ML20052H173
| ML20052H173 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 03/03/1982 |
| From: | Schuster J LEESBURG, FL |
| To: | |
| Shared Package | |
| ML20052H151 | List: |
| References | |
| NUDOCS 8205200025 | |
| Download: ML20052H173 (138) | |
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j ANNUAL FINANCIAL REPORT OF THE l
CITY OF LEESBURG, FLORIDA i
[ FOR THE FISCAL YEAR ENDED SEPTEMBER 30,1981
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CF Y OF LEESBURG, FLORIDA COMMISSION-MANAGER FORM OF GOVERMENT E
[ CITY COMMISSION
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CHARLES W. GREGG- Moyor ,
CHARLES C.STRICKLAND-VicsMayor STEPHEN SEWELL BURTON BROWN SANNA HENDERSON I
CITY MANAGER
! REX TAYLOR I
l FINANCE DEPARTMENT an=2 =""
I ROBERT L. BROWN CHIEF ACCOUNTANT I
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City of Leesburg, Florida LISTING OF CITY OFFICIALS AS OF SEPTEMBER 30,1981
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ELECTED OFFICIALS l
Mayor- Commissioner Charles W Gregg Commissioner-Vice Mayor Charles C. Strickland
[ Commissionor Burton Brown Commissioner Stephen Sewell Commissioner Sanno Henderson APPOINTED OFFICIALS
[ City Manager Rex Taylor City Attorney Dewey R. Burnsed Director of Finance James C. Schuster Director of Planning Greg A. Beliveau Director of Public Works & Engineering Bhogwon Dass Police Chief Ralph E Perry
( Fire Chief Robert A. Taylor Code Enforcement Supervisor Alvin Skinner
( Parks & Recreation Supervisor Clifford H. Bell Electric Utility Supervisor Joesph Tordugno Wastewater Treatment Supervisor Charles Bowman
( Gas & Water Supervisor Don Napier
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CITY OF LEESBURG, FLORIDA ANNUAL FINANCIAL REPORT YEARS ENDED SEPTEMBER 30, 1981 AND 1980 TABLE OF CONTENTS INTRODUCTORY SECTION I Title Page L Principal City Officials Table of Contents Letter of Transmittal
( Organization Charts FINANCIAL SECTION Report of Certified Public Accountants Page
[ Exhibit Numbers Combined Statements - Overview (" Liftable" General Purpose
[ Financial Statements) 1 Combined Balance Sheet - All Fund Types and Account Groups 1-2 2 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types 3
[ 3 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual, General, Special Revenue, and Capital Projects Fund Types 4 4 Combined Statement of Revenues, Expenses and Changes in Retained Earnings - All Proprietary Fund Types 5 b 5 Combined Statement of Changes in Net Assets Available for Benefits - Fiduciary Fund Types - All Pension Trust Funds 6
( 6 Combined Statement of Changes in Financial Position - All Proprietary Fund Types 7-8
{ Notes to Financial Statements 9-26 Statement /
Schedule Combining and Individual Fund and Account Group Statements and Schedules
[ General Fund A-1 Balance Sheet
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CITY OF LEESBURG, FLORIDA ANNUAL FINANCIAL REPORT YEARS ENDED SEPTEMBER 30, 1981 AND 1980 TABLE OF CONTENTS CONTINUED Statement / Page Schedule Numbers A-2 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual 28 A-3 Statement of Revenues - Budgeted and Actual 29-30 A-4 Statement of Expenditures Compared to Budget (GAAP Basis) 31-36 A-5 Statement of Other Financing Sources and Uses, Compared to Budget (GAAP Basis) 37 Special Revenue Funds B-1 Combining Balance Sheet 38 B-2 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 39 Statements of Revenues and Expenditures and Changes in Fund Balance - Budgeted and Actual:
B-3 Federal Reveni.e Sharing Fund 40 B-4 Comunity Development Fund 41 B-5 Housing Assistance Fund 42 Debt Service Fund C-1 Balance Sheet 43 C-2 Statement of Revenues, Transfers, Expenditures and Fund Balance 44 Capital Projects Funds D-1 Balance Sheet 45 D2 Combinino Statement of Revenues, Transfers, Expenditures, and Changes in Fund Balances 46 Statements of Revenues, Transfers, Expenditures and Changes in Fund Balance - Budget and Actual:
D-3 Airport Improvement Capital Projects Fund 47 D-4 Library Building Purchase Capital Projects Fund 48
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CITY OF LEESBURG, FLORIDA I ANNUAL FINANCIAL REPORT YEARS ENDED SEPTEMBER 30, 1981 AND 1980 TABLE OF CONTENTS CONTINUED
'I Statement / Page Schedule Numbers D-5 Project - Length Schedule of Construction Projects Airport Improvement Projects 49 Enterprise Funds E-1 Combining Balance Sheets I E-2 Combining Statement of Operations and Changes in Retained 50-53 Earnings (Deficit) 54 E-3 Combining Statement of Changes in Financial Position 55-56 Internal Service Fund F-1 Motor Pool Service Fund Balance Sheet 57 I F-2 Motor Pool Service Fund Statement of Revenues, Expenses and Changes in Retained Earnings 58 F-3 Motor Pool Service Fund Statement of Changes in Financial Position 59 Fiduciary Type Funds G-1 Combining Statement of Net Assets Available for Benefits 60 I G-2 Combining Statement of Changes in Net Assets Available for Benefits 61 I G-3 Municipal Police Retirement Trust Fund Statement of Net Assets Available for Benefits 62 G-4 Municipal Police Retirement Trust Fund Statement of Changes in Net Assets Available for Benefits 63 G-5 Municipal Firemen's Retirement Plan Statement of Net Assets Available for Benefits 64 G-6 Municipal Firemen's Retirement Plan Statement of Changes in Net Assets Available for Benefits 65 G-7 General Employees Pension Fund Statement of Net Assets Available for Benefits I G-8 General Employees Pension Fund Statement of Changes in Net 66 Assets Available for Benefits 67
CITY OF LEESBURG, FLORIDA ANNUAL FINANCIAL REPORT YEARS ENDED SEPTEMBER 30, 1981 AND 1980 TABLE OF CONTENTS CONTINUED Statement / Page Schedule Numbers Account Groups H-1 Comparative Schedule of General Fixed Assets - By Sources 68 H-2 Schedule of General Fixed Assets - By Function and Activities 69 H-3 Schedule of Changes in General Fixed Assets - By Function and Activities 70 H-4 Schedule of Changes in General Fixed Assets - By Sources 71 H-5 Statement of General Long Term Debt 72 Schedules I-1 Sumary Schedule of Utility Plant in Service - Combined Utility Funds 73 Schedule of Utility Plant in Service:
1-2 Electric Utility Fund 74 I-3 Gas Utility Fund 75 I-4 Water Utility Fund 76 I-5 Sanitary Sewer and Wastewater Treatment Fund 77 I-6 Sanitation Services Fund 78 I-7 Ambulance Fund 79 I-8 Motor Pool Fund 80 I-9 Combined Schedule of Investments - All Funds 81-82 1-10 $12,020,000 Refunding and Improvement Utilities Revenue Bonds Series 1977 Debt Service Requirements to Maturity 83 I-11 Utility Rate Schedules 84-87
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{ CITY OF LEESBURG, FLORIDA ANNUAL FINAf1CIAL REPORT YEARS ENDED SEPTEMBER 30, 1981 AND 1980
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TABLE OF CONTENTS CONTINUED
( STATISTICAL SECTION Page Tables
{ Numbers 1 General Governmental Expenditures - By Function 88
( 2 General Revenues - By Source 89 3 Property Tax levies and Collections 90 l
[ 4 Assessed Value of Exempt and Taxable Property 91-92 5 Property Tax Rates - All Overlapping Governments
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Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita 94 Computation of Overlapping Debt 95
( 8 Ratio of Annual Debt Service Expenditures For General Bonded Debt to Total General Expenditures 96 9
{ Combined Utility Funds Schedule of Revenue Bond Coverage 97 10 Demographic Statistics 98
( 11 Property Value, Construction and Bank Deposits 99 12 Principal Taxpayers 100 ;
13 Miscellaneous Statistical Data 101 14 Miscellaneous Statistics 102 15 Schedule of Insurance in Force 103-105
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CM ARLES W. GREGG
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City of Leesburg M-
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cuatts c. sinicateo COMMISSIONER-MANAGER FORM OF GOVERNMENT cnv muuan LE ESBtf RG, ORI A 32748 is N[a " "
( March 3, 1982
[ Honorable Mayor, Members of the City Commission and City Manager 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, 1981, is submitted herewith. Since the preparation of this report is the responsibility of the City's Finance Depart-
[ ment, responsibility for both the accuracy of the presented data and the com-pletenest and f airness of the presentation, including all disclosures, rests with the City. We believe the data, as presented, is accurate in all material
[ respects; that it is presented in a manner designed to fairly set forth the financial posit ion and results of operations of the City as measured by the financie.1 activity of it s various funds; and that all disclosures necessary
( to enable the reader to gain the maximum understanding of the City's financial affairs have been inc luded.
Accounting System and Budgetary Control In developing and evaluating the City's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting
[ controls are decigned to provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of assets against loss from unauthorized use or disposition; and (2) the reliability of financial records for preparing finan-cial statements and maintaining accountability for assets. The concept of
{ reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits requires estimates and judgments by management.
All internal control evaluations occur within the above framework. We believe that the City's internal accounting controls are sufficient to allow
[ verification of the accounts and amounts presented in the Annual Financial Report.
[ Budgetary control is maintained at the subactivity level by the interim reporting system and certifications of funds prior to payment of vendor in-voices or issuance of purchase orders. Open encumbrances are cancelled at the end of the fiscal year and must be provided for in the subsequent fiscal
[ year's appropriations.
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lionorable Mayor, Members of the City Commission and City Panager l W
March 3, 1982 This report includes all of the funds and account groups of the City. The City provides a full range of municipal services contemplated by statute or charter. This includes public safety (police - fire), highways and streets, sanitation, health and social secvices, culture-recreation, public improvements, planning and zoning, general administrative services, water, nat ura l gas, electric and wastewater treatment utilities.
Genera 1 Governmenta1 Functions Revenues and t ransf ers for general governmental functions (excluding note proceeds) totaled $6,000,987 in 1981, an increase of 16.9 percent over 1980.
General property taxes produced 10.93 percent of general revenues compared to 10.63 percent the prior year. The amount of revenues and transfers from various sources and the increase over last year are shown in the following tabulation:
Percent of l Revenue source Amount Total from 1980 W Property taxes 6 Penalties S 655,651 10.93 $ 109,806 Licenses & Permits 80,496 1.34 3,849 Intergovernmental Revenues 1,559,397 25.99 73,905 Chgs for Services 137,949 2.30 15,235 Fines & Forfeits 104,341 1,74 1,789 Other Revenues 923,903 15.39 75,225 Transfers 2,539,250 42.31 585,900 Total $6,000.987 100.00 $ 865,709 Assessed valuations for 1981 of $300 million represented an increase of 30.64 percent over the preceding year. The increase in assessed valuation is due to the Trim Bill mandated by Florida Statutes.
Current tax collections were 97.4 percent of the tax levy, up .3 percent from last year. Delinquent tax collections were slightly more than last year.
The ratio of total collections (current and delinquent) to the current tax levy was 97. 7 percent , an increase of .4 percent from last year. All taxes are used for General Fund purposes.
Intergovernmental revenues represented 25.99 percent of total governmental revenues compared with 28.93 percent for the preceding year. The decline was primarily the result of a change in the City's grant revenues. The grant revenues will substantially decline in future years as the Community Development Block Grant nears completion.
I Expenditures for general governmental purposes totaled $1,146,425 an increase of 11.21 percent over 1980. Increases in levels of expenditures for major func- gI tions of the City over the preceding year are shown in the following tabulation: gl I'
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l l Ilonorable Mayor, Members of the i
l City Commission and City Manager March 3, 1982 Increase Percent of ( Dec rea se)
Functions Amount Total from 1980 Gederal Government $1,146,425 20.40 $115,573 Public Safety 1,708,637 30.40 97,300 Physical Environment 245,367 4.37 10,575 Transportat ton 326,815 5.82 33,480 Economic Environment 281,282 5.01 (326,612)
Human Services 161,159 2.87 ( 14,188)
Culture & Recreatton 1,017,084 18.10 88,303 Debt Service 43,621 .77 ( 1,633)
Other 688,767 12.26 561,531 Total $5,619,157 100.00 $564,329 Unreserved fund balances in the major governmental operating funds showed substantial improvement over the prior year. General Fund fund balance increased from $384,990 to $801,348. It is noted that $210,500 of this balance was appropriated for use in the current fiscal year.
The Debt Service Fund fund balance has maintained its position as a reserve for general debt. The Special Revenue Fund fund balance increased from $5,325 to $61,513. However, these amounts are committed to projects delayed during the fiscal year but authorized for Fiscal Year 1982.
Debt Adminis t rat ion The ratio of net bonded debt to assessed valuation and the amount of bonded debt per capita are useful indicators of the City's debt position for municipal management, citizens and investors. The City has issued no general obligation bonds but has issued revenue certificates of which there is $310,000 in out-standing principal.
The City's utilities have outstanding revenue bond certificates of
$12,020,000 and revenue bond anticipation notes of S4,000,000 out of a total S8,500,000 hond authorizatton.
The City's bonds continue to have the same ratings which they have carried for the past several years. These ratings are as follows:
Moody's Investors Standard Service 6 Poor Ut ilities Revenues Cert ificates Al A+
Cash Management Cash temporarily idle during the year was invested in demand depcsits, in time deposits, in U.S. Treasury bills and Bonds, repurchase agreements and other I
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I Honorable Mayor, Members of the City Commission and City Manager March 3, 1982 U.S. obligations as shown on the Combined Schedule of Investments. Substantial improvement has resulted from the centralization of cash accounts and the use of overnight repurchase agreements.
Capital Projects Funds Proceeds of general obligation bond and note issues are accounted for in Capital Projects Funds until improvement projects are completed. Completed pro-jects and uncompleted construction in progress at year end are capitalized in the General Fixed Assets Account Group. During 1981, projects costing $688,767 were in process.
The Capital Project Fund balance on hand at September 30, 1981 was composed primarily of amounts due from other governmental agencies of $19,078.
General Fixed Assets 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 Funds. As of September 30, 1981 the general fixed assets of the l W
City amounted to $7,355,268. 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 accounting system.
City Utilities The City's electric, water, natural gas and wastewater treatment utilities (Combined Utilities) experienced a substantial improvement in net income over prior years. This improvement is the result of a complex of factors which had impact during fiscal year 1981.
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The primary factors for the electric system included an increase of billed g consumption bv 10%, a reduction in cost due to both a negotiated settlement wholesale rate and the purchase of substations which qualified the City for a I lower rate, a substanttal improvement in the performance of the Crystal River #3 nuclear plant, and a recovery of prior year's cost increases as the fuel adjust-ment was updated by rate changes.
The net income for these Combined Utilities, which totaled $1,646,264, g brought the total retained earnings to S9,960,951. The net income of the 3 individual utilities for the periods ending September 30, 1979, 1980 and 1981 is as follows:
1979 1980 1981 Electric S(338,556) S(323,103) S1,433,980 Gas ( 81,437) ( 85,398) 82,223 Water 109,377 75,820 29,371 WT /SS 95,028 121,730 100,690
$(215,588) S(210,951) S1,646,264 I
l lionorable Mayor, Members of the j City Commission and City Manager l March 3, 1982 l
Sanitation Services Fund The City established this fund during 1980 to account for the operations of its refuse collection service and landfill. This presentation makes apparent the burden the service was placing on the General Fund. Future financial plans include improving the fiscal position of this fund and eliminat-ing the subsidy from the General Fund.
Ambulance Service Fund The City also est ablished 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 stemmed the necessity for a subsidy from General Fund. Future plans include the possible transfer of this service to the Leesburg Regional Medical Center.
Independent Audit The City Charter and Florida Statutes require an annual audit of the books of account, financial records, and transactions of the City by independent certified public accountants selected by the City Commission. This requirement has been complied with and the auditor's opinion has been included in this report.
Certificate of Conformance The City's Finance Department will submit this report in application for a Certificate of Conformance in Financial Reporting as awarded by the Municipal Finance Of ficers Association of the United States and Canada (MFOA). The prior year's report was submitted and the comments thereon were addressed in the pre-paration of the current year's report.
In order to be awarded a Certificate of Conformance, a governmental unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such reports must satisfy both genere11y accepted accounting principles and applicable legal requirements.
A Certificate of Conformance is valid for a period of one year only. We believe our current report will conform to Certificate of Conformance Program requirements, and we are submitting it to MF0A to determine its eligibility for the certificate.
Acknowledgements The preparation of this report on a timely basis could not be accomplished I without the efficient and dedicated services of the entire staff of the Finance I
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Honorable Mayor, Members of the B City Commission and City Manager 3 March 3, 1982 l
l Department. I would like to express my appreciation to all members of the i Department who assisted and contributed to its preparation. I would also like to thank the Mayor and City Commissioners for their interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner.
Respectfully s mitted, C a ames C. Sc uster City Clerk Finance Director I
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ORGANIZATION CHARTS
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CITY CLERK a FINANCE DIRECTOR FINANCE ORGANIZATION DEPARTMENT EXECUTIVE CHART SECRETARY K ACCOUNTING COLLECTIONS OFF CE DATA CUSTOMER PROCESSING SERVICE i
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Cin CITY OF LEESBURG ORGANIZATION CHART COMMISSION CITY CITY CITY CLERK MANAGER ATTORNEY f
l ENGINEERING a PURCHASING PERSONNEL FINANCE PUBLIC WORKS FIRE & POLICE LIBRARY RECREATION RESCUE 1
WATER a WASTEWATER ELECTRIC PLANNING a CODE ,
GAS TREATMENT DEVELOPMENT ENFORCEMENT
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[~ - 1. FINANCIAL .
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SECTIOLN
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This Section Contains the Following Subsections:
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( AUDITOR'S REPORT b GENERAL PURPOSE FINANCIAL STATEMENTS -
J b COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES SCHEDULES
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n BROOKS. BROWN & CO.
CFRTIFIED PUBLIC ACCOUNTANTS 219 NORTH 3RD STREET 10S E CLEVELAND AVE LE E S B U RG F LORID A 12748 PO 902 232 19041 787 8682 WILDWOOD FLORID A 32785 f3041 7481671 LOA A sNSf87UTE OF THOM AS BROOKS CPA
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CERTIFIED PUBLIC ACCOUNvaNTS C THOM AS WILEY. C P A January 15, 1982
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[ 'The Hoycrable City Commissioners City of Leesburg, Florida We have examined the combined financial statements of the City of Leesburg,
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Florida and its combining and individual fund financial statements as of and for the years ended September 30,1981 and 1980, as listed in the table of contents.
[. Except as noted below, 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 cir-cumstances.
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We are unable to express an opinion on the Community Development Block Grant r Fund for the years ended September 30, 1981 and 1980, because documents of the
( program were seized by the Federal Bureau of Investigation and were not available for examination. As described in Note 14, the Department of Housing and Urban Development (HUD) has completed an audit of the program and the City is contin-gently liable for ineligible and questionable costs, as claimed by HUD, of
$143,963 and $29,908 respectively.
.In our opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary had we been able to audit the Community De-
- m velopment Block Grant Fund, the combined financial statements referred to above present fairly the financial position of the City of Leesburg at September 30,
(. 1981 and 1980, and the results of its operations and the changes in financial po-
- sitiion of its proprietary fund types and similar trust funds for the years then ended, in conformity with generally accepted accounting principles applied on a consi's tent basis after restatement for the changes, with which we concur, in the method of accounting for compensated absences in proprietary funds, and the method of accounting for investments in pension trust funds as described in Note 12.
Also; in our opinion (except for the Community Development Block Grant Fund), the
, combining and individual fund financial statements referred to above present fair-ly the financial position of the individual funds of the City of Leesburg, Florida,
'at September 30, 1981 and 1980, their results of operations, and the changes in
'. financial position of individual proprietary funds for the years then ended in con-
'formity with generally accepted accounting principles applied on a consistent basis
_ after restatement for the changes, with which we concur, as described in Note 12.
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I The Honorable City Commissioners January 15, 1982 Page Two The additional information provided in the supplementary schedules section has been taken primarily from accounting and other records of the City and has l been subjected to the tests and other auditing procedures applied in our exami- p nation of the financial statements of the City of Leesburg, Florida, for the years ended September 30, 1981 and 1980. 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 of operations, or changes in financial position.
In connection with our examination, we also (1) made a study and evaluation of the City's system of internal accounting control, (2) performed tests of com-pliance with the Revenue Sharing and Antirecession Fiscal Assistance Acts and E Regulations as required by Sections II.C.3 and !!1.C.3 of the Audit Guide and E Standards for Revenue Sharing and Antirecession Fiscal Assistance Fund Receipts (Guide) issued by the Office of Revenue Sharing, U.S. Department of the Treasury and (3) compared the data on Bureau of Census Form RS-9F to records of the City as required by Section II.C.4 of the " Guide."
Based on these procedures, we noted no instance of noncompliance with the regulations and no material differences between census data on Form RS-9F and the records of the City for the year ended September 30, 1981.
