ML20055D329
| ML20055D329 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 12/31/1989 |
| From: | Pope T ORLANDO UTILITIES COMMISSION |
| To: | |
| Shared Package | |
| ML20055D326 | List: |
| References | |
| NUDOCS 9007060187 | |
| Download: ML20055D329 (633) | |
Text
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Comparative Higblights and Statistics Years ended Sept. 30 1989 1988 % increase n tnatedwua 2 trKludolkmd Antwt;uhnNoto(IO) (Decrea.cf
- 3. M raunp Duff & Phelp.Inc,Mmdy's incon senxe. sand,d a n,,a Comb,ned i Operat, ions rnpectively 19m Mtudisands&Phmly 5 289,774,627 $ 244,516,879 18.5 NIN$t[y Operating Revenues Operating Expenses $ 190,518,784 5 182,359,495 14.5 pee n, m Customer Accounting, General 5 24A01,922 $ 23,025,505 6.0
.T7 d and Administrative Expenses
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Interest, other income
$ 19,262,587 8 17,529,496 24.8 9.9
, Payments to City of Orlando
]!g%} h?iW JQ2Gg Funds available for debt servicci $ 126,028,455 $ 102,103,939 23 4 0 :.. $ dY' G/ 'f p( h! Net income $ 16,073,344 $ 6,478,834 148.1 g'.- ,W q l Utility Plant (Net bod value) $ 931,559,045 5 895,454A50 4.0 d :, ' - hpe Equity (Accumulated Retained gp @[#y f'sl.h Earnings) $ 320,119,990 $ 295A70,701 8.3
.[ f Long term Debt Debt Service Coverage 8 803,070,200 2.22x
$ 831,604,78tF 2.15x (3A) 3.3 AAA,Aal,AA
$ Senior Bond Ratings' , Aa, AA Electric Operations
_ _ _ _{ 4 . . Operating Revenues 5 272,050,607 5 228,193,719 19.2 Ng}hh gg Total Expenses $ 181,981,966 $ 151,583,999 20.1 r Fuel / Purchased Power $ 102,944,877 $ 77,340,353 33.1 syyy' %;j""MySt1 Nbg i Departmental Operations 8 79,037,089 8 74,243,M6 6.5 03 My . Total Sales (MWil) 4,803A35 3,649A88 31.6 i / ; Total Retail Sales (MWil) 3,260,639 3,046,237 7.0
- a e Ak w/ 4 Commercial / industrial 2,104,724 8.0
,N,h 43 5@MM$M M Residential 1,155,915 1l948,845 1 097,392 5.1
;d b Sales for Resales (MWil) 1,542,796 603,251 155.8
+ g4, q;)d 113,780 109,874 3.6 Total Active Services If 94,740
- a. *M M N$$AI ., n Residential 98,350 3.8 15A30 15,134 2.0
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MZ94 Commercial / industrial q{ Average Annual Residential 11,753 11,583 1.5
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id. QJ Average Revenue per KWil 18 Residential Sales 4 7 71c "' 53c JU$Q7%Ijf%fM M lleating Degree Days 360 604 (40A) e M 9M Cooling Degree Days 3,751 3,255 15.2
. m a mmbww Lil gfTh Gross Peak Demand (MW)' 765 MW 695 MW 20.6 7 TW$$gQVM$"'W ' Water Operations
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$ 17,724,020 $ 16,323,159 8.6
.-a Operating Revenues pq L $ 8,536,818 ta,f ki.g ! Department Operation Expense 24,245
$ 7,749,991 22,914 10.2 5.8 m m ; - q.,- Sales (Millions G !!ons)
.- Total Active Services 95,519 92,284 3.5 1
h$ Residential 80,699 78,318 9,547 3.0
'y, Commerciallindustrial 9,760 2.2
' s adg -. , Aa irrigation 5'060 4'419 14.5 Mkh(,k,(.kh[ h Average AnnualResidential
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g 163,000 151,000 8.0
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j Consumption (Galions) Average Revenue per 1,000 76.1C 78.1C
. MEr$M di Gallons Residential Sales * (2.6)
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~ gq tj 3p Rainfall (inches) 47.9 59.8 (19.9)
' gg : ' ., Peak Pumping Rate
.4 (Million Gallons per Day) 139.7 139.2
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Com]>aratite Higblights and Statistics l Years ended Sept,30 1989 1988 % increase t tm.d unta
- 2. inchales Iked AnlK1 palm 2 bel Ol&M).
' 7,$"f,enfu%$7df' Combined Operations respectively 19M bglyiands&Ptonly 4 includes ramthly ctatwner charite Operating Revenues 5 289,774,627 8 244,516,879 18.5
$ M* ""# Operating Expenses Customer Accounting, General
$ 190,518,784 $ 182,359,495 14.5 9 and Administrative Expenses $ 24,401,922 $ 23,025,505 6.0 Interest, other income $ 23,489,478 $ 18,822,969 24.8
. '}h ' m} # Y;e, 9 Payments to City of Orlando $ 19,262,587 $ 17,529,496 9.9 M N. .i l' Funds available for debt service' $ 126.028,455 8 102,103,939 23.4 h Net income $ 16,073,344 $ 6,478,834 148.1 M2 -
Utility Plant (Net book value) Equity (Accumulated Retained
$ 931,559,045 $ 895,454,450 4.0
[d ' ' liy' J lIf Earnings) $ 320,i19,990 $ 295,470,708 8.3 8 803,070,200 $ 831,604,7802
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l.ong-term ikbt (3.4) 1 Ikbt Servke Coverage 2.22x 2.15x 3.3 . Senior Bond Ratings' AAA, Aa1. AA , Aa, AA Electric Operations Operating Revenues $ 272,050M17 $ 228,193,719 19.2 P Total Expenses $ 181,981,966 $ 151,583,999 20.1 e "J Fuel / Purchased Power $ 102,944,877 $ 77,340,353 33.1. Departmental Operat. ions 8 79,037,089 8 74,243,646 6.5 I Total Sales (hlWil) 4,803,435 3,649,488 31.6 3,260,639 3,046,237 7.0 f Total Retail Sales (AlWil) 2,104,724 1,948,845 8.0 3 Commerciallindustrial 1E , Residential 1,155,915 1,097,392 5.1
. Sales for Resales (hlWil) 1,542,796 603,251 155.8
.4 Total Active Services 113,780 109,874 94,740 3.6 '
Residential 98,350 3.8 h Commerciallindustrial 15,430 15,134 2.0 3 Average Annual Residential
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s Use(KWil) Average Revenue per KWil Residential Sales 4 ileating Degree Days 11,753
. 7,71 C 360 3,751 11,583 7.53C 604 3,255 1.5 1.8 (40.4) 15.2 Cooling Degree Days Gross Peak Demand (hlW)* 765 htW 695hlW 20.6
.I- Water Operations y Operating Revenues $ 17,724,020 $ 16,323,159 8.6 gg Department Operation Expense $ 8,536,818 24,245 8 7,749,991 22,914 10.2 5.8 Sales (hlillions Gallons)
Total Active Services 95,519 92,284 3.5 M~ 3' Residential 80,699 78,318 3.0 Commerciallindustrial 9,760 9,547 2.2 1rrigation 5,060 4,419 14.5 Average Annual Residential jj Consumption (Gallons) 163,000 151,000 8.0 Average Revenue per 1,000 Gallons Residential Sales
- 76.1C 78.1C (2.6) ry Rainfall (inches) 47.9 59.8 (19.9)
Peak Pumping Rate (hlillion Gallons per Day) 139.7 139.2 .4 1
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. N g. . . yi f 1989 was, perhaps, the most successful penod in our 66 year 0 JJ N , gW 4h . ' history. From financial results to system performance and
- customer service it was a spectacular year.
