ML20023D801
| ML20023D801 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 05/26/1983 |
| From: | LEESBURG, FL |
| To: | |
| Shared Package | |
| ML20023D793 | List: |
| References | |
| NUDOCS 8306030328 | |
| Download: ML20023D801 (161) | |
Text
COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE CITY OF LEESBURG, FLORIDA FOR THE FISCAL YEAR ENDED SEPTEMBER 30,1982 i
Prepared by:
FINANCE DEPARTMENT JAMES C. SCHUSTER FINANCE DIRECTOR g6SD0! 0 0 l
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. CITY OF LEESBURG, FLORIDA COMMISSION - MANAGER FORM OF GOVERNMENT City Commission CHARLES C. STRICKLAND - Mayor SANNA HENDERSON - Vice Mayor STEPHEN SEWELL CHARLES W. GREGG BURTON BROWN REX TAYLOR - City Manager Finance Department JAMES C. SCHUSTER Finance Director ROBERT L. BROWN Chief Accountant
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CITY OF LEESBURG, FLORIDA LISTING OF CITY OFFICIALS AS OF SEPTEMBER 30,1982 ELECTED OFFICIALS Mayor-Commissioner Charles C. Strickland Commissioner-Vice Mayor Sanna Henderson Commissioner Stephen Sewell Commissioner Burton Brown Commissioner Charles W. Gregg APPOINTED OFFICIALS City Manager Rex Taylor City Attorney Dewey Burnsed Director of Finance James C. Schuster Director of Economic & Community Development Greg A. Beliveau Director of Public Work & Engineering Richard Shanklin Police Chief Ralph Perry Fire Chief Robert A. Taylor Code Enforcement Supervisor Alvin Skinner Parks & Recreation Supervisor Clifford H. Bell Electric Utility Supervisor Joseph Tardugno Wastewater Treatment Supervisor Charles Bowman Gas and Water Supervisor Don L. Napier
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CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1982 TABLE OF CONTENTS INTRODUCTORY SECTIC'3 Title Page Principal City Officials Table of Contents Chief Executive Officers' Letter of Transmittal Organization Charts Certificate of Conformance in Financial Reporting FINANCIAL SECTION Auditor's Opinion Page Exhibit Numbers Combined Statements - Overview ("Lif table" General Purpose Financial Statements) 1 Combined Balance Sheet - All Fund types and Account Groups 1-4 2 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types 5 3 Combined State of Revenues, Expenditures, and Changes in Fund Balances - Budget (GAAP Basis) and Actual, General, Special Revenue, and Capital Projects Fund Types 6-7 4 Combined Statement of Revenues, Expenses and Changes in Retained Earnings - All Proprietary Fund Types 8 5 Combined Statement of Changes in Net Assets Available for Benefits - Fiduciary Fund Types - All Pension Trust Funds 9 6 Combined Statement of Changes in Financial Position - All Proprietary Fund Types 10-11 Notes to Financial Statements 12-29 Statement /
Schedule Combining and Individual Fund and Account Group Statements and Schedules General Fund A-1 Balance Sheet 30
CITY OF LEESBURG, FLORIDA COMPREllENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1982 TABLE OF CCNTENTS CONTINUED Statement / Page Schedule Numbers A-2 Statement of Revenues, Expenditures and Changes in Fund Balance - BLdget (GAAP Basis) and Actual 31 A-3 Statement of Revenues - Budget (GAAP Basis) an Actual 32-33 A-4 Statement of Expenditures Compared to Budget (GAAP Basis) 34-41 A-5 Statement of other Financing Sources and Uses, Compared to Budget (GLAP Basis) 42 Special Revenue Funds B-1 Combining Balance Sheet 43 B-2 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 44 Statements of Revenues and Expenditures and Changes in Fund Balance - Budget and Actual:
B-3 Federal Revenue sharing Fund 45 B-4 Community Development Fund 46 B-5 Housing Assistance Fund 47 Debt Service Fund C-1 Combining Balance Sheet 48 C-2 Statement of Revenues, Expenditures and Changes in Fund Balance 49 i
Capital Projects Funds D-1 Combining Balance Sheet 50 D-2 Combining Statement of Revenues, Expenditures, and Changes in Fund Balance 51 Statements of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual:
i CITY OF LE 'SBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT r FISCAL YEAR ENDED SEPTERE%R 30, 1982 TABLE OF CONTENTS CONTINUED Statement / Page Schedule <
Numbers D-3 Airport Improvement Capital Projects Fund 52 D-4 Iibrary Building Renovation Capital Projects Fund 53 1
i D-5 Parking Lot Purchase Carital Projects Fund 54 D-6 Project '- Lenath Schedule of Construction Projects Airport Improvement Projects and Library Building Renovation. 55 Enterprise Funds E-1 dombiningBalancesSheets 56-59 E-2 Combining Statement of Operations and Changes in Retained Earnings (Deficit) 60-61 E-3 Conibining Stat 6dient of Changes in Financial Position 62-63 Internal Servi,ce' Fund F-1 Ector Pool Service Fund Balance Sheet 64 F-2 Motor Pool Service Fund Statement of Revenues, Expenses and Changes in Retained Earnings 65
, F-3 Motor Pool Service Fund Statement of Changes in Financial Position 66 Fiduciary Type Funds G-1 Combining Statement of Net Assets Available for Benefits 67 G-2 Corbining Statement of Changes in Net Assets Available for Benefits 68 G-3 Municipal Police Retirement Trust Fund Statement of Net Assets Available for Benefits 69 G-4 Municipal Police Retirement Trust Fund Statement of Changes in Net Assets Available for Benefits 70 G-5 Municipal Firemen's Retirement Trust Fund Statement of Net Assets Available for Benefits 71
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q a CITY OF LEESBURG, FLORIDA COMPPEHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1982 TABLE OF CONTENTS CONTINUED Statement / Page Schedule Numbers G-6 Municipal Firemen's Retirement Trust Fund Statement of Changes in Net Assets Available fesr Benefits 72 G-7 GeneralEmployees'PensionFundbtatementofMetAssets Available for Benefits ') 73 G-8 General Employees' Pension Fund Statement of Changes in Net Assets Available for Benefits 74
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. Account Groups
'/ H-1 6 Comparative Schedule of General Fixed Assets - By i Sources 75 H-2 Schedule of General Fixed Assets - By Functions and Activities 76
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H-3 Schedule of Changes in General Fixed Assets - By Functions and Activities 77 H-4 Schedule of Changes in General Fixed Assets - By 78
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Source's H-5 Statement / of General Long-Term Debt 79 i Schedules I-l Suhriary Schedule' of Utility Plant in Service -
Combined Utility Funds 80 Schedule of Utility Plant in Service:
l I-2 Electric Utility Fund 81 I-3 Gas Utility Fund 82 I-4 Water Utility Fund 83 i
I-5 Sanitary Sewer and Wastewater Treatment Fund 84 I-6 Sanitation Services Fund 85 I-7 Ambulance Fund 86 l
CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 1982 TABLE OF CONTENTS CONTINUED Statement / Page Schedule Numbers I-8 Motor Pool Fund 87 I-9 Combined Schedule of Investments - All Funds 88-89 I-10 $12,020,000 Refunding and Improvement Utilities Revenue Bonds Series 1977 Debt Service Requirements to Maturity 90 I-11 Utility Rate Schedules 91-94 Tables 1 General Governmental Expenditures - By Function 95 2 General Revenue - By Source 96 3 Property Tax Levies and Collections 97 4 Assessed Value of Exempt and Taxable Property 98-99
-5 Property Tax Rates - All Overlapping Governments 100 6 Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita 101 7 Computation of Overlapping Debt 102 8 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures 103 9 Combined Utility Funds Schedule of Revenue Bond Coverage 104 10 Demographic Statistics 105 11 Property Value, Construction and Bank Deposits 106 12 Principal Taxpayers 107 13 Miscellaneous Statistical Data 108 14 Miscellaneous Statistics 109 15 Schedule of Insurance in Force 110-112
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MAYORf,OMMISSIONER CHARLE5 W. GR EGG COMMIS$3ONERS
, SURTON BROWN t MLSO Ww w w EPHE G LL
% CHAR LES C. $TRICKLAND COMMISSIONER-MANAGER FORM OF GOVERNMENT CITY uANAGER P.O. BOX 630 ,,,",E jV ,g, m,gnoq LEESBURG, FLORIDA 32748 JAMES C. $CMU$TER March 1, 1983 Honorable Mayor and City Commission City of Leesburg -
Leesburg, Florida 32748 Ladies and Gentlemen The Comprehensive Annual Financial Report of the City of Leesburg, Florida, for the Fiscal Year ended September 30, 1982, is submitted herewith. This report was prepared by the City's Finance Department. Responsibility for the accuracy of the presented data and the completeness and fairness of the presen-tation including all disclosures, rests with the City. We believe the data, as presented is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the City's financial affairs have been included.
Accounting System and Budgetary Control The City's accounting records for general governmental operations are maintained on a modified accrual basis, with the revenues being recorded when available and measurable and expenditures being recorded when the services or i goods are received and the liabilities are incurred. Accounting records for the City's utilities and other enterprises are maintained on the accrual basis.
In developing the City's accounting system consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute assurance regarding:
- 1. the safeguarding of assets against loss from unauthorized use or disposition, and 1
- 2. the reliability of financial records for pre-paring financial statements and maintaining accountability for assets.
Honorable Mayor, Members of tha City Commission and City Manager March 1, 1983 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 a general management control function and is accommodated through the integration of budgetary and financial accounting.
Budgeting is considered to be a system of managerial estimates of projected financial position. Such estimates are compared to actual on a monthly and annual basis. Corrections to estimates are made by general management and the City Commission. The Ordinance adopting the annual budget sets forth controlling appropriations on a fund total level.
Notes to the Financial Statement Notes are prepared to provide for a fair presentation and adequate disclosure in the financial statements. The content of the notes provides narrative descriptions of accounting methods and practices employed by the City and discloses additional financial data that may be more informative to the statement user.
The Reporting Entity and It's Services The funds and entities related to the City of Leesburg included in the comprehensive annual financial report are controlled by or dependent on the City. Determination of " controlled by or dependent on" is based on criteria developed by the U.S. Federal Bureau of the Census. The criteria relates to existence as an organized entity; governmental character; and substantial autonomy. Based on these criteria the various funds and account groups (being all the fund and account groups of the city) shown in the Table of Contents are included in this report.
The City provides the full range of municipal services contemplated by statute or charter. This includes public safety (police and fire) ,1;ighways and streets, airport operations, sanitation, recreational and cultural services, public improvements, comprehensive planning and general administrative services. l In addition, the City operates and maintains electric, water, gas, and wastewater treatment / sanitary sewer utilities.
l General Governmental Functions Revenues for general government functions executed by general government ,
funds totaled $3,445,008, excluding net operating transfers primarily from l utilities of $2,100,000 and debt proceeds of $680,000. The following table presents the various financing sources for general government and the increase (decrease) over the prior year:
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Honorablo Mayor, Memb3rs of the City Commircion cnd City Manager March 1, 1983 Increase Percent (decrease)
Financing Sources Amount of total from 1981 Revenues:
Property taxes S 986,279 15.55% $ 330,628 Licenses and permits 66,228 1.04 ( 14,268)
Intergovernmental revenues:
Shared revenue 670,714 10.57 ( 26,528)
Operating Grants 144,555 2.28 ( 214,462)
Capital Grants 75,097 1.18 ( 428,041)
Charges for services 191,688 3.02 53,739 Fines and forfeits 114,252 1.80 9,911 Other revenues 1,196,195 18.85 272,293 Total Revenues 3,445,008 54.29 ( 16,728)
Other Financing Sources:
Debt proceeds 680,000 10.72 505,000 Operating transfers 2,219,899 34.99 ( 319,351)
Total Financing Sources S 6,344,907 100.00% $ 168,921 Current tax collections were 97.3% of the tax levy, down 0.1% from last year. This is the tenth consecutive year in which current property tax collect-ions have exceeded 96%. Delinquent tax collections were slightly less than last year. The ratio of total collections (current and delinquent) to the current tax levy was 97.4%, a decrease of 0.3% from last year. Allocations of property tax rate (per $1,000 of taxable value) by purpose for 1982 and the preceding two fiscal years are:
Purpose 1982 1981 1980 General Fund S 4.371 S 3.192 $ 3.26 General Obligation Debt Total tax rate S 4.371 S 3.192 S 3.26 Operating grants decreased primarily due to the decrease in activity of the Community Development Program. The capital grant reduction reflects the degree of completion of the airport capital improvement project. Shared revenues have experienced negative growth reflecting the current national recession. The increase in property taxes is approximately offset by a decrease in operating transfers from utilities.
Expenditures for general government functions totaled $5,603,778 which excludes operating transfers of $119,899. Total expenditures decreased $15,379 (0.3%) from $5,619,157 to $5,603,778. Changes in expenditures by function and operating transfers over the preceding year are presented as follow:
Honorablo Mayor, Members of the City Commiraion and City Manager March 1, 1983 Increase Percent (decrease)
Expenditures & Other Financing Uses Amount of total from 1981 Expenditures by Function:
General Government S 1,262,196 22.05% S 115,771 Public Safety 1,967,448 34.37 258,811 Physical Environment 254,125 4.44 8,758 Transportation 474,211 8.29 147,396 Economic Environment 47,620 0.83 ( 233,662)
Human Services 149,392 2.61 ( 11,767)
Culture and Recreation 1,056,506 18.46 39,422 Capital Projects 339,260 5.93 ( 349,507)
Debt Service 53,020 0.93 9,399 Total Expenditures 5,603,778 97.91 ( 15,379)
Other Financing Uses Operating Transfers 119,899 2.09 14,635 Total Expenditures and other Financing Sources S 5,723,677 100.00% S( 744)
The increase in general government expenditures approximated 9% over the prior year. Public safety expenditures increased 15% over the prior year primarily due to the additional capital outlay and to increased operating expenses caused by housing of federal prisoners. Transportation expenditure increases reflect increased street lighting costs and increased repaving expenditures. The decrease in Economic Environment expenditures reflect the decrease in Community Development project activity. Finally, the Capital Projects decrease reflects the degree of completion of the extensive Airport improvements.
Long-Term Debt Issues The City issued $650,000 in special revenue debt, pledging its additional sales tax revenues, in order to finance the construction of a new library.
Additional (S4,500,000) utility revenue bond anticipation notes were issued to finance improvements to its water, gas and electric utilities. These notes will be refunded through the issuance of bonds in fiscal year 1985. The notes were l granted a MIG 2 rating.
I The City's existing Utility Revenue Bonds, Series 1977 in the amount of
! S12,020,000 remained outstanding and maintained their current ratings of Al l (Moody's Investors Service) and A+ (Standard and Poor's). The combined l utilities' ratio of net revenues available to debt service requirements was l 2.97:1 for the fiscal year, consistent with historical ratios.
I Cash Management Cash temporarily idle during the year was invested in U.S. Treasury Bills and Bonds of various maturities and in other U.S. Obligations as shown on the Combined Schedule of Investments. Cash held in checking accounts was invested in overnight repurchase agreements which pay interest daily of .75% below the federal funds rate charged to banks. Interest earned by the City this year was
$1,130,000, an increase of $266,000 over interest earned on temporary investments in Fiscal Year 1981. The S4,500,000 Bond Anticipation Note proceeds invested during the year contributed significantly to this increase in interest income.
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Honorable Mayor, Mimbers of the City Commission and City Manager March 1, 1983 Capital Projects Funds Proceeds of the special revenue bond issued during fiscal 1982, are accounted for in Capital Projects Funds until the Library construction project is completed. At the end of the fiscal year, completed projects and con-struction in progress are capitalized in the General Fixed Assets Account Group.
During 1982, projects costing $35,249 were completed while construction in
, progress expenditures were $304,011.
The Capital Project Fund balances on hand at September 30, 1982, were represented by $534,845 in cash, and $88,339 due from other governments.
General Fixed Assets i The general fixed assets of the City are those fixed assets used in the performance of general governmental functions and exclude the fixed assets of Enterprise and Internal Service Funds. As of September 30, 1982, the general 4
fixed assets of the City amounted to $7,964,287. This amount represents the original cost of the assets and is considerably less than their present value.
Depreciation of general fixed assets is not recognized in the City's acccunting system.
City Utilities i
On the whole the City's electric, water, natural gas, and wastewater utilities changes in financial position were as expected. The net income for these combined Utilities totaled $429,994 and increased retained earnings from
$9,960,951 to $10,390,945. The net increase (loss) of the individual utilities for the periods ending September 30, 1980, 1981 and 1982 was as follows:
i 1980 1981 1982 Electric $ ( 323,103) S 1,433,980 $ 151,144 Gas ( 85,398) 82,223 168,215 Water 75,820 29,371 142,697 i Wastewater Treatment and Sanitary Sewer 121,730 100,690 ( 32,062)
S ( 210,951) S 1,646,264 S 429,994 i
The Electric utility has experienced fluctuations in prior years' net income due to recent wholesale rate increases, subsequent negotiated redu'ction, the purchase of its substations to obtain lower rates, and performance variations
! of the Crystal River #3 Nuclear Generating Plant. Retail changes have adjusted the system to these-fluctuations and the current years net income reflects this
, stabilization.
The Gas Utility has also improved its position due primarily to reduction
- in the transfer of net income to the General Fund. Rate increases which were
- approved subsequent to the fiscal year will continue to improve the system's position.
Honorable Mayor, M:mbers of the City Commission and City Manager March 1, 1983 The Water Utility has maintained its financial position and experienced greater net income due to interest earnings on bond proceeds. Rate increases have been approved to meet future increased debt service and depreciation requirements which result from major improvements to the systems.
The Wastewater Treatment and Sanitary Sewer Utility experienced a slight net loss as a result of increased depreciation expense from major plant expansions. The Fiscal Year ended September 30, 1982 is the first year that a full year's depreciation was recorded for the additional plant assets.
Ambulance Service Fund The City established this fund during the fiscal year ending September 30, 1980 in order to improve the accounting and financial management of the ambulance and rescue service. Fee increases and improved collections have eliminated the historical deficit in this fund. The plan to transfer this service to Leesburg Regional Medical Center was executed October 1, 1982.
Consequently, the fund was closed as of September 30, 1982.
Independent Audit The City Charter requires an annual audit of the books of account, financial records, and transactions of all departments of the City by inde-pendent certified public accountants selected by the City Commission. This requirement has been satisfied and the auditor's opinion has been included in this report.
Reporting Standards The Municipal Finance Officers Association of the United States and Canada (MFOA) awarded a Certificate of Conformance in Financial Reporting to the City of Leesburg, Florida for its comprehensive annual financial report for the Fiscal Year ended September 30, 1981, the first of the City's reports to be so awarded.
In order to be awarded a Certificate of Conformance, the City must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Conformance is valid for a period of one year only. It is believed that the current report continues to conform to certificate of Con- )
formance Program requirements, and the report will be submitted to MFOA to determine its eligibility for another certificate.
Honorable Mayor, Members of the City Commission and City Manager March 1, 1983 Acknowledgements The preparation of this report on a timely basis could not be accomplished without the efficient and dedicated services of the entire staff of the Finance Department. I would like to express my appreciation to all members of the Department who assisted and contributed to its preparation. I should also like to thank the members of the City Commission for their interest and support in planning and conducting the financial operations of the City in a responsible and progressive nanner.
Respectfully submitted, e
Re4/Taylor / '
City Manager /
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es C. Schus96r City Clerk / Finance Director j 8302291md Trans. Ltr./CAFR I
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P ORGANIZATIONAL CHARTS
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i CITY CLERK &
I FINANCE DIRECTOR i FINANCE ORGANIZATION DEPARTMENT EXECUTIVE CHART l SECRETARY i
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l CITY CLERK ACCOUNTING COLLECTIONS i OFFICE i
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DATA CUSTOMER j PROCESSING SERVICE I
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ITY CITY OF LEESBURG ORGANIZATION CHART COMMISSION CITY CITY CITY CLERK MANAGER ATTORNEY i
! ENGINEERING 8 PURCHASING PERSONNEL FINANCE PUBLIC WORKS 1
i FIRE a POLICE LIBRARY RECREATION i RESCUE l
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! WATER & WASTEWATER ELECTRIC PLANNING & CODE l GAS TREATMENT DEVELOPMENT ENFORCEMENT I
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l Certi:!icate .
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Con:~ormance in Financia Reporting Presented to City of Leesburg, Floric.a For its Cornprehensive 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 retirement systems whose comprehensive annual financial reports (CAFR's) are judged to substantially conform to program standards.
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Lc.14 4 President 93 comum o Evecutive Director
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FINANCIAL SECTION This Section Contains the Following Subsections:
AUDITOR'S REPORT GENERAL PURPOSE FINANCIAL STATEMENTS COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES SCHEDULES 4
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BROOKS, BROWN & CO.
C E RTIFIE D PUBLIC ACCOUNTANTS 215 NORTH 3RD STREET LEESBURG. FLORIDA 32748 l 19041 787-8682 iso 4174e 24eo MEMIERS PARTNERS.
FLOAIDA INSTITUTE OF W. THOM AS B ROOKS. C.P. A.
f, CERTIFIED PUBLIC ACCOUNTANTS B ALLE N B ROW N. JR . C.P. A.
AMERICAN INSTITUTE OF C. THOM AS WILEY, C.P. A.
l CERTIFIED PUBLIC ACCOUNTANTS l Tne Honorable City Commissioners l City of Leesburg, Florida I
l We have examined the combined financial statements of the City of Leesburg, l
Florida,and its combining and individual fund financial statements as of and for
. the years ended September 30,1982 and 1981, as listed in the table of contents.
Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circmstances.
In our report dated January 15, 1982, our opinion on the 1981 financial statements was qualified because docunents of the Community Development Block Grant Fund were not available for examination. These documents were made available for examination in the current year and, accordingly, our present opinion on the 1981 financial statements, as presented herein, is different from that expressed in our previous report.
In our opinion, the combined financial statements referred to above present j fairly the financial position of the City of Leesburg at September 30, 1982 and l 1981, and the results of its operations and the changes in financial position of l its proprietary fund types and similar trust funds for the years then ended, in confcrmity with generally accepted accounting principles applied on a consistent basis. Also, in our opinion, the combining and individual fund financial statements referred to above present fairly the financial position of the individual funds of the City of Leesburg, Florida, at September 30,1982 and 1981, their results
( of operations, and the changes in financial position of individual proprietary l funds for the years then ended in canformicy with generally accepted accounting principles applied on a consistent basis.
The additional infonnation provided in the supplementary schedules section has been taken primarily from accounting and other records of the City and has been subjected to the tests and other auditing procedures applied in our examination of the financial statements of the City of Leesburg, Florida, for the years ended September 30,1982 and 1981. In our opinion, such information is fairly presented in all material respects in relation to the financial statements taken as a whole
! although it is not necessary for a fair presentation of financial position, results l
of operations, or changes in financial position.
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Brooks,, Brown & Co.
Certified public Accountants
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GENERAL PURPOSE FINANCIAL STATEMENTS (Combined Statements-Overview)
These basic financial statements provide a summary overview of the financial position of all funds and account groups as well as the operating results of all funds. They also serve as an introduction to the more detailed statements and schedules that follow in the next Subsection.
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A CITY OF LEESBURG, FLORIDA i
j COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT CROUPS j
September 30, 1982 and 1981 Exhibit 1 GOVERNMENTAL FUND TYPES SPECIAL DEBT CAPITAL GENERAL REVENUE SERVICE PROJECTS ASSEIC i
- Cash & Cash Equivalents (Note 1) $ 94,1 % $ 130,266 $ 945 $ 534,845 i l'2 vestments, at Market (Note 1)
- at Amortized Cost (Note 1) 102,556 Receivables
Customer Accounts (Note 1)
Allowance for Doubtful Accounts Accrued Interest Other Receivables 31,890 Escrow Deposit
-Due from Other Funds 1,082,054 54,167 Due from Other Governments (Note 6) 2,426 19,713 88,339 Inventory, at Cost (Note 1) 6,456 Restricted Assets (Note 2)
Cash with Fiscal Agents (Note 1)
Cash & Cash Equivalents 80,447 Investments at Amortized Cost (Note 1)
Receivables Fixed Assets, at Cost (Notes 1 & 3)
General Fixed Assets (Notes 1 and 3)
Accumulated Depreciation (Note 1)
Construction in Progress Long Term Receivables
, Interfund Advances Receivable (Note 1)
Deferred Issue Cost, Net, (Note 1)
. Amount Available in Debt Service Funds Amount to be Provided for Retirement of General Long Tem Debt s
$ 1,216,932 $ 230,426 $ 157,668 $ 623,184 1 Total Assets See Accompanying Notes
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CITY OF LEESBURG, FIORIDA COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNI GROUPS September 30, 1982 and 1981 Exhibit 1 FIDUCIARY PROPRIETARY FUND TYPES FUND TYPE ACCOUNT GROUPS .TOIAL-GENERAL GENERAL (MEMORANDLN ONLY)
INTERNAL TRUST AND FIXED LONG September 30 ENTERPRISE SERVICE AGENCY ASSETS TERM DEBT 1982 1981
$ 1,296,187 ,$ $. 637,226 $ $ $ 2,695,575 $ 2,933,164 3,083,752 3,083,752 1,935,572 102,556 2,908,132 2,908,132 2,406,881
( 293,547) ( 293,547) ( 230,389) 55,022 81,117 136,139 79,750 31,890 39,415 34,108 150,976 19,516 1,306,713 1,218,833-110,478 41,843 574,115 17,783 598,354 532,770 629,568 629,568 .603,227 5,685,184 5,765,631 2,864,333 1,865,338 1,865,338- 719,965 275,526 39,222,102 27,765 39,249,867 37,836,377 7, % 4,287 7, % 4,287 7,355,268
( 9,215,791) ( 17,822) ( 9,233,613) ( 7,891,181) 1,490,186 1,490,186 150,889 44,953 44,953 51,169 605,532 605,532 2,233,178 234,392 234,392 739,975 157,668 157,658 111,855 984,822 984,822 497,131
$ 27,726 $ 3,821,611 $ 7,964,287 $ 1,142,490 $ 60,438,673 $ 54,039,659 3
$45.254.349 i
See Accompanying Notes CITY OF LEESBURC, FIDRIDA COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS September 30, 1982 and 1981 Exhibit 1 COVERNMENTAL FUND TYPES SPECIAL DEBT CAPITAL CENERAL REVENUE SERVICE PROJECTS LIABILITIES Accounts Payable $ 136,953 $ 74 $ $ 93,960 Accrued Liabilities 67,121 550 Customer Advances for Construction Dua to Other Covernments 279 43,629 Dua to Other Funds 68,167 95,641 87, 9 7 Paytble from Restricted Assets:
Customer Deposits Accrued Interest on Revenue Bonds CenIral Bonds Payable (Note 4)
Othar Notes Payable (Note 4)
R;vinue Bonds Payable (Note 4)
Bond Anticipation Notes Payable (Note 4)
Unamortized Discount Intarfund Advances Payable (Note 1)
Unmarned Revenues 38,314 Total Liabilities 310,834 139,344 182,087 FUND EQUITY Contributed Capital (Note 1)
Invastment in General Fixed Assets Net Assets Available for Benefits .