, f b-Brooks, Brown and Company Certified Public Accountants 1
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CERTIFIED PUBLIC ACCOUNTANTS i l
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GENERAL PURPOSE
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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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CITV 0F LEESBURG, FLORIDA COMBINED BALANCE SHEET - ALL FUND TVPES AND ACCOUNT GROUPS SEPTEMBER 30, 1981 AND 1980 Exhibit 1 FIDUCIARY GOVERNMENTAL FUND TYPES PROPRIETARY FUND TYPES FUND TYPE ACCOUNT GROUPS TOTAL GENERAL GENERAL (MEMORANDUM ONLY)
SPECIAL DEBT CAPITAL INTERNAL PENSION FIXED LONG SEflEM ER 30 GENERAL REVENUE SERVICE PROJECT ENTERPRISE SFRVICE TRUST ASSETS TERM DEBT 1981 1980 RESTATTJ (Note 12)
ASSETS Cash & Cash Equivalents $ 2,933,164 963,991
$ 27,162 $ 85,837 $ 945 $ 2,137,464 5 681,756 (Note 1) 1,935,572 1,935,572 1,841,083 Investments-st Market (Note 1) 1,308,333 at Amortized Cost (Note 1)
Receivables: 2,406,8S1 2.336,625 Customer Accounts (Note 1) 2,406,881 Allowance for Doubtful Accounts ( 230,389) ( 230,389) ( 125.127)
Accrued Irterest on 59,419 79,750 74,201 Investmer ts 20,331 34,332 5,083 39,415 5,453 Other Receivables 34,108 Escrow Deposit (Note 1) 34.108 1,218,C33 955,558 1,634 110,910 1 5,836 135,695 9,200 064.747 Due From Other Funds Due From Other Goverrunents 41,843 260,684 (Note 6) 10,721 17,880 13,242 Supplies Inventory at Cost 585,350 9,997 512,452 $ 10.321 532.770
("sote 1) i Restricted Assets: (Note 2)
Cash with Fiscal Agents 603,227 587,422 603,227 (Note 1) 2,824,103 2,864,333 842,017 Cash & Cash Equivalents 40,230 Investments at 719,965 5,158,060 Amortized Cost (Note 1) 719,965 275,526 275.526 249,468 Receivables (Note 6)
Property and Equiptent, At 37,836,377 24,291,486 37,806.439 29,938 Cost (Notes 1 and 3)
General Fixed Assets $ 7.355,268 7,355,268 6,486,859 (Notes 1 and 3)
Accumulated Depreciation
( 7,874,273) ( 16,908) ( 7,891,181)( 6,831,795)
(Note 1) 150,889 150,889 8,956,351 Con.truction in Progress 51,169 51,169 Long Tenn Receivables Interfund Advances 2,233,178 1,909,168 Receivable (Note 1) 2,233,178 Deferred Issue Cost, Net, 239,975 239,975 247,944 (Note 1)
Amount Available in Debt $ 111,855 111,855 111,855 Service Fund Amount to be Provided for Retirement of General 497,131 497,131 452,251 Long Tenn Debt __
Total Assets $1,071,672 $145,581 $111,855 $19,07_8_ $42,012,632 $ 23,351 $2,691,030 $ 7,355,268 $608,986 $54,039,659 $51,176,431 (Continued) 1 of 2 E E E E E E E E E E
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CITV 0F LEESBURG, FLORIDA COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS ,
SEPTEMBER 30, 1981 AND 1980 Exhibit 1 FIDUCIARY GOVERfe4 ENTAL FUND TYPES PROPRIETARY FUND TYPES FUND TYPE ACCOUNT GROUPS TOTAL
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GEhERAL GENERAL (MEMORANDUM ONLY)
SPECIAL DEBT CAPITAL INTERNAL PENSION FIXED LONG SEPTE*YER M GENERAL REVENUE SERVICE PROJECT ENTERPRISE SERVICE TRUST ASSETS TERM DE8T 1981- 1980 RESTATED LIABILITIES AND FUND EQUITY (Note 12)
LIABILITIES:
Accounts Payable $ 87,331 $ 54 $ 4,473 $ 2,177,010 $ 4,231 $ 7,672 12,280.771 0 4.115.146 294,720 1,345 440,411 446,761 Accrued Liabilities 144.346 Customer Advances for 137,483 Construction 170.125 170,125 Due to Other Governments 33,812 33,812 50,203 14,605 1,126,417 6,980 9.409 1,218,833 964,747 Due to Other Funds 11.219 Payable from Restricted Assets: 457,483 Accounts Payable Customer Deposits 634,151- 634,151 519,811 ;
l Accrued Interest On 355,616 Revenue Bonds 355,616 355,616 l General Bonds Payable (Note 4) $ 310,000 310,000 340,000 Other General Notes 224,106 Payable (Note 4) 298.986 298.986 Revenue Bonds Payable (Note 4) 12.020,000 12.020,000 12.020,000 i' 1980 Bond Antici 4.000,000 4.000,000
' Notes (Note 4)pation 4,000,000 Unamortized Discount ( 204.131)' ( 204.131)( 214.493)
N Interfund Advances Payable, 2.233,178 1,909.168 e 2,233,178 (Note 1) 21 556 49,190 Unearned Revenues 27,634 Total Liabilities 270,530 84,069 '19,078 22,807.086 12,556 38M 608,986 23,840,94f K ,275,828 l Fund Equity:
Contributed Capital, 9,614.595 15,979 9,630.574 8.786,322 (Note 1)
Investment in General 6,486,859 Fixed Assets $ 7,355,268 7.355,268 Net Assets Av311able For 2,215.086 Benefits 2.652,393 2.652,393 Retained Earnings (Deficit):
2,488,714 2,498,714 2,123,094 Reserved Unreserved 7,102,237 ( 5.194) 7.097,053 5,805,340 Fund Balances (Deficit):
Reserved 30,979 40,230 $ 111,355 183,064 120.939 21,282 791,651 362,963 Unreserved 770,369 ,
$ 801,348 61,512 111,855 6 19,205,54_6, 10,795 2.652.393 7,355.268 30,198,717 25.900,603 Def c E
$1,071,878 $145,581 $ 111.855 $19,078 $ 42,012,632 1 23,351 $2.691,030 $ 7,355,268 $ 608.986 $54,039,659 $51,176,431 See Accompanying Notes (Concluded) 2 of 2
C B 0F LEESBURG, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHK:GES IN TUND BALANCES - ALL GOVERNMENTAL FUND TYPES YEARS ENDED SEPTEMBER 30, 1981 AND 1980 Exhibit 2 TOTAL GOVERNMENML FUND TYPES (MEMORANDIM ONIX)
SPECIAL' DEBT CAPITAL SEPTEMBER 30 GENERAL REVENUE SERVICE PROJECTS ' 7 981 7480 REVENUES:
Taxes $ 655,651 $ 545,8'S
$ 655.651 76,647 Licenses and Permits 80,496 80,496 Intergovernmental Revenue (Note 6) 625,722 $ 430,537 $ 503,138 1.559,397 1,485,492 tharges for Services 137,949 137,949 122,714 Fines and Forfeitures 104,341 104,341 102,552 Hiscellanoues (Note 1) 919,374 4,528 923,902 _ 843,678 Total Revenues 2,523,533 435,065 503,13S 3,461,736 3,181,928 EXPENDITURES:
General Goverrrnent (Note 1) 1,138,591 7,834 1,146,425 1,030,852 Public Safety 1,708,637 1,708.637 1,611.337 Physical Environment 245,367 245,367 234,792 Transportation 326,815 326,815 293,335 Economic Environment 79,270 202,012 607,894 281.282 Human Services 11,527 149,632 161,159 175,347 Culture / Recreation 997,684 19,400 1,017,084 928,781 Capital Projects 688,767 688,767 127,236 Debt Service:
Principal Retirement 30,000 30,000 30,000 i $
15,254 y Interest and Fiscal Charges 13,621 13,621 Total Expenditures 4,507,891 378,878 43,621 688,767 5,619,157 5,054,828 Excess (deficiency) of Revenues over Expenditures (1,984,358 ) 56,187 [ 43,621) ( 185,629) Q,157,421) (1,872,900)
Other Financing Sources (uses):
8ank Note Proceeds 175,000 175,000 72.250 Operating Transfers In, (Note 1) 2.485,000 43,621 10,629 2,539,250 1,953,35J Operating Transfers Out ( 105,264) ( 105,264) ( 61,495)
Total Other Financing Sources (uses) 2,379,736 43,621 185,629 2,608,986 ,1,954,105 Excess (deficiency) of revenues and other financinq sources over 395,378 56,187 .o. 451,565 91,205 expenditures and other uses Fund Balance at beginning of year 384,990 5.325 111,855 502,170 407,155 Increase in reserve for inventory 20,980 20,980 3,810 Adjustments (Note 1) _
Fund Balance at end of year $ 801,348 $ 61,512 $ 111,855 $ $_ 974,715 $ 502,170 See Accompanying Notes E
. E
i n n n f L n n n n n n n r7 o U n n T ~1 t' fiTY OF LEESEURG. FLORIDA C(MBINED STATEMENT OF REVENUES, EXPE70!TURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL GENERAL, SPECIAL REVENUE AND CAPITAL PROJECTS FUND TYPES YEAR ENDED SEPTDEER 30, 1981 Exhibit 3 GENERAL FUND SPECIAL REVENUE FUND TYPES CAPITAL PROJECTS FUND TYFES VARIAttCE VARIANCE VARIAEE BUGETED FAVORABLE BUDGETED FAVORABLE BUDGETED FAVORA8LE (REVISED) ACTUAL (UNFAVORABLE) (REVISED) ACTUAL (UNFAVORABLE) (REVISED) ACTUAL (UNFAVORABLE)
REVENUES:
Taxa $ 634,800 $ 655,651 $ 20,851 Licenses and pensits 86,010 80,4 % ( 5.514)
Intergoverrunental Revenues (Note 6). 588,900 625,722 36,822 5 473,715 $ 430,537 $(43,178) $ 554,930 $ 503.138 $( 51,792)
Charges for services 137.120 137,949 829 Fines and forefeitures 106.000 104,341 ( l,659)
Miscallaneous(Note 1) 892,410 919,374 26, % 4 7,360 4,528 ( 2,832)
Tctal Revenues 2,445,240 2,523,533 78,293 481,075 435,065 ( 46,010) 554,930 503,138 ( 51.792)
EXPENDITURES:
General Government (Note 1) 1.159,678 1,138,591 21,087 10,450 7,834 2,616 Public' Safety 1,726,251 1,708,637 17,614 Physical environment 286,611 245,367 41,244 Transportation 367,845 326,815 41,030 40,230 40,230 Economic environment 65,380 79,270 ( 13,890) 203,020 202,012 1,008 Human services 18,000 11,527 6,473 206,535 149,632 56,903 Culture / Recreation 988,330 997,684 ( 9.354) 19.400 19,400 Capital projects 570,187 688,767 ( 118,580)
Tctal Expenditures 4,612,095 4,507,891 104,204 479,635 378,878 100,757 570,187 688,767 ( 118,580)
Excess (deficiency) of Revenues over expenditures (2,166,855) (1,984,358) 182.497 1,440 56,187 54,747 ( 15,257) ( 185,629) ( 170,372)
OtherFinancingSources(Uses):
Bank note proceeds 175,000 175,000 Operating transfers in 2,485,000 2,485,000 )
15.260 10,629 ( 4,631) 1 Operating transfers out ( _169,070) ( 105.264) 64,606 T:tal other financing 2,315,130 2,379,736 64.606 15,260 185,629 170,369 soorces (uses)
Excess (deficiency) of rIvenues and other sources ever expenditures and other usts 143,275 395.378 247,103 1,440 56,187 54,747 3 ( 3)
Fund balance at beginning of year 384,990 384,990 5,325 5,325 l Increasa in reurve for inventory 20,980 20,980 Fund balance at epi of year $ 533,265 $ 801,348 $ 268,083 $ 6,765 $ 61,512 $ 54.747 $ 3_
$ $[_ 3) u__-------_.-------
CITY OF LEESBURG, FLORIDA COM8INED STATEMENT OF REVENUES, EXPE'4SES AND CHANGE IN RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES YEARS ENDED SEPTEMBER 30, 1981 AND 1980 Exhibit 4 TOTAL PROPRIETARY FUND TYPES (MEMORANDUM ONLYi INTERNAL YEARS ENDED SEPTEMBER 30 ENTERPRISE SERVICE 1981 1980 Restated (Note 12)
OPERATING REVENUES:
Charges for Services $ 22.147,827 $ 242,109 $ 22,389,936 $ 18,498,430 Contract Revenue (Note 7) 250,000 250,000 208,520 Other Operating Revenue F32,524 232,524 222,011 Total operating revenues 22,630,351 242,109 22,872,460 18,928,961 OPERATING EXPENSES:
Generation and Transmission 756,607 756,607 2,038,949 Purchased Energy 12,932,537 12,932,537 10.342,456 Operating and Maintenance 2,539,977 225,375 2.765,352 2,582,231 Depreciation 897,713 3,650 901,363 687.530 Adninistrative Expenses 1,435,531 1,435,531 1,126,349 Total operating expenses 18,562,365 229,025 18,791,390 16,777,515 Operating income (loss) 4, % 7.986 13,084 4,081,070 2,151,446 Nonoperating Revenues (Expenses):
vi Interest Earnings 834,003 834,003 281,256
' 902,772) 902,772) 740,573)
Interest Expense ( ( (
Other Income and Expenses 83,273 83,273 12 150 Total nonoperating revenues (expenses) 14,504 14,504 ( 4M Income before operating transfers 4,082,490 13,084 4,095,574 1,704,279 Operating Transfers in (out) ( 2,433,986) Q 433,986) ( 1,907,000)
NetIncome(Loss) 1,648,504 13,084 1,661,588 ( 202,721)
Retained earnings (Deficit) at beginning of year as originally reported 8,046,748 ( 15,918) 8.030,830 8,190,439 Adjustment to Restate Beginning Balances (Note 12) ( 118,314) ( 2,350) ( 120,664) ( 95,158)
Retained Earnings (9eficit), as Restated at Beginning of Year 7,928,434 ( 18,268) 7,910,166 8,095,281 Adjustment for Ambulance Depreciation (Note 1) 14,013 14,013 17,606 Retained Earnings.(Deficit)
End of Year $ 9,590,951 $( 5,184) $ 9,585,767 $ 7,910,166 See Accompanying Notes m m M M m m m m w-_m M
L CITY OF LEESBURG, FLORIDA COMBINED STATEMENT OF CHANGES IN NET ASSETS
(- AVAILABLE FOR BENEFITS - FIDUCIARY FUND TYPES - ALL PENSION TRUST FUNDS Years Fnded Sentember 30,1981 and 1980 Exhibit 5
[
1981 1980 Restated Investment Income Unrealized Depreciation in Fair Value of investments (Note 13) $( 153,227) $( 109,885)
( Interest earned 256,942 188,106 i Gain on sale of investments 3,624 {
Total Investment Income 107,339 78,221 i
(
Contributions (Note 13)
Employer 335,740 306,040 Employee 51,085 44,711
( State of Florida 60,197 54,964 Total Contributions 447,022 405,715 Total Additions 554,361 483,936 l
Deductions:
( Refunds Benefit Payments 3,779 73,494 10,767 39,721 Administrative Expenses 39,781 12,900 Total Deductions 117,054 63,388
(
Net Increase 437,307_ 420,548
( Fund Balance at Beginning of Year as Orginally reported 2,349,163 1,818,730 Adjustment to Reduce Investments to
( Fair Value (Note 12) ( 134,077) ( 24,192)
Net Assets Available for Benefits as Restated at Beginning of Year 2,215,086 1,794,538
{
Net Assets Available for Benefits at End of Year $ 2,652,393 $ 2,215,086
( See Accompanying Notes
(
(
T- -S-f.
CITY OF LEESBURG, FLORICA COMBINED STATEMENT OF CHANGES IN FINANCIAL TG31'I m -
ALL PROPRIETARY FUND TYPES YEARS ENDED SEPTEMBER 30, 1981 AND 1980 Exhibit 6 TOTAL PROPRIETARY FUND TYPES (MEMORANDUM ONLY)
INTERNAL YEARS ENDED SEPTEMBER 30 ENTERPRISE SERVICE 1931 1980 Restated (Note 12)
Sources of Working Capital:
Operations:
Net Income (Loss, $ 1,648,504 $ 13,084 $ 1,661,588 $( 202,721)
Items not Requiring the Use of Working Capital:
Depreciation and Amortization 1,129,262 3,650 1,132,912 794,387 Working Capital Provided by (Used In)
Operations 2,777,766 16,734 2,794,500 591,666 Decrease in Restricted Assets 4,254,797 4,254,797 787.359 Decrease in Interfund Advances Receivable 1,238,662 Increase in Interfund Advances Payable 374.402 374,402 Net Increase in Current Liabilities Payable from Restricted Assets 114.340 114,340 89.121 Contributed Capital 858,265 85S.265 4,000,816
.fy 1980 Brend Anticipation Notes 4.000,000 i Other Sources _ 7,034 7,034 62,797 Total Sources of Working Capital 8,3f'6,604 16,734 8,403,338 10,770,421 Uses of Working Capital:
Ircrease in Restricted Assets 1,840,651 1,840,651 3,573,222 Acquisition of Property and Equipment 4,509,823 2,559 4,512,382 6,354,933 Increase in Nuclear Fuel 275,756 275,756 211,702 Increase in Long-Term Receivables 51,169 51,169 Increase in Deferred Issue Costs 13,520 13,520 44,867 Increase in Interfund Advances Receivable 324,010 324,010 Decrease in Interfund Advances Payable 50,392 50,392 1,238,662 Net Decrease in Current Liabilities Payable from Restricted Assets 457,483 457,483 Other Uses ___
25,967 Total Uses of Working Capital 7,522,804 2,559 _7_.525,363 11,449,353 Net Increase (Decrease) in Working Capital (See Schedule on following page) $ 863,800 $ 14,175 $ 877,975 5( 678,932)
See Accompanying Notes (Continued) 1 of 2 M M M M M M
m n. _m. m m _m m m m _ rm e m m m _m m m v r CITY OF LEESBURG, FLORIDA 4
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION -
ALL PROPRIETARY FUND TYPES YEARS ENDED SEPTEMBER 30, 1981'AND 1980 Exhibit 6-TOTAI PROPRIETARY FUND TYPES (MEMORANDLH ONLY)
INTERNAL YEARS ENDED SEPTEMB R JQ_
ENTERPRISE SERVICE 1981 1980 Restated (Note 12)
( Elements of Net Increase (Decrease) in f Working Capital;
\ l Cash $ 1,707,887 $ $ 1,707,887 $ 184,196 Investments ( 1,304,2001 (1,304.200) 1,113,359 Customer Accounts (Net) ( 535,00',) ( 535,006) 231,603 Due from other Goverranents ( 22,447) ( 22,447) ( 602,607)
Accrued Interest on Investments ( 3,556) ( 3,556) ( 21,244)
Due from other Funds ( 73,445) ( 135,072) ( 208,517) ( 102,867) g Inventory Accounts Payable
( 63,814) 1,793.900 10.321 23,654
( 53,493) 1,G17,554 115,490
( 1,454,734) 1 e
Accrued Expenses 8,731) 1,005 ( 7,726) ( 152,358)
Customer Advances for Construction 32,642) ( 32,642) ( 20.167)
Due to Other Funds 594,146) 114.267 ( 479,879) 30,397 Net Increase (Decrease) in Working Capital $ 863,800, $ 14.175 $ 877,975 $( 678,932)
See Accompanying Notes (Concluded) 2 of 2 l
I l
CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1981 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 surarary of significant accounting policies.
Fund Accounting The accounting system and financial reporting of the City is organ-ized and operated on a fund basis. A fund is defined as a fiscal and a accounting entity with a self-balancing set of accounts recording cash I 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, er limitations.
Fund and Account Group Categories The categories of funds and account groups of the City are summa-rized 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) are accounted for through governmental type funds. Governmental 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, expend-able trusts, or for major capital projects) that are legally restricted to expenditure 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 Certificates. All other general long term debt is serviced directly from the General Fund.
Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities ('ather 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.
I
i CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 1
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
IFund and Account Group Categories) - (Proprietary Funds)
T!.a two types of proprietary funds used by the City are:
I 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 hmbulance Fund Internal Service Funds are used to account for the financing of goods I 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 Plan Retirement Plan for General Employees (4) Account Groups record and control the government's general fixed assets and general long term debt. The account groups are not funds and do not reflect available financial resources and related liabilities. The following account groups are maintained by the City.
General Fixed Assets - to account for property and equipment not used in 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.
I 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 recog-nized 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 the reimbursements for authorized expenditures as of September 30 under the provisions of grant agreements and the City's share of Federal and State revenues for the period ending September 30.
I CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 1
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(Basis of Accounting)
The City had no current property taxes receivable as of September 30 and delinquent property taxes were limiaterial.
Proprietary Fund revenues and expenses are recognized on the accrual basis. Revenues of the enterprise funds are recognized on the basis of services rendered. Billing cycles of the utility funds which overlap September 30 are pro-rated based upon meter reading dates. Toal un-billed revenues for the combined utility funds amount to $987,458 at September 30, 1981.
Fiduciary Funds of the City are all nonexpendable Pension Trust Funds and are accounted for on the accrual basis.
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 Sanitation Services Fund, Debt Service Fund, and Capital Projects Funds.
Interfund Advances - The electric and gas utility funds have provided advances to the water and sanitary sewer 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-operating revenues. Such resources externally restricted for capital acquisitions or construction are reported as contributed capital. Operating expenses include depreciation on all depreciable fixed assets. Depreciation recognized on ambulance vehicles (Ambulance Fund) acquired by Emergency Medical Services grants is closed to the appropriate contributed capital account.
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 3 October 1 each year together with interest payments then due are paid 5 to the City's paying agent prior to that date. The aforementioned pay-ment is recorded as an asset as of the balance sheet date and subse-quently 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, the investments within the Pension Trust Funds are stated at market value (Note 12). The City has no investments in equity securities.
I CITY OF LEESBURG, FLORIDA NOTES TO FlflANCIAL STATEMEllTS NOTE 1
SUMMARY
OF SIGilIFICANT ACCOUNTING POLICIES (Continued)
'(Basis of Accounting)
Inventories held by the Utility and Motor Pool Funds are priced by the weighted average cost method. Inventory shown in the General Fund consists I of expendable supplies and Police Department gasoline held for consumption.
The amount therof has been recorded for information purposes only as an asset, offset by a reserve in an equal amount.
Amortization of issue cost and discount related to the 19~i7 Revenue Bonds is computed by the " Bonds Outstanding" method which is not materially different from the interest method.
Escrow Deposit - The City had deposited money in escrow as of September 30, T981 with the intent of purchasing an office building. The perchase was I made in October 1981.
Fixed Assets (Proprietary Funds) are recorded at historical cost. Depre-I ciation is computed by the straight-line method over the estimated useful lives of the assets as follows:
I Utility Funds:
Buildings Improvements other than buildings 10 to 50 years 20 to 100 years Machinery and Equipment 4 to 20 years I Nuclear Fuel Sanitation Services Fund:
3 years
--Equipment 5 to 10 years I Vehicles
/cbulance Fund:
buildings 5 to 7 years 40 years I Equipment Vehicles Motor Pool Service Fund:
4 to 10 years 6 years
" Equipment 3 to 10 years Vehicles 6 years Capitalized Interest During Construction The City has capitalized $164,484 in accordance with Statement of Financial Accounting Standards No. 34 - Capitalization of Interest Cost related to the acquisition and construction of certain Electric Utility projects I (electric substations). The amount of interest capitalized represents the portion of interest cost incurred during the assets' construction period that theoretically could have been avoided if expenditures for the assets had not been made. The capitalization interest rate used was 8.125% (the rate of the $3,500,000 note issued to finance construction).
General Fixed Assets purchased are recorded as expenditures in the I Governmental Fund Types at the time of purchase. Such assets are capitalized at cost in the General Fixed Assets group of accounts.
City's policy is not to report public domain fixed assets such as streets, The 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 Ctiy's cost of assets of Leesburg General Hospital. Depreciation is not provided on General Fixed Assets.
CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 1
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
I
{hasis of Accounting)
Reimbursements to General Fund for Administrative Services - Included in general government expenditures within the General Fund are certain admini-strative costs of operating the various enterprises and operations of the g City. Such costs include accounting, collections, data processing, customer 3 service, purchasing, personnel, statistician, and warehouse. A cost allocation plan has not been developed to charge all programs with a pro-rata share of the overhead. However, a substantial portion of the over-head is allocable to the utility enterprise funds. City Management has estimated and charged $840,765 to the utility enterprise funds for over-head expenses incurred by the General Fund for the year ended September 30, 1981. The reimbursements are recognized as miscellaneous revenue within the General Fund and as an operating expense in the various utility funds.
The costs are allocated based upon time studies of functions performed for each utility.
Accumulated Unpaid Vacation and Sick Pay - During the year, the City a adopted a new accounting policy that established an accrual for accumulated g vacation and sick pay 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, 1981 are as follows:
Vacation Sick Pay General Fund $ 125,388 $ 98,620 Coninunity Development 342 90 Housing Assistance 320 163
$ 126,550 $ 98,873 Budgeting The City's procedures in preparir<g and adopting the annual budget are:
(1) The City Manager is responsible for preparing a proposed operating budget for the upcoming year prior to September 30, that includes g estimated revenues, proposed expenditures, and other financing g 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 Coninission.
(4) Formal budgetary integration is employed as a management control E device during the year for all funds. Budgets are adopted on a basis g consistent with generally accepted accounting principles. The budget is adopted as a management control device and is not legally restric-tive. Appropriations lapse at the end of the year.
Total columns on the Combined Statements-Overview are captioned Memorandum only to indicate that they are presented only to facilitate financial E analysis. Data in these columns do not present financial position, results 3
< CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 1
SUMMARY
OF SIGNIFICANT ACCC'MTING POLICIES (Continued)
(Basis of Accounting) l 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.
NOTE 2 RESTRICTED ASSETS AND RESERVED FUND BALANCES / RETAINED EARNINGS
( Utility Funds - Bond Service Requirements As of September 30, 1981 bond service requirements are current. The following is a summary of the restricted assets related to the Refunding j and Capital Improvement Utitlities Revenue Bonds, Series 1977.
Revenue Bond Debt Service F In accordance with terms of the bond resolution, the City deposits cash I montFly 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 essets.
l 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.
I l
Monthly deposits into the Reserve 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 ($922,253). The total monthly deposit l I
i requirement is $2,553 and the balances as of September 30, 1981 amounted )
to $915,275.
l Renewal and Replacement I
l The City must make monthly deposits to a separate account which is re-stricted for paying the costs of extensions, enlargements or additions l
I to, or replacement of capital assets and emergency repairs thereto.
I l
The deposit requirement is 1/12 of 5% of the year's gross revenues after deducting the cost of purchased energy and fuel adjustment collections.
There is no deposit requirement if the amount on deposit equals an amount I
l recommended by the consulting engineer. The total monthly deposit re-quirement is currently $15,703.
1977 Bond Proceeds The proceeds of the bond issue have been segregated and are restricted solely to payment of acquisition and construction costs of the capital improvement project (wastewater treatment facility).
Tne folicwing have been restricted to indicate the City's tentative plans I for financial resource utilization in a future period (designations):
Depreciation Fund l The Depreciation Fund was created to provide funds for replacing property and equipment. The deposit amount is equal to budgeted depreciation expense.
I
CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 2 RESTRICTED ASSETS AND RESERVED FUND BALANCE / RETAINED EARNINGS (Continued)
(Utility Funds - Bond Service Requirements)
Potable Water Fund The Potable Water fund was created to provide funds for the cost of pro-viding water sources. The monthly contribution amount is $1,000.
Customer deposits have been restricted to indicate that the amount is not available for the financing of current utility operations.