{g /y E 7 J N , gf I'm very proud to report that Orlando Utilities received the
..j singular distinction in 1989 of becoming the only municipal utility
#k $ '
in the nation to receive an "AAA" rating on its bonds from a major
,1 rating agency.
Our achievements were the culmination of planning and f '# c(. l activities that carned OUC through a decade of phenomenal growth and challenge. During that time. we made the necessary
+- ~, improvements and system expansions to provide service on k j; ; ,4 ~
,, , g. demand to a growing customer base.
a ' \ ,; ' In fact, because of available capacity, Orlando Utilities was able to increase bulk power sales to other utilities significantly during
# 2
. 1989. Through this and prudent cost controls OUC will be able to
[ h maintain retail rates essentially at 1988 levels through 1990. Og i OUC also continued to meet and exceed its obligation to provide power in an environmentally responsible manner, operating at levels five times cleaner than 4 ,
,M state and federal standards. Likewise, we continued to deliver high quality water f
gg p gg that is far better than all standards require. Today, we reaffirm our dedication to providing exceptional service that extends
;M j~;]
W ' beyond our products We are an industry pacesetter in placing power lines and i
' ~
- equipment underground and out of sight We are maintaining our equipment f g k
,~ ' and facilities to insure reliable operation and attractiveness to complement the j
.: neighborhoods we serve. In short, we stove in every way to enhance the quality
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of life in Orlando. p g j4 As we look to our horizons, we see new and expanding challenges and opportunities. More importantly, we see a future full of promise And, as we 7 g .g r 2 i it have always done, we are planning and prepanng now to be ahead of the
- "cun/e" when we reach those horizons and prepare for new ones.
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a M UNY g..a y y' $g I C. Pope ? aN k Lxecutn e lice Presicient N ,; , $$ anci General \lanager y V
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gf I Expanding llorizons
.. Orange County population is up 28%, million in uninsured senior lien bonds auployment up 21E Disney has hs highest marks, noting that " .OUC And the soorn goes on opened its third theme park and plans is one of the better managed utilities For Orlando, Florida 1989 marked a fourth; Unhersal Studios is about in the industry." One investor owned the end of a decade of phenomenal to open its $600 million theme park. electric utility has also received this growth, the beginning of one filled Clearly, Orlando's horizons are still rating.
with promise. It was a year full of expanding. hkxxty's investors Service upgraded magic and stardust. The N!Ws Orlando its rating from "Aa" to "Aal" on OUC's Magic team made its debut in the new senior debt. Again, OUC is the only
$100 million Orlando Arena. Mote A superTharged era municipal unlity nationally to receive than 1 million spectators filled arena this rating. Standard and Poor's Cor-for OUC seats during its maiden year. MCAI poration reaffirmed its "AA" rating.
h.e 80s a sujaharged for Universal and Disney /MGM opened 1.ike hkody's, it has ranked OUC studios here, producing "Parenth(xx1," % ## Y#' "". ' "" it raced ahead m response to the rapid bonds double A for more than and "Superboy" ), ' heartbeat of extraordinary growth. A D&P analysts reported "Our ratings 66 - municipal electric and water utility, it
.. 0UC is one of the <cricet the outstanding rundr ,t2is smves nm omy ks hommown but aso of OUCs electric and w o , 4es "
pans d Orange Coumy and shan s better managed utilities energy with 12 other Florida cines. e amsida the mmL wemem d the ekark system to h s'semplary," in the industry'" in a decade, its hometown became . they said, adding that, "The water the urban heart of Central Florida, utiuty k a positive to OUC's overall Duff & Phelps,Inc. an area which has become a "mega. credit quality, lopolis" since 1979 as ne'vcomers D&P and hhxxty's also assigned Metro Orlando bec.une ot : of the arrived at the rate of one every seven high ratings to the utility's $h nation's top 10 convention centers. and one half minutes. million junior lien issue, "AA + " The nation's fastest growing ictport, To stay ahead of this galloping and "Aa' r edycly S&P rated Orlando international Airport led the growth, OUC had to nearly double its these issues 'Ak stae in domestic passengers. More capacity to generate pmver and supply L w production costs, well man-than 17 million travelers passed water safely, reliably, and econom-aged financial operations, a steadily through its gates; i.5 million were ically. In the pmcess. its assets nearly from abroad,100% more than the apanding economk' and stomer quadrupled. Its annual gross revenues base, and good management have year before. increased 152E Commercial / industrial c nsistently characterized this high Orlando's transformation in the '80s electric sales soared 73%, reflecting qu lity credit," Moody s reported. still dazzles observers. Inc Maga).ine Orlando's emergence as one of the na-The new ratings mean OUC's ranks Orlando as the second fastest tion's " hot" spots for business growth. fin ncial condition is even better than growing business community in the ever, its bond 3 are among the very nation US News aml Rbrkt Report safest investments, and that it will haib it as "one of America's new Bond ral/ngs the tops save customers millions of dollars boom towns." And no wonder. . in 1989. Orlando t,tihu.es received in lower future interest costs. City-wide, construction permits the Nghest bond ratings of any were up +iE reaching $510 million. municipal utility in the nation Office space,1.5 million square feet it u the ody municipal utility to in 1980, topped ' million in '89. receive Duff & Phelps Inc.'s coveted "AAA" rating. D&P gave OUC's $548 2
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Orlando's new 15.000 seat
- Arena is symbohc cd the urtan .( &..n'y ', .'_ . ... $ un X . ' , . .g-j'W 1 '
growth whoch rar'ks the crty as &% : - ;, , , . s .; a A> c,. h_.',. One of the netton's top spots for - u. h, . bustness St:11 there's always a quoet place at one of Orlando's 80 parks to relax and entcy hfe's simpler pleasures. 3
j- . go Expanding Horizons qg i C ,, {Q $25.6 million, ns for fuel. Increased energy sales drove fuel costs up 33% nf (yg j Tbcyear in rer/cw - to $103 million. Interest expenses , in Fiscal 1989, Ol'C's gross revenues rose $6.9 million to $68 million partly shot up nearly $50 million to a record as the result of OUC's converting its
$313 million wMe rates remained short term Bond Anticipation Notes -
+.
