,1982
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t CITY OF KISSIMMEE, FLORIDA COMMISSION-MANAGER FORM OF GOVERNMENT l
CITY COMMISSION GEORGE A. GANT, M.D., MAYOR BRUCE R. VAN METER KENNETH C. MAHER l NAOMI D. WINBUSH C. ALLEN SMITH l
l CITY MANAGER 1
O. SAM ACKLEY i
FINANCE DEPARTMENT DAVID V. ASTON nNANC: cxnsCron l
JOHN E. HEARN CHlu ACCOUNTANT l
S geg${'oSN e 1
City of Kissimmee, Florida j LISTING OF CITY OFFICIALS AS OF SEPTEMBER 30,1982 ELECTED OFFICIALS Mayor-Commissioner George A. Gant, M.D.
Commissioner, Vice Mayor Bruce R. Van Meter Commissioner Naomi D. Winbush Commissioner Kenneth C. Maher Commissioner C. Allen Smith 1
l APPOINTED OFFICIALS City Manager O. 5am Ackley Asst. City Manager Robert L Berlinsky City Attorney Edward Brinson Director of Finance David V. Aston Director of Planning Lewis L. Dismukes Central Services Director James G. Emory
- q Dir. of Public Works & Engineering George W. Mann, Jr.
!4 Police Chief Frank J. Ross Fire Chief Kenneth L. Kemp Director of Building and Zoning J. Pat Daugherty l
Parks and Recreation Director William E. Palmer Acting Electric Utility Director Joe C. David Water and Sewer Utilities Director Paul D. Egleston Personnel and Labor Relations Dir. Kathleen A. Gaylor Aviation Director Georga 3. Hoagland a
u_ .
5 GITY OF KISSINMEE, FLORIDA d.-
COMPREHENSIVE ANNUAL FINANCIAL REPORT 10R THE YEAR;ENDEU' SEPTEMBER. 30, 1982 TABLE OF CONTENTS
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- N. x INTRODUCTORY SECTION TITLE PAGE . . . . . . . . . .. . .; ( . . '. . . . . y . .'. . . . 1
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PRINCIPAL CITY OFFICIALS . . .. .' . . . . . . . . . . . :. . . . . iii - y, TABLE OF CONTENTS. . . . . . ... . . . . . . . . . . . . .-. . . . -
.vdi-ix %
LETTER OF TRANSMITTAL. . . .
...,.~.". . . . . . . '.'. ..... 1 - 11 ~ x ORGANIZATION CHARTS. . . . . . . . . . . . . . . . . . . ..... 14 - 15" CERTIFICATE OF CONFORMANCE . ... .
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18 - 19 ,
N 4 4 2
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FINANCIAL SECTION ~ N-
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AUDITORS' REPORT . . . . . . . .. . q .(s ........a..
. .,. . . ~23 s
GENERAL < PURPOSE FINANCIAL STATEMENTS 400MBINED _
STATEMENTS ~' OVERVIEW) ,;C Combined Balance Sheet - All Fund TypeE,and ,
Account Groups . . . . . ... . ..'. . . . . . . . . . . . ., 28 - 31 s' Combined, Statement of Revenues, Expenditures and \s ft
- Chany-o in Fund Balances - All Governmental Fund i j Type's and Expendable Trust Funds . . . . ..I. . . . . ..... 32'- 33 ~~ g Combined. Statement of Revenues, Expenditures and k .. -
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2 Chan8es in Fund Balances - Bud General and Special Revenue Funds. .
8 et and Actual -
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Combined Statement of Revenues, ExpecSys N. . . . . . .I. . ._. . v 35' u.Chapges .
in Retained Earnings / Fund Balances - A11Vroprietary ,
Fund Types and Similar Trust Funds . . . '.' . . . . '. .r.
. , a ' ~36 - 37 CombinedStatementofChangesinFinancialPos'ition-(si ' '
All Proprie'tary Fund Types and Similar Trust Funds . . T .' , ! . 38 - 39l \ N Notes to Financial Statements. . .
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COMBINING STATEMENTS - BY FUND TYPE . 2 'g s
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. Governmental Fund Types: ,
- q-General Fund -
Balance Sheet. . . .. . .. . . . . . . . . . . . . ..... 66l Statement'of Changes in Fund Balanha . . . . . . ,, . . . .s. 67 Statement of Revenues and Other ,
- m. ki FinancingsSources - Budget and,, Actual.
Statement Expenditures and Transfeys n
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Budget and, Actual. . . 2 . . . . . . (. . . . . . . . . 70 - 71 ' k'
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Sptciel Rsvanun Funds -
Combining Balance Sheet. . . . ... ... . ... . . . . .. 74 Combining Statement of Revenues, Expenditures
, and Changes in Fund Balances . . . ... .. . ... ... 75 Statements of Revenues, Expenditures and Changes in Fund Balance -
Utility Tax Fund . . . . . ... ... ...... ... 76 Federal Revenue Sharing Fund . ......... .. . . 77 Capital Improvement Fund . . . . . . .... ...... 78 Vehicle Replacement Fund . . . . . . . . . . . . . . . . 79 Recreation Impact Fund . . . . . . . . . . . . . . . . . 80 Debt Service Funds -
Combining Balance Sheet. . . ................ 82 Combining Statement of Revenues, Expenditures and Changes in Fund Balances . . ... ... ...... . .. 83 Capital Projects Funds -
Combining, Balance Sheet. . . ... .... .. .. ... .. 86 Combining Statement of Revenues, Expenditures and l- Changes in Fund Balances . .... . ... .... ... 87 i Special Assessment Funds -
Combining Balance Sheet. . . . .. .. .. ...... ... 90 Combining Statement of Revenues, Expenditures and Changes in Fund Balances . .... ... .. ..... .. 91 Proprietary Fund Types:
Enterprise Funds -
Combining Balance Sheet. . . . ...... .. ..... .. 96 - 97 Combining Statement of Revenues, Expenses and Changes in Retained Earnings . ..... .. ..... .. 98 Combining Statement of Changes in Financial Position . ... 99 - 100 Fiduciary Fund Types:
Truct and Agency Funds -
Combining bslance Sheet - All Trust and Agency Funds . . . . 104 - 105 Statement of Revenues, Expenditures and Changes in
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- Fund Balance - Expendable Trust Fund . . . . . . . . ... 106 Combining Statement of Revenues, Expenses
! Lw and Changes in Fund Balances - All
- . Nonexpendable and Pension Trust Funds. . . . . ... .. . 107 Cogbining Statement of Changes in Financial Position -
f11 Nonexpendable and Pcusion Trust Funds. . . . . . . . .
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108 Combining" Statement of' Changes in Assets and
'" 109 y , , 3_sLiabilitics - All,pgency x
Funds . .... .. ...... .
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Y Gene'ral Fixe'd" Asset.fi Account Group:
"/,Scheduld of Gine(al Fixed Assets . . .... ...... . .. 112 l ,
ichedule of Changes in General Fixed
' s Assets by Function andiActivity. . .... ... ... . .. 113
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SCHEDUIES Schedule of Fixed Assets and Depreciation -
Electric Utility Fund. . . . . . . . . . . . . . . . .. . . . 117 i' Schedule of Fixed Assets and Depreciation -
' ' Water and Sewer Fund . . . . . . ... . . .. . . . . . . . . 118 Schedule of Fixed Assets and Depreciation -
Airport Fund . . . . . . . . . . . . . . . . . . . . . . . . . 119 Schedulo of Fixed Assets and Depreciation -
Solid' waste Fund . . . . . . . . . . . . . . . . . . . . . . . 120 l, Schedule of Fixed Assets and Depreciation -
it < Data Processing Fund . . . . . . . . . . . . . . . . . . . . . 121 STATISTICAL SECTION STATISTICAL INFORMATION .s Table 1 -
General Fund - Expenditures by Department -
Last Ten Fiscal Years . .. . . . .. . . .. . .. 126 - 127
! Table 2 -
General Fund - Revenues by Source - Last Ten Fiscal Years. . . .. . . . . . ... . . . . . . 128 Table 3 - Property Tax Levies Tax Collections and Assessed Valuations - Last Ten Fiscal Years. . . . .. . .. 129 Table 4 -
Schedule of Property Tax Rates - All Overlapping Governments - Last Ten Fiscal Years . . . . . . . . 130 Table 5 --
Schedule of Special Assessment Collections -
Last Ten Fiscal Years . . . . . . . . . . . . . . . 131 Table 6 -
Computation of Legal Debt Margin. . . . . . . . . . . 132 Table 7 -
Computation of Direct and Overlapping Debt. . . . . . 133 Table 8 -
Ratio of General Bonded Debt to Assessed Value and Net Bonded Debt per Capita -
, Last Ten Fiscal Years . . . . . . . . . . . . . . . 134 l Table 9 - Ratio of Annual Debt Service Expenditures j for General Bonded Debt to Total General Expenditures - Last Ten Fiscal Years. . . . . . . . 135 ,
- I Table 10 - Schedule of Electric and Water Revenue Certificate Coverage - Last Ten Fiscal Years. .. . 136 Table 11 - Schedule of Water and Sewer Utility Revenue Certificate Coverage - Last 10 Fiscal Years . . . . 137
- Table 12 - Schedule of Airport Revenue Bond Coverage -
Last Eight Fiscal Years . . . . . .. . .. . . . . 138 Table 13 - Table of Demographic Statistics . . . . . . . . . . . 139 Table 14 - Tables of Property Values, Construction l and Bank Deposits - Osceola County. . . . .. . . . 140 Table 15 - Schedule of Major Taxpayers . . . . . . . . .. . . . 141 Table 16 - Miscellaneous Statistical Data. . . . . . .. . .. 142 Table 17 - Utility Enterprise Funds Statistical Data . . . . . . 143 Table 18 - Schedule of Insurance in Force . . .. . . . . . .. 144 Background . ............... . . .. . . .. . . . 145 - 147' REPORT ON INTERNAL ACCOUNTING CONTROL AND MANAGEMENT COMMENTS. . . 151 - 158 l
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4 / ff ornce or rst ointeron or ris4scs e o nos nos. iowiuvre.rtonios w4i. iov847 2a:i LontOD January 3, 1983 Mr. O. Sam Ackley, City Manager City of Kissimmee Kissimmee, Florida
Dear Mr. Ackley:
The Comprehensive Annual Financial Report of the City of Kissimmee, Florida, for the fiscal year ended September 30, 1982, is submitted here-with pursuant to Section 5-1-7 of the City Charter, Florida Statutes Chapter 166.241 (4) and Chapter 10.500 of the Rules of the Auditor General of the State of Florida. This Comprehensive Annual Financial Report was prepared by the staff of the Finance Department and, therefore, responsi-bility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the City. We believe the data, as presented, is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of activity of its various funds; and that all disclosures necessary to enable the readers to gain the maximum under-standing of the City's financial activity have been included.
As required by Section 5-1-6 of the City Charter and Florida Statutes Chapter 166.241 (4), the Comprehensive Annual Financial Rcport has been examined by a firm of independent certified public accountants and their unqualified opinion is included as part of this report.
ACCOUNTING SYSTEM AND BUDGETARY CONTROL The City's accounting records for General, Special Revenue, Capital Proj ects , Debt Service, Special Assessments and certain Trust and Agency Funds are maintained on a modified accrual basis with revenues being recognized when they become measurable and available, while expenditures are recorded at the time liabilities are ircurred. Accounting records for the Enterprise and certain Trust and Agency Funds are maintained on a full accrual basis. Enterprise Funds are charged for administrative, accounting and data processing services, which are performed by various departments of the General Fund. This is done within the framework of making these funds self-supporting and to provide a comparable basis with other public utilities that are privately owned.
Mr. O. Sam Ackley, City Manager January 3, 1983 Page Two i
In developing and altering the City's accounting system, consideration is 4 given to the adequacy of internal accounting controls. Internal accounting l controls are designed to provide reasonable, but not absolute, assurance regarding:
- 1. The safeguarding of assets against loss from unauthorized use or disposition; and
- 2. The reliability of financial records for preparing financial statements and maintaining accountability for assets.
The concept of reasonable assurance recognizes that:
- 1. The cost of a control should not exceed the benefits likely to be derived; and
- 2. The evaluation of costs and benefits requires estimates and judgments by management.
All internal control evaluations occur within - the above framework. We believe that the City's internal accounting controls adequately safeguard assets and provide - reasonable assurance of proper recording of financial transactions.
Budgetary control is maintained at the sub-function level by the encum-brance of estimated purchase amounts prior to the release of purchase orders to vendors. Purchase orders, which would result in an overrun of sub-function balances, are not released until additional appropriations are made available or unless authorized by legislative action. ' Budgetary reports are issued and reviewed monthly as outlined in the City Charter, Sections 5-1-4 and 5-1-7. Open encumbrances are reported as reservations of fund balance at September 30, 1982.
THE REPORTING ENTITY AND ITS SERVICES The funds and entities related to the City of Kissimmee, included in our Comprehensive Annual . Financial Report, are controlled by or dependent on the City. Determination of " controlled by or dependent on"- is based on criteria developed by the Federal Bureau of the Census. The criteria deal with existence as an organized entity; governmental character; and ,
substantial autonomy. Based on these criteria, the various funds and account groups shown in the . table of contents are included in this report.
The report, together with the accounting and budgeting systems, has been designed to conform to the standards set forth by the National Council on Governmental Accounting, American Institute of Certified Public Accountants and the-Financial Accounting Standards Board. Fund structure has also been designed to comply with the legal requirements of the various revenue bond resolutions.
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1 Mr. O. Sam Ackley, City Manager. ,
4 January 3, 1983 Page Three This report is arranged in the following sections:
Section I: Introductory Section Section II: Financial Section Part 1: General Purpose Financial Statements Part 2: Combining Statements - By Fund Type Part 3: Supporting Schedules Section III: Statistical Section The Financial Section of the report contains combined, combining and balanced account groups which present f. tirly the financial position and 7
results of operations for the fiscal year. These statements and schedules are divided into three parts:
- 1. General Purpose Financial Statements, which display financial data for the City as a whole;
, 2. Combining Statements - By Fund Type, which present data for homogeneous funds; and i
- 3. Supporting Schedules, which present supplementary data not necessary for fair presentation.
The Statistical Section presents detailed historical information which will be beneficial to the reader in understanding the City's growth and its i
future potential.
The City of Kissimmee provides the full range of municipal services contem-plated by status or character. This includes police, fire, sanitation, social services, public improvements, planning, zoning, recreational services and general administrative services. In addition, public utilities (electric, water, sewerage and water pollution control) and aviational activities are provided.
On _ September 13, 1982, the Municipal Finance Officers Association of the United States and Canada (MFOA) awarded a Certificate of Conformance in Financial Reporting to the City of Kissimmee for its Annual Financial Report for the fiscal year ended September 30, 1981.
In order to be awarded a Certificate of Conformance, a governmental unit must publish an easily readable and efficiently organized Comprehensive Annual Financial Report, the contents of which conform to industry i
standards. Such reports must satisfy both gen.srally accepted accounting principles and applicable legal requirements.
A Certificate of Conformance is valid for a period of one year only. We
, believe our current report continues to conform to the Certificate of Conformance Program requirements and we are submitting it to MFOA to determine its eligibility for another certificate.
4 Mr. O. Sam Ackley, City Manager January 3, 1983 Page Four i GENERAL FUND j
^
The General Fund encompasses the general governmental functions of the City and all other functions not accounted for in other separate funds.
Revenues and other financing sources from general governmental functions '
totaled $5,912,731 in 1982, a 13.7% increase from 1981, mainly due to increases in State Revenue Sharing allotments (18.3%) and transfers from the various Enterprise Funds (34.7%). These increases were partially offset by decreases in Federal and State Grants (80.2%) and . Inter-governmental charges (8.7%). Property taxes accounted for 21.3% of total i revenues in 1982, as compared to 20.5% in 1981. Property taxes, l
nationally, account for less than 40% of general revenue sources and the percentage has been declining annually.
License and permit revenues increased o% over 1981. We anticipate that building permit activity will _ be stronger in the coming years due to an aggressive industrial development bureau-and a lessening of sewer treatment problems.
All other revenue sources show minor changes from the previous years.
Presented below is a coaparison of the current fiscal year revenues and other financing sources, as compared to the last fiscal year:
REVENUE AND OTHER INCREASE FINANCING SOURCES F/Y 1982 F/Y 1981 (DECREASE) % CHANGE l Property taxes $ 1,260,915 $ 1,063,909 $ 197,006 18.5 %
Franchise taxes 117,388 85,520 31,868 37.3 %
Licenses and permits 215,656 203,506 12,150 6.0 %
Federal and state grants 16,263 82,170 (65,907) (80. 2)%
State Revenue Sharing 534,776 452,145 82,631 18.3 %
County road and bridge tax 13,554 42,048 (28,494) (67.8)%
l Shared taxes and licenses 171,930 161,783 10,147 6.3 %
t Garbage and trash. fees - 262,920 (262,920) (100.0)%
l Interdepartmental charges 465,367 509,868 (44,501) (8.7)%
l Fines and forfeitures 62,701 68,568 (5,867) (8.6)%-
County ambulance service 309,181 243,479 65,702 27.0 %
Interest earned 172,982 91,444 81,538 89.2 %
Other revenue- 100,000 69,513 30,487 43.9 % s Fund transfers 2,472,018 1,835,004 637,014 34.7 %
Lease proceeds - 28,013 (28,013) (100.0)%
TOTALS $ 5.912.731 M$ 712.841 13.7 %
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Mr. O. San Ackley, City Manager January 3, 1983 Page Five Assessed property valuations of $251,340,685 for F/Y 1982 represent a 26.2%
increase over the $199,226.059 valuations for 1981. Current tax collections were 95.8% of the total tax levy.
All functions show minor changes compared with 1981, except for fund transfers and Public Safety functions. Fund transfers decreased by 94%
over 1981 because last year a large transfer was made to establish a Capital Improvement Fund. Public Safety increased by 12.7% due to increased activity in the Emergency Medical Services Division and an increase in Police Department funding.
Expenditures for the fiscal year of the various functions within the General Fund, as compared with those of the previous year, are presented as follows:
INCREASE FUNCTION F/Y 1982 F/Y 1981 (DECREASE) % CHANGE General Government $ 1.231.498 $ 1,253,631 $ (20,133) (1.8)%
Public Safety 2,656,179 2,357,342 298,837 12.7 %
Public Works 914,907 1,013,637 (98,730) (9.7)%
Parks and Recreation 461,305 321,399 139,906 43.5 %
Fund transfers 77,366 1,282,328 (1,204,962) (94.0)%
TOTALS M M M (14.2)%
Comparisons between 1978, 1979, 1980, 1981 and 1982 figures may be deceiving in respect to 1979 and 1978. These two (2) years reflect transfers to the General Fund from the Enterprise Funds. In 1980, 1981 and 1982, these transfers are shown in the revenue section.
The following table shows the entire listing of line items of all depart-ments without the departmental limitation. Information provided will reflect how much was spent for the classifications of salaries, utilities, capital outlay, etc. for the entire General Fund.
INCREASE CLASSIFICATION F/Y 1982 F/Y 1981 (DECREASE) % CHANGE Salaries and wages $ 3,251,541 $ 2,954,970 $ 296,571 10.0 %
Employee benefits 548,451 627,098 (78,647) (12.5)%
i Operating expenses 1,018,738 1,035,100 (16,362) (1.6)%
General insurance 50,387 83,266 (32,879) (39.5)%
. Charges frem service organizations 27,171 21,671 5,500 25.4 %
Capital outlay 340,807 156,291 184,516 118.1 %
Debt service 26,794 67,613 (40,819) (60.4)%
Transfers 77,366 1,282,328 (1,204,962) (94.0)%
TOTALS S 5.341.255 S 6.228.337 $ (887.082) (14.2)%
Mr. O. Sr:n Ackle,y, City Mantgsr January 3, 1983 Page Six <
% OF TOTAL EXPENDITURES 4
INCREASE CLASSIFICATION F/Y 1982 F/Y 1981 (DECREASE) t Salaries and wages 61.0 % 59.0 % 2.0 %
Employee benefits 10.0 12.0 (2.0)
Operating expenses 19.0 20.5 (1.5)
General insurance 1.0 2.0 (1.0)
Charges from service organizations- .5. .5 -
Capital outlay 6.5 3.0 3.5 Debt service .5 1.0 (.5)
Transfers 1.5 2.0 (.5) _
TOTALS J,29,dl M 0.0 %
Unreserved fund balance increased 109.9% because of a large portion of 1981 fund balance was used to establish the Capital. Improvement Fund. The 1982 unreserved fund balance represents an adequate level of 22% of General Fund expenditures.
ELECTRIC UTILITY FUND Electric Utility Fund operating revenues increased $859,553 or 4.5% over last year. This increase can be attributed to a combination of increased kilowatt hours (KWH) sold of 5.5%, increase Cost of Power Adjustment (COPA) of $311,055 or 9.4%.
Operating expenses, on the other hand, increased 6.4% over 1981. This is
- mainly attributable to an increase in depreciation of 1.5% over last year because of system additions completed in 1981 and becoming depreciable during 1982, as well as increased purchased power costs of $1,083,921 or l 12.6% over 1981. This latter statistic has caused the City to look to other sources for power. In December of 1981, a contract was executed for the purchase and construction of a combined-cycle gas turbine electric plant. A major bond issue of $47,500,000 was sold in February of 1982 to finance this unit. The tremendous demand on the system has crystalized the l
concern for conservation measures as evidenced in the recent program of cash rebates for citizens who ' install energy conservation equipment in their residences. ,
Mr. O. Sam Ackley, City Manager January 3, 1983 Page Seven Comparative data for the last three fiscal years is presented in the following tabulation:
1982 1981 1980 Total revenue (recurring) $21,239,270 $20,'487,748 $14,954,836 Income before extraordinary item 1,984,999 2,845,585 1,167,851 Income available for debt service 6,242,970 5,716,286 4,178,675 Maximum debt coverage 6,474,886 1,385,657 1,385,657 Debt coverage (income available for debt service divided by maximum future debt service) .96 x 4.13 x 3.02 x Cash and investments (unrestricted) $ 633,645 $ 2,529,356 $ 1,056,217
+
Current ratio 2.14 to 1 3.6 to 1 2.2 to 1 A portion of the $47,500,000 bond issue mentioned previously was issued to refund prior issues. This issue carries a rating of A from Moody's Investor Service and AAA from Standard & Poor's. Recent market conditions have made substantial savings available from refunding the current issue.
With that in mind, the City has, in December of 1982, validated $65,000,000 of refunding bonds for this purpose.
AIRPORT FUND Airport operations experienced an increase in revenues of $23,040 or 27.2%
over 1981. Operating expenses showed an increase of $7,764 or 6.1% over last year. While the operations continued to record a net loss, the City is actively pursuing a vigorous program of leasing terminal space, industrial sites and hangars through the Airport Advisory Board, Airport Manager and Industrial Development Director. We have begun work on preparation of a master development plan for the airport property that will, hopefully, begin to show results in increased revenues within the l next_ year. Towards this end, an agreement was executed with a developer that will guarantee lease payments that will reverse the prior trend.