Federal Revenue Sharing Fund As a result of a litigation settlement, the City will finance certain improvements within the Black Conmunity from Community Development Block Grant funds and/or Federal Revenue Sharing. The settlement stipulates that 75% of Federal Revenue Sharing funds will be restricted over 65 years beginning January 1, 1981 and will be used if Community Develcpment Block Grant funds are insufficient. The restricted balance at September 30, 1981 is $40,230.
General Fund Reserved Fund Balance - The $18,000 reserved for police expenditure re-presents the proceeds from the sale of an airplane that City police had confiscated. The balance is restricted for capital expenditures by the Police Department.
NOTE 3 PROPERTY AND EQUIPMENT A summary of changes in general fixed assets follows:
Balance Balance 10/1/80 Additions Deletions 9/30/81 Land S 940,456 $ 6-1,000 $ $ 1,001,456 Buildings 3,352,899 181,809 3,534,708 Improvements other than buildings 504,609 504,609 3 Equipment 1,633,909 155,698 43,308 1,746,299 E Construction in Progress 54,986 513,210 568,196 (Note 6)
Total $ 6,486,859 $ 911,717 $ 43,308 $ 7,355,268 I
A summary of proprietary fund type property, plant and equipment at September 30, 1981 follows:
Enterprise Internal Service Land $ 1,038,953 $ Buildings 3,156,979 Improvements other than buildings 29,322,637 Equipment 4,287,870 29,938 Construction in progress 150,889 Total 37,957,328 29,938 Less accumulated depreciation 7,874,273 16,908 Net $30,083,055 $ 13,~dT6
(
CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 4 NOTES AND B0NDS PAYABLE The following is a sununary of all notes and bonds payable of the various funds and general long term debt.
Utility Funds:
{ Refunding and Capital Improvement Utilities Revenue Bonds, Series 1977 -
512,020,000 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 investrrents. Bond maturity and interest rates are as follows:
f SERIAL BONDS Year of Year of
{ Maturity Rate Amount Maturity Rate Amount r 1993 5.60% $ 620,000 1999 5.90% 5 860,000 l 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 1998 5.85 5.90 780,000 810,000 2003 2004 6.00 6.00 200,000 210,000
$ 6,825,000 TERM BONDS 6.00% Bonds due October 1, 2005 5,195,000
-$8,500,000 Public Utility Revenue Bonds Anticipation Notes, Series 1980
[ 54,000,000 in notes have been issued in anticipation of and payable upon sale of bonds not later than 1985. Interest is at 7.78% on the $500,000 note and 8.125% on the $3,500,000 note. 4,000,000
{
$ 16,020,000
( 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:
k Interest Maturity Interest Date Rate Amount Date Rate Amount
( 1/1/82 4.1% $ 35,000 1/1/86 .4.2% $ 40,000 1/1/83 4.1 35,000 1/1/87 4.2 40,000 1/1/84 4.1 35,000 1/1/88 4.2 40,000
[ 1/1/85 4.1 40,000 1/1/89 4.2 45,000
$ 31
1 l
CITY OF LEESBURG, FLORIDA NOTES TO FINANC'AL STATEMENTS NOTE 4 NOTES AND BONDS PAYABLE (Continued)
Note payable, unsecured, due in monthly installmente of
$5,870 including interest at 6.5% $ 74,555 Note payable, unsecured, due in monthly installments of
$2,247 including interest at 7.5% 38,260 Note payable, unsecured, due in monthly installments of
$2,123 including interest at 8% 164,171 Notes payable, collateralized by real estate, due in annual installments of $1,000 with interest at 4% 22,000
$ 608,986 The following is a summary of changes in long term debt for the year ended September 30, 1981.
Utility General Fund Debt Total Bonds & notes payable at 10/1/80 $ 16,020,000 $ 564,106 $ 16,584,106 New notes issued 175,000 175,000 Bonds retired ( 30,000) ( 30,000)
Note principal payments ( 100,120) ( 100,120)
Bond and notes payable at 9/30/81 $ 16,020,000 $ 608,986 $ 16,628,986 The annual requirements to amortize all the City's outstanding debt as of September 30, 1981, including total interest payments of $15,407,829, are as follows:
ANNUAL REQUIREMENTS TO AMORTIZE LONG-TERM DEBT SEPTEMBER 30, 1981 Revenue Anticipation Public Other I Year Ending Bonds Notes Improvement Long-Term September 30 Series 1977 Series 1980 Certificates Notes Total 1982 $ 709,790 $ 323,275 $ 47,158 $ 124,770 $ 1,204,993 1983 709,790 323,275 45,723 52,545 1,131,333 1984 709,790 323,275 44,288 27,280 1,104,633 1985 709,790 4,261,578 47,750 27,240 5,046,358 g 1986 709,790 3,548,950 46,090 27,200 783,080 g 1987-1991 133,085 105,673 3,787,708 1992-1996 6,044,300 6,020 6,050,320 1997-2001 5,807,970 3,900 5,811,870 2001-2012 7,109,700 6,820 7,116,520
$26,059,870 $ 5,231,403 $ 364,094 $ 381,448 $ 32,036,815
$111,855 is available in the Debt Service Fund to service the Public Improve-ment Certificates.
I I CITY OF LEESBURG, FLORIDA NOTES TO FINAtlCIAL STATEMENTS NOTE 4 NOTES Afl0 BONDS PAYABLE (Continued)
I $2,186,475 has been restricted within the Combined Utility Funds to service the Series 1977 Revenue Bonds.
NOTE 5 CRYSTAL RIVER UNIT #3 PARTICIPATION AGREEMENT The City is a participant in an agreement with Florida Power Corporation I which was entered into on July 31, 1975. Under terms of the agreement, the City acquired a 0.8244% ownership interest and generation entitlement share in the nuclear steam electric generating unit. Participants are I entitled to energy output of the unit based upon their respective genera-tion entitlement share.
Florida Power Corporation has been appointed by the ;articipants to act as their agent and have sole authority to manage, control, maintain and operate the unit. Operating costs of the unit, in general, are shared in proportion to each generation entitlement share on a monthly basis.
Common and external facilities of the generating unit are solely owned by Florida Power Corporation and participants share in the operating and maintenance expenses of such facilities. Nuclear fuel payments are required of participants in advance.
The participation agreement provides for reversion of the ownership I 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 $3,965,830 as of September 30, 1981.
NOTE 6 GRANTS Environmental Protection Agency 201 Facilities Grant (Sanitary Sewer I and Wastewater Treatment Fund)
The City received a federal grant under the provisions of the Federal Water Pollution Control Act Amendments of 1972 and the Clean Water Act I 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 non-federal share of the total Part III costs. The local share of these costs assumed by the City are funded from restricted assets (1977 Bond Proceeds).
I Department of Housing and Urban Development (HUD)
Community Development Block Grants:
The following is a summary of Connunity Development Block Grants received Program Year 1978 $557,000 Program Year 1979 439,000 I Program Year 1980 438,000 The Cocinunity Development Program is funded in 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 14 regarding I contingencies.
I 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 l m
year annual contributions contract with HUD. The maximum annual expendi-tures allowed under the contract is $163,830. The five year contract 3 expires September 30, 1984. The program has been audited in accordance E with HUD requirements through September 30, 1980.
Airport Improvement Grant On July 29, 1980, the City of Leesburg was awarded a grant from the Federal Aviation Administration for improvements to be made to the Leesburg Municipal Airport. The improvements consist of reconstruction, g marking and lighting of Runway 13-31; construction of runway safety u area; construction of a segmented circle; and installation of radio lighting control. The project was amended in June, 1981 to include g lighting of Runway 3-21 and the parallel taxiways to both runways. E Total project cost is estimated to be $623,333 with the FAA grant financing 90% of the cost or approximately $561,000. The City has signed agreements with the Florida Department of Transportation and the Lake County Board of Commissioners whereby the State will finance 5% and the County will finance 2M of the project cost. The City will fund the balance from general revenues. Total costs as of September 30, 1981 included in General Fixed Assets Construction in Progress were
$568,196.
NOTE 7 AMBULANCE CONTRACT The City operates 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 LEASES The City leases data processing equipment under a three year operating lease. The future minimum rental payment required by the lease is
$10,308 for the year ending September 30, 1982.
NOTE 9 SEGMENT INFORMATION FOR ENTERPRISE FUNDS The City operates six enterprise funds which provide electric, gas, water, sewer, garbage and ambulance services. Segment information as of September 30, 1981 is as follows:
I
[
CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS
{
NOTE 9 SEGMENT INFORMATION FOR ENTERPRISE FUNDS (Continued)
( SANITARY SEWER AND ELECTRIC GAS WATER WASTEWATER SANITATION UTILITY UTILITY UTILITY TREATMENT SERVICES AM80 LANCE FUND FUND FUND FUND FUND FUND Operating Revenues $16,999,776 $2,853,939 $ 733,420 $1,120,185 $ 539,916 $ 383,115 Deprecia-tion 520,947 52,410 68,245 187,840 48,081 20,190
( Operating Income (Loss) 3,188,476 578,093 126,688 225,583 ( 52,094) 1,240 Operating
( Transfers (to) from General
- Fund (1,815,000) ( 500,000) ( 80,000)( 90,000) 51,014 Net Income 1,433,980 82,223 29,371 100,690 2,240 Current
( year capital contribu-tions 32,758 54,301 771,206 Property and
[ equipment additions 3,160,674 34,090 193,689 1,007,150 84,784 29,436 Net Working
[ Capital 1,247,729 ( 1,065) 1,843 16,077 ( 91,861) 41,439 8onds Pay-able from
( Operating Revenues (Net) 11,484,171 750,308 1,096,513 2.484,877 Total Fund
( Equity 7,733,782 761,466 1,482,148 8,923,149 125,294 179,707 NOTE 10 OTHER DISCLOSURES (1) Excess of expenditures over appropriations in individual govern-mental funds:
Library Capital Projects Fund - Amount $(175,557)
(2) Deficit retained earnings of individual funds:
Fund / count Sanitation Services $ 315,673)
Ambulance 54,327{
Motor Pool Service 5,184,
{
I CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 10 OTHER DISCLOSURES (Continued)
(3) Individual fund interfund receivable and payable balances:
Interfund Interfund Fund Receivables Payables General Fund S 955,558 $ 11,219 m Federal Revenue Sharing 2 28,295 1,613 12,118 E
Community Development Housing Assistance 19 9,790 Debt Service 110,910 Airport Capital Projects 5,836 14,605 Electric Utility 109,398 698,046 Gas Utility 154,294 3 Water Utility 80,000 N Sewer & Wastewater Treatment 90,000 l Sanitation Services 101,010 Ambulance 26,297 3,067 Motor Pool 6,980 I Police Pension Trust 8,480 Firemen's Pension Trust 9,200 524 General Employees Pension 405
$ 1,218,833 $ 1,218,833 NOTE 11 ADVANCE DEBT REFUNDING The City issued $12,020,000 principal amount of Refunding and Capital Improvement Utilities Revenue Bonds, Series 1977, dated April 1, 1978, under the provisions of a Resolution adopted by the City on February 2, 1978. Simultaneously, the City issued $4,880,000 in Special Obligation 8:nds, Series 1977A. The bonds were issued to refund the existing
$9,738,000 (the "old debt") and to provide funds for capital improvements.
A Securities Purchase Agreement was entered into with the Bank of Clear-water and $14,345,600 was deposited in trust and invested in U.S.
Treasury obligations. The "old debt" and the Special Obligation Bonds are serviced from the trust fund and the $12,020,000 issue of revenue bonds is serviced by the City (Note 2).
l The refunding is a defeasance (legal satisfaction of debt under tenns of a defeasance provision) and in accordance with the American Institute of Certified Public Acccuntants Statement of Position 78-5, the "old debt" and Special Obligation Bonds are not reflected as a liability in the accompanying financial statements.
NOTE 12 FUND BALANCE / RETAINED EARNINGS ADJUSTMENTS Restatement of retair:ed earnings to comply with Statement of Financial Accounting Standards No. 43 Accounting for Compensated Absences:
[
( CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 12
( FUND BALANCE / RETAINED EARNINGS ADJUSTMENTS (Continued)
It was the City's policy in prior years to recognize vacation and sick pay
[ expense as it was paid to employees. In the accanpanying statements, the L City adopted a new accounting policy as prescribed by Statement of Financial Accounting Standards No. 43 Accounting for Compensated Galances (November, 1980) that established an accrual for accumulated vacatiTn and sick pay in proprietary funds. This accounting policy does not apply to the governmental type funds.
Retained earnings reported in prior years have been restated as follows:
Combined Sanitation Utility Fund Services Fund Total Retained earnings, 10/1/79 as originally reported $ 8,525,633 $( 232,628) $ 8,293,010
{ Adjustment to accrue vacation and sick pay ( 86,106) ( 9,052) ( 95,158)
Retained earnings, as restated 10/1/79 $ 8,439,532 $( 241,680) $ 8,197,852 Restatement of Pension Fund Financial Statements to comply with Statement of Financial Accounting Standards No. 35 Accounting and Reporting by Defined Benefit Pension Plans.
In prior years, investments were carried at cost or amortized cost in the pension fund financial statements. In the accompanying statements, the provisions of Statement of Financial Accounting Standards No. 35 Accounting and Reporting by Defined Benefit Pension Plans (March, 1980) were adopted which require plan investments to be presented at fair value. The primary objective of the pension fund financial statements is to provide financial information useful in assessing the present and future ability to pay benefits when due. The content of the plan financial statements is primarily to meet needs of participants because the plans exist for their benefit. The Financial Accounting Standards Board has concluded in Statement No. 35 that measuring investments at fair value "will provide the most relevant information about those assets consistent with the primary objective of plan financial statements."
Fund Balances reported in prior years have been adjusted to derive net assets available for benefits as follows:
Municipal Municipal Retirement Police Firemen's Plan for Retirement Retirene nt General Trust Fund Plan Employees Total Fund balances, 10/1/79 as originally reported $ 415,588 $ 432,200 $ 970,942 $ 1,818,730 Adjustment to reduce invest-ments to fair value ( 8,575) ( 4,635) ( 10,982) [ 24,192)
Net assets available for benefits, as restated
, 10/1/79 $ 407,013 $ 427,565 $ 959,960 $ 1,794,538
I CITY OF LEESBURG, FLORIDA fl0TES TO FIPSf4CIAL STATEMErlT flote 13 PEflSI0fl PLAflS (Continued)
(5) Unrealized depreciation in fair value of investments is summarized as follows:
Municipal Police Retirement Trust Fund:
Difference g Fair Favorable E Fiscal year ended 9/30/80: Cost Value (Unfavorable)
Investments, October 1, 1979 Investments, September 30, 1980
$341,177 469,430
$332,599 447,639
$( 8,578
( 21,791 l
$128,253 $115,040 $( 13,213)
Fiscal year ended 9/30/81:
Investments, October 1,1980 $469,430 $447,639 $( 21,791)
Investments, September 30, 1981 577,061 546,038 ( 31,023)
$107,631 $ 98,399 $( 9,232)
Municipal Firemen's Retirement Plan Fiscal year ended 9/30/80:
Investments, October 1,1979 $423,339 $413 704 $( 4,635)
Investments, September 30, 1980 568,859 530,831 ( 38,028)
$145,520 $112,127 $( 33,393)
Fiscal year ended 9/~>0/81:
Investments, October 1, 1980 $568,059 $530,831 $( 38,028)
Investments, September 30, 1981 746,432 661,459 ( 84,973)
$177,573 $130,628 $( 46,945)
Retirement Plan For General Employees:
Fiscal year ended 9/30/80:
Investments, October 1, 1979 $ 937,328 $ 926,367 $( 10,961)
Investments, September 30, 1980 1,244,965 1,170,725 ( 74,240)
$ 307,637 $ 244,358 $( 63,279)
Fiscal year ended 9/30/81:
Investments, October 1,1980 $1,244,965 $1,170,725 $( 74,240)
Investments, September 30, 1981 1,580,865 1,409,575 ( 171,290)
$ 335,900 $ 238,850_ $( 97,050)
.J
CITY OF LEESBURG, FLORIDA NOTES TO FINANCIAL STATEMENTS
( NOTE 13 PENSION PLANS (Continued)-
The required City contribution for the year ended September 30, 1981 amounted to $261,618 (9.9% of covered payroll) which has been
( edequately funded. This amount is recorded as revenue in the pension fund and an expense in the various governmental and proprietary funds.
- k. (4) Actuarial Infonnation Accumulated plan benefits are those future periodic payments that
,2 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.
(
The present value of accumulated plan benef"s is determined by an actuary and is the amount that results from applying actuarial assump-(- tions 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 sumarized as follows:
Municipal Police Officers' Retirement Trust Fund (a) Life Expectancy of Participants - The 1965 Projected Annuity [
Mortality Table (as developed and named by The Wyatt Company) , j
[- 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 salary was assumed to-increase at a rate of 4% per year until retirement.
{
Municipal Firemen's Retirement Plan (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 - attainment of age 55 and completion
[ (c) of ten years of credited service.
Investment Return - an assumed rate of 6% compounded annually was used.
( (d) Salary Increase Factor - Current year salary was assumed to L increase at a rate of 4% per year until retirement.
Retirement Plan for General Employees-( -(a) Life Expectancy of Participants - The 1965 Projected Ann _uity -
Mortality Table (as developed and named by The Wyatt Company) was used.
[ (b) Retirement Age Assumption - The assumed average retiremelnt 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. _
CITY OF LEESBURG, FLORIDA fiOTES 10 FIrlAtlCI AL STATEMEtiTS fiOTE 13 PEriSIOff PLAf15 The City has established three defined benefit pension plans for employees.
The following brief description of the plans is presented for information only. Particir> ants should refer to plan agreements and/or Ficrida, Statute 185 (available at City Hall) for more ccmplete information. The plans are not subject to the Employee Retirement Income Security. Act of 1974 (ERISA).
g (1) Eligibilit.y The Municipal-Police Officers' Retimment Trust Fund covers policemen E who hdyr -completed one year of employment and attained eighteen years of age. The Municipal Firemen's Retirement Plan covers firemen who have completed one year of employment and attaine eighteen years of, age. The Retirement Plm for Ceceral Employees covers employees (other than firemen) who have cocpleted one year of employment and attained eighteen years of age.
(E) Plan Description The plans have differing provisions for pension, death and disability benefits. For information regarding these provisions, participants should refer to plan agreements, Florida Statute 185 and recent actuarial valuations (the most recent valuation completed is as of October 1,1980).
(3) Funding Policy Municipal S Yce Officers' Retirement' Trust Fund Funding of the Police pension fund is orovided from policemen con-tributions -(5% of their annual compensation) and 1% excise tax. The tax is levied on gross premiums collected on casualty insurance g policies covering property within the corporate limits of the City. 3 The State collects and contributes the tax to the Fund under Florida Statute.185. The City does not contribute to the fund since police-men contributions and excise tax monies are sufficient to fund the plan. As of October 1, 1980 the frozen initia1 liability has been completely funded. Policemen accumulated contributions at September 30, 1981 were S95,803.
Municipal Firemens' Retirement Plan Firemen contribute 5% of their annual compensation to the plan. A g 1% excise tax on fire insurance premiums sold within the corporate g limits is remitted to the fund by the State of Florida. The City accr.ues 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, 1981 amounted to $74,105 (13.3% of covered payroll) which has been adequately funded. This amount is recorded a3 revenue N in the pension fund and an expense in the General Fund and Amtalance Fund. Firemen accumulated contributions at September 30, 1981 were
$123,191. E i
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.
CITY OF LEESBURG, FLORIDA ~
.N0TES TO FINANCIAL STATEMENTS' b NOTE 13 PENSION PLAN (Continued) "
The following is a sumary .of actuarial present value of accumulated plan benefits (beginning of Fiscal Year benefit informatiori date-Note 13):
(
=
Municipal Municipal Retirement Police Firemen's Plan for
[' Retirement Retirement General Total Trust Fund Plan Employees 10/1/80
( - '-
Vested Benefits:
. Participants currently
{,, receiving payments $ , 58,214 $ 18,339 $ 212,115 $ 288,668 Other Participants -
115,468 557,220 728,279 _l,400,967 Total Vested Benefits
- 173,682 575,559 940,394 1,689,635
{
Non-vested Benefits 6,513 56,441 200,263 263,217 h Total Actuarial present {
value of accumulated plan benefits $ 180,195 $ 632,000 $1,140,657 $1,952,852
[
NOTE 14 CONTINGENCIES
[ The Department of-Housing and Urban Development completed their audit of the Comunity Development Block Grant and Section 8 Housing Assistance j Payments programs on October 23, 1981. Their findings concluded that j
[ $141,963 of ineli_gible costs and $29,908 of questionable costs that were funded by the programs should be reimbursed by the City.
[ The City intends to vigorously contest these claims, should it receive an official request for reimbursement. No provision has been made in
' the accompanying financial statements for liability (if any) with regards to these costs.
{
, NOTE 15 -SUBSEQUENT EVENT
[ '
Onsovember 12, 1981, the City issued $4,500,000 in notes at 9.375%
interest in anticipation of and payable upon sale of the $8,500,000 Public Utility Revenue Bonds, Series 1980 expected to be issued by 1985.
[ The proceeds of the notes are being used to finance improvements and expansion of the water supply, storage and pumping facilities and to establish an electric load management system.
[. .
[. .
y
{
4
u n
r u
I I
E COMBINING AND INDIVIDUAL FUND i AND 7
ACCOUNT GROUP STATEMENTS AND SCHEDULES E
These financial statements provide a more detailed view of '
r the " General Purpose Financial Statements" presented in the L preceding subsection.
- Combining statements are presented when there are more L than one fund of a givin fund type. Individual fund and ac-count group statements are presented when there is only one fund of a given type and for the account group. They are also necessary to present budgetary comparisons.
{
This section contains the following subsections:
[
- Combining and Individual Fund and Account Group Statements
- Schedules
{
b E
E E
e L
[ _- - - - - -
I e
?
L I
L F
u r
L ,
GENERAL FUND
[
E The General Fund accounts for all revenues and expendi-E tures of the City which are not accounted for in other funds. It receives a greater variety and number of 7
taxes and other general revenues that any other fund.
L
[
E E
E 1
l l
l
CITY OF LEESBURG, FLORIDA GENERAL FUND BALANCE SHEET E September 30,1981 and 1980 A-1 g September 30 1981 1980 ASSETS Cash $ 27,162 $ 117,731 Due From Other Governments 10,721 53,384 Assessments Receivable 20,720 Other Accounts Receivable (Net of Allowance for Doubtful Accounts of $1,391 and $1,079) 13,612 5,458 Due from Other Funds 955,553 505,421 Supplies Inventory 9,997 9,084 Escrow Deposit (Note 1 ) 34,108 Total Assets $ 1,071,878 $ 691,078 LIABILITIES AND FUND BALANCE Liabilities: 91,448 Accounts Payable $ 87,331 $
Accrued Wages and Payroll Tax 130,031 126,088 Employee Insurance Premium Rebate 11,219 16,309 Due to Other Governments 1,195 847 Due to Other Funds 11,219 65,313 Deposits 13,120 6,083 Unearned License Revenue 27,634 Total Liabilities 270,530 306,088 I
Fur.d Balance:
Reserved:
For Inventory 9,997 9,084 For Police Education 2,982 For Police Expenditure (Note 2 ) 18,000 Unreserved _
770.369 375,906 Total Fund Balance 80135 384,990 Total Liabilities & Fund Balance $ 1.071.878 $ 691,078 See Accompanying Notes I
I CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND L CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL Year Ended September 30, 1981 With Comparative Actual Amounts for Year Ended September 30, 1980 A-2
(.