stable. This includes Electric and Water to long term debt. Operations revenues plus interest and flowever, OUC kept the brakes other non-operating income. As a on controllable operation and main-result, net income rebounded from Not only did OUC provide its tenance expenses. Other production,
$6.5 million in '88 to $16.1 million transmission, distribution, adminis. customers with dependable service and the utility ended the year with trative, general, customer accounting, during this time, it also was often
$69.8 million in net working capital. and service costs rose only $4.15 able to sell power to other utilities.
With power sales to other utiN ties million to $71.6 million. ' OUC weathered the cold so well skyrocketing 156%, Electric Opera- OUC's contributions to the City for a variety of reasons. First, it has tions revenues jumped 19.2% to $272 sufficient power capacity to meet its of Orlando increased 9.9% to $19.3 million, $44 million over '88 when customers needs in extreme weather million. These payments are based mild weather had depressed ener8F on sales within the city limits and conditions. Furthermore, it designs, sales growth. In '89, commercial net income. maintains and operates its plants, and electric sales rose 8%; residential sales, transmission and distribution systems 5%. Almost two thirds of OUC's retail C3 so that they are as reliable as possible. energy sales were to commercial cus- OUCpasses afr/g/d test in fact, the utility has a longstanding tomers, a sign of the impact business ofrellability record of beating national and state growth is having on the utility. averages for reliability. Three days of sub-freezing temper-Active electric services increased 3.6% System reliability is further en-to a total of 113,780. Energy charges atures during Christmas 1989 sent
' hanced by the fact that nearly 40%
for residential customers will remain shivers up and down the spines of ofits distribution system is under. m ny F1 ridians. Much of the state 7.1 cents per kilowatt hour in 1990 ground, more than'any other utility for the third consecutive rear. reeled under the effect of rolling in the state. Interest and other nonEperating blackouts and outages. OUC, how-nove all, OUC employees re-ever, weathered one of the biggest income rose $4.7 million to a total of sponded to the challenge with enthu-
$23.5 mi!! ion. chills of the century with remarkably slasm and dedication. More than 30%
few hitches. On Sunday, December 24, Water Operations revenues rose of the entire workforce was on the
$1.4 rai!! ion to $177 million. fales the mercury plummeted to 22 degrees p over Christmas weekend to handle in Odando and OUC s gross peak were affected by drier weather, a very ' customer calls, electrical problems, demand hit a record 838 MW,9,5%
sligh: rate increase, and a 3.5% in- and problems related to frozen crease in active meters, now totalling higher than the 765 MW peak re-95,519. Curbs on water use imposed corded in February of the same year. Year round, OUC provides service by the St. Johns River Water Manage- During this frigid test of reliability' that exceeds expectations. On a system-86% of OUC s customers experienced ment Districi dampened sales growth wide average, OUC customers ex-slightly. The water rate increase " " U#"# W N""## # ^ perienced no more than 55 minutes scant 4% lost service for more than amounted to only 20 cents per 10,000 without power for the entire year. gallons for residential customers. ne hour. Fewer than one half of one percent lost service for more than Total expenses climbed 540 milhon to $297 million; 64% of the increase, three hours Nor were there any system interruptions of OUC's water supply. 4
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system make OUC one of the state's +(i most reliable utilities. > 5
[f Expandag Energy Horizons M firm pmer purchase agreements: 51% of the fwaking unit generation is also Electric Operations Benchmark yearfor IRP in/lestones committed to ritPA and KUA. in aa. The Indian River ibwer Plant is dition, utilities often buy emergency 1989 was a milestone year for making more megawatts than ever or economy !RP power. Electric Operations with OUC gen- for Orlando Utilities and its cus- Thus this plant was a key player in crating more power than ever before tomers. It is not only OUC's largest Ol'C's 1989 bulk sales boom. The while also achieving the lowest sys- but also its most Ocxihk power revenues generated by these sales help tem net heat rate ever. Gross genera- generating station. offset OUC's own cost of operating l tion topped 4.9 million MWii, whik There are now Ove units with a and maintaining the plant. ! the heat rate dropped tc 10A07 IITU total net winter capacity of 741 MW , per KWii. Electric retail sales for the year increased 7%; these increases situated on Indian River's 100 acre site located in firevard County. These E l Entk sales bonanza ; averaged 4.6% for the decade. And include three steam generating units OUC's 156% increase in inter-other utilities bought a record 1.5 with a combined capacity of NS MW change sales generated $l2.6 million MWil of power from OUC, the and the jointly-owned 48-MW simple in net revenues,60% more than in l highest bulk sale transactions in cycle combustion turbine peaking 3 the utility's history. units which began commercial oper. 8R A new power gol, Ann pourr i s le agreements, a tightening energy Efficiency of performance is ation in 1989. All live units can be reflected in the fact that in a decade, market, and the high availability of operated on either oil or natural gas. IRP combined to produce this bulk j electric operation, maintenance and This gives OUC leverage to negotiate for fuel and enhances reliability. saks bonann Of these tmal net rm fuel expenses combined increased only enues, $5.6 midion were genemted 1.2% per kilowatt hour sold, rising The $25.2 million cost to install the fmm saks of IRP power through firm from 3.28 cents per KWil sold in peakers was shared by joint owners, saks agreenent3, $5.1 from the power 1980 to 3.32 cents in 1989. the Florida Municipalibwer Agenev, the Kissimmee Utility Authority :ldl pol, and $1.9 million from trans-Unit 1 of the Stanton Energy Center missi n transactions. continued to operate in a superict OUC. OUC has a 49% ownership interest in the units; FMPA,39%, The new Florida Municipal Ibwer manner with an auilability rate of Rol completed its first full year of 86.6% and an equivalent forced out- and KUA,12%. The peaking units operation in 1989, pnxlucing total age rate