Comparative data for the last three fiscal years is presented in the following tabulation:
1982 1981 1980 Total operating revenue $ 107,609 $ 84,569 $ 75,099 L Net loss (9,684) (1,353) (33,604)
! Income available for debt service 31,870 44,821 62,833 l Maximum future debt service 33,450 33,450 35,300 i
Debt coverage (income available for debt service divided by maximum future debt service) .95 x 1.34 x 1.80 x Cash and investments (unrestricted) -
(deficit) $ 59,229 $ 53,206 $ (23,102)
Current ratio 2.17 to 1 6.61 to 1 Negative ee- ---r- , ,m -,- - - ,
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Mr. O. Sea Ackley, City Mansgar January 3, 1983 Page Eight 1
WATER AND SEWER FUND Gross. operating revenues increased $14,058 or 1.0% over last year due to an increase in customers of 355 ' or 6.3%. It should be mentioned, however,
- that total water gallons sold decreased by 1.6%. This is attributed to
- heavy precipitation during the summer season.
Operating expenses, meanwhile, increased $245,805 or 19.2% over fiscal year 1981 due to utilities cost increases of $75,915 or 32.2% and increased personnel costs of $107,912 or 17.3%. In order to place the City in a more favorable position for future growth, $2.600,000 in Water and Sewer Revenue
-Bonds have been issued early in fiscal 1982 for the purpose of constructing
, an interim sewerage treatment facility. These bonds carry . a AAA rating from Standard and Poor's as does the .1977 issue.
It is anticipated that j the new treatment facility will alleviate problems at . our present aging
- plant as well as provide capacity for future customers. However, the i continued increase in operating expense costs and the comparatively small increase in revenue will necessitate a rate increase in the near future.
The City has commissioned an engineering firm to . establish new rates for water and sewer usage. This report is due in January of 1983.
Comparative data for the last three fiscal years is illustrated in the following table:
1982 1981 1980 t .
l Total revenue (recurring) $ 2,282,814 $ 2,244,417 $ 2,062.970 Net income 207,014 647,144 560,081 Income available for debt service 910,678 914,242 1,004.186 Maximum future debt service 671,641 372,448 372,448 Debt coverage (income available
- for debt service divided by j maximum future debt service) 1.36 x 2.5 x 2.7 x l Cash and investments (unrestricted) $ 2,769,641 $ 2,332,909 $ 1,758,136 l' Current ratio 68.5 to 1 66.6 to 1 45.2 to 1 l
l SPECIAL REVENUE FUNDS l
Special Revenue Funds account for' revenue f rom specific revenue sources which are legally restricted .for specified purposes. Utility taxes are
. pledged primarily for the various obligations of the water and sewer utility - systems. Federal Revenue Sharing funds are obligated to fund l those specific items so designated in the City's annual budget. Recreation j impact fees are designated for recreational improvements throughout the l l
City and are levied on each new living unit. The Capital Improvement Fund I was established to provide monies for major capital items benefiting nonproprietary funds. The Vehicle Replacement Fund was established to provide a system of vehicle fleet replacement.
Mr. O. Sam Ackley, City Manager January 3, 1983 Page Nine A comparison of revenues for the last three fiscal years is presented in the following table:
1982 1981 1980 Utility tax $ 587.980 $ 596,158 $ 530,579 Federal Revenue Sharing 260,006 231,364 230,110 Recreation impact fees 25,569 14,337 6,545 Vehicle replacement 45,644 3,382 -
Capital improvements 87,567 1,381,078 -
TOTALS $ 1.006.766 $ 2.226.319 $ 767.234 CASH MANAGEMENT On August 1, 1982, the City entered into a two-year depository contract with a local banking institution after having competitively bid its banking services. This contract guarantees that all funds deposited in the City's account above $44,500 will earn interest at the same Fed Funds rate that the banking institutica receives. The City uses a pooled cash concept for all funds under its control. The cash management program involves a theory of keeping principal and earnings free from risk, maintaining reasonable liquidity to meet obligations and maximizing return through the use of a competitive rate comparison from various investment sources. The City invests in those instruments collateralized as required by the State of Florida.
A summary of interest earned on the City's investments are shown in the following table:
INTEREST AVERAGE RATE FISCAL YEAR EARNED
- OF RETURN
- 1982 $ 2,014.536 12.6 %
1981 2,362,373 14.8 %
1980 1,070,483 8.8 %
1979 858,995 9.3 %
1978 970,587 8.4 %
1977 397,005 5.0 %
i *Does not include Pension Fund, which is administered by an investment firm.
TRUST AND AGENCY FUNDS Trust and Agency Funds are nonbudgetary funds established to account for assets held by the City as trustee for individuals, private organizations and other governmental units and/or funds.
Mr. O. Src Ackley, City Managnr
' January 3, 1983 Page-Ten A fund has been created for the Section 8 Housing Assistance Payments Program. The City acts as a conduit for the Federal Government in disbursement of the monies. The program has regulations governing the type 4
of disbursements to be made and providing for periodic independent audits.
A fund was also created to account for revenues received from the supple-mentary care program at the municipal cemetery. This program is designed to accept advance payments from cemetery customers for the maintenance of cemetery plots. During 1982, revenues totaled $7,210.
1 DEBT ADMINISTRATION 4
Overlapping debt is that portion of the total Osceola County general obligation debt allocated to Kissimmee's residents for purposes of ascertaining the total debt each resident is responsible for paying. At September 30, 1982, total overlapping debt allocated to the City was
$753,644 or $40.74 per resident. It should be noted that the City has no
- general obligation indebtedness of its own.
Bond ratings for the three revenue bond issues are as follows:
MOODY'S STANDARD & POOR'S Electric Revenue Bonds Series 1982 A AAA Water and Sewer Revenue Bonds 1977 A AAA Water and Sewer Revenue Bonds 1981 A AAA
- On October 1, 1982, the City sold a $500,000 bond to FmHA for the purpose of constructing an addition to the present City Hall facility. Principal and interest are payable annually on September 1, 1983 through 2021 at the rate of 5%.
SPECIAL ASSESSMENTS FUND The Special Assessments Fund accounts for assessments levied to finance public improvements, specifically benefiting the properties against which the assessments are levied.
There has been little activity in the fund this year, aside from annual repayments from the Forrest and Lavon Projects for 1976, the Nebraska Street Project for 1978 and the ' Ocean Street Project for 1980 and the Person and Verona Street Project of 1981.
During the 1982 fiscal year, the City began the paving and installation of storm drainsge facilities on Person Avenue, Walnut Street, Sun Avenue and Cypress Street. These projects continue the City's orderly program of street paving commenced in the past two years. Payments for these projects will be received during the next year.
Mr. O. Sam Ackley, City Manager January 3, 1983 Page Eleven CAPITAL PROJECTS FUNDS I
The City's various capital projects programs are concentrated on two areas, nakoly, downtown beautification and the City Hall expansion.
The beautification of Kissinniee's downtown commenced in 1978 through the creation of a special district governed by a board appointed by the City Commission. Although the Commission appoints the board, the disbursement of funds is controlled by the appointed Downtown Development Board.
Revenues from a special tax are used to fund the issuance of bonds which, in turn, fund various beautification projects.
The City Hall expansion program is designed to increase the workable area by approximately 15,000 sq. ft. It will enable all City departments to be located in the same building for the first time in recent history and will eliminate the need for rental of office space. The project was financed through a FmHA loan of $500,000 at 5% for 40 years, as well as budgeted funds of $250,000 in the 1981 and 1982 budget years.
GENERAL FIXED ASSETS The general fixed assets of the City of Kissimmee are those fixed assets used in the performance of general governmental functions and exclude the fixed assets . of the Proprietary Funds. As of September 30, 1982, the general fixed assets of the City totaled $4,307,701. This amount represents the original cost of the assets and is, therefore, considerably less than their present value. Depreciation of general fixed assets is not recognized in the City's accounting system.
ACKNOWLEDGEMENTS 1
The preparation of this report, on a timely basis, could not be accomplished without the efficient and dedicated services of the entire
- staff of the Finance Department. I wish to express my appreciation to all members of the department who assisted and contributed to its preparation.
A special note of thanks is due to John Hearn, Chief Accountant, who worked diligently in the preparation of the financial statements.
I would also like to thank you for your interest and support in planning 1
and conducting the financial operations of this City in a progressive and responsible manner.
Respectfully submitted, Q' ,
Jc& '
David V. Aston, Finance Director
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ORCANIZATION CHARTS e
FINANCE CITY OF DEPARTMENT KISSIMMEE, FLORIDA ORGANIZATION MANAGER CHART i
FINANCB DIRECTOR l
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RISK ACCOUNTING PURCHASING MAGMT m
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CITY COMMISSION ADVISORY .
CITY BOARDS ATTORNEY CITY
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1 CITY OF ORGANIZATION i KISSIMMEE, FLORIDA CHART j
ASSISTANT CITY MANAGER CM N AIRPORT FINANCE BUILDING SERVICES FIRE INSPECTION ELECTRIC PUBLIC WORKS 6 PERSONNEL & PARKS &
UTILITIES POLICE ENGINEERING LABOR RELATIONS RECREATION WATER & SEWER UTILITIES
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0 CERTIFICATE OF CONFORMANCE
)
"The Municipal Finance Officers Association of the United States and Canada (MFOA) awarded a Certificate of Conformance in Financial Reporting to the City of Kissimmee for our Annual Financial Report for the fiscal year ended September 30, 1981.
In order to be awarded a Certificate of Conformance, a govern-mental unit must publish an easily readable and efficiently organized Comprehensive Annual Financial Report, whose contents conform to industry standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Conformance is valid for a period of one year only. We believe our current report continues to conform to Certificate of Conformance program requirements, and we are submitting it to MFOA to determine its eligibility for another certificate."
C 18.
i Certi:!ica':e o::
Con:!ormance .
in Financia Repor:ing Presented to City of Kissimmee, F oric a For its Comprehensive Annual Financial Report for the Fiscal Year Ended September 30,1981 A Certificate of Conformance in Financial Reporting is presented by the Municipal Finance Officers Association of the United States and Canada to govemmental units and public employee tetirement systems whose comprehensivc annual financial reports (CAFR's) are judged to substantially conform to program standards.
, C. 'h-
! j [*g President T.I
~ $&
Executive Direct 19.
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FINANCIAL SECTION This Section Contains the Following Subsections:
AUDITOR'S REPORT i
GENERAL PURPOSE FINANCIAL STATEMENTS COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES SCHEDULES
, - - e .- - - . - - . - - .
f MayZimasco.
Cen/wd PuNr Anowntana To the Honorable Mayor, City Commissioners and City Manager City of Kissimmee, Florida AUDITORS' REPORT We have examined the combined financial statements of the City of Kissimmee, Florida, as of and for the year ended September 30, 1982, as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we censidered necessary in the circumstances.
In our opinion, the combined financial statements referred to above present fairly the financial position of the City of Kissimmee, Florida at September 30, 1982, and the results of its operatione, and the changes in financial position of its proprietary fund types for the year then ended, in conformity with generally accepted acenunting principles applied on a basis consistent with that of the preceding year.
Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole. The combining, individual fund, and account group financial statements and schedules listed in the table of contents are presented for purposes of additional analysis and are not a required part of the ccmbined financial statements of the City of Kissimmee, Florida. The 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.
My v d.
Tampa, Florida November 5, 1982 23.
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G CAPITAL Equity in pooled cash and investments $ (1.480.850) $ 26.220 4,888 $ $ (1.449.742) $ 2.128.813 Restricted cash and investments - - Accounts receivable 696.340 696.340 720.377 (11.792) - - - (11.792) 132.686 Accrued interest receivable' 55.117 - - 13.251 68.368 22.386 Due from other sovernments - - - - Inventory - (60.000) 223.387 - - - 223.387 12.388 Prepaid expenses (24.135) - Accounts payable (24.135) 7.222 ' (202.325) (459) - - (202.784) 388.964 Accrued liabilities 28.627 (3.743) - Deposits payable 24.884 (71.472) 56.183 - - - 56.183 (121.552) Obligations under capital lease (37.360) - - Contracts payable - retained (37.360) - j percentages - - - Revenues collected in advance 12.000' (23. *.51) - - - (23.151) (2.708) Due f rom other funds (120,833) - - - (120,833) - NET INCREASE (DECREASE) IN WORKING CAPITAL $ fl.537.132) $ 22.018 $ 4.888 $ 709.591 $_ (800.635) $ 3.162.104 i l See accompanying notes to financial statements. CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982
- 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES Fund Accounting:
The City of Kissimmee organizes its accounts on the basis of funds and account groups, each of which is considered a separate accounting entity.
The various funds are grc.uped, in the financial statements in this report, into seven generic. fund types and three broad fund categories as follows:
Governmental Fund Types -
. General Fund - accounts for all unrestricted resources, except those required to be accounted for in another fund.
. Special Revenue Fund - accounts for the proceeds of specific revenue sources that are restricted by law or administrative action to expenditure for specific purposes.
. Capital Projects Funds - account for financial resources segregated for the acquisition of major capital facilities.
. Debt Service Funds - account for the accumulation of resources for, and the payment of, interest and principal on general long-term debt.
. Special Assessment Funds - account for the financing of public improvements or services deemed to benefit the properties against which special assessments are levied.
Proprietary Fund Types -
. Enterprise Funds - account for operations that are financed and operated in a manner similar to private business enterprises.
. Internal Service Funds - account for the financing of goods or services provided by one department to other departments of the City or to other governments, on a cost-reimbursement basis.
Fiduciary Fund Types -
. Trust and Agency Funds - account for the assets held by a governmental unit as a trustee or agent for individuals, private organizations and/or other governmental units.
Account Groups -
. General Fixed Assets - accounts for all fixed assets of the city, except fixed assets of Proprietary Funds and certain improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems.
. General Long-Term Debt - accounts for the outstanding principal ,
balances on any general or special obligation bonds of the city.
Measurement Focus:
Governmental Fund Types - General, Special Revenue, Di.b t Service, Capital )
Projects and Special Assessment Funds are accounted for on a " spending" or
" financial flow" measurement focus. Accordingly, the reported undesignated
' fund balances provide an indication of available, spendable or appropriable resources.
40.
t CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982 Proprietary Fund Types - Enterprise Funds and Internal Service Funds are accounted for on an " income determination" measurement focus. Accordingly, all assets and liabilities are included on their balance sheets, and the reported fund equity (total reported assets less total reported liabilities) provides an indication of the economic net worth of the fund.
Operating statements for Proprietary Fund Types (on an income determination measurement focus) report increases (revenues) and decreases (expenses) in total economic net worth.
Accounting for the Electric Utility Fund is in conformity with the require-ments prescribed by the Florida Public Service Commission and the Federal Energy Regulatory Commission.
Fiduciary Fund Types - Agency and Expendable Trust Funds are accounted for like Governmental Fund Types; and Nonexpendable Trust Funds are accounted for like Proprietary Fund Types.
Fixed assets, which are not used in Proprietary or Fiduciary Fund opera-tions, are accounted for in a separate self-balancing General Fifed Assets Account Group. Long-term debts, which are not intended to be financed through Proprietary, Fiduciary or Special Assessment Funds, - are accounted for in a separate self-balancing General Long-Term Debt Account Group.
Basis of Accounting:
Basis of. accounting refers to when revenues and expenditures or . expenses are recognized in the accounts and reported in the financial statements.
The modified . accrual basis of accounting is followed by all Governmental Fund Types and Expendable Trust Funds. Under the modified accrual basis, expenditures other than unmatured interest on genersi long-term debt are recognized at the time liabilities are incurred, if measurable. Revenues l are recognized in the accounting period when they become measurable and available. . Revenues which are susceptible to accrual are as follows:
Federal and State Revenue Sharing Interest Income
! Proprietary and Nonexpendable Trust Funds are maintained on an accrual basis with revenues being recognized when earned and expenses recognized
[
when incurred.
Other Fiduciary Funds (Agency and Expendable Tr':st Funds) are accounted for on the modified accrual basis.
, Budgets and Budgetary Accounting:
, The City follows these procedures in establishing the budgetary data reflected in the financial statements:
A. The City Manager submits to the City Commission a proposed operating budget for the ensuing fiscal year. The operating budget includes proposed expenditures and the sources of receipts to finance them.
41.
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'. CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982 '
B.. Public hearings are conducted to obtain taxpayer comments.
I C. The budget is approved by the Commission and becomes the basis for the millage levied by the Commission. l D. .The City Manager is authorized to transfer budgeted amounts between departments within any fund; however, any revisions that alter.the total expenditures of any fund must be approved by the City Commission. Expenditures may not exceed legal appropria-tions at the departmental level. Appropriations lapse at year-end.
E. Formal budgetary integration is employed as a management control device during the year for the General Fund and Special Revenue Funds.- Formal budgetary integration is not employed for Debt Service Funds because effective budgetary control is alterna-tively achieved through debt repayment provisions.
F. Budgets for the General and Gpecial Revenue Funds are adopted on a basis consistent with generally accepted accounting principles.
G. Budgeted amounts are as originally adopted, or as amended in accordance with City ordinance.
H. During the year ended September 30, 1982, the following budget overexpenditures were noted:
GENERAL FUND BUDGET EXPENDITURES EXCESS City Commission S 71,218 $ 73,708 $ 2,490 Solid Waste 276,094 297,961 21,867 Data Processing 146,400 173,302 26,902 Equity in Pooled Cash and Investments: l The City of Kissimmee, for accounting and investment purposes, maintains a
, pooled cash and investments account for all City funds. This gives the City the ability to invest large amounts of idle cash for short periods of 1 time and to maximize earning potential. The " equity in pooled cash and '
investments" represents the amount owned by each fund of the City.
Receivables:
Utility (electric, water, sewer and utility taxes) operating revenues are J generally recognized on the basis of cycle billings rendered monthly. The cycle with the meter reading date closest to September 30 is selected as ,
the cutoff for accrual purposes. The City does not accrue revenues for j sarvices delivered during the next fiscal year that have not been read by j September 30,
- 42. ;
i
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982 Investments:
Investments are recorded at cost, which approximates market. Adjustments are made to cost, for any premium or discount, which is amortized over the maturity of the investment.
Inventories:
Supplies and fossil fuel inventories are stat 3d at the lower of cost (determined on the first-in, first-out method) or market. Inventories in the governmental funds are accounted for by the consumption method (determined on the first-in, first-out method), wherein inventories are charged as expenditures when used.
The effect of the first-in, first-out method is co flow costs through the statement of revenues and expenses in the order in which they are purchased and assign a balance sheet valuation more nearly at current replacement value.
Taxes Receivable:
Taxes receivable are measurable, but not available as of the end of the fiscal year and thus are shown as deferred revenue. The deferred revenue will be recognized as revenue in the fiscal year that it becomes available.
Fixed Assets:
Fixed assets purchased in the Governmental Fund Types are recorded as expenditures at the time of purchase. Such assets are capitalized at cost in the General Fixed Assets Account Group, except for certain improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems. Gif ts or contribu-tions are recorded in the general fixed assets at fair market value at the time received. No depreciation has been provided on general fixed assets.
The fixed assets purchased in the Proprietary Fund Types are capitalized at cost when purchased. Depreciation is provided using the straight-line method. The estimated useful lives of the various classes of depreciable assets are as follows:
ASSETS YEARS Buildings 30 - 50 Improvements other than buildings 10 - 100 Equipment 5 - 25 l Unamortized Bond Discounts aad Issuance Costs:
! The discounts and issuance costs on the Proprietary Fund's long-term debt i are amortized using the straight-line method over the terms of the related issues.
43.
CITY OF KISSIMMEE, FLORIDA NOTES-TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982 Nuclear' Fuel: .
Amortization of nuclear fuel is based on the cost, which is prorated by fuel assembly batch :in accordance with the thermal energy that each assembly produces. -Due to the uncertain future of the _ nuclear fuel l reprocessing industry and government approvals for reprocessing and plutonium recycling, the City is estimating no value for residual credits or costs for future reprocessing.
Pension Plans:
The City has three pension plans covering substantially all the full-time employees. General employees are covered by a plan established during 1968 that was amended 'and restated in 1975. Employees of the Police and Fire Departments were enrolled in separate retirement plans adopted by the City
. effective January 1, 1976, superseding the previous state established plans. Annual costs of the pension plans are actuarially computed and include amortization of past service costs over a period of 40 years.
General employees contribute 4% of their annual salary to their plan. The City's policy is to fund the annual pension costs in the annual budget.
Reserves:
Governmental Funds and Certain Fiduciary Funds - Reserves are used to indicate that a portion of the fund balance is not appropriable for
- expenditure or is legally segregated for a specific future use. Usage of i reserves has been limited to the following items
. Reserve for Encumbrances - indicates a portion of the fund balance that has been segregated for expenditure upon vendor performance. This reflects items that have been ordered or committed for at year-end which have not been received nor paid for.
- . Reserve for Advances (Specific Fund) - indicates portion of the l
fund balance that has been segregated for a long-term (more than J one year) advance to another fund. Amount is unavailable for appropriation for at least a year.
Proprietary Funds and Certain Fiduciary Funds - Reserves are used to indicate a segregation of a portion of retained earnings equal to the current assets that are restricted for meeting various covenants as may be specified and defined in the revenue bond indenture. Usage of reserves has been limited to the following items:
t Reserve for Bond Retirement - restricted for future servicing of 4 the revenue bonds (maximum amount of debt service due in any ensuing year).
. Reserve for Bond Asset Replacement - restricted for meeting of various contingencies as may be so specified and defined in the indenture (frequently referred to as renewal, replacement and improvement).
44
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982
. Reserve for Employees' Retirement Systems - restricted for payment of retirement benefits.
Encumbrances:
Encumbrances represent contractual commitments in the form of purchase orders and contracts. Such encumbrances are not recorded as expenditures, but rather as reservations of fund balance for subsequent years'
. appropriation.
1 Total Columns on Combined Statements - Overview:
Total columns on the combined statements - overview are captioned Memorandum Only to indicate that they are presented only to aid in financial analysis. Data in these columns do not present-financial posi-tion, results of operations, or changes in financial position in conformity with generally accepted accounting principles. These columns do not represent consolidated amounts because interfund eliminations have not been i
made.
Reclassifications:
Certain September 30, 1981 account balances have been reclassified in this report to conform with the financial statement presentation used in 1982.
- 2. FIXED ASSETS The following is a summary of changes in general fixed assets during the year ended September 30, 1982:
BALANCE BALANCE OCTOBER 1, SEPTEMBER 30, 1981 ADDITIONS DELETIONS 1982 Land $ 359,700 $ -
$ 359,700 Buildings 875,935 982,000 - 1,857,935 Equipment 1,810,917 238,415 335,735 1,713,597 Improvements other than buildings 320,770 54,638 - 375,408 Construction in progress 55,215 1,062 55,215 1,062 TOTAL $ 3.422.537 $ 1.276.115 $ 390.950 $ 4.307.702 l Construction in progress is composed of the following:
PROJECT EXPENDED TO REQUIRED AUTHORIZA- SEPTEMBER 30, FUTURE TION 1982 COMMITTED FINANCING Central Communications Center $ 21.302 $ 1.062 L__ _21.302 $ 20.240 45.
i I - . - . . ._, _ _ - , - _ . . . _ . . . . . , , . _ _ , . . _ , , . , _ _ _ _ _ _ , _ _ . , _ , _ _ _ _ , , , _ , , _ , , _ _ . _ . _ _ ___ , . _ _ . . _
CITY OF KISSIMMEE, FLORIDA ,
NOTES TO FINANCIAL STATEMENTS l SEPTEMBER 30, 1982 l At September 30, 1982, the Proprietary Fund plant ae.a equipment consisted of:
PLANT LESS:
AND ACCUMULATED EOUIPMENT DEPRECIATION NET Electric $ 31,141,188 $ 9,689,951 S 21,451,237 Water and Sewer 10,826,652 1,808,169 9,018,483 Airport 905,847 530,920 374,927 Solid Waste 204,008 31,195 172,813 TOTAL $ 43.077.695 $ 12.060.235 j 31.017.460 Construction in progress at September 30, 1982 consisted principally of work on the City's new combined cycle power plant in the Electric Utility Fund. The plant is being funded with a portion of the proceeds from the 1982 Electric Refunding Revenue Bonds. Total cost of the project will be approximately $25,000,000. The plant is scheduled to be placed into service in the spring of 1983.