Ratzined Earnings (Deficit):
Rsserved (Note 2)
Unreserved Fund Balances Rzserved (Note 1) 29,324 80,447 157,668 441,097 Unreserved 876,774 10,635 -
Total Fund Equity 906,0 8 91,082 157,668 441,097 Total Liabilities and Fund Equity $ 1,216,932 $ 230,426 $ 157,668 $ 623,184 See Accompanying Notes i
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CITY OF LEESBURC, FLORIDA COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT CROUPS September 30, 1982 and 1981 Exhibit 1 FIDUCIARY PROPRIETARY FUND TYPES FUND TYPE ACCOUNT CROUPS TOTAL GENERAL GENERAL (MEMORANDUM ONLY)
INTERNAL TRUST AND FIXED LONG September 30 EffrERPRISE SERVICE ACCCY ASSETS TERM DEBT 1982 7.981
$ 1,017,248 $ 9,333 $ 3,441 $ $ $ 2,060,979 $ 2,280,771 433,526 1,254 502,451 440,411 121,365 121,365 170,125 3,908 33,812 1,033,997 11,893 9,438 1,306,713 1,218,833 697,872 697,872 634,151 355,616 355,610 355,616 925,000 925,000 310,000 217,490 217,490 298,986 12,020,000 12,020,000 12,020,000 8,500,000 8,500,000 4,000,000
( 217,056) ( 217,056) ( 204,131) 605,532 605,532 2,233,178 15,600 53,914 49,190 25,368,100 22,450 28,479 1,142,490 27,193.784- 23,840,942 9,714,225 15,979 9,730,204 9,630,574 7,964,287 7,964,287 7,355,268 3,793,132 3,793,132 2,652,393 3,383,160 3,383,160 2,488,714 6,788,864 ( 10,703) 6,778,161 7,097,053
! 708,536 183,064 L 887,409 791.651 i
19,886,249 5,276 3,793,132 7,964,287 33,244.889 30,198.717
$45,254,349 $ 27,726 $ 3,821,611 $ 7,964,287 $ 1,142,490 $ 60,438,673 $ 54,039,659 4
See Accompanying Notes i
CITY OF LEESBURG, FIDRIDA COMBINED STATEMENI 0F REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES Years Ended September 30, 1982 and 1981 Exhibit 2 COVERNMENTAL FUND TYPES TOTAL (MEMORANDUM ONLY)
SPECIAL DEBT CAPITAL September 30 CENERAL REVENUE SERVICE PROJECTS 1982 1981 REVENUES:
Taxes $ 986,279 $ $ $ $ 986,279 $ 655,651 Licenses and Permits 66,228 66,228 80,496 Intergovernmental Revenue (Note 6) 13,543 223,404 75,097 312,044 933,675 Shared Re'renues 578,322 578,322 625,722 Charges for Services 191,688 191,688 137,949 Fines and Forfeitures 114,252 114,252 104,341 Miscellaneous (Note 1) 1,191,908 ,
4.287 1,196,195 923,902 Total Revenues 3,142,220 223,404 4,287 75,097 3,445,008 3.461,736 EXPENDITURES:
General Government (Note 1) 1,255,829 6,367 1,262,196 1,146,425 Public Safety 1,967,448 1,967,448 1,708,637 Physical Environment 254,125 254,125 245,367 Transportation 445,792 28,419 474,211 326,815 Economic Environment 31,245 16,375 47,620 281,282 Human Services 6,676 142,766 149,392 161,159 Culture / Recreation 1,056,506 1,056,506 1,017,084 Capital Projects 339,260 339,260 688,767 Debt Service:
Principal Retirement 35,000 35,000 30,000 Interest and Fiscal Charges 18,020 18,020 13,621 Total Expenditures 5.017,571 193,927 53,000 339,260 5,603,778 5,619,157 Excess (deficiency) of Revenues over Expenditures ( 1,875,351) 29,477 ( 48,733) ( 264,163) ( 2,158,770) ( 2,157,421)
Other Financing Sources (Uses):
Bond and Note Proceeds 680,000 680,000 175,000 I Operating Transfers In (Note 1) 2,100,000 93 94,546 25,260 2,219,899 2,539,250 Operating Transfers Out (Note 1) ( 119,899) ( 119,899) ( 105,264) l Total Other Financing Sources (Uses) 1,980,101 93 94,546 705,260 __2,780,000 2,608,986 l
[
Excess (deficiency) of revenues and other financing sources over l expenditures and other uses 104,750 29,570 45,813 441,097 621,230 451,565 Fund Balance at beginning of year 801,348 61,512 111,855 974,715 502,170 l
Increase in reserve for inventory 20,980 Fund Balance at end of year $ 906,098 $ 91,082 $157,668 $ 441,097 $ 1,595,945 $ 974,715 See Accompanying Notes
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CITY OF LEESBUkG, F14RIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDCET (CAAP BASIS) AND ACTUAL CENERAL, SPECIAl REVENUE AND CAPITAL PROJECTS IlJND TYPES ,
lear Ended September 30, 1982 Exhibit 3
^&.
s a
UENERAL FUND VARIANCE g ,
FAVORABLE BUDGET ACTUAL (UNFAVORABLE) s REVENUES: s , ,
Taxes s $ 992,400 $ 986,279 '
$( 6,121)
Licenses and permits 68,800 66,228 ( 2,572)
Intergovernmental Revenues (Note 6) 13,550 13,543 _
N ( 7)
Shared Revenues $71,050 578,322 7,272 Charges for services 189,900 191,688 1,788 Fines and forfeitures 136,400 114,252 ( 22,148)
Miscellaneous (Note 1) 1,083,020 1,191,208 108,888 Total Revenues 3.055,120 3,142,220 87,100 EXPENDITURES:
General Government (Note 1) 1,308,096 1,255,829 52,267 Public Safety 2,075,351 1,967,448 i 107,903 Physical Environment 271,090 254,125 16,965 Transportation 495,730 445.792 49,938 Economic Environment 68,420 31,245 37,175 Human Services 15,400 6,626 8,774 Culture / Recreation 1,143,700 1,056,506 87,194 Capital Projects Total Expenditures 5,377,787 5,017,571 360,216 Excess (deficiency) of Revenues j Over Expenditures j
( .,322,667) ( 1,875,351) 447,316 1
- l Other Financing Sources (Uses):
Bond and Note Proceeds Operating transfers in (Note 1) 2,250,000 2,100,000 ( 150,000)
- Operating transfers (out) (Note 1) ( 77,740) ( 119,899) ( 42,159) i Total Other Financing Sources (Uses) 2,172,260 1,980,101 ( 192,159) t i
i Excess (deficiency) of Reve uns and Other Sources over Expenditures and J Other Uses ( 150,407) 104,750 255,157 Fund Balance at beginning of year 801,348 801,348 Fund Balance at end of year $ 650,941 \ $ 906,098 $ 255,157 See Accompanying Notes s s
THE CITY OF LEESBURG, FIARIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANCES IN FUND BALANCES - BUDCET (CAAP BASIS) AND ACTUAL CENERAL, SPECIAL REVENUE AND CAPITAL PROJECTS FLTD TYPES Year Ended September _30, 1982 Exhibit 3 SPECIAL REVENUE FUND TYPES CAPITAL PROJECTS FLWD TYPES VARIANCE VAMANCE FAVORABLE FAVORABLE BUDCET ACTUAL (UNFAVORABLE) BUDCET 4CTUAL (LWFAVORABLE) 587,127 223,404 ( 363,723) 104,640 75,097 ( 29,543) i 987,127 223,404 ( 363,723) 104,640 75,097 ( 29.543) 3,100 6,367 ( 3,267) 106,675 28,419 78,256 271,520 16,375 255,145 247,410 142,766 104,644 11,950 11,950 792,180 339,260 452,920 640,655 193,927 446,728 792,180 339,260 452,920
( 53,528) 29,477 83,005 ( 687,540) (-264,163) 423,377 680,000 680,000 10,370 93 ( 10,277) 7,540 25,260 17,720 10,370 93 ( 10,277) _687,540 705,260 17,720
( 43,158) 29,570 72,728 441,097 441,097 61,512 61,512 $ 18.354 $ 91,082 $ 72,728 $ $ 441,097 $ 441,097 See Accompanying Notes
CITY OF LEESBURG, FIDRIDA COMBINED STATEMEl,T OF RIVENUES, EXPENSES AND CHANCES IN RETAINED EARNINGS ALL PROPRIETARY WND TYPES Years Ended September 30, 1982 and 1981 Exh!bfr 4 TOTAL PROPRIETARY FUND TYPES (MEMORANDUM ONLY)
INTERNAL Years Ended September 30 ENTERPRISE SERVICE 1982 1981 OPERATING REVENUES:
Charges for Services $ 22,119,417 $ 137,921 $ 22,257,338 $ 22,389,936 Contract Revenue (Note 7) 275,000 275,000 250,000 Other Operating Revenue 231,938 231,958 232,524 Total Operating Revenues 22,626,375 137,921 22,764,296 22,872,460 OPERATINO EXPENSES:
Generation and Transmission 744,955 744,955 571,787 Purchased Energy 13,375,228 13,375,228 12,932,537 Operating and Maintenance 2,834,506 2,834,506 2,765,352 Administrative Expenses 1,312,060 139,355 1,451,415 1,435,531 Depreciation and Amortization 1,367,576 __ 4.085 1,371.661 1,086,183 Total Operating Expenses 19,634,325 143,440 19,777,765 18,791,390 ,
Operating income (loss) 2.992,050 ( 5,519) 2,986,531 4,081,070 Nonoperating Revenues (Expenses):
Interest Earnings 997,154 997,154 834,003 Interest Expense ( 1,420,569) ( 1,420,569) (902,772)
Other Income and Expensea 102,629 102,629 83,273 Total Non-operating Revenues (Expenses) ( 320,786) ( 320,786) 14,504 Income (Loss) before operating transfers 2,671,264 ( 5,519) 2,665,745 4,095,574 Operating Transfers in (out) ( 2,100,000) ( 2,100,000) ( 2,433,986)
Net Income (Loss) 571,264 ( 5,519) 565,745 1,661,588 Adjustment for Ambulance Depreciation j that reduces Contributed Capital (Note 1) 9,809 9,809 14,013 Retained Earnings (Deficit) at Beginning of Year 9,590,951 ( 5.184) 9,585,767 7,'910,166 '
Retained Earnings (Deficit) at End of Year $ 10,172,024 $( 10,703) $ 10,161,321 $ 9,565,767 See Accompanying Notes 8-
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CITY OF LEESBURG, FLORIDA COMBINED STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FIDUCIARY FUND TYPES - ALL PENSION TRUST FUNDS Years Ended September 30, 1982 and 1981 Exhibit 5 1982 1981 Investment Income Unrealized Appreciation (Depreciation) in Fair Value of investments (Note 10) $ 335,307 $( 153,227)
Interest earned 372,603 256,942 Gain on sale of investments 3,645 3,624 Total Investment Income 711,555 107,339 Contributions (Note 10)
Employer 416,596 335,740 Employee 53,010 51,035 State of Florida 64,128 60,197 Total Contributions 533,734 447,022 Total Additions 1,245,289 554,361 Deductions:
Refunds 11,002 3,779 Benefit Payments 30,531 73,494 Administrative Expenses 63,017 39,781 Total Deductions 104,550 117,054 Net Increase 1,140,739 437,307 Net Assets Available for Benefits at Beginning of Year 2,652,393 2,215,086 Net Assets Available for Benefits at End of Year S 3,793,132 $ 2,652,393 i
See Accompanying Notes CITY OF LEESBURC, FII)RIDA COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION ALL PROPRIETARY RIND TYPES Years Ended September 30, 1987 and 1981 Exhibit 6 TOTAL PROPRIETARY FUND TYPES (MEMORANDUM ONLY)
INTERNAL Years Ended September 30 ENTERPRISE SERVICE 1982 1981 Sources of Working Capital:
Operations:
Net Income (Loss) $ 571,264 $( 5,519) S 565,745 S 1,661,588 Items not affecting Working Capital:
Depreciation ar.d Amortization 1,433,036 4,085 1,437,121 1,132,912 Working Capital Provided by (Used In)
Operations 2,004,300 ( 1 ,4 34) 2,002,866 2,794,500 Decrease in Restricted Assets 2,633,480 2,633,480 4,254,797 Decrease in Interfund Advances Receivable 1,627,646 1,627,646 Increase in Interfund Advances Payable 374,402 Net Increase in Current Liabilities Payable from Restricted Assets 63,721 63,721 114,340 Decrease in Long Term Receivables 6,216 6,216 Contributed Capital 109,439 109,439 858,265 1980 Bond Anticipation Note Proceeds 4,500,000 4,500,000 Book Value of Equipment Disposals 12,606 502 13,108 7,0 34 Total Sources of Working Capital 10,957,408 ( 932) 10,956,476 8,403,338 Uses of Working Capital:
Increase in Restricted Assets 6,390,749 6,390,749 1,840,651 Acquisition of Property and Equipment 2,464,147 1,500 2,465,647 4,512,382 Additions to Intangible Plant 102,420 102,420 Increase in Nuclear Fuel 247,602 247,602 275,756 Increase in Long-Term Receivables 51,169 Increase in Deferred Issue Costs 21,207 21,207 13,520 Increase in Unamortized Discounts 31,050 31,050 Increase in Interfund Advances Receivable 324,010 Decrease in Interfund Advances Payable 1,627,646 1,627,646 50,392 Net "' crease in Current Liabilities Payable from Restricted Assets 457,483 j
Total Uses of Working Capital 10,884,821 1,500 10,886,321 7,575,363 Net Increase (Decrease) in Working Capital (See Schedule on following page). S 72,587 S( 2,432) S 70,155 S 877,975 See Accompanying Notes (Centinued) 1 of 2
CITY OF LEESBURG, FLORIDA (XXiBINED STATEMENT OF C"4ANGES IN FINANCIAL POSIT 10J ALL PROPRIETARY FUND TYPES Years Ended September 30, 1982 and 1981 Exhibit 6 TOTAL PROPRIETARY FUND TYPES (MEMORANDLN OhlY)
INTERNAL Years Ended September 30 ENTERPRISE SERVICE 1982 1981 Elements of Net Increase (Decrease) in k'orking Capital:
Cash and Cash Equivalents $( 839,277) $ $( 839,277) $ 1,707,887 Investments ( 1,304,200)
Customer Accounts (Net) 438,093 438,093 ( 535,006)
Due from Other Governments ( 22,447)
Accrued Interest 34,691 34,691 ( 3,556)
Due from Other Funds 15,281 15,281 ( 208,517)
Inventory 61,663 7,462 69,125 ( 53,493)
Accounts Payable 359,762 ( 5,072) 354,690 1,817,554 Accrued Expenses ( I38,806) 91 ( 138,715) ( 7,726)
Customer Advances for Conttruction 48,760 48,760 ( 32,642)
Due to Other Funds 92,420 ( 4,913) 87,507 ( 479,879)
Net Increase (Decrease) in Working Capital $ 72,587 $( 2,432) $ 70,155 $ 877,975 See Accompanying Notes (Concluded) 2 of 2 l
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CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1982 NOTE 1
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the City of Leesburg, Florida conform to generally accepted accounting principles for governmental entities. The following is a summary of significant accounting policies.
Fund Accounting The accounting system and financial reporting of the City are organized and operated on a fund basis. A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations.
Fund and Account Group Categories The categories of funds and account groups of the City are summarized as follows:
(1) Governmental Type Funds are those through which most government functions typically are financed. The acquisition, use, and balances of expendable financial resources and the related current liabilities (except those accounted for in proprietary funds) arn accounted for through governmental type funds. Covernmental funds used by the City are as follows:
General Fund - to account for all financial resources which are not required to be accounted for in another fund.
Federal Revenue Sharing Fund, Community Development Block Grant, and Housing Assistance Program Fund These funds are Special Revenue Funds which account for the proceeds of specific revenue sources (other than special assessments, expendable trusts, or for major capital projects) that are legally restricted to expenditures for specified purposes.
Debt Service Fund - The debt service fund was created to account for the payment of principal and interest on the Public Improvement Revenue I
Certificates and Special Revenue Bonds. All other general long-term debt is serviced directly from the General Fund.
Capital Projects Funds are used to account for financial res::urces to be used fcr the acquisition .ar construction of major capital facilities (other than those financed by Proprietary Funds, Special Assessment Funds and Trust Funds) .
(2) Proprietary Funds are used to account for a government's ongoing activities which are similar to those found in the private sector.
_ _ , - _ - - - _ _ ___ _ . ._._ .~_ _ _ _ - _ _ _ _ _ _ _
CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 1
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(Fund and Account Group Categories) - (Proprietary Funds)
The two types of proprietary funds used by the City are:
Enterprise Funds are used to account for activities that are operated in a manner similar to private businesses where the costs of providing goods and services are primarily recovered through user charges.
Enterprise funds of the City are as follows:
Electric Utility Fund Gas Utility Fund Water Utility Fund Sanitary Sewer and Wastewater Treatment Fund Sanitation Services Fund Ambulance Fund Internal Service Fu3d s are used to account for the financing of goods and services provided by one department to other departments of the City on a cost-reimbursement basis. The Motor Pool Service Fund is the Internal Service Fund operated by the City.
(3) Fiduciary funds are used to account for assets held in a trustee capacity for others. The City's fiduciary funds are as follows:
Municipal Police Officers' Retirement Trust Fund Municipal Firemen's Retirement Trust Fund General Employees Pension Fund (4) Account Groups record and control the government's general fixed assets and general long-term debt. The cceaunt groups are not funds and do not reflect available financial resources and related liabilities. The following account groups are maintained by the City.
General Fixed Assets - to account for property and equipment not used in Proprietary Fund operations or accounted for in Trust Funds.
General Long-Term Debt - to account for unmatured principal of long-term general obligation indebtedness that is not a specific liability of a Proprietary or Fiduciary Fund.
Basis of Accounting Governmental Fund revenues and expenditures are recognized on the modified accrual basis. This method recognizes revenues in the accounting period in which they become available and measurable. Expenditures are recognized in the period in which the fund liability is incurred (except unmatured interest on general long-term debt which is recognized when due and accumulated employee vacation and sick pay which are not accrued).
Governmental Fund Type revenues that are susceptible to accrual include franchise fees, Federal and State Revenue sharing revenues, and reimbursements from grants for authorized expenditures through September 30.
CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 1
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(Basis of Accounting)
Property tax notices are mailed by the County in Novemoer and become delinquent after April 1. Consequently, the City reports no current preperty taxes receivable as of September 30 and delinquent property taxes are im-material.
! Budget data, when presented in the financial statements, is prepared on the same basis of accounting as described for each fund. Encumbrances out-
- standing at year end are deemed cancelled and amounts sufficient to
! re-establish the commitment are included in the appropriations for the subsequent year.
Fund balances are reserved within the General Fund for inventory (S6,456) and police expenditures (S22,868); within the Debt Service Fund
($157,668) for retirement of debt; within the Capital Projects Fund
($441,097) for construction; and within the Special Revenue Funds (S80,447) for certain capital improvements in the Community as a result of a litigation settlement.
Proprietary Fund revenues and expenses are recognized on the accrual basis.
Revenues of the enterprise funds are recognized on tae basis of services rendered. Billing cycles of the Utility Funds which overlap September 30 are prorated based upon meter reading dates. Total unbilled revenues for the combined Utility Funds amount to S990,357 at September 30, 1982.
Fiduciary Funds of the City are all nonexpendable Pension Trust Funds and are accounted for on the accrual basis.
Transfers Transfers are recognized in the accounting period in which the interfund receivable and payable arise. Transfers are made from the utility funds to finance operations of the General Fund and the General Fund makes transfers to the Community Development Block Grant Fund, Debt Service Fund, and Capital Projects Funds.
Interfund Advances The Electric Utility Fund has provided advances to the Water and Wastewater Treatment Funds. These advances are included in other assets and other liabilities of the respective funds.
Grants-Proprietary Funds Unrestricted grants, entitlements or shared revenues received are reported as non-eperating revenues. Such resources externally restricted for capital l
acquisitions or construction are reported as contributed capital. Operating l expenses include depreciation on all depreciable fixed assets. Depreciation l recognized on ambulance vehicles (Ambulance Fund) acquired by Emergency Medical Services grants is closed to the appropriate contributed capital l
account.
! -14,
CITY OF LEESEURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 1
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Cash equivalents The City has a cash management program which provides that the pooled cash balances exceeding a minimum amount be invested in overnight repurchase agreements at an interest rate tied to the Federal Funds rate. These repurchase agreements consist of securities guaranteed by the United States government.
Cash with Fiscal Agents Utilities revenue certificates maturing on October 1 each year together with interest payments then due are paid to the City's paying agent prior to that date. The aforementioned payment is recorded as an asset as of the balance sheet date and subsequently as a reduction of utilities revenue certificates and/or accrued interest payable within the fiscal year of maturity.
Investments In all funds, except the Pension Trust Funds, investments are stated at amortized cost. In accordance with Statement of Financial Accounting Standards No. 35 - Accounting and Reporting By Defined Benefit Pension Plans the investments within the Pension Trust Funds are stated at market value (Note 10). The City has no investments in equity securities.
Inventories Inventories held by the Utility, Sanitation Services and Motor Pool Funds are priced by the weighted average cost method. Inventory shown in the General Fund consists of expendable supplies and Police Department gasoline held for consumption. The amount thereof has been reccrded for information purposes as an asset, offset by a reserve of an equal amount.
Amortization Amortization of issue cost and discount related to the 1977 Revenue Bonds is computed by the " Bonds Outstanding" method which is not materially different from the interest method.
Fixed Assets (Proprietary Funds)
< Fixed Assets (Proprietary Funds) are recorded at historical cost. Depre-ciation is computed by the straight-line method over the estimated useful lives of the assets as follows:
Utility Funds:
Buildings 10 to 50 years Improvements other than buildings 20 to 100 years Machinery, Equipment and Vehicles 4 to 20 years Nuclear Fuel 3 years Sanitation Services Fund:
Equipment 5 to 10 years Vehicles 5 to 7 years Ambulance Fund:
Buildings 40 years Equipment 4 to 10 years s
Vehicles 6 years Motor Pool Service Fund:
Equipment 3 to 10 years Vehicles 6 years
CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 1
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Capitalized Interest During Construction In accordance with Statement of Financial Accounting Standards No. 34 -
Capitalization of Interest Cost, the City has capitalized interest related to the acquisition and construction of certain Utility projects. In the current year, $33,707 of interest was capitalized relating to Water Utility construction and in the year ended September 30, 1981, $164,484 of interest was capitalized relating to Electric Utility construction.
i General Fixed Assets General Fixed Assets purchased are recorded as expenditures in the Governmental Fund Types at the time of purchase. Such astets are capitalized at cost in the General Fixed Assets group of accounts. The City's policy is not to report public domain fixed assets such as streets, rights-of-way, sidewalks, drainage systems and similar assets. Donated fixed assets are valued at their estimated fair value at the time of acquisition. General Fixed Assets include the City's cost of assets of Leesburg General Hospital.
Depreciation is not provided on General Fixed Assets.
Reimbursements to General Fund for Administrative Services Included in general government expenditures within the General Fund are certain administrative costs of operating the various enterprises and operations of the City. Such costs include accounting, collections, data processing, customer service, purchasing, personnel, and warehouse. A cost allocation plan has not been developed to charge all programs with a prorata share of the overhead. However, a substantial portion of the overhead is allocable to the enterprise funds. City Management has estimated and charged
$920,563 to the enterprise funds for overhead expenses incurred by the General Fund for the year ended September 30, 1982. The reimbursements are i
recognized as miscellaneous revenue within the General Fund and as an
[ operating expense in the various enterprise funds. The costs are allocated I based upon time studies of functions performed for each Fund.
Accumulated Unpaid Vacation and Sick Pay The City accrues accumulated unpaid vacation and sick pay when incurred in the Proprietary Funds. Personnel policies allow employees to accumulate a maximum of 90 days vacation leave and 90 days sick leave. Upon termination, employees are paid for their accrued vacation leave and 25% of their accrued sick leave balance. Vacation and sick pay is not accrued in the governmental
' type funds. The unrecorded vacation and sick leave benefits in these funds at September 30, 1982 are as fcilows:
Vacation Sick Pay l General Fund $ 148,902 $ 112,480 Community Development 142 142 Housing Assistance 355 225
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$ 149,399 $ 112,847 l
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CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 1
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Budgeting The City's procedures in preparing and adopting the annual budget are as follows:
(1) The City Manager is respcnsible for preparing a proposed operating budget for the upcoming year prior to September 30, that includes estimated revenues, proposed expenditures, and other financing sources and uses.