of 3,5%, signincantly better give OUC critical cold start capabilities than national averages for sinhilar and are a cost effective way to meet ec nomic benefits of 59.2 mi!! ion i f r all participants, nearly twice as units. Environmentally, it continues daily as well as seasonal peaks. Such much as originally anticipated. And 1 to be one of the cleanest coal fired units can also help delay adding a it only cost participants $365A09 plants in the nation. basek)ad unit. to implement the px>l! The FMPP And the Indian River ibwer Plant Although it is OUC's oldest plant, c nsists of OUC, the City of 1:meland made an astounding comeback after Indian River is a modem, high pres-and the FMPA on behalf of five mem-two years of extensive outages sched- sure plant, a reliable source of power for OUC and its customers, in addi- ber ut:!ities-Jacksonvilk Peach, Ocala, uled for intensified maintenance and 1.cesburg. Bushnell, and Green Cow modernization so that the plant tion to the coal fired Stanton Energv ' Springs. OUC loads and commits all operates even more reliably and effi- Center in Orlando. Ilowever, IRP's horizon has ex, [ml genention from its Ioad Dis-ciently than ever before. patch Center. panded.Just over 31% of IRP's steam TWnefas of the pd are two-fold. generation is committed to the FMPA, First, participants provide their own KUA, and Disney's Reedy Creek Im-customers with the most economical provement District through long-term, l g #
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pp {p Expanding Energy Horizons energy by committing and dispatching The utility and its customers have sales and did not significantly impact pooled power generation in the most invested heavily in environmental OUC's kcal, retail customers because cost-effective manner. Second, the pool protection, spending approximately a large percent of their generation is enables OUC to "captur" many small, 3100 million for the best available based on coal and nuclear fuel. marginally profitable economy sales systems and clean air technology at OUC kept increases to a minimum missed by using the Florida Energy the Stanton Energy Center alone. because: 1) of the success of its oil llroker System because quotes can Utility officials, however, have been procurement timing strategies; 2) now be estimated on a real-time basis. concemed that some proposed legis- it can use gas or oil at Indian River OUC expects to maintain higher lation would penalize OUC customers which gives it leverage to keep the than average bulk saled for the next by requiring them to pay for c1 caning price of gas competitive with the several years. Ilowever, as OUC's own up other utilities' plants through in- replacement price of oil; and 3)it customer base grows, the utility will direct taxation or cost alk) cation olans. has a diverse fuel mix. have less IRP energy to sell to other Some proposals also would have, e 1.ooking ahead, OUC is continuing utilities. effect, restricted the clean utilities' to participate in enerr,y futures as a ability to grow to meet increasing heQc against oil 7.id natural gas price demand. Therefore, OUC is working increae W ,ealized net gains of On the enrimntnental with other clean utilities to protect $4.5 million which go into a fuel horlon its customers against any unfair envi. cost stabilization account. ronmental legislation. OUC has also successfully negoti-OUC's commitment to clean air is ated a firm supply gas contract which evident in the outstanding perform-ance ofits power plants. They are Graph illustrates 12 beed P EN already operating well under the sulfur how OUC's plants p n es y ew p 6 dioxide limitations Congress is con- lewt of sulfur } 'N : implemented. This is sigmficant be-cause gas is a cleaner fuel which is sidering imposing on electric utilities dioxide emissions la compare to the expected to demand a premium price, by the year 2000 as well as the limits proposed especially in view of the more stringent alreadv in effect. f Clean Air Act legislation being A key feature of the new Clean Air limitations. j Act calls for utilities to reduce these '31 % IRh N emissions below the 1.2 pounds per < b, OUC fuel costs have averaged 1.896
+
cents per KWil of gross generation million llritish Thermal Units bench- 17 Q'3EC' since the coal-fired Stanton unit went mark by the end of this century. on line in 1987. From 1980 to 1986, The coal-fired Stanton Energy' Center ; ,' ", these fuel costs averaged 2.88 cents, Unit 1 is designed to operate far cleaner than the proposed 1.2-pound EnelIGCllCSpayof reaching a high of 3.45 cents in 1983, Electric Operations continues to then declining in part because more requirements, averaging only 0.17 coal and nuclear fueled power became pounds per million IITU in '89. keep the brakes on fuel expenses be. cause of its fuel mix and flexibility available to OUC for its customers. Indian River's three gas / oil fired The fuel mix for system generation units steam generating units emitted and its aggressive strategy of buying in 1989 was 53% coal,30% gas,9% on average only 0.31 pounds per oil on the spot market. nuclear, and 8% oil. Ilowever, the fuel million llTU in 1989. Fuel costs per kilowatt hour of gross generation edged up from 1.882 mix for generation for k) cal, retail cents in '88 to 1.9'O cents in '89. customers was 70% coal.13% nuclear Most of this increase was due to 11% gas, and only 6% oil. greater use of oil and gas for bulk 8
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Expanding Water Horizons g The Water Department's compu-I ""' Expanding water horizons Better than it has to be ";"[g""k*"* Over 1,000 feet below Central OUC's in-house, state certified lab- puter. Using the model, engineers can Florida lies an 82,000-square mile oratory keeps strict surveillance on predict the impact of doelopment at natural underground reservoir: the the quality of water, testing samples any given kication by downloading Floridan Aquifer. It contains water of taken at each well and 175 points actual customer demand records such high quality that it is practically strategically located throughout the from OUC's main computer. Infor-ready to drink. service area. These, and tests by in- mation from more than 200 computer OUC brings this precious resource dependent laboratories, insure that simulations has been compiled for to the surface through 30 deep wells OUC water continues to beat the the 20Near Water System Master a' nine interconnected plants. Harm- most rigid standards established by Plan to be completed in 1990. less, but