- 3. INTERFUND BALANCES Individual fund interfund receivable and payable balances at September 30, 1982 are as follows:
INTERFUND INTERFUND RECEIVABLES PAYABLES General Fund $ 187,619 $ 9,900 Special Revenue Fund -
Vehicle Replacement Fund 9,900 -
Enterprise Fund -
Electric Utility Fund - 120,833 Expendable Trust Fund -
Section 8 H.A.P.P Fund - 9,875 .
I Agency Fund -
Occupational License Fund - 56,911 TOTALS $ 197.519 $ 197.5Q
- 4. ELECTRIC REVENUE BOND COVENANTS ]
The Revenue Bond ordinance provides for: 1 A. Establishment and maintenance of various funds -
(1) Revenue Fund records all operating revenues and i I
expenses of the system; (2) Sinking Fund records principal and interest requirements; 46.
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982 (3) Bond Amortization Fund records funds held for the retirement of term bonds; (4) Reserve Fund records funds held for the maximum annual debt service requirement; (5) Renewal, Replacement and Improvement Fund records all the improvements, extensions and replacements of the system; and (6) Construction Fund records the cost of major additions to the system financed by revenue bonds.
B. Restrictions on the use of cash from operations in order of priority -
(1) Deposits are made to the Revenue Fund to meet current operations according to the budget; (2) Deposits to the Sinking Fund account are required on or before the 25th day of each month equal to one-sixth (1/6) of the interest coming due on the next semlannual interest payment date and one-twelfth (1/12) of the principal coming due on the next principal payment date and an amount sufficient to pay the paying agents; (3) Deposits to the Bond Amortization Fund are required on or before the 25th of each month equal to one-sixth (1/6) of the amortization installment coming due on the next semiannual payment date; (4) Deposits to the Reser';c Fund are to be made when required to maintain the Fund at the reserve requirement (maximum annual principal and interest);
and (5) Deposits to the Renewal, Replacement and Improvement Fund are required in each month equal to one-twelfth (1/12) of the adopted budget for that fund. The total annual deposit may not be less than 5% of the gross revenues for the preceding fiscal year after deducting 100% of the fuel expense and the energy component of purchased power expenses incurred in such preceding fiscal year. However, no such monthly deposit shall be required whenever the amount in such fund shall at least equal $1,500,000.
C. Early redemption -
The bond ordinance provides for early redemption of outstanding 9
bonds at call rates varying from 100% to 103% of the instruments' face value, dependent upon the call date.
47.
CITY OF K1SSIMMEE, FLORIDA NOTES TO FINA'*;IAL STATEMENTS SEPTEMBER 30, 1_932 D. Investment restrictions -
(1) Funds of the Sinking Fund, Bond Amortization Fund, Reserve Fund and Renewal and Replacement Fund are required to be continuously secured in the same manner as public funds are authorized to be secured by the Laws of the State of Florida; and (2) All monies deposited shall be continuously invested in direct obligations of the United States of America, obligations of its several agencies or Time Deposits in banks, trust companies or savings and loan associations
[ represented by Certificates of Deposit.
E. The refunding revenue bonds consist of the following serial and term bonds -
i l AMOUNT INTEREST FINAL ORIGINAL OUTSTANDING AT DESCRIPTION RATES AIS DATES KATURITY AMOUNT SEPTDGER 30, fM2
! Electric Reft'eding Itevenue 10.32 to 13.6%
sands. Series 1982 4/1310/1 10/1/12 3 47,500,000 $ 47.500.000
- 5. WATER AND SEWER REVENUE BOND COVENANTS The Water and Sewer Revenue Bcnds, Series A and Series 1982 resolutions provide for:
A. Establishment and maintenance of various funds -
(1) Revenue Fund records all operating revenues and expenses of the system; (2) Sinking Fund records all debt service requirements which includes the Sinking Fund account, bond
- amortization account and reserve account; ;
(3) Renewal, Replacement and Improvement Fund records all !
the improvements, extensions and replacements of the !
system; and l (4) Construction Fund records the cost of major additions 1 to the system financed by revenue bonds.
B. Restrictions on the use of cash from operations in order of priority - ,
(1) Deposits are made to the Revenue Fund to meet current l operations according to the existing bond ordinance; i (2) Deposits to the Sinking Fund account are required on or j before the 20th day of each month equal to one-sixth i (1/6) of the interest coming due on the next semiannual interest payment date and one-twelfth (1/1D of the principal coming due on the next principal payment date; 48.
l CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEME:frS SEPTEMBER 30, 1982 (3) Deposits to the bond amortization account are required on or before the 20th of each month equal to one-sixth (1/6) of the amortization installment coming due on the next semiannual payment date; (4) Deposits to the reserve account are to be equal to -
one-sixtieth (1/60) of the reserve requirement'(maximum principal and interest) and are to be transferred on or before the 20th day of each month; and (5) Deposits to the Renewal, Replacement and Improvement Fund are required in each month equal to one-twelfth (1/12) of the adopted budget for that fund. The total annual deposit may net be more than 10% nor less than 5% of the gross revenues for the preceding fiscal year, however, that no such monthly deposit shall be required whenever the amount in such fund shall at least equal
$375,000.
C. Early redemption -
The bond ordinance provides for early redemption of outstanding bonds at call rates varying from 100% to 103% of the instruments' face value, dependent upon the call date.
D. Investment restrictions -
(1) Funds of the sinking fund account, bond amortization account, reserve account and renewal and replacement account are required to be continuously secured in the same manner as state and municipal deposits of funds are required to be secured by the Laws of the State of Florida; and (2) All monies deposited shall be continuously invested in direct obligations of the United States of America, l obligations of its several agencies or Time Deposits in
- banks, trust companies or savings and loan associations
! represented by Certificates of Deposit.
l E. The revenue bonds consist of the following serial and term l
bonds -
l INTEREST FINAL DESCRIPTION RATES AND DATES MATURITY Water and Sewer Revenue 4.80% to 5.50%
f Bonds, Series A 4/1;10/1 10/1/07
~
Water and Sewer Revenue 8.00% to 12.25%
Bonds, Series 1982 4/1;10/1 10/1/05 49.
l 1
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982 AMOUNT ORIGINAL OUTSTANDING AT DESCRIPTION AMOUNT SEPTEMBER 30, 1982 Water and Sewer Revenue Bonds, Series A $ 5,525,000 $ 5,525,000 Water and Sewer Revenue Bonds, Series 1982 $ 2,600,000 $ 2,600,000
- 6. The City presently has outstanding. serial bonds, which were refunded through the full and net cash defeasance methods on January 4, 1978 and February 25, 1982, respectively, as follows:
AMOUNT OUTSTANDING AT SEPTEMBER 30, 1982 ELECTRIC, WATER AND SEWER BOND ISSUES 1954 $ 112,000 1963 2,360,000 1965 570,000 1967 1,340,000 1971 850,000 1971-A 610,000 1973 3,445,000 1975 3,695,000 STATE OF FLORIDA POLLUTION CONTROL BONDS, SERIES F 1,395,000 ELECTRIC REVENUE BONDS, Series A 18,400,000 1979-1 2,675,000 1979-2 4,815,000
$ 40.267.000 l
Since governmental obligations are held in escrow for the payment of the principal and interest on these bonds, they are not liabilities to the City.
}
l 50.
CITY OF KISSIMMEE, FLORIDA
. NOTES TO FINANCIAL STATEMENTS
[ SEPTEMBER 30, 1982
- 7. AIRPORT REVENUE BOND COVENANTS The Airpot. Revenue Bonds resolution provides for:
A. Establishment and maintenance of various funds -
(1) Airport Revenue Fund records gross revenues from the operation of the Airport facilities; .
(2) Airport Revenue Bonds, Series 1971 Sinking Fund records all the debt service requirer.ents of the issue which includes the principal', interest, sinking fund and reserve requirements; and (3) Renewal and Replacement Fund records all extensions, enlargements, additions and replacements to the Airport facilities.
B. Restricticns on the use of cash in order of priority -
, (1) Deposits to the Sinking Fund are required en or before the fifteenth day of each month equal to one-sixth
< (1/6) of the interest coming due on the next semiannual interest payment date and one-twelfth (1/12) of the principal coming due on the next principal maturity date; (2) Deposits to the Renewal and Replacement Fund an amount equal to one-twelf th (1/12) of five percentum (5%) of the gross revenues of the facilities for the previous fiscal year, until there shall be on deposit $50,000; l and (3) Balance remaining can be used for any lawful purpose after making all of the above required payments.
C. Investment restrictions -
(1) Funds of the revenue fund, sinking fund, reserve account and the renewal and replacement fund are required to be continuously secured in the manner by which the deposits of public funds are authorized to be secured by the Laws of the State of Florida; and (2) All monies deposited shall be continuously invested or secured by direct obligations of the United States of i America or Time Deposits in banks and trust companies represented by Certificates of Deposit.
L l
k 51.
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CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS S_IPTEMBER 30, 1982 D. The revenue bonds (serial) consist of the following -
INTEREST FINAL DESCRIPTION RATES AND DATES MATURITY Airport Revenue Bonds, 5.50% to 6.50%
Series 1971 6/1;12/1 12/1/95 4 ORIGINAL AMOUNT AMOUNT OUTSTANDING AT DESCRIPTION ISSUED SEPTEMBER 30, 1982 Airport Revenue Bonds, Series 1971 $ 350,000 $ 290,000 l
- 8. LIMITED AD VALOREM TAX BOND COVENANTS The Limited Ad Valorem Tax Bonds resolution provides for the establishment and maintenance of a Sinking Fund to be held and administered by ' the City for the purpose of paying the principal and interest on the bonds as they become due. In each year, while any such bonds are outstanding, there shall be levied and collected a special limited ad valorem tax not exceeding five (5) mills in each year levied on all taxable property in the special taxing district comprising the municipal (evelopment district of the City over and above all other taxes authorized by law.
The Limited Ad Valorem Tax Bonds (serial) consisted of the following:
INTEREST FINAL DESCRIPTION RATES AND DATES MATURITY Limited Ad Valorem Tax Bonds 5.25% to 6.00%
10/1;4/1 10/1/93
(
ORIGINAL AMOUNT AMOUNT OUTSTANDING AT DESCRIPTION ISSUED SEPTEMBER 30, 1982 l Limited Ad Valorem Tax Bonds $ 171,000 $ 138,000
- 9. EXCISE TAX REVENUE BOND CCVENANTS The $265,000 Excise Tax Revente Bonds resolution provides for: J A. Establishment and mair.anance of various funds -
(1) Revenue Fund records all pledged excise tax revences received by the City and required transfers to other funds as stated below;
- 52. l l
l l
l l
l CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982 (2) Bond and Interest Sinking Fund records all debt service requirements of the- issue, which includes the
, principal, interest, sinking fund and reserve requirements; and (3) Constnaction Fund records the cost of the project financed by excise tax revenue bonds.
B. Restrictions on the use of cash in order of priority -
, (1) Deposits of excise taxes are made promptly to the Revenue Fund as they are received; (2) Depcsits to the Bond and Interest Sinking Fund are required on or before the 15th day of each month equal to one-twelfth (1/12) of the amount of one year's interest on all the bonds then outstanding and one-twelfth (1/12) of the principal of the bonds maturing on the next succeeding anniversary date; (3) Deposits to the reserve account .in the Bond- and Interest Sinking Fund are required on or before the 15th day of each month equal to $130 until such time as the funds total $15,600; and I (4) Balance remaining may be used for any lawful purpose after making all of the above required payments.
C. Early redemption -
The bond resolution provides for early redemption of out-standing bonds at call rates varying from 100% to 105% of the instrument's face value, dependent upon the call date.
D. Investment restrictions -
(1) Funds of the sinking fund account and reserve account are required to be continuously secured in the same manner as municipal deposits of funds are required to be secured by the Laws of the State of Florida; and (2) Monies in the sinking fund and reserve accounts may be invested in direct obligations of, or obligations i guaranteed by, the United States of America. Monies on deposit in the Revenue Fund shall not be invested at any time.
E. The revenue bonds (serial) consist of the following -
i
? INTEREST FINAL DESCRIPTION RATES AND DATES MATURITY Excise Tax Revenue Bonds 5%; 9/1 9/1/2019 Excise Tax Revenue Bond Anticipation Notes 5%; 9/1 9/1/2022 53.
2
-s. ._____-.,.-_.,_,,.,_...,,,.__,______,...___,__m..___,,,,,, .._, .. . ,.. _ ._. ,. ,.___.-._,, _..._ .,. ,_,
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982 ORIGINAL AMOUNT AMOUNT OUTSTANDING AT
,7IPTION ISSUED SEPTEMBER 30, 1982 Excis. r Revenue Bonds $ 265,000 $ 261,000 Excise Tax Revenue Bond 479,500 479,500 Anticipation Notes $ $
- 10. CHANGES IN LONG-TERM DEBT The following is a summary of bond transactions of the City for the year ended September 30, 1982 (in thousands of dollars):
ELECTRIC WATER AND LIMITED EXCISE UTILITl SEWER AIRPORT AD VALOREM TAI TfffAL Banda (notes) payable et 10/t/81 $ 25.890 $ 5.525 8 300 $ 147 $ 263 $ 32.125 New boede (notes) isoned:
Excise Tes Revaane Seed Anticipation Notes - - - - 480 480 Water and Sauer Bevenue Bonde. Series 1981 - 2.600 - - -
2.600 1982 Electric Refunding Revenue Sende 47.500 - - - -
47.500 Bende (notes) retired /
refunded (25,890) - (10) (9) (2) ( 25. M '.)
90NDS (NOTES) FAYABLE AT 9/30/82 3 47.?00 9 R.123 $ 290 9 tg 9 741 9 96.744 The annual requirements to amortize all debt outstanding as of September 30, 1982, including interest payments of $154,248,537, are as follows:
TEAR LADillo ELECTRIC WATER AND LIMITED EXCISE SEPTEMBER 30 UTTLITY SEWER AIRPORT AD TALOREM TAI TUTAL 1983 $ 6.196,143 $ 640.613 '$ 32.185 $ 16.993 $ 515.124 $ 7.40t.058 1984 6.196,143 671.741 31.466 17.520 15.900 6.932.770 1985 6.196.142 671.029 30.604 16.960 14.750 6.929.485 1986 6.196.142 669.407 29.741 17.400 15.650 6.928.340 1987 6.196,142 671.704 28.879 17.784 15.500 6.930.009 1988 - 1992 32.915.772 3.341.946 159.096 87.952 77.950 36.582.716 1993 - 1997 32.965.433 3.320.900 130.463 16.960 78.950 36.512.706 1998 - 2002 32.056.665 3.310.708 - -
77.600 35.444.973 2003 - 2007 33.238.580 2.969.569 - -
77.450 36.285.599 2008 - 2012 30.745.768 179.987 - -
78.100 31.003.855 2013 - 2017 - - - - 78.900 78.900 2018 - 2022 - - - -
31.200 3f.200 TOTALS $192.902.930 $ 16.447.604 3 442.434 $ 191.569 $ 1.077.074 $218.061.611 Lees Amount representing interest 145.402.930 9.322.604 152.434 53.569 336.574 154.268,111 TOTAL AT FRESZNT YALUE $ 41.*00.000 $ R.125.000 9 290.000 $ 118.000 9 740.500 1 56.743.560 54
-CITY OF KISSINME". FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982
- 11. SECMENT INFORMATION FOR ENTERPRISE FUNDS The City maintains three Enterprise Funds which provide water and sewer, electric utility and airport services. Segment information for the year ended September 30, 1982 are as follows:
ELECTRIC WATER AND SOLID TOTAL UTILITY SEVER AIRPORT WASTE ENTERPRISE FUND FUND FUND FUND FUNDS Operating revenues $ 19,928.883 $ 1.565.730 $ 107.610 $ 277.603 $ 21.879.826 Depreciation and amortization expense 1.042.094 178,601 24.211 31.195 1.276.101 operating income (loss) 3.956.029 39.572 (6.174) (38.771) 3.950.656 operating transfers:
In - - -
19.523 19.523 out 1.450.000 - - -
1.450.000 Net income (lose) 10.514.764 331.002 (9.685) (29.213) 10.806.868 Current capital:
Contributions -
183.781 -
139.096 322.877 Property, plant and equipment:
Additions 20.019.516 2.488.524 6.403 204.008 22.718.471 Deletions 61.985 - (1,074) -
60.911 Net working capital 1.973.521 2.777.364 36,648 (63.628) 4.723.905 Bonds enql other long-tern liabilities:
Fayable from operating revenues 47.500.000 8.125.000 275.000 83.636 55.983.636 Total equity 21.993.898 6.301,304 267,907 36.337 28.599.446
- 12. PENSIONS A. General Employees' Pension Plan:
The General Employees' Pension Plan was established in 1968 and amended and restated in 1975. Annual costs of the pension plan i are actuarially computed and include amortization of past service costs over a 40-year period beginning January 1, 1974. The employees contribute 4% of their annual salary to the plan. An actuarial study was conducted at January 1, 1982 and reflected a net actuarial deficiency of $1,302,982. The pension fund assets of $2,659,410 exceeded the present value of the actuarially computed vested benefits of $2,114,885 by $544,525 at January 1, 1982. Nonvested benefits totalled $4,086,721.
The City's contribution to the plan was $242,795 for fiscal 1982.
55.
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982 B. Municipal Police Officers' Retirement Plan:
The Municipal Police Officers' Retirement Plan was amended and restated in 1976. Annual costs of the pension plan are actuarially computed and include amortization of past service costs _ over a 30-year period beginning January 1, 1982.- An actuarial study was conducted at January-1, 1982 and reflected a
, net actuarial deficiency of $163,240. The pension fund assets of
$932,597 exceeded the actuarially computed vested benefits of
$460,284 by $472,313 at January 1, 1982. Nonvested benefits totalled $85,863.
The City's contribution to the plan was $30,011 for fiscal 1982.
I C. Municipal Firemen's Retirement Plan:
The Municipal Firemen's Retirement Plan was amended and restated e
in 1976. Annual costs of the retirement plan are actuarially
>- computed and include amortization of past service costs over a 40-year period beginning January 1, 1976. An actuarial study was conducted at January 1, 1932 and reflected a net actuarial deficiency of $33,225. The pension fund assets of $515,313 exceeded the actuarially computed vested benefits of $181,668 by
$333,645 at January 1, 1982. Nonvested benefits totalled
$48,572.
The City's contribution to the plan was $35,157 for fiscal 1982.
The Entry-Age Normal-Level Percentage of Pay actuarial cost method was utilized in the January 1, 1982 valuations for all three funds. The-significant actuarial assumptions for this plan are: (1) life expectancy is calculated using the GA-1951 Male Mortality projected to 1965 by Scale C with a five-year set-back for females, (2) an interest return of 6% for the general employees' plan and 7% for the police officers' and firemen's plans ccapounded annually, (3) a salary increase of 4% per year for the general l employees and 5% for the police officers and firemen.
- 13. CONTINGENCIES AND COMMITMENTS 4
A. The City is contingently liable for accumulated and unpaid vacation leave and sick leave. Current policy allows each employee to accumulate up to 20 days of vacation leave. Time accrued beyond that is forfeited. The majority of employees l
utilize their annual accrual of vacation leave during the year
- accrued. Employees are allowed to accumulate up to 60 days of }
sick leave. Time accrued beyond that is paid to the employees every year at the rate of one-half pay.
Accrued estimated liabilities not reflected in the accounts of the City, for vacation and sick leave benefits to which the employees are entitled, are as follows at September 30, 1982:
i Vacation leave $ 210,679 Sick leave 662,327 TOTAL $ 873.006 a 56.
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982 B. The City is in the process of defending a class action suit which alleges discriminatory practices by the City and seeks Federal Revenue Sharing funds as relief. Management believes that resolution of this matter is months away, but the final outcome will have no adverse financial effect on the City.
C. There is also a civil rights case which has been filed charging discrimination in hiring and promoting practices. This case is in the preliminary data gathering stages and it is too early to predict a possible outcome.
D. The City owns a portion of Florida Power Corporation's nuclear power plant at Crystal River, Florida. This plant is scheduled to be decommissioned in about the year 2008. The City will be liable for approximately $480,000 in decommissioning costs at that time. Beginning in fiscal year 1983, the City will be escrowing a portion of this amount each year.
E. Leases:
(1) The property under capital leases consist of three sanitation trucks, one street sweeper, one dump truck, one side loading garbage truck and a telephone system at the Police Department. All leases have terms of five years. Title to the equipment shall be transferred to the City at the end of the lease terms and upon the vendor's receipt of one dollar. As of September 30, 1982, $96,808 in principal payments had been made on this equipment.
The following is a schedule by years of future minimum lease payments under capital leases, together with the present value of the net minimum lease payments, as of September 30, 1982:
GENERAL LONG-TERM SOLID YEAR ENDING DEBT ACCOUNT WASTE SEPTEMBER 30, GROUP FTJND I 1983 $ 26,794 $ 48,103 L 1984 26,794 48,103 l 1985 19,640 31,411 1986 5,484 14,718 TOTAL MINIMUM LEASE PAYMENTS $ 78,712 $ 142,335
, Less: Interest 11,818 21,339 PRESENT VALUE OF NET MINIMUM LEASE PAYMENTS $ 66.894 $ 120.996 r
57.
I
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982 (2) In addition, the City is lessor on various leases at -
the Airport. The following is a schedule of minimum future rentals on noncancelable operating leases:
YEAR ENDING >
SEPTEMBER 30, 1983 $ 48,590 1984 44,724 1985 42,332 1986 41,004 1987 41,004 After 1988 479,027 TOTAL MINIMUM FUTURE RENTALS $ 697.581 Total income on noncancelable operating leases for the year ended September 30, 1982 was $100,112.
F. The City entered into an agreement with Florida Municipal Power Agency to guarantee the payment of a note with Morgan Guaranty Trust Company of New York. The purpose of the note is to finance the agency's development cost for additional sources and supply of electric energy for the benefit of municipal members. The City is liable only if the agency does not proceed with the project in the amount of $108,000, plus interest cost.
- 14. CHANGE IN ACCOUNTING PRINCIPLE In accordance with a change in the generally accepted accounting principles that account for revenues from special assessments, the Cit:- has changed its method of recording such revenues. In prior years, .the entire assessment amount was recognized as a financing source in the year of inception. Current generally accepted accounting principles require that these items be recognized when they become measurable and available as net current assets. Therefore, only installment payments due in the current year are recognized as revenues. All future installment payments due are carried as deferred revenues.