(2) Public hearings are held to obtain taxpayer comments and suggestions.
The budget is enacted through passage of a resolution.
(3) ~ The City Manager is authorized to transfer budgeted amounts within any fund, but may not revise total fund expenditures without the approval of the City Commission. The budgetary data presented is in agreement with the originally adopted budget as amended by the City Commission.
(4) Formal budgetary integration is employed as a management control device during the year for all funds. Budgets are adopted on a basis consistent with generally accepted accounting principles. Total budgeted fund expenditures within the governmental type funds may not be exceeded legally. Appropriations lapse at the end of the year.
Total columns on the Combined Statements-Overview Total columns on the Combined Statements-Overview are captioned Memorandum Only to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggrega-tion of this data.
WOTE 2 RESTRICTED ASSETS AND RESERVED RETAINED EARNINGS Utility Funds - Bond Service Requirements As of September 30, 1982 bond service requirements are current. The following is a summary of the restricted assets related to the Refunding and Capital Improvement Utitlities Revenue Bonds, Series 1977.
Revenue Bond Debt Service In accordance with terms of the bond resolution, the City deoosits cash monthly into a separate account to fund upcoming principal and interest payments on the bonds. Such cash and investments are reflected in the financial statements as restricted assets.
Revenue Bond Reserve In addition to debt service deposit requirements, the bond resolution requires a reserve account to be used only to pay principal and interest in the event the monies in the sinking fund are insufficient therefor. Deposits into this account are to be made until the amount on deposit equals the maximum amount of principal and interest becoming due in any ensuing fiscal year. As of September 30, 1982, the maximum amount ($922,253) had been funded.
1
CITY OF LEESBURG, FLORIDA I
NOTES TO FINANCIAL STATEMENTS I
j NOTE 2 RESTRICTED ASSETS AND RESERVED RETAINED EARNINGS (Continued)
Renewal and Replacement The City must make monthly deposits to a i
separate account which is restricted for paying the costs of extensions, enlargements or additions,to, or replacement of capital assets and emergency repairs thereto. The deposit requirement is 1/12 of 5% of the year's gross revenues after deducting the cost of purchased energy and i
fuel adjustment collections. There is no deposit requirement if the 3
amount on deposit equals an amount recommended by the consulting engineer. The total monthly deposit requirement is currently S32,685.
, 1977 Bond Proceeds and 1980 Bond Anticipation Note Proceeds The proceeds of the bond and note issues have been segregated and are I restricted to payment of acquisition and construction costs of capital improvement projects. Retained earnings are not reserved for the balances in these accounts since any remaining monies will be used to retire the debt.
l The following have been restricted to indicate the City's tentative plans for financial resource utilization in a future period (designations):
Depreciation Account The Depreciation Account was created to provide funds for replacing property and equipment. The deposit amount is egcal to budgeted depreciation expense.
Potable Water Account The Potable Water Account was created to provide funds for the cost of pro-i viding water sources. The monthly contribution amount is S1,000.
l Customer deposits have been restricted to indicate that the amount is not available for the financing of current utility operations.
NOTE 3 PROPERTY, PLANT AND EQUIPMENT A summary of changes in general fixed assets follows:
Balance Balance 10/1/81 Additions Deletions 9/30/82 Land $1,001,456 S 65,141 S $ 1,066,597
- Buildings 3,534,708 75,150 3,609,858
! Improvements other than i buildings 504,609 14,514 3,560 515,563 Equipment 1,746,299 212,677 58,913 1,900,063 Construction in Progress 568,196 304,010 872,206 l
Total S 7,355,268 $ 671,492 $ 62,473 $ 7,964,287
, _ _ _ . , _ _ , _ , _ ~ . . - - _ . - _ . ~ . . - . _ _ _ . . _ _ _ . _ _ _ . _ . . _ _ _ . _ _ . . , _ , - -
CITY OF LEESBURG, FLORIDA NOTE 3 TO FINANCIAL STATEMENTS NOTE 3 PROPERTY, PLANT AND EQUIPMENT (Continued)
A summary of proprietary fund type property, plant and equipment at September 30, 1982 follows:
Enterprise Internal Service Intangible Plant $ 102,420 $ Land 1,042,553 Buildings 3,181,657 Improvements other than buildings 30,394,596 Equipment 4,500,875 27,765 Construction in progress 1,490,187 Total 40,712,288 27,765 Less accumulated depreciation 9,215,791 17,822 Net $31,496,497 $ 9,943 NOTE 4 NOTES, MORTGAGE NOTES AND BONDS PAYABLE The following is a summary of all notes, mortgage notes and bonds payable of the various funds and general long term debt.
Utility Funds:
Refunding and Capital Improvement Utilities Revenue Bonds, Series 1977 -
S12,020,000 The 1977 Bonds are coupon bonds in denominations of $5,000 each and are collateralized by a pledge of net revenues of the utilities system and income on certain investments. Bond maturity and interest rates are as follows:
SERIAL BONDS Maturity Interest Maturity Interest Date Rate Amount Date Rate Amount 1993 5.60% $ 620,000 1999 5.90% $ 860,000 1994 5.70 660,000 2000 5.90 890,000 1995 5.75 700,000 2001 6.00 175,000 1996 5.80 735,000 2002 6.00 185,000 1997 5.85 780,000 2003 6.00 200,000 1998 5.90 810,000 2004 6. 0.0 210,000
$ 6,825,000 TERM BONDS 6.00% Bonds due October 1, 2005 5,195,000 S8,500,000 Public Utility Revenue Bonds Anticipation Notes, Series 1980
$8,500,000 in notes have been issued in anticipation of and payable upon sale of bonds not later than 1985. Interest rates range from 7.78% to 9.375%.
8,500,000
$ 20,520,000
CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 4 NOTES, MORTGAGE NOTES AND BONDS PAYABLE (Continned)
! GENERAL LONG TERM DEBT:
PUBLIC IMPROVEMENT REVENUE CERTIFICATES These certificates are collateralized by cigarette tax revenues. The maturity dates and interest rates of the certificates are as follows:
1
} Maturity Interest Maturity Interest i Date Rate Amount Date Rate Amount 1/1/83 4.1% 35,000 1/1/86 4.2% $ 40,000 1/1/84 4.1 35,000 1/1/87 4.2 40,000 1/1/85 4.1 40,000 1/1/88 4.2 40,000 1/1/89 4.2 45,000
$ 275,000 Note payable, unsecured, duc in monthly installments of
$5,870 including interest at 6.5% $ 6,999 Note payable, unsecured, due in monthly installments of
$1,283 including interest at 7.5% 7,633 Note payable, unsecured, due in monthly installments of f
i
$2,123 including interest at 8% 151,358 j Mortgage notes payable collateralized by real estate, .
i due in annual installments of $1,000 with interest at 4% 21,500 Mortgage note Payable, collateralized by real estate, due in annual installments of $3,000 with interest at 10% 30,000 General obllyation bond: Library renovation term bond due August, 1983; interest at 75% of Sun Bank's prime rate. 650,000 S1,142,490 The annual requirements to amortize all the City's outstanding debt as of
' September 30, 1982, including total future interest payments of $15,644,047, l are as follows:
i (See following page)
~_ _ _ - _ _ . . _ _ . . , _ _ _ _ _ . . _ . . . _ . . _ . _ _ _ _ _ . _ _ _ _ _ . - . . _ _ _ . _ . . _ _
1 CITY OF LEESBURG, FLORIDA NCyrES TO FINANCIAL STATEMENTS NOTE 4 NOTES, MORTGAGE NOTES AND BONDS PAYABLE (Continued)
I ANNUAL REQUIREMENTS TO AMORTIZE LONG-TERM DEBT SEPTEMBER 30, 1982 (in thousands of dollars) 1980 Other Year 1977 Antici- Public General Long Ending Revenue pation Improve. Obligation Term 9/30 Bonds Notes Certs. Bond Notes Total 1983 S 710 S 745 S 46 S 699 S 54 S 2,254 1984 710 745 44 33 1,532 1985 710 9,148 48 33 9,939 1986 710 46 32 788 1987 710 44 32 786 1988-92 3,549 89 104 3,742 1993-97 6,669 7 6,676 1998-02 5,005 6 5,011 2003-12 6,577 1 6,578 S 25,350 $ 10,638 $ 317 S 699 $ 302 S 37,306 S157,668 is available in the Debt Service Fund to service the Public Improve-ment Certificates and the General Obligation Bond.
S2,419,129 has been restricted within the Combined Utility Funds to service the Series 1977 Revenue Bonds.
The following is a summary of changes in long term debt for the year ended September 30, 1982:
Utility General Fund Obligation Total Notes, Mortgage Notes and Bonds Payable 10/1/81 S 16,020,000 $ 608,986 S 16,628,986
[
New notes and Bonds issued 4,500,000 680,000 5,180,000 l 35,000) 35,000)
Bonds retired ( (
Note principal payments ( 111,496) ( 111,496)
Notes, Mortgage Notes and Bonds Payable at 9/30/82 S 20,520,000 S 1,142,490 S 21,662,490 l
l l
. NOTE 5 ELECTPIC POWER AGREEMENTS Crystal River Unit #3 Participation Agreement The City is a participant in an agreement with Florida Power Corporation which was entered into on July 31, 1975. Under terms of the agreement, the l
r I i
CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 5 ELECTRIC POWER AGREEMENTS (Continued)
City acquired an 0.8244% ownership interest and generation entitlement share in the nuclear steam electric generating unit. Participants are entitled to energy output of the unit based upon their respective generation entitlement share.
Florida Power Corporation has been appointed by the participants to act as their agent and has sole authority to manage, control, maintain and operate the unit. Operating costs of the unit, in general, are shared in proportion to each generation entitlement share on a monthly basis. Common and external facilities of the generating unit are solely owned by Florida Power Corpora-tion and participants share in the operating and maintenance expenses of such facilities. Nuclear fuel payments are required of participants in advance.
The participation agreement provides for reversion of the ownership interest of the unit to Florida Power Corporation upon retirement from service. The depreciated cost of the investment included in Utility Plant in Service amounts to $3,848,191 as of September 30, 1982.
St. Lucie #2 Power Purchase Agreement During the year, the City negotiated an agreement with Florida Power and Light Corporation guaranteeing the City the ri a to purchase up to 2.326 megawatts of generating capacity from the St. Lucie #2 nuclear generating 3
plant. It is anticipated the plant will become operational in 1984. The cost of this agreemant has been capitalized and will be amortized over the plant's expected useful life.
2GTE 6 GRANTS Environmental Protection Agency 201 Facilities Grant (Sanitary Sewer and Wastewater Treatment Fur.d)
The City received a federal grant under the provisions of the Federal Water Pollution Control Act Amendments of 1972 and the Clean Water Act of 1977.
The grant is in the amount of $6,771,679 and represents 75% of the total cost of Part III of the City's ongoing sewage disposal improvements. The City has agreements with developers to fund 9.08% of the nonfederal share of the total Part III costs. The local share of these costs assumed by the City is funded from restricted assets (1977 Bond Proceeds).
Department of Housing and Urban Development (HUD) Community Development Block Grants:
l The following is a summary of Community Development Block Grants received by
-the City:
Program Year 1978 $557,000 Program Year 1979 439,000 Program Year 1980 438,000 The Community Development Program is funded ir advance by the City and subsequently reimbursed by HUD. An investigation of the Community Development Block Grant program was conducted by HUD auditors concerning improprieties in administering the program. See Note 11 regarding subsequent events.
CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 6 GRANTS (Continued)
Section 8 Housing Assistance Payments Program The City administers an 80 unit housing assistance program under a five year annual contributions contract with HUD. The maximum annual expenditures allowed under the contract is $163,830. The five year contract expires September 30, 1984. The program han been audited in accordance with HUD requirements through September 30, 1982.
Airport Improvement Grants The City of Leesburg has been awarded two grants from the Federal Aviation Administration for improvements to be made to the Leesburg Municipal Airport.
Improvements consist of reconstruction and lighting of runways and taxiways and purchase and construction of airport navigation aids. The estimated total cost for both projects is $838,233 with the FAA financing 90% of the cost or approximately $754,400. The City has signed agreements with the Florida Department of Transportation and the Lake County Board of Com-missioners whereby the State will finance 5% and the County will finance 2 %
of the project costs. The City will fund the balance from general revenues.
Total costs as of September 30, 1982 included in General Fixed Assets, Con-struction in Progress were $663,304.
NOTE 7 AMBULANCE CONTRACT During the year, the City operated an ambulance service under a contract with Lake County. The service is accounted for in an enterprise fund since user charges and contract revenues substantially finance the operation. Certain common expenses are allocated between the Fire Department and Ambulance Service on 2:1 basis. Certain administrative expenses such as accounting, data processing and collections are paid by the General Fund (Note 1) .
NOTE 8 SEGMENT INFORMATION FOR ENTERPRISE FUNDS The City operates six enterprise funds which provide electric, gas, water, sewer, garbage and ambulance servicec. Segment information as of September 30, 1982 is as follows:
(See following page)
1 CXTY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS I
WOTE 8 SEGMENT INFORMATION FOR ENTERPRISE FUNDS (Continued) !
SANITARY SEWER AND ELECTRIC GAS WATER WASTEWATER SANITATION UTILITY UTILITY UTILITY TREATMENT SERVICES AMBULANCE FUND FUND FUND FUND FUND FUND Operating Revenues $16,938,046 $2,745,375 S 683,201 $1,201,994 S 611,144 $ 446,615 Deprecia-l lon 820,548 55,546 79,758 336,470 54,588 20,666 l
Operating Income 2,248,829 462,598 58,517 44,791 20,410 120,905 Oparating Transfers (to) from General Fund (1,800,000) ( 300,000) Net Income (Loss) 151,144 168,215 142,697 ( 32,062) 20,365 120,905 Current year capital contribu-tions 15,015 16,261 78,163 f Property &
equipment additions 1,015,709 223,367 1,259,599 149,383 140,164 25,947 Net Working Capital 1,409,064 ( 191,557) ( 51,078) 107,723 (144,466) 157,063 Bonds Pay-able from Operating
! Revenues (Net) 11,736,853 1,250,966 4,828,069 2,487,056 l l Total Fund l
Equity 7,899,941 929,681 1,641,106 8,969,250 145,659 300,612 NOTE 9 OTHER DISCLOSURES (1) There were no excess of expenditures over appropriations in individual governmental funds.
, l l
t
CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 9 OTHER DISCLOSURES (Continued)
(2) Deficit retained earnings / fund balance of individual funds:
Fund Amount Proprietary Fund Type Sanitation Services S( 295,308)
Motor Pool Service S( 10,703)
Governmental Fund Type Community Development S( 12,047)
(3) Individual fund interfund receivable and payable balances:
Interfund Interfund Fund Receivables Payables General Fund S 1,082,054 S 68,167 Federal Revenue Sharing 63,079 Community Development 26,579 Housing Assistance 5,983 Debt Service 54,167 Airport Capital Project 87,577 Electric Utility 8,451 607,299 Gas Utility 300,000 Sanitation Services 121,735 Ambulance 142,525 4,963 Motor Pool 11,893 Police Pension Trust 9,033 Firemen's Pension Trust 19,516 General Employees Pension 405 S 1,306,713 S 1,306,713 NOTE 10 PENSION PLANS The city has established three defined benefit pension plans for employees.
- The following brief description of the plans is presented for information l only. The plans are not subject to the Employee Retirement Income Security Act of 1974 (ERISA).
l t (1) Eligibility The Municipal Police Officers' Retirement Trust Fund covers policemen who have completed one year of employment and attained eighteen years of j age. The Municipal Firemen's Retirement Trust Fund covers firemen who have completed one year of employment and attained eighteen years',of age. The Pension Fund for General Employees covers employees (other j than firemen) who have completed one year of employment and attained t eighteen years of age.
CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEPINTS NOTE 10 PENSION PLANS (Continued)
(2) Plan Description The plans have differing provisions for pension, death and disability benefits. The most recent actuarial valuation for the General Employeas and Firemen's Pension Funds is as of October 1, 1981. The actuarial valuation as of October 1, 1980 is the most recent for the Police Officers Pension Fund.
(3) Funding Policy Municipal Police Officers' Retirement Trust Fund Funding of the Police pension fund is provided from policemen con-tributions (5% of their annual compensation) and 1% excise tax. The tax is levied on gross premiums collected on casualty insurance policies covering property within the corporate limits of the City. The State.
collects and contributes the tax to the Fund under Florida Statute 185.
The City does not contribute to the fund since policemen contributions and excise tax monies are sufficient to fund the plan. As of October 1, 1980 the frozen initial liability has been completely funded. Policemen accumulated contributions at September 30, 1982 were $116,971. !
Municipal Firemen's Retirement Plan Firemen contribute 5% of their annual compensation to the plan. A 1%
excise tax on fire insurance premiums sold within the corporate limits is remitted to the fund by the State of Florida. The City accrues and contributes an additional amount, as determined by an actuary, to fund annual normal cost and prior service cost amortized over forty years.
The required City contribution for the year ended September 30, 1982 amounted to $93,181 (14.0% of covered payroll) which has been adequately funded. This amount is recorded as revenue in the pension fund and an expense in the General Fund and ?mbulance Fund. Firemen accumulated contributions at September 30, 1982 were $143,755.
Retirement Plan for General Employees' The General Employees' Plan is non-contributory. The City accrues and contributes an amount, as determined by an actuary, to fund annual normal cost and prior service cost amortized over forty years. The l required City contribution for the year ended September 30, 1982 amounted to S321,433 (11.6% of covered payroll) which has been adequately funded. This amount is recorded as revenue in the pension fund and an expense in the various govern =enta.1 and proprietary funds.
(4) Actuarial Information Accumulated plan benefits are those future periodic payments that are attributable under the Plan's provisions to the service employees have rendered. Benefits payable under all circumstances (retirement, death, disability, and termination of employment) are included to the extent they are deemed attributable to employee service rendered to the valuation date, i
5
o I
l CITY OF LEESBURG, FLORIDA N(yrES TO FINANCIAL STATEMENTS NOTE 10 PENSION PLAUS (Continued)
The present value of accumulated plan benefits is determined by an actuary and is the amount that results fren applying actuarial assumptions to adjust the accumulated plan benefits to reflect the time value of money and the probability of payment between the valuation date and the expected date of payment.
Significant actuarial assumptions used in the valuation are summarized as follows:
Municipal Police Officers' Retirement Trust Fund (a) Life Expectancy of Participants - The GA 1951 Male Mortality projected to 1965 by Scale C with a five year setback for females was used. I (b) Retirement Age Assumption - Attainment of age 60 and completion of ten years of credited services.
(c) Investment Return - an assumed rate of 6% compounded annually was used.
(d) Salary Increase Factor - Current salary was assumed to increase at a rate of 4% per year until retircment.
Municipal Firemen's Retirement Trust Fund (a) Life Expectancy of Participants - The GA 1951 Male Mortality projected to 1965 by Scale C with a five year setback for r females was used.
(b) Retirement Age Assumption - attainment of age 55 and completion of ten years of credited service.
(c) Investment Return - an assumed rate of 6% compounded annually g was used.
(d) Salary Increase Factor Current year Galary was assumed to increase at a rate of 4% per year until retirement.
Retirement Plan for General Employees'
( (a) Life Expectancy of Participants - The GA 1951 Male Mortality projected to 1965 by Scale C with a five year setback for females was used.
(b) Retirement Age Assumption - The assumed average retirement age was 65.
(c) Investment Return - An assumed rate of 6% compounded annually was used.
(d) Salary Increase Factor - Current year salary was assumed to increase at a rate of 4% per year until retirement.
(5) Unrealized appreciation (depreciation) in fair value of investments is summarized as follows:
l
(
,,-n - < - - ,- - - - - - - , . ,
CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS Note 10 PENSION PLANS (Continued)
Difference Fair Favorable Cost Value (Unfavorable)
Municipal Police Retirement Trust Fund:
Fiscal year ended 9/30/81:
Investments, October 1, 1980 ,
S469,430 S447,639 S( 21,791)
Investments, September 30, 1981 577,061 546,038 ( 31,023)
$107,631 S 98,399 S( 9,232)
Fiscal year ended 9/30/82:
Investments, October 1, 1981 $577,061 S 546,038 S( 31,023)
Investments, September 30, 1982 673,282 694,888 21,606
$ 96,221 S 148,850 S 52,629 Municipal Firemen's Retirement Trust Fund Fiscal year ended 9/30/81:
Investments, October 1, 1980 $ 568,859 $ 530,831 S( 38,028)
Investments, September 30, 1981 746,432 661,459 ( 84,973)
S 177,573 S 130,628 S( 46,945)
Fiscal year ended 9/30/82:
Investments, October 1, 1981 S 746,432 S 661,459 $ ( 84,973)
Investments, September 30, 1982 961,012 973,707 12,695 S 214,580 S 312,248 $ 97,668 Retirement Plan For General Employees':
Fiscal year ended 9/30/81:
g Investments, October 1, 1980 $1,244,965 $1,170,725 S( 74,240)
Investments, September 30, 1980 1,580,865 1,409,575 (171,290)
S 335,900 $ 238,850 $( 97,050)
Fiscal year ended 9/30/82:
Investments, October 1, 1981 S1,580,865 $1,409,575 S(171,290)
Investments, September 30, 1982 2,021,334 2,035,657 14,323 S 440,469 $ 626,082 S 185,613 l
-?9-
CITY OF LEESBUkG, FLORIDA NOTES TO FIN'JICIAL STATEMENTS
?!OTE 30 PENSION PLANS (Continued)
The following is a summary of actuarial present value of accumulated plan l benefits (most recent valuation information available): l Municipal Municipal Retirement Police Firemen's Plan for Retirement Retirement General Trust Fund Trust Fund Employees' l 10/1/80 10/1/81 10/1/81 Vested Benefits:
Participants currently receiving payments S 58,214 $ 19,361 S 371,330 Other Participants 115,468 687,999 757,814 Total Vested Benefits 173,682 707,360 1,129,144 Non-vested Benefits 6,513 64,822 191,336 Total Actuarial present value of accumulated plan benefits S 180,195 S 772,182 $1,320,480 NOTE 11 SUBSEQUENT EVENT Subsequent to the Balance Sheet date, the Department of Housing and Urban Development formally requested and the City agreed to repay $23,289 as the result of HUD's audit of the Community Development Block Grant program.
This amount does not have a material adverse effect on the City's financial position and no provision has been made in the acccmpanying financia.
statements for the liability.
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 preceding 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.
This section contains the following subsections:
l
- Combining and Individual Fund and Account Group Statements
- Schedules l
GENERAL FUND The General Fund accounts for all revenues and expenditures of the City which are not required to be accounted for in other funds. It receives a greater variety and number.of taxes and other general revenues that any other fund.
9 N'
l l
L M
l l
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_ _,. .__ _ _ _ _ _ _ _ _ ~ __ _ _ _._ __
. - - . . _ _ -=. _ .- -- - -- _ _ _ .-. _ . _ - - . _ . . . . .
3 f/
J-CITY OF LEESBURG, FLORIDA
) GENERAL FUND
- BALANCE SHEET September 30, 1982 and 1981 A-1 1
September 30
~
1982 1981 ASSETS I
Cash S 94,106 $ 27,162 Due From Other Governments 2,426 10,721 Assessments Receivable 15,041 20,720 Other Accounts Receivable (Net of Allowance for Doubtful Accounts of $1,896 and $1,391) 16,849 13,612 Due from Other Funds 1,082,054 955,558 Supplies Inventory at cost 6,456 9,997 3
Escrow Deposit 34,108 f
j Total Assets S 1,216,932 S 1,071,878 s
LIABILITIES AND FUND BALANCE Liabilities:
Accounts Payable $ 136,953 S 87,331 Accrued Wages and Payroll Tax 64,228 130,031 Due to Other Governments 279 1,195 Due to Other Funds 68,167 11,219 Deposits 2,893 13,120
, Unearned License Revenue 38,314 ?7,634 Total Liabilities 310,834 270,530 l Fund Balance:
Reserved:
For Inventory 6,456 9,997 For Police Education 4,868 2,982 For Police Expenditure (Note 1) 18,000 18,000 Unreserved 876,774 770,369 Total Fund Balance 906,098 801,348
> Total Liabilities & Fund Balance $ 1,216,932 $ 1,071,878 l
See Accompanying Notes
4 i
CITY G7 LEESBURG, FLORIDA s GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND C CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL Year Ended September 30, 1982
__L With Comparative Actual Amounts for Year Ended September 30, 1981 A-2
. s Variance s Favorable 1981 Budget Actual (Unfavorable) Actual Revenues:
Taxes S 992,400 S 986,279 S( 6,121) S 655,651 Licenses and permits 68,800 66,228 ( 2,572) 80,496 Intergovernmental Revenues 13,550 13,543 ( 7) Shared Revenues 571,050 578,322 7,272 625,722 Charges for services 189,900 191,688 1,788 '137,949 Fines and forfeitures 136,400 114,252 ( 22,148) 104,341 Miscellaneous, (Note 1) 1,083,020 1,191,908 108,888 919,374 Total Revenues '3,055,120 3,142,220 87,100 2,523,533 Expenditures: .