not too-tasty, hydrogen sulfide the Safe Drinking Water Act. It's truly is removed through OUC's patented "better than it has to be". OUC's Water Quality Assurance team E activated carbon reaction process or by Consupnptfpe Use Perrnit mixture with forced air. To prevent the aggressively monitors industnal users. Renewed growth of bacteria, chlorine is added Inspectors make sure special valves , to the water along with just a pinch of prevent accidental backflow of hazard-tuent District Goveming Board renewed fluoride to help prevent tooth decay. ous materials into the water system. OUC's Consumptive Use Permit for To safeguard the water's high quality a 10 years, authorizing OUC to con-from the plants and through 1,363 ae~ tinue drawing water from the aquifer miles of top-of the-line, ductile iron Grosring again at its anticipated growth levels. Review pipe, OUC emphasized upgrading Construction activity picked up in of the permit issued by the South facilities in 1989. For example, 30 1989, with 3,000 new customer con- Florida Water Management District year-old equipment at the Primrose nections installed and more than 41 is currently underway. plant was replaced with computerized miles of water mains added. Overall For the first time in OUC history, analyzers and chlorine feed equip- consumption was up nearly 9% in mandatory restrictions were placed ment, in all,54.2 million was irwested 1989; 26.7 billion gallons of water on non essential use of water, princi-in water plants and equipment. was pumped to more than 371,000 pally irrigation, by the St. John's River consumers. Water Management District. With ggOUC water The Sky Lake Water Plant, under rainfall down sharply from 1988, a construction in South Orlando, is ex- water shortage was declared through-COntintleS t0 beat the pemd on-une by mid-1990, addmg out the 19-coumy district. Ahhough
*"" n g H ns PM d Y e P eitY psions of the district (primarily InOStIigid Standards to supply the area's exploshe growth- along the coast) experienced record established by the Safe its 3 miiiion salion stound storase iow water ievei . the aquifer in OUC s tank and support buildings combine area remained plentiful.
Drinking Water ACt.pp attractive architecturai de,ign and A i990,a,e chanye wiii encourage function. conservation at the highest levels of 1.ooking to the future, the Water consum[ition Rates, however, remain Quality Laboratory kicked off a three- unchanged for 97% of OUC's cus-month research project to determine tomers. Water rates are among the very whether ozone treatment could suc- lowest in the state and about one half cessfully remove hydrogen sulfide of those charged by Orange County. from well rater. It
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firm that water quality remains high ,_, throughout the distnbution system. I^ ;. 11
M g Expanding Service Horizons For commercial industrial customers, OUC h'* I"*\d
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Prvud Volunteers Helping the Elderly Thermal Energy Storage system at its OUC and its empbyrs are making Because so many OUC employees new Ettshing Operations Center. These an indelible mark on this community come in contact with many citizens systems, which can be used to cool or through volunteer efforts, starting with regularly, it was only natural that OUC heat whole office buildings, make ice General Manager Ted Pope, president. intensify its efforts to help the elderly. at night for daytime cooling and hot elect of the Greater Orlando Chamber The utility launched a Gatekeeper unter for daytime heating, depending of Commerce and head of its drug program in 1989 to accomplish this on seasonal needs. A TES system is be-task force committee, all the miy goat Special programs are conducted og planned for Orlando's new city hall. down to employees who planted to teach customer contact employees OUC also reaches out to future trees in Turkey Lake Park. and field workers, such as meter customers through an extensive school With community-spiritedemployees readers, to be on the alert for senior program that brought conservation such as these, OUC has launched a citizens who may be in need of help- information to more than 6,000 stu-program to reward and recognize Employees then report would-be dents in 1989 and provides a " WATTS them and the organizations they problems to an OUC liaison who News" newsletter to elementary serve. This program will get into contacts the appropriate social service school teachers. full swing in 1990. agency and follows up on the case. Preliminary work was begun in
- w - n 1989 to develop "Xeriscape" literature m" , A> ~ Conserving Resources that will provide information about
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drought resistant grasses, shrubs, and [ '* OUC staff, through a wide range of trees. Staff also spearheaded the for-
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- 4 programs, has helped more than 12,000 mation of a Water Conservation Action
.c ' j . residential and commercial customers Committee, inviting representatives b[1,' ; lk. ._
a learn ways to use power and water of other Florida water utilities to meet and sham information on water
, . wisely. Nearly 2,700 free llome Energy
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tomers' homes were weatherized OUC is " branching out. The utility through OUC's low income llome opened its first satellite operations As part of a network of owr Energy Fix-up program. More than and warehouse center in the summer mwo-ww ra@s, M 1,130 residential customers participated of 1989, bringing maintenance and s a so as n OUC's new power conditioning fo ,, o construction personnel closer to the munity, reporting emergencies program, buying couipment that helps busy, growing southeast sector of and suspicious activity. protect solid state, microchip appli- its service area. This new facility is ances and equipment. k)cated next to the Ittshing Substa-OUC also test marketed a new tion near South Semoran Boulevard. Ilousepower program in 1989 that A second such center is planned for offers customers nighttime security the southwest. The utility, which has in the form of outdoor lighting fix- already opened a Southwest Customer tures they can pay for over a 12 or Service Center where customers c;m 2 i month period (interest free) on pay bills more conveniently, plans a their electric bilt similar center in the southeast. i 12
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Standing left to nght are: TC fbpe. W H. Herrington. A.R. 80%.