1981 Variance--
[ favorable 1980 Budget Actual (unfavorable) Actual
( Revenues:
Taxes $ 634,800 $ 655,651 $ 20,851 $ 545,845 Licenses and permits 86,010 80,496 5,514) 76,647
( Intergovernmental Revenues 588,900 625,722
(
36,822 666,952 Charges for services 137,120 137,949 829 122,714 Fines and forfeitures 106,000 104,341 ( 1,659) 102,552
{ Miscellaneous,(Note 1) 892,410 919.374 26.964 835,588 Total Revenues 2,445,240 2.523.533 78.293 2,350,298 Expenditures:
General Government (Note 1) 1,159,678 1,138,591 21,087 1,029,789
( Public safety 1,726,251 1,708,637 17,614 1,611,337 Physical environment 286,611 245,367 41,244 234,792 Transportation 367,845 326,815 41,030 293,335
{ Economic environment 65,380 79,270 ( 13,890) 66,651 Human services 18,000 11,527 6,473 19,850 Culture / Recreation 988.330 997,684 ( 9,354) 917,493 t Total Expenditures 4,612,095 4,507.891 104.204 4,173,247 1 Excess (deficiency) of
( Revenues over Expendi-tures (2,166,855) (1,984,358) 182,497 (1,822,949)
Other financing sources (uses):
Operating transfers in 2,485,000 2,485,000 1,907,000 i
( 105,264) 61,495)
( Operating transfers out ( 169,870) 64,606 (
Excess (deficiency) of Re-
[ venues & Other Sources over Expenditures & Other Uses 148,275 395,378 247,103 22,556 Fund Balances at beginning
[ of year 384,990 384,990 358,624 Increase in reserves 20,980 20,980 3.810 Fund Balance at end of year $ 533,265 $ 801,348 $ 268,083 $ 384,990
[
See Accompanying Notes
CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF REVENUES BUOGETED AND ACTUAL For The Fiscal Years Ended Seotember 30, 1981 and 1980 A-3 Variance Favorable 1980 Budgeted Actual (Unfavorable) Actual Taxes:
Ad Valorem $ 605,300 $ 624,908 $ 19,603 $ 514,582 g Franchise Fees 29,500 30,743 1,243 31,263 E Total 634,800 655,651 20,851 545,845 Licenses and Permits:
Professional and Occupational 46,000 46,108 108 40,232 Building Permits 30,000 24,979 ( 5,021) 36,415 Other Permits 10,010 9,409 ( 601) Total 86,010 80,496 ( 5,514 ) 76,647 Intergovernmental Revenue: E LEAA (State Portion) 16,720 g State Transportation Grant 19,749 Meals on Wheels 4,212 FRDAP 23 ,
Total 40,704 Shared Revenues:
fnsurance Agents-County Licenses 200 125 ( 75)
Two-Cent Cigarette Tax (Note 3) 75,000 77,071 2,071 73,218 State Revenue Sharing 384,800 426,894 42,094 410,110 Mobile Home Licenses 15,000 14,839 ( 161) 15,104 Alcoholic Beverage License 11,000 10,221 ( 779) 10,137 Local Govenement Additional Homestead Exemption 30,800 30,808 8 28,741 Rebate on Municipal Vehicles (Sc) 7,000 4,269 ( 2,731) 6,794 Municipality Share of Road and Bridge Tax 46,100 46,074 ( 26) 63,493 Municipality Share of County ,
Occupational Licenses 19,000 15,421_ ( 3,579) 18,651 Total T88,900 ~ 625,722 36,822 626,248 Charges for Services:
General Government Charges 4,700 4,537 ( 163) 4,534 Police Services 4,505 Room and Board for Prisoners 24,000 30,288 6,288 24,924 Other Public Safety Charges 6,900 5,511 ( 1,389) 891 Police Dispatch Fees 5,000 4,800 ( 200) 4,500 Other Physical Environment Chgs. 2,320 1,642 ( 678) 11,928 Economic Environment Charges 700 Libraries 6,300 6,520 220 4,036 Program Activities Fees 45,400 41,698 ( 3,702) 39,413 Swimming Pools 8,500 10,771 2,271 6,728 Other Recreation Fees 4,000 3,301 ( 699) 5,227 Marina Charges 15,500 16,379 879 7,339 E Comunity Building _
14,500 12,502 L 1,998) 7,939 E Total 137,120 117,949 829 122,714 (Continued) 1 of 2 l
f L CITY OF LEESBURG, FLORIDA GENERAL FUND 7
( STATEMENT OF REVENUES BUDGETED AND ACTUAL For The Fiscal Years Ended September 30, 1981 and 1980 A-3 Variance
( Favorable 1980 Budgeted Actual (Unfavorable) Actual Fines and Forefeitures:
Court Fines $ 72,000 $ 72,062 $ 62 $ 64,445 Police Education 2,500 ( 2,500) ( Library Fines 3,500 3,118 ( 382) 5,401 Other Fines and Forefeitures 28,000 29.161 1.161 32,706 Total 106,000 104.341 ( 1.659) 102,552 Miscellaneous Revenues:
Interest, including Profit on Investments 31,000 29,823 ( 1,177) 8,235
( Rents and Percentages 4,500 4,175 ( 325) 3,450 Airport Rental 10,000 10,189 189 10,915 Sale of furniture and Fixtures 10 9,487 9,477 589
( Sale of Tax Delinquent Land Sale of Surplus Materials 10 ( 10) 21,020 10 ( 10)
Contributions-Private Sources 1,500 3,500 2,000 1,163 Other Income 1,000 3,585 2,585 3,584
( Insurance Compensation 300 878 57S 2,782 Insurance Rebates 3,000 16,972 13,972 10,094 r Reimbursement from Utility Funds L for Administrative Services (Note 1) 841,080 840.765 l 315) 773,756 Total 892,410 919.374 26.964 835,588
( Total Revenues $ 2,445,240 $2,523,533 $ 78.293 $ 2,350,298
(
( See Accompanying Notes
[
[
[
[
(Concluded) 2 of 2
[
CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES,-COMPARED TO BUDGET (GAAP BASIS)
YEAR ENDED SEPTEMBER 30, 1981 With Comparative Actual Amounts for Year Ended September 30, 1980 A-4 Variance Favorable 1980 Function / Activity /Subactivity/ Object Budget Actual (Unfavorable) Actual _
General Government Services:
Legislative:
City Commission:
Personal Services 3 12,120 $ 12,120 $ $ 12,120 Operating Expenses 24,430 24,685 ( 255) 26,074 Total City Commission 36,550 36 2 805 ( 255) 38,19T Boards and Commissions:
Personal Services Operating Expenses 3,800 2,610 1,190 1,9.'i2 Total Boards & Commissions 3,800 2,610 T Tf0 1,92 Total Legislative 40,350' 39,415 935 40,lg Executive:
City Manager's Office:
Personal Services 55,560 56,717 ( 1,157) 39,836 Operating Expenses 24,550 24,684 ( 134) 18,199 Capital Outlay 1,400 813 587 954 Total City Manager 81,510 82,214 _(__ 704) 59,089 City Clerk / Finance Director:
Personal Services 54,700 54,803 ( 103) 51,146 Operating Expenses 18,910 21,540 ( 2,630) 22,159 Capital Outlay 700 678 22 7,742 Total City Clerk / Finance 74,310 77,021 f 2,711) 8@ -
Total Executive 155,820 159,235 ( 3,415) 140 Tf6 Finance and Administrative:
Accounting Office:
Personal Services 93,960 94,031 ( 71) El,970 Operating Expenses 42,600 40,115 2,485
.)6,751 Capital Outlay 500 257 243 627 Total Accounting 137,060 134,403 2,657 119,348 Collections Office:
Personal Services 60,500 58,235 2,265 55,870 Operating Expenses 16,450 17,268 ( 818) 16,388 Capital Outlay 100 120 ( 20) Total Collections 77,050 75,623 1,427 72 231i l Data Processing:
Perscr.al Services 58,110 54,201 3,909 58,74/
Operating Expenses 95,050 95,099 ( 49) 85,579 Capital Outlay 500 307 193 676 Total Data Processing 153,660 149,607 4,053 - 145,002 Customer Service:
l Personal Services 102,500 103,553 ( 1,053) 93,491 l Operating Expenses 55,610 59,209 ( 3,599) 53,273 l Capital Outlay 500 377 123 416 Total Customer Service _158,610 163,139 ( 4,529) 147,180 Purchasing Office:
Personal Services 28,340 26,287 2,052 9,570 Operating Expenses 14,270 13,111 1,159 13,712 Total Purchasing Office $ 42,610 $ 39,398 $ 3,212 $ 23,282 (Continued) 1 of 6
L r
L CITY OF LEESBURG, FLORIDA c- GENERAL FUND L STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (GAAP BASIS)
YEAR ENDED SEPTEMBER 30, 1981 g With Comparative Actual Amounts for Year Ended September 30, 1980 A-4 i
' Variance Favorable 1980 r Fu nc ti o n/ Ac t i v i ty/Su bac t i v i ty/0bj ec t Budget Actual (Unfavorable) Actual L
Gen:ral Government Services (cont'd):
c Finance and Administrative (cont'd)
L Personnel Office:
Personal Services $ 31,570 $ 30,614 $ 956 $ 32,168 Operating Expenses 14,920 10,992 3,928 9,308
[ Capital Outlay Total Personnel Office 47,490 1,000 41,776 170 830 5,714 864 42,340 Statistician:
r Personal Services 14,500 14,494 6 17,356 -
L Operating Expenses 2,388 2,235 153 3,690 1 Total Statistician 16,888 16,729 159 21,046 l Total Finance & Administrative 633,368 620,675 12,693 570,456 i
[ Legal Services:
City Attorney's Office:
Operating Expenses 40,540 36,548 3,992 21,836 l Total Legal Counsel 40,540 36,548 3,992 21,836
{ Planning Office:
Personal Services 30,200 31,831 ( 1,631) 27,102 m Operating Expenses 16,540 16,331 209 11,812 L Total Planning Office 46,740 48,162 ( 1,422) 38,914 Other General Government Services:
Warehouse Services:
( Personal Services Operating Expnese 33,340 13,280 34,512 11,933
( 1,172) 1,347 41,729 11,184 Capital Outlay 170 170 242 Total Warehouse Service 46,796 46,445 53,155
{ Printing and Reproduction:
345 Personal Services 11,330 10,960 370 10,649 r Operating Expenses 4,080 5,792 ( 1,712) 3,164 L Total Printing & Reproduction 15,410 16,752 ( 1,342) 13,813 Civic Functions' Support:
Operating Expenses 36,800 34,056 2,744 32,824
[ Total Civic Functions' Support 36,800 34,056 _
2,744 32,824 Public Buildings:
Personal Services 61,110 59,769 1,341 50,831
{ Operating Expenses Total Public Buildings 48,820 109,930 100,728 40,959 __ 7,861 9,202 40,209 91,040 Switchboard:
r Personal Services 10,530 10,518 12 9,747 L Operating Expenses 13,960 14,465 ( 505) 12,959 Total Switchboard 24,490 24,983 ( 493) 22,706 Elections:
Operating Expenses 1,630 1,757 ( 127) [ Total Elections $ 1,630 $ 1,757 $( 1127 ) (Continued)2of6
CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES, COMPARED TP BUDGET (GAAP BASIS)
YEAR ENDED SEPTEMBER 30, 1981 With Comparative Actual Amounts for Year Ended September 30, 1980 A-4 Variance 3 Favorable 1980 E Fu n c t i o n / Ac t i v i ty/Su ba c ti v i ty/0bj e c t Budget Actual (Unfavorable) Actual G:neral Government Services (cont'd):
Other General Government Services (continued):
Miscellaneous and Contingencies E g
7,810 $ 9,835 $( 2,025) S 4,783 Operating Expenses $_ 9,83T 2,025) 4,783 Total Misc. and Contingencies 7,810 (
242,860 234,556 8,304 218,321 Total Other General Government 1,159,678 1,138,591 21,087 1,029,789 Total General Government Public Safety:
Police Department:
637,361 647,056 ( 9,695) 622,522 Personal Services 7,299) 275,111 Operating Expenses 303,550 310,849 ( E 39,500 37,610 1,890 61 ,311 g Capital Outlay 995,5TT 15,104) 958,944 Total Police Department 980,411 (
Fire Department:
418,080 404,303 13,777 396,233 Personal Services 42,567 147,435 Operating Expenses 196,800 154,233 Capitcl Outlay 16,580 24,269 ( 7,689) 2,971 631,46Ti 582,805 48,655 546,639 Total Fire Department Detention and Corrections 22,310 22,905 ( 595) 18,899 Personal Services 8,998) 25,804 g Operating Expenses 26,600 35,598 (
Capital Outlay 650 394 256 1,450 3 49,560 58,897 ( 9,337) 46,153 Total Detention & Corrections Protective Inspections: 37,823 Personal Services 42,690 42,684 6 22,130 21,267 863 16,575 Operating Expenses Capital Outlay 7,469 ( 7,469) 5,203 Total Protective Inspections 64,820 71,420 ( 6,600) 59,601 1,726,251 1,708,637 17,614 1,611,337 Total Public Safety Physical Environment:
Street Cleaning: 9,470 8,000 8,680 ( 680)
Personal Services 10,794 13,526 Operating Expenses 11,060 266 16,230 15,926 304 Cebt Service 22,996 Total Street Cleaning $ 35,290 $ 35,400 $( 110) $
(Continued) 3 of 6 I
I
CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (GAAP BASIS)
YEAR ENDED SEPTEMBER 30, 1981 I With Comparative Actual Amounts for Year Ended September 30, 1980 Variance A-4 I Fu nc ti on/ Ac ti v i ty/Su ba cti v i ty/Obj ec t Budget Actual Favorable (Unfavorable) 1980 Actual Physical Environment (continued): _
Engineering:
Personal Services $ 100,593 $ 82,525 $ 18,068 $ 66,923 Operating Expenses 30,338 25,559 4,779 22,462 I Total Engineering Cemeteries:
130,931 108,084 22,847 2,307 89,385 Personal Services 5,000 2,693 297 Operating Expenses 3,120 388 2,732 1,354 Total Cemeteries 8,120 3,081 5,039 1,651 Stom Damage:
4,067 I Personal Services Operating Expenses Total Storm Damage 6,830 5,580 12,410 4,792 5,574 10,366 2,038 2,044 6 3,139
--~7 ,206 Public Works Jobbing:
I Personal Services Operating Expenses Total Public Works Jobbing 22,250 13,120 19,616 9,811 2,634 3,309 5,943 42,241 15,144 57,385 35,37_0_ 29,427 I Public Works Office:
Personal Services Operating Expenses 36,140 24,000 30,952 23,706 5,188 294 32,173 23,132 Capital Outlay 4,350 4,351 ( 1) 864
.I Total Public Works Office 64,490 59,009 5,481 56,169 Total Physical Environment 286,611 245,367 41,244 234,792 Transportation:
Roads and Streets:
Street Maintenance:
Personal Services 39,380 33,318 6,062 25,040 Operating Expenses 132,080 75,563 56,517 78,075 Capital Outlay 13,000 3,250 9,750 1,469 E 11,043 1,157 5 Debt Service 12,200 Total Street Maintenance 196,660 123,174 73,486 104,584 Storm Drainage:
Personal Services 9,000 7,113 1,887 14,988 Operating Expenses 11,210 69,827 ( 58,617) 3,123 Total Stom Drainage 20,210 76,940 ( 56,730) 18,111 Street Lighting:
Personal Services 9,400 8,894 506 8,916 Operating Expenses 82,110 78,113 3,997 73,396 Capital Outlay 800 Total Street Lighting 91,510 87,007 4,503 83,112 Traffic Control:
Personal Services 10,630 10,806 ( 176) 10,113 9,680 6,664 3,016 7,094
.l Operating Expenses Capital Outlay 7,000 283 6,717 25,019 Total Traffic Control 27,310 17,753 9,557 42,226
~
Total Roads and Streets 335,690 304,874 30,8_16 248,033 (Continued) 4 of 6
CITY OF LEESBURG, FLORIDA GENERAL FUND
.uEMENT OF EXPENDITURES, COMPARED TO BUDGET (GAAP BASIS)
YEAR ENDED SEPTEMBER 30, 1981
.th Comparative Actual Amounts for Year Ended September 30, 1980 A-4 Variance Favorable 1980 Function / Activity /Subactivity/0bject Budget Actual (Unfavorable) Actual Transportation (continued):
Airports: E l Airport Maintenance: 5 Personal Services $ 10,610 $ 9,928 5 682 $ 12,814 Operating Expenses 21,545 11,970 9,575 22,426 E Capital Outlay 43 ( 43) 10,062 3 Total Airport Maintenance 32,155 21,941 10,214 ~~~4 5,3 02 l
Total Transportation 367,845 326,815 41,030 293,335 i Economic Environment:
l Leesburg Redevelopment Agency: g Personal Services 441 ( 441) 32,783 m l Operating Expenses 65,380 70,580 ( 5,200) 33,646 Capital Outlay 222 Total Leesburg Redevelp. Agency 65,380 71,021 ( 5,641 ) 66,651
! Housing Assistance 8,249 ( 8,249) Total Economic Environment 65,380 79,270 ( 13,890) 66,651 Human Services:
Health:
Meals-on-Wheels:
Operating Expenses 4,750 4,750 4,212 Total Meals-on-Wheels 4,750 4,750 4,212 l
Animal Control:
Personal Services 9,180 8,611 569 8,036 Operating Expenses 4,070 2,916 1,154 7,602 Total Animal Control 13,250 11,527 1,723 15,638 Total Human Services 18,000 11,527 6,473 19,850 Culture and Recreation:
1 Libraries:
Main Library: e l Personal Services 110,910 47,430 106,733 45,094 4,177 2,336 105,452 g Operating Expenses 39,786 Canital Outlay 29,150 35,699 ( 6,549) 43,537 Debt Service 25,000 23,356 1,644 i Total Library W ,T9U 210,882 1,60H 188,775 Branch Library:
l Personal Services 1,167 Operating Expenses 5,585 Capital Outlay 13,322 l Total Branch Library 20,074 Total Libraries $ 212,490 $ 210,882 $ 1,608 $ 208,849 (Continued)5of6
L r
L CITY OF LEESBURG, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (GAAP BASIS)
( YEAR ENDED SEPTEMBER 30, 1981 With Comparative Actual Amounts for Year Ended September 30, 1980 A-4 Variance Favorable 1980 Function / Activity /Subactivity/0bject Budget Actual (Unfavorable) Actual Culture and Recreation (continued):
Parks and Recreation:
( Recreation Office:
Per onal Services $ 76,880 $ 76,275 $ 605 $ 70,416 Operating Expenses 148,625 151,447 ( 2,822) 136,380 Capital Outlay 500 189 311 174
[- Total Recreation Office 226,005 227,911 ( 1,906) 206,970 Swiming Pools:
Personal Services 27,020 24,364 2,662 17,824
[- Operating Expenses 67,455 f!6,449 1,006 69,184 Capital Outlay 3,000 3,000 13,941 Total Swiming Pool 97,475 90,813 6,662 100,949
[ Parks and Canals:
Personal Services 172,910 180,766 ( 7,856) 165,276 Operating Expenses 112,160 119,418 ( 7,258) 115,373 Capital Outlay 17,580 16,761 819 4,354
[ Total Parks and Canals 302,650 316,945 ( 14,295) 285,003 Athletic Fields:
Personal Services 28,440 30,433 ( 1,993) 15,706
[ Operating Expenses 23,930 24,904 ( 974) 10,292 Capital Outlay 8,680 8,080 600 15,442 Debt Service 1,460 ( 1,460) Total Athletic Fields 61,050 64,877 ( 3,827) 41,440
(
Total Parks and Recreation 687,180 700,546 ( 13,366) 634,362 Cultural Services:
Cultural Arts Building:
Operating Expenses 2,180 1,807 373 2,400
( Capital Outlay 500 337 163 675 Total Cultural Services 2,680 2,144 536 3,075 Special Recreational Facilities Marina:
[ Personal Services 2,100 1,514 586 1,250 Operating Expenses 11,030 12.221 ( 1,191) 6,538 Total Marina 13,130 13,735 ( 605) 7,788
[ Comunity Building:
Personal Services 38,050 38,084 ( 34) 37,208 Operating Expenses 34,800 32,293 2,507 26,211
( Total Comunity Building 72,850 70,377 2,473 63,419 Total Special Rec. Facilities 85,980 84,112 1,868 71,207 t
[ Total Culture and Recreation 988,330 997,684 ( 9,354) 917,493 Total Expenditures $ 4,612,095 $ 4,507,891 $ 104,204 $ 4,173,247
- SeeAccompanggNotes -
(Concluded)6of6
CITY OF LEESBURG, FLORICA GENERAL FUND STATEMENT OF OTHER FINANCING SOURCES AND USES, COMPARED TO BUDGET (GAAP BASIS)
YEAR ENDED SEPTEMBER 30, 1981 With Comparative Actual Amounts for Year Ended September 30, 1980 A-5 Variance Favorable 1980 Func ti o n/Ac t i v i ty/Subac t i v i ty/Obj ec t Budget Actual (Unfavorable) Actual Other Financing Sources (Uses):
Operating Transfers In:
Electric Utility Fund 5 1,815,000 $ 1,815,000 $ $ 1,377,425 Gas Utility Fund 500,000 500,000 529,575 Water Utility Fund 80,000 80,000 Sanitary Sewer and Wastewater Treatment Fund 90,000 90,000 2,485,000 2,485,000 1,907,000 Operating Transfers Out:
Debt Service Fund ( 46,020) ( 43,621) 2,399 ( 60,120)
Capital Projects Fund ( 10) ( 10,629) ( 1,375)
Ambulance Fund ( 13,020) ( 13,02010,619) Motor Pool Fund ( 51 ,210) 51 ,21 0 Sanitation Services Fund ( 59,610) ( 51 ,014) 8,596 Total Other Financing Sources (Uses) $( 169,870) $( 105.264) $ 64.606 $( 61,495)
I See Accompanying Notes l
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I
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r L
[-
E E
E
[
SPECIAL REVENUE FUNDS r
L Special Revenue Funds are used to account for the proceeds
[- of specific revenue sources (other than special assessments, L expendable trusts, or for major capital projects) that are legally restricted to expenditure for specified purposes.
Certain Administrative expenses dre paid by the General
[ Fund (Note 1).
[
[
[
[
[
E l
CITY OF LEESBURG, FLORIDA SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET September 30, 1981 and 1980 B-1 Federal Revenue Community Housing Sharin9 Development Assistance September 30 Fund Fund Fund 1981 1980 ASSETS Current Assets:
Cash $ 16,764 $ 22,553 $ 46,520 $ 85,837 $ 78,387 Investments, at Cost 4,133 Federal Revenue Sharing Receivable 17,880 17,880 17,008 Due from HUD 114,234 Due from other funds 2 1,613 19 1.634 Total Current Assets 34,646 24,166 46,539 105.351 213,762 Restricted Assets (Note 2):
Cash 40,230 40,230 Total Assets $ 74,876 $ 24,166 5 46,539 $ 145,581 $ 213,762
, LIABILITIES AND FUND BALANCE gliabilities:
' Acccunts Payable $ $ 32 $ 22 $ 54 5 5,698 Due to Other Funds 28,295 12,118 9,790 50,203 193,644 Housing Assistance Payments 9,095 Due to Hud 12,016 21,796 33,812 Contingencies (Note 14)
Total Liabilities 28,295 24,166 31,608 84,069 208,437 Fund Balance:
Reserved:
For Capital Improvements 40,230 40,230 Unreserved: 6,351 14,931 21,282 5,325 Total Fund-Balance 46.581 14,931 61.512 5,325 Total Liabilities and Fund Balance $ 74,876 $ 24,166 $ 46,539 $ 145,581 $ 213,762 See Accompanying Notes M M M M
, r, c- r- r, r- r- r- r- c <- c- e r r r r r r- , 1-CITY OF LEESBURG, FLORIDA SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES Fiscal Years Ended September 30, 1981 and 1980 B-2 Federal Revenue Community Housing ToL1 Sharing Development Assistance Seotember 30 Fund Fund Fund 1981 1980 R: venue: $ 430,537 5 764,929 Intergovernrental Revenue (Note 6) $ 71,520 $ 197,548 $ 161,469 64 4.464 4,528 5,552 Miscellaneous Revenue 770,481 71,584 202.012 161,469 435,065 Total Revenue Expenditures: 7,834 1,063 General Government Services 7,834 202,012 202,012 541,243
. Economic Environment 149,632 149,632 155,497 j
$' Human Services 19,400 19,400 11,288 Culture / Recreation 378,878 709,091 Total Expenditures 27,234 202,012 149.632 i
Excess of Revenues Over (Under) Expenditures 44,350 11,837 56,187 61,390
)
Fund Balances (Deficit), October 1 2,231 3,094 5,325 ( 56,065)
I
! Fund Balances September 30 5,325
$ 46,53T $ $ 14.931 $ 61,512 $
l See Accompanying Notes
I CITY OF LEESBURG, FLORIDA FEDERAL REVENUE SHARING FUND STATEMENT OF REVENUES AND EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGETED AND ACTUAL For Fiscal Years Ended September 30, 1981 and 1980 B-3 1981 Variance Judgeted Favorable 1980 (Revised) Actual (Unfavorable) Actual REVENUES:
Inter 90vernmental Revenue: 71,908 Federal Revenue Sharing $ 71,520 $ 71,520 $ $
Miscellaneous Revenue:
Interest Earned 64 64 979 Total Revenue 71,520 71,584 64 72,887 General Government Services Financial and Administrative 10,450 7,834 2,616 1,063 Transportation:
Road and Street Facilities 40,230 40,230 Human Services:
Welfare 2,240 Culture / Recreation:
Facilities 19,400 19,400 11,288 Total Expenditures 70,080_ 27,234 42,846 14, .iT EXCESS OF REVENUES OVER EXPENDITURES 1,440 44,350 42,910 58,296 FUND BALANCE, OCTOBER 1 2,231 2,231 ( 56,065)
FUND 3ALANCE, SEPTEMBER 30 $ 3,671 $ 46,581 $ 42,910 $ 2,231_
1 1
See Accompanying Notes F
L I
F L
CITY OF LEESBURG, FLORIDA
{
COMJNITY DEVELOPMENT FUND p STATEMENT OF REVENUES, EXPENDITURES AND L CHANGES IN FUND BALANCE - BUDGETED AND ACTUAL For Fiscal Years Ended September 30, 1981 and 1982 B-4
[ 1981 Variance Budgeted Favorable 1980 (Revised) Actual (Unfavorable) Actual REVENUES:
[ Intergoveramental Revenue:
HUD Grant $ 190,750 $ 193,297 $ 2,547 $ 521,165 312 Rehabilitiation Loans 7,360 4,464 ( 2,896) 18,561
[ Comunity Development Loan Total Revenue 4,910_
203,020 4,251 202,03
( 659)
( 1,008) 1,517 541,243 EXPENDITURES:
Economic Environment:
Housing and Urban Development:
[:- Personal Services 11,910 11,920 ( 10) -71,516 Operating Expenditures 187,960 186,930 1,030 439,615 Capital Outlay 3,150 3,162 ( 12) 30,112
[ Total Expenditures 203,020 202,012 1,008 541,243
[ EXCESS OF REVENUE OVER (UNDER)
EXPENDITURES ( FUND BALANCE, OCTOBER 1 F.UND BALANCE, SEPTEMBER 30 $ $ $ $ [ See Accompanying Notes
(' i
[
l I
CITY OF LEESBURG, FLORIDA HOUSING ASSISTANCE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGETED AND ACTUAL
_F_or Fiscal Years Ended September 30, 1931 and 1980 B-5 1981 Variance Budgeted Favorable 1980 g (Revised) Actual (Unfavorable) Actual m REVENUE:
Intergovernmental Revenue:
HUD Contributions 5 206,535 $ 151,469 $( 45,066) $ 154,938 Miscellaneous Revenue:
Interest Earned 1,413 Total Revenue 206,535 161,469 ( 45,066) 156,351 EXPENDITURES:
I Human Resources:
Welfare:
Personal Services 13,990 14,052 ( 62) 13,852 Operating Expenses 192,545 135,580 56,965 138,496 Capital Outlay 909 Total Current Expenditures 206,535 149,632 56,903 153,257 EXCESS OF REVENUE OVER(UNDER) EXPENDITURES 11,837 11,837 3,094
( FUND BALANCE OCTOBER 1 3,094 3,094 l FUND BALANCE SEPTEMBER 30 $ 3,094 $ 14,931 $ 11,837 $ 3,094 I
See Accompanying Notes I
[
[
[
[
[
[
[
DEBT SERVICE FUND I
The Debt Service Fund is used to account for the accumulation of rescurces for, and the payment of, general long term debt principal and interest.