General Government ,
(Note 1) , 1,308,096 1,255,829 52,267 1,138,591 Public safety ;2,075,351 - 1,967,448 107,903 1,708,637 Physical environment ( 271,090 254,125 16,965 245,367 Transportation ' _'495,730 445,792 49,938 326,815
-Economic environment 'i 68,420 31,245 '37,175 79,270 Human Services ~15,400 6,626 8,774 11,527 Culture / Recreation 1,143,700 1,056,506 87,194 997,684 Total Expenditures 5,377,787 ' 5,017,571 360,216 4,507,891 Excess (deficiency) of Revenues over Expenditures (2,322,667) (1,875,351) 447,316 (1,984,358)
Other Financing Sources ,
(Uses):
Operating transfers in 2,250,000 2,100c^00 (150,000) 2,485,000 Operating transfers (out) ( 77,740) ( 11*(('d ~( 42,159) ( 105,264)
Total Other Financing Sources (Uses) 2,172,260 f,ve' (192,159) 2,379,736 Excess (deficiency) of Revenues & Other Sources over
[ Expenditures & Other Uses ( 150,407) 104,750 255,157 395,378 Fund Balance at beginning i of Year 801,348 801,348 384,990 Zncrease in reserves 20,990 Fund Balance at end of year S 650,941 S 906,098 $_25E,157 $ 801,348 l
l
- f. See Accompanying Notes L
CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF REVENUES, BUDGET (GAAP BASIS) AND ACTUAL Years Ended September 30, 1982 and 1981 A-3 Variance Favorable 1981 Budget Actual (Unfavorable) Actual
>1 Taxes:
Ad Valorem $ 960,400 $ 958,235 $( 2,165) $ 624,908 Franchise Fees 32,000 28,044 ( 3,956) 30,743 Total 992,400 986,279 ( 6,121) 655,651 Licenses and Permits:
Professional and Occupational 45,500 42,629 ( 2,871) 46,108 Building Permits 15,000 16,016 1,016 24,979 Other Permits 8,300 7,583 ( 717) 9,409 Total 68,800 66,228 ( 2,572) 80,496 Intergovernmental Revenue:
State Public Safety Grant 13,550 13,543 ( 7) Total 13,550 13,543 ( 7) Shared Revenues:
Insured Agents-County Licences 350 350 125 Two-Cent Cigarette Tax (Note 4) 78,000 76,206 ( 1,794) 77,071 State Revenue Sharing 365,700 389,077 23,377 426,894 Mobile Home Licenses 18,000 17,429 ( 571) 14,839 Alcoholic Beverage License 15,500 15,139 ( 361) 10,221 Local Government Additional Homestead Exemption 28,000 15,216 ( 12,784) 30,808 Rebate on Municipal Vehicles (50) 7,000 8,104 1,104 4,269 Municipality Share of Road and Bridge Tax 42,500 41,260 ( 1,240) 46,074 Municipality Share of County Occupational Licenses 16,000 15,541 ( 459) 15,421-Total 571,050 578,322 7,272 625,722 Charges for Services:
General Government Charges 3,900 4,812 912 4,537 Room and Board for Prisoners 70,000 79,827 9,827 30,288 other Public Safety Charges 5,300 5,205 ( 95) 5,511
)
Police Dispatch Fees 6,500 7,650 1,150 4,800 Other Physical Environment Chgs. 9,500 4,572 ( 4,928) 1,642 Libraries 6,500 5,937 ( 563) 6,520 Program Activities Fees 55,000 47,040 ( 7,960) 41,698 Swimming Pools 9,500 12,138 2,638 10,771 Other Recreation Fees 4,000 2,405 ( 1,595) 3,301 Marina Charges 11,000 14,176 3,176 16,379 Community Building 8,700 7,926 ( 774) 12,502
' Total 189,900 191,688 1,788 137,949 (Continued) 1 of 2 CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF REVENUES, COMPARED TO BUDGET (GAAP BASIS) AND ACTUAL Years Ended September 30, 1982 and 1981 A-3 Variance Favorable 1981 Budget Actual (Unfavorable) Actual Fines and Forfeitures:
Court Fines S 80,000 $ 77,691 $( 2,309) $ 72,062 Police Education 2,786 2,786 Library Fines 3,000 3,087 87 3,118 Other Fines and Forfeitures 53,400 30,688 ( 22,712) 29,161 Total 136,400 114,252 ( 22,148) 104,341 Miscellaneous Revenues:
Interest, including Profit on Investments 30,600 129,171 98,571 29,823 Rents and Percentages 8,000 7,489 ( 511) 4,175 Airport Rental 11,000 13,936 2,936 10,189 Sale of Land 3,145 3,145 Sale of Furniture and Equipment 16,000 24,084 8,084 9,487 Sale of Surplus Materials 5,300 1,706 ( 3,594) Sale of Timber 2,000 3,738 1,738 Contributions-Private Sources 92,400 77,274 ( 15,126) 3,500 Other Income 1,460 6,561 5,101 3,585 Insurance Compensation 1,800 4,241 2,441 878 Insurance Rebates 16,972 Reimbursement from Enterprise Funds for Administrative Services (Note 1) 914,460 920,563 6,103 840,765 Total 1,083,020 1,191,908 108,888 919,374 Total Revenues $ 3,055,120 $ 3,142,220 $ 87,100 $2,523,533 See Accompanying Notes (Concluded) 2 of 2 CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (GAAP BASIS) AND ACTUAL YEAR ENDED SEPTEMBER 30, 1982 With Comparative Actual Amounts for Year Ended September 30, 1981 A-4 Variance Favorable 1981 Function / Activity /Subactivity/ Object Budget Actual (Unfavorable) Actual General Government Services:
Legislative:
City Commission:
Personal Services $ 12,120 $ 12,119 $ 1 S 12,120 Operating Expenses 20,150 17,744 2,406 24,685 Total City Commission 32,270 29,863 2,407 36,805 Boards and Commissions:
Operating Expenses 5,300 4,610 690 2,610 Total Boards & Commissions 5,300 4,610 690 2,610 Total Legislative 37,570 34,473 3,097 39,415 Executive:
City Manager's Office:
Personal Services 54,200 53,331 869 56,717 Operating Expenses 23,450 24,778 ( 1,328) 24,684 Capital Outlay 813 Total City Manager's Office 77,650 78,109 ( 459) 82,214 City Clerk / Finance Director:
Personal Services 88,700 88,997 ( 297) 54,803 Operating Expenses 29,800 32,409 ( 2,609) 21,540 Capital Outlay 678 Total City Clerk / Finance 110,500 121,406 ( 2,906) 77,021 Total Executive 196,150 199,515 ( 3,365) 159,235 Finance and Administrative:
Accounting Office:
t Personal Services 92,600 87,667 4,933 94,031 Operating Expenses 34,550 29,564 4,986 40,115 Capital Outlay 500 564 ( 64) 257 Total Accounting 127,650 117,795 9,855 134,403 Collections Office:
( Personal Services 55,000 55,290 ( 290) 58,235 l Operating Expenses 19,700 18,853 847 17,268 Capital Outlay 525 511 14 120 l
l Total Collections Office 75,225 74,654 571 75,623 Data Processing:
Personal Services 39,900 42,407 ( 2,507) 54,201 Operating Expenses 118,250 120,557 ( 2,307) 95,099 Capital Outlay 130 130 307 Total Data Processing 158,280 __
162,964 ( 4,684) 149,607 Custoner Service:
Personal Services 129,400 129,916 ( 516) 103,553 Operating Expenses 71,501 72,612 ( 1,111) 59,209 Capital Outlay 377 Total Customer Service 200,901 202,528 ( 1,627) 163,139 (Continued) 1 of 8
CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (GAAP BASIS) AND ACTUAL YEAR ENDED SEPTEMBER 30, 1982 With Comparative Actual Amounts for Year Ended September 30, 1981 A-4 Variance Favorable 1981 Punction/ Activity /Subactivity/ Object Budget Actual (Unfavorable) Actual General Government Services (cont'd):
Finance and Administrative (cont'd)
Purchasing Office:
Personal Services S 31,300 S 30,768 S 532 S 26,287 Operating Expenses 15,650 16,939 ( 1,289) 13,111 Capital Outlay 200 191 9 Total Purchasing Office 47,150 47,898 ( 748) 39,398 Personnel Office:
Personal Services 40,220 40,210 10 30,614 Operating Expenses 22,720 20,213 2,507 10,992 Capital Outlay 170 Total Personnel Office 62,940 60,423 2,517 41,776 Statistician:
Personal Services 14,494 Operating Expenses 2,235 Total Statistician 16,729 Total Finance & Administrative 672,146 666,262 5,884 620,675 Legal Services:
City Attorney's Office:
Operating Expenses 48,400 40,896 7,504 36,548 Total Legal Counsel 48,400 40,896 7,504 36,548 Community & Economic Development:
Planning Office:
Personal Services 33,900 26,874 7,026 31,831 Operating Expenses 15,300 14,138 1,162 16,331 Total Planning Office 49,200 41,012 8,188 48,162 Other General Government Services:
Warehouse Services:
Personal Services 35,100 34,630 470 34,512 Operating Expenses 13,450 11,181 2,269 11,933 Capital Outlay 173 ( 173) Total Warehouse Services 48,550 45,984 2,566 46,445 Printing and Reproduction:
Personal Services 12,350 12,149 201 10,960 Operating Expenses 4,970 4,100 870 5,792 Capital Outlay 1,050 750 300 Total Printing & Reproduction 18,370 16,999 1,371 16,752 Public Information Office:
Personal Services 7,500 7,478 22 Operating Expenses 10,000 9,600 400 Capital Outlay 400 400 Total Public Informa. Office 17,900 17,078 822 (Continued) 2 of 8 CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (GAAP BASIS) AND ACTUAL YEAR ENDED SEPTEMBER 30, 1982 With Comparative Actual Amounts for Year Ended September 30, 1981 A-4 Variance Favorable 1981 Function / Activity /Subactivity/ Object Budget Actual (Unfavorable) Actual General Government Services (cont'd):
Other General Government Services (continued):
Civic Functions' Support:
Operating Expenses $ 46,800 $ 39,915 $ 6,885 S 34,056 Total Civic Funct. Support 46,800 39,915 6,685 34,056 Public Buildings:
Personal Services 42,000 42,492 ( 492) 59,769 Operating Expenses 44,000 43,202 798 40,959 Capital Outlay 37,200 37,080 120 Total Public Buildings 123,200 122,774 426 100,728 Switchboard:
Personal Services 11,300 11,953 ( 653) 10,518 Operating Expenses 18,510 14,155 4,355 14,465 Total Switchboard 29,810 26,108 3,702 24,983 Elections:
Operating Expenses 1,757 l
I Total Elections 1,757 Miscellaneous & Contingencies:
Operating Expences 20,000 4,813 15,187 9,835 Total Misc. & Contingencies 20,000 4,813 15,187 9,835 Total Other General Government Services 304,630 273,671 30,959 234,556 Total General Government 1,308,096 1,255,829 52,267 1,138,591 Public Safety:
Law Enforcement:
Police Department:
Personal Services 728,900 710,473 18,427 647,056 Operating Expenses 330,230 309,670 20,560 310,849 Capital Outlay 90,600 77,491 13,109 37,610 Total Police Department 1,149,730 1,097,634 52,096 995,515 Fire Control A
Fire Department:
Personal Services 524,250 507,638 16,612 404,303 Operating Expenses 223,171 192,065 31,106 154,233 Capital Outlay 28,000 27,644 356 24,269 Total Fire Department 775,421 727,347 48,074 582,805 Detention and Corrections:
City Jail:
Personal Services 28,870 25,383 3,487 22,905 Operating Expenses 51,130 46,446 4,684 35,598 Capital Outlay 1,200 2,245 ( 1,045) 394 Total Detention & Corrections 81,200 74,074 7,126 58,897 (Continued) 3 of 8 CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (GAAP BASIS)
YEAR ENDED SEPTEMBER 30, 1982 With Comparative Actual Amounts for Year Ended September 30, 1981 A-4 Variance Favorable 1981 Function / Activity /Subactivity/ Object Budget Actual (Unfavorable) Actual Public Safety (coat'd):
Protective Inspections:
Building and Inspections:
Personal Services S 49,150 $ 48,714 S 436 S 42,684 Operating Expenses 19,150 19,041 109 21,267 Capital Outlay 700 638 62 7,469 Total Protective Inspections 69,000 68,393 607 71,420 Total Public Safety 2,075,351 1,967,448 107,903 1,708,637 Physical Environment:
Other Physical Environment:
Street Cleaning:
Personal Services 10,000 9,148 852 8,680 Operating Expenses 9,850 9,416 434 10,794 Debt Service 15,430 15,397 33 15,926 Total Street Cleaning 35,280 33,961 1,319 35,400 Engineering:
Personal Services 90,500 82,395 8,105 82,525 Operating Expenses 29,700 27,502 2,198 25,559 Capital outlay 2,500 2,090 410 Total Engineering 122,700 111,987 10,713 108,084 Cemeteries:
Personal Services 5,100 3,106 1,994 2,693 Operating Expenses 1,040 898 142 388 Total Cemeteries 6,140 4,004 2,136 3,081 Storm Damage:
Personal Services 4,792 Operating Expenses 5,574 Total Storm Damage 10,366 Public Works Jobbing:
Personal Services 19,616 Operating Expenses 9,811 Total Public Works Jobbing 29,427 Public Works Office:
Personal Services 12,400 13,221 ( 821) 30,952 Operating Expenses 21,050 21,366 ( 316) 23,706 Capital Outlay 4,351 Total Public Works Office 33,450 34,587 ( 1,137) 59,009 (Continued) 4 of 8 l
CITY OF LEESBURG, FLORIDA
]
GENERAL FUND STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (GAAP BASIS) AND ACTUAL YEAR ENDED SEPTEMBER 30, 1982 With Comparative Actual Amounts for Year Ended September 30, 1981 A-4 Variance Favorable 1981 Function / Activity /Subactivity/ Object Budget Actual (Unfavorable) Actual Physical Environment (Continued):
Other Physical Envirnmt. (cont'd):
Grounds Maintenance:
Personal Services S 40,890 S 38,489 $ 2,401 $ Operating Expenses 32,630 30,447 2,183 Capital Outlay 650 ( 650) Total Grounds Maintenance 73,520 69,586 3,934 Total Physical Environment 271,090 254,125 16,965 245,367 Transportation:
Roads and Streets:
Street Maintenance:
Personal Services 58,650 56,092 2,558 33,318 Operating Expenses 163,000 142,053 20,947 75,563 Capital outlay 3,250 Debt Service 1,000 1,000 11,043 Total Street Maintenance 222,650 198,145 24,505 123,174 Storm Drainage:
Personal Services 14,500 15,387 ( 887) 7,113 Operating Expenses 10,600 11,482 ( 882) 69,827 Total Storm Drainage 25,100 26,869 ( 1,769) 76,940 Street Lighting:
Personal Services 8,950 6,660 2,290 8,894 Operating Expenses 118,890 127,962 ( 9,072) 78,113 Cepital Outlay 35,500 742 34,758 Total Street Lighting 163,340 135,364 27,976 87,007 Traffic Control:
Personal Services 12,600 12,013 587 10,806 Operating Expenses 5,740 6,560 ( 820) 6,664 Capital Outlay 12,900 13,306 ( 406) 283 Total Traffic Control 31,240 31,879 ( 639) 17,753 Right of Ways and Crossings:
Personal Services 6,000 5,285 715 ! Operating Expenses 5,250 4,933 317 Total R-O-W's & Crossings 11,250 10,218 1,032 Total Roads and Streets 453,580 402,475 51,105 304,874 Airports:
Airport Maintenance:
l Personal Services 8,500 8,792 ( 292) 9,928 Operating Expenses 14,300 19,080 ( 4,788) 11,970 Capital Outlay 5,150 3,865 1,285 43 Total Airport Maintenance 27,950 31,745 ( 3,795) 21,941 l (Continued) 5 of 8
CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (GAAP BASIS) AND ACTUAL YEAR ENDED SEPTEMBER 30, 1982 With Comparative Actual Amounts for Year Ended September 30, 1981 A-4 Variance Favorable 1981 Function / Activity /Subactivity/ Object Budget Actual (Unfavorable) Actual Transportation (Continued):
Parking Facilities:
Parking Lots Personal Services $ 10,000 $ 8,981 $ 1,019 $ Operating Expenses 2,950 2,591 359 Debt Service 1,250 1,250 Total Parking Facilities 14,200 11,572 2,62,8 Total Transportation 495,730 445,792 49,938 326,915 Economic Environment:
Xndustry Development:
Leesburg Redevelopment Agency:
Personal Services 13,510 11,750 1,760 441 Operating Expenses 14,910 9,246 5,664 70,580 Capital Outlay 40,000 10,249 29,751 Total Leesburg Redev. Agency 68,420 31,245 37,175 71,021 Housing and Urban Development:
Housing Assistance 8,249 Total Housing Assistance 8,249 Total Economic Environment 68,420 31,245 37,175 79,270 Human Services:
Other Human Services:
Animal Control:
Personal Services 6,510 5,900 610 8,611 Operating Expenses 1,290 726 564 2,916 Capital Outlay 7,600 7,600 Total Animal Control 15,400 6,626 8,774 11,527 Total Human Services 15,400 6,626 8,774 11,527 Culture and Recreation:
Libraries:
Main Library:
Personal Services 128,520 127,201 1,319 106,733 Operating Expenses 52,450 52,152 298 45,094
/ Capital Outlay 38,3E0 49,441 ( 11,091) 35,699 Debt Service 37,400 25,480 11,920 23,356 Total Library 256,720 254,274 2,446 210,882 (Continued) 6 of 8
CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (GAAP BASIS) AND ACTUAL YEAR ENDED SEPTEMBER 30, 1982 With Comparative Actual Amounts for Year Ended September 30, 1981 A-4 Variance Favorable 1981 Function / Activity /Subactivity/ Object Budget Actual (Unfavorable) Actual Culture and Recreation (continued):
Parks and Recreation:
Recreation Office:
Personal Services S 106,070 S 105,621 S 449 $ 76,275 Operating Expenses 158,670 139,656 19,014 151,447 Capital Outlay 10,300 10,709 ( 409) 189 Total Recreation Office 275,040 255,986 19,054 227,911 Swimming Pools:
Perscaal Services 33,000 25,409 7,591 24,364 Operating Expenses 66,530 55,315 11,215 66,449 Capital Outlay 15,050 14,683 367 Total Swimming Pools 114,580 95,407 19,173 90,813 Parks and Canals:
Personal Services 145,010 146,255 ( 1,245) 180,766 Operating Expenses 80,950 73,593 7,357 119,418 Capital outlay 104,590 85,919 18,671 16,761 Debt Service 775 ( 775) Total Parks and Canals 330,550 306,542 __ 24,008 316,945 Athletic Fields:
Personal Services 35,740 35,711 29 30,433 Operating Expenses 29,430 22,872 6,558 24,904 Capital Outlay 5,700 1,629 4,071 8,080 Debt Service 1,900 760 1,140 1,460 Total Athletic Fields 72,770 60,972 11,798 64,877 Total Parks and Recreation 792,940 718,907 74,033 700,546 Cultural Services:
Cultural Arts Building:
Operating Expenses 2,200 2,590 ( 390) 1,807 Capital Outlay 337 Total Cultural Arts Building 2,200 2,590 ( 390) 2,144 Special Recreational Facilities:
Marina:
Personal Services 88 ( 68) 1,514 Operating Expenses 13,400 11,344 2,056 12,221 Total Marina 13,400 11,432 1,968 13,735 (Continued) 7 of 8
CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (GAAP BASIS) AND ACTUAL YEAR ENDED SEPTEMBER 30, 1982 With Comparative Actual Amounts for Year Ended September 30, 1981 A-4 Variance Favorable 1981 kbnction/ Activity /Subactivity/ Object Budget Actual (Unfavorable) Actual Culture and Recreation (continued):
Special Rec. Facilities continued:
Community Building:
Personal Services $ 38,190 $ 34,804 S 3,386 S 38,084 Operating Expenses 38,550 32,912 5,638 32,293 Capital Outlay 1,700 1,587 113 Total Community Bailding 78,440 69,303 9,137 70,377 Total Special Rec. Facilities 91,840 80,735 11,105 84,112 Total Culture and Recreation 1,143,700 1,056,506 87,194 997,6A4 Total Expenditures $5,377,787 $5,017,571 $ 360,216 $ 4,507,891 See Accompanying Notes (Concluded) 8 of 8
J CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF OTHER FINANCING SOURCES AND USES, COMPARED TO BUDGET (GAAP BASIS) AND ACTUAL YEAR ENDED SEPTEMBER 30, 1982 With Comparative Actual Amounts for Year Ended September 30, 1981 A-5 '
Variance Favorable 1981 I
Function / Activity /Subactivity/ Object Budget Actual (Unfavorable) Actual i Other Financing Sources (Uses):
Operating Transfers In:
Electric Utility Fund S 1,850,000 $1,800,000 S( 50,000) $1,815,000 Gas Utility Fund 400,000 300,000 ( 100,000) 500,000 l
Water Utility Fund 80,000 i Sanitary Sewer and Wastewater
- Treatment Fund 90,000 j Total Operating
~
Transfers In S 2,250,000 $2,100,000 S( 150,000) $2,485,000 i
i Operating Transfers Out:
Debt Service Fund $( 48,000)S( 94,546) S( 46,546) $( 43,621)
Capital Projects Fund ( 7,540) ( 25,260) ( 17,720) ( 10,629)
Sanitation Services Fund ( 22,200) 22,200 ( 51,014)
- Community Developement Block Grant Fund ( 93) ( 93) Total Operating Transfers Out S( 77,740)S( 119,899) S( 42,159) S( 105,264) 4 See Accompanying Notes e
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SPECIAL REVENUE FUNDS I Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than special assessments, expendable trusts, or for major capital projects) that are legally restricted to expenditure for specified purposes.
Certain Administrative expenses are paid by the General Fund (Note 1).
- CITY OF LEESBURG, FLORIDA SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET Septenber 30, 1982 and 1981 B-1 Federal Revenue Cramunity Housing Total Sharing Development Assistance September 30 Fund Fund Fund 1982 1981 ASSETS Current Assets
Cash $ 53,563 $ 26,622 $ 50,081 $ 130,266 $ 85,837 Federal Revenue Sharing Receivable 19,713 19,713 17,880 Due from other funds 1,634 Total Current Assets 73,276 26,622 _ 50,081 149,479 105,351 Restricted Assets (Note 1):
! Cash 80,447 80,447 40,230 Total Assets $ 153,723 $ 26,622 $ 50,081 $ 230,426 $ 145,581 LIABILITIES AND FUND BALANCE l 8' Liabilities:
74 l Accounts Payable $ $ $ $ 74 $ 54 Due to Other Funds 63,079 26,579 5,983 95,641 50,203
] Housing Assistance Payments 14,939 14,939 Due to HUD 12,016 16,674 28,690 33,812 I
Total Liabilities 63,079 38,669 37,596 139,344 84,069
.l Fund Balance:
l Reserved:
For Capital Improvements 80,447 80,447 40,230 Unreserved: 10,197 ( 12,047) 12,485 10,635 21,282 Total Fund-Balance 90,644 ( 12,047) 12,485 91,082 61,512 Total Liabilities and Fund Balance $ 153,723 $ 26,622 $ 50,081 $ 230,426 $ 145,581 i.
r See Accompanying Notes I
4
- \
, CITY OF LEESBURG, FLORIDA SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES Years Ended September 30, 1982 and 1981 B-2 Federal Revenue Contunity Housing Total Sharing Development Assistance September 30 Fund Fund Fund 1982 1981 Revenue:
$ 140,320 $ 223,404 430,537 Intergovernmental Revenue (Note 6) $ 78,849 $ 4,235 $
4,528 f
Miscellaneous Revenue I Total Revenue 78,849 4,235 140,320 223,404 435,065 l
Expenditures:
6,3G7 6,367 7,834 General Government Services Transportation 28,419 28,419 16,375 16,375 202,012 Economic Environment 142,766 142,766 149,632 i Human Services 19,400
$' Culture / Recreation 16,375 142,766 193,927 378,878 Total Expenditures 34,786 Excess of Revenues Over (Under) Expenditures 44,063 ( 12,140) ( 2,446) 29,477 56,187 l Other Financing Sources (Uses):
Operating Transfers In 93 93 Excess (Deficiency) of Revenues & Other 44,063 ( 12,047) ( 2,446) 29,570 56,187 Sources Over Expenditures Fund Balances (Deficit) at beginning of year 46,581 14,931 61,512 5,325 S 90,644 $( 12,047) $ 12,485 $ 91,082 $ 61,512 Fund Balances at end of year See Accompanying Notes
CITY OF LEESBURG, FLORIDA FEDERAL REVENUE SHARING FUND STATEMENT OF REVENUES AND EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGETED AND ACTUAL Years Ended September 30, 1982 and 1981 B-3 1982 Variance Favorable 1981 Budget Actual (Ur.f avorable) Actual Revenues:
Intergovernmental Revenue Federal Revenue S 78,567 $ 78,849 $ 282 S 71,520 Miscellaneous Revenue:
Interest 64 Total Revenue 78,567 78,849 282 71,584 Expenditures:
General Government Services Financial and Administrative 3,100 6,367 ( 3,267) 7,834 Transportation:
Road and Street Facilities 106,675 28,419 78,256 Culture / Recreation:
Facilities 11,950 11,950 19,400 Total Expenditures 121,725 34,786 86,939 27,234 Excess of Revenues Over (Under)
Expenditures ( 43,158) 44,063 87,221 44,350 Fund Balance at beginning of year 46,581 46,581 2,231 Fund Balance at end of year S 3,423 $ 90,644 S 87,221 S 46,581 See Accompanying Notes t CITY OF LEESBURG, FLORIDA COMMUNITY OLVELOPMENT FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGETED AND ACTUAL Years Ended September 30, 1982 and 1981 B-4 1982 Variance Favorable 1981 Budget Actual (Unfavorable) Actual Revenues:
Intergovernmental Revenue:
HUD Grant S 256,240 $ $ ( 256,240) $ 193,297 312 Rehabilitation Loans 4,464 Community Development Loan 4,910 4,235 ( 675) 4,251 Total Revenue 261,150 4,235 ( 256,915) 202,012 Expanditures:
Economic Environment:
Housing and Urban Development Personal Services 33,900 12,209 21,691 11,920 Operating Expenditures 161,220 4,166 157,054 186,930 Capital Outlay 76,400 76,400 3,162 Total Expenditures 271,520 16,375 255,145 202,012 Excsss of Revenue Over (Under)
Expenditures ( 10,370) ( 12,140) ( 1,770) Operating Transfers In (Out) 10,370 93 ( 10,277) ,
, Fund Balance at beginning of year Fund Balance at end of year $ $( 12,047) $( 12,047) $ See Accompanying Notes
CITY OF LEE 3 BURG, FLORIDA HOUSING ASSISTANCE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGE 3 IN FUND BALANCE - BUDGETED AND ACTUAL Years Ended September 30, 1982 and 1981 B-5 1982 Variance Favorable 1981 Budget Actual (Unfavorable) Actual Revenue:
Intergovernmental Revenue:
HUD Contributions $ 247,410 $ 140,320 $( 107,090) $ 161,469 Total Revenue 247,410 140,320 ( 107,090) 161,469 Expenditures:
Human Services:
Welfare:
Personal Services 12,350 16,758 ( 4,408) 14,052 Operating Expenses 235,060 126,008 109,052 135,580 Total Current Expenditures 247,410 142,766 104,644 149,632 Excess of Revenue Over (Under)
Expenditures ( 2,446) ( 2,446) 11,837 Fund Balance at Beginning of year 14,931 14,931 3,094 Fund Balance at End of year $ 14,931 $ 12,485 $( 2,446) $ 14,931 t
l I
See Accompanying Notes I
(
i t
DEBT SERVICE FUNDS Debt Service Funds are used to account for the accumulation of resources for, and the payment of, general long term debt
~
principal and interest.