- M E. Mazak. G.M. Standridge, D E. Moore, TB Tart, and T L. Smith g 'CgC
.V V mts a year of leadership transition for Orlando UtilLies with j "
'A e threc members of senior management retiring. Retiring were: Louis E. 4 Stone, Assistant General Manager; Richard D. Ilrown, Manager of Finan-7~ cial Operations and Stephen P Willis, Manager of Customer Relauons
** and Support Operations $ jj' C g The members of the 1990 senior management team represent more than 130 years of service on the Commission As did their predecessors, }f .
( these men will give leadership to the more than 1,100 skilled employees in their endeavor to meet the company's overall goal to " provide a level of service that exceeds customer expectations." The 1990 team, picture j above, is composed of. Theodore C. Pope, Executive Vice President and General Manager; ( ) William H liernngton. Manager of Electric Operations: A Raymond lloyd Manager of \%iiter Operations; Mark E Mazak, Manager of R, Financial Operations: George M Standridge. Manager of Customer Rela-j ' mq tions and Support Operations: Donald E Moore. Manager of Strategic
? < Planning; and Thomas 11 Tart. Esq . General Counsel Tracy L Smith is Managmg Director of Communications t '-
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( .. inding the "right road" is the challenge facing the Orlando Utilities Commission as it k>oks to the '90s and beyond, especially with Metro [ P Orlando expecting a 33% population increase in the new decade. During the '90s, OUC's number of electric customers is expected
~. to mcrease 35%, representing 40,000 new services. The number of 4 . mater customers is expected to climb 24%, representing 23,000 new services. Retail electric
- sales are projected to grow at an average annual rate of 4 3% Sales in the smaller, more
( i densely populated water service area are projected to increase at a rate of 3.1% Planning fo'ecasts, updated annually, continue to indicate that OUC needs more small f 1 peaking units no later than 1994 and more baseload capacity before January 199-L To meet those needs, OUC is considering instilling two additional gas / oil fired combus- ^ tion turbine units at the Indian River Power Plant. OUC is also moving ahead with the critical planning steps needed to have Stmton t' nit 11 or another power source available by January 19T The utility will also solicit bids on supply resources from independent power x producers, co-generators and small power producers.
, Rettil water consumption is projected to increase 35% to 32.'9 billion gallons a year
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- while average daily consumption is projected to reach 89.84 million gallons compared to 66 41 million. Studies are underway to determine when and where to add new wells to b .
3 meet the increasing demand. I Nor is all of the growth on the far horizon Electric engineering work orders increased a record 38% in 1989. This a sign of growth that is right around the corner, requiring millions of dollars for the infrastructure needed to deliver power to new customers. To help finance these needs, and to share its success with customers, OUC is selling $250 tax <xempt municipal mini-honds in the '90s. It is the first municipal utility in the state and [ '
$. among the first in the nation to sell bonds in small denominations the grassroots customer f [ can afford.
OUC also plans to vacate its Lake liighland facilities eventually as it establishes more operations and service centers closer to customers Thus, it is studying ways to use the pro-perty to benefit its customers while enhancing the renaissance taking place at Downtown f a 1
- 7. * . Orlando's Northern Gateway.
[ i There appears to be no end in sight to the economic progress and growth here. Ilut, the
" big picture" vision, the sound business acumen, and the creative planning that have always s ;
_k kept OUC " ahead of the curve" will continue to do so throughout the decade and into the 21st century. Looking to the far horizon, OUC is taking the "next steps" to provide
' b customers with reliable, adequate, and competitive energy and water resources. As always, it D .:
is planning for tomorrow as if it were today a , 1 2 18
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Sremens nf R R 1999 Managernent Q Tacodore C. Pope
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' Louis E, Stone
' 1989 Commission m ap q - Assistant GeneralManager Mernbers and Officers William 11. lierrington .-
James 11. Pugh,Jr. Manager; Electric Operations .
' Prvsident Jerry Chicone,Jr. A. Raymond Boyd,Jr.
September 30,1989 Manager 1 rater Operations First 11ce Prvsident . Royce B. Walden Stephen P. Willis Second l' ice President Manager CustomerRelations a uppt Opuons Susan T. McCakill Commissioner Richard D. Brown Managet Finandal0pem#ons Bill Frederick Major-Commissioner Donald E. Moore, afanager,StrategicOperations Theodare C. Pope Secretary Thomas B. Tart, Esq. General Counsel Louis E. Stone Richard Brown Betty J. Permw Tracy L Smith ' Sylvia A. Waldo Managing Director; Assistant Secretaries Communications 1989 Consultants Consulting Enginects v Black & Veatch ' Kansas City, Missouri Financial Consultants Fray Municipd Securities,Inc. W1nter ihrk, floutta Bond Counsel ' Greenberg, Traurig. Askew, floffman, Lipoff, Rosen
& Quentel, P.A.
Miami, Florida Independent Auditors ; Ernst & Young Orlands Florida 17 l
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,n , FUTILITY P! ANT-Note F. 1989L 1.988' -
. 'In service:
,, _ Balance Sheets f - Electric-Notes G and J , . . . . . . . . , ... ., ... $ 1,008,858,892 $ . 957,023,770.-
6 > September 30,1888 . Mter . .,,,.... ..... , .. . ..... .. ... 113,823,502-
, and1848' Common . . , , , .... . . . . ... .. 31,557,840 102,992,59,1
~ !
Allowances for depreciation and _ y amortization (deduction) . . .. -(247,842,072) ,'(219.022,288)-
' 906,398,162 862,749,084 T!
- Construction work in progress . . . . . . . 25,160,883 32,705,366 : !