[
[
[
[
4m
[
[
m.-. - -
I
- CITY OF LEESBURG, FLORIDA DEBT SERVICE FUND BALANCE SHEET 3
_ _ September 30,1981 and 1980 C-1 g September 30 1981 1980 ASSETS Cash $ 945 $ 945 110,910 110,910 Due from other Funds Total Assets $ 111,855 $ 111,855 FUND BALANCE Fund Balance (Reserved for Debt Service) $ 111,855 $ 111,855 See Accompanying Notes i
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t-t i
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i L
CITY OF LEESBURG, FLORIDA DEBT SERVICE FUND STATEMENT OF REVENUES, TRANSFERS, EXPENDITURES AND FUND BALANCE
' FOR THE FISCAL YEAR ENDED September 30,1981 and 1980 C-2 September 30 1981 1980
( Revenues:
Interest on Investments $ 7,538 Transfers:
Transfers from General Fund $ 43,621 44,975 Total Revenues and Transfers 43,621 52,513 Expenditures:
Retirement of Public Improvement Revenue Certificates 30,000 30,000
{
Interest 13,481 14,675 Miscellaneous 140 579 lotal Expenditures 43,621 45,254
(
Excess (Deficit) of Revenues and Transfers over Expenditures 7,259 Fund Balance, October i 111,855 104,596 Fund Balance, September 30 5 111,855 5 111,855
(
See Accompanying Notes k
(
( _
l
! l I
CAPITAL PROJECTS FUNDS Capital Projects Funds are used to account fce financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds, Special Assessment Funds and Trust Funds.)
Airport Improvement Project - to account for the costs of construc-tion of Runway 13-31, runway safety areas, a segmented circle and lighting runways and taxiways. The estimated cost of $623,333 is being finar.ced by a Federal Grant ($561,000), State Grant ($31,167),
, County Grant ($15,583) and the balance by General Fund Revenues
($15,583). Expected completion date is March 1982.
Library Building Purchase - to account for the purchase and financing of a new building for the Public Library. Purchase of the building was completed in October 19S0 with financing provided by proceeds from a bank note ($175,000) and General Fund revenues
($557).
a
- I I
l
l CITY OF LEESBURG, FLORIDA CAPITAL PROJECTS FUND
, BALANCE SHEET I September 30,1981 0-1 Airport Improvement Project ASSETS Due from Federal Government $ 12,C88 Due from County 354 Due from Other Funds 5,836 Total Assets $ 19,078 LIABILITIES AND FUND BALANCE LIABILITIES:
Accounts Payable $ 4,473 Due to General Fund 14,605 Total Liabilities 19,078 Fund Balance Total Liabilities and Fund Balance $ 19,078 l
See Accompanying Notes I
I
c c
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L p CITY OF LEESBURG, FLORIDA L
CAPITAL PROJECTS FUND COMBINING STATEMENT OF REVENUES, TRANSFERS, EXPENDITURES, r
L AND CHANGES IN FUND BALANCE For Fiscal Years ended September 30. 1981 and 1980 0-2
' Airport Library Total Improvement Building September 30 l Project Purchase 1981 1980
[
R: venues:(Note 6)
Fsderal Aviation Administration
$ 49,487
[ Grant Reimbursements Florida Department of Transportation
$ 461,889 $ 461,889 i i
Grant Reimbursements 28,418 28,418 2,749 Lake County Grant Reimbursement 12,831 12,831 1,375
[ Total Revenues TUT,T37 75F,T3T 53,611
[ Expenditures:
Construction Contracts 477,049 477,049 17,525 Engineering and Other 36,161 36,161 37,461 Building Purchase $ 175,557 175,557
[ Equipment Purchases Total Expenditures 513,210 175,557
_ 688,767 72,250 127,236
[ Excess of Revenues Over (Under)
Expenditures ( 10,072) (175,557) (185,629) ( 73,625_)
[ Other Financing Operating Transfers Sources:
from General Fund 10,072 557 10,629 1,375 Bank Note Proceeds 175,000 175,000 72,250 Total Other Financing Sources 10,072 175,557 185,629 73,625 b Excess of Revenues and Other Financing Sources Over (Under) Expenditures Fund Balance, Beginning of Year Fund Balance, End of Year 5 $ $ $ [
See Accompanying Notes
[
[ -
I CITY OF LEESBURG, FLORIDA AIRPORT IMPROVEMENT CAPITAL PROJECTS Fl;ND STATEMENT OF REVENUES, TRANSFERS, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL for Fiscal Year Ended September 30, 1981 D-3 Variance Favorable Budget Actual (Unfavorable)
REVENUES:
Federal Aviation Administration Grant Reimbursements S 512,240 $ 461,889 $( 50,351)
Florida Department of Transportation Grant Reimbursements 28,460 28,418 ( 42)
Lake County Grant Reimbursement 14,230 12,831 ( 1,399)
Total Revenues 554,930 503,138 ( 51,792)
EXPENDITURES:
Construction Contracts 530,504 477,049 53,455 Engineering and Other 39,683 36,161 3,522 Total Expenditures 570,187 513,210 56,977 Excess of Revenues Over (Under)
Expenditures ( 15,257) ( 10,072) 5,185 Other Financing Sources:
Operating Transfers from General Fund 15,260 10,072 ( 5,188)
Excess of Revenues and Other Financing Sources over Excenditures 3 ( 3)
Fund Balance at Beginning of Year Fund Balance at End of Year S 3 $ $( 3)
See Accompanyi'1g Notes
- - x
.. &V ~
[ N i*
s ,
, x s 1 1
[- CITV 0F LEE 3 URG, FLORIDA ,
[ LIBRARY BUILDING PURCPASE CAPITAL PROJECTS FUND STATEMENTOFRE7ENUES[ TRANSFERS,EXPENDITURESAND CHANGES IN FUND BALANCE - BUDGE _T AND ACTUAL For Fiscal Year Ended September 30, 1981 D-4 Variance Favorable Budget- Actual
{ _
(Unfavorable)
REVENUES $
{ $ $
EXPENDITURES:
[. Building Purchase 175,557' ( 175,557)
Excess of Revenues over (Under) Expenditures ( 175,557) ( 175,557)
[ Other Financing Sources: '
Operating 1 Transfers frora General Fund 557 557 '
[ Bank Note Proceeds Total Other. Financing Sources 175,000 175,557 175,000 175,557 Excess of Revenues and Other Fihancing
( Scurces Over (Under) Expenditures Fund Balance at Beginning of Year [ Fund Balancc at End of Year $ $ $ '
See Accompanying Notes E -
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CITY OF LEESBURG, FLORIDA CAPITAL PROJECTS FUNDS PROJECT - LENGTH SCHEDULE OF CONSTRUCTION PROJECTS Beginning of Projects to September 30, 1981 0-5 Airport Improvement Project
$ 623,333 TOTAL PROJECT AUTHORIZATION Revenues and Other Financing Sources: m Intergovernmental $ 556,749 g Operating Transfers - In 11,447 S 568,196 I
Expenditures:
Construction Costs $ 494,574 Engineering and Other 73,622 S 568,196 St.e Accompanying Notes I
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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 con-tinuing 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, account-
[ ability, or other purposes. Certain administrative expenses are paid by the General Fund. Administrative expenses
( incurred reimbursed by(the Note General 1). Fund related to Utility Funds are
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CITY OF LEESBURG, FLORIDA ALL ENTERPRISE FUNDS COMBINING BALANCE SHEETS SEPTD9BER 30,1981 AND 1980 E-1 GTHER ENTERPRISE FUNDS SANITARY SEWER AND ELECTRIC GAS WATER WASTEWATER COMBINED SANITATION Total UTILITY UTILITY SERVICES AMBULANCE September 30 UTILITY UTILITY TREATMENT FUND FUND FUND FUND FUND FUND 1981 1980 FUND Restated (Note 12)
ASSETS Current Assets: $2.137,464 $ 2.137,464 $ 429,577 Cash and Cash Equivalents (Note 1) $2.137,464 Investuents, at amortized cost 1,304,200 (Note 1)
Receivables: 2,406,881 2.836,625 Customer Accounts (Note 1) 1,957,515 $ 126,753 $ 72,016 $ 140,224 2,296,508 $ 34,733 $ 75,640 Allowance for Uncollectable Accounts ( 151,728) ( 6,951) ( 3,868) ( 5,983) ( 168,530) ( 5,654) ( 56.205) ( 230.389)( 125.127)
Due From Other Goverreents 22.447 Accrued Interest on Investments 20.331 20.331 20.331 23.687 109,398 109.398 26,297 135,695 209,140 s Due from Other Funds 356,103 114,424 39,911 2,014 512,452 512,452 576,266 Inventory (Note 1) 234.226 108.059 136.255 4.907.623 29.079 45.732 4.982.434 5,277,015 Total Current Assets 4.429.083 Restricted Assets (Note 2):
Revenue Bond Debt Service Cash With Fiscal Agents 382,084 38,305 55,979 126.859 603,227 603,227 537.422 25,452 3,729 8.451 40,183 40,183 6,302 Cash Equivalents 2.551 429,865 Investments 397.642 39,865 58,259 132.024 627,790 627,790 Revenue Sond Keserve 1,004 Cash Equivalents 521,351 52,267 76,384 173,098 823.100 823,100 58,384 5,853 8,554 19,384 92,175 92,175 883,631 l
Investments 1 Renewal and Replacement Cash Equivalents 42,601 14,657 48,387 105.645 105,645 694 47,425 Investments ~
Restrictel Assets (Forward) 51.384.913 $ 181.442 1 217.562 $ 508.203 $2.292.120 5 5 5 2.292.120 $ 1,956,343 See Accompanying Notes (Continued) 1 of 4 l
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M M M M M CITY OF LEESBURG, FLC21DA ALL ENTERPRISE FUNDS COMBINING BALANCE SHEETS E-1 SEPTEMBER 30,1981 AND 1980 SANITARY OTHER ENTERPRISE FUNDS SEWER AND ELECTRIC GAS W;TER WASTEWATER COMB 1hED SANITATION Total UTILITY UTILITY TREATMENT UTILITY SERVICES AMBU'.ANCE September 30, UTILITY FUND FUND FUND FUND FUND FUND 1981 1980 FUND Restated (Note 12)
$ 1,384,913 $ 181,442 $ 217,562 $ 508.203 $ 2,292,120 $ $ $ 2,292,120 $ 1,956,343 Restricted Assets (Forward) 1977 Bond Proceeds 16,353 16,353 16,353 314,206 Cash Equivalents Due from Environmental 275,526 239,547 Protection Agency (Note 6) 275.526 275,526 9,921 Due from Developers (Note 6) 1980 Note Proc.eeds 652,460 Cash Equivalents 652,460 652,460 3.274,772 Investments Designations:
Depreciation Fund 509,851 Cash Equivalents 155,435 58,955 55,992 239,469 509,851 492,007 Investments Potable Water Fund 42,360 42,360 Cash Equivalents 42,360 30,360 investments Customer Deposits - 634,151 634,151 519,811 Cash Equivalents 579,545 25,416_ 29,190 M Total Restricted Assets 2,712.353 265,813 345,104 1,039.551 4,422,821 4,422 Q[
6.836, % 7 7
Utility Plant in Service, at Ccst (Note 1 and 3) 12,870,390 36,450,855 391,659 243,889 37,036.303 23,819,828 Prop ^rty and Equipment 17,829.117 1,808,940 3,942,408 720,036 720,036 444,279 Nucl*ar Fuel 720.036 174,504) ( 105,621) ( 7,874,27's)( 6,818,537)
Accumulated Depreciation ( 4,761,195) ( 817.025) (1,072,389)( 943,539) ( 7,594,148) (
Construction in Progress 52.071 87.529 11.289 150.889 150/89 8,956,351 Total Utility Pl.nt in 13,840,029 991,915 2,957,548 11,938,140 29,727,632 217,155 138,268 30,033,055 26,401,921 Service Other Assets:
Interfund Advances Receivable 2.233,178 1,909.168 1,942,341 790.837 2,233,178 (Note 1) 51,169 51.169 Long-Tem Receivable 51,169 12_272 17_935 40.644 239.975 239.975 247,944 Deferred Issue Costs (Net) 169_124
$ 23,204,0?9 11 795.063 $3.428.646 $13.154.590 $ 41,582,398 $ 246.234 $ 184.000 $ 42,012,632 $40,673,015 Total Assets See Accompanying Notes (Continued) 2 of 4
CITY OF LEESBURG, FLORIDA ALL ENTERPRISE FUNDS rnMRINING BALANCE SHEETS SEPTEMBER 30, 1981 AND 1980 E-1 SANITARY OTHER ENTERPRISE FUNDS SEWER AND ELECTRIC GAS WATER WASTEWATER COMBINE 0 SANITATION Total UTILITY UTILITY UTILITY TREATMENT UTILITY SERVICES AMBULANCE September 30 FUND FUND FUND FUND FUND FUND FUND 1981 1980 Restated (Note 12)
LIABILITIES Current Liabflities: 2,107 $ 902,659 $ 8,474 $ 1,22C $ 873,135 Accounts Payable $ 868,457 $ 26,930 $ 5,165 1 312.359 $
1,227,754 36,897 1,264,651 1,264.651 3.097.775 Accounts Payable-Purchased Energy 294,720 285,989 Accrued Expenses 228,728 15.016 18,649 20,871 283,264 11.456 158,369 2,154 2,402 7,200 170,125 170,125 137,483 Customer Advances for Construction 532,271 Due to Other Funds 69 ,8 C46 154,294 80,000 90,000 ~1,022,340 101,010 3,067_ 1,126dl7 T181,14 235,291 106,216 120,178 3.643.039 120,940 4,293 3.769.272 4,926,653 Total Current Liabilities Current Liabilities (Payable from Restricted Assets): 457,483 Accounts Payable 634,151 519,811 Custerer Deposits 579,545 25,415 29,190 634,151 Accrued Interest on Revenue 74,786 355,616 355,616 355,616 Bonds 225.247 22,582 33,001 -
Total Current Liabilities (pay-47,998 62,191 74,786 989.767 93M6,7 1,332,910 g able from Restricted Assets) 804 d 2
'Other Liabilities: 2,527,806 12.020,000 12.020,000 12,020,000 Ravenue Ronds Payable (Note 4) 7,613,468 763,270 1,115,456 1980 Bond Anticipation Note 4,000,000 4,000,000 4,000,000 4,000,000 (Note 4) 18,943) ( 42,929) ( 204,131)(
Unamortized Discount ( 129,297) ( 12,962) { 204,131) ( 214,493)
Interfund Advances Payable (Note 1) 681,578 1,551,600 2,233,178 2.,233,178 1,909.168 18,049,00 17,714,675 Total Other Liabilities 11,484.171 750,308 1,778,091 4,036,477 18,049,047_
Total Liabilities 15,470,317 1,033,597 1,946,493 4,231.441 22,681,853 120,940 4,293_ 22,807,086 23,974,238 FUND EQUITY Contributed Capital:
Federal Government 17,987 6,512 11.248 7,943,555 7,979,302 7,979.302 7.228,801 548,008 101,481 310,803 960,292 960,292 852,528 Private Contributions 203,838 644,805 644,805 General Fund Contributions 440,967 Emergency Medical Service (Net of Accumulated Depreciation of $65,917) (Note-1) 30,196 30,196 44,209 Total Contributed Capital 5 565,995 F 6,512 5 112,729 5 8,254,358 5 8,939,594 5 440,967 5 234,034 5 9,614,595 5 8,770,343 See Accompanying Notes (Continued) 3 of 4 M M M .