The adjustment of $117,877, which is the cumulative effect of the new method on years prior to fiscal year 1981, is included in 1981 expenditures. The pro forma and cumulative effects on net income of years prior to fiscal year 1981 are not determinable.
j 58.
_ _ _ . - _ _ _ _ - - _ _ _ _ ..~._ _ _ __. _ ___ _ _ _ _ _ _ _ _ _ _ . _ _ - _ _ _ _ _ . - _ . _
CITY OF KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SE?TEMBER 30, 1982
- 15. CASH IN LIEU OF GAS l 1
4 During the year ended ' September 30, 1982, the City, along with several other participating municipalities. - received payments in lieu of gas from an agreement with Florida Gas Transmission Company and Amoco Oil Company. !
The total received in the current year was $328,622. This amount has been reflected as a reduction of fuel expense on the statement of revenues, expenses and changes in retained earnings.
i
- 16. -CONSTRUCTION PROJECT INTEREST COST i In accordance with Statement of Financial Accounting Standards No. 62,
" Capitalization of Interest Cost in Situations Involving Certain Tax-Exempt Borrowings and Certain Gifts and Grants," the City has recorded interest cost as construction in progress that has been financed by long-term debt.
The amount of interest cost recorded in construction project for the the fiscal year ended September 30, 1982 was:
ELECTRIC CITY HALL UTILITY WATER AND EXPANSION t FUND SEWER FUND FUND Total interest expense allocable )
to construction project $ 2,597,427 $ 223,371 $ 19,573 Less: Interest earned in Construction Funds 2,240,415 99,383 2,683 TOTAL $ 357.012 $ 123.981 $ 16.890
- 17. EXTRAORDINARY ITEM On February 25, 1982, the City sold $47,500,000 Electric Refunding Revenue
- Bonds for purposes of advance refunding all of its Electric Revenue Bonds and providing construction funds for a new, combined cycle power plant. An l escrow agreement was entered into with Exchange Bank of Tampa and
$16,844,498 was deposited into U.S. Treasury Obligations - State and Local Government Series which will cature at such times and in such amounts to i pay all principal and interest on the refunded bonds. A calculation of the
- net gain on the refunding program is as follows
[ . Net old bonds refunded $ 19,850,089
- Net new bonds issued 11,320,324 i
GAIN $ 8.529.765 The gain calculated above is recorded as an extraordinary item on the statement of revenue and expense in the Electric Utility Fund.
59.
t
. CITY OF-KISSIMMEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEFTEMBER 30, 1982
- 18. PRIOR' PERIOD ADJUSTMENT During the year ended September 30, 1982, the City noted that prior years' l- interfund operating transfers had been incorrectly recorded as contributed equity. The total of these " contributions" has been recorded as a prior period adjustment, reducing contributed equity and increasing retained
- earnings.
- 19. SOLID WASTE FUND Effective October 1, 1981, the Solid Waste Department of the City was 1
established as an Enterprise Fund. The Solid Waste Renewal and Replacement Fund was therefore reclassified from a Special Revenue Fund and consolidated with the related Enterprise Fund.
- 20. The City Hall Expansion Construction Fund is accounted for as a Capital Projects Fund. At September 30, 1982, this fund had a $15,330 deficit in its fund balance. The deficit will be liquidated in future years by the use of Capital Improvement Fund fund balance. Also, Airport . and Solid Waste Funds have recorded retained earning deficits of $319,615 and $4,926, respectively, at September 30, 1982. These deficits will be eliminated'in k future years by increased user charge fees.
- 21. SUBSEQUENT EVENTS A. Subsequent to September 30, 1982, the City Commission adopted a new rate schedule for the Electric Utility Fund to be effective in two stages. The two stages of rate increase are effective on October 15, 1982 and April 1, 1983. Each stage increases rates approximately ten percent.
B. The City is in the process of validating $60,000,000 of Electric Refunding Revenue Bonds. The purpose of this issue is to refund the outstanding Electric Revenue Bonds due to the expected savings in interest cost over the life of the issue, i
60.
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COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES These financial statements provide a more detailed view of the
" General Purpose Financial Statements" presented in the preced-ing subsection.
Combining Statements are presented when there are more than one fund of a given fund type. Individual fund and account group statements are presented when there is only one fund of a given
~ type and for the account group. They are also necessary to present budgetary comparisons.
Financial schedules are also presented that provide greater detailed i.nformation than reported in the financial statements. Schedules also present information that is spread throughout the statements that can be brought together and shown in greater detail.
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f i GOVERNMENTAL FUND TYPES i
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I GENERAL FUND To account for resources traditionally associated with governments which are not required to be accounted for in another fund.
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-,.,._.,-.,~.-,,,,,,--n., - , , , . , - , , _ - - , , - - - - - - - . -- - - , - - , n,,-~ --- - - , .-,- p--- -,-,,---r-, , ,--
CITY OF KISSIMMEE, FLORIDA BALANCE SHEET GENERAL FUND SEPTEMBER 30, 1982 1982 1981 ASSETS Equity in pooled cash and investments $ 1,287,777 $ 641,470 i Accrued interest receivable - 2,600 Taxes receivable 2,402 2,402 Due from Occupational License Tax Fund 56,911 49,097 Due from Section 8 H.A.P.P. Fund 9,875 8,084 Due from Federal Resanue Sharing Fund - 49,498 Due from Electric Utility Fund 120,833 -
Due from other governments 22,497 82,293 Inventory of materials and supplies 61,285 63,797 Prepaid expenses -
3,500 Advance to Payroll Fund 2,000 2,000 TOTAL ASSETS S 1.563.580 $ 904.741 LIABILITIES AND FUND EQUITY LIABILITIES Accounts payable $ 58,974 $ 31,179 Sales tax payable 80 200 Accrued salaries and payroll taxes payable 209,923 173,202
- Deposits payable 700 -
Due to Vehicle Renewal and Replacement 9,900 -
Deferred revenue 2,402 2,402 Due to other governments -
7,984 Contracts payable - retained percentages 20,352 -
l TOTAL LIABILITIES $ 302,331 $ 214,967 l
CONTINGENCIES AND COMMITMENTS (Note 13)
FUND EQUITY Fund balance:
Reserved for encumbrances S 69,299 $ 115,844 Reserved for advance to Payroll Fund 2,000 2,000
! Unreserved 1,189,950 571,930 l
TOTAL FUND EQUITY $ 1,261,249 $ 689,774 l
l TOTAL LIABILITIES AND FUND EQUITY _S 1.563.580 $ 904.741 l l
l See accompanying notes to financial statements.
66.
CITY OF KISSIMMEE, FLORIDA STATEMENT OF CHANGES IN FUND BALANCE GENERAL FUND FOR THE YEAR ENDED SEFTEMBER 30, 1982 1982 1981 FUND BALANCE AT BEGINNING OF YEAR $ 689,774 $ 1,718,221 Changes during the current year:
Revenues 5,912,731 5,199,890 Expenditures (5,341,256) (6,228,337)
FUND BALANCE AT END OF YEAR $ 1.261.249 L ,689.774 See accompanying notes to financial statements.
I I
i 67.
. CITY OF KISSIMMEE, FLORIDA STATEMENT OF REVENUES AND OTHER FINANCING SOURCES - BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 1982 1982 1981 VARIANCE VARIANCE BUDGET FAVORABLE BUDGET FAVORABLE (REVISED) A_CTUAL (UNFAVORABLE) (REVISED) ACTUAL (UNFAVORABLE)
REVENUES Taxes:
General property taxes - ,
current and delinquent $ 1,161,500 $ 1,260,915 $ 99,415 $ 1.161,500 $ 1,063,909 $ (97,591)
Franchise taxes 94.000 117,388 23,388 89,050 85,520 (4,330)
TOTAL $ 1.255,500 $ 1,378,303 $ 122,803 $ 1,251,350 $ 1,149,429 $ (101,921)
Licenses and permits:
Business licenses $ 130,000 $ 109,339 $ (20,661) $ 62,000 $ 135,844 $ 73.844 Building permits 73,000 106,317 33,317 77,750 67,662 (10,088)
TOTAL $ 203,000 $ 215,656 $ 12,656 $ 139,750 $ 203,506 $ 63,756 Intergovernmental rerenues:
Federal and state grants $ -
$ 16,263 $ 16,263 $ 33,208 $ 82,170 $ 48,962 State Revenue Sharing 494.791 534,776 39,985 459,156 452,145 (7,011)
County road and bridge 50,000 13,554 (36,446) 50,000 42,048 (7,952)
Shared taxes and licenses 135,900 171,930 36,030 110,000 161,783 51,783 County ambulance service 310,835 309,181 (1,654) 284,156 243,479 (40,677)
TOTAL $ 991,526 $ 1,045,704 $ 54,178 $ 936,520 $ 981,625 $ 45,105 Charges for services:
Garbage and trash fees $ -
$ 242,000 $ 262,920 $ 20,920 2,044 (10.956) 13,400 2,252 (11,143)
Recreation fees 13,000 19,278 General Government charges 489,854 479,982 (9,872) 503,944 523,222 Cemetery sales and services 10,000 7,210 (2,790) 10,000 9,315 (685)
Cemetery lots 10,000 9,269 (731) 5,000 13,450 8,450 522,854 $ 498,505 $ (24,349) $ 774,344 $ 811,159 $ 36,815 TOTAL $
Finas and forfeituras:
Court finsa and costs $ 63,500 $ 62,701 $ -(799) $ 53,500 $ 68,568 $ 15,068 Miscellaneous revenue:
Interest earnings $ 99,200 $ 172,982 $ 73,782 $ 153,140' $ 91,444 $ (61,696)
Donations from private sources -
12,279 12,279 2,700 2,700 -
Rents 3,600 7,938 4,338 3,600 3.579 -(21)
Sales of surplus materials 5,000 16,262 11,262 5,000 4,974 (26) 1 Other revenue 10,000 30,383 20,383 10,000 19,889 9,689 l TOTAL $ 117,800 $ 239,844 $ 122.044 $ 174,440 $ 122,586 $ (51,854)
TOTAL REVENUES $ 3,154,180 $ 3,440,713 $ 286,533 $ 3,329,904' $ 3,336,873 $ 6,969
)
OTHER FINANCING SOURCES Transfers from other funds:
Captial ImprovcNent. Fund $ 256,121 $ 257,002 $ 881 $ -
Electric Utility Fund 1,450,000 1,450,000 - 1,200,000 1,200,000 -
Utility Tax Fund 776,250 765,016 (11,234) 635,000 635,004 4 Proceeds from lease I financing - - - -
28,013 28,013
) TOTAL OTHER FINANCING SOURCES $ 2,482,371 $ 2,472,018 $ (10,353) $ 1,835,000 $ 1,863,017 $ 28,017 TOTAL REVENUES AND OTHER FINANCING SOURCES $ 5.636,551 $ 5,912,731 $ 276,180 $ 5.164,904 $ 5,199,890 $ 34,986 i
! APPROPRIATED FUND BALANCE 97,525 - (97,525) 1,217,734 1,028,447 (189,287)
) TOTALS $ 5.734.076 $ 5.912.731 $ 178.655 $ 6.382.638 $ 6.228.337 $ (154.301) 1 l
a
)
See accompanying notes to financial statements.
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y CITY OF KISSIMMEE, FLORIDA STATEMENT OF EXPENDITURES AND TRANSFERS - BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 1982 1982 1981
-VARIANCE VARIANCE BUDGET FAVORABLE BUDGET FAVORABLE (REVISED) ACTUAL (UNFAVORABLE) (REVISED) ACTUAL (UNFAVORABLE)
CENERAL GOVERNMENT City Commission $ 71,218 $ 73,708 $ (2,490) $ 34,819 $ 41,719 $ (6,900)
City Manager 422,328 355,635 66,693 342,080 315,486 26,594 Community Development 95,228 90,792 4,436 70,995 67,223 3,772 Legal 60,000 39,099 20,901 30,000 45,809' (15,809)
Judicial - - - 7,000 6',074 926 Finance 352,146 346,754 5,392 316.319 '315,983 336 central Services 280,171 270,058 10,113 354,484 342,402 12,082 Personnel 96,888 96,510 378 63,229 64,165 (936) 54,770 (54,770)
Federal / State Grants - - - -
TOTAL CENERAL COVERNMENT $ 1,377,979 $ 1,272,556 $ 105,423 $ 1,218,926 $ 1,253,631 $ (34,705).
PUBLIC SAFETY Police $ 1,523,967 $ 1,428,393 $ 95.574 $ 1,366,114 $ 1,361,594 $ 4,520 1,117,901 1,085,916 31,985 948,829 888,773 60,056 Fire Inspection 146,866 141,871 4,995 107,818 106,975 843 TOTAL PUBLIC SAFETY $ 2,788,734 $ 2,656,180 $ 132,554 $ 2,422,761 $ 2,357,342 $ 65,419
$ 1,003,931 $ 914,907 $ 89,024 $ 1,121,133 $ 1,013,637 $ 107,496 PUBLIC WORKS
$ 477,907 $ 461,305 $ 16,602 $ 341,333 $ 321,399 $ 19,934 PARKS AND RECREATION
$ 5,648,551 $ 5,304,948 $ 343,603 $ 5,104,153 $ 4,946,009 $ 158,144 TOTAL EXPENDITURES L-_ _ _ - - --. _ - - . -- - _ _ _ __ - . . - - - _ _ _ __-
TRANSFERS Tren2for to Cepital Improvement Fund $ -
$ 1,200,000 $ 1.200,000 $ -
Transfer to Solid Waste
. Fund -
19.523 (19.523) 20,000 24,572 (4,572)
Transfer to Airport Fund 30,525 -
30,525 34,603 32,573 2,030 Transfer to Debt i Service Fund 55,000 16,785 38,215 15,500 16,801 (1,301)
Transfer to Vehicle Replacement Fund - - -
3,382 3,382 -
Transfer to Demolition Fund - - - 5,000 5,000 -
TOTAL TRANSFERS $ 85,525 $ 36,308 $ 49,217 $ 1,278,485 $ 1,282,328 $ (3,843)
. TOTAL EXPENDITURES
! AND TRANSFERS S 5.734.076 S 5.341.256 S 392.820 $ 6.382.638 $ 6.228.337 $ 154.301 l
j See accompanying notes to financial statements.
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4 SPECIAL REVENUE FUNDS Utility Tax - To account for the receipt and dis-bursement of an 8% tax on all pur-chases of electric, water, gas, telephone and telegraph services.
Monies collected from this tax are a secondary pledge on the outstanding Water and Sewer Bonds. Monies are typically used for General Fund purposes.
Federal Revenue Sharing - To account for the receipt and dis-bursement of Federal Revenue Sharing Entitlement Funds. A separate accounting is required by Federal law.
Capital Improvement - To account for the acquisition of various capital items. Money is transferred from this fund to a Capital Projects Fund for major capital projects. These acquisitions are funded by transfers from the General Fund.
Vehicle Replacement - To account for the systematic replace-ment of City vehicles. These acquisi-tions are funded by transfers from the
< General Fund.
Recreation Impact - To account for impact fees designated for the various City parks. Impact fees are charged to each new living unit constructed.
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- CITY OF KtSSIMMEE, FIERIDA COMSININC BALANCE SHEET AI.L SPECIAL REVENUE FUNDS SEPTEMBER 30, 1982 FEDERAL TOTALS UTILITY REVENUE CAPITAL VElliCLE RECREATION 1981 TAK SHARINC IMPROVEMENT REPI.ACEMENT IMPACT 1982 (Note 19)
ASSETS i Equity in pooled cash and investments $ -
$ 10,625 $ 560,787 $ 39,126 $ 46,451 $ 656,989 $ 1,093,582 Due from .ther governments - 63,693 - - -
63.693 56,251 Due from other funds - - -
9.900 - 9,900 -
TOTAL ASSETS $ -
$ 74 J3 $ 560.787 W$ 46.451 8 730.582 $ l.149.833 LIABILITIES AND FUND EQUITY LIABILITIES Due to General Fund $ -
$ 49.498 Accounts paysble - - 1,151 - -
1.151 -
CONTINCENCIES AND COPetITMENTS (Note 13)
FUND EQUITY Fund balances - unreserved - 74,318 559,636 49,026 46,451 729,431 1,100,335 TOTAL LIABILITIES AND FUND EqulTY $ - $ 74.318 $ 560.787 $_ 49.026 $ 46.451 $ 730.582 1_ l.149.833 See accompanying notes to financial statements.
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CITY OF EISSilmEE, FIDRIDA CONSI lNC STATENENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL SPECIAL REVENUE FUNDS FOR THE YEAR ENDED SEPTENLER 30, 1942 FEDERAL TOTALS IITILITT REVENUE CAPITAL VEHICLE RECREATION 1981 TAI SHARING IMPROVEMENT RF.PLACEHENT INPACT 1982 (Note 19)
REVENUES Taxes:
Water re enue tan $ 22.134 $ -
Electric revenue tax
$ 22,134 $ 21,062 428,400 - - - -
428,400 410,001 Bottled 8as revenue tan 23,294 - - - -
23,294 Telephone revenue tax 114,153 -
31.522 114,153 109,175 Recreation impact fees - - - - 21,250 21,250 Inter 8overnmental revenue - 12.495 revenue sharing entitlement funds - 254,772 - - -
254.772 224.998 Interest earnin8s -
5,046 87.567 494 4,319 97.426 213,684 Miscellaneous revenue -
188 -
15,150 - 15,338 -
TOTAL REVENUES $ 587,981 $ 260,006 $ 87,567 $ 15,644 $ 25,569 $ 976,767 $ l.022,937 EXPENDITURES General Covernment $ -
$ 28,941 $ -
$ 28,941 $
Public Safetv
$ 65.943
- 57,570 8,071 - -
65,641 169,656 Public Works - 104,871 30.082 - -
134,953 Parks and Recreation 33.228 13.212 - -
13.212 15,354 TuTAL EXPENDITURES $ -
$ 162,441 $ 80.306 $ -
$ 242,747 $ 284,181 EXCESS OF REVENUES OVER EXPENDITURE.9 $ 587,981 $ 97,565 $ 7,261 $ 15,644 $ 25,569 $ 734,020 $ 738,756 OTHER FINANCINC SOURCES (USES)
Operating transfers in $ -
$ 30,000 $ -
30,000 $ 1,203,382 Operating transfers out (765,016) (30,000) (339,908) - - (1,134,924) (1,085,0(M)
TOTAL OTHER FINANCING SOURCES (USES) $ (765,016) $ (30,000) $ (339,908) $ 30,000 $ - $ (1,104.924) $ 118.378 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDFR) EXPENDITURES AND OTHER USES $ (177,035) $ , 67,565 $ (332.647) $ 45,644 $ 25.569 $ (370,904) $ 857.134 FtfMD RALANCES AT BECINNINC 0F YEAR 177,035 6,753 892,283 3,382 20,882 I,100,355 243,20I FUND BAI.ANCES AT END OF YEAR $ $ 74.318 $ 559.636 $ 49 916 $ 729.4$1 $ l.100.335 46d51 8 See accompanying noten to financial statements, w
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CITY OF KISSIMMEE, FLORIDA
. STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL UTILITY TAX FUND FOR THE YEAR ENDED SEPTEMBER 30, 1982 VARIANCE
, FAVORABLE 1981 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Taxes:
Water revenue tax $ 25,000 $ 22,134 $ (2,866) $ 21,062 Electric revenue tax 494,000 428,400 (65,600) 410,001 Bottled gas revenue tax 33,000 23,294 (9,706) 31,522 ;
Telephone revenue tax 126,000 114,153 (11,847) 109,175 Interest earnings 10,000 - (10,000) 24,398 TOTAL REVENUES $ 688,000 $ 587,981 $ (100,019) $ 596,158 EXPENDITURES - -
EXCESS OF REVENUES OVER EXPENDITURES $ 688,000 $ 537,981 $ (100,019) $ 596,158 OTHER FINANCING SOURCES (USES)
Operating transfers out (776,250) (765,016) 11,234 (635,004) i EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) CLPENDITURES AND OTHER USES $ (88,250) $ (177,035) $ (88,785) $ (38,846)
FUND BALANCE AT BEGINNING OF YEAR 177,035 Q7,035 - 215,881 l FUND EALANCE AT END l
OF YEAR $ 88.785 $ -
$ (88.785) $ 177.0g I
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l See accompanying notes to financial statemer.ts. i l
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CITY OF.KISSIMMEE, FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FEDERAL REVENUE SHARING FUND 1
s FOR THE YEAR ENDED SEPTEMBER 30, 1982 VARIANCE FAVORABLE 1981 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Intergovernmental revenue -
revenue sharing entitlement funds $ 200,000 $ 254,772 $ 54,772 $ 224,998 Interest earnings - 5,046 5,046 6,366 Miscellaneous revenue - 188 188 -
TOTAL REVENUES $ 200,000 S 260,006 $ 60,006 $ 231,364 4
EXPENDITURES G1neral Government $ -
$ 39,873 Parks and Recreation - - - 10,469
- Public Safety 62,000 57,570 4,430 161,816 Public Works 108,000- 104,871 3,129 33,228 TOTAL EXPENDITURES $ 170,000 $ 162,441 $ 7,559 $ 245,386 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $ 30,000 $ 97,565 $ 67,565 $ (14,022)
OTHER FINANCING SOURCES (USES) -
Oparating transfers out (30,000) (30,000) - -
i EXCESS OF REVENUES AND OTHER SOURCES OVER j j
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! (UNDER) EXPENDITURES AND OTHER USES $ -
S 67,565 $ 67,565 S (14,022) l J FUND BALANCE AT BEGINNING OF YEAR 6.753 6,753 - 20,775 1
FUND BALANCE AT END OF YEAR ,$ 6.753 S 74.318 $ 67.565 $ 6.753 f
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See accompanying notes to financial statements.
4 77.
CITY OF-KISSIMMEE,. FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL-CAPITAL IMPROVEMENT FUND FOR THE YEAR ENDED SEPTEMBER 30, 1982 VARIANCE FAVORABLE 1981 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Interest earnings $ 150,000 $ 87,567 $ (62,433) $ 181,078-EXPENDITURES General Government $ 884,347 $ 28,941 $ 855,406 $ 26,070 Public Safety 18,675 8,071 10,604 7,840 Public Works 96,000 30,082 65,918 -
Parks and Recreation 25,200 13,212 11,988 4,885 TOTAL EXPENDITURES $ 1,024,222 $ 80,306 $ 943,916 $ 38,795 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $ (874,222) $ 7,261 $ 881,483 $ 142,283 OTHER FINANCING SOURCES (USES)
Operating transfers in $ -
$ - $ 1,200,000 Operating transfers out (339,027) (339,908) (881) (450,000) l TOTAL OTHER FINANCING SOURCES QSES) ,
S (339,027) $ (339,908) $ (881) $ 750,000 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES $ (1,213,249) $ (332,647) $ 880,602 $ 892,283 FUND BALANCE AT BEGINNING OF YEAR 892,283 892,283 - -
FUND BALANCE AT END OF YEAR S (320.966) S 559.636 S 880.602 S 892.283 I
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See accompanying notes to financial statements.