/ 931,559,045- 895,454.450 ;
f RESTRICTED ASSETS-Notes 11 and D ' Debt service and related accounts . ... . . . .. I13,547,169' -167,084,144 - I 8,061,603 - 1,615,670-- ; Construction and related accounts . ... . . ,
- Renewal and replacement account . ........ .. ,, 25,076,479^ #22,042,291: g Customer meter deposits . .. . 8,625,313 6,882.045- .!
t 155,310,564' - 197,624,150 n l
' CURRNNT ASSETS 4
' Cash and irwestments-Note D. ... .. 17,629.450 ,25,802,856. J Customer accounts receivable, less allowance for doubtful accounts (1989-$667,411; 1988-$ 539,160) .. . 31,076,958 24,367,210; Accrued utility revenues . ... . 14,363,916' 14,758,1231 Fuel for genention . . . .. 8,615,350- 7,412,750 3
' Margin deposit on futures contracts . , , . .. 6,407,729' 1,899,791 i Materials and supplies , ,. .,, ,, 19,063,375- 14,477,958
- 3. Accrued interest receivable . . . 1,921,174 1,220,115 '
Miscellaneous receivables and prepaid expenses 4,269,432 4,848,910 m 103,377,384 -94,787,713 1 OTIIER ASSETS AND DEFERRED CllARGES lJ Self insurance fund-Notes C and D. . . 5,797,708 -5,432,770- ; Fuel cost stabihzation account . . . .. . 5,582,612 .) l Base rate stabilization account - , , . . ,, , 1,346,775 l Unamortized debt expenses . . 834,090 498,621 l L , , . Deferred compensation plan investments-Note il . 3,074,980 2,501;346-l l 16,636.195 8,032,737'
'Ibtal Assets 51,206,883,188 $ 1,195,899.050 -'
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. T CAPITA 11ZAT10N AND I.IABillTIES CAPrfAllZATION 1989 1988
' Equity:
Bolence Sheels Accumulated retained earnings: September 30,1989 Reserved for debt service - , ,
,S 85,132,558 $ 71,782,254
. and 1988 ' Reserved for renewal and replacement . 25,076,479 22,042,291
- Unresentd-invested in or designated for plant and working capital . , 152,570,404 151,491,244 262,779,441 245,315,789 Contributed capital 57,340,549 50,154,919 320,i19,990 295,470,708 1.ong. term debt-Note E:
Bond principal . 818,970,000 553,205,000 Unamortized discount (deduction) . (20,539,800) -(20,399.149) 798,430,200 532,805.851 Total Capitalization 1,118,550,190 828.276,559 CURRENT LIAlllLITIES-payable from restricted assets Accrued interest payable on notes and bonds . , 23,774,611 26,227,285 Current portion of long term debt-Note E . . 4,640,000 4,380,000 Bond anticipation notes-Note E . 64,694,605-Customer meter deposits and interest thereon . 8,625,313 6,882,045 37,039,924 102,183,935 CURRENT 1.lAllit.ITIES-payable from current assets Bond anticipation notes, net of unamortized discount of $181,071-Note E. , 229,724,324 Accounts payable and accrued expenses, 26,579,095 21,952,820 Collections on behalf of state and k) cal governments. 5,935,886 5,424,678 Due to the General Fund of the City of Orlando . 1,019,400 33,534,381 257,111,822 OTilER LIABILITIES AND DEFERRED CREDITS Fuel cost stabilization account i1,379,695 2,288,984
. Base rate stabilization account , 1,346,775 Customer water and electric line extension deposits , 1,957,243 3,536,404 Deferred competuation plan liability-Note H . 3,074,980 2,501,346 17,758,693 8,326,734 Total Liabilities '88,332,998 367,622,491 Total Capitalization and 1. labilities $ 1,206,883,188 $ 1,195,899,050 See notes to financialstatements.
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1989 1988 Operating revenues . . . . , . , $289,774,627 5244,516,879 Statements of Operating expenses: Fuel for generation and purchased power 102,944,877 77,340,353 laceme and Production . . . , , .. . 35,514,381 33,109,161
. Accumulated Transmission and distribution . . 10,075,903 9,545,340
- lietained Eamings . ,
Depreciation and amortization . , ... 28,134,975 26,415,010 harEnded September 30 Customer accounts . . . , 6,340.645 5,918,664 7 Customer service and information . , 1,586,283 1,750,888 - General and administrative . . . .. . .18,061,277 17,106,841 State utilities gross receipts taxes . . . ., ,, 3,211,778 2,902,742 Revenue based payments to the General Fund of the City of Orlando-Note 1. 9,050,587- 8,270,496 -
%tal Operating I!xpenses 214,920,706 182,359,495 Operating income 74,853,921 62,157,384 Non-operating income (Expense):
Interest income. , . , ., , 22,055,164 18,023,224 Other income . . . . 1,434,314 799,745 Interest expense . . . , -(68,620,952) '(61,688,466) Other deductions . (3.437,103) (3,554,053) Income llefore income Based P.tyments % ' _ _ The General Fund Of The City Of Orlando 26,285,344 15,737,834 - Income based payments to the General Fund of the Cict of Orlando--Note 1. . (10,212,000) (9,259,000) Net Income 16,073,344 6,478,834 Depreciation of contributed utility plant . 1,390,308 1,244,245 Increase in Accumulated Retained Earnings 17,463,562 7,723,079 Accumulated retained earnings at beginning of year . . 245,315,789 237.592,710 Accumulated Retained Earnings At End Of Year $262,779,441 5245.315,789 See notes to titunci.d sutements. i 1 23
C SOURCE OF FUNDS 1989 1988 Net income. , , ,, , , $ 16,073,344 5 6,478,834 Charges to operations not requiring current ggggg g ggggg - outlay of working capital; Depreciation and amortization of O Fhuchi Positim . 28,134,975 26,415,010 plant charged to operations ,
.M bded Depreciation and amortization charged to fuel costs ,, 3,226,630 3,717,393 SeWW 30 Depreciation of vehicles and equipment charged to general and administrat ve co<ts , 933,643 895,470 Amortization of bond discount and expenses related to long term debt . 1,513,722 1,655,705
'Ibtal Frorn Operations 49,882,314 39,162,412-Contributed capital . , , 8,575,938 10,727,246-
- Increase in current liabilities-restricted ,
58,682,241 Decrease in restricted assets . , , 42,313,586 57,920,045 Increase in other liabilities and deferred credits. 9,431,959 . 919,589' increase in long term debt-net . 266,276,695 374,480,492 167,411,533 APPLICKFION OF FUNDS Additions to utility plant-net , 68,399,843' 68,184,711 Reduction of long term debt-net , 298,798,929 increase in other assets and deferred charges 8,769,526 338,345 Decreaw in other liabilities-restricted 65.144,011 14?,313,380 367,321,985. Increase (Decrease) In Working Capital $ 232,167,i 12 $(199,910A52) CHANGES IN COMPONENTS OF WORKING CAPITAL increase (decrease)in current assets: Cash and investments . , , $ (8,173,406) $ 16,250,460 Customer accounts receivable-net 6,709,748 6,336,651 Accrued utility rewnues . (391,207) 1,495,63i Fuel for generation . 1,232,600 1,161,396 Margin deposit on futures contracts . 4,507,938 1,899,791 Materials and supplies . 4,585,417 5,402,180 Accrued interest receivable . 701,059 333.000