)
h
i CITY OF LEESBURG, FLORIDA DEBT SERVICE FUNDS COMBINING BALANCE SHEET September 30, 1982 AND 1981 C-1 1960 1981 Total Revenue Library September 30 Certificates Bond 1982 1981 ASSETS Cash $ 945 S S 945 $ 945 Investments 102,556 102,556 Due from other Funds 54,167 54,167 110,910 Total Assets S 103,501 S 54,167 S 157,668 $ 111,855 FUND BALANCE Fund Balance (Reserved for Debt Service) $ 103,501 S 54,167 S 157,668 S 111,855 See Accompanying Notes i
CITY OF LEESBURG, FLORIDA DEST SERVICE FUNDS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE Years ended September 30, 1982 and 1981 C-2 1960 1981 Revenue Library September 30 l Certificates Bond 1982 1981 Revenues:
Interest on Investments S 4,287 $ $ 4,287 $
Total Revenues 4,287 4,287 Expenditures:
Retirement of Principal 35,000 35,000 30,000 Interest 12,158 5,816 17,974 13,481 Miscellaneous 46 46 140 Total Expenditures 47,204 5,816 53,020 43,621 Excess (deficiency) of revenues over expenditures ( 42,917) ( 5,816) ( 48,733) ( 43,621)
Other Financing Soruces:
Operating Transfers In 34,563 59,983 94,546 43,621 Excess (Deficiency) of Revenues and Other Financing Sources over Expenditures (8,354) 54,167 45,813 j
Fund Balance at Beginning of year 111,855 - 111,855 111,855 l
Fund Balance at End of year $ 103,501 $ 54,167 $ 157,668 $ 111,855 l
I
(
(
See Accompanying Notes i
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CAPITAL PROJECTS FUNDS Capital Projects Funds are used to account for financial re-sources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds, Special Assessment Funds and Trust Funds.)
Airport Improvement Project - to account for the costs of resur-facing and lighting runways and taxiways; construction and purchase of airport navigation aids. The estimated cost of
$838,233 is being financed through Federal Grants ($754,400),
State Grants ($41,917), County Grants ($20,95G) and the balance by General Fund revenues. Expected completion date is March, 1983.
Library Building Renovation - to account for the construction costs to renovate the new Public Library building. Financing is being provided by general obligation bond proceeds ($650,000) and General Fund revenues ($50,000). The renovation is expected to be completed in March, 1983.
Parking lot purchase - to account for the purchase and financing of property tc be used as a parking lot. Financing was provided from General Fund revenues ar.d a promissory note issued to the seller. Purchase was complcced in April, 1982.
CITY OF LEESBURG, FLORIDA CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET September 30, 1982 and 1981 D-1 AIRPORT LIBRARY TOTAL 1 IMPROVEMENT BUILDING September 30 PROJECT RENOVATION 1982 1981 ASSETS
- Cash S S 534,845 S 534,845 S Due from Federal Government 84,754 84,754 12,888 Due from State and County 3,585 3,585 354 Due from Other Funds 5,836 Total Assets S 88,339 $ 534,845 $ 623,184 S 19,078 LIABILITIES AND FUND BALANCE Liabilities:
Accounts Payable S 212 S 93,748 $ 93,960 $ 4,473
! Contractors Deposits 550 550 l Due to Other Funds 87,577 87,577 14,605 Total Liabilities 88,339 93,748 182,087 19,078 Fund Balance (Reserved for Construction) - 441,097 441,097 -
Total Liabilities and Fund Balance S 88,339 $ 534,845 S 623,184 $ 19,078 l
i See Accompanying Notes I - - - .- _. -- -.
CITY OF LEESBURG FLORIDA CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Years Ended September 30, 1982 and 1981 D-2 Airport Library Parking Total l Improvement Building Lot September 30 Project Renovation Purchase 1982 1981 Revenues: (Note 6)
Federal Aviation Administration Grant Reimbursements $ 71,866 $ $ $ 71,866 $ 461,889 Florida Dept. of Transportation Grant Reimbursement 1,236 1,236 28,418 Lake Coonty Grant Reimbursement 1,995 1,995 12,831 Total Revenues 75,097 75,097 503,138 Expenditures:
Construction Contracts 63,549 173,403 236,952 477,049 Engineering and Other 31,559 35,500 67,059 36,161 Land Purchase 35,249 35,249 Building Purchase 175,557 Total Expenditures 95,108 208,903 35:249 339,260 688,767 Excess of Revenues Over (Under)
Expenditures ( 20,011) ( 208,903) ( 35,249) ( 264,163) ( 185,629)
Other Financing Sources:
Operating Transfers from General Fund 20,011 5,249 25,260 10,629 Note Proceeds 30,000 30,000 175,000 Bond Proceeds _
650,000 650,000 l Total Other Financing Sources 20,011 650,000 35,249 705,260 185,629 Excess of Revenues and Other Financing Sources Over (Under)
Expenditures 441,097 441,097 Fund Balance at Beginning I of Year - - - - -
l l
Fund Balance at End of Year $ - S 441,097 $ -
$ 441,097 $ -
l See Accompanying Notes CITY OF LEESBURG, FLORIDA AIRPORT IMPROVEMENT CAPITAL PROJECTS FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL Year Ended September 30, 1982 D-3 Variance Favorable Budget Actual (Unfavorable)
REVENUES:
Federal Aviation Administration Grant Reimbursements S 82,380 $ 71,866 $( 10,514)
Florida Department of Transportation Grant Reimbursements 12,270 1,236 ( 11,034)
Lake County Grant Reimburdements 9,990 1,995 ( 7,995)
Total Revenues 104,640 75,097 ( 29,543)
EXPENDITURES:
Construction Contracts 74,400 63,549 10,851 Engineering and Other 32,530 31,559 971 Total Expenditures 106,930 95,108 11,822 Excess of Revenues Over (Under)
( 2,290) ( 20,011) ( 17,721)
Expenditures Other Financing Sources:
Operating Transfers from General Fund 2,290 20,u11 17,721 Excess of Revenues and Other Financing Sources over Expenditures Fund Balance at Beginning of Year -
Fund Balance at End of Year $ -
See Accompanying Notes i
l l
l l
CITY OF LEESBURG, FLORIDA LIBRARY BUILDING RENOVATION CAPITAL PROJECTS FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL Year Ended September 30, 1982 D-4 Variance Favorable Budget Actual (Unfavorable)
REVENUES S $ $
EXPENDITURES:
Construction Contracts 650,000 173,403 476,597 Engineering and Other 35,500 ( 35,500)
Total Expenditures 650,000 208,903 441,097 Excess of Revenues Over (Under)
Expenditures ( 650,000) ( 208,903) 441,097 Other Financing Sources:
Bond Proceeds 650,000 650,000 Total Other Financing Sources Excess of Revenues and Other Financing Sources Over (Under) Expenditures 441,097 441,097 Fund Balance at Beginning of Year - - -
Fund Balance at End of Year S -
S 441,097 S 441,097 See Accompanying Notes l
r J
CITY OF LEESBURG, FLORIDA PARKING LOT PURCHASE CAPITAL PROJECTS FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL Year Ended September 30, 1982 D-5 Variance Favorable Budget Actual (Unfavorable)
REVEtiUES S S $
EXPENDITURES:
Parking Lot Purchase 35,250 35,249 1 Excess of Revenues Over (Under)
Expenditures ( 35,250) ( 35,249) 1 Other Financing Sources:
Operating Transfers from General Fund 5,250 5,249 ( 1)
Note Proceeds 30,000 30,000 Total Other Financing Sources 35,250 35,249 ( 1)
Excess of Revenues and Other Financing Sources Over (Under) Expenditures Fund Balance at Beginning of Year - - -
Fund Balance at End of Year $ -
S -
S l
l See Accompanying Notes 1
d CITY OF LEESBURG, FLORIDA CAPITAL PROJECTS FUNDS PROJECT - LENGTH SCHEDULE OF CONSTRUCTION PROJECTS Beginning Of Projects to September 20, 1982 D-6 Airport Library Improvement Building Project Renovation TOTAL PROJECT AUTHORIZATION $ 838,233 $ 700,000 Revenues and Other Financing Sources:
Intergovernmental $ 631,846 $
Operating Transfers In 31,458 Bond Proceeds 650,000
$ 663,304 $ 650,000 Expenditures:
Construction Costs S 558,123 $ 173,403 Engineering and Other 105,181 35,500
$ 663,304 $ 208,903 s
\
s See Accompanying Notes l
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ENTERPRISE FUNDS Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises where the intent of the governing body is that the costs (expenses , including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. Certain administrctive expensee are paid by the General Fund.
Administrative expenses incurred by the General Fund related to Utility Funds are reimbursed (Note 1).
CITY OF LEESBURG, FIf2IDA ALL ENTERPRISE FUNDS COMBINING BALANCE SHEETS September 30, 1982 and 1981 E-1 SANITARY OTHER ENTERPRISE FUNDS SEWER AND ELECTRIC GAS WATER WASTEWATER COMBINED SANITATION Total UTILITY UTILITY UTILITY TREATMENT UIILITY SERVICES AMBULANCE September 30 FUND FUND FUND FUND FUNDS FUND FLHD 1982 1981 ASSETS Current Assets:
Cash and Cash Equivalents (Note 1)$ 1,298,187 $ $ $ $ 1,298,187 $ $ $1,298,187 $ 2,137,464 Receivables:
Customer Accounts (Note 1) 2,306,707 213,482 100,651 157,721 2,778,561 34,715 94,856 2,908,132 2,406,881 Allowance for Doubtful Accounts ( 191,975) ( 10,626) ( 5,393) ( 7,802) ( 215,796) ( 4,626) ( 73,125) ( 293,547) ( 230,389)
Accrued Interest 55,022 55,022 55,022 20,331 Due from Other funds 8,451 8,451 142,525 150,976 135,695 Inventory, at cost (Note 1) 414,848 105,206 50,343 2,117 572,514 1,601 574,115 512,452 Total Current Assets 3,891,240 308,062 145,601 152,036 4,496,939 31,690 164,256 4,692,885 4,982.434 di y Restricted Assets (Note 2):
Accrued Bond Interest Cash with Fiscal Agents 225,247 22,582 33,001 74,786 355,616 355,616 355,616 Revenue Bond Debt Service Cash with Fiscal Agents 205,464 68,488 273,952 273,952 247,611 Cash Equivalents 40,183 Investments 650,481 216,827 867,308 867,308 627,790 Revenue Bond Reserve Cash Equivalents 15,915 5,304 21,219 21,219 823,100 Investments 675,775 225,259 901,034 901,034 92,175 Renewal and Replacement Cash Equivalents 81,715 31,625 24,964 50,550 188,854 188,854 105,645 1977 Bond Proceeds Cash Equivalents 264,258 264,258 264,258 16,353 Due from Environmental Protection Agency ? ?5,526 Restricted Assets (Forward) 2,118,855 570,085 57,965 125,336 2,872,241 2,872,241 2,583,999 See Accompanying Notes (Continued) 1 of 4
- _ . _ _ .- . - ~ . . . , _ - . _.
CITY OF LEESBURG, Fli)RIDA i
ALL ENIERPRISE FUNDS COMBINING BAIANCE SHEETS September 30, 1982 and 1981 E-1 ,
i SANITARY OTHER ENTERPRISE FUNDS SEWER AND ELECTRIC CAS WATER WASTEWATER COMBINED SANITATION Total UTILITY UTILITY UTILITY TREATMENT UTILITY SERVICES AMBL1ANCE September 30, FUND FUND FUND FUND FUNDS FUND FUND 1982 1981 Restricted Assets (Forward) $ 2,118,855 $ 570,085 $ 54,965 $ 125,336 $ 2,872,241 $ $ $ 2,872,241 $ 2,583,999 1980 Note Proceeds:
} Cash Equivalents 753,282 338,439 2,387,463 3,479,184 3,479,184 652,460 Designations:
Depreciation Account:
}
1 Cash Equivalents 693,659 285,778 979,437 979,437 $o9,85L Investments 67,897 29,099 96,996 96,9 %
a Potable Water ..ccount:
Cash Equivalents 54,3o0 54,360 54,360 42,360
$ Customer Deposits:
l y Cash Equivalents 634,876 29,571 33,425 697,872 697,872 634,151 Total Restricted Assets 4,268,569 1,252,972 _ 2 J33,213 125,336 8,180,090 8,180,090 4,422,821 Property, Plant and Equipment at Cost (Notes 1 and 3):
Rights to Purchace Power 102,420 102,420 102,420
- Property and Equipment 18,528,089 1,861,080 3,975,300 13,028,440 37,392,909 489,299 269,836 38,152,044 37,086,403 Nuclear Fuel 967,638 967,638 967,638 720,036 Il Accumulated Depreciation and j Amortization ( 5,595,208) ( 869,253) (1,148,482)( 1,277,387)( 8,890,330) ( 199,174) ( 126,287) ( 9,215,791) ( 7,874,273)
! Construction in Progress 11,977 167,909 1,310,300 1,490,186 1,490,186 150,889 Net Property, Plant and
! Equipment 14,014,916 1,159,736 4.137,118 11,751,053 31,062,823 290,125 143,549 31,496,497 30,083,055 i
Other Assets:
Interfund Advances Rec. (Note 1)' 605,532 605,532 605,532 2,233,178 Long-Term Receivable 44,953 44,953 44,953 51,169 Deferred Issue Costs (Net) 153,883 11,649 30,279 38,581 234,392 234,392 239,975
)
Total Other Assets 804,368 11,649 30,279 38,581 884,877 884,877 2.524,322 Total Assets $ 22,979,093 $ 2,732,419 $ 6,846,211$ 12,067,006 $44,624,729 $ 321,815 $ 307,805 $ 45,254,349 $ 42,012,632 i
See Accompanying Notes (Continued) 2 of 4
CITY OF LEESBURG, FIDRIDA ALL ENTERPRISE R!NDS COMBINING BALANCE SHEETS September 30, 1982 and 1981 E-1 SANITARY OI11ER ENTERPRISE FUNDS SEWER AND ELECTRIC GAS WATEP. WASTEWATER COMBINED SANITATION Total UTILITY UTILITY UTILITY TREATMENT UTILITY SERVICES AMBLLANCE September 30 FUND FUND FUND FUND FUNDS FUND FUND 1982 1981 LIABILITIES Current Liabilitits:
Accounts Payable $ 126,024 $ 117,655 $ 145,590 $ 6,180 $ 395,449 $ 40,455 $ 1,040 $ 436,944 $ 912,359 Accounts Payable-Purchased Energy 1,331,919 48,385 1,380,304 1,380,304 1,264,651 Accrued Expenses 304,792 31,556 51,089 30,933 418,370 13,966 1,190 433,526 294,720 Customer Advances for Construction 112,142 2,023 7,200 121,365 121,365 170,125 Due to Other Funds 607,299 300,000 907,299 121,735 4,963 1,033,997 1,126,417 Total Current Liabilities 2,482,176 499,619 196,679 44,313 3,222,787 176,156 7,193 3,406,136 3,768,272 b
- 0) Current Liabilities (Payable from Restricted Assets):
Customer Deposits 634,876 29,571 33,425 697,872 697,872 634,151 Accrued Interest on Revenue Bonds 225,247 22,582 33,001 74,786 355,616 355,616 355,616 Total Current Liabilities (pay-able from Restricted Assets) 860,123 52,153 66,426 74,786 1,053,488 1,053,488 989,767 Other Liabilities:
Revenue Bonds Payable (Note 4) 7,613,468 763,270 1,115,456 2,527,806 12,020,000 12,020,000 12,020,000 1980 Bond Anticipation Notes (Note 4) 4,250,000 500,000 3,750,000 8,500,000 8,500,000 4,000,000 Unamortized Discount ( 126,615) ( 12,304) ( 37,387) ( 40,750) ( 217,056) ( 217,056) ( 204,131)
Interfund Advances Payable (Note 1) 113,931 491,601 605,532 605,532 2,233,178 Total Other Liabilities 11,736,853 1,250,966 4,942,000 2,978,657 20,908,476 20,908,476 18,049,047 Total Liabilities 15,079,152 1,802,738 5,205,105 3,097.756 25,184,751 176,156 7,193 25,368,100 22,807,086 See Accompanying Notes (Continued) 3 of 4 e
CIIY OF LEESBURG, FIDRIDA ALL ENTERPRISE RINDS COMBINING BALANCE SHEETS September 30, 1982 and 1981 E-1 SANITARY OTHER ENTERPRISE FUNDS SEWER AND ELECTRIC CAS WATER WASTEWATER COMBINED SANITATION Total UTILITY UTILITY UTILITY TREATMENT UTILITY SERVICES AMBULANCE September 30 FUND FUND FUND FUND FUNDS FUND FUND 1982 1981 FUND EQUITY Contributed Capital:
Federal Government $ 17,987 $ 6,512 $ 11,248 $ 8,011,471 $ 8,047,218 $ $ $ 8,047,218 $ 7,979,302 Private Contributions 563,023 117,742 321,050 1,001,815 1,001,815 960,292 Ceneral Fund Contributions 440,967 203,838 644,805 644,805 Emergency Medical Service (Net of Accumulated Depreciation Of
& $75,726) (Note 1) 20,387 20,387 30,1 %
y Total Contributed Capital 581,010 6,512 128,990 8,332,521 9,049,033 440,967 224,225 9,714,225 9,614,595 Retained Earnings:
Reserved:
Revenue Bond Debt Service 855,945 285,315 1,141,260 1,141,260 915,583 Revenue Bond Reserve 691,690 230,563 922,253 922,253 915,275 Renewal and Replacement 81,715 11,625 24,964 50,550 188,854 188,854 105,645 Designations:
Depreciation Account 761,556 314,877 1,076,433 1,076,433 509,851 Potable Water Account 54,360 54,360 54,360 42,360 Unreserved Balance (Deficit) 4,928,025 60,789 1,432,792 586,179 7,007,785 ( 295,308) 76,387 6,788,864 7,102,237 Total Retained Earnings 7,318,931 923,169 1,512,116 636,729 10,390,945 ( 295,308) 76,387 10,172,024 9,590,951 Total Fund Equity 7,899,941 929,681 1,641,106_ 8,969,250 19,439,978 145,659 300,612 19,886,249 19,205,546 Total Liabilities and Fund Equity $ 22,979,093 $2,73239 $6,846,211 $12,067,006 $ 44,624,729 $ 321,815 $ 307,805 $ 45,254,349 $ 42,012,632 See Accompanying Notes (Concluded) 4 of 4
CITY OF LEESBURG, FIDRIDA ALL ENTERPRISE FUNDS COMBINING STATEMENT OF OPERATIONS AND CHANCES IN RETAIhT.D EARNINGS (DEFICIT)
Fiscal Years Ended September 30, 1982 and 1981 E-2 SANITARY OTHER ENTERPRISE FITNDS SEWER AhT ELECTRIC GAS WATER WASTEWATER COMBINED SANITATION Total UTILITY UTILITY UTILITY TREATMENT UTILITY SERVICES AMBULANCE September 30 FUND FUND FUND ETND FUNDS FUND FUND 1982 1981 Operating Revenue:
User Charges $ 16,793,555 $ 2,720,488 $ 672,737 $ 1,149,878 $ 21,336,658 $ 611,144 $ 171,615 $ 22,119,417 5 22,147,827 Contract Servfces 275,000 275,000 250,000 Other Operating Revenue 144,491 24,887 10,464 52,116 231,958 231,958 232,524 Total Operating Revenue 16,938,046 2,745,375 683,201 1,201,994 21,568,616 611,144 446,615 22,626,375 22,630,351 Operating Expenses:
Power Generation 544,337 544,337 544,337 351,132 Purchased Energy 11,561,937 1,813,291 13,375,228 13,375,228 12,932,537 4 Transmission 200,618 200,618 200,618 220,655
? Supply and Pumping 90,141 81,870 172,011 172,011 339,358 Treatment 130,463 401,574 532,037 532,037 257,395 Distribution and Collection 486,096 91,925 95,276 49,515 722,812 722,812 484,854 Customer Accounts 314,061 113,397 96,718 91,280 615,456 615,456 592,756 Administration and General 725,620 208,619 132,328 196,494 1,263,060 49,000 1,312,060 1,435,531 Operating Expenses 487,146 305,044 792,190 865,614 Depreciation and Amortization 820,548 55,546 79,758 336,470 1,292,322 54,588 20,666 1,367,576 1,082,533 Total Operating Expenses 14,653,217 2,282,777 624,684 t,157,203 18,717,881 590,734 325,710 19,634,325 18,562,365 Operating Income (Loss) 2,284,829 462,598 58,517 44,791 2,850,735 20,410 120,905 2,992,050 4,067,986 Non-Operating Revenue (Expense)
Interest Income 458,833 50,214 416,770 71,337 997,154 997,154 834,003 Other Non-Operating Income 131,723 2,311 3,479 66,717 204,230 1,192 205,422 157,322 Interest Expense ( 882,066) ( 46,44?,) ( 336,069) ( 154,752) ( 1,419,332) ( 1,237) ( 1,420,569) ( 902,772)
Other Non-Operating Expense ( 42,175) ( 463) ( 60,155) ( 102,793) ( 102,793) ( 74,049)
Total Non-Operating Revenue (Expense)( 333,685) 5,617 84.180 ( 76,853) ( 320,741) ( 45) ( 320,736) 14,504 Net Income (Loss) before Operating Trensfers (Forward) 1,951,144 468,215 142,697 ( 32,062) 2,529,9 % 20,365 120,905 2,671,264 4,082,490 See Accompanying Notes (Continued) 1 of 2
i CITY OF IEESBURG, FLORIDA ALL ENTERPRISE RINDS ;
COMBINING STATEMENT OF OPERATIONS AND CHANCES IN RETAINED EARNINGS (DEFICIT)
Fiscal Years Ended September 30, 1982 and 1981 E-2 SANITARY CTHER ENTERPRISE WNDS
, SEWER AND ELECTRIC CAS WATER WASTEWATER COMBINED SANITATION Total j UTILITY UTILITY UTILITY TREATMENT UTILITY SERVICES AMBULANCE September 30 FUND FUND FUND FUND FUNDS MIND WND 1982 1981
- Net Income (Loss) before Operating j Transfer (Forward) $ 1,951,144 $ 468,215 $ 142,697 $( 32,062) $ 2,529,994 $ 20,365 $ 120,905 $ 2,671,264 $ 4,082,490 j Operating Transfers
j Transfers In 51,014 j Transfers (Out) ( 1,800,000) ( 300,000) ( 2,100,000) (2,100,000) ( 2,485,000)
] Net Income (Loss) 151,144 168,215 142,697 ( 32,062) 429,9 % 20,365 120,905 571,264 1,64d,504 Add depreciation on EMS Ambulance Vehicles that reduces Contributed 4 Cepital 9,809 9,809 14,013
'Y Retained Earnings (Deficit)
Beginning of Year 7.167,787 754,954 1,369,419 668,791 9,960,951 ( 315.673) ( 54,327) 9,590.951 7,928,434 i
} Retained Earnings (Deficit),
End of Year S 7,318,931 $ 923,169 $ 1,512,116 $ 636,729 $10.390,945 $( 295,308)$ 76,387 $10,172,024 $ 9,590.951 i
i See Accompanying Notes (Concluded) 2 of 2 l
t i
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i CITY OF LEESBURG, FLORIDA ALL ENTERPPISE FUNDS f
i COMBINING STATEMENT OF CHANCES IN FINANCIAL POSITION FISCAL 12ARS ENDED SEPTEMBER 30, 1982 AND 1981 E-3 SANITARY OTHER ENTERPRISE FUND SEWER AND ELECTRIC GAS WATER WASTEWATER COMBINED SANITATION Total UTILITY UIILITY UTILITY TREATMENT UTILITY SERVICES AMBULANCE September 30 FUND FUND FUND FUND FUNDS FUND FUND 1982 1981 Sources of Working Capital:
Operations:
Net Income (Loss) $ 151,144 $ 168,215 $ 142,697 $( 32,062) $ 429,994 $ 20,365 $ 120,905 $ 571,264 $ .1,648,504 Items not affecting Working Capital:
Depreciation and Amortization 867,456 56,827 92,787 340,712 1,.G7,782 54,588 20,666 1,433,036 1,129,262 Working Capital Provided by.