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- - .- r-CITY OF LEESBURG, FLORIDA ALL ENTERPRISE FUNDS COMBINING BALANCE SHEETS SEPTEMBER 30, 1981 AND 1980 E-1 SAMITARY OTHER ENTERPRISE FUNDS SEWER AND ELECTRIC GAS WATER WASTEWATER COPSINED SANITATION Total UTILIlr UTILITY TREATMENT UTILITY SERVICES AM8ULANCE September 30, UTILITY FUND FUND FUND FUND FUND 1981 1980 FUlm FUND Restated (Note 12)
Retained Earnings:
Reserved: 915,583 $ 915,583 $ 667.973 Revenue Bond Debt Service $ 579.931 $ 58.139 $ 84 % 6 $ 192.547 $ $ $
58,120 84,937 192,483 915,275 915.275 884,635 Revenue Bond Peserve 579,735 14,657 48,387 105.645 105.645 48,119 Renewal and Replacement 42.601
& Designations: 239,469 $09,851 509,851 492.007 ca Depreciation Fund 155.435 58,965 55.992 42,360 42,360 42,360 30,360 Potable Water fund 1,086,507 7,472,237 i 315,673) ( 54,327) 7,102.237 5,805,340 UnreservedBalance(Deficit) 5,852,686 537,139 ( cuo95) 754,954 1,369.419 668,791 9, % 0,951 ( 315,673) ( 54,327) 9,590,E 7,928,434 4 Total Retained Earnings 7,167,787 761,466 1,482,148 8.973.149 18,900,53 125,294 179,707 19,203,546 16,698.777 Total Fund Equity 7.733,782 Total Liabilities and 246,234 $ 184,000 $ 42,012,632 $40,673,015 Fund Equity $ 23,204,099 _$ 1,795.063 $ 3,428,646 $13,154.590 $ 41,582,398 $
I See Accompanying Notes (Concluded) 4 of 4
CITY OF LEESBURG, FLORIDA ALL ENTERPRISE FUNDS COMBINING STATEMENT OF OPERATIONS AND CHANGES IN REVAINED EARNINGS (DEFICIV)
FISCAL YEARS fr.DED SEPTEMBER 30, 1981 AND 1980 E-2 SANITARY OTHER ENTERPRISE FUNDS _
SEWER AND GAS WATER WASTEWATER COMBINED SANITATION Total ELECTRIC spt w er 30, UTIOTY UTILITY UTILITY TREATMENT UTILITY SERVICES AMBULANCE FUND FUND FUND FUND FUNO 1981 1980 fdND FUND Restated (Sote 12)
Operating Revenue: $ 133,115 $22,147,827 $18,190,446 User Charges $16,849,119 $2.844,955 $ 724,995 $ 1,055,727 $21.474,796 $ 539,916 250,000 250,000 208,520 Contract Services F,225 64,458 232,524 232,524 222,011 Other Operating Rcvenue 150,657 8,984 1,120,185 21,707,320 539,916 383,115 22,630,351 18,620,977 Total Operating Revenue 16,999,776 2,853,939 __733,425 Operating Expenses: 535,952 535,952 1,800,348 Power Generation 535,952 11,095,188 1,837,349 12,932,537 12,932,537 10.342,456 Purchased Energy 220,655 233,601 220,655 220,655 Transmission 266,239 339,358 339,358 208.473 Supply and Pumping 73,119 132,919 124,476 257,395 257,395 243,644 Treatment 94,430 36,472 484,854 484,854 464,683 Distribution and Collection 268,073 85,P79 316,441 101,652 86,395 88,267 592,756 592,756 481,233 Customer Accounts 191,308 1,395,531 10 ,000 1,435,531 1,126,349 854,044 198,556 151,623 Administration and General 503,929 361,685 865,614 860,975 Operating Expenses 829,442 48,0A1 20,190 897,713 684 501 Depreciation 520,947 52,410 68,245 187,840 Total Operating Expenses 13,811,300 2 275,LT 606,732 894,602 17,588,480 ' T9EDT6 ~~f' B7E 18,562,365 TE 3D61 3,188,476 578,093 126,688 225,583 4,118,840 ( 52,094) 1,240 4,067,986 2,169,714 Operating Inccme (Loss)
M Non-Operating Revenue (Ex;)ense) 834,003 834,003 281,256 633,190 49,282 37,102 114,429
^ Interest Income 155,242 1,080 1,000 157,322 92,507
' Other Non-Operating Income 98,656 1,293 13,455 41,838 634,638)( 46,445) ( 67,874) ( 153,815) ( 902,772) ( 902,772) ( 740,573)
Interest Expense ( 80,357)
Other Non-Operating Expense 36,704) ( 37,345) ( 74,049) ( 741 049) (
(
Total Non-Openting Revenue 60.504 4,130 ( 17,317) ( _ 34,893) 12,424 1,080 1,000 14,50] ( 447,16]l Net income before Operating 3,248,980 582,223 109,371 190,690 4,131,264 ( 5',014) 2,240 4,082,490 1,722,547 Transfers Operating Transfers: 51,014 51,014 Transfers In ( 2,485,000) ( 1,907,000)
Tr m fers (Out) ( 1,815,000) ( 500,000) ( 80,000) ( 90,000) (2,485,000) 1,433,980 82,223 29,371 100,69U 1,64F.K4 2,240 ~T,648,504 ( 184,453)
Net N ome (Loss)
Retained Earnings (deficit)
Beginning of Year 5.777,630 686,203 1,365,037 589,310 8,418,180 ( 300,852) ( 70,580) 8,046,748 8,190,;39 Prior Period Adjustment (Note 12) ( 43,823) ( 13,472) ( 24,989) ( 21,209) ( 103,493) ( 14,821) ( 118,314) (_ 95,158)
Beginning Balances, as restated 5,733,807 672,731 1,340,048 568,101 8,314,687 ( 315,673) ( 70,580) 7,928,434 8,095,281 Add depreciation on EMS Ambulance Vehicles that reduces Contributed 14,013 14,013 17,606 Capital Retained Earnings (deficit)
End of Year $ 3 167,787 $ 754,954 $1,369,419 $ 668,791 $ 9,960,951 $( 315,673) $( 54,327) $ 9,590,951 $ 7,928,434 See Accompanying Notes M *
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CITY OF LEESBURG, FLORIDA ALL ENTERPRISE FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL FOSITION FISCAL YEARS ENDED SEPTEMBER 30, 1981 AND 1980 E-3 SANITARY OTHER ENTERPRISE FUNDS SEWER AND ELECTRIC GAS WATER WASTEWATER COMBINED SANITATION 'otal UTILITY UT.tLITY UTILITY TREATNENT UTILITY SERVICES AM8ULANCE Sep'tember 30 FUNO FUND FUND FUND FUND FUND FUND 1981 1980 Restated (hote 12) i Sources of Working Capital:
Operations:
Net Income (Loss) $ 1,433,980 $ 82,223 $ 29,371 $ 100,690 $ 1,646,264 $ .o. $ 2,240 $ 1,643,504 $( 184,453)
Items not requiring the use of Working Capital:
Depreciation :nd Amortization 731,358 Expense 745,100 53,691 70,118 192,082 1,060,991 48,081 20,190 1.129,262 Workina Capital Provided by Operations 2,179,080 135,914 99,489 292,772 2,707,255 48,081 22,430 2,777,766 606.905 3,509.788 32,047 56,446 576,516 4,254,797 4,254,797 787,359 Decrease in Restricted Assets Decrease in Interfund Advances Receivable 1,238,662 increase in Interfund Advances Payable 374,402 374.402 374.402 Net Increase in Current Lia-bilities Payable from Restricted Assets 101,839 5,143 7,358 114.340 114.340 89.121 Contribated Capital 32,758 54,301 771,206 858,265 sc8,265 3,984,837 1980 Bond Anticipation Notes 4,000,000 Other Sources 3,267_ 1,257 2,212 6,736 ~
298 7,034 62,797 m Total Sources of Working
- Capital 5,906,732 174,351 219,806 M14,896 8,315,795 48,379 22,430 8,336,604 10,769,681 Oses of Working Capital; Increase in Restricted Assets 1,047,413 88,777 122,667 581,769 1,840,651 1,L40,651 3.573,222 Additions to Property a Iquipment 3,160,671 34,090 193,689 1,007,150 4.395,603 84,784 29,436 4,509,823 6.337,783 275,756 275,756 275,756 211,702 Increase in Nuclear Fuel Increase in Long Term Receivables $1,100 51,169 51,169 i 13,520 13,520 13,500 44,867 Increase in Deferred Issue Costs Increase in Interfund Advances Receivable 226,724 97,286 324,010 324,010 l l
Decrease in Interfund Advances Payable 50,392 50,392 50,392 1.238,662 Net Decrease in Current Liabilities Payable from Restricted Assets 457,483 457,483 %7,483 Other uses 25 967 I Total Uses of Working Capital 4,775,281 ??n 151 v6.748 2.046,402 ~ 7.408.584 84.7R4 ' 79 416 7,522,804 D ,E . l Net Increase (Decrease) in Working Capital (See Schedule on following Page $ 1,131,451 $( 45,792) $(146,942)$( 31,506) $ 907.211 $( 36,405) $( 7,006) $ 863.800 $( 662,522)
See Accompanying Notes (Continued) 1 of 2
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CITY OF LEESBURG, FLORIDA ALL ENTERPRISE FUNDS COMRINING STATENENT OF CHANGES IN FINANCIAL POSITION E-3 FISCAL YEARS ENDED SEPTEMIER 30, 1981 AND 1980 OTHER ENTERPRISE FUNDS SANITARY SEWER AND Totals WATER WASTEWATER COMBINED SANITATION ELECTRIC GAS September 30 UTILITY SERVICES AMSULANCE UTILITY UTILITY UTILITY TREATNENT FUND 1981 1980 FUNO FUND FUND FUND FUND FUND Restated (Note 12)
Elements of Net Increase (Decrease) in Working Capital: $ 1,707,887 $ 1,707,887 $ 184.196 Cash and Cash Equivalents $ 1,707,887 1,304,200) (1,304.200) 1.113,359 (1,304,200) 547,153) $ 5,365 6,782 ( 535,006) 231,603 Investments ( 620,609) $ 23,592 1,274 $ 48,590 $
Customer Accounts (Net)
( 22.447) ( 6C2,607)
( 22,447) 22.447) 3,556) ( 21,244)
Due from Other Goverments 3,556) ( 3,556J (
Accrued Interest on Investments ( 31,476 ( 75,813) ( 29.108) ( 73,445) ( 237,939) 31,476 63,814) 115,490 Due from Other Funds 76,455 ( 74,866) 945 ( 63,814) (
( 66,348) ( 1,382) 1,190 (1,426.849)
Inventory 1,772,890 9,869 2,712 8,621 1,794,092 1 m Accounts Payable 3.365 ( *793,9008,731) ( 150,008) 17.230) ( 1,544) 6.340 338 ( 12.096) 7 Accrued Expenses (
Custonner Advances for 32,642) ( 32.642) ( 20,167) 30.370) 130 ( 2,402) ( ( 594,146) 151,644 Construction ( ( 640,336) 32,060 14.130 Due to Other Funds
( 316.042) (154,294) J 80,000) ( 90,000)
Net Increase (Decrease) in $( 146,942) $( 31,506) $ 907,211 $( 36,405) $( 7,006) $ 863.800 $( 662,527)
Working Capital $ 1.131,451_ $( 45,792)
See Accompanying Notes (Concluded) 2 of 2
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l 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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CITY OF LEESBURG, FLORIDA MOTOR P00L SERVICE FUND BALANCE SHEET September 30,1981 and 1980 F-1 September 30 g 1981 1980 g (Restated Note 12)
ASSETS I
Current Assets:
Due from Comunity Development Fund $ 2,002 Due from Sanitation Services Fund 133,070 Inventory (Note 1) $ 10,321 10,321 135,072 l
Property, plant and equipment, at cost (Note 1):
Machinery and equipment 29,938 27,379 Less: Accumulated depreciation 16,908 13,258 13,030 14,121 3 g
Total Assets $ 23,351 $ 149,193 LIABILITIES AND FUND EQUITY Current Liabilities:
Accounts payable $ 4,231 $ 27,885 Due to General Fund 100,437 Due to Electric Utility Fund 6,980 20,760 Accrued Vacation and Sick Pay (Note 1) 1,345 2,350 12,556 151,482 Fund Equity:
I Contributed Capital-General Fund 15,979 15,979 Retained earnings (deficit) ( 5,184) ( 18,268) 10,795 ( 2,289)
Total Liabilities and Fund Equity $ 23,351 $ 149,193 I
See Accompanying Notes
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CITY OF LEESBURG, FLORIDA MOTOR P0OL SERVICE FUND
- l. STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For Fiscal Years Ended Seotember 30. 1981 F-2 September 30
{ 1981 1980 (Restated Note 12)
Operating Revenues -
{ Charges for Services $ 242,109 $ 307,984 Operating Expenses:
{ Personal Services 71,271 74,701 Professional Services 400 Repairs and Maintenance 9,705 7,215 l
Operating Supplies 17,585 23,348 l Petroleum and Oil 11,879 45,520 Gasoline 5,900 45,282
( Major Vehicle Parts 91,885 109,059 Tires and Batteries 4,672 16,649 Diesel 12,078 Depreciation 3,650 3,029
( Insurance 1,449 229,025 326,252 NetIncome(Loss) 13,084 ( 18,268)
Retained Earnings, (Deficit) Beginning
( of Year as originally reported ( 15,918) Adjustment to Accrue Employee Benefits (Note 12) ( 2,350)
{
Retained Earnings (Deficit) as restated at Beginning of Year ( 18,268) Retainedearnings,(Deficit),End Of Year $( 5,184) $( 18,268)
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See Accompanying Notes
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CITY OF LEESBURG, FLORIDA MOTOR P00L SERVICE FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For Fiscal Years Ended September 30, 1981 and 1980 F-3 September 30 1981 1980 (Restated Note 12)
Sources of Working Capital:
Operatings:
Net Income (Loss) $ 13,084 $( 18,268)
Depreciation not requiring the use of working capital in the current year 3,650 3,029 Working Capital Provided by (Used in)
Operations 16,734 ( 15,239)
Contributed Capital-General Fund 15,979 Total Sources of Working Capital 16,734 740 Uses of Working Capital:
Additions to Property and Equipment 2,559 17,150 Net increase (decrease) in working capital (See schedule below) $ 14,175 $( 16,410)
Elements of Net increase (decrease) in working capital:
Due from other funds $(135,072) $ 135,072 mm l Inventory 10,321 g l Accounts payable 23,654 ( 27,885)
Oue to other funds 114,267 ( 121,247)
Accrued vacation and sick pay 1,005 ( 2,350)
Net increase (decrease) in working capital $ 14,175 $( 16,410) l See Accompanying Notes
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f FIDUCIARY TYPE FUNDS f
Fiduciary type funds are used to account for the assets of the City's employee pension funds. Certain administrative expenses are paid by the General Fund (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. Participants should refer to plan L agreements and/or Florida Statute 185 (available at City Hall) for more complete information. The plans are not subject to the Employee Retirement Income Security Act of 1974 (ERISA).
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CITY OF LEESBURG, FLORIDA FIDUCIARY FUND TYPES COM8INING STATEMENT OF '4ET ASSETS AVAILABLE FOR BENEFITS September 30,1981 and 1980 G-1 MUNICIPAL MUNICIPAL GENERAL POLICE FIREMEN'S EMPLOYEES Totals September 30 RETIREMENT RETIREMENT PENSION TRUST FUND PLAN FUND 1981 1980 Restated (Note 12)
ASSETS Ineestments at fair value (Notc 1):
Cash equivalents $ 116,600 $ 204,500 $ 360,400 $ 681,500 $ 308,113 U.S. Goverr, ment Bonds 245,336 336,650 856,753 1,438,739 1.490,358 Federal Agency Boads 184,102 82,622 '17,047 383,771 225,850 Corporate Bonds 37,687 75,375 113,062 124,875 Receivables:
a Employee Contributions 5,083 5,083
- 5) Employer Contributions 9,200 9,200 4,204 Accrued Interest 13,797 14,293 31.329 59,419 50,314 I
Cash 78 178 256 29,238 l Total Assets 559,835 690,113 1,441,082 2,691,030 2,232,952 LIABILITIES Cash Overdraft 4,889 4,889 Accounts Payable 821 61 6 1,346 2,783 1,423 Due to General Fund 8,480 524 405 9,409 16,443 Deferred Inccce (Excess Employers Contribution) 21,556 21,556 Total Liabilities 14,190 1,140 23,307 38,637 17,866 Net Assets available for benefits $ 545,645 $ 688,973 $ 1,417,775 $ 2,652,393 $ 2,215,086 See Accompanying Notes M M M M M M M M M -
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CITY OF LEESBURG, FLORIDA FIDUCIARY FUND TYPES COMBINING STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
, Years Ended September 30, 1981 and 1983 G-2 MUNICIPAL MUNICIPAL GENERAL POLICE FIREMEN'S EMPLOYEES September 30 RETIREMENT RETIREMENT PENSION TRUST FUND PLAN FUND 1981 1980 Restated (Note 12)
Inv;stment Income Unrealized Depreciation in Fair Value 9,232) 46,945) $( 97,050) $( 153,227) $( 109,885) of investments (Note 13) $( $(
256,942 188,106 Interest earned 51,289 65,510 140,143 Gain on sale of investments 2,320 398 906 3,624 Total Invesbnent Income _ 44,377 18,963' 43,999 107,339 78,221 Contributions (Note 13) 261,618 335,740 306,040 Employer 74,122 Employee 22,'99 28,886 51,085 44,711 State of Florida 32,407 27,790 60,197 54,964 Total Contributions 54,606 130,798 261,618 447,022 405,715 c'n Total Additions 98,983 149,761 305,617 554,361 483,936 Deductions:
Refunds 2,541 1,238 3,779 10,767 Benefit Payments 6,401 836 66,257 73,494 39,721 Administrative Expenses 8,165 8,175 23,441 39,781 12,900 Total Deductions 17,107 10,249 89,698 117,054 63,388 Net Increase 81,876 139,512 215,919 437,307 420,548 Fund Balance at Beginning of Year as Originally reported 485,559 587,488 1,276,116 2,349,163 1,818,730 Adjustment to Reduce Investments to Fair Value (Note 12) ( 21,790) ( 38,027) ( 74,260) ( 134,077) ( 24,192)
Net Assets Available for Benefits as Restated at Beginning of Year 463,769 549,461 1,201,856 2,215,086 1.794,538 Net Assets Available for Benefits at End of Year $ 545,645 $ 688,973 $ 1,417,775 5 2,652,393 $ 2,215,086 See Accompanying Notes
CITY OF LEESBURG, FLORIDA I
MUNICIPAL POLICE RETIREMENT TRUST FUNO STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS September 30, 1981 and 1980 G-3 September 30 g 1981 1980 m (Restated Note 12)
ASSETS Investment at fair value, (Note 1): l Cash Equivalents $ 116,600 E U.S. Government Bonds 245,336 $ 255,527 Federal Agency Bonds 184,102 192,112 Receivables:
Accrued Interest 13,797 11,009 Cash 13,101 Total Assets 559,835 471,749 LIABILITIES Cash Overdraft 4,889 Accounts Payable 821 Due to General Fund 8,480 7,980 Total Liabilities 14,190 7,9SO Net Assets available for benefits $ 545.645 $ 463,769 l
See Accompanying Notes I
I
c F CITY OF LEESBURG, FLORIDA MUNICIPAL POLICE RETIREMENT TRUST FUND r STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS E Years Ended September 30, 1981 and 1980 g,4 September 30 1981 1980 (Restated I Note 12)
L Investment Income F~ Unrealized derreciation in fair value L of investments (Note 13) $( 9,232) $( 13,213)
Interest earned 51,289 37,082 Gain on sale of investments 2,320 E 44,377 23,869 Total Investment Income $ $
{ Contributions (Note 13)
Employee 22,199 18,764 State of Florida 32,407 31,479 Total Contributions 54,606 50,243 Total Additions: 98,983 74,112 E Deductions:
Refunds 2,541 8,890
{ Benefit payments Administrative expenses 6,401 8,165 6,401 2,065 Total Deductions 17,107 17,356 Net Increase 81,876 56,756 j Net Assets available for benefits:
Beginning of Year 463,769 407,013 End of Year $ 545,645 5 463,769 l
I See Accompanying Notes L -
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CITY OF LEESBURG, FLORIDA MUNICIPAL FIREMEN'S RETIREMENT PLAN E STATEMENT OF NET AS3ETS E AVAILABLE FOR BENEFITS September 30, 1981 and 1980 G-5 September 30
_ _ . 1981 1980 (Restated Note 12)
ASSETS Investment at fair value (Note 1): E Cash equivalents S 204,500 $ 27,301 g U.S. Government Bonds 336,650 368,806 Federal Agency Bonds 82,622 93,100 Corporate Bonds 37,687 41,625 Receivables:
Employee Contributions 5,083 Employer Contributions 9,200 4,204 Accrued Interest 14,293 12,131 Casb 78 11,063 Total Assets 690,113 558,230 Liabilities Accounts Payable 616 411 Due to General Fund 524 8,358 Total Liabilities 1,140 8,769 Net Assets available for benefits s 688,973 $ 549,461 I
See Accompanying Notes l
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CITY OF LEESBURG, FLORIDA MUNICIPAL FIREMEN'S RETIREMENT PLAN STATEMENT OF CHANGES I'l NET ASSETS AVAll ABLE FOR BENEFITS G-6 Years Ended September 30, 1981 and 1980 September 30 1981 1980 (Restated I Note 12)
Investment Income I Unrealized Depreciation in Fair Value of investments (Note 13) $( 46,945) 65,510
$( 33,393) 46,182 Interest earned l Gain on sale of investments Total Investment Income 398 18,963 12,789 Contributions (Note 13)
Employer 74,122 64.958 Employee 28,886 25,947 I State of Florida Total Contributions 27,790 130,798 23,485 114,390 Total Additions 149,761 127,179 Deductions:
l I Refunds Benefit Payments 1,238 836 8,175 1,877 657 2,749 Administrative Expenses Total Deductions 10,249 5,283 Net Increase 139,512 121,896 Net assets available for benefits:
Beginning of Year 549,461 427,565 End of Year $ 688,973 $ 549,461 I
See Accompanying Notes l
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CITY OF LEESBURG, FLORIDA GENERAL EMPLOYEES PENSION FUND STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS September 301 1981 and 1980 G-7 September 30 1981 1980 (Restated Note 12)
ASSETS Investments at fair value, (Note 1): 3 Cash equivalents $ 360,400 $ 25,285 g U. S. Government Bonds 856,753 929,440 Federal Agency Bonds 117,047 132,750 Corporate Bonds 75,375 83,250 Receivables:
Accrued Interest 31,329 27,174 Cash 178 5,074 Total Assets $ 1,441,082 $ 1,202,973 LIABILITIES Accounts Payable 1,346 1,012 Due to General Fund 405 105 Deferred Income (Excess employer contribution) 21,556 Total Liabilities 23,307 1,lE l Net Assets available for benefits $ 1,417,775 $ 1,201,856
)
I See Acccmpanying Notes I
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[
[
CITY OF LEESBURG, FLORIDA GENERAL EMPLOYEES PENSION FUND STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS Years Ended September 30, 1981 and 1980 G.8 September 30
( 1981 1980 (Restated Note 12) '
[- Investment Income Unrealized Depreciation in fair value ofinvestments(Note 13) $( 97,050) $( 63,279)
[ Interest Earned 140,143 104,842 Gain of sale of investments 906
( Total Investment Income 43,999 41,563 Contributions (Note 13)
Employer 261,618 241,082
[
Total Contributions 261,618 241,082 b Total Additions 305,617 282,645 Deductions:
[ Benefit payments 66,257 32,663 Administrative expenses 23,441 8,086 Total Deductions 89,698 40,749
{
Net Increase 215,919 241,896 Net Assets available for benefits:
Beginning of year 1,201,856 959,960 End of Year $1,417,775 $1,201,856
[
See Accompanying Notes
[-
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A_CCOUNT GROUPS Account Groups are used to establish accounting control and I 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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I CITY OF LEESBURG, FLORIDA COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS BY SOURCES September 30,1981 and _1_980 ..
H-1 September 30 1981 1980 General Fixed Assets:
Land $ 1,001.456 $ 940,456 Buildings 3,534,708 3,352,899 Improvements Other than Buildings 504,609 504,609 Equipment 1,746,299 1,633,909 Construction Work in Progress 568.196 54,986 Total General Fixed Assets $ 7.355.268 $ 6,486,859 Investments in General Fixed Assets From:
General Obligation Bonds and Revenue Certificates $ 1,245,756 $ 1,245,756 Capital Projects Funds:
Economic Development Administration Grants 430,079 430,079 Special Improvement Fund 62,657 62,657 Hospital Construction Fund 2,174,204 2,174,204 g Federal, State and Local Grants 779,896 290,001 g General Fund Revenues 2,262,907 1,962,715 Special Revenue Fund Revenues 283,089 262,216 Utility Revenue Fund Revenues 69,607 59,231 Gifts 47.073 Total Investment in General Fixed Assets $ 7.355.268 $ 6,486,859 I
See Accompanying Notes
w - ,, , - , . - ; - r CITY OF LFESBURG, FLORIDA SCHEDULE OF GENERAL FIXED ASSET 5 - BY FUNCTIONS AND ACTIVITIES Seotember 30, 1981 H-2 IMPROVEMENTS OTHER THAN FUNCTION AND ACTIVITY TOTAL LAND BUILDINGS BUILDINGS EQUIPMENT _
General Government:
Legislative $ 805,649 $ 685,331 $ 120,318 $ $
129,928 129,928 Executive 31,775 Financial and Administrative 31,775 119,261 65,709 37,073 16,479 Other General Government 178,182 Total General Government 1,086,613 751,040 157,39T l
Public Safety:
571,849 5,452 162,453 39,332 364,612 l Law Enforcement '
493,832 5,452 198,335 1,298 288,747 Fire Control 1,844 Detention and Correction 1,844 Protective Inspection 13,404 13,404 I Total Public Safety 1,080,929 10,904 360,788 40,630 668,607 247,748 247,748 Physical Environment Transportation: 40,503 Roads and Street 105,854 17,433 47,918 128,741 43,050 49.467 29,319 6,905
$ Airport
' Total Transportation 234,595 60,483 97,385 29,319 47,408 15,296 15,296 Econcmic Environment l Hospitals and Human Services 2,179,114 31,430 2,147,684 Culture and Recreation: 187,563 144,709 Libraries 383,272 51,000 Parks and Recreation 697,816 19,357 138,759 149,790 389,910 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 1,942,777 147,599 771,/<0 434,660 589,053 6,787,072 $ 1,001,456 $ 3,533 5 $ 504,609 $ 1,746,299 Construction Work in Progress 568,196 Total General Fixed Assets $7,355,268 See Accompanying Notes
CITY OF LEESPURG, FLORIDA SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTIONS AND ACTIVITIES For the Fiscal Years Ended September 30, 1981 H-3 __
GENERAL GENERAL FIXFD ASSETS FIXED ASSETS FUNCTION AND ACTIVITY 10/1/80 ADDITIONS DEDUCTIONS 9/30/81 General Government:
Legislative $ 805,649 $ $ $ 805,649 Executive 130,198 4,498 4,768 129,928 Financial and Administrative 31,119 2,216 1,560 31,775 Other General Government 72,188 47,073 119,261 Total General Government 1,039,154 53,787 6,328 1.086.613 Public Safety:
Law Enforcement 532,776 49,072 9,999 571,849 Fire Control 469,563 24,269 493,832 Detention and Correction 1,450 394 1,844 Protective Inspection 5,935 7,469 13,404 Total Public Safety Safety 3D09,724 81,204 9,999 1,080,929 Physical Environment 243,397 4,351 247,748 Transportation:
Roads and Streets 102,604 3,250 105,854 Airport 128,741 -
128,741 Total Transportation 231,345 3,250 234,595 Economic Environment 15,296 15,296 Hospitals and Human Services 2,179,114 2,179,114 Culture and Recreation:
Libraries 172,052 211,220 383,272 Parks and Recreation 699,839 24,958 26,981 697,816 Cultural Services 222,527 337 222,864 Special Recreational Facilities 619,425 19,400 638,825 Total Culture and Recreation 1,713,843 255,915 26,981 1,942,777 Construction Work in Progress 54,986 513,210 568,196 Total General Fixed Assets $ 6,486,859 $ 911,717 $ 43,308 $ 7,355,268 See Accompanying Notes M M .
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m m rm m rm m rm rm rm rm rm rm rm rm .m m rm .r m m 1
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CITY OF LEESBURG, FLORIDA SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY SOURCES FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1981 AND 1980 H-4 IMPROVEMENTS CONSTRUCTION TOTALS OTHER THAN WORK IN SEPTEMBER 30 LAND _ BUILDINGS BUILDINGS EDUIPMENT PROGRESS 1981 1980 General Fixed Assets (Beginning of Year) $ 940,456 $ 3,352,899 $ 504,609 $ 1,633,909 $ 54,986 $ 6,486,859 $ 6.697,573 l
Add:
Expenditures from G m ral Fund Revenues 51,000 125,336 143,849 23,315 343,500 233.316 Expenditures from Soecial Revenue Fund Revenues 19,400 1,473 20,873 15.530 Expenditures from Utility Revenue Fund Revenues 10,376 10,376 513 Expenditures from Capital Project Fund: '
Federal Grant - Airport 449,001 449,001 49,487 State and County Grants 40,894 40,894 24,848 Gifts 10,000 37,073 47,073 Reclassifications _
58,544 Total Additions 61.000 181.809 155.698 513.210 911.717 382,238 Total Balances and Additions 1.001.456 3.534.708 504.609 1.789.607 568.1 % 7.398.576 7,079,811 Deduct:
Fixed Assets Sold or Traded 43,308 43,308 24,540 Fixed Assets Worn Out and Written Off 17,553 Fixed Assets Transferred to Sanitation Services Fund 466.107 Fixed Assets frans, to Motor Pool Fund 26.208 Reclassifications 58,544 Total Deductions _ 43.308 43.308 592,952
$1,001,456 $ 3,534,708 5 6,486,859
~
General Fixed Assets (End of Year) $ 504.609 $ 1_nA 900 $ wt toA $ 71;; pra 2
See Accompanying Notes
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CITY OF LEESBURG, FLORIDA STATEMENT OF GENERAL LONG-TERM DEBT -
September 30, 1981 and 1980 H-5
\
September 30 AMOUNT AVAILABLE AND TO BE PROVIDED FOR THE PAYMENT OF GENERAL LONG-TERM DEBT Serial Bonds - Public Improvement Reve'nue I
Certificates: s 111,855 Amount Available in Debt Service Fund ' , $ 111,855 $
Amount to be Provided
'- 198,145 ,.