78.
CITY OF KISSIMMEE, FLORII)A f
STATEMENT OF REVENUES, EXPENDITURES AND.
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL VEHICLE REPLACE!!ENT FUND FOR THE YEAR ENDED SEPTEMBER 30, 1982 VARIANCE FAVORABLE 1981 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Interest earnings $ -
$ 494 $ 494 $ -
Miscellaneous revenue - 15,150 15,150 -
4 TOTAL REVENUES $ -
$ 15,644 $ 15,644 $ -
EXPENDITURES -
EXCESS OF REVENUES OVER EXPENDITURES $ -
S 15,644 $ 15,644 $ -
OTHER FINANCING SOURCES i
(USES)
Opsrating transfers in $ 30,000 $ 30,000 $ -
S 3,382 TOTAL OTHER FINANCING SOURCES (USES) S 30,000 $ 30,000 $ -
$ 3,382 j
EXCESS OF REVENUES AND OTHER SOURCES OVF.A j EXPENDITURES AND OTHER USES $ 30,000 $ 45,644 $ 15,644 $ 3,382 FUND BALANCE AT BEGINNING OF YEAR 3,382 3,382 - -
l FUND BALANCE AT END
. OF YEAR $ 33.382 $ 49.026 $ 15.644 $ 3.382 See accompanying notes to financial statements.
79.
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CITY OF KISSIMMEE, FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL RECREATION IMPACT FUND FOR THE YEAR ENDED SEPTEMBER 30, 1982 VARIANCE FAVORABLE 1981 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES
- Recreation impact fees $ 25,000 $ 21,250 $ (3,750) $ 12,495 Interest earnings 4,500 4,319 (181) 1,842 TOTAL REVENUES $ 29,500 $ 25,569 $ (3,931) $ 14,337 1 EXPENDITURES - - - -
EXCESS OF REVENUES OVER EXPENDITURES $ 29,500 $ 25,569 $ (3,931) $ 14,337 OTHER FINANCING SOURCES (USES) - - - -
EXCESS OF REVENUES AND OTHER SOURCES OVER EXPENDITURES AND OTHER USES $ 29,500 $ 25,569 $ (3,931) $ 14,337 FUND BALANCE AT BEGINNING ,
4 OF YEAR 20,882 20,882 - 6,545 FUND BALANCE AT END 0F YEAR S 50.382 $ 46.451 S (3.931) S 20.882 See accompanying notes to financial statements.
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i DEBT SERVICE FUNDS Municipal Development Authority - To accumulate monies for the payment i
of the 1978 $171,000 Limited' Ad Valorem Tax Serial Bonds with final maturity in 1993. Property taxes are levied against the Downtown Develop-ment District to finance the payment of the principal and interest.
Fire Department Substation - To accumulate monies for the payment of the 1980 $265,000, 5%, 40-year Excise Tax Revenue Bonds. Occupa-tional licenses are pledged for payment of the principal and interest.
Monies are transferred from the General Fund.
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CITY OF KISSIMMEE, FLORIDA COMBINING BALANCE 6,HEET ALL DEBT SERVICE FUNDS SEPTEMBER 30, 1982 MUNICIPAL FIRE DEVELOPMENT DEPARTMENT TOTALS AUTHORITY SULSTATION 1982 1981 ASSETS Equity in pooled cash and investments $ 41,658 $ 4,977 $ 46,635 $ 38,725 Accrued interest receiv4 ale - - -
50 TOTAL ASSETS $ 41.658 $ 4.977 $ 46.635 $ 38.775 LIABILITIES AND FUND EQUITY LIABILITIES $ -
CONTINGENCIES AND COMMITMENTS (Note 13)
FUND EQUITY Fund balances -
Designated for debt service 41,658 4,977 46,635 38,775 TOTAL LIABILITIES AND FUND EQUITY $ 41.658 $ 4.977 $ 46.635 $ 38.775 l
l See accompanying notes to financial statements.
l 82.
CITY OF KISSIMMEE, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL DEBT SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1982
> MUNICIPAL FIRE DEVELOPMENT DEPARTMENT TOTALS AUTHORITY SUBSTATION 1982 1981 REVENUES Texes - property taxes $ 17,780 $ -
$ 17,780 $ 17,707 Interest earnings 6,177 - 6,177 5,244 TOTAL REVENUES $ 23,957 $ - $ 23,957 $ 22,951 EXPENDITURES Principal retirement $ 9,000 $ 2,000 $ 11,000 $ 10,000 Interest and fiscal costs 9,330 13,150 22,480 23,100 TOTAL EXPENDITURES $ 18,330 $ 15,150 $ 33,480 $ 33,100 EXCESS'0F REVENUES OVER (UNDER) EXPENDITURES $ 5,627 $ (15,150) $ (9,523) $ (10,149)
OTHER FINANCING SOURCES (USES)
Transfer from General Fund $ -
$ 16,785 $ 16,785 $ 16,801 Transfer from Capital Projects Fund 598 -
598 5,180 TOTAL OT.IER FINANCING SOURCES (USES) $ 598 $ 16,785 $ 17,383 $ 21,981 EXCESS OF REVENUES AND OTHER SOURCES OVER EXPENDITURES AND OTHER I
USES $ 6,225 $ 1,635 $ 7,860 $ 11,832 FUND BALANCES AT BEGINNING
, OF YEAR - 35,433 3,342 38,775 26,943 i
FUND BALANCES AT END OF YEAR $ 41.658 $ 4.977 $ 46.635 $ 38.775 See accompanying notes to financial statements, i
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CAPITAL PROJECTS FUNDS Municipal Development Authority - To account for improvements to the Downtown Development District. Con-struction began in fiscal year 1979 and will be completed during fiscal 1982. Financing was provided through the sale of $171,000 of Limited Ad Valorem Tax Bonds.
City Hall Expansion - To account for the construction of an addition to the current City Hall.
Design and construction started during fiscal year 1981 and should be com-pleted in late 1982. Financing is provided by $250,000 from the Capital Improvement Fund and $500,000 from FmHA bonds.
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CITY OF KISSIMMEE, FLORIDA COMBINING BALANCE SHEET ALL CAPITAL PROJECTS FUNDS SEPTEMBER 30, 1982 MUNICIPAL DEVELOPMENT CITY HALL TOTALS AUTHORITY EXPANSION 1982 1981 _ _
ASSETS Equity in pooled cash and investments S 2.968 S 15,560 S 18,528 S 201,573 TOTAL ASSETS S 2.968 $ 15.560 $ 18.528 S 201.573 LIABILITIES AND FUND EQUITY LIABILITIES Accounts payable $ -
$ 6,316 $ 6,316 $ 50 Contracts payable -
retained percentages - 5,000 5,000 -
Accrued interest payable - 19,574 19.574 -
TOTAL LIABILITIES $ -
S 30,890 $ 30,890 $ 50 CONTINGENCIES AND COMMITMENTS (Note 13) -
FUND EQUITY Fund balances -
Designated for future expenditures 2,968 - 2,968 201,523 Undesignated - (deficit) - (15,330) (15.330) -
l TOTAL LIABILITIES AND FUND EQUITY S 2.968 S 15.560 $ 18.528 S 201.573 i
See accompanying notes to financial statements.
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CITY OF KISSIMMEE, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL CAPITAL PROJECTS FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1982 MUNICIPAL DEVELOPMENT CITY Hfl.L TOTALS EXPANSION 1982 1981
_ AUTHORITY REVENUES Interest revenue $ 598 $ - $ 598 $ 5,180 EXPENDITURES General Government $ -
$ 3,658 $ 3,658 $ -
Capital outlay 3,770 768,863 772,633 111,419 TOTAL EXPENDITURES $ 3,770 $ 772,521 $ 776,291 $ 111,419 EXCESS OF REVENUES OVER S (3,172) $ (772,521) $ (775,693) $ (106,239)
(UNDER) EXPENDITURES 4
OTHER FINANCING SOURCES (USES)
Proceeds from bond anticipation notes $ -
$ 479,500 $ 479,500 $ -
Operating transfers in - 82,906 82,906 250,000 Oparating transfers out (598) -
(598) (5,180)
TOTAL OTHER FINANCING SOURCES (USES) $ (598) $ 562,406 $ 561,808 $ 244,820 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES $ (3,770) $ (210,115) $ (213,885) $ 138,581-FUND BALANCES AT BEGINNING 2
0F YEAR 6,738 194,785 201,523 62,942 FUND BALANCES AT END OF YEAR - (deficit) $ 2.968 $ (15.330) $ (12.362) $ 201.523 See accompanying notes to financial statements.
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4 SPECIAL ASSESSMENT FUNDS Paving Assessments - To account for the costs of paving and drainage improvements. One-third of the project cost is paid by a transfer from the General Fund and two-thirds t
is assessed to property owners.
Building Demolition Assessments - To account for the costs of demolishing condemned structures.
Cost of demolishing are assessed to the property owner.
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CITY OF KISSIMMEE, FLORIDA COMBINING BALANCE SHEET ALL SPECIAL ASSESSMENT FUNDS SEPTEMBER 30, 1982 BUILDING PAVING DEMOLITION TOTALS ASSESSMENTS ASSESSMENTS 1982 1981 ASSETS Equity in pooled cash and investments $ 233,148 $ 88 $ 233,236 $ 223,033 Special assessments receivable - (net of
$21,735 and $11,936 allowance for doubtful assessments) 290,773 2,355 293,128 198,890 Accrued interest on special assessments 9,358 - 9,358 6,134 TOTAL ASSETS $ 533.279 $ 2.443 $ 535.722 $ 428.057 ,
LIABILITIES AND FUND EQUITY LIABILITIES Accounts payable $ -
S -
$ 60,285 Contracts payable -
retained percentages 30,298 - 30,298 -
Deferred revenue 264,238 - 264,238 164,327 TOTAL LIABILITIES $ 294,536 $ -
$ 294,536 $ 224,612 CONTINGENCIES AND l COMMITMENTS (Note 13)
FUND EQUITY
! Fund balances -
l 3 unreserved 238,743 2,443 241,186 203,445 TOTAL LIABILITIES AND FUND EQUITY $ 533.279 $ 2.443 $ 535.722 $ 428.057 See accompanying notes to financial statements.
I 90.
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CITY OF KISSIMMEE, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL SPECIAL ASSESSMENT F'TNDS FOR THE YEAR ENDED SEPTFX16R 30, 1982 BUILDING PAVING DEMOLITION TOTALS ASSESSMENTS ASSESSMENTS 1982 1981 REVENUES
, . Interest earnings on investments $ 27,588 $ -
$ 27,588 $ 16,186 Interest earnings on assessments 11.382 - 11,382 7,001 Special assessments 58,903 - 58,903 45,769 TOTAL REVENUES S 97,873 $ -
S 97,873 $ 68,956 EXPENDITURES Street paving $ 50,005 $ -
$ 50,005 $ 166,494 Building demolition -
327 327 4,585 Bad debt expense 9,800 - 9,800 9,244 TOTAL EXPENDITUREE $ 59,805 S 327 $ 60,132 S 180,323 EXCESS OF REVENUES OVER (UNDER) EXPENDITILES $ 38,068 $ (327) $ 37,741 S (111,367)
~
OTHER FINANCING SOURCES (USES)
Operating transfers in - - - 205,000 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER)
, EXPENDITURES AND OTHER USES BEFORE CUMULATIVE EFFECT OF AN ACCOUNTING CHANGE $ 38,068 $ (327) $ 37,741 S 93,633 CUMULATIVE EFFECT OF AN ACCOUNTING CHANGE (Note 14) - - - (117,877)
EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES $ 38,068 $ (327) $ 37,741 S (24,244)
L FUND BALANCES AT BEGINNING OF YEAR 200,675 2,770 203,445 227,689 FUND BALANCES AT END OF YEAR S 238.743 S 2.443 $ 241.186 S 203.445 See accompanying notes to financial statements.
91.
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PROPRIETARY FUND TYPES
- -. ,.,- . . ...-. -,. - . . - ..~... . - .-. _._ _- -.-. .- -.---.....-. .- .. . - --..--_.--- _-. -..-,
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ENTERPRISE FUNDS Electric Utility - To account for the provision of electric service to the residents of our service area. All activities to provide such service are accounted for in this fund, including, but not
- limited to, administration, genera-tion, transmission, distribution and customer service.
Water and Sewer - To account for the provision of water and sewer services to the residents of the City and some county residents.
All activities necessary to the provision of these services are accounted for in this fund, including, but not limited to, administration, plants and line maintenance.
Airport - To account for the operation and maintenance of the municipal airport.
All activities related to the airport are accounted for in this fund.
Solid Waste - To account for the provision of solid waste removal service to the residents of the City. All activities necessary to the provision of this service are accounted for in this fund.
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CITY OF KISSINMEE. FLCRIDA COMBINING BALANCE SHEET ALL ENTERPRISE FUNDS SEPTEMBER 30, 1982 WAIER ELECTRIC AND SOLID TOTALS UTILITY SEVER AIRPORT WASTE 1982 1981 ASSETS CURRENT ASSETS Equity in pooled cash and investments S 633.645 $ 2.769.641 $ 59.229 $ -
S 3.462.515 $ 4.915.471 Accrued interest receivable -
4.670 - -
4.670 20.922 Accounts receivable 2.013.819 -
7.836 - 2,021.655 1.951.530 less: allovence for-doubtful accounts (25.356) - - -
(25.356) (14.808)
Inventory 1.068.481 42.381 -
14.163 1.125.025 901.638 Frepaid expenses 11.326 1,826 825 691 14,668 38,803 TOTAL CURRENT ASSETS S 3,701,915 S 2,818,518 $ 67,890 S 14,854 S 6,603,177 $ 7,813,556 RESTRICTED ASSETS Sinxing funds - cash and investments S 11.321.231 $ 1.175.023 $ 51.583 $ -
$ 12.547.837 $ 3.983.469 Construction funds -
cash and investments 16.658.138 35.000 - - 16,693.138 6.100.088 Bond asset replacement fund - cash and investments 1.200.000 781.312 30.000 10.788 2.042.100 1.625.000 Customer deposits -
cash and investments 678,326 - - - 678,326 698.589
$ 29.857,695 S 1,991,335 S l01,583 S 10,788 S 31,961,401 S 12 *07.1 6 i
FIXED ASSETS Property, plant and equipment (Note 2) S 31.141.188 $ 10.826.652 S 905.847 3 204.008 $ 43.077.695 3 38.720.810 l less: accanulated I depreciation fo 689,951) (1,808,169) (530,920) (31,195) (12,060,235) (10.878,275)
S 21.451.237 $ 9.018.483 5 374.927 5 172.813 $ 31.017.460 $ 27.842.535 Construction in progress (Note 2) 19.160.567 60.086 - - 19.220,653 1.018.080 inventory - nuclear fuel 621,486 - - - 621,186 525,532 S el.233,290 S 9,078,569 S 374,92,7 S 172,3tf S 50,859,599 s 29,386,l47 l
l OTHER ASSETS l Unamortized bond costs S 1.479.810 $ 279.454 $ 6.946 $ -
S 1.766.210 $ 983.153 Unaaortized master plan - -
38.242 - 38,242 40.632 Lease aceuisition esats - -
3.255 -
3.255 -
Land held for future use 609,740 - - - 609,740 609.740
[ S 2,069..50 $ 279,454 3 48,443 S - 3 2,417,a47 S L.o33,525 i TOTAL ASSETS 9 '6.ge2.a$c s ts.147,o7s t so?.gs3 9 toe 435 s ot.e41.621 3 ??.2io.3?a l
See accompanying notes to financial statements.
96.
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WATER ELECTRIC AND SOLID TOTALS UTILITY SEVER AIRPORT WASTE 1982 1981 LIABILITIES AND FUND E0t'ITY CURRENT LIABILITI2S (PAYABLE fdOM CURRENT ASSETS)
Ccth overdraft $ -
$ - $ 27.894 $ 27.894 $ -
Accounts payable 1.199.726 7.132 281 5.648 1.212.787 1.010.462 Accrued taxes payable 67.630 4.662 2.053 1.202 75.547 141.779 Accrued salaries 80.084 29.360 2.824 6.378 118.646 81.041 Extension deposits payable 260,121 - - - 260,121 316.304 Revsnues collected in cdvance - -
26.084 -
26.084 2.933 Dus to other funds 120.833 - - -
120.833 -
Obligations under crpital lease - - - 37,360 37,360 -
TOTAL CURRENT LIABILITIES (PAYABLE FROM CURREhT ASS ETS) $ 1,728,394 S 41,154 S 31,242 S 78,482 S 1,879,272 $ 1.552,519 CURRENT LIABILITIES (PAYABLE FROM RESTRICTED ASS ETS)
Accrued interest on customer deposits S 8.874 5 - S - S -
S 8.874 5 10.372 Contracts payable -
rotatned percentages 2.333.610 - - -
2.333.610 159.065 Accounts payable 13.013 6.749 - -
19.762 57.229 Accrued interest payable -
rzvenue bonds 3.923.787 -
5.632 -
3.929.419 5.824 Custener deposits 717.104 - - -
717.104 708.444 Ravsnue bonds payable __
- - 15,000 - 15,000 10,000 TOTAL CURRDIT LIABILITIES (PAYABLE FRCM RESTRICTED ASSETS) S 6.996,388 S 6,749 $ 20,632 S - S 7,023,769 S 950,934 OTHER LIABILITIES Acvinue bonds payable (Notes 4. 5. 6. 7 & 10) $ 47.500.000 $ 8.125.000 $ 275.000 $ -
S 55.900.000 S 26.890.000 Bond anticipation notes payable (Note 19) - - - - -
4.315.000 Obligations under capital leere (?oce 13E) - - -
33.636 83,636 -
less: uTAwartized bond discount (1,336,230) (306,331) (1,938) - (1,644,499) (511,327)
S 46,163,770 S 7,818,669 $ 273,062 S 33,636 S 54,339,137 S 31,193,e73 CONTINCENCIES AND COMMintENTS (Note 13)
TUND EOUITY Contributed capital:
Govsrnments S -
S 336.331 $ 518.332 $ - S 854.663 $ S54.663 p Private sources -
1.969.268 3.575 -
1.972.843 1.789.062 Oth:r funds - 1,521 65,615 41,263 108,399 745,002 S - S 2,307.120 S 587,522 5 .1,263 S 2,935,905 5 3,388,727 R3tained earnings:
Rssarved for revenue bond retirement 3 6.474.886 $ 671.741 $ 33.450 $ -
S 7.180.077 S 1.791.555 Rassrved for bond asset replacement 1.200,000 781.312 30.000 10.788 2.042.100 1.625.000 Unrsserved - (deficit) 14,319,012 2,541,131_ (403,065) (15,714) 16,441,364 10,737,966
$ 21,993,898 S 3,994,184 S (319,$15) S '4,926) S 25,ee3,541 S 14,154,521 TOTAL FUND EQUITY S 21,993,898 5 6,301,304 S 267.907 $ 36,337 $ 28,599,446 9 17.541,248
- TOTAL LIABILITIES AND FUND EQUITY S ?6.882.450 3 14.167.376 9 *o?.943 9 ton,s=5 9 91,o41.A?i 9 51.240.3?4 97.
CITY OF KISSIMMEE, FLORIDA CCMBINING STATEMENT OF REVENUEF. EXPENSES AND CHANCES IN RETAINED EARNINGS i ALL ENTERPRISE PUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1982 WAIER ELECTRIC AND SOLID TOTALS UTILITY S Ek'ER AIRPORT L'ASTE 1982 1981 OPERATINC REVENUES Metered saias S 19.230.057 $ 1.564.960 4 - S -
S 20.795.017 $ 19.426.630
, Sales to other utilities 528.161 - - -
528.161 1.059.874 Lease revenue - -
107.315 -
107.315 84.410 Solid waste disposal fees - - -
263.130 263.130 -
Other operating revenues 170,665 770 295 14,473 186,203 134,657 TOTAL OPERATING REVENUES S 19,928,883 $ 1,565,730 $ 107,610 $ 277,603 $ 21.879,826 S 20.705.571 OPERATING EXPENSES i
Power generation S 4.073.675 $ -
S - S -
S 4.073.675 $ 3.844.088 Purchased power 8.217.056 - - -
8.217.056 8.222.147 Transmission 250.299 - - -
250.299 213.523 Distribution 706.923 322.817 - -
1.029.740 827.659 Plant operations -
719.088 - -
719.088 504.227 Airport operations - -
87.337 -
87.337 84.260 Solid vaste operations - - -
264.143 264.143 -
Administrative and general 1.748.347 330.231 5.238 21.036 2.104.852 1.622.251 Depreciation 976,554 154,022 21,209 31,195 1,182,980 1,083,287 TOTAL OPERATING EIPENSES $ 15,972,854 S 1,526,158 S 113,784 $ 316,374 S 17,929,170 S 16,401.442 OPERATING INCOME (LOSS) $ 3,956,029 i 39.572 $ (6,174) $ (38,771) $ 3,950,656 9 4,304,129 MONOPERATING REVEN1'E
( EXP ENSES)
Interest revenue $ 1.310.387 $ 547.067 $ 16.990 $ 2.817 $ 1.877.261 $ 2.028,610 Interest / amortization expense (1.831.417) (326,271) (20.346) (12.782) (2.190.816) (1,805.119)
Tap feer -
70.634 - -
70.634 101,065 Loss on disposition of fixed assets - -
(155) -
(155) -
TOTAL NONOPERATING REVENUE (EXPENSES) $ (521,030) $ 291,430 $ (3,511) 9 (9.965) 9 (243,076) $ 324,556 INCOME (LOSS) BETORE OPERATING TRANSTERS AND EXTRAORDINARY ITEM S 3.434,999 $ 331,002 S (9.685) $ (48,736) S 3,707,580 $ 4,628,685 OPERATING TRANSFERS operating transfers in S -
S -
S -
S 19.523 S 19.523 $ 57.144 Operating transfers out (1.450,000) - - - (1,450,000) (1,200,000)
TOTAL OPERATING TRANSTERS S (1,450.000) S -
$_, - S 19.523 $ (1,430,477) $ (1,112.856)
INCOME (LOSS) BEFORE EXTRAGRDINARY ITEM $ 1.984.999 $ 331.002 S (9.685) $ (29.213) S 2.277.103 S 3.485,829 EXTRAORDINARY ITCf Gain on advance refunding (Note 17) 8,529,765 - - - 8,529,765 -
NET INCOME (LOSS) $ 10,514,764 $ 331,002 $ (9,685) S (29,213) S 10,806,868 S 3,485,829 RETAINED EARN!NCS AT 3EGINNING OF YEAR, AS PREVIOUSLY itEPORTED -
,tdericit) $ 11.479.134 S 3.038,459 $ (363.072) $ 24.287 $ 14.178.808 9 10.692.979 l Prior period adjustment (Note 18) - 624,723 53.147 - 677,865 677,865 RETAINED EARNINGS AT BEGINNING OF YEAR, AS RESTATED - (aeficit) $ 11,479,134 $ ;,663.182 S (309.930) S 24,287 S 14,856.673 S 11,370,344 RETAINED EARNINCS AT END OF YEAR - (deticit) 9 21.993.909 j-- 6 "ddEbb 3 #II9 6ISI S #'- I'I " 25 663 50I S I '" 5' 673
- 98. See accompanying otes to financial statements.