Operations 1,018,600 225,042 235,484 308,650 1,787,776 74,953 141,571 2,004,300 2,777,766 Decrease in Restricted Assets 895,975 64,871 353,330 1,319,304 2,633,480 2,633,480 4,254,797 Decrease in Interfund Advances Rec. 1,336,809 290,837 1,627,646 1,627,646 Increase in Interfund Advances Payable 374,402 Decrease in Long Term Receivables 6,216 6,216 6,216 Eg Net Increase in Current Liabilities j' Payable from Restricted Assets 55,331 4,155 4,235 63,721 63,721 114,340 Contributed Capital 15,015 16,261 78,163 109,439 109,439 858,265 1980 Bond Anticipation Note Proceeds 250,000 500,000 3,750,000 4,500,000 4,500,000 Book Value of Equipment Disposals 12,606 12,606 7,034 Total Sources of Working Capital 3,577,946 1,084,905 4,359,310 1,706,117 10,728,278 87,559 141,571 10,957,408 8,386,604 Uses of Working Capital:
Increase in Restricted Assets 2,392,191 1,052,030 2,541,439 405,089 6,390,749 6,390,749 1,840,651 Additions to Property and Equipment 665,687 223,367 1,259,599 149,383 2,298,036 140,164 25,947 2,464,147 4,509,823 Additions to Intangible Plant 102,420 102,420 102,420 Increase in Nuclear Fuel 247,602 247,602 247,602 275,756 Increase in Long Term Receivables 51,169 Increase in Deferred Issue Costs 3,535 17,672 21,207 21,207 13,520 Increase in Interfund Advances Receivable 324,010 Decrease in Interfund Advances Payable 567,647 1,059,999 1,627,646 1,627,646 50,392 Net Decrease in Current Liabilities Payable from Restricted Assets 457,483 Increase in Unamortized Discounts 5,176 25,874 31,050 31.050 Total Uses of "Vorking Capital (Forward) 3.416,611 1,275.397 4,412.231 1,614.471 10,718,710 140,164 25.947 10,884,821 7,522,804
< See_Ac_c m 71nitNotes _( Continued) 1 of 2
t CITY OF LEESBURG, FLORIDA I
ALL ENTERPRISE WNDS COMBINING STATEMENT OF CHANCES IN FINANCIAL POSITION Fiscal Years Ended September 33, 1982 and 1981 E-3 SANITARY OTHER ENTERPRISE FUNDS 4
i SEWER AND ,
ELECTRIC CAS WATER WASTEWATER COMBINED SANITATION Total UTILITY UTILITY UTILITY TREATMENT UTILITY SERVICES AMBULANCE September 30 i FUFD FUND FUND FUND FUNDS FUND FUND 1982 1981 l Total Uses of Working Capital (Forward) $ 3,416,611 $ 1,275,397 $ 4,412,231 $ 1,614,471 $10,718,710 $ 140,164 $ 25,947 $10,884,821 $ 7,522,804 l Net Increase (Decrease) in Working Capital (See Schedule below) $ 161,335 $( 190,492) $( 52,921) $ 91,646,S 9,568 $( 52,605) $ 115,624 $ 72,587 $ 863,800 4 Elements of Net Increase (Decrease) in j y Working Capital:
Cash and Cash Equivalents $( 839,277)$ $ $ $( 839,277) $ $ $( 839,277) $ 1,707,887 Investments (1,304,200)
Customer Accounts (Net) 308,945 83,054 27,110 15,678 434,787 1,010 2,296 438,093 ( 535,006) j Due from Other Governments ( 22,447) l Accrued Interest 34,691 34,691 34,691 ( 3,556) j Due from Other Funds ( 100,947) ( 100, % 7) 116,228 15,281 ( 73,445) i Inventory 58,745 ( 9,218) 10,432 103 60,062 1,601 61,663 ( 63,814)
Accounts Payable 638,268 ( 102,213) ( 140,425) ( 4,073) 391,557 ( 31,981) 186 359,762 1,793,900
]
Accrued Expenses ( 76,064) ( 16,540) ( 32,440) ( 10,062) ( 135,106) ( 2,510) ( 1,190) ( 138,806) ( 8,731)
Customer Advances for Construction 46,227 131 2,402 48,760 48,760 ( 32,642) f
! Due to Other Funds 90,747 ( 145,706) 80,000 90,000 115,041 ( 20,725) ( 1,896) 92,420 ( 594.146) i Net Increase (Decrease) in j Working Capital $ 161,335 $( 190,492) $( 52,921) $ 91,646 $ 9,568 $( 52,605) $ 115,624 $ 72,587 $ 863,800 1
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j See Accompanyin6 Notes (Concluded) 2 of 2 i
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INTERNAL SERVICE FUND The Motor Pool Service Fund has been established to account for the cost of maintaining automotive vehicles for the various departments of the City. Costs are billed at estimated actual cost which includes depreciation on maintenance equipment. Such billings are recognized as operating revenue in the Motor Pool Service Fund and as expenses or expenditures of the various departments and other funds. The Motor Pool Service Fund is a proprietary fund and is maintained on the accrual basis.
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4 CITY OF LEESBURG, FLORIDA MOTOR POOL SERVICE FUND BALANCE SHEET September 30, 1982 and 1981 F-1 _
SEPTEMBER 30 1982 1981 ASSETS I' Current Assets:
Inventory, at cost (Note 1) $ 17,783 $ 10,321 Property, plant and equipment, at cost (Note 1) :
Machinery and equipment 27,765 29,938 I
Less: Accumulated depreciation 17,822 16,908 9,943 13,030 Total Assets S 27,726 $ 23,351 LIABILITIES AND FUND EQUITY Accounts payable S 9,303 $ 4,231
, Due to Other Funds 11,893 6,980 l Accrued Vacation and Sick Pay (Note 1) 1,254 1,345 f
i Total Liabilities 22,450 12,556
! Fund Equity:
Contributed Capital - General Fund 15,979 15,979 ,
Retained Earnings (deficit) ( 10,703) ( 5,184)
Total Fund Equity 5,276 10,795 Total Liabilities and Fund Equity $ 27,726 $ 23,351 See Accompanying Notes
CITY OF LEESBURG, FLORIDA MOTOF POOL SERVICE FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS Years Ended September 30, 1982 and 1981 F-2 1982 1981 Operating Revenues -
Charges for Services S 137,921 S 242,109 Operating Expenses:
Personal Services 50,825 71,271 Professional Services 400 Repairs and Maintenance 6,092 9,705 Operating Supplies 6,810 17,585 Lubricants and Oil 5,341 11,879 Gasoline 12,526 5,900 Diesel 23,400 12,078 Major Vehicle Parts 17,611 91,885 Tires and Batteries 16,750 4,672 Depreciation ___
4,085 3,650 143,440 229,025 Net Income (Loss) ( 5,519) 13,084 Ratained Earnings (Deficit) at Beginning of Year ( 5,184) ( 18,268)
Retained Earnings (Deficit) at End of Year S( 10,703) S( 5,184)
See Accompanying Notes
CITY OF LEESBURG, FLORIDA MOTOR POOL SERVICE FUND STATEMENT OF CHANGES IN FINANCIAL POSITION Years Ended September 30, 1982 and 1981 F-3 1982 1981 Sources of Working Capital:
Operations:
Net Income (Loss) S( 5,519) $ 13,084 Depreciation not requiring the use of Working Capital 4,085 3,650 Working Capital Provided by (Used in)
Operations ( 1,434) 16,734 Book Value of Equipment Sold 502 Total Sources of Working Capital ( 932) 16,734 Uses of Working Capital:
Purchase of Property and Equipment 1,500 2,559 Net increase (dacrease) in Working Capital (See schedule below) S( 2,432) S 14,175 Elements of Net increase (decrease) in Working Capital:
Due from other funds S S( 135,072)
Inventory 7,462 10,321 Accounts payable ( 5,072) 23,654 Due to other funds ( 4,913) 114,267 Accrued vacation and sick pay 91 1,005 Net increase (decrease) in Working Capital S( 2,432) $ 14,175 See Accompanying Notes ~
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1 FIDUCIARY FUND TYPE Fiduciary type funds are used to account for the assets of the City's employee pension funds. Certain administrat.ive expenses are paid by the General Fund (Note 1). The primary objective of the following section is to provide financial information that is useful in assessing each plan's present and future ability to pay benefits when due.
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CITY OF LEESBURG, FLORIDA FIDUCIARY FUWD TYPES COMBINING STATEMENT OF NET ASSETS AVAILABLE FOR BENEFJTS September 30, 1982 and 1981 G-1 MUNICIPAL MUNICIPAL GENERAL POLICE FIREMEN'S EMPLOYEES' Totals t RETIREMENT RETIREMENT PENSION September 30 TRUST FUND TRUST FUND FUND 1982 1981 ASSETS Cash and Cash Equivalents S 39,092 S 79,601 S 518,533 $ 637,226 S 681,756 Investments at fair value (Note 1):
U. S. Government Bonds 257,500 605,646 1,101,032 1,964,173 1,438,739 Federal Agency Bonds 403,888 246,347 333,687 983,922 383,771 Corporate Bonds 45,219 90,438 135,657 113,062 Total Investments 661,388 897,207 1,525,157 3,083,752 1,935,572 Receivables:
, Employee Contributions 5,083 '
$' Employer Contributions 19,516 19,516 9,200 Accrued Interest 19,137 24,173 37,807 81,117 59,419 Total Receivables 19,137 43,689 37,807 100,633 73,702 Total Assets 719,617 1,020,497 2,081,497 3,821,611 2,691,030 LIABILITIES Cash Overdraft 4,889 Accounts Payable 1,023 763 1,655 3,441 2,783 Due to Other Funds 9,033 405 9,438 9,409 Deferred Income (Excess Employers Contributions) 15,600 15,600 21,556 Total Liabilities 10,056 763 17,660 28,479 38,637 Net Assets Available for Benefits S 709,561 S 1,019,734 S 2,063,837 S 3,793,132 S 2,652,393 See Accompanying Notes
CITY OF LEESBURG, FLORIDA FIDUCIARY FUND TYPES COMBINING STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS Years Ended September 30, 1982 and 1981 G-2 MUNICIPAL MUNICIPAL GENERAL POLICE FIREMEN'S EMPLOYEES' Totals RETIREMENT RETIREMENT PENSION September 30 TRUST FUND TRUST FUND FUND 1982 1981 Investment Income Unrealized Appreciation (Depreciation) in Fair Value of investments (Note 13) $ 52,006 S 97,667 S 185,634 S 335,307 S( 153,227)
Interest earned 71,642 97,429 203,532 372,603 256,942 Gain (Loss) on sale of investments ( 527) 1,391 2,781 3'645
, 3,624 l Total Investment Income 123,121 196,487 391,947 711,555 107,339
- Contributions (Note 13)
Employer 95,163 321,433 416,596 335,740 Employee 23,630 29,380 53,010 51,085 State of Florida 34,720 29,408 64,128 60,197
& Total Contributions 58,350 153,951 321,433 533,734 447,022
! 7 Total Additions 181,471 350,/38 713,380 1,245,289 554,361 Deductions:
- Refunds 2,462 8,540 11,002 3,779
{ Benefit Payments 6,401 1,118 23,012 30,531 73,494 l Administrative Expenses 8,692 10,019 44,306 63,017 39,781 Total Deductions 17,555 19,677 67,318 104,550 117,054 i Net Increase 163,916 330,761 646,062 1,140,739 437,307 Met Assets Available for Benefits at Beginning of Year 545,645 688,973 1,417,775 2,652,393 2,215,086 Net Assets Available for Benefits at End of Year S 709,561 S 1,019,734 S 2,063,837 S 3,793,132 S 2,652,393 See Accompanying Notes
CITY OF LEESBURG, FLORIDA MUNICIPAL POLICE RETIREMENT TRUST FUND STATEMENT OF NET ASSETS AVAILABLE FOR BENEFIT September 30, 1982 AND 1981 G-3 September 30 1982 1981 ASSET.7 Cash and Cash Equivalents S 39,092 S 116,600 Investments at fair value, (Note 1) :
U.S. Government Bonds 257,500 245,336 Federal Agency Bonds 403,888 184,102 Total Investments 661,388 429,438 Receivables:
Accrued Interest 19,137 13,797 Total Assets 719,617 559,835 LIABILITIES Cash overdraft 4,889 Accounts Payable 1,023 821 Due to Other Funds 9,033 8,480 Total Liabilities 10,056 14,190 ;
l Net Assets available for benefits S 709,561 $ 545,645 l
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See Accompanying Notes l
CITY OF LEESBURG MUNICIPAL POLICE RETIREMENT TRUST FUND STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS Years Ended SeptemDer 30, 1982 and 1981 G-4 September 30 1982 1981 Investment Income Unrealized Appreciation (Depreciation) in fair value of investments S 52,006 $( 9,232)
Interest earned 71,642 51,289 Gain (Loss) on sale of investments ( 527) 2,320 Total Investment Income 123,121 $ 44,377 Centributions Employee 23,630 22,199 State of Florida 34,720 32,407 Total Contributions 58,350 54,606 Total Additions: 181,471 98,983 Dr. ductions:
Refunds 2,462 2,541 Benefit payments 6,401 6,401 Administrative expenses 8,692 8,165 Total Deductions 17,555 17,107 Net Increase 163,916 81,876 Net Assets Available for Benefits at B2 ginning of Year 545,645 463,769 Nat Assets Available for Benefits End of Year $ 709,561 $ 545,645
/
See Accompanying Notes i
CITY OF LEESBURG, FLORIDA MUNICIPAL FIREMEN'S RETIREMENT TRUST FUND STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS SEPTEMBER 30, 1982 and 1981 G-5 __
September 30 1982 1981 ASSETS Cash and Cash Equivalents S 79,601 S 204,578 Investment at fair value (Note 1) :
U.S. Government Bonds 605,641 336,650 Federal Agency Bonds 246,347 82,622 Corporate Bonds 45,219 37,687 Total Investments 89 ,207 456,959 Receivables:
Employee Contributions 5,083 Employer Contributions 19,516 9,200 Accrued Interest 24,173 14,293 Total Receivables 43,689 28,576 Total Assets 1,020,497 690,113 LIABILITIES Accounts Payable 763 616 Due to Other Funds 524 Total Liabilities 763 1,140 i
Net Assets available for benefits S 1,019,734 S 688,973 l
! See Accompanying Notes
?
CITY OF LEESBURG, FLORIDA MUNICIPAL FIREMEN'S RETIREMENT TRUST FUND STATEMENT OF CHANGES III NET ASSETS AVAILABLE FOR BENEFITS Years Ended September 30, 1982 and 1981 G-6 September 30 1982 1981 Investment Income Unrealized Appreciation (Depreciation) in Fair Value of investments S 97,667 $( 46,945)
Interest earned 97,429 65,510 Gain on sale of investments 1,391 398 Total Investment Income 196,487 18,963 Contributions Employer 95,163 74,122 Employee 29,380 28,886 State of Florida 29,408 27,790 Total Contributions 153,951 130,798 Total Additions 350,438 149,761 Deductions:
Refunds 8,540 1,238 Benefit Payments 1,118 836 Administrative Expenses 10,019 8,175 Total Deductions 19,677 10,249 Net Increase 330,761 139,512 Net assets Available for Benefits at Beginning of Year 688,973 549,461 1
Net assets Available for Benefits at End of Year S 1,019,734 $ 688,973 l
l See Accompanying Notes CITY OF LEESBURG, FLORIDA GENERAL EMPLOYEES PENSION FUND STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS September 30, 1982 and 1981 G-7 September 30 1982 1981 ASSETS Cash and Cash Equivalents S 518,533 $ 360,578 Investments at fair value, (Note 1):
U. S. Government Bonds 1,101,032 856,753 Federal Agency Bonds 333,687 117,047 Corporate Bonds 90,438 75,375 Total Investments 1,525,157 1,409,175 Receivables:
Accrued Interest 37,807 31,329 Total Assets 2,081,497 1,441,082 LIABILITIES Accounts Payable 1,655 1,346 Due to Other Funds 405 405 Deferred Income (Excess employer contributions) 15,600 21,556 Total Liabilities 17,660 23,307 Net Assets Available for Benefits $ 2,063,837 $ 1,417,775 See Accompanying Notes
CITY OF LEESBURG, FLORIDA GENERAL EMPLOYEES' PENSION FUND STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS Years Ended September 30, 1982 and 1981 G-8 September 30 1982 1981 Investment Income Unrealized Appreciation (Depreciation) in fair value of investments S 185,634 S( 97,050)
Interest Earned 203,532 140,143 Gain on sale of investments 2,781 906 Total Investment Income 391,947 43,999 Contributions Employer 321,433 261,618 Total Contributions 321,433 261,618 Total Additions 713,380 305,617 Deductions:
Benefit payments 23,012 66,257 Administrative expenses 44,306 23,441 Total Deductions 67,318 89,698 Net Increase 646,062 215,919 Nat Assets Available for Benefits at Beginning of year 1,417,775 1,201,856 Nat Assets Available for Benefits at End of year $ 2,063,837 $1,417,775 See Accompanying Notes
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ACCOUNT GROUPS Account Groups are used to establish accounting control and accountability for the City's general fixed assets and the unmatured principal of its general long term debt. These account groups are not funds; they do not reflect available financial resources and related liabilities.
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CITY OF LEESBURG, FLORIDA COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS BY SOURCES September 30, 1982 and 1981 H-1 September 30 1982 1981 General Fixed Assets:
Land S 1,066,597 $ 1,001,456 Building 3,609,858 3,534,708 Improvements Other than Buildings 515,563 504,609 Equipment 1,900,063 1,746,299 Constzuction Work in Progress 872,206 568,196 Total General Fixed Assets S 7,964,287 $ 7,355,268 Investments in General Fixed Assets From:
General Cbligation Bonds and Revenue Certificates $ 1,454,659 $ 1,245,756 Capital Projects Fundr.:
Economic Development Administration Grants 430,079 430,079 Special Improvement Fund 62,657 62,657 Hospital Construction Fund 2,174,204 2,174,204 Federal, State and Local Grants 868,234 779,896 General Fund Revenues 2,488,306 2,262,907 Special Revenue Fund Revenues 292,589 283,089 Utility Revenue Fund Revenues 69,607 69,607 Gifts 123,952 47,073 Total Investment in General Fixed Assets S 7,964,287 $ 7,355,268 See Accompanying Notes
CITY OF LEESBURG, FLORIDA SCHEDULE OF GENERAL FIXED ASSETS - SY FUNCTIONS AND ACTIVITIES September 30, 1982 H-2 IMPROVEMENTS OTHER TRAN FUNCTION AND ACTIVITY TOTAL l LAND _
BUILDINGS BUILDINGS EQUIPMENT General Government: =
Legislative S 805,649 $ , 685,331 S 120,318 $ -
S Executive 129,928 129,928 Fihancial and Administrative 32,192 32,192 Other. General Government 117,115 65,709 37,073 14,333 Total General Government 1,084,884 751,040 157,391 1.76,453 Public Safety:
Law Enforcement 626,816 5,452 162,453 43,664 415,247 Fire Control 521,475 5,452 198,335 1,298 316,390 Detention and Correction 4,089 4,089 Protective Inspection 14,041 14,041 Total Public Safety 1,166,421 10,904 360,78_8 44,962 749,767 Physical Environment 259,933 37,080 222,853 h '
f Transportation:
Roads and Street 123,831 17,433- 47,918 58,480 Airport 128,743 43,050 -
49,467 29,319 '
6,905 Parking Facilities 35,249 35,249 Total Transportation 287,821 95,732 97,385 29,319 65,385 Economic Environment 15,854_ 558 15,296 Hospitals and Raman Services 2,179,114' 31,430 2,147,684 Culture and Recreation: =
Libraries 428,552 51,000 187,563 189,989 Parks and Recreation 807,813 49,249 176,829 155,854 425,881 Cultural Services .222,864 218,866 1,470 2,528 Special Recreational Facilities 638,825 77,242 226,272 283,400 51,911 Total Culture and Recreation 2,098,054 177,491 809,530 440,724 670,309 7,092,081 S 1,066,597 5 3,609,858 $ 515,563 $ 1,900,063 Construction Work in Progress 872,206 Total General "ixed Assets S 7,964,287 See Accompanying Notes
CITY OF LEESBURG, FLORIDA SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTIONS AND ACTIVITIES Year Ended September 30, 1982 H-3 GENERAL GENERAL FIXED ASSETS FIXED ASSETS FUNCTION AND ACTIVITY 10/1/81 ADDITIONS DEDUCTIONS 9/30/82 General Government:
Legislative S 805,649 S S 805,649 S
Executive 129,928 129,928 Financial and Administrative 31,775 1,267 850 32,192 Other General Government 119,261 923 3,069 117,115 Total General Government 1,086,613 2,190 3,919 1,084,884 Public Safety:
Law Enforcement 571,849 77,491 22,524 626,816 Fire Control 493,832 27,643 521,475 Detention and Correction 1,844 2,245 4,089 Protective Inspection 13,404 637 14,041 Total Public Safety 1,080,929 108,016 22,524 1,166,421 Physical Environment 247,748 43,685 31,500 259,933 i
Transportation:
i Roads and Streets 105,854 17,977 123,831 i Airport 128,741 128,741 Parking Facilities 35,249 35,249 Total Transportation 234,595 53,226 287,82J Economic Environment 15,296 558 15,854 Hospitals and Human Services 2,179,114 2,179,114 Cu1*ure and Recreation:
- braries 383,272 45,280 428,552 Carks and Recreation 697,816 114,527 4,530 807,813 Cu'tural Services 222,864 222,864 Special Recreational Facilities 638,825 638,825 Total Culture and Pecreation 1,942,777 159,807 4,530 2,098,054 Construction Work in Progress 568,196 304,010 872,206 Total General Fixed Assets S 7,355,268 S 671,492 S 62,473 S 7,964,287 See Accompanying Notes 2
CITY OF LEESBURG, Fli)RIDA SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY SOLTCES Years Ended September 30, 1982 and 1981 H-4 IMPROVEMENTS CONSTRUCTION Total OTHER THAN Wr)RK IN September 30 IAND BUILDINGS BUILDINGS EQUIPMENT PROGRESS 1982 1981 General Fixed Assets (Beginning of Year) $ 1,001,456 $ 3,534,708 $ 504,609 $ 1,746,299 $ 568,196 $ 7,355,268 $ 6,486,859 Add:
Expenditures from General Pund Revenues 35,249 43,553 5,346 196,955 6,769 287,872 343,500 Expenditures from Special Revenue Fund Revenues 9,500 9,500 20,873 Expenditures from Utility Revenue Fund
, Revenues 10,376 l , Expenditures from Capital Projects Fund:
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Federal Grant - Airport 84,753 84,753 449,001 3
8 State and County Grants 3,585 3,585 40,894 Expenditures from General Obligation Bonds 208,903 208,903 Gifts 29,892 31,597 9,168 6,222 76,879 47,073 Total Additions 55,141 75,150 14,514 212,677 304,010 671,492 911,717 1,066,597 3,609,858 519,123 1,958,976 872,206 8,026,760 7,398,576 Deduct:
Fixed Assets Sold or Traded 3,560 58,913 62,473 43,308 Total Deductions 3,560 58,913 62,473 43,308 General Fixed Assets (End of Year) $ 1,066,597 $ 3,609,858 $ 515,563 $ 1,900,063 $ 872,206 $ 7,964,287 $ 7,355,268 See Accompanying Notes
CITY OF LEESBURG, FLORIDA STATEMENT OF GENERAL LOUG-TERM DEBT September 30, 1982 and 1981 H-5 September 30 1982 1981 AMOUNT AVAILABLE AND TO BE PROVIDED FOR THE PAYMENT OF GENERAL LONG-TERM DEBT Term Bonds - General Obligation Bond:
Amount Available in Debt Service Fund S 54,167 $
Amount to be Provided 595,833 Total - Term Bonds 650,000 i Serial Bonds - Public Improvement Revenue Certificates:
Amount Available in Debt Service Fund 103,501 111,855 Amount to be Provided 171,499 198,145 Total - Serial Bonds 275,000 310,000 Other Long-Term Liabilities:
Amount to be Provided 217,490 298,986 Total Available and to be Provided $ 1,142,490 $ 608,986 GENERAL LONG-TERM DEBT PAYABLE (Notes 1 and 3)
General Obligation Bond Payable $ 650,000 $
Public Improvement Revenue Certificates Payable 275,000 310,000 Hospital Equipment Note Payable 6,999 74,555 Other Equipment Note Payable 7,633 38,260 Real Estate Notes Payable 202,858 186,171 Total General Long-Term Debt Payable $ 1,142,490 $ 608,986 See Accompanying Notes
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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 thoughout 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 LEESBURC, FLORIDA SUPMARY SCHEDULE OF UTILITY PLANT IN SERVICE COMBINED UTILITY FUNDS Year Endrd Srpte:btr 30, 1982 I-1 ASSETS ACCUMULATED DEPRECIATION
, RECLASS.