~
228,145 Total - Serial Bonds 310,000 340,000 Other Long-Term Liabilities- x Amount to be Provided s 298,986 2?4,106 s ,
Total Available and to be Provided $7 508,986' $ 564,106 s
GENERAL LONG-TERM DEBT PAYABLE (t)DTES 1 and 4)
Public Improvement Revenue Certificates Payable 5 31C,000 $ 340,000 Hospital Equipment Note Payable 74,555 137,906
\' Other Equipment Note Payable 38,260 63,200 Real Estate Notes Payable 186,171 23,000 Total Genera'i Long-Term Debt Payable $ 608,985 $ 564,106 See Accompanying Notes r
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[ SCHEDULES E
[ 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 E 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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m m v _m_ m m m m v rm. rm m. m r m rm ra c' CITY OF LEESBURG, FLORIDA SUptiARY SCHEDULE OF UTILITY PLANT IN SERVICE - CONINED UTILITY FUNDS I-l FISCAL YEAR EhDED SEPTEMBER 30, 1981 ASSETS ACCUMLATED DEPRECIATION BALANCE IECLASS & BALANCE BALANCE DEPRECIATION BALANCE AD0ITIONS DISPOSALS 9/30/81 10/1/80 EXPENSE DISPOSALS 9/30/81 10/1/80 Electric Plant 6,600 Land $ 6,600 $ $ $
121,594 Buildings 648,583 648,583 $ 109.457 $ 12.137 $
Improvements Other than .
662,458 7,623)
Buildings 13,272,652 4,064,060 ( 10,890) 17,325.822 3,725,472 $( 4,380,307 Construction in Progress 737,570 ( 685,498) 52,072 526,038 57,868 ( 15,759) 568 147 229.003 46,050 L 15,759) 259,294 Machinery and Equipment 720,645 T5',TO , 4 4.761.195
~
( 712,147) 4,0 R 932 L 23,382) j Total Electric Plant 15,191,443 4,121,928 l
t Gas Plant 16,050 Land 16,050 12,704 508 254 762 Buildings 12,704 Improvements Other than 694,647 44,549 739,196 Buildings 1,606,014 27,996 1,634,010 143,080 6,094 ( 2,998) 146,176 71,201 7,607 L 1,741) 77,067 Machinery and Equipment 52,410 1,741)
Total Gas Plant 1,777,848 34,090 ( 2,996) 1,808,9'4C 766.356 L -817.025 U
' Water Plant- 32,245 Land 32.245 12,440 3,786 Buildings 106,297 106,297 16.226 Improvements other than 976,099 3,558,018 61,089 3,619,107 922,391 53,718 Buildings Construction in Progress 87,529 87,529 144,979 45,071 ( 5,291) 184,759 72,402 10,741 L 3,079) 80,064 Machinery and Equipmer.t 3,079) 1,072,389 3,841.519 193.689 ( 5,291) 4.029.93f _1.007.771 68,245 Total Water Plant l
{
Sanitary Sewer and l
Wastewater Treatment Plant 984,058 974,047 10,011 Land 2,296,074 9,173 27,866 37,039 Buildings 26,417 2,269,E57 Improvements other than 6,743,697 657,370 35.505 742,875 Buildings 2,528,056 4,215,641 8,218,779 (8.207,490) 11,289 Construction in Progress 1,140) 2,846,561 90,295 74,469 ( l.139) 163,625 P,achinery and Equipnent 128,368 2,719,333 (
Total Wastewater 9,214,642 (8.208,630) 12,881,679 756,838 187,840 ( 1,139) 943,539 Treatment Plant 11,875,667
$32,686,497 $ 13,564,349 $(8,920,066) $ 37,321,780 $ 6,594,349 $1,029,140 $( 29,341) $_7,594.148 COMBINED UTILITY FUNDS TOTAL
CITY OF LEESBURG, FLORIDA SCHEDULE OF UTILITY PLANT IN SERVICE ELECTRIC UTILITY FUND FISCAL YEAR ENDED SFPTFMBER 30, 1981 1-2 ASSETS ACCUMLATED DEPRECIATION BALANCE PEfLASS & BALANCE BALANCE DEPRECIATION BALANCE 10/1/80 AD0lTIONS DISPOSALS 9/30/81 10/1/80 EXPENSE DISPOSALS 9/30/81
$ 6,600 $ 6,600 Land Buildings:
Warehouse 454,987 454,987 $ 95,666 5 8,265 $ 103,931 General Plant 145,801 145,801 10,923 2,916 13,839 City Hall 33,295 33,295 1,998 666 2,664 Repair Shop Transfonner 14,500 14,500 870 290 1,160 Total-Buildings 648,583 648,,58J 109,457 12,137 121,594 Improvements Otner Than Buildings Maclear Fuel 444,279 $ 275,757 720,036 170,037 184,823 354,057 Crystal River 3 Nuclear Plant 4,735,971 44,739 4,780,710 643,581 171,300 814,881 Overhead Conductors and Devices 5,238,749 167,423 5,406.172 1,956,398 159,674 2,116,072 Underground Conductors O and Devices 115,116 152,125 267,241 5,552 5,736 11,288 p Line Transfonners 1,554,113 89,052 1,643,165 548,540 47,959 596,499 Distribution Plant 113,089 113.089 6,189 3,392 9,581 Construction in Progress 737,570 $( 685,498) 52,072 Electric Meters 512,487 143,817 656,304 189,295 17,532 206,827 Street Lights and Signals 557,193 41,342 ( 10,890) 58),645 204,225 17,336 $( 7,623) 213,938 Rental Lights 1,655 1,655 1,655 1,655 Power Substations 3,149,805 3,149,805 54,709 54,709 Total Improvements Other Than Buildings 14,010,222 _d,064,060 ( 696,388) 17,377,894 3,725,472 662,458 ( 7,623) 4,380,307 Machinery and Equipment:
Plant and Test Equipment 51,488 20,379 71,867 14,985 3,087 18,072 Tools and Work Equipment 50,819 14,307 65.126 5,567 2,899 8,466 Office Equipment 122,509 ( 5,383) 117,126 19,641 6,125 ( 5,383) 20,383 Vehicles 301,222 23,182 ( 10,376) 314,028 188,810 33,939 ( 10,376) 212,373 Total Machinery and Equipment 526,038 57,868 ( 15,759) 568,147 229,003 46,050 ( 15,759) _ 259,294 Total Electric Plant $15,191,443 $ 4,121.923 $( 712,147) $18.601.224 $ 4,063,932 $ 720,645 $( 23,382) $ 4,761,195 E E ' E
m m m m m m m m CITY OF LEESBURG, FLORIDA SCHEDULE OF UTILITY PLANT IN SLRVICE GAS UTILITY FUND FISCAL YEAR ENDED SEPTEMBER 30, 1981 1-3 ASSETS ACCUMULATED DEPRECIATION BALANCE BALANCE DEPRECIATION BALANCE BALANCE 10/1/80 ADDITIONS DISPOSALS 9/30/81 10/1/80 EXPENSE DISPOSALS 9/30/81 16,050 $ 16,050 Land $
Buildings:
12,704 12,704 5 508 $ 254 $ 762 City Hall Total - Buildings 12,704 12,704 508 254 76T Improvements Other Than Buildings: 646,828 37,984 684,812 Natural Gas System 1,377,187 8,125 1,385,312 46,433 46,430 11,280 1,277 12,557 Gate Station 202,268 36,539 5,288 41,827 Gas Metars 182,397 19,871 e Total - Improvements Other Than Buiidings 1,606,03 27,996 1,634,010 694,647 44,549 739,196 Machinery and Equipment 35,057 35,057 23,411 795 24,206 System Equipment Tools and Shop Equipment 28,538 5,314 5( 2,125) 31,726 3,318 1,560 $( 868) 4.010 Office Equipment 23,461 ( 873) 22,589 4,302 1,173 ( 873) 4,602
, 56,024 780 56,804 40,170 4,079 44,249 Vehicles Total - Machinery and 143,080 6,094 ( 2,998) 146,176 71,201 7,607 ( 1,741) 77,067 Equipment Total Gas Plant $1,777,84 8 $ 34,090 $( 2,998) $1,808,940 $ 766,350 $ 52,410 $( 1,741) $ 817,025
CITY OF LEESBURG, FLORIDA SCHEDULE OF UTILITY PLANT IN SERVICE WATER UTILITY FUND FISCAL YEAR ENDED SEPTEMBER 30, 1081 I-4 ASSETS ACCUMULATED DEPRECIATION BALANCE BALANCE DEPRECIATION BALANCE BALANCE ADDITIONS DISPOSALS 9/30/81 10/1/80 EXPENSE DISPOSALS 9/30/81 10/1/80
$ 32,245 $ 32,245 _
Land Buildings: 49,180 2,598 984 3.582 Pumping Plant 49,180 5,089 22,618 22,618 3,958 1,131 Varchouse - Water 32,699 5,722 1,635 7,357 Warehouse - Improvement 32,699 1,800 1,800 162 36 1%
City Hall 16,2M 106,297 106,297 12,440 3,786 Total - Buildings Improvements Other than Buildings: 701 701 Water thters 28.043 28.043 1,453,555 1,453,555 472.105 29,071 501,176
, Water Works 22,173 1,518 432 1,950 u Water Distribtuicn 21,044 1,129 44,029 44,029 11,693 880 12,573
? Fire Hydrants Water Mains and Potable 1,863.327 348,295 18,474 366,769 Water Wells 1,831,410 31,917 Construction in Progress 87,529 87.529 207,980 207,080 88,770 4,160 92,930 Well and Spring Pumps Total - Improvements 976,099 Other than Buildings 3,558,018 148,613 3,706,636 922,381 53,718 Machinery and Eauipment 16,142 20,416 5,956 26,372 14,972 1,170 System Equipoeot 8,734 Tools and Shop Equipment 42,582 39.115 81,697 5,627 3,107 12,163 ( 291) 11,872 1,760 608 ( 291) 2,077 Office Equipment 69,818 ( 5,000) 64,818 50,043 5,856 ( 2,788) 53,111 Vehicles Total - Machinery and 3,079) 80,064 144,979 45,071 ( 5,291) 184,759 72,402 10,741 (
Equipment
$ 3,841,539 $ 193,689 $j 5,291) $ 4,029,937 $ 1,007,223 $,., 68,245 $( 3,079) $ h0_72,389 Total Water P'lant l
m r-, ,-, r, n _. - .m .- - - - c-, , -
_m CITY OF LEESBURG, FLORIDA SCHEDULE OF UTILITY PLANT IN SERVICE SAITARY SEWER ANO WASTEWATER TREATMENT FUND FISCAL YEAR ENDED SEPTEMBER 30, 1981 I-5 ASSETS _
ACCUMULATED DEPRECIATION BALANCE WELASS & BALANCE BALANCE DEPRECIATION BALANCE 10/1/80 ADDITIONS DISPOSALS 9/30/81 10/1/80 EXPENSE DISPOSALS 9/30/81 Ltnd Land Sewer System $ 4,573 $ 4,573 Treatment Plant 45,258 45,258 201 Farm 924,216 $ 10,011 934,227 Total Land 974,047 10,011 984,058 Buildings Truck Shed 7,668 7,668 $ 537 $ 153 $ 690 City Hall 4,499 4,499 1.512 306 1,818 7,625 695,15E 702,781 3,812 8.249 12,061 Treatment Plant 1,386 Office 2,310 2,310 1,155 231 4,315 297,073 301,388 2,157 3,402 5,559 Lab Disposal Plant 249,541 249,541 5,246 5,246 Pump Stations 1,027,887 1,027,887 10,279 10,279 Total Buildings 26,417 2,269,657 2,296,074 9,173 27,866 37,039 4
Y i Improvements Other Than !
Buildings: l 1,520,621 14,966 1,535,587 340,993 15,281 356,274 Sewer lines and Manholes l Construction in Progress 8.218,779 ( 8.207,490) 11,289 I Disposal Expansion 1,007,435 1,007.435 316.377 20,149 336,526 594,156 594.156 7,127 7,127 Treatment Plant Disposal Plant 766,463 766,463 14,548 14.548 Pipelines 2,840,056 2,840,056 28,400 28,400 Total Improvements 10,746,835 4,215,641 ( 8,207,490) 6,754,986 657,370 85,505 742,875 Machinery and Equipment:
System Eoutpment 82,501 2.538,909 2,621,410 58,192 60,708 118 900 Office Equipment 14.125 5,946 ( 728) 19,343 9,746 580 $( 727) 9*599 Vehicles 31,742 174,478 412) 205,808 22,357 13,181 ( 412) 35 126 Total Machinery and Equipment 128,368 2,719,333 ( 1,140) 2,846,561 90,295 74,469 ( 1,139) 163.625 Tctal Sanitary Sewer and Wasteeater Treaterat Fund $ 11,875,667 $ 9,214,642 $( 8,208,630) $ 12,881,679 $ 756,838 $ 187,840 $( 1,139) $ 943,539
CITY OF LEESBURG, FLORIDA SCHEDULE OF SOLID WASTE EQUIPMENT SANITATION SERVICES FUND Fiscal Year Ended September 30, 1981 I-6 ASSETS ACCUMULATED DEPRECIATION DEPRECIA-BALANCE BALANCE BALANCE TION DIS- BALANCE 10/1/80 ADDITIONS DISPOSALS 9/30/81 10/1/80 EXPENSE P0SALS 9/30/81
_ MACHINERY AND, EQUIPMENT Landfill Eqiupment $ 66,499 $ 18,009 $ 84,508 $ 32,852 $ 9,535 $ 42,387 Trucks and Other Vehicles 249,283 66,775 $( 8,907) 307,151 102,180 38,546 $( 8,609) 132,117 b'
Total Solid Waste Machinery & Equipment $ 315,782 $ 'I4,784 $( 8,907) $ 391,659 $ 135,032 $48,0p $( 3,609) $ 174,504 m .
M M M
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- .~. _ -. - - - - - . n .m CITY OF LEESBURG, FLORIDA SCHEDUIE OF PROPERTY AND EQ'JIPMENT AMBULAPTE Ft#O FISCAL YEAR ENDED SEPTEMBER 30, 1981 1-7 j ASSETS ACCUMULAlED DEPRECIATION BALANCE BALANCE BALANCE DEPRECIATION BALANCE 10/1/80 ADDITIONS DISPOSALS 9/30/81 10/1/80 EXPENSE DISPOSALS 9/30/81 Buildings: $ 42,958 $ 42,958 $ 6,264 $ 1,074 5 7,338 Griffin Road Building 36,377 35,377 7,579 909 8,488 Fire Station 13,986 _ 13,966 2 755 350 3,105 Ambulance Bay 93,321 93,321 _ , 2,333 18,931 Total Buildings Machinery and Equipment:
. Equipment Funded by EMS
.45,103 45,103 13,441 5,o38 19,079 y Grants 14,291 325 14,616 6,201 1,418 7.619 e Other Equipment ..
Total - Machinery and Equipment 59,394 325 59,719 19,642 7.056 26,698 Vehicles: 51,010 33,463 Vehicles Funded by EMS Grants 51,010 8,375 46,838 i' Other Vehicle; 14,453 29,111 $( 3,725) 39,839 14.453 2,426 $( 3,725? 13,154 Total - Vehicles 65,463 29,111 ( 3,725) 90.849 Mb 10,801 ( 3,725; l 59,992
$ 218,178 $ 29,436 $( 3,725) $ 243,889 $ 89,155 $ 20,190 $L3,7?S)_ $ 105,621 Total Ambulance Fund __
WW i
CITY OF LEESBURG, FLORIDA SCHEDULE OF PROPERTY AND EQUIPMErlT MOTOR P0OL FUND Fiscal Year Ended September 30, 1981 I-8 ASSETS ACCUMULATED DEPRECIATION _
BALANCE BALANCE BALAtlCE ADDITIONS DISPOSALS 9/30/81 10/1/80 - ADDITIONS DISPOSALS 9/30/81 10/1/80_
MACHINERY AND EQUIPMENT
$ 12,552 $ 2,559 $ 15,111 $ 5,299 $ 2,124 $ 7,423 Tools and Equipment 14,827 14,827 7,959 1,526 9,485 43 Vehicles T'
Total Motor Pool and $ 29,938 $ 13,258 $ 3,650 $16,908 Machinery and Equipment $ 27,379 $ 2,559 E E E E M m m M .
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- CITY OF LEESBURG, FLORIDA COMBINED SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1981 I-9 INVESTMENTS STATED AT INTEREST MATURITY PAR MARKET r MARKET VALUE RATES (%) DATES VALUE VALUE
- Municipal Police Officers Retirement Trust Fund Institutional Liquid Assets 15.8 N/A $ 116,600 5 116,600 U. S. Government Bonds:
U. S. Treasury Note 7.125 19G2 94,000 85,834 U. S. Treasury Note 13.875 1982 15,000 14,892
~
U. S. Treasury Note 8.625 1982 50,000 47,437 u U. S. Treasury Note 11.125 1982 50,000 47,969 U. S. Treasury Note 15.875 1985 50,000 49,235 Federal Agency:
Federal Home Loan Bank 9.6 1982 50,000 47,469
~
Federal Land Bank Note 7.95 1985 45,000 34,538 Federal Fanners Credit Bank 10.9 1983 110,000 102,094
- 580,600 546,038 Municipal Firemen's Retirement Plan u Institutional Liquid Assets 15.8 N/A 204,500 204,500
- U. S. Government Bonds:
U. S. Treasury Notes 8.0 1985 50,000 39,844 U. 5. Treasury Notes 8.25 1988 50,000 35,219 U. S. Treasury Notes 9.0 1987 50,000 38,157 U. S. Treasury Notes 9.0 1982 50,000 47,187
- U. S. Treasury Notes 10.75 1989 50,000 38,922 U. S. Treasury Notes 10.375 1985 50,000 42,188 U. S. Treasury Notes 10.5 1983 25,000 22,547 U. S. Treasury Notes 11.125 1982 50,000 47,969 U. S. Treasury Notes 15.875 1985 25,000 24,617
~
Federal Agency:
Federal Home Loan Bank 9.35 1985 35,000 27,935 Fed:ral National Mortgage 9.2 1986 35,000 26,687 Fcderal Farm Credit Bank 9.2 1985 35,000 28,000 I Corporate Bonds:
J. P. Morgan and Company, Inc.
Philip Morris, Inc.
8.0 8.0 1986 1985 25,000 25,000 18,250 19,437 759,500 661,459 (Continued) 1 of 2 I
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CITY OF LEESBURG, FLORIDA COMBINED SCHEDULE OF INVESTMENTS - ALL FUNDS September 30, 1981 '
INVESTMENTS STATED AT INTEREST MATURITY PAR MARKET MARKET VALUE RATES (%) DATES VALUE VALUE Retirement Plan For General Employees Institutional Liquid Assets 15.8 N/A $ 360,40C $ 360,400 U. S. Government Bonds:
U. S. Treasury Notes 8.0 1985 100,000 79,688 U. S. Treasury Notes 8.25 1988 100,000 70,438 U. S. Treasury Notes 9.0 1987 100,000 76,313 U. S. Treasury Notes 9.0 1982 100,000 94,375 U. S. Treasury Notes 10.75 1989 100,000 77,844 U. S. Treasury Notes 10.375 1985 100,000 84,375 U. S. Treasury Notes 10.5 1983 100,000 90,188 U. S. Treasury Notes 9.875 1983 100,000 89,125 U. S. Treasury Noi.es 11.125 1982 100,000 95,9:8 U. S. Treasury Notes 15.875 1985 100,000 98,469 Federal Agency:
Federal Home Loan Bank 9.35 1985 75,000 59,860 Federal National Mortgage 9.2 1986 75,000 57,187 Corporate Bonds:
J. P. Morgan and Company, Inc. 8.0 1986 50,000 36,500 Philip Morris, Inc. 8.5 1985 50,000 38,875 1,610,400 1,409,575 INVESTMENTS STATED AT INTEREST MATURITY PAR AMORTIZED AMORTIZED COST RATES (%) DATES VALUE COST Utility Funds Revenue Bond Debt Service:
U. S Treasury Bonds
. 8.25 2005 190,000 193,791 U. S. Treasury Bonds 8.25 2005 205,000 209,251 U. S. Treasury Bonds 8.25 2005 220,000 224,748 615,000 627,7%
Revenue Bond Debt Reserve:
U. S. Treasury Bonds 4.25 1985 40,000 37,512 U. S. Treasury Bonds 3.25 1983 18,000 17,663 U. S. Treasury Bonds 3.25 1983 37,000 37,000 95,000 92,175 (Concluded)2of2 v v .r- r em rm em r r .c rm r em . rm em . rm rm m CITY OF LEESBURG, FLORIDA
$12,020,000 REFUNDING & IMPROVEMENT UTILITIES REVENUE BONDS SERIES 1977 DEBT SERVICE REQUIREMENTS TO MATURITY I-10 Serial and Invested Sinking Fund Total Par Amount Fiscal Term Bonds Annual Interest Net Debt of Sinking Y ar Principal Interest Deposit Earned ServiceI Fund Bonds 1978 $ 354,895 $ 200,195 $ 555,090 $ 190,000 1979 709,790 216,001 $ 15,675 910,116 205,000 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 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 709,790 511,028 300,506 920,312 485,000 1991 709,790 553,176 340,931 922,034 525,000 1992 709,790 595,322 384,450 920,662 '565,000 1993 $ 620,000 709,790 - 428,588 901,203 -
1994 660,000 675,070 - 428,588 906,483 -
a,1995 y 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 -
1999 860,000 461,150 -
428,587 892,563 -
2000 890,000 410,410 - 428,587 871,822 -
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 -
- ~ 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 $ 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 RATES SCHEDULE SEPTEMBER 30, 1981 1_11 Schedule of rates, fees and charges of the system and number of customers in each class of service as of September 30, 1981.
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 Service Charge $ 3.00 First 50 KWH $0.0825 per KWH Over 50 KWH $0.0645 per KWH Minimum $ 3.00 Deposit $50.00 Cut-on Charge - When cut off for non-payment of bill $10.00 Number of Residential electric customers 9/30/81 10,273 General Service Non-Demand I Service Charge $ 6.00 E First 100 KWH $0.1825 per KWH E Next 8,000 KWH $0.0715 per KWH Over 8,100 KWH $0.0615 per KWH Minimum $6.00 + $1.50 per KW connected Demand Deposit: Estimated bill for two months' service Cut-on Charge - When cut off for non-payment of bill $10.00 Number of General Service Non-Demand customers 9/30/81 1,864 General Service Demand Service Charge $25.00
- Demand $0.073906 per KWH First 10,000 KWH 0.059000 per KWH Next 50,000 KWH 0.034500 per KWH Next 490,000 KWH 0.025500 per KWH Over 550,000 KWH 0.024500 per KWH Minimum $25.00 + $1.50 per KW of maximum demand for preceding 12 months.
Power Factor correction if customer's power factor drops below 90%.
Number of General Service Demand Customers 9/30/81 35 Schedule (Continued) 1 of 4
CITY OF LEESBURG, FLORIDA
( UTILITY RATE SCHEDULE (CONTINUED)
SEPTEMBER 30, 1981 I-ll Flat Rate Service This rate shall apply in those cases where the City chooses not to in-stall an electrical meter and to negotiate a flat rate in lieu thereof.
[
BULK POWER COST ADJUSTMENT In addition, all of the foregoing rates, except the flat rate, shall be
{ adjusted by one of the following:
(1) Bulk power cost adjustment-Nondemand (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:
T_otal Jower Cost minus Base Power Cost
(' Totai (wh Billed kwh Billed Where: Total power cost equals the total of the demand, energy and
[ fuel adjustment charges biTled 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.
Tctal 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:
{ Other Cost component:
$0.008016/kwh
$0.046560/kwh 50.030576/kwh
( (2) Bulk power cost adjustment-D uand (BPCAnd) times the kwh billed to the customer will be applied as a credit or char demand metering basis for billing purposes. ge to each customer on a
[
The bulk power cost adjustment for demand customers, per kwh, is computed by:
kw revenue from second month prior to month for which credit is being computed
[ minus $0.024727 + (BPCAnd $0.00798)
Kwh billed by Leesburg to its
( demand customers in second month prior to month for which credit is being computed.