i CITT OF KISSIMHEE. FLORIDA PACE 1 0F 2 COMBINING STATEMENT OF CHANCES IN FINANCIAL POSITION ALL ENTERPRISE FUNDS FOR THE TEAR ENDED SEPTEMBER 30, 1982 WATER ELECTRIC AND SOLID TOTALS UTILITT SEWER AIRPORT WASTE 1982 1981 Sot'RCES OF VORKING CAPITAL From operations:
Income (loss) before cxtraordinary item $ 1.984,999 $ 331,002 $ (9.685) S (29.213) $ 2,277.103 $ 3.485.829 Add: Expenses not creating current liabilities or using current assets -
depreciation and amortization 1,042,094 178,601 24,211 31,195 1,276,101 1,139,276 WORKING CAPITAL PROVIDED FROM OPERATIONS EXCLUSI7E OF EXTRA 0RDINART ITEM $ J.027.093 3 509.603 $ 14.526 $ 1.982 S 3.553,204 S 4.625.103 Extraordinary item not providing working capital (Note 17) 8,529,765 - - - 3,529,765 -
S 11.556.858 S 509.603 S 14.526 S 1.982 S 12.082.969 3 4.625.105 Disposal of property and equipment net of accumulated depreciation 61.884 -
155 - 62,039 193,190 Proer.Js from long-term dsbt 46.141.500 2.370.438 -
156.317 48.674.255 4.770.220 Contributions -
183.781 -
139.096 322.877 740.992 Dscrsase in restricted assets -
34.001 -
13.499 47,500 :P3.226 Incraase in liabilities pcyable from restricted i asssts 6,140.660 - 4,808 -
6,145)68 -
TOTAL SOURCES OF WORKING CAPITAL $ 63.900,902 S 3,103,823 $ 19,489 $ 310.894 S 67,335.108 S 10,517,733 APPLICATTONS OF WORKING CAPITAL Acquitition of fixed c azsses $ 20,019.536 3 2.488.524 $ 6,403 $ 204.008 S 22.718.471 S 2.598.647 Rstirement of long-ters I dsbe 25.482,977 -
15.000 72,681 25.570.658 10.000 I
Incrasse in restricted I
assets 19.571.202 -
6.264 - 19,577.466 4.349.375 Increase in other assets 724.927 106,995 3.255 -
935.177 94.878 Dscrease in contributions - - - 97,833 97,833 496 Dscrasse in liabilities paytble from restricted asssts - 72,635 - - 72.635 543,274 TOTAL APPLICATIONS OF i WCRKING CAPITAL $ 65.798,642 S 2.668,154 S 20,922 S 374,522 S 68,872,240 $ 8.096,670 Y
NET INCREASE (DECREASE)
IN WORKING CAPITAL $ (1.907.740) 9 135.669 9 (11.433) $ (63.629) S (1.537.132) 9 ?.121.063 i
See accompanyin6 notes to financial statements, 99,
I CITT OF KISSIMMEE FLORIDA PAGE 2 0F 2 i COMBINING STATDfENT OF CHANCES IN FINANCIAL POSITION '
ALL ENTERPRISE FLMS FOR THE YEAR ENDED SEPTEMBER 30, 1982 WATER ELECTRIC AND SOLID TOTALS UTILITY SEVER AIRPORT WASTE 1982 1981 COMPONENT ELEMENTS OF NET INCREA5E (DECREASF) IN
'40RKING CAPITAL Equity in pooled cash and investments $ (1.895.711) $ 436.732 $ 6.023 $ -
$ (1.452.956) $ 2.118.673 Accrued interest receivable 54.260 857 - -
55.117 4.862 Accounts receivable (17.109) -
5.317 -
(11.792) 132.686 Due from other governments - - - - -
(60.000)
Inventory 200.125 9.099 -
14.163 223.387 12.388 Prepaid expenses (19.157) (5.574) (95) 691 (24.135) 7.222 Cash overdraft - - -
(27.894) (27.894) -
Accounts payable (203.274) 5.123 1.474 (5.648) (202.325) 388.964 Accrued liabilities 48.876 (11.668) (1.001) (7.580) 28.627 (71.472)
Deposits payable 55.083 1.100 - -
56.183 (121.552)
Obligations under capital lease - - -
(37.360) (37.360) -
Contracts payable -
retained percentages - - - - -
12.000 Revenues collected in advance - -
(23.151) -
(23.151) (2.708)
Due f rom other funds (120.833) - - - (100,833) -
NET INCREASE (DECREASE)
IN WORKINC CAPITAL S (1.997.?40) S 435.6A9 S (11.4331 S (63.629) 9 (1.537.132) 9 2.421.043 See accompanying notes to financial statements.
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i j 100.
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FIDUCIARY FUND TYPES l
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TRUST AND AGENCY FUNDS Expendable Trust Fund Section 8 H.A.P.P. - To account for the receipt of federal monies designated for housing cost assistance and the related expendi-tures for housing cost assistance and administration of the program.
Nonexpendable Trust Fund Supplemental Care - To account for monies provided by people buying supplemental care in the City cemetery. Principal and interest will be maintained in the fund through fiscal year 1984. After this, interest may be transferred to the General Fund to defray the cost of cemetery operation and maintenance.
Pension Trust Funds General Employees - To account for the accumulation of resources to be used for the retire-ment annuities of all employees, except police officers and firemen.
Etrployees pay a flat rate as deter-mined by the pension plan and the City contributes an amount determined by an annual actuarial study.
Folice Officers - To account for the accumulation of resources to be used for the retire-ment annuities of all police officers.
The state contributes money based upon the number of police officers and the City contributes an amount determined by an annual actuarial study.
Firemen - To account for the accumulation of resources to be used for the retire-ment annuities of all firemen. The state contributes money based upon the number of firemen and the City contri-butes an amount determined by an annual actuarial study, i Agency Funds:
/ Payroll - To account for the receipt of monies from various funds for gross payroll and the disbursement of net payroll j
and related employee liabilities.
Occupational License - To account for the receipt and dis-bursement to the General Fund of City occupational licenses. Occupational licenses are pledged for payment of debt service on FmHA bonds.
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CITY OF KISSIM!LET, FLORIDA COMBINING BALANCE SHEET ALL TRUST AND AGENCY FUNDS SEPTEMBER 30, 1982 IRUST SON.
EXPENDABLE EXPENDABLE SECTION 3 SUPPLEMENTAL GENERAL H.A.P.P. CARE EMPLOYEES' ASSETS Equity in pooled cash and investa.nts S 85,688 $ 22,785 $ -
Rescricted cash and investments - -
2.781.311 Accrued interest receivable - - 60,333 Due from other governments - - -
Prepaid expenses 26.050 - -
TOTAL ASSETS S 111.738 $ 22.785 $ ?.841.664 LIABILITIES AND FUND EOUITY LIABILITIES Accounts payable $ -
S -
S -
Taxes to be remitted - - -
Due to General Fund 9.875 - -
Advance from General Fund - - -
Due to other governments 40,686 - -
Revenues collected in advance 30,735 - -
TOTAL LIABILITIES S 81,296 S - S -
CONTINGENCIES AND COMMITMENTS (Note 13)
FUND EQUITY Fund balances:
Reserved for ee:ployees' retirement systems S -
S - S 2.841,664 Unreserved 30,442 22,785 -
TOTAL TUND EQUITY $ 30,442 S 22,785 S 2.841,664 TOTAL LIABILITIES AND FUND EQUITT 9 111,738 $ 22.785 $ ?.941.664 l
t See accompanying notes to financial statements.
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AGENCY PENSION (Note 12)
POLICE OFFICERS' FIRDEN' S OCCUPATIONAL TOTALS RETIRDENT RETIREMENT PATROLL LICENSE 1982 1981
$ 31.431 $ 56.911 $ 196.815 $ 100.315 1.002.390 559.666 - -
4.343.367 3.647.027 20.141 10.292 - -
90.786 77.535 20.245 761 - 26,811 3,062 9 1.0??.83,1 9 569.958 9 32.192 $ $6.911 9 4.657.779 9 3.948.184 f
$ 1.869 $ -
$ 1.869 $ 1.814 28.323 -
28.323 23.148 56.911 66.786 57.181 2.000 -
2.000 2.000 40.686 -
- - - - 30,735 -
- - S -
$ 32,192 $ 56,911 S 170,399 $ 84,143
$ 1.022.531 $ 569.958 $ -
$ 4.434.153 $ 3.724.562 4 - - - - 53,227 39,479
$ 1,022,531 $ 569,958 $ - $ - $ 4.487,380 $ 3,764,C41 9 1.022.531 ? '69.959 9 32.192 9 ?6.911 9 4.657.779 S 3.849.194 i
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105.
CITY OF KISSIMMEE, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE EXPENDABLE TRUST FUND FOR THE YEAR ENDED SEPTEMBER 30, 1982 SECTION 8 H.A.P.P.
1982 1981 REVENUES Intergovernmental - federal grants S 358,263 $ 316,938 TOTAL REVENUES $ 358,263 $ 316,938 EXPENDITURES Welfare expenditures: '
Administrative salaries and expenses $ 35,434 $ 32,575 Nonexpendable equipment 140 1,321 Housing Assistance payments 313,829 273,911 TOTAL EXPENDITURES S 349,403 $ 307,807 EXCESS OF REVENUES OVER EXPENDITURES $ 8,860 $ 9,131 FUND BALANCE AT BEGINNING OF YEAR 21,582 12,451 FUND BALANCE AT END OF YEAR S 30.442 S 21.582 l
See accompanying notes to financial statements.
)
)
106.
CITY OF EISSDefEE. TLORIDA COMBINING STATEMENT OF REVDEES EXPUSES AND CMCES IN TITND BALANCES ALL NONEIP DDABLE AND PENSION TRUST FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1982 NON-EXPENDARLE PENSION (Note 12)
POLICE SUPPLEMENTAL- CENERAL OFFICERS' FIREMEN'S TOTALS
_ CARE EMPLOTEES' RETIREMENT RETIREMENT 1982 1981 OPERATING REVENUES Int:resc $ 2.638 $ 254.055 $ 73.769 $ 44.621 $ 375.083 $ 439.410 Contribution by employees -
107.803 3.311 - 111,114 81.181 Contribution by City -
242.795 30.011 35.157 307.963 311. 138 Contribution by state - -
41.179 29.338 70.517 60.086 Supplemental care 2,250 - - - 2,250 1,115 TOTAL CPERATING REVENUES S 4,888 $ 604,653 S 148,270 S 109.116 S 866,927 S 895,930 OPE *ATING EXPENSES B:nsfic pavnents S - S 65.196 $ 10.367 $ 12.151 $ 87.714 $ 84.485 R: funds of contributions -
16.674 -
747 17.421 17,252 Miscs11aneous costs -
26,863, 11,650 8,800 47,313 53,152 TOTAL OPERATING EXPENSES S - S 108,733 $ 22,017 S 21,698 8 152,448 8 154,889 NET INCOME $ 4.888 $ 495.920 $ 126.253 $ 87.418 $ 714.479 $ 741.041 FUNU SALuiCES AT BECINNING OF YEAR 17,897 2,345,744 E96,278 482.540 3,742,459 3,001,418 FUND BALANCES AT END OF YEAR S ?2.785 S 2.941.664 S 1.022.531 S 569.958 9 4.456.938 $ 1.742.459 See accompanying notes to financial statements.
107.
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1 CITY OF KISSLTtEE. FLORIDA )
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION ALL NONEXPENDABLE AND PCISION TRUST FUNDS FOR THE YEAR ENDED SEPTDfBER 30, 1982 NON-EXPENDABLE PENSION (Note 12)
POLICE SUPPLEMENTAL GENERAL OFFICERS' FIREMEN'S TOTALS CARE EMPLOYEES' RETIREMENT RETIREMENT 1982 1981 SOURCES OF 1JORKING CAPITAL Operations -
Net income $ 4.888 $ 495.920 $ 126,253 S 87.418 $ .714.479 $ 741.041 APPI.ICATIONS OF WORKING CAPITAL - - - - - -
NET INCREASE IN WORKING CAPITAL $ 4.888 9 495.920 $ 126.253 $ 87.418 9 714.479 $ 741.041 CCMPOND;T ELDENTS OF NET INCREASE (DECREASE) IN WORKING CAPITAL Equity in pooled cash and investments S 4.888 $ -
S -
S 4.888 $ 3.140 Restricted cash and investments -
483.585 124.731 88.024 696.340 720.377 Interest receivable -
12.335 1.522 (606) 13.251 17.524 NET INCREASE IN WORKING CAPITAL 9 4.888 S- 495.920 9 126.253 $ 97.418 $ 714.479 $ 741.041 See accompanying notes to financial statements.
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108.
l
CITY OF KISSIW.EE. FLORIDA COMBINING STATDCT OF CHANCES IN ASSETS AND LIABILITIES ALL AGENCY FUNDS FOR THE YEAR D DED SEPTEMBER 30, 1982 BARNCE BALANCE OCTOBER 1 SEPTEMBER 30,
_ 1981 ADDITIONS DEDUCTIONS 1982 PAYROLL FL%
Aseldt s:
Equity in pooled cash and investments $ 23,900 $ 9,046.166 $ 9.038,635 $ 31.431 Trtpaid expenses 3,062 333,617 335,918 761
$ 26.962 $ 9.370.793 9 9.374.553 $ 32.102 Liabilities:
Accounts payable $ 1,814 $ 310.619 $ 310,564 $ 1.869 Texas to be remitted 23,148 1,165.406 1,160,231 28.323 Advance from General Fund 2,000 - - 2,000 f 2jg S ? . 4 74g $_ 1.a70.795 9 32.192 CCCUPATIONAL LICENSE FUND A ssts:
Equity in pooled cash and investments S 10.097 $ 109.404 9 101.590 9 5A.911 Liabilities:
2Ja to General Fund S 49.097 S 100.404 9 101.590 9 54.011 TOTALS - ALL ACD CY FUNDS Asssts:
Eqvity in pooled cash and investments S 72.997 $ 9.155,370 $ 9,140,225 $ 88.342 Prspaid expenses 3,062 333,617 335,918 761 9 76.059 s 9.490.187 $ o.476.143 9 80.!03 Liabilities:
Accounts payable $ 1,814 $ 310.619 $ 310,564 S 1.369 Taxas to be remitted 23.148 1.165.406 1,160,231 28,323 Dus to General Fund 49.097 109.404 101.590 56,911 Advance from General Fund 2,000 - -
2.000
$ 74.059 9 1.595.429 $ t.572.3*5 g 20.103 See accompanying notes to financial statements.
f 109.
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A CITY OF KISSIMMEE, FLORIDA s
SCHEDULE'0F GENERAL FIXED ASSETS
'i- SEPTEMBER 30, 1982
'vg_ ? .. .
GENERAL FIXED ASSETS (Note 2) ,
Land 1
$ 359,700 Buildings' x 1,857,935 Equipment. -
~
1,713,597 Improvements othef than bttildings 375,408
. .' Construction in progress 1,062
.. , .+v-TOTAL GENERAL, FIXED ASSETS $ 4.307.791 MW 4
V INVESTMENT IN GENERAL FIXED ASSETS Amounts invested to October 31, 1971 (1) $ 954,324 Amounts invested after November 1, 1971:
General Fund revenues 1,480,827 State and federal grants 680,131 Gif ts and contributions 67,718
, Capital projects ,
1,124,702 TOTAL INVESTMENT IN GENERAL FIXED ASSETS $ 4.307.702 (1 Investment record'sJare not readily available for years prior to November 1, 1971.
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See accompanying notes to financial statements.
E 112.
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l CITY OF KISSIMMEE, FLORIDA j SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS l
BY FUNCTION AND ACTIVITY FOR THE YEAR ENDED SEPTEMBER 30, 1982 BALANCE BALANCE OCTOBER 1, SEPTEMBER 30, FUNCTION AND ACTIVITY 1981 ADDITIONS DELETIONS 1982 GENERAL GOVERNMENT City Manager $ 48,421 $ 27,469 $ _865 $ 75,025 Community development 19,133 452 - 19,585 Finance 93,551 1,104 50,016 44,639 Central services 217,774 16,606 5,855 228,525 Gtneral government buildings 136,873 834,201 - 971,074 TOTAL GENERAL GOVERNMENT $ 515,752 $ 879,832 $ 56,736 $ 1,338,848 PUBLIC SAFETY Police $ 893,008 $ 76,270 $ 16,242 $ 953,036 Fire 696,627 18,451 21,974 693,104 Inspection 17,099 7,324 - 24,423 TOTAL PUBLIC SAFETY $ 1,606,734 $ 102,045 $ 38,216 $ 1,670,563 PUBLIC WORKS $ 793,093 $ 1.19,788 $ 238,811 $ 674,070 PARKS AND RECREATION $ 451,743 $ 173,388 $ 1,972 $ 623,159 CONSTRUCTION IN PROGRESS $ 55,215 $ 1,062 $ 55,215 $ 1,062 TOTALS $ 3.422.537 $ 1.276.115 $ 390.950 $ 4.307.702 4
See accompanying notes to financial statements.
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l SCHEDULES Financial schedules are presented to provide greater detailed information than reported in the preceding financial statements.
This information in many cases has been spread throughout the report and is brought together here for greater clarity, Financial schedules are not necessary for fair presentation in conformity with Generally Accepted Accounting Principles.
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i CITY OF KISSit#IEF., FI.CJIDA e
1 SrilEDt!1.F. OF FIXED ASSETS AND DFPkECI ATION II.ECTRIC UTII.ITY FilND FOR THF TEAR ENDED SEPTEHRER 30, 1982 ASSETS ACCllMtil.ATED DEPRECI ATION d
' BAl.ANCE ADDITIONS BAI.ANCE BAl.ANCE BAl.ANCE OCTOBFR 1, AND SEPTFilBEM 30, OCTOBER I, SEPTFMBER 30, NET
, 1981 DEI.ETIONS 1982 1981 DFPRECIATION RATE 1987 ASSET val.UE
, Nuclear proituction $ 3,002,525 $ 10,887 $ 3,033.412 $ 354,258 $ 89.971 '3% 444,229 $ 2.589,183-l other Pro <luction 7,444,448 -
7,444,448 2,967,672 220,843 31 3,188.465 4,255,983 j Transmisalon plant 6,745,507 14,107 6,759,614 418,817 167,42l 2 - 2.9% $86.238 6.173.376 Dlatribution plant 11,675,401 1,041,213 12,716,614 4,613,014 445,042 2,5 - 42 5,058,056 7,658.558 i Ceneral 946,693 240,407 1,187,l00 359,787 53,176 3 - 10% 412,963 774,137 TOTAL.S
$ 29.8I4.13$ l.32h 6_li $ ll.14L 188 ( 8.713.498 L 376.,453
,$ 9.689.951 Q3gMg i
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i See accompanying noten to financial stateents, i
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M CITY OF KISSlHMEE, Fl.0RIDA SCHF.DUI.F. OF FIXED ASSETS ANil DEPHECIATION 1
WATER AND SI:Wl'R EUND FOR THF YFAR ENDFD SEPTFHHER ~10, 1982 ASSF.TS ACCifHut.ATEI) isEPRECIATION BALANCE ADDITIONS HALANCE BAl.ANCE . RAl.ANCE OCTORFH 1, AND SEPTEHRER 30 tM'TOBER I, SEPTEH8ER 30, NET 1981 del.FTIONS 1982 1981 DEsRFCIATION RATE 1982 ASSIT VAI.UE WATER Fl. ANT IN SERVICE Property and plant $ 65,679 $ 844 $ 66,523 $ 9,995 $ 1,314 2% $ 11,309 $ 55,214 H.ichinery and equipment 60,606 8.322 68,928 33,682 9,258 20% 42,940 25,988 liighlands plant - land 6,000 - 6,000 - - - - 6,000 Highlands plant - machinery
, and equipment 125,408 - 125,408 12,54I 2,508 22 15,049 150,359 Water lines 3,041,195 91,084 3,134,279 649,235 60,824 21 710.059 2,424,220 10TAl. WATER PLANT IN SERVICE $ 3,298,888 $ 102,250 $ 3,401,138 $ 705,453 $ 73,904 $ 779,357 $ 2,621,7Al I
SFUER PIANT IN SERVICE Pre-1954 system $ 398,098 $ -
$ 398,098 $ 306.038 $ 5,972 1.5% $ 312.010 $ 86,088 land 663,643 827.098 1,490,748 - - - - 1,490,741 Sewer treatment plants 1,583,667 1,795,696 3,379,363 349,530 31,673 2% 381.203 2,998,160 tilghlands additions 190,051 - 190,051 19,005 3,801 22 22,806 167,245 Sewage lines 1,457,109 50,599 1,507,708 123,583 I4.572 II 138,155 1,369,553 q 1.lft stations 243,913 - 243,913 61,843 4.878 22 66,721 177,192 i
Equipment 170,349 45,291 215,640 88,695 19,222 16.662 107,917 107,723 TOTAL. SEWER PIANT IN SFRVICE $ 4,706,830 $ 2,718,684 $ 7,425,514 $ 948,694 $ 80.118 $ 1,028,812 $ 6,396,702 TOTAI.S M@j@ $ 2.820.9.11 j_j gjQg g Q ,63 k g $_ _ p 4,_2] ,$_ _l 4%Q9, Mg[8d8J 1
- See accompanying noten to financial statements.
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CITT OF KISSt>9tEEq FIIDIDA SCIIElHJLE OF FIXED CSSETS AND DEPRECI ATION AIRPORT FUND FOR Tite YEAR ENDED SFPTutBER 30, 1982 ASSElS ACCllMUI.ATF.D DEPRECIATitel BAl.ANCE ADDITIONS RAl.ANCE BALANCE BAl.ANCE (X.TORFR I, AND SFPTEMBER 30, OCTOBER l. SEPTENBER 30 NET 1981 del.ETTONS 1982 1981 DEPRECIATION 1982 ASSET val.UE I.and $ 7,973 $ -
$ 7,971 $ -
$ 7,973 1.and improvements 3.037 - 3,037 - - - 3,017 Buildings 241,301 120,817 241.301 4.468 125,285 116.016 Runway improvements 450.052 - 450,052 113,193 7.865 321.058 178,994 Improvements other than buildings 160,590 5,587 166,177 61,207 5,354 66.561 99,616 Equipment 37,565 (258) 17,307 15,413 2,603 18,016 19,291 TOTALS 900.518
$_ ,$ 5.329_ $ 905.847 .$__ ,510. g S 20.29g $ 530.92g $ _ 174 d Q See accompanying notes to financial statements.
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CITY OF KISSIMMEE,'Fl.0RIDA.
SCHEDUI.E OF FIXED ASSETS AND DEPRFCI ATION SOLID WASTE FilND FOR THE TEAR ENDED SEPTF.MRER 30, 1982 ASSETS ACCllMHl.ATED IsF.PHPCI ATION BAl.ANCE ADDITIONS BAl.ANCE BAIANCE RALANCE OCTOBER l. AND SEPTEMBER 30 DCTOBut I, SEPTf21BER 30 NET 1981 del.ETIONS 1982 1981 l>EPRECIATION RATE 1982 ASSET VAI.UE Carbage trucks $ -
$ 193,804 $ 193,804 $ -
$ 30,251 8 - 12.5% $ 30,251 $ 163.553-Otiser equipment - 10,204 10,204 -
944 5-81 944 9.260 TOTAI.S $_ -
L 10 LOO 8 $ 204J]9t $ - $ 31.1g $ 31.195 L,IJ1,Q See accompanying notes to financini statements.