BALANCE BALANCE BALANCE CURRENT YEAR BAIANCE
{
j 10/1/81 ADDITIONS DISPOSALS 9/30/81 10/1/81 DEPRECIATION DISPOSALS 9/30/82 i Electric Plant Intangible $ $ 102,420 $ $ 102,420
- Land 6,600 6,600 l Buildings 648,583 648,583 $ 121,594 12,137 133,731 j $ $ $
j Improvements Other than Buildings 17,325,822 926,718 18,252,544 4,380,307 781,483 5,161,790 i 52,072 ( 40,095)
Construction in Progress 11,977 j Machinery and Equipment 568,147 26,666 ( 6,809) 588,004 259,294 47,202 ( 6,809) 299,687 i Total Electric Plant 18,601,224 1,055,804 ( 46,904) 19,610,124 4,761,195 840,822 ( 6,809) 5,595,208 Cas Plant j Land 16,050 3,600 19,650 4
Buildings 12,704 12,704 762 254 1,016 Improvements Other than Buildings . 634,010 33,638 1,667,648 739,196 45,398 784,594
, Construction in Progress 167,909 167,909 l
j @' Machinery and Equipment 146,176 18,220 ( 3,318) 161,078 77,067 9,894 ( 3,318) 83,643 Total Cas Plant 1,808,940 223,367 ( 3,318) 2,028,989 817,025 55,546 ( 3,318) 869,253 Water Plant 4
3 Land 32,245 32,245 f Buildings 106,297 106,297 16,226 3,786 20,012
{ Improvements Other than Buildings 3,619,107 24,410 3,643,517 976,099 54,900 1,030,999 5
Construction in Progress 87,529 1,222,771 1,310,300
, Machinery and Equipment 184,759 12,417 ( 3,935) 193,241 80,064 21,342 ( 3,935) 97,471 l Total Water Plant 4,029,937 1,259,598 ( 3,935) 5,285,600 1,072,389 80,028 ( 3.935) 1,148,482 Sanitary Sewer and j Wastewater Treatment Plant j Land 984,058 984,058 Buildings 2,296,074 24,678 2,320,752 37,039 54,096 91,135
{
l Improvements Other than Buildings 6,743,697 87,195 6,830,892 742,875 136,445 879,320
) Construction in Progress 11,289 ( 11,289)
Machinery and Equipment 2,846,561 48,799 ( 2,622) 2,892,738 163,625 145,929 ( 2,622) 306,932 4
Total Sanitary Sewer and ;
Wastewater Treatment Plant 12,881,679 160,672 ( 13,911) 13,028,440 943,539 336,470 ( 2,622) 1,277,387 j
TOTAL COMBINED UTILITY PLANT $37,321,780 $ 2,699,441 $( 68,068) $39,953,153 $ 7,594,148 $ 1,312,866 $( 16,684) $ 8,890,330 l
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CITY OF LEESBURG, FLORIDA 1 SCHEDULE OF UTILITY PLANT IN SERVICE ELECTRIC UTILITY FUND j Year Ended September 30, 1982 I-2 ;
1 I ASSETS ACCUMULATED DEPRECIATION ii &
RECLASS.
! BALANCE BALANCE BALANCE CURRENI YEAR BALANCE j 10/1/81 ADDITIONS DISPOSALS 9/30/82 10/1/81 DEPRECIATION DISPOSALS 9/30/82 i Intangible Property:
Rights to harchase Power $ 102,420 $ $ 102,420 $ $ $ $,
{
! Land: 6,600 6,600 l Buildings: ;
Warehouse 454,987 454,987 103,931 8,265 112,1 % i j General Plant 145,8C1 145,801 13,839 2,916 16,755 l d
City Hall 33,295 33,295 2,664 666 3,330 Repair Shop-Transformers 14,500 14,500 1,160 290 1,450 Total Buildings 648,583 648,583 121,594 12,137 133,731
] Improvements Other Than Buildings:
j i Nuclear Fuel 7"O,036 247,602 967,638 354,857 233,192 588,049
! Crystal River #3 Nuclear Plant 4,780,710 55,466 4,836,176 814,881 173,104 987,985 j g Overhead Conductors and Devices 5,406,172 291,575 5,697,748 2,116,072 166,559 2,282,631
- e Underground Conductors & Devices 267,241 8,950 276,191 11,288 8,152 19,443 4
Line Transformers 1,643,165 85,556 1,728,721 596,499 50,578 647,077 Distribution Plant 113,^89 113,089 9,581 3,393 12,974
- Electric Meters 656,304 122,432 778,736 206,827 21,525 228,352 Street Lights and Signals 587,645 65,457 653,102 213,938 18,938 232,876
]
1 Rental Lights 1,655 1,655 1,655 1,655 Power Substations 3,149,805 49,679 3,199,484 54,709 106,042 160,751 Construction in Progress 52,072 ( 40,095) 11,977 l
Total Improvements Other
] 926,717 Than Buildings 17,377,894 ( 40,095) 18,264,517 4,380,307 781,483 5,161,790 Machinery and Equipment:
Plant and Test Equipment 71,867 331 72,198 18,072 3,605 21,677 f Tools and Work Equipment 65,126 14,701 79,827 8,466 3,624 12,090 t Office Equipment 117,126 3,966 ( 1,649) 119,443 20,383 6,224 ( 1,649) 24,958
{ Vehicles 314,028 7,668 ( 5,160) 316,536 212,373 33,749 ( 5,160) 240,962 j Total Machinery and Equipment 568,147 26,666 ( 6,809) 588,004 259,294 47,202 ( 6,809) 299.687 3
i Total Electric Plant $ 18,601,224 $ 1,055,804 $( 46,904) -$ 19,610,124 $ 4,761,195 $ 840,822 $( 6,809) $ 5,595,208 i
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CITY OF LEESBURC, FLORIDA SCHEDULE OF UTILITY PLANT IN SERVICE CAS UTILITY FUND Year Ended September 30, 1982 I-3 ASSETS ACCUMULATED DEPRECIATION RECLASS.
BALANCE BALANCE BALANCE CURRENT YEAR BALANCE 10/1/81 ADDITIONS DISPOSALS 9/30/82 10/1/81 DEPRECIATION DISPOSALS 9/30/82 Land $ 16,050 $ 3,6 00 $ $ 19,650 $ $ $ $
- Buildings
12,704 12,704 $ 762 $ 2 54 1,016
) City Hall Total Buildings 12,704 12,704 762 254 1,016 Improvements Other than Buildings:
I Natural Cas System 1,155,312 12,350 1,397,662 684,812 38,266 723,078 l Gate Station 46,430 46,430 12,557 1,277 13,834 c; Cas Meters 202,268 21,288 223,556 41,827 5,855 47,682
- Construction in Progress 167,909 167,909 Total Improvements Other than Buildings 1,634,010 201,547 1,835,557 739,196 45,398 784,594 4 Machinery and Equipment System Equipment 35,057 35,057 24,206 1,316 25,522 Tools and Shop Equipment 27,287 4,008 31,295 3,899 1,570 5,469
- Office Equipment 22,589 1,214 ( 318) 23,485 4,602 1,204 ( 318) 5,488 Vehicles 61,243 12,998 ( 3,000) 71,241 44,360 5,804 ( 3,000) 47,164 Total Machinery and Equipment 146,176 18,220 ( 3,318) 161,078 77,067 9,894 ( 3,318) 83,643 Tot 21 Cas Plant $1,808,940 $ 223,367 $( 3,318) $ 2,028,989 $ 817,025 $ 55,546 $( 3,31E) $ 869,253 i
CI1Y OF LEESBURG, FLORIDA SCHEDULE OF UIILITY PLANT IN SERVICE WATER UTILITY FUND Year Ended September 30, 1982 I-4 ASSETS ACCUMULATED DEPRECIATION RECLASS.
BALANCE BALANCE BALANCE CURRENT YEAR BAIANCE
, 10/1/81 ADDITIONS DISPOSALS 9/30/82 10/1/81 DEPRECIATION DISPOSALS 9/30/81 Land $ 32,245 $ $ $ 32,245 $ $ $ $
Buildings:
Pumping Plant 49,180 49,180 3,582 984 4,566 Warehouse - Water 22,618 22,618 5,089 1,131 6,220 Warehouse - Improvement 32,699 32,699 7,357 1,635 8,992 City liall 1,800 1,800 198 36 234 Total Buildings 106,297 106,297 16,226 3,786 20,012 Improvements Other than Buildings:
Water Meters 28,043 8,935 36,978 701 1,626 2,327 Water Works 1,453,555 1,453,555 501,176 29,072 530,248
, Water Distribution 22,174 22,174 1,950 443 2,393 CD Fire Hydrants 44,029 1,874 45,903 12,573 899 13,472 8
Water Mains and Potable Water Wells 1,863,326 13,601 1,876,927 366,769 18,701 385,470 Well and Spring Pumps 207,980 207,980 92,930 4,159 97,089 Construction in Progress 87,529 1,222,771 1,310,300 Total Improvements Other than Buildings 3,706,636 1,247,181 4,953,817 976,099 _ 54,900 1,030,999 Machinery and Equipment System Equipment 26,372 26,372 16,142 1,318 17,460 Tools and Shop Equipment 47,711 795 48,506 7,884 9,641 17,525 Office Equipment 11,871 1,368 ( 167) 13,072 2,077 642 ( 167) 2,552 Vehicles 98,805 10,254 ( 3,768) 105,291 53,961 9,741 ( 3,768) 59,934 Total Machinery and Equipment 184,759 12,417 ( 3,9 35) 193,241 80,064 21,342 ( 3,935) 97,471 Total Water Plant $ 4,029,937 $ 1,259,598 $( 3,935) $ 5,285,600 $ 1,072,389 $ 80,028 $( 3,935) $ 1,148,482 i
CITY OF LEESBURC, FLORIDA SCHEDULE OF UTILITY PLANI IN SERVICE 1 SANITARY SEWER AND WASTEWATER TREATMENT FUND l Year Ended September 30, 1982 T-5 ASSETS ACCtNU1ATED DEPRECIATION RECLASS.
BALANCE BALANCE BALANCE CURRENT YEAR BALANCE 10/1/81 ADDITIONS DISPOSALS 9/30/82 10/1/81 DEPRECIATION DISPOSALS 9/30/82 Land i Land Sewer System S 4,573 $ $ $ 4,573 $ $ $ S Treatment Plant 45,258 45,258 201 Farm 934,227 934,227 Total Land 984,058 984,058 Buildings ,
Truck Shed 7,668 7,668 690 153 843 City llall 4,499 4,499 1,818 306 2,124 Treatment Plant 702,781 24,678 727,459 12,061 15,982 28,043 l Office 2,310 2,310 1,386 231 1,617 Lab 301,388 301,388 5,559 6,373 11,932 g Disposal Plant 249,541 249,541 5,246 10,493 15,739 8 Pump Stations 1,027,887 1,027,887 10,279 20,558 30,837 Total Buildings 2,296,074 24,678 2,320,752 37,039 54,096 _
91,135 Improvements Other than Buildings:
Sewer Lines and Manholes 1,535,587 16,369 1,551,956 356,274 15,437 371,711 Disposal Expansion 1,007,435 1,007,435 336,526 20,149 356,675 Treatment Plant 594,156 594,156 7,127 14,254 21,381 Disposal Plant 766,463 766,463 14,548 29,095 43,643 Pipelines 2,840,056 70,826 2,910,882 28,400 57,510 85,910 Construction in Progress 11,289 ( 11,289)
Total Improvements 6,754,986 87,195 ( 11,289) 6,830,892 742,875 136,445 879,320
- Machinery and Equipment
System Equipment 2,621,410 32 2,621,442 118,900 119,250 238,150 Office Equipment 19,343 ( 188) 19,155 9,599 852 ( 188) 10,263 Vehicles J 05,808 48,767 ( 2,4 34) 252,141 35,126 25,827 ( 2,4 34) 58,519 Total Machinery & Equipment 2,846,561 48,799 ( 2,622) 2,892,738 163,625 145,929 ( 2,622) 306,932
, Total Sanitary Sewer and Wastewater Treatment Plant S 12,881,679 $ 160,672 $( 13,911) $ 13,028,440 $ 943,539 $ 336,470 $( 2,622) $ 1,277,387
CITY OF LEESBURG, FLORIDA SCIEDULE OF SOLID WASTE EQUIPMENT SANITATION SERVICES FUND Year Ended September 30, 1982 I-e BALANC3 BALANCE BALANCE CURRENT YEAR BA'E CE 10/1/81 ADDITIONS DISPOSALS 9/30/82 10/1/81 DEPRECIATION DISPOSALS 9/30/82 1
Machinery and Equipment b 11,520 $( 29,918) $ 23,989
$( 42,524)
Landfill Equipment $ 84,508 $ 55,106 $ 97,090 $ 42,387 $
f Trucks and Other Vehicles 307,151 d5,058 392,209 132,117 43,06d 175,185 Total Solid Waste Machinery & Equipment $ 391,659 ! 140,164 $( 42,524) $ 489,299 $ 174,504 $ 54,588 $( 29,918) $ 199,174 1
CITY OF LEESBURG, FLORIDA SCHEDULE OF PROPERTY AND EQUIPMENT AMBULANCE FUND Year Ended September 30, 1982 I-7 ASSETS ACCLHULATED DEPRECIATION BALANCE BALANCE BALANCE CURRENT YEAR BALANCE 10/1/81 ADDITIONS DISPOSALS 9/30/82 10/1/81 DEPRECIATION DISPOSALS 9/30/82 Buildings:
Griffin Road Building $ 42,958 $ $ $ 42,958 $ 7 ,3 38 $ 1,074 $ $ 8,412 Fire Station 36,377 36,377 8,488 909 9,397 Ambulance Bay 13,986 13,986 3,105 35') 3,455 Total Building 93,321 93,321 18,931 2,333 21,264 i
Machinery and Equipment:
Equipment Funded by EMS Crants 45,103 45,103 19,079 5,638 24,717 14,616 1,542 16,158 7,619 1,637 9,256 Other Equipment Total Machinery and 59,719 1,542 61,261 26,698 7,275 33,973 Equipment Vehicles:
Vehicles Funded by EMS Grants 51,010 51,010 46,838 4,172 51,010 39,839 24,405 64,244 13,154 6,886 20,A40 Other Vehicles 24,405 115,254 59,992 11,058 71,050 Total Vehicles 90,849
$ 243,889 $ 25,947 $ $ 269,836 $ 105,621 S 20,666 $ $ 126,287 Total Ambulance Fund
l CITY OF LEESBURG, FLORIDA SCHEDULE OF PROPERTY AND EQUIPMENT MOTOR POOL FUND Year Ended September 30, 1982 I-8 ASSETS ACCUMULATED DEFRECIATION BALANCE BALANCE BALANCE CURRENT YEAR BAIR CE e
CD 10/1/81 ADDITIONS DISPOSALS 9/30/82 10/1/81 DEPRECIATION DISPOSALS 9/30/82 1
i Machinery and Equipment Tools and Equipment $ 15,111 $ 1,000 $ $ 16,111 $ 7,423 $ 2,476 $ S 9,899 t
Vehicles 14,827 500 ( 3,673) 11,654 9,485 1,609 ( 3,171) 7,923 Total Motor Pool Machinery and Equipment S 29,938 $ 1,500 $( 3,673) $ 27,765 $ 16,908 $ 4,085 $( 3,171) $ 17,822 Jl l
i CITY OF LEESBURG, FLORIDA COMBINED SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1982 I-9 INVESIMENTS STATED AT INTEREST MATURITY PAR MARKET MARKET VALUE RATES (%) DATES VALUE VALUE
+
Municipal Police Officers' Retirement i Trust Fund U.S. Government Securities:
, U.S. Treasury Note 7.125 1982 S 94,000 S 94,000 U.S. Treasury Note 15.875 1985 50,000 54,844 i U.S. Treasury Note 14.875 1986 100,000 108,656
- Federal Agency
' Federal Farm Credit Bank 10.9 1983 110,000 110,138 Federal Home Loan Bank 10.8 1985 50,000 48,500 i Federal Land Bank Notes 7.95 1985 45,000 40,500
[ Federal Farm Credit Bank 15.1 1986 100,000 107,375-
- Federal Home Loan Bank 11.1 1987 100,000 97,375 i
649,000 661,388 i
! Municipal Firemen's Retirement Plan U.S. Government Securities:
- U.S. Treasury Notes 10.5 1983 25,000 25,000 U.S. Treasury Notes 10.375 1985 50,000 49,000 15.875 1985 25,000 27,422 O.S. Treasury Notes U.S. Treasury Notes 14.0 1985 100,000 105,188 U.S. Treasury Notes 8.0 1985 50,000 47,063 U.S. Treasury Notes 13.75- 1986 100,000 105,375 l
U.S. Treasury Notes 14.875 1986 100,000 108,656 U.S. Treasury Notes 9.0 1987 50,000 46,062
- U.S. Treasury Notes 8.25 1988 50,000 43,797 l U.S. Treasury Notes 10.75 1989 50,000 48,078 i
fFederalAgency:
9.2 1985 35,000 32,572
} Federal Farm Credit Bank Federal Home Loan Bank 9.35 1985 35,000 32,856 Federal National Mortgage 9.2 1986 35,000 31,981 Federal Farm Credit Bank 13.35 1986 50,000 51,563 4 Federal Home Loan Bank 11.1 1987 100,000 97,375 7
Corporate Bonds:
j Philip Morris, Inc. 8.5 1985 25,000 22,969 J.P. Morgan and Company, Inc. 8.0 1986 25,000 22,250 t S 905,000 $ 897,207 l
1 (Continued) 1 of 2 i
1
CITY OF LEESBURG, FLORIDA COMBINED SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1982 I-9 INVESTMENTS STATED AT INTEREST MATURITY PAR MARKET MARKET VALUE RATES (%) DATES VALUE VALUE Retirement Plan for General Employees U.S. Government Securities:
U.S. Treasury Notes 10.5 1983 100,000 100,000 U.S. Treasury Notes 9.875 1983 100,000 99,469 U.S. Treasury Notes 10.375 1985 100,000 98,000 U.S. Treasury Notes 15.875 1985 100,000 109,688 U.S. Treasury Notes 8.0 1985 100,000 94,125 U.S. Treasury Notes 14.875 1986 200,000 217,312 U.S. Treasury Notes 9.0 1987 100,000 92,125 U.S. Treasury Notes 13.75 1987 100,000 106,563 U.S. Treasury Notes 8.25 1988 100,000 87,594 U.S. Treasury Notes 10.75 1989 100,000 96,156 .
)
Federal Agency:
Federal Home Loan Bank 9.35 1985 75,000 70,406 Federal National Mortgage 9.2 1986 75,000 68,531 Federal Home Loan Bank 11.1 1987 200,000 194,750 Corporate Bonds:
Philip Morris, Inc. 8.5 1985 50,000 45,938 J. P. Morgan and Company, Inc. 8.0 1986 50,000 44,500 1,550,000 1,525,157 Total Investments Stated at Market Value S3,104,000 $3,083,752 INVESTMENTS STATED AT INTEREST MATURITY PAR AMORTIZED AMORTIZED COST RATES (%) DATES VALUE COST Combined Utility Funds Revenue Bond Debt Service:
U.S. Treasury Bonds 8.25 2005 190,000 193,630 U.S. Treasury Bonds 8.25 2005 205,000 209,070 U.S. Treasury Bonds 8.25 2005 220,000 224,546 U.S. Treasury Bonds 8.25 2005 235,000 240,062 850,000 867,308 Revenue Bond Debt Reserve:
U.S. Treasury Bonds 3.25 1983 18,000 17,860 -
U.S. Trecsury Bonds 3.25 1983 37,000 37,000 U.S. Treasury Bonds 4.25 1985 40,000 38,199 U.S. Treasury Notes 14.625 1989 800,000 807,975 895,000 901,034
. Depreciation Account:
'U.S. Treasury Note 14.625 1989 100,000 96,996 Debt Service Fund U.S. Treasury Note 14.625 1989 100,000 102,556 Total Invest. Stated at Amortized Cost $1,945,000 $1,967,894 (Concluded) 2 of 2
CITY OF LEESBURG, FLORIDA
$12,020,000 REFUNDING ru IMPROVEMENT UTILITIES REVENUE BONDS SERIES 1977 DEBT SERVICE REQUIREMENTS TO MATURITY I-10 1
Serial Bonds Invested Sinking Fund Total Par Amount Fiscal Term Bonds Annual Interest Net Debt of Sinking Year Principal Interest Deposit Earned Service Fund Bonds j
! 1978 S 354,895 $ 200,195 $ S 555,090 $ 190,000 1979 709,790 216,001 15,675 910,116 5 205,000 1980 709,790 231,806 32,588 909,008 220,000 1981 709,790 247,611 50,738 906,663 235,000
- 1982 709,790 273,952 70,125 913,617 260,000 1983 709,790 295,025 91,575 913,240 280,000 1984 709,790 316,099 114,675 911,214 300,000 1985 709,790 342,440 139,631 912,599 325,000 1986 709,790 379,319 166,856 922,253 360,000 i 1987 709,790 405,661 196,763 918,688 385,000 1988 709,790 432,003 228,938 912,856 410,000 1989 709,790 474,150 262,969 920,971 450,000 1990 700,790 511,028 300,506 920,312 485,000 1991 709,790 553,176 340,931 922,034 525,000 4
1992 709,790 595,322 384,450 920,662 565,000 i
, 1993 $ 620,000 709,790 428,588 901,203 1994 660,000 675,070 428,588 906,483 1 1995 700,000 637,450 428,588 908,863 1996 735,000 597,200 428,587 903,612 1997 780,000 554,570 428,587 905,982 1998 810,000 508,940 428,587 890,353 l 1999 860,000 461,150 428,587 892,563 i
2000 890,000 410,410 428,587 871,822 3
2001 175,000 357,900 428,587 104,312
! 2002 185,000 347,400 428,587 103,812 l 2003 200,000 336,300 428,587 107,713 j 2004 210,000 324,300 428,588 105,713 2005 5,195,000 311,700 5,623,588 ( 116,887
) Totals $ 12,020,000 $ 16,524,135 S 5,473,788 $ 13,163,056 $ 20,854,867 $ 5,195,000
- 1) The sum of principal, interest and annual deposit less interest earned on invested Sinking Fund.
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CITY OF LEESBURG, FLORIDA UTILITY RATE SCHEDULE September 30, 1982 I-11 Schedule of rates, fees, and charges of the syste.i and number of customers in each class of service as of September 30, 1982 The following schedules are provided for compliance with Section 15 Covenants of the Issuer (Item J) of the Refunding and Capital Improvements Utilities Revenue Bonds, Series 1977 Bond Resolution.
ELECTRIC RATE SCHEDULE Residential Customer Charge S 5.00 All KWH $0.0647 per KWH Minimum S 3.00 Deposit S 50.00 Cut-on Charge - When cut off for non-payment of bill S 10.00 Number of Residential electric customers 9/30/82 10,486 General Service Non-Demand Service Charge S 6.00 All KWH $0.0790 per KWH Minimum S 6.00 Deposit: Estimated bill for two months' service Cut-on Charge - When cut off for non-payment of bill S 10.00 Number of General Service Non-Demand customers 9/30/82 1,864 General Service Demand Service Charge S 25.00 Demand S0.0414 per KWH Minimum S 25.00 Power Factor correction if customer's power factor drops below 90%.
Number of General Service Demand Customers 9/30/82 206 Flat Rate Service This rate shall apply in those cases where the city chooses to not install an electrical meter and to negotiate a flat rate in lieu thereof.
Schedule (Continued) 1 of 4 CITY OF LEESBURG, FLORIDA UTILITY RATE SCHEDULE September 30, 1982 I-11 BULK POWER COST ADJUSTMENT In addition, all of the foregoing rates, except the flat rate, shall be adjust-ed by one of the following:
Bulk power cost adjustment-Non-demand (BPCAnd) times the kwh billed to the customer will be applied as a credit or charge to each customer not on a demand metering basis for billing purposes.
The bulk power cost adjustment per kwh to be used for billing to non-demand customers in any given month is computed by:
Total-power Cost minus _3ase Power Cost Total kwh Billed kwh Billed Where: Total power cost equals the total of the demand, energy and fuel adjustment charges billed by Florida Power Corporation for other than the City's share of Crystal River Nuclear Unit No. 3 plus the fixed operating charges for this share: as billed or accrued in the second month prior to the given month.
Total kwh billed equals the total billed by the City of Leesburg to its customers during the second month prior to the given month.
The Base Power Cost Billed is $0.054576 kwh This value is composed of two (2) components, as follows:
Demand component: $ 0.008016/kwh Other Cost component: $ 0.046560/kwh S 0.054576/kwh WATER RATE SCIIEDULE Water Service - All Customers Availability Charge, exclusive of use S 6.00 Charge Per 100 cubic feet in addition to availability charge S 0.40 Minimum bill per month S 6.00 Deposit S 20.00 Cut-on Charge - When cut off for nonpayment for bill S 10.00 Number of Water Customers 5,050 Schedule (Continued) 2 of 4 CITY OF LEESBURG, FLORIDA UTILITY RATE SCHEDULE Septenber 30, 1982 I-ll GAS RATE SCHEDULE Residential Service Charge S 2.50 Over 20 therms S 0.54664 Minimum S 2.50 Deposit S 20.00 Cut-on Charge - When cut off for nonpayment of bill S 10.00 Number of Residential Gas Customers 9/30/82 4,386 i
Heating Only Service Charge S 2.75 Over 20 therms S 0.58664 Minimum $ 2.75 Deposit S 20.00 Cut-on Charge - When cut off for nonpayment of bill S 10.00 Nwdber of Heating Only Gas Customers 9/30/82 785 j Public Building, Largr r Commercial and Small Industrial Service Charge S 6.00 Over 50 therms S 0.46988 Minimum S 6.00 Cut-on Charge - When cut off for nonpayment of bill S 10.00 i Deposit S 20.00 Number of Snall Industrial Gas Customers 9/30/82 944 Interruptible The rate shall be as fixed from time. to t.me by motion by the City Com-mission, or by contract between the City and its interruptible rate consumer, negotiated by the City Manager, with the approval of the City Commission. Under this rate the City shall have the right to terminate the service at any time without notice.
i Deposit S 50.00 Cut-on Charge - When cut of f for nonpayment of bill S 10.00 ll 1
Number of Interruptible Gas Customers 9/30/82 ___
2 Schedule (Continued) 3 of 4
CITY OF LEESBURG, FLORIDA UTILITY RATE SCHEDULE September 30, 1982 I-ll GAS RATE ADJUSTMENT The rates set forth herein shall be automatically adjusted by the City Clerk / Finance Director for gas price increases effective subsequent to July 31, 1978, which gas price increases are charged to the City by its supplier. This increase in rates to the customer shall be the exact same increase per therm that is charged the City by its supplier.