[
- Schedule (Continued)2of4
CITY OF LEESBURG, FLORIDA UTILITY RATE SCHEDULE (CONTINUED)
SEPTEMBER 30, 1981 y_ja Schedule of rates, fees, and charges of the system and number of customers in each class of service as of September 30, 1981 WATER RATE SCHEDULE Water Service - All Customers First 600 cubic feet or less $ 4.00 All over 600 cubic feet Per 100 cubic feet $ 0.35 Minimum bill per month $ 4.00 Deposit $ 20.00 Cust-on Charge - When cut off for nonpayment for bill 3 10.00 Number of Water Customers 4,871 GAS RATE SCHEDULE Residential Service Charge $ 2.50 First 20 therms S 0.46988 Next 30 therms $ 0.42988 Over 50 therms $ 0.38988 Minimum $ 2.50 Deposit $ 20.00 Cut-on Charge - When cut off for nonpayment of bill $ 10.00 Number of Residential Gas Customers 9/30/81 4,109 Heating Only Service Charge $ 2.75 First 20 therms $ 0.50988 Next 30 therms $ 0.47988 Over 50 therms $ 0.42988 Minimum $ 2.75 Deposit $ 20.00 Cut-on Charge - When cut off for nonpayment of bill $ 10.00 Number of Heating Only Gas Customers 9/30/81 325 Schedule
[ CITY OF LEESBURG, FLORIDA UTILITY RATE SCHEDULE (CONTINUED)
( SEPTEMBER 30, 1981 y_))
Schedule of rates, fees, and charges of the system and number of customers in each class of sarvice as of September 30, 1981
( GAS RATE SCHEDULE (CONTINUED)
Put sic Building, Larger Comercial and Small Industrial f Service Charge $ 6.00 First 50 therms $ 0.46988 Next 150 therms $ 0.41988
(- Over 200 therms $ 0.36973 Minimum $ 6.00
( Cut-on Charge - When cut off for nonpayment of bill $ 10.00 Deposit $ 20.00 Number of Small Industrial Gas Customers 9/30/81 944
(
Interruptible The rate shall be as fixed from time to time by motion by the City Comission, or by contract between the City and its interruptible rate consumer, negotiated by the City Manager, with the approval of
[ tne City Comission. Under this rate the City shall have the right to terminate the service at any time without notice.
Deposit $ 50.00
[ Cut-on Charge - When cut off for nonpayment of bill $ 10.00 Number of Interruptible Gas Customers 9/30/81 2_
GAS RATE ADJUSTMENT
( The rates set forth herein shall be automatically adjusted by the City Clerk /
Finance Director for gas price increases effective subsequent to July 31, 1978, which gas price increases are charged to the City by its supplier. This
[ increase in rates to the customer shall be the exact same increase per therm that is charged the City by its supplier.
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Schedule
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STATISTICAL SECTION L
' Statistical tables differ from financial statements because they usually cover more than one fiscal year and may present non-accounting data. These tables reflect social and economic data,
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' financial trends and the fiscal capacity of the government.
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MWMMM n. n. n U O O O U C CITY OF LEESBURG, FLORIDA GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION Last Ten Fiscal Years Table 1 Fiscal General Public Physical Transpor- Economic Human Culture & Debt Y ar Government Safety Environment tation Environment Services Recreation Service Other Total 1972 $ 203,053 $ 741,114 $ 231,213 $ 214,508 $ $ 9,268 $ 370,173 $ 6,841 $ 185,157 $1,962,634 1973 245,828 506,722 195,405 193,220 10,575 292,523 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 3,476,390 51977 633,314 1,111,987 410,816 335,952 20,403 21,243 531,743 61,939 634,195 3,761,592 8*
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 63,295 4,582,447 1980 1,030,852 1,611,337 234,792 293,335 607,894 175,347 928,781 45,254 127,236 5,054,828 1981 1,146,425 1,708,637 245,367 326,815 281,282 161,159 1,017,084 43,621 688,767 5,619,157 (1) In 1979 and 1980 fringe benefits and insurance costs are accounted for under relative function not under "Other".
(2) In 1979,1980 and 1981, Ambulance Services and Refuse and Garbage are shown in enterprise funds.
(3) Includes General, Special Revenue and Debt Service Funds.
CITY OF LEESBURG, FLORIDA GENERAL REVENUES BY SOURCE Last Ten Fiscal Years Table 2 _
Licenses Inter- Charges Fines Miscel-Fiscal and governmental for and laneous Years Taxes Permits Revenue Servicesl Forfeits 2 and Other 3 Transfers 4 Total 1972 $ 332,852 $ 56,413 $ 223,449 5 240,844 $ 74,493 5 65,888 $ 1,097,489 $ 2,091,428 1973 67,774 41,200 415,023 222,621 87,772 34,771 669,781 1,538,942 1974 352,161 48,096 555,309 325,038 98,582 62,668 1,063,417 2,505,261 1975 366,706 53,540 681,096 456,224 107,357 338,364 1,146,756 3,150,043
,1976 404,656 52,838 871,971 526,669 126,918 287,830 1,495,365 3,765,797 1977 458,762 71,551 896,191 547,456 85,754 328,693 1,654,539 4,042,946 1978 492,397 52,343 926,157 637,003 88,335 385,722 1,572,230 4,164,187 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 1,485,492 122,714 102,552 848,678 1,953,350 5,135,278 1981 655,651 80,496 1,559,397 137,949 104,341 923,903 2,539,250 6,000,987 1 In 1979, 1980 and 1981, the Ambulance and Rescue and Refuse and Garbage revenues are shown in enterprise funds.
2 In Fiscal 1977 the municipal court function was consolidated with the County system and is reflected in the decline ir, court revenues.
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.
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CITY OF LEESBURG, FLORIDA PROPERTY TAX LEVIES AND COLLECTIONS Last Ten Fiscal Years i Table 3 Percent Percent of Percent Delinquent of total tax Outstanding delinquent Fiscal Total Current tax of levy tax Total tax collections delinquegt taxes t 2
Y:ar tax levy collections collected 4 collections collections to tax levy taxes tax levy 1972 $ 310,832 $ 309,328 99.9 - $ 309,328 99.5 - -
I 60,367 - 60,367 - - -
1973 - -
1974 343,115 332,534 96,9 32 332,566 96.9 - -
i 1975 368,178 354,069 96.2 202 354,271 96.2 - -
,1976 403,541 390,744 96.8 310 391,054 96.9 - -
8 451,956 436,774 96.6 97 436,871 96.7 - -
' 1977 l 1978 483,135 467,852 96.8 - 467,852 96.8 - -
1979 493,598 475,514 96.3 649 475,803 96.4 - -
528,411 513,210 97.1 1,371 514,581 97.3 - -
1980 1981 639,396 622,864 97.4 2,043 624,907 97.7 - -
1 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.
2 Information not available from Lake County.
3 S. 197.012 of Florida Statutes allow 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 ASSESSED VALUE OF EXEMPT AND TAXABLE PROPERTY Last Ten Fiscal Years Table 4 Exempt Total Fiscal Assessed Taxable Ascessed Valuation Assessed Year Valuation Real Personal Centrally Ascesseo Total Valuation 1972 $ 22,458,480 $ 49,136,850 $ 10,348,550 $ 371,490 $ 59,856,890 $ 82,315,370 1973 23,163,150 50,635,000 11,127,080 404,344 62,166,424 85,329,574 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 52,777,660 99,956,286 29,320,580 479,033 129,755,899 1r.',533,559 gl976
'1977 54,460,280 103,822,050 41,042,470 458,804 145,322,324 199,783,604 1978 55,204,060 105,537,140 45,350,457 621,692 151,509,289 206,713,349 1979 61,258,460 109,289,340 44,831,660 612,065 154,733,065 215,991,525 1980 67,618,300 114,584,750 46,831,900 672,627 162,089,277 229,707,577 1981 99,776,130 146,364,880 53,282,610 664,594 200,312,084 300,088,214 See following page M M M
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CITY OF LEESBURG, FLORIDA
( ASSESSED VALUE OF EXEMPT AND TAXABLE PROPERTY Last Ten Fiscal Years Table 4 (Continued)
Notes:
( 1 Florida Statutes Chapter 193 require that all property shall be assessed at just or fair market value as of January 1 of each year. All taxes are due l and payable on November 1 and become delinquent on April 1 of the subsequent year. Discounts are allowed at the rate of 4% in tne 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 shall be assessed at 1%. Furthermore 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 90% of fair market value as of Fiscal Year 1981, (Tax year 1980).
[ 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 LEESBURG, FLORIDA PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS (PER $1,000 0F ASSESSED VALUE)
Last Ten Years Table 5 Water Water Tax I School Hospital Conservation Management Year City District County District Authority District Total 1971 5.00 11.400 3.3846 0.742 0.250 0.250 21,0266 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 1974 5.00 10.900 4.264 1.250 0.250 0.400 22.064 61975 3.15 7.610 2.550 1.420 0.150 0.530 15.410 Y'
1976 3.11 7.596 3.650 0.920 0.150 0,250 15.676 1977 3.11 7.916 3.650 0.400 C.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 13.712 1 Tax year is :.quivalent to subsequent Fiscal Year, i.e., Tax Year 1980 corresponds to Fiscal Year 1931.
2 In 1980, the Water Conservation Authority millage was not separated from the Water Management District millage.
. r, , 1 1 , r- r- .r- , , r- c, r- + c- c- ~ r-- <- , w m m c l
CITY OF LEESBUR1, FLORIDA RATIO 0F NET GENERAL BONDED DEBT TO ASSESSED VALUE AND NET BONDED DEBT FER CAPITA Last Ten Fiscal Years Table 6 Ratio Net l Assessed Grcr.s Debt Service Net Net Bonded 3
Tax Popula 2 Taxable Bonded Amounts Bonded Bonded Debt Per y
Year tion Value ,
Debt Available Debt Debt Capita 1971 12,384 $ 59,856,890 $575,000 $ 124,489 $450,511 .75% $ 36.79 l 1972 12,900 62,166,424 555,000 159,530 395,470 .64 30.66 l 1973 13,033 68,622,922 530,000 116,771 413,229 .60 31.71 1974 13,166 166,882,056 505,000 115,068 389,932 .33 29.61 '
1975 13,300 129,755,899 480,000 103,147 376,853 .29 28.33 1976 13,684 145,323,324 455,000 106,457 348,543 .24 25.47
. 1977 14,067 151,509,289 430,000 111,934 318,066 .21 22.61 2' 1978 14,550 154,733,C65 400,000 99,827 300,173 .19 20.63 1979 15,000 162,089,277 370,000 104,596 265,404 .16 17.69 1980 13,191 200,312,084 340,000 111,855 228,145 .11 17.29 .
Data Sources 1 Population as of June 30 for years,1972 through 1979.
2 Estimates from 1970 and 1980 Census, and City Planning Department.
3 See Notes to Financial Statements (Note 4) for Public Improvement Revenue Certificates.
4 The City has no Ordinance which limits General Obligation Debt to a percentage 1 of Assessed Property Values.
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I CITY OF LEESBURG, FLORIDA Computation of Overlapping Debt September 30, 1981 Table 7 Net Percentcge Percentage Debt Applicable to Applicable to Governmental Unit Outstandingl City of Leesburg City of Leesburg City of Leesburg $ 497,131 100% $ 497,131 Lake County 1,507,956 13% 196,034 Lake County Board of Public Instruction 5,322,162 13% 691,881
$1,385,046 I
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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v rm m rm .rm rm m m m m rm m rm rm m rm _ rm m m r-CITY OF LEESBURG RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES Last Ten Fiscal Years Table 8 I
Ratio of Total Total Debt Service Fiscal I Debt General To Total Year Principal Interest Service Expenditures General Expenditures 1973 $25,000 $22,567 $47,567 $1,962,634 2.42%
1973 25,000 21,730 46,730 1,707,843 2.74 1974 25,000 21,018 46,181 2,525,500 1.82 1975 25,000 20,028 45,028 3,190,376 1.41 1976 25,000 19,081 44,081 3,476,390 1.27 8' 25,000 18,144 43,144 3,761,592 1977 1.15 1978 30,000 17,550 47,550 4,305,548 1.10 1979 30,000 16,044 46,044 4,582,447 1.00 1980 30,000 15,254 45,254 5,054,828 0.90 1981 30,000 13,621 43,621 5,619,157 0.78 i
1 Includes only Public Improvement Revenue Certificates which are not General Obligation Bonds.
CITY OF LEESBURG, FLORIDA COMBINED UTILITY FUNDS SCHEDULE OF REVENUE BOND C0VERAGE Last Ten Fiscal Years Table 9 Debt Service Requirements Fiscal Gross Operating Net Sinking Year Expense I 2 Revenues Revenue Principal Interest Fund Total Coverage 1972 $ 4,955,767 $ 3,197,253 $ 1,758,514 $ I f ~.< ,000 $ 160,000 $ -
$ 309,735 5.68 1973 4,441,325 3,453,822 987,503 167 m00 143,183 -
310,183 3.18 1974 7,125,950 5,43d,553 1,690,397 170,000 206,267 -
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 2,750,822 175,000 418,763 -
593,763 4.63 11,296,977 8,479,105 2,817,872 182,000 568,042 - 750,042 3.76 gl977
'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 1981 22,696,565 16,759,C '.;8 5,937,527 -
902,772 247,611 1,150,383 5.16 1 Exclusive of depreciation and interest expense.
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
- ' the issue is serial bonds (See Schedule I-10).
3 The Series 1977 Bond indebtures require a minimum 1.35 coverage but debt service requirements are defined as principal and interest, not sinking fund requirements.
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L CITY OF LEESBURG p DEMOGRAPHIC STATISTICS L
last Ten Fiscal Years Table 10 Education (4)
N (3) Level In Unen-Per Years Of School ploy-( Fhcal (2) Capita Median Formal Enroll- ment Year Population Income Age Schooling ment Rate 1971 12,384 $ 3,480 Not Not 5,287 5.1 1972 12,900 3,480 Avail- Avail- 5,332 4.2 r 1973 13,033 3,480 able able 5,264 3.5 L 1974 13,166 4,323 5,166 6.2 1975 13,300 4,592 10.1 r 1976 13,684 4,592 94 L 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
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1980(1) 13,191 13,653 5,258 5,258 5,198 9.5 1981 5,192 Data Sources
[ 1 U.S. Census Bureau 2 All estimates except 1980 are compiled via active residential electric meter count.
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3 Department of Treasury, Office of Revenue Sharing.
[ 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.
r Data prior to 1974 not comparable due to ma.jor methodology change. Figures L for 1981 are unavailable.
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THE CITY OF LEESBURG PROPERTY VALUE, CONSTRUCTION, AND BANK DEPOSITS Last Ten Fiscal Years Table 11 1 I Comercial Residential 3 Construction Assessed Taxable Construction 2 Property Value Number of Bank Fiscal Number of Deposits Taxable Non-Taxable Year Units Value Units Value
$2,183,600 $104,874,115 $ 59,856,890 $22,458,480 1972 21 $5,748,838 45 1,664,469 156,831,331 62,166,424 23,163,150 1973 9 3,082,175 51 1,667,800 159,462,924 68,622,922 35,479,795 1974 5 3,095,257 27 484,200 192,274,431 116,882,056 48,804,210 1975 3 1,321,346 12 983,300 220,164,000 129,755,899 52,777,660
, 1976 4 1,361,400 15
$ 1,010,500 238,645,000 145,322,324 54,460,280 1977 129 2,756,411 36 2,520,100 159,149,000 151,509,289 55,204,060 1978 90 3,731,398 38 3,561,745 195,495,000 154,733,065 61,258,460 1979 107 5,281,789 59 4,991,300 239,493,000 162,089,277 67,618,300 1980 10 4,113,024 59 5,028,488 222,993,000 200,312,084 99,776,130 1961 142 1,896,000 21 Based on building permits issued by City Department of Building and Zoning Codes. Property values are 1
estimated construction costs.
2 8ank depsoits for 1972-1977 include balances in comercial banks, savings banks, and savings and loan associations. Balances for 1978-1981 in comercial banks only. Data provided by Florida Bankers Association.
3 Lake County Assessor's Office M M M M M M M
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i THE CITY OF LEESBURG PRINCIPAL TAXPAYERS September 30, 1981 Table 12
% of l Assessed Total Assessed Taxpayers Type of Business Valuation Valuation l
l Florida Telephone Corporation Telephone 32,020,643 14.23 Coca Cola - Foods Division Citrus 12,920,026 5.74 Lake Hospital Corporation (Lake Comunity Hospital) Hospital 4,450,312 1.98 Walling Enterprises (Palm Plaza) Shopping Center 2,655,060 1.18 l
Leesfair - Southern Realty Shopping Center 2,626,875 1.17 Florida Power Corporation Electric Utility 1,752,237 .78 Mid-Florida Freezer Warehouse 1,561,964 .70 William Gross (Holiday Inn) Hotel 1,525,189 .68 Leesburg Associates (K-Mart Plaza) Shopping Center 1,450,726 .64 Tropic Builders (McCobeApartments) Apartment Complex 1,233,713 .55 62,196,745 27.65 Data Source Lake County Tax Assessor's Office lI l -100-
I CITY OF LEESBURG, FLORIDA MISCELLANE0US STATISTICAL DATA Table 13 FORM 0F GOVERNMENT Comissioner - Manager DATE OF INCORPORATION PRESENT CHARTER AD0PTED 1925 1953 TERM 0F 0FFICE Mayor /Comissioner and 4 Comissionar; - Three Years City Manager - Appointed ANNUAL SALARIES OF 0FFICERS City Manager...............$34,320 Parks & Recreation Director.$23,608 g Finance Di rector. . . . . . . . . . 31,345 Electric Utilities Director. 29,952 g Planning Director. . . . . . . . . 23,525 Wastewater Director.....s .. 23,525 Police Chief.............. 24,565 Water & Gas Director....... 24,045 Fire Chief................ 24,565 City Engineer.............. 25,376 Building Director......... 17,098 Public Works Director...... 24,710 AREA 0F CITY 9 Square Miles - Municipal Boundaries 33 Square Miles - Electric Service Area AREA 0F COUNTY 1,163 Square Miles I
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CITY OF LEESBURG, FLORIDA
[ MISCELLANEOUS STATISTICS L
September 30, 1981 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 40 Police Protection:
Number of stations 1
[ Number of policemen and of ficers 40 Education (elementary only) :
( Attendance Centers (public schools only)
Number of classrooms 3
73 Number of teachers 85 Number of students 1,348 Municipal Water Department:
Number of consumers 4,814
[ Average daily consumption 2 to 3 million Miles of water mains 234 Municipal Gas Department:
( Number of consumers - Residential 4,109 Average daily consumption 3.3 therms Miles of gas mains 121 Municipal Electric Department:
Number of consumers - Residential 10,273
[ Average monthly consumption 800 kwh Miles of primary electric lines 102 Wastewater and Sanitary Sewers:
( Sanitary sewers 77 miles Storm sewers 35 miles Building permits issued 163 r Recreation and culture:
[ Number of parks 7 with 155 acres Number of libraries 1 Number of volumes 80,000 Total employees for the City overall 311 L
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SCHEDULE OF INSURANCE IN FORCE AS OF SEPTEMBER 30, 1981 CITY OF LEESBURG, FLORIDA Table 15 Type of Coverage Policy Policy Period Details of Coverage Liability Annual Name of Company Number From -
To Limits Premium Insures City for all sums legally $2,000,000 $13,800 Commercial SCC 10/1/81 Umbrella 0021 10/1/82 obligated to pay as damages in Chicago Insurance 320 excess of primary liability Company insurance coverage Public Officials 10/1/81 Insures City for all sums legally $1,000,000 $ 3,237 Liability Ins. 10/1/82 obligated to pay as damage under Vanguard Ins. Public Officials Liability Policy Company Insures City for all sums legally $ 250,000 $ 8,956 Police Professional P811 10/1/81 Liability Ins. 00012- 10/1/82 obligated to pay as damages under Per Person Vanguard Ins. TC Policy Police Professional $ 500,000 Company Liability Policy Per Incident
$1,000,000 Aggregate o
i'All Risk Water M464 10/1/81 All Risk to 3 water tanks, $ 285,000 on $ 1,682 Tanks, Etc. 0638 10/1/82 Conmunication Tower, 2 antennas water tanks Reliance Ins. Co. and 2 base stations $ 41,300 on Commun. Equip.
Fire Insurance MP51 10/1/81 Fire, E.C., V. & M.M. coverage $5,618,880 $ 8,710 Buildings and 998 10/1/82 on buildings and contents of City Contents as per schedule on file with U.S. Fidelity & company blanket coveraae Guaranty Company Fire Rescue Boat, WIM 1/1/82 All Risk on Rescue boat, motor $ 2,125 $ 90 Motor, Trailer 45594 1/1/83 trailer and equipment U.S. Fidelity &
Guaranty Co.
Mural - Community 1/6/81 Insures Mural by Mr. Smith against $ 5,0C0 $ 100 Building 1/6/82 all Risk. Located in Community U.S. Fidelity & Building Guaranty Co.
(Continued) 1 of 3 m M M M M
SCHEDULE OF INSURANCE IN FORCE AS OF SEPTEMBER 30, 1981 CITY OF LEESBURG, FLORIDA Table 15 (Continued)
Type of Coverage Policy Policy Period Details of Coverage Liability Annual Name of Company Number From - To L1mits Premium Boiler and 7824- 10/1/81 Insures against direct loss or $ 500,000 $ 8,702 Machine 41-11 10/1/82 accidental damage boilers, machines, per Accident Great Northern electrical aparatus as per schedule. Repair or Replace-Insurance Co. Also Liability coverage to pay for ment on equipment Bodily Injury or Property Damage as per schedule and defense against such claims All Risks Farm SP58 10/1/81 All Risk coverage on schedule of $ 139,500 $ 1,116 i' Equipment 1063 10/1/82 equipment located at Spray Field U.S. Fidelity &
Guaranty Co.
Comprehensive MP51 10/1/81 Insures against Bodily Injury and $ 500,000 each $52,221
.'. General Liability 998 10/1/82 Property Damage claims the City may occurrence RU.S. Fidelity & be legally obligated to pay as a $ 500,000
' Guaranty Co. result of accident or injury to Aggregate = B.I.
members of public including products $ 100,000 each liability of Water Dept. Also pro- occurrence tects City against personal injury $ 200,000 claims resulting from slander, libel, Aggregate = P.D.
etc. $ 500,000 Aggregate Personal Injury Comprehensive BAP58 10/1/81 Insures all City vehicles as per $ 500,000 $29,235 Auto Liability 6584 10/1/82 schedule against Bodily Injury, Single Limit for U.S. Fidelity & Property Damage claims arising out Bodily Injury Guaranty Co, of the use of the vehicles. Also and/or Property insures against claims arising out Damage of use of non-owned or hired vehicles.
Also pays for %ss or damage to vehicle on an actual cash value basis.
(Continued) 2 of 3
SCHEDULE OF INSURANCE IN FORCE AS OF SEPTEMBER 30, 1981 CITY OF LEESBURG, FLORIDA Table 15 (Continued)
Type of Coverage Policy Policy Period Details of Coverage Liability Annual Name of Company Number From -
To Limits Premium Worker's Comp. Insures City against obligations Statutory $89,962 10/1/81 l U.S. Fidelity & 10/1/82 imposed by Worker's Compensation l Guaranty Co. Law of Florida includes Employers l Liability coverage with limit of I
$100,000 Insures City against any Bodily $2,000,000 $ 1,700 Airport Liability LG 10/7/81 U.S. Aircraft 18928 10/7/82 Injury or Property Damage claims Single Limit of Insurance Co. arising out of ownership of Liability for both Leesburc Airport. Does not insure Bodily Injury and/
any owned aircraft or operation or Property of the airport by City. Damage Ambulance GLA 10/1/81 Insures against Liability claims $ 500,000 any $ 1,450 i Liability 120014 10/1/82 arising from damages because of one claim E; West:rn World injury for failure to render $ 500,000 Y' Insurance Co. professional services by Ambulance Aggregate i drivers or attendants. Also in-cluded is Medical Director Bond - City Clerk 79017000 1/1/82 Bond on City Clerk, Auditor and $ 100,000 $ 2,025
& Fin. Director 227570 1/1/84 ? Treasurer protecting City from U.S. Fidelity & wrongful abstraction of funds, Guaranty Co. embezzlement Bond - City 79008000 1/1/81 Public Employees Blanket Bond $ 25,000 $ 894 Employees 191575 1/1/84 covering all employees of City U.S. Fidelity & excluding City Clerk, Auditor, Guaranty Co. Treasurer Montes & Securities MSP 1/1/82 Covers Loss of Money & Securities $ 6,000 $ 192 Policy 163913 1/1/83 by Robbery both inside and outside Inside U.S. Fidelity & premises of insured , S 6,000 Guaranty Co. Outside (Concluded) 3 of 3 M M M M M M
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