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,_..__.m__.. . . _ _ . .m__..-...m .__._____....__.4-._.._....-.__.........m.. .. . _ _ _m. . . . , _ . . ,
CITY OF KISSIFMEE, FIDRlilA ~
SCitDMil.E OF FIXED ASSE1S AND DFPRFCI ATION DATA PROCESSilkl FtHtD FOR TleE YEAR ENDED SFFTDent'R lo,1982 ASSFTS ACs:llHillATED DEPRECI ATIHIt BAl.ANCE AlHITIONS BAl.ANCF. BAL.ANCE . SAIAllCE OCTOBER I. 1.ND SF.PTEMBER 30 OCTOSFR I. SEPTFMBER 30, . NF.T 1981 DEI.ETIONS 1982 1988 DEPRECIATION RATE 1982 ASS _ET VAI.UE Other m chinery and equipment $ -
$ 9.622 $ 9,622 $ -
$ l.758 6.67 - 10Z $ . 1.758 $ 7,864 para processing e.luipment -
51.360 51,360 -
5,514 to - 12.5% 5.514 45.826 TOTAL.S $ -
$ 60.982 JM(QDJ $ ..- $ 7.292 W92 $ 51.69),
See accompanying notes to financial statements.
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STATISTICAL SECTION Statistical tables differ from financial statements because they usu-ally cover more than one fiscal year and may present non-accounting data. These tables reflect social and economic data, financial trends and the fiscal capacity of the government l
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STATISTICAL INFORMATION i
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CITY OF KISSIMMEE, FLORIDA TABLE 1 CENEPAL FL*ND - EXPC:DITURES BY DEPARTMENT (1)
IAST TEN FISCAL YEARS FEDERAL FISCAL TOTAL CITT CITY STATE YEAR EXPENDITURES CONMISSION MANAGER PERSONNEL GRANTS PLANNING LEGAL (4) 1982 $ 5.263.889 8 73.708 3 355.635 $ 96,510 5 -
S 90,792 S 39.099 1981(2) 4.946.009 41.719 315,486 64,165 54,770 67.223 51.883 1980 3.904,412 11.638 97,522 23.015 117.539 44,744 12.020 1979 3.499.704 13,294 109.052 14.038 142,591 47.967 11.470 1978 3,216,559 8.769 98,288 8,362 155.063 40,784 15,028 1977 2.388.949 7.750 84,878 9.120 - 50,103 13.143 1976 2.296.916 6,339 80,305 7.856 - -
16,499 1975 2,099.626 7,941 73.635 6,953 - - 20,000 1974 1,839.507 8.820 70.805 - - - 21,414 1973(3) 1.240,495 4,563 23,970 - - -
20.241 (1) Adjusted for division transfers between departments.
(2) Nondepartmental expenses reclassified and charged to appropriate departments.
i3) Fiscal year - 11 months.
(4) Includes judicial expenditures through fiscal year 1981.
(5) Data Processing established as Internal Serview Fund in fiscal year 1982.
(6) Sanitation Division established as Enterprise Fund in fiscal year 1982.
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CLNIRAL PUBLIC PARKS / NONDEPART-FINANCEf5) SERVICES WORKS (6) POLICE FIRE INSPECTION RECREATION MENTAL
$ 305.696 3 270.058 $ 914.907 $ 1.428.392 $ 1.085.916 $ 141.871 $ 461.305 $ -
395.003 263.382 1.013.637 1.361.594 888.773 106.975 321.399 -
55.580 62.736 732.387 1.041.040 666.537 74.322 262.093 703.259 92.643 55.368 645.106 882.887 375.944 66.915 237.736 804.693 92.069 103.545 479.143 804.316 346.544 71.746 231.190 761.712 84.023 133.533 492.646 704.027 325.352 61.850 204.669 717.855 73.048 76.789 441.722 647.268 271.794 59.564 174.157 441.575 76.715 68.800 462.162 609.415 194.277 58.518 152.875 268.335 65.216 60.613 452.053 476.902 213.824 57.945 129.470 282.445 62.512 36.842 319.261 292.848 155.058 33.682 64.718 246.800 127, w
~ CITY OF KISSIMMEE, FLORIDA E$
TABLE 2 CENERAL FUND REVENUES BY SOURCE LAST TEN FISCAL YEARS LICENSES CilARGES OTilER FUND FISCAL TOTAL AND . INTER- FOR FINES AND MIS- CONTRI-YEAR REVENUES TAXES PERMITS COVERNMENTAL* SERVICES FORFEITURES CELLANEOUS BUTIONS 1982 $ 5,912,731 $ 1,378,303 $ 215,656 $ 1,045,704 $ 489,235 $ 62,701 $ 249,114 $ 2,472,018 1981 5,199,890 1,149,429 203,507 981,625 287,842 68,568 136,035 2,372,884 1980 4,635,206 1,106,494 157,025 1.151,132 291,310 67,228 -224,43? 1,637,585 1979 3,733,164 1,000,816 118,872 639,136 186,097 46,275 125,790 1,616,178 1978 3,313,102 995,336 101,339 814,871 152,292 26,864 122,829 1,099,571 1977 3,069,280 920,000 84,650 890,392 144,373 30,728 54,089 945,048 1976 2,529,639 962,699 88,190 622.018 137,865 51,482 37,251 630,134 1975 2,314,870 800,264 62,101 603,325 141,402 63,076 77,147 567,555 1974 2,107,880 680,065 81,488 578,738 242,260 63,006 60,558 401,765 1973** 1,531,448 400,748 143,536 518,190 159,557 92,491 23,121 193,805
- Includes Federal Revenue Sharing Fund transfers.
- Fiscal year - 1I months.
CITY OF KISSIMMEEo FLORIDA TABLE 3 PROPERTY TAX LEVIES, TAX COLLECTIONS AND ASSESSED VALUATIONS LAST TEN FISCAL YEARS RATIO ASSESSED OF TOTAL VALUATION TOTAL CURRENT PERCENT DELINQUENT TOTAli COLLEC- ACCUMULATED FISCAL (100% AT TAX RATE TAX TAX OF LEVY TAX TAX TION TO DELINQUENT YEAR MARKET) IN MILLS LEVY COLLECTIONS COLLECTED COLLECTIONS COLLECTIONS TAX LEVY TAXES 1981/1982 $251,340,685 5.061 $ 1,272,035 $ 1,218,523 95.8 $ 42,393 $ 1,260,915 99.1 $ 2,402 1980/1981 199,226,059 5.446 1,084,985 1,061,242 97.8 2,667 1,063,909 98.1 2,402 1979/1980 145,188,232 7.292 1,058,713 1,029,613 97.3 8,895 2.,038,058 98.1 4,069 1978/1979 139,680,774 7.298 1,019,390 945,914 92.8 14,062 959,976 94.2 15,712 1977/1978 136,644,429 7.305 998,188 952,127 95.4 3,391 955,518 95.7 8,318 1976/1977 129,315,419 7.110 919,433 862,440 93.8 11,226 873,666 95.0 15.343 1975/1976 113,306,000 7.278 824,641 798,139 96.8 140,091 938,230 113.8 36,275 1974/1975 115,688,600 6.763 782,402 773,973 98.9 118,796 892,769 114.1 28,911 1973/1974 95,842,142 7.095 680,000 534,476 78.6 65 534,541 78.6 147,707 1972/1973 50,749,296 8.0 405,994 383,699 94.5 13,142 396,841 97.7 2,183 NOTE: State law mandates assessments to be at 100% of market (actual) value.
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CITY OF KISSIMMEE, FLORIDA I TABLE 4 .
1 SCHEDULE OF PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARS MILLS (S1 PER S1,000 VALUATION)
SOUTH FLORIDA FATER FISCAL MANAGEMENT OKEECHOBEE SCHOOL YEAR CITY COUNTY DISTRICT BASIN LIBRARY BOARD TOTAL 1982 4.074 4.269 .134 .250 .255 6.479 15.461 1981 5.061 4.973 .115 .243 .279 7.080 17.751 1980 5.446 4.973 .152 .250 .279 6.332 17.432 1979 7.292 6.265 .160 .262 .351 7.267 21.597 1978 7.298 6.398 .157 .240 -
8.525 22.618 1977 7.305 5.700 .105 .292 -
S.566 21.968 1976 7.410 5.620 .365 - -
8.607 22.002 1975 7.578 5.750 .375 - -
8.687 22.390 1974 6.954 5.380 N/A - -
S.600 20.934 1973 7.360 5.380 N/A - -
9.310 22.050 4
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CITY.OF KISSIMMEE, FLORIDA TABLE 5 SCHEDULE OF SPECIAL ASSESSMENT COLLECTIONS LAST TEN FISCAL YEARS FISCAL YEAR COLLECTIONS r 1982 S 56,747 1981 30,607 1980 7,085 a
1979 16,318 1978 2?,669 1977 25,059 1976 63,264 i 1975 205 1974 8,004 l 1973 12,155 i EOTE: Special assessments are not a primary source of financing in Kissimmee.
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CITY OF KISSIMMEE, FLORIDA TABLE 6 COMPUTATION OF LEGAL DEBT MARGIN SEPTEMBER 30, 1982 Assessed Value $251.340.685 Debt Limit: 20% of Assessed Value S 50,268,137 Amount of Debt Outstanding -
LEGAL DEBT MARGIN j[50.268.137 The above computation pertains only to general obligation bonds. Revenue bonds, as issued by the Enterprise Funds, do not have a debt lLnit per se: but rather are restricted by the ability to raise revenue to 1.25 times maximum outstanding debt. As long as that figure is maintained, revenue bonds may be issued without further restrictions. Special obligation or limited obligation bends, as that issued in December, 1978 by the Municipal Development Board, are not considered as general obligation debts.
132.
CITY OF KISSIMMEE, FLORIDA TABLE 7 COMPUTATION OF DIRECT AND OVERLAPPING DEBT SEPTEMBER 30, 1982 '
PERCENTACE AMOUNT APPLICABLE APPLICABLE NET DEBT TO CITY OF TO CITY OF NAME OF GOVERNMENTAL UNIT OUTSTANDING KISSIMMEE KISSIMMEE DIRECT DEBT City of Kissimmee S None -% $ -
OVERLAPPING DEBT School Board of Osceola County General Obligation Debt S 3,400,000 22.166% 753,644 TOTAL AD VALOREM TAX SUPPORTED DEBT S 75h644 RATIOS Ovarall debt to 1981 taxable valuation .2998%
Overall debt per capita $44.68
-(1) Determined by ratio of assessed valuation of property subject to taxation in f
overlapping unit to valuation of property subject to taxation in City of Kissimmee.
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i CITY OF KISSIMMEE, FLORIDA
- TABLE 8
, ' RATIO OF CENERAL BONDED DEBT TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA LAST TEN FISCAL YEARS RATIO OF NET DEBT SERVICE BONDED DEBT NET BONDED FISCAL ASSESSED CROSS BONDED MONIES NET BONDED TO ASSESSED DEBT PER YEAR POPULATION VALUE DEBT AVAILABLE DEBT VALUE CAPITA 1982 18,500 est. $251,340,685 $ -
1981 16,866 est. 199,226,059 - - - - -
1980 15,487 145,188,232 - - - - -
1979 14,500 est. 139,680,774 - - - - -
1978 13,600 est. 136,644,429 - - - - -
j 1977 12,700 est. 129,315,419 - - - - -
1976 12,080 est. 113,306,000 29,000 3,196 25,G04 .02- 2.14 1975 11,817 est. 115,688,600 61,000 (1,142) 62,142 .05 5.26 1974 11,420 est. 95,842,142 81,000 401 81.401 .08 7.13 1973 N/A* 50,749,296 104,000 401 104,401 .21 N/A*
- N/A represents not available.
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- CITY OF KISSIMMEE, FLORIDA TABLE 10 SCllEDULE OF ELECTRIC AND WATER REVENUE CERTIFICATE COVERAGE **
LAST TEN FISCAL YEARS NET REVENUE AVAILABLE FISCAL, FOR DEBT SERVICE REQUIREMENTS YEAR REVENUES EXPENSES DEBT SERVICE PRINCIPAL INTEREST TOTAL COVERAGE 1982 $ 21,097,775 $ 14,996,300 $ .6,101,475 $ 272,938 $ 3,662,269 $ 3,935,207 1.55x 1981** 20,487,748 14,087,782 6,399,966 446,813 1,391,012 1,837,825 3.48 1980** 14,954,836 10,776,161 4,178,675 392,038 1,153,300 1,545,33S 2.70 1979** 11,201,911 8,070,792 3,131,119 352,338 1,019,850 1,372,188 2.28 1978** 9,766,729 6,8'28,890 2,937,839 691,737 628,180 1,319,917 2.23 1977 9,236,705 5,948,805 3,287,900 195,000 945,215 1,140,215 2.83 1976 8,555,726 5,669,043 2,886,683 335,000 864,264 1,199,264 2.41 1975 6,532,669 4,896,188 1,636,481 280,000 799,153 1,079,153 1.52 1974 5,995,954 4,010,536 1,985,418 271,000 809,702 1,080,702 1.84 1973* 3,585,470 2,366,543 1,218,927 247,000 581,689 828,689 1.47
- Fiscal year - 11 months.
c* Prior to 1978, information represents the combined Electric and Water rystems. In 1978, Water System has been combined with the Sewer System.
NOTE: Maximum debt service in any subsequent year is $6,474,886.
CITY OF KISSIMMEE, FLORIDA TABLE 9 RATIO OF ANNUAL DEST SERVICE EXPENDITURES FOR GENG<AL BONDED DEBT TO TOTAL GENERAL EXPENDITURES LAST TEN FISCAL YEARS RATIO OF TOTAL Di3T SERVICE OBLIGATION GENERAL- GENERAL TO TOTAL FISCAL GENERAL DEBT OBLIGATION EXPENDI- GENERAL YEAR PRINCIPAL INTEREST DEBT SERVICE TURES (1) EXPENDITURES 1982 $ -
$ - S 6,752,406 - %
1981 - - - 5,296,792 - %
1980 - - - 3,949,634 -
1979 - - - 3,465,289 -
1978 - - - 3,216,559 -
1977 29,000 1,157 30,157 2,919,106 .10 1976 32,000 2,298 34,298 2,331,214 .15 1975 20,000 2.989 22,989 2,122,615 .11 1974 23,000 3,787 26,787 1,866,294 .14 1973 28,000 5,935 33,925 1,274,430 .27 (1) Includes General, Special Revenue and Debt Service Funds.
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CITY OF KISSIMMEE, FLORIDA TABLE 11 SCllEDULE OF WATER AND SEWER UTILITY REVENUE CERTIFICATE COVERACE LAST TEN FISCAL YEARS NET REVENUE AVAILABLE FISCAL GROSS OPERATING FOR , DEBT SERVICE REQUIREMENTS YEAR REVENUES EXPENSES DEBT SERVICE PRINCIPAL INTEREST TOTAL COVERAGE 1982 $ 2,704,405 $ 1,372,136 S 832,269 $ 89,325 $ 523,730 $ 613,055 1.36x 1981 2,143,352 1,142,924 1,000,428 84,362 306,085 390,4%7 2.82 1980 2,062,970 1,058,784 1,004,186 79,400 306,086 385,486 2.60 1979 1,758,694 849,331 909,363 69,476 306,086 375,562 2.42 1978** 1,618,042 806,693 811,349 157,063 84,408 241,471 3.36 1977 559,802 473,997 85,805 32,000 31,611 63,611 1.35 1976 534,187 446,519 87,668 31,000 32,656 63,656 1.38 1975 559,464 391,748 167,716 30,000 33,671 63,671 2.63 1974 372,616 260,641 111,975 29,000 34,656 63,656 1.76 1973* 278,329 130,541 147,788 29,000 35,656 64,656 2.29
- Fiscal year - 1I months.
c* In 1978, the Water System has been combined with the Sewer System.
NOTE: Maximum debt service in any subsequent year is $671,741.
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- CITY OF KISSIMMEE, FLORIDA TABLE 12 SCllEDULE OF AIRPORT REVENUE BOND COVEMAGE l.AST NINE FISCAL YEARS NET REVENUE AVAILABI.E FISCAL GROSS OPERATING FOR DEBT SERVICE REQUIREMENTS YEAR REVENUES EXPENSES DEBT SERVICE PRINCIPAL INTEREST TOTAL COVERAGE 1982 $ 124,600 $ 92,729 $ 31,871 $ 10,000 $ 17,773 $ 27,773 1.15x 1981 132,270 87,449 44,821 10,000 17,923 27,923 1.61 1980 118,384 55,551 62,833 10,000 18,321 28,321 2.22
- 1979 109,836 76,414 33,422 10,000 19,049 29,049 1.15 1978 96,494 65,668 30,826 10,000 19,698 29,698 1.04 1977 68,891 54,771 14,120 10,000 20,347 30,347 .47 1976 63,488 39,190 24,298 -
20,679 20,673 1.18 1975 60,842 32,363 28,479 -
20,673 20,673 1.38
. 1974 73,696 22,915 50,781 - 20,673 20,673 2.46 u
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NOTE: Maximum debt service in any subsequent year is $33,450.
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CITY OF KISSIMMEE, FLORIDA TABLE 13 TABLE OF DEMOGRAPHIC STATISTICS CITY OF KISSIMMEE OSCEOLA COUNTY **
PERCENT PERCENT YEAR POPULATION INCREASE POPULATION INCREASE POPULATION 1950 4,310 - 11,406 -
1960 6,845 58.8 19,029 66.8 1970 7,119 4.0 25,267 32.8 1976 12,080 est. 69.7 37,676 est. 49.1 1977 12,700 est. 5.1 37,944 est.** .7 1978 13,600 est. 7.1 38,500 est. 1.5 1979 14,500 est. 6.6 42,344 est. 9.9 1980 15,487 7.7 49,287 16.4 1981 16,866 est. 8.9 55,332 est. 12.3 1982 18,500 est. 9.7 60,000 eet. 8.4 AS PROJECTED
- 1985 20,000 17.6 54,750 16.5 1990 22,000 10.0 62,500 14.2 1995 23,800 8.2 69,900 11.8 2000 25,500 7.1 77,300 10.6 2005 30,000 17.6 87,850 13.6 CEast Central Florida Regional Planning Council, o*0sceola County ranked 32nd out of 67 counties in population.
Osceola County has 1,313 square miles which makes it the 6th largest county in Florida.
Osceola County has 42.1 people per square mile which is the 43rd largest county in Florida.
AGE DISTRIBL7 ION OSCEOLA COUNTY STATE OF FLORIDA AGE % POPULATION % POPULATION I
0-14 23.7 21.1 15-44 32.5 39.4 45-64 22.4 22.0 65 + 21.3 17.5 Figures are not maintained for individual cities.
Prepared from " Florida Estimates of Population - 1980."
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,f CITY OF KISSIMMEE, FLORIDA.
TABLE 14 TABLES OF PROPERTY VALUES, CONSTRUCTION AND ,
BANK DEPOSITS - OSCEOLA COUNTY
- FISCAL 1* EAR - PROPERTY VALUES CONSTRUCTION 1982 $1,246,880,737 $ 60,713,726 1981 1,132,563,649 37,753,845 1980 988,111,269 '
.- 27,173,852 1979 686,203,535 18,049,900 1976 618,771,355 , 13,825,463 1975 571,796,038 13,460,297 1974 568,004,186 N/A**
1973 568,383,016 - N/A**
Source: Property Appraiser's office.
BANK DEPOSITS SAVINGS AND LOAN-COMMERCIAL BANKS ASSOCIATIONS PERSONAL DEMAND TIME FISCAL INCOME DEPOSITS DEPOSITS SAVINGS YEAR (MILLIONS) (MILLIONS) (MILLIONS) (MILLIONS) 1982 $ N/A** $ 40.9 $ 137.7 $ N/A**
1981 N/A** 39.7 107.3 72.2 1980 N/A** 53.2 93.8 88.3 1979 N/A** 45.8 81.9 89.1 1977 N/A** 27.3 46.5 89.7 1976 N/A** -29.2 42.1 84.0 1975 161.8 27.9 35.5 76.1 1974 155.8 28.0 29.5 66.4 1973 141.4 26.1 28.0 62.0 1972 107.4 26.7 20.1 53.1 1971 89.4 21.4 17.5 42.2 1970 76.7 17.4 11.1 33.8 1969 66.5 13.4 8.5 30.0 1968 56.5 12.4 7.3 27.3 ;
1967 47.6 11.3 5.9 24.8
- Figures shown are for entire county since City residents only comprise 35% of the entire county's population. To show figures for only the City would be misleading.
- N/A represents not available.
140.
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~ CITY OF KIS5EDIEE, FLORIDA ,
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s- 7 TABLE :H
- S SCHEDULE OF.< MAJOR TAXPAYERS
/ G /,.
TAXABLE ASSESSED 7 / .__- J VALUATION AS OF 1, i JANUARY 1, 1982 x
, . . ,?
FloridaTelephordCorpbratibn >
S 12.516,475
.c ,
Do"rado '
Apartments O / 7,210,837 i y. .a lt Eidical~CenierofKissimmee -
6,525,889
/
' 3,909,501 Woodside Apartme,nts j
- i
. , . o Town Corral Supping Center' ,-
3,712,707 i .,
' ^" i 3,465,309 Mill Creek Mall -
i.
Three Fountains Apartme6ts' '
3,431,282 1
. K-Mart /Publix Shopping Center ,
3,429,546 Outrigger Apartments 3,321,768 Community Hospital -
3,057,283 s
Source: Osceola County Property Appraiscr's Office.
1 6
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. CITY OF KISSIMMEE, FLORIDA
~
TABLE 16 MISCELLANEOUS STATISTICAL DATA'
, FORM OF GOVERNMENT
. Commissioner - Manager DATE OF INCORPORATION PRESENT CHARTER ADOPTED 1883 1965 TERMS OF 0FFICE Mayor /Commiss'ioner and 4 Commissioners - Two Years City Manager - Appointed ANNUAL SALARIES OF OFFICERS City Manager. .... . . . . .$48,939 Building Director . . . . . . .$31,754 Assistant City Manager. . . . 38,159 Parks & Recreation Director . 27,664 Finance Director. . . . . . . 30,570 Electric Utilities Director . . 41,400 Central Service's Director . . 28,040 Water & Sewer Director. . . . 31,969 j Planning Dir'ector . . . . . . 28,612 Aviation Director . . . . . . . 28,212 Police Chief. . . . . . . . . 31,126 Public Works Director /
Fire Chief. . . . . . . . . . 27,718 City Engineer .
35,468 Personnel / Labor Relations Director. . . . . . . . . . . 28,041 9
- AREA 0F CITY i
l 10.0 Square Miles - Municipal Boundaries 85 Square Miles - Electric Service Area
! AREA 0F COUNTY 1,313 Square Miles BUILDING PERMIT ACTIVITY (CITY)
YEAR NUMEER AMOUNT s 1982 1,166 S 38,851,097 1981 900 12,888,719 '
(
1980 1,015 21,586,987 .