Schedule (Concluded) 4 of 4 g
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STATISTICAL SECTION Statistical tables differ from financial statements because they usually cover more than one fiscal year and may present non- s accounting data. These tables reflect social and economic data, financial trends and the fiscal capacity of the government.
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CITY OF LEESBURG, FLORIDA GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION Last Ten Fiscal Years Table 1 Fiscal General Public Physical Transpor- Economic Human Culture & Debt Miscel-Year Government Safety Environment tation Environment Services Recreation Service laneous Total 1973 245,828 506,722 195,405 193,220 12,588 292,523 66,701 194,856 1,707,843 1974 241,311 783,519 436,493 270,501 15,035 451,188 56,062 271,391 2,525,500 1975 497,426 949,662 460,583 346,972 21,064 516,913 63,646 334,110 3,190,376 1976 627,215 996,317 519,079 326,931 55,646 17,883 465,266 60,162 408,891 3,477,390 1977 633,314 1,111,987 410,816 335,952 20,403 21,243 531,743 61,939 634,195 3,761,592 l 1978 741,695 1,160,341 542,150 400,440 79,539 23,202 671,839 47,550 638,792 4,305,548 1979 1,020,925 1,430,900 234,784 279,871 573,777 117,119 813,732 48,044 4,519,152 1980 1,030,852 1,611,337 234,792 293,335 607,894 175,347 928,781 45,254 4,927,592 1981 1,146,425 1,708,637 245,367 326,815 281,282 161,159 1,017,084 43,621 4,930,390 1982 1,262,196 1,967,448 254,125 474,211 47,620 149,392 1,056,506 53,020 5,264,518 (1) In 1979 through 1982, Ambulance Services and Refuse and Garbage are shown in enterprise funds.
(2) Includes General, Special Revenue and Debt Service Funds.
(3) In 1978 through 1982, Insurance, Retirement Benefits, Taxes and Other Miscellaneous expenditures were distributed to the various functions.
CITY OF LEESBURG, FLORIDA GENERAL REVENUES BY SOURCE Last Ten Fiscal Years Table 2 Inter-Licenses governmental Charges Fines Miscel-Fiscal and and Shared for and laneous Years Taxes Permits Revenue Services Forfeits and Other Transfers Total 1973 67,774 41,200 415,023 222,621 87,772 34,771 669,781 1,538,942 1974 352,151 48,096 555,309 325,038 98,582 62,668 1,063,417 2,505,261 1975 366,706 53,540 681,096 456,224 107,357 338,3G4 1,146,756 3,150,043 1976 404,656 52,838 871,971 526,669 126,918 287,830 1,495,365 3,766,797 1977 458,762 71,551 896,191 547,456 85,754 328,693 1,654,539 4,042,946 1978 492,394 79,746 1,542,556 445,389 88,335 450,235 1,747,654 4,846,309 1979 509,023 76,778 1,444,433 92,636 89,939 479,897 1,967,995 4,660,701 1980 545,845 76,647 1,431,881 122,714 102,552 848,678 2,953,350 5,081,667 1981 655,651 80,496 1,056,259 137,949 104,341 923,903 2,539,250 5,497,849 1982 986,279 66,228 815,269 191,688 114,252 1,196,195 2,219,899 5,589,810 1 In 1979, 1980 and 1981, the Ambulance Services and Refuse and Garbage revenues are shown in enterprise funds.
l 2 Includes General, Special Revenue and Debt Service Funds.
3 In Fiscal 1975 accounting, billing, meter reading and data processing, formerly charged directly to the Utilities fund, are shown as General Fund expenditures with an offsetting reimbursement revenue from the Utilities Fund.
4 Includes transfers from special revenue and enterprise funds.
CITY OF LEESBURG, FLORIDA i,
PROPERTY TAX LEVIES AND COLLECTIONS Last Ten Fiscal Years Table 3 i
2 Percent Percent of Percent 2 Delinquent of total tax Outstanding delinquent
- Fiscal Total Current tax of levy tax Total tax collections delinquent taxes to 3
Year tax levy collections collected collections collections to tax levy taxes tax levy 1
19 3 60,367 - -
60,367 - - -
4 1974 343,115 332,534 96,9 32 332,566 96.9 - -
! 1975 368,178 354,069 96.2 202 354,271 96.2 - -
j 1976 403,541 390,744 96.8 310 391,054 96.9 - -
4 1977 451,956 436,774 96.6 97 436,871 95.7 - -
Y 1978 483,135 467,852 96.8 -
467,852 96.8 - -
1979 493,598 475,514 96.3 649 476,163 96.5 - -
]
1980 518,141 513,210 99.0 1,371 514,581 99.3 - -
1981 639,396 622,864 97.4 2,043 624,907 97.7 - -
1982 984,022 957,309 '
, 97.3 926 958,235 97.4 - -
I a
I 1 The City adopted a September 30 fiscal year end as of September 30, 1973. Fiscal year 1973 represents nine months i from January 1 to September 30. Previous fiscal years were calendar years.
2 Property tax assessments and collections are performed for the City by Lake County. This information was not available from Lake County.
- 3 S. 197.012 of Florida Statutes allows a discount for early payment of 4% in November, 3% in December, 2% in January and 1% in February.
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CITY OF LEESBURG, FLORIDA ASSE53ED VALUE OF EXEMPT AND TAXABLE PROPERTY Last Ten Fiscal Years Table 4
- Exempt Taxable Assessed Valuation Total Fiscal Assessed Assessed Year Valuation Real Personal Centrally Assessed Total Valuation 1973 23,163,150 50,635,000 11,127,080 404,344 62,166,424 85,329,574 4 1974 35,479,795 52,999,350 15,197,290 426,282 68,622,922 104,102,717 1975 48,804,210 94,032,894 22,448,140 401,022 116,882,056 165,686,266 1976 52,777,660 99,956,286 29,320,580 479,033 129,755,899 182,533,559
' 1977 54,460,280 103,822,050 41,042,470 458,804 145,323,324 199,783,604 1 1978 55,204,060 105,537,140 45,350,457 621,692 151,509,289 206,713,349
?
1979 61,258,460 109,289,340 44,831,660 612,665 154,733,665 215,992,525 1980 67,618,300 114,584,750 46,831,900 672,627 162,009,277 229,707,577 1981 99,776,130 146,364,880 53,282,610 664,594 200,312,084 300,088,214 1982 81,909,004 164,693,026 59,735,848 696,273 225,125,147 307,034,151 i
See following page
CITY OF LEESBURG, FLORIDA ASSESSED VAI.UE OF EXEMPT AND TAXABLE PROPERTY Last Ten Fiscal Years Table 4 (Continued)
Notes:
1 Plorida Statutes Chapter 193 require that all property shall be' assessed at just or fair market value as of January 1 of each year. All taxes are due and payable on November 1 and become delinquent on April 1 of the subsequent year. Discounts are allowed at the rate of 4% in the month of November, 3%
in December, 2% in January and 1% in February.
Chapter 193, Florida Statutes provides that all items of inventory (in personal property) shall be assessed at 10% of just valuation except goods-in-process and raw materials which sSsll be assessed at 1%.
Furthernore agricultural properties are assessed at agricultural value as opposed to fair market value for non-agricultural property.
2 Estimated actual value is not available. According to a report'by the State of Florida Department of Revenue, the assessed value of property in Lake County is approximately 95% of fair market value as of Fiscal Year 1982, (Tax year 1981).
3 The City adopted a September 30 fiscal year end as of September 30, 1973.
Fiscal year 1973 represents nine months from January 1 to September 30.
Previous fiscal years were calendar years.
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CITY OF I EESBUhG, FLOrlDA- _
PROPERTY TAX RATES - ALL CVEhLAPPING GOVERNMENTS (PER $1,000 OF ASSESSED VALUE)
Last Ten Years 4
Table 5 1
Water Water 2
Tax School ,.
Hospital Conservation Management j Year City District County District '
Authority District Total 1972 5.00 11.100 3.750 0.742 0.250 0.270 21.112 1973 5.00 11.100 4.102 1.242 0.250 0.430 22.124 i
1974 5.00 10.900 4.264 1.250 0.250 0.400 22.064 1
1975 3.15 7.610 2.550 1.420 0.150 0.530 15.410 0 1976 3.11 7.596 3.650 0.920 0.150 0.250 15.676 8'
1977 3.11 7.916 3.650 0.400 0.125 0.570 15.771 1978 3.19 7.916 3.650 0.490 0.100 0.330 15.676 1979 3.26 6.750 3.400 0.502 0.080 0.251 14.243 1980 3.192 6.005 3.580 0.537 0.398 0.234 13.946 1981 4.371 6.060 3.318 1.000 0.052 0.264 15.065 1 Tax year is equivalent to subsequent Fiscal Year, i.e., Tax. Year 1981 corresponds to Fiscal Year 1982.
- 2. In 1980, the Water Conservation Authority millage was not separated from the Water Management District millage.
CITY OF,LEESBURG, FLORIDA RATIO OF NET 6CiEhAL BONDED DEBT TO ASSESSED VALUE AND"Nr.T BONDED DEBT PER CAPITA Last Ten I'iscal Years Table 6 3 Net Bonded Assessed Gross Ratio of Tax Taxable Bonded Bonded Debt Debt Per 2 Debt to Assessed Value Copita s e u .- Population Va lt3e 12,384 S 62,166,424 1972 13,033 68,622,922 1973 13,166 166,882,056 1974 129,755,899 1975 13,300 13,684 145,323,324 1976 0 151,509,289 0 1977 14,067 a
14,550 154,733,065 1978 15,000 162,089,277 1979 200,312,084 1980 13,191 13,663 225,125,147 1981 l
l Data Sources 1 Estimates from 1970 Census, 1980 Preliminary Census and Citi' Planning Department.
2 Population as of June 30 for years 1972 through 1979.
3 _see Notes to Financial Statements (Note 3) for Public Improvemerit Revenue Certificates and Table 10.
4 The City has no ordinance which limits General Obligation Debt to a percentage to Assessed Property Values.
i CITY OP LEESBURG, FLORIDA COMPUTATION OF OVERLAPPING DEBT i September 30, 1982 Table '/
Net Percentage i>crcentage Debt Applicable to Applicable to Governmental Unit Outstanding City of Leesburg City of Leesburg City of Leesburg S 984,822 100% S 984,822 Lake County 1,406,1;4 13% 182,799 Lake County Board of Public Instruction 5,497,277 13% 714,646 S 1,882,267 1 This table does not include Utility Revenue Certificates 2 The City of Leesburg has no Ordinance which limits General Obligation Debt to a percentage of assessed property values.
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l CITY OF LEESBURG, FLORIDA RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES Last Ten Fiscal Years Table 8 Ratio of Total Total Debt Service Fiscal y Debt General to Total 2
Year Principal Interest Service Expenditures General Expenditures 1973 $ 25,000 S 21,730 $ 46,730 $ 1,707,843 2.74%
1974 25,000 21,018 46,081 2,525,500 1.82 1975 25,000 20,028 45,028 3,190,376 1.41
- d. 1976 25,000 19,081 44,081 3,476,390 1.27 8 ~
8 1977 25,000 18,144 43,144 3,761,592 1.15 1978 30,000 17,406 47,406 4,881,575 0.97 1979 30,000 16,044 46,044 4,519,152 1.02 1980 30,000 15,254 45,254 4,927,592 0.92 1981 30,000 13,621 43,621 4,930,390 0.88 1982 35,000 18,020 53,020 5,264,518 1.01 1 Includes only Public Improvement Fevenue Certificates which are not General Obligation Bonds.
2 Excludes Operating Transfers Out d 0
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CITY OF LEESBURG, FLORIDA COMBINED UTILITY FUNDS SCHEDULE OF REVENUE BOND COVERAGE Last Ten Fiscal Years Table 9 Debt Service Requirements Operation &
Fiscal Gross Maintenance Net Sinking l
Year Revenues Costs Revenue Principal Interest Fund Total Coverage 1973 4,441,325 3,453,822 987,503 167,000 143,183 -
310,183 3.18 1974 7,125,950 5,434,553 1,691,397 170,000 206,267 -
376,267 4.49 1975 8,586,061 6,530,913 2,055,148 170,000 269,230 -
438,230 4.68 1976 9,733,944 6,983,122 2,750,822 175,000 428,763 -
593,763 4.63 1977 11,296,977 8,479,105 2,817,872 182,000 568,042 - 750,042 3.76 b
2 1978 12,610,000 9,646,631 2,963,369 -
635,320 200,195 835,515 3.55 1979 14,170,822 11,020,367 3,150,455 -
709,790 216,000 925,790 3.40 1980 18,056,392 14,888,400 3,167,992 -
740,573 231,806 972,379 3.26 l
1981 22,696,527 16,759,038 5,937,489 - 710,023 247,611 1,017,634 5.33 1982 22,770,000 17,528,352 5,241,048 - 1,455,240 273,952 1,729,192 3.03 1 Header terminology as defined in bond covenants.
2 An invested sinking fund, requiring an annual deposit in a trust account, is used to provide for the retirement of
$5,195,000 in term bonds maturing in 2005 and being a part of Series 1977 $12,020,000 Bond Issue. The remainder of the issue is serial bonds (See Table I .10).
3 The Series 1977 Bond indebtures require a minimum 1.35 coverage but debt service requi.rements are defined as principal and interest, not sinking fund requirements.
CITY OF LEESBURG DEMOGRAPHIC STATISTICS Last Ten Fiscal Years Table 10 Education Level in Per Years of Unemploy-Fiscal Capita M a a chool 4 meng 2 3 Year Population Income Age Schooling Enrollment Rate 1973 13,033 S 3,480 Not Not 5,264 3.5 1974 13,166 4,323 Available Available 5,166 6.2 1975 13,300 4,592 5,205 10.1 1976 13,684 4,592 5,292 9.4 1977 14,067 5,258 5,326 10.6 1978 14,550 5,258 5,260 8.8 1979 15,000 5,258 5,309 9.3 1980 13,191 5,258 5,198 9.5 1981 13,663 8,376 5,192 15.1 1982 13,191 8,376 5,237 13.1 Data Sources
(
1 U.S. Census Bureau 2 All estimates except 1980 and 1982 are compiled via active residential electric meter count.
3 1973 through 1980 figures provided by the Department of Treasury, Office of Revenue Sharing. 1981 and 1982 figures provided by the University of Florida.
4 Annual school census by Board of Education. Figures represent elementary and secondary, public and private schools. Students in community colleges are not included. School years 1975 and 1976 are not available.
5 U.S. Department of Labor - These estimated figures are based on the County as a whole. No individual figures are available for the City of Leesburg.
Data prior to 1974 not comparable due to major methodology change.
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i CITY OF LEESBURG, FLORIDA PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS Last Ten Fiscal Years Table 11 Commercial Residential Assessed Taxable Construction Construction Property Value 2
Fiscal Number of Number of Bank Year Units Value Units Value Deposits Taxable Non-Taxable 1973 9 S 3,082,175 51 S 1,664,469 S 156,831,331 S 62,166,424 S 23,163,150 1974 5 3,095,257 27 1,667,800 159,462,924 68,622,922 35,479,795 1975 3 1,321,346 12 484,200 192,274,431 116,882,056 48,804,210 1976 4 1,361,400 15 983,300 220,164,431 129,755,899 52,777,660 1977 129 2,756,411 36 1,010,500 238,645,000 145,322,324 54,460,280 1978 90 3,731,398 38 2,520,100 159,149,000 151,509,289 55,204,060 b 195,495,000 154,733,065 61,258,460 1979 107 5,281,789 59 3,561,745 1980 4,113,024 59 4,991,300 239,493,000 162,089,277 67,618,300 1.0 1981 142 1,896,000 21 5,028,488 222,993,000 200,312,084 99,776,130 1982 12 3,482,844 31 1,886,200 260,556,000 225,125,147 81,909,004 1 Based on building permits issued by City Department of Building and Zoning Codes. Property values are estimated construction costs.
2 Bank deposits for 1972-1977 include balances in commercial banks, savings banks, and savings and loan associations. Balances for 1978-1981 in commercial banks only. Data provided by Florida Bankers Associatien. Balances for 1982 provided by individual banks.
3 Lake County Assessor's Office.
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CITY OF LEESBURG, FLORIDA PRINCIPAL TAXPAYERS September 30, 1982 Table 12 Percentage of Assessed Total Assessed k Taxpayers Type of Business Valuaticn Valuation Florida Telephone Corporation Telephone S 33,632,159 13.84 Coca Cola - Foods Division Citrus 9,800,659 4.03 Lake Hospital Corporation (Lake Community Hospital) Hospital 5,003,127 2.06 Leesfair - Southern Realty Shopping Center 2,400,517 .99 Walling Enterprises (Palm Plaza) Shopping Center 2,333,006 .96 Mid-Florida Freezer Warehouse 2,246,360 .92 Leesburg Associates (K-Mart Plaza) Shopping Center 2,212,162 .91 Florida Power Corporation Electric Utility 1,778,607 73 William Gross (Holiday Inn) Hotel 1,524,079 .63 Tropic Builders (McCobe Apartments) Apartment Complex 1,237,563 .51 S 62,168,239 25.58 Data Sourca
>. Lake County Tax Assessor's Office
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CITY OF LEESBURG, FLORIDA MISCELLANEOUS STATISTICAL DATA Table 13 FORM OF GOVERNMENT Commissioner - Manager DATE OF INCORPORATION PRESENT CHARTER ADOPTED 1925 1953 TERM OF OFFICE Mayor / Commissioner and 4 Commissioners - Three Years City Manage' - Appointed ANNUAL SALARIES OF OFFICERS City Manager................S 41,475 Parks & Recreation Director.S 32,032 Finance Director............ 37,274 Electric Utilities Director. 36,234 Planning Director........... 29,536 Wastewater Director......... 29,619 Police Chief................ 29,453 Water & Gas Director........ 32,032 Fire Chief.................. 29,453 City Engineer & Public Works Building Director........... 22,069 Director.................. 36,234 Personnel & Safety Director. 28,101 Library Director............ 21,798 Purchasing Director......... 22,797 AREA OF CITY 9 Square Miles - Municipal Boundaries 34 Square Miles - Electric Service Area AREA OF COUNTY 1,163 Square Miles
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CITY OF LEESBURG, FLCRIDA MISCELLANEOUS STATISTICS September 30, 1982 Table 14 Miles of streets 81.6 Number of street lights 976 Fire Protection:
Number of stations 2 Number of firemen, officers and rescue personnel 31 Police Protection:
Number of stations 1 Number of policemen and officers 31 Education (elementary only):
Attendance Centers (public schools only) 3 Number of classrooms 73 Number of teachers 85 Number of students 1,377 Municipal Water Department:
Number of consumers - Residential 5,050 Average daily consumption 2.8 Million gallons Miles of water mains 235.2 Municipal Gas Department:
Number of consumers - Residential 4,386 Average daily consumption 11,251 therms Miles of gas mains 145 Municipal Electric Department:
Number of consumers - Residential 10,486 Average monthly consumption 728 kwh Miles of primary electric lines within the City 102 Wastewater and Sanitary Sewers:
Sanitary sewers 77 miles Storm sewer 3.5 miles I Building permits issued 494 Recreation and culture:
Number of parks 7 with 155 acres Number of .iibraries 1 Number.of vclumes 90,000 Total employees for the City overall 310 1 Elementary includes grades 1 through 4.
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CITY OF LEESBURG, FLORIDA SCHEDULE OF INSURANCE IN FORCE As of September 30, 1982 Table 15 Type of Coverage Policy Policy Period Liability Annual Name of Company Number From - To Details of Coverage Limits Premium Commercial TUX 105062 10/1/82 Insures City for all sums legally S 5,000,000 $ 9,200 l Umbrella UPF-0255 10/1/83 obligated to pay as damages in Twin City Fire excess :sf primary liability l
Insurance Co. insurance coverage Public Officials UPF-0255 10/1/82 Insures City for all sums legally S 2,000,000 S 1,884 Liability Ins. 10/1/83 obligated to pay as damage under Vanguard Ins. Public Officials Liability Policy Company l 1
Police Prof. ULF-0124 10/1/82 Insures City for all sums legally S 250,000 $ 5,443 l Liability Inn. 10/1/83 obligated to pay as damages under Per Person 4 Vanguard Ins. Policy Police Professional S 500,000 g Company Liability Policy Per incident l 8
$ 1,000,000 Aggregate All Risk Water M464 10/1/82 All Risk to 3 water tanks, S 285,000 on S 1,622 Tanks, Etc. 0638 10/1/83 Communication Tower, 2 antennas water tanks Reliance Ins. Co. and 2 base stations S 41,300 on Fire Insurance MP54005 10/1/82 Fire, E.C., V & M.M. coverage S 7,078,700 $ 10,384 Buildings and 10/1/83 on buildings and contest of City Contents as per schedule on file with U.S. Fidelity & company blanket coverage Guaranty Company Fire Rescue Boat, WIM01955- 1/1/83 All Risk on Rescue boat, motor S 2,125 $ 79 Motor, Trailer 0342 1/1/84 trailer and equipment U.S. Fidelity &
Guaranty Co.
(Continued) 1 of 3
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CITY OF LEESBURG, FLORIDA SCHEDULE OF INSURANCE IN FORCE As of September 30, 1982 Table 15 Type of Coverage Policy Policy Period Liability Annual Name of Con.pany Number From - To Details of Coverage Limits Premium Mural - Community SP580303 1/6/83 Insures Mural by Mrs. Smith against S 5,000 $ 100 Building 1/6/84 all risk. Located in Community U.S. Fidelity & Building j Guaranty Co.
Boiler and 7824- 10/1/82 Insures against direct loss or S 500,000 $ 7,702 Machine 41-11 10/1/83 accidental damage boilers, machines, Per Accident Great Northern electrical aparatus as per schedule. Repair or Re-Insurance Co. Alse Liability coverage to pay for placement on Bodily injury or Property Damage equipment as and defense against such claims. per schedule L All Risks Farm SP580475 10/1/82 All risk coverage on schedule of S 113,000 S 904
[ Equipment 10/1/83 equipment located at Sprayfield 8
Guaranty Co.
Comprehensive MP54005 10/1/82 Insures against Bodilv Injury and S 500,000 S 49,241 General Liability 10/1/83 Property Damage claims the City may each occurrence U.S. Fidelity & be legally obligated to pay as a S 500,000 Guaranty Co. result of accident or injury to Aggregate = B.I.
members of public including products S 100,000 liability of Water Dept. Also pro- each occurrence tects City against personal injury S 200,000 claims resulting from slander, libel Aggregate = P.D.
etc. S 500,000 Comprehensive BAP016- 10/1/82 Insures all City vehicles as per S 500,00 $ 24,440 Auto Liability 283663 10/1/83 schedule against Bodily Injury, Single Limit U.S. Fidelity & Property Damage claims arising out for bodily In-of the use of the vehicles. Also jury and/or insures against claims arising out Property of use of non-owned or hired Damage I vehicles. Also pays for loss or damage to vehicle on an actual cash value basis. l (Continued) 2 of 3 c
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CITY OF LEESBURG, FLORIDA SCHEDULE OF INSURANCE IN FORCE As of September 30, 1982 Table 15 Type of Coverage Policy Policy Period Liability Annual Name of Company Number From - To Details of Coverage Limits Prenium Statutory S 99,012 Worker's Comp 7902845- 10/1/82 Insures City against obligations U.S. Fidelity & 825 10/1/83 imposed by Worker's Compensation l Law of Florida includes Employers Liability coverage with limit of l
l
$100,000 Insures City against and Bodily 2,000,000 1,900 l Airport Liability LG 10/7/82 S $
U.S. Aircraft 18928 10/7/83 Injury or Property Damage claims Single Limit Insurance Co. arising out of ownership of Leesburg of Liability I
Airport. Does not insure any owned for both Bodily aircraft or operation of the air- Injury and/or port by the City Property Damage Bond - City Clerk 79017000 1/1/83 Bond on City Clerk, Auditor and S 100,000 $ 750
[ & Fin. Director 227570 1/1/84 Treasurer protecting City from y U.S. Fidelity & wrongful abstraction cf funds, Guaranty Co. embezzelment Public Employees Blanket Bond 25,000 $ 894 Bond - City 79008000 1/1/81 S Employees covering all employees of City U.S. Fidelity & excluding City Clerk, Auditor, Guaranty Co. Treasurer 1/1/83 Covers Loss of Money & Securities S 6,000 S 132 Monies & Sec- MSP urities Policy 163813 1/1/84 by Robbery both inside and outside Inside premises of insured S 6,000 U.S. Fidelity &
Outside All Risk coverage on schedule of 354,847 $ 1,394 All Risk Cont. SP580402 10/1/82 S Equipment 10/1/83 equipment, mowers, cranes, tractors U.S. Fidelity & etc.
Guaranty Co.
All Risk on Electronic Data 138,271 $ 568 All Risk-Computer EDP6604 10/1/82 S U.S. Fidelity & 10/1/83 Processing Equipment Guaranty Co. (Concluded) 3 of 3