1979 840 15,371,899 1978 847 10,900,281
_1977 654 10,087,672 I 1976 656 6,075,542 i 1975 623 2,248,397 1974 506 5,619,651 1973 1,055 25,223,063 l
l 142, i
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CITY OF KISSIMMEE. FLORIDA TABLE 17 UTILITT ENTERPRISE FUNDS STATISTICAL DATA ELECTRIC UTILITY TUND NET OPERAT- INCOME (LOSS)
TOTAL ING INCOME SETORE EXTRA-TISCAL NUMBER 0F. OPERATING (LOSS) AFTER ORDINART YEAR CUSTOMER $(1) REVENUE DEPRECIATION ITEMS (2) rr 1981/1982 15.756 $ 19.928.883 $ 3.956.029 $ 1.984,999 1980/1981 14.507 19.069.330 4.060.939 2.845.585 1979/1980 13.105 14.204.112 2.697.286 1.167.851 1978/1979 12.065 10.467.296 1.735.800 676.226 1977/1978 11.680 9.055.288 1.539.258 489.251 1976/1977 10.865 S.476.885 2.232.901 1,052.438 1975/1976 10.348 7,791.590 1.917.169 1.184.729 1974/1975 9,883 5.895.456 763.999 333.319 1973/1974 9.977 5.257.095 871.949 475.903 1972/1973 9.803 3,172.384 940.537 261.910 WATER AND SEVER UTILITIES FUND TISCAL YEAR VATER SEVER VATER SEVER WATER SEWER WAT!R SEVER 1981/1982 5.994 5.104 $ 1.565.730(3) 8 39.572(3) $ 207.014(3) 1980/1981 5.639 4.896 1.551.672(3) 271.319(3) 647.144(3) 1979/1980 2.155 4.534 1.700,756(3) 514.177(3) 560.081(3) 1978/1979' 4.779 4,267 1.758.694(3) 669.988(3) 474.988(3) 1977/1978 4.310 4.012 $ 779.964 $ 654.215 $ 434.866 $ 92.502 444.786
'1976/1977 4.171 3,187 339.996 413.674 75.807 (111.503) S 13.677 $ (191.771) 1975/1976 4.021 3.687 356.607 391.706 93.082 (104.814) 54.233 (168.1.51 1974/1975 3.623 3.295 326.390 338.407 108.931 (107.527) 86,264 (164.933) 1973/1974 3.595 3.252 340.676 314.980 161.436 18.654 140.591 (3.314) 1972/1973(4) 3.478 3.176 272.738 243.041 138.042 $0.259 91.720 $3.139 (1) Avsrage customer count for fiscal year.
(2) Af ter transfers to/from other funds and accounting change.
(3) Combined by consolidation of funds.
(4) 11 months - changed by Florida Statute to end September 30th.
f 143.
1 d CITT OF KISSDC'EE, FLORIDA
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TABLE 18 SCREDCLE OF INSURANCE IN FORCE SEPTDf3ER 30,1982 TYPE OF C0VERACE PERSON OCCURRENCE ACCRECATE j COMPREHENSIVE AUTOMOBILE-CENERAL LIASILITY Comprenensive General:
Combined single limit bodily injury and property damage S -
S 1.500.000 $ 1.500.000 Cesprehensive Automobiles Bodily Injury Liability 1.100.000 1.300.000 -
Property Damage Liability -
1.050.000 -
Contractual Liability 3odily Injury Liability -
1.300.000 -
, Property Damage Liability ,
1.100.000 1.100.000 Personal Injury Liability - -
1.500.000 Automobile Physical Damage I Collision - ACV less $250 deductible Fire and theft - ACV 4
TNSTITUTIONAL - FIRE AND EXTENDED COVERACES Buildings - $1.000 deductibis. 80% co-insurance - -
5.981.000 Personal Property:
$1,000 deductible. 80% co-insurance - -
1.263.000 Property Floaters 5100 deductible - -
101.000 Contractors Equipment Special Endorsement - -
346.643
, 7aluable Papers and Records Endorsement - -
10.000 1 Crime:
Inside/Outside -
$250 deductible - -
20.000 30tLER AND MACHINERY - 3RCAD BLANKET C0VERACE
$2.500 to $20,000 coject schecule deductible - -
2.000.000
, 3RKE?S' COMPENSATION AND DIPLOYER'S LIABILITY Statutory Statutory 100.000 LAW ENTORCIMENT OFFICERS' CCMPREME'7StVE s PROFESSIONAL LIABILITY 250.000 500.000 1.000.000 A!RPORT-RANCARKEEPER'S LIABitITY Sodily Injury and Property Damage Liability -
1.000.000 1.000.000 Hangarkeepers Liability:
5500 deductible 100.000 300.000 -
l PU3LIC UtPLOY!ES St.ANKET 30ND i All enployees -
500.000 .
POSITION SCHEDULE City Manager -
100.000 -
PU3 TIC orTICIAL LIABILITY Elected and Appointea -
1.000.000 1.000.000 CROUP LIFE AND MEALTH - EMPLOYEES - - PER SCHEDil!
NUCLEAR PROPERTY DAMAGE AND LIABILITY C0VERACE Pur:hased in cooperation witn Florida Power Corporation as a party to the Participation Agreement. Coverages are mandated through Federal regulations and are in addition to those shown above.
ACCIDENTAL DEATH e OtSMEMSERMENT Police and firemen 20.000 -
200.000 Police dos 3.000 - -
Pct. ICE DOC LIABILITY -
100.000 100.000 AF3CLANCE MALPRAC*tCF -
h000.000 1.000.000
-144 L
f f BACKGROUND Kissimmee began as a tiny trading post and military outpost. After the Civil War, Hamilton Disston acquired 4,000,000 acres of marshland and plains in the Kissimmee area. He built several sugar plantations and lumber camps and connected them with waterways and narrow gage railroads.
The location of Kissimmee on Lake Tohopekaliga and the coming of the railroad made the town the natural center of economic activity for this region. By the early 1880's, Kissimmee was a boom town and enjoyed f airly rapid growth through the turn of the century.
Kissimmee had become an important water / rail transfer point fcr both travelers and commodities. A relatively significant resort business existed in the late 1800's and early 1900's. The community evolved in response to economic opportunity and geographic conditions. Industrial and warehouse uses were located between the railroad and the lakefront. (A wood products industry continues in this area even today.) The downtown was established on the other side of the tracks but still adjacent to the rail center. A few resort hotels were located downtown or near the lake front. Residential development spread out from the downtown, generally to the west and south.
Kissimmee was a well established town by the tu n of the century. In fact, most of the major downtown structures that exist todey were built during the late 1800's. The great Florida land boom of the early 1900's created another wave of growth. Kissimmee was a city of over 2,700 people by the year 1920. The town became caught up in the land boom and sold municipal bonds to finance new roads and utilities to create new subdivisions.
Unfortunately, this was done at the end of the land boom and the growth never came. The vivid memory of municipal debt financing growth that never occurred makes even today's residents reluctant to consider municipal bonding as a method of financing the anticipated growth of the town.
Af ter the collapse of the Florida land boom, Kissimmee entered a period of very slow growth. The City's population increased by only 500, less than 20% over a twenty-year span 1920 to 1940. During World War II, the Kissimmee Airport was built by the U.S. Army Corps. The military activity was a stimulant to growth and the community grew westward toward the airport. During the 1940's, Kissimmee's population increased by 38%.
Growth was further stimulated by the establishment of Martin Marietta Company, which marked the beginning of a heavy concentration of jobs in south Orlando.
I During the 1950's, the city undertook a major effort to encourage growth through the attraction of retirees to the community. The construction of Orange Gardens was a result of this effort. Residential grewth in other areas of the City was occurring slowly by extending the existing grid street pattern. The success of the retiree-stimulated growth resulted in a population growth of almost 60% during the 1950's.
The City's growth came to almost a complete standstill in the late 1950's and continued that way until the opening of Disney World in 1971. During the 1960's, the population of Kissimmee increased by less than 300 people or 4% over a 10-year period.
145.
Tne opening of Walt Disney World marked the beginning of a period of very rapid growth. The population of Kissimmee increased from 7,100 in 1970 to slightly over 12,000 in 1976, a 70% increase. The City would have grown more, but it was unable to provide sewer and other municipal services needed to support growth. In order to accommodate new growth during this period, a major public sewer plant was constructed en Mill Slough north of U.S. 192. This plant has been a major factor in the growth of the northeast area.
The growth of the Disney period was different from that experienced in the past. Prior to 1970, residential development was almost totally dominated by single family homes. Over 91% of all dwelling units were in structures containing less than four units. Most multi-family housing constructed before 1970 consisted of low income projects built in response to various Federal Programs. ,
The opening of Disney World and its associated economic impact altered the mix of housing types in Kissimme. Over 2/3 of all dwelling units built since 1970 were located in multi-family projects. These multi-family proj ects contain over 1,700 dwelling units, bu: consumed less than 125 acres of land. This increase in multi-family housing constituted a significant change in housing types and the social character in the com-munity. The people living in the apartments are more transient and the stability of the community was threatened.
The Disney boom created an increase in commercial activity related to tourism. This impact is generally limited to two areas - the Vine Street restaurant, motel, service area and the Florida turnpike motel concentration area.
The long-term impact of Disney World is just beginning to be expressed -
the northward direction of growth is now challenged. U.S. 192 (Vine Street) has become the most heavily traveled road in Kissimmee with upwards of 30,000 vehicles a day. The highway is not only a tourist route, but also the access road to a large employment center. Future growth of the City will be oriented to U.S. 192.
The City of Kissimmee has gone through a major transition. In the 1880's, Kissimmee was considered a major community in Central Florida, its pre-dominance based on agriculture and timber. As the City grew and attracted more residents, agriculture remained the economic base of Kissimmee.
Cattle were introduced into the area in the 1930's to fill a void created by the decline of field crops, but the economy remained firmly rooted in agriculture. Agriculture, huwever, ceased to be a dominant industry and therefore the communi y's role in the region declined during the 1920 to 1970 period. $
In 1970, Kissimmee could best be described as a rural town f airly remote from the metropoll:an area. The town looked the part of its nickname "Kow-Town." However, the last eleven years and a small mouse have changed Kissimmee even more than most residents realize. It is rapidly becoming a suburban community with a great deal of pride in its "Kow-Town" heritage.
We must recognize that Kissimmee is in an entirely different position to capitalize on regional growth trends in 1981 than it was in 1970.
146.
In tihe early 1970's, Kissimmee's assets were limited - shopping was in Orlando; residents were few; educational facilities were old and unimpres-sive; and cultural and entertainment opportunities' vere almost nonexistent.
Kissimmee may not be the most sophisticated small town in America, but the combination. of Disney entertainment and shopping, the Tupperware Auditorium. . the Arts Center, new schools and a restaurant bonanza surely takes the town out . of the rural class. In fact, more and more people are expressing a preference of wanting to live in a small . town (near a metro-politan area) with which they can identify. Kissimmee's newly acquired assets, combined with the natural outdoor recreational opportunities that have always existed in the area, make the City an attractive place to live.
The' construction of Disney's World Showcase /EPCOT, costing over $1 billion, will be the biggest economic influence on the Orlando metropolitan crea during the next ten years. You no longer need to be a pioneer to live in
.Kissimmee; it is a desirable suburban community. The amount of growth that occurs in Kissimmee during the next ten years is completely dependent on the decisions of private developers and on the ability of the City to provide the facilities necessary to support rapid growth.
147.
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REPORT ON INTERNAL CONTROL AND MANAGEMENT COMMENTS I
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s CITY OF KISSIMMEE, FLORIDA REPORT ON INTERNAL ACCOUNTING CONTROL AND MANAGEMENT COMMENTS SEPTEMBER 30, 1982 1
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May2imaaco.
Cemfwd PuMc Accountants To the Honorable Mayor, City Commissioners and City Manager City of Kissimmee, Florida REPORT ON INTERNAL ACCOUNTING CONTROL AND MANAGEMENT C01DiENTS It is the policy of our firm and in accordance with the rules of the State Auditor General to submit our Report on Internal Accounting Control and Management Comments on the operations of the City.
It should be noted that this report, by its nature, contains our comments and recommendations to provide for a more effective system of internal accounting control. It does not include our observations of the many strong features of the City's system of internal accounting control.
This report is divided into the following sections:
. Report on Internal Accounting Control
. Management Comments The Report on Internal Accounting Control is required by generally accepted auditing standards (SAS #20, amended by SAS #30) to report what we believe to be material weaknesses in the system of internal accounting control.
The Management Comments section of this report contains matters which we believe will be helpful and of interest to management. All items referred to in this report have been discussed with City staff.
The chief executive officer's written statement of explanation or rebuttal concerning our comments in both sections of this report, including corrective action to be taken, must be filed with the governing bcdy of the City and with the State Auditor General within 20 days of the delivery of this report.
REPORT ON INTERNAL ACCOUNTING CONTROL
, We have examined the financial statements of the City of Kissimmee, Florida for the year ended September 30, 1982, and have issued our report thereon dated November 5, 1982. As a part of our examination, we made a study and evaluation of the City's system of internal accounting control to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards. The purpose of our study and evaluation was to determine the nature, timing and extent of the auditing procedures that are necessary for expressing an opinion on the City's financial statements. Our study and evaluation was more limited than would be necessary to express an opinion on the system of internal acccunting contral taken as a whole.
151.
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,i
The management of the City is responsible for establishing and maintaining a system of internal accounting control. In fulfilling this responsibility, estimates and judgements by management are required to assess the expected benefits and related costs of control procedures. The l objectives of a system are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit I the preparation of financial statements in accordance with generally accepted accounting principles.
I Because of inherent limitations in any system of internal accounting control, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree of compliance with the procedures may deteriorate.
Our study and evaluation made for the limited purpose described in the first paragraph would not necessarily disclose all material weaknesses in the system. Accordingly, we do not express an opinion on the system of internal accounting control of the City of Kissimmee taken as a whole.
However, our study add evaluation disclosed the following conditions that we believe result in more than a relatively low risk that errors or irregularities in amounts that would be material in relation to the financial statements of the City of Kissimmee may occur and not be detected within a timely period.
DATA PROCESSING During our review of the City's Data Processing Department, we noted the following:
. The Data Processing Department performs the following functions in regards to the disbursements cycle -
- 1. Maintains control over blank check stock and does all stock ordering.
- 2. Processes all checks through the computer system.
- 3. Controls and processes all checks through the check signer (signature plate maintained by the Finance Director's secretary).
- 4. Informs the Finance Department of voided checks during check processing.
- 5. Has access to all accounting records through the computer system.
153.
A compensating control to this situation is that someone independent of Data Processing performs the monthly bank reconciliation. This control, however, can be circumvented due to Data Procusing personnel having access to the accounting records, including the outstanding check files used to reconcile the bank account.
We suggest that control over the blank check stock and/or the check signer . be maintained by personnel independent of Data Processing. We also suggest that the City maintain a manual log of the numerical sequence of all checks processed. This log would be used to determine the accuracy of the outstanding check files and the disbursement cut-off each month.
. Users of the computer system are currently restricted from gaining unauthorized access to data files through the use of an operator ID and password sign-on which defaults to the appropriate user library. This control, however, can be circumvented by use of the vendor supplied " Data File Utility." Through this utility, data files can be manipulated without leaving the proper management trail. To compensate for this weakness, the City should consider restricting certain sensitive files or removing the " Data File Utility" from the system.
. In response to our prior year's Management Letter, the Finance Director is receiving a printout of the daily history log. We feel that this log shculd also be reviewed by the Data Processing Manager, who would indicate to the Finance Director any unusual entries which may not be recognizable by a nondata processing individual.
CASH RECEIPTS The Police Department is not forwarding its cash to City Hall on a timely basis. The checks from the county for fines and for-feitures arrive at the Police Department in the early part of the month, but are not forwarded to City Hall for almost two weeks.
For example, one check from the county was dated May 7, but was not received by the cashiers at City Hall until May 20. The other collections by the Police Department are forwarded to City 9 Hall only once each month.
We recommend that the cash receipts taken by the Police Department be turned in to City Hall on a weekly basis. Arrange-ments should be made with the county so that the fines and forfeitures checks go directly to the cashiers at City Hall. The payment or other remittance docunentation should provide the Police Department vith the information necessary for their records.
154
INVENTORIES During the past year, the City has made great progress in the area of inventory control at the service center. We encourage continued improvement in the coming year.
The City maintains an inventory of spare parts at the electric generation plant. This inventory has been in excess of $200,000 in recent years and is expected to increase substantially when parts for the new combined cycle power plant are stocked.
During our review of the City's annual physical inventory count, we found procedures at the power plant to be lacking. The count was not well planned or supervised and had been performed over a four to six-week period. As a result, we were not able to rely upon the City's count of this inventory.
Other problems encountered included:
- 1. Inventory was stored in several locatione around the plant;
- 2. Inventory items were not clearly labeled;
- 3. Inventory and noninventory items were mixed together in the same locations;
- 4. Access to inventories was not restricted in any way; and
- 5. No one was assigned specific responsibility for inventory control.
The City should take action to improve inventory control procedures at the power plant as soon as possible . This task will be much easier if it is completed before the additional inventories required by the combined cycle power plant are purchased.
We recommend that all inventory items be stored in one area, with access to them restricted to specified personnel. Responsibility for inventory record maintenance should be assigned to e specific individual. Inventory end noninventory items should be separated and clearly lcbeled.
These conditions were considered in determining the nature, timing and extent'of the audit tests to be applied in our examination of the 1982 financial statements, and this report does not affect our report on these financial statements dated November 5, 1982.
This report is intended solely for the use of management and the Auditor General, State of Florida, and should not be used for any other purpose.
155.
MANAGEMENT COMMENTS Our Report on Internal Accounting Control, concerning significant matters which have come to our attention in the course of our audit , has been presented in the previous section of this report. The purpose of this section, titled " Management Comments," is t.o recommend procedures which we feel will improve the efficiency of present accounting systems and to disclose other information pertinent to the operations of the City. These suggestions come as a result of our review and testing of the City's accounting procedures and our observation of many of the general management practices.
OCCUPATIONAL LICENSES The fees for occupational licenses issued to City merchants are partially based on inventory valuations. We noted that inventory valuations are not updated subsequent to the original license application. This could result in lost revenue to the City.
The City's occupational license ordinance states that these inventory valuations will be updated annually. Accordingly, we recommend that procedures be instituted in order to comply with the ordinance.
RECORD RETENTION At present, the City does not have an officially established record retention schedule approved by the State of Florida, Bureau of Archives. From our observations, it appears that some departments retain everything while others have their own record retention destruction schedules. Without a standard policy, valuable records could be misplaced or destroyed, or much needed storage space could be occupied by old records which should be destroyed.
We recommend that the City adopt a uniform record retention and storage schedule and obtain the necessary approvals for this schedule from the state.
INTERNAL SERVICE CHARGES Central Carage charges are allocated monthly to all recipients or divisions that have used Central Garage services during the month. These charges are based on a $10 per shop-hour billing rate. As stated last year, this method has a tendency to
'j overcharge users with small jobs and to undercharge more frequent users with larger jobs.
In addition, we observed departures from the pure shop-hour concept. A judgmental factor was inserted into the system by not always charging $10 per hour and not alvays charging for the exact number of hcurs workei The garage supervisor may adjust the labor hours up or down if he feels that the job was done faster or slower than he thought was proper. Also, some jobs are charged at a flat fee no matter how many shop-hours are involved.
156.
It appears that a substantial part of the labor charge-out system for the garage is arbitrary and judgmental. We recommend that policies and procedures be applied uniformly to insure that all departments are charged f airly and to eliminate confusion among personnel at the Central Garage. In order to accomplish this and determine that the garage is functioning properly, it should be accounted for as an Internal Service Fund. The City should design a workable, efficient and fair system for charging garage services to set up the garage as a separate fund.
VIOLATION OF COVENANTS MADE IN BOND RESOLUTIONS With regard to Resolution 28-71, $350,000 Airport Revenue Bonds, l Series 1971, we noted the following item of noncompliance:
Section 15E states in part that "The issuer will fix, establish and maintain such rates and collect such fees, rentals or other charges for the services of the facilities and revise the same from time to time, whenever necessary, or upon the recommendation of the consultants, as will always provide revenues in each year sufficient to pay the cost of operation and maintenance of the facilities, one hundred fifteen per centum (115%) of the largest amount of principal and interest becoming due in any ensuing year on the outstanding obligations and on all outstanding additional parity obligations, plus one hundred per centum (100%) of all reserve or other payments herein required. Such rates, fees, rentals or other charges shall not be reduced so as to be insufficient to provide adequate revenues for such purposes."
The Airport Fund had a net loss of $9,685 during fiscal 1982.
We recommend the City review the existing rates, rentals and fees currently in effect at the airport and make appropriate adjustments to them to be in compliance with the above resolution.
PROCEDURES MANUAL In accordance with the rules of the State Auditor General and sound accounting practices, the City should have written accounting and bookkeeping procedures. Effective segregation of duties depends to a considerable extent on the precise and detailed planning of all procedures and a careful assignment of functions to various employees in the organization. Written procedures prevent duplication of work, overlapping of functions, omission of functions and misunderstandings of duties which might result in the weakening of internal accounting controls.
The City is now in the process of developing and implementing procedurce manuals. We encourage the City to complete this project in a timely manner.
157.
FIXED ASSETS Assets in the electric and water and sewer plant in service fixed asset accounts cannot be specifically identified, as there are no detailed ledgers for these assets. This situation results in the possible misstatement of these accounts since, if these assets were specifically identified, costed and recorded, there might be adjustments made to the plant in service accounts. It also prevents the removal of the original cost from ' the plant in service accounts when fixed assets are retired. Finally, the City is unable to determine the depreciation applicable to contributed assets, which should not flow through the income statement, but could be shown as a reduction of the contribution account.
We recommend that the City establish a fixed asset ledger and that additions be specifically identified from a prior point in time for which accounting records exist. Establishment of the fixed asset ledger will allow, where pos sible , the specific identification of the cost and related accumulated depreciation of assets so that dispositions may be properly recorded and contributed assets properly accounted for.
COST ALLOCATIONS During the past fiscal year, the City established the Solid Waste and Data Processing Departments as separate funds. The users of these services provided by these departments are supposed to pay charges for actual use based on the City's costs of providing those services.
In order to best determine the cost of providing these services, various costs should be allocated from other activities or funds of the City. We observed that neither fund has been allocated general insurance costs or central service (administrative) costs. These costs are a part of the total cost of providing these services and should be allocated to these funds in order to provide a more accurate accounting of their operations. This would, in turn, ensure that user charges cover all costs associated with the services being provided.
We recc= mend that the City prepare a central service cost allocation plan to allocate such costs to all funds or functions that benefit from central service functions.
We wish to thank the City Manager, the Finance Director, department heads and their staff for their courtesy and cooperation given to us during our examination. If we can be of any assistance to you in implementing these 6 recommendations, please do not hesitate to call us. We look forward to a continued, good relationship.
W .
Tampa, Florida November 5, 1982 158.
COV 37EF ENSIVE ANKUAL F h ANCIAL REPOR-1 Fiscal Year Ended September 30,1982
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