- Miscellaneous recch2bles and prepaid expenses (579A78) 2,353,597 8,589,671 35,232,7(Xi increase (decrease) in current liabilities:
Bond anticipation notes . . . (229,724,324) 229,724,324
' Accounts payable and accrued expenses. 4,616,275 5,065,319 Col!ections on behalf of state and local governments . 511,208 540,782 Due to the General Fund of the City of Orlando . 1,019 A00 (187,267)
(223,577 A41) 235,143,158 Increase (Decrease) In Working Capital $232,167,i 12 $(199,910A52) See notes to financialstatements. 21
E ' M c ! j. I gll NCyl'E A-
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES ~ The financial statements of the Orlando Utilities Comrcission are presented in conformity with generally - accepted accounting principles as applicable tc governments and substantially in conformity with accounting
~ Neles to Financial principles and methods prescribed by the Federal Energy Regulatory Commission (FERC) and other regulatory
'Statentents authorities except for the method of accounting for contributed capital described in the notes to financial-Septoniber 30,1989 statements.
, . The following is a summary of the more significant accounting policies:'
Reporting Entity: The Orlando Utilities Commission (the Commission) was created by a Special Act of the Florida State Legislature as a statutory commission. The Commission consists of five members, including the
- Mayor < ' the City of Orlando. Members, with the exception of the Mayor who is an ex officio member of the Commission, serve without compensation, may serve no more than two consecutive four gar terms and new members are selected in the following manner. The Nominating Board of the City of Orlando submits the names of three persons to the Commission for consideration. Tne Commission may nominate one of these persons or reject all three. The nominee is then subject to election by the Orlando City Council.
, The accompanying financial statements present the financial position, results of operations and changes in -
financial position of the Commission, in accordance with the National Council on Governmental Acccanting (NCGA) Statement No. 3 and affirmed by the Governmental Accounting Standards Board. The reporting entity of the Commission includes the operation, management, and oversight responsibilities of the electric and water sptems of the City of Orlanda Oversight responsibilities include but are not limited to financial inter dependency, selection of governing authority, designation of management, ability to significantly
. influence operations and accountability for fiscal matters. Payments to the City of Orlando are based upon a unilateral policy estabhshed by the Commission (see Note 1). The City of Orlando has been excluded from these financhl statements since it has no operational, managerial, budgetary involvement or fiscal responsibility for the Commission. No other component units exist in which the Commission has any oversight responsibilities which would require inclusion in the Commission's financial statements.
Measurement focus: The Commission operates the electric and uter systems of the City of Orlando in a mannet similar to prhate business; therefore, operations are accounted for as an enterprise fund where costs (expenses, including depreciation) of providing services to customers on a continuing basis ; recovered through user charges:
~
Basis of Accounting: The Commission's financial statements are prepared on a full accrual basis of accounting with revenues being recognized when earned and expenses recognized when incurred. Budgets: Revenue and expense budgets are prepared on an annual basis in accordance with the Commission's bond indentures and submitted to the Commission for approval prior to October 1 of the fiscal year. I.egal adoption of budgets is not required. Actual revenues and expenses are compared to the budgets on a hne item basis within departments and an analysis of variances report is prepared and submitted to the Commission each month as required by bond indentures. Ut/lity Plant: Utility plant is stated at historical cost which includes cost of contract work, labor, materials - and allocated indirect charges for equipment, supervision and engineering and labor related costs. Donated assets are recorded at the cost provided by the developer which approximates fair market value. The Commission charges the cost of repairs and minor replacements to maintenance expense. The cost of electric or water plant retired or otherwise disposed of, together with removal costs less sahage, is charged to accumulated deprecia-tion at such time as property is removed from service.
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SUMMARY
OF SIGNIFICANT ACCOUNTING POI.lCIESi-Continued The following fs a summary of utility plant at September 30,1989s by major classes: s
- h Notes O Fhiancial ' Electric ~ Vbter Common ' Total '
- Stal8HleRl3. . , land ,,,i. ., '.$ '17,944,033 $ :424,08l' $ 1,738,597 ' $: 20,106,7.11 p 30,1989 . Elebtric generating g ggggggggg .' plant E, ,,', . 741,223,262 741,223,262
. 4hter wells . . . . . . -7,311,712'. 7,311,712' Structures and . . . .
Improvements . , .. '22,110,796
.3,829,185 , 10,634,790 36,574,771 Equip' ment '227,580,801-
. 102,258,524' ~ 19,184.453' 349,023,778' 7 .
1,008,858,892 113,823,502 .31,557,840 , 1,154,240,234 Less allowances foi ' depreciation and 1
-amortization - .. .208,881,579 . 25,982,128 - 12,978,365.. '.'247,842,072 k- , ' Construction work
~
in progress. 19,578,583 ' 4,851,017 731,283 25,160,883.
- Net utility plant ,' 5 819,555,896 ' $ 92,692,391 $ 19,310,758 i 5 931.559,045 :
'i The following is a summary of changes in utility plant: d c .
Balance .. Balance 1 6 September 30 . September 30 1 1988 Additions Deletions 1 .1989- H 1
~. I.and . ., ,,, , . $ ,20,004,310 '$- -102,4011 $ ' 20,106,711 j Electric generating l .!
plant . , , , , 702,518,335 45,632,927 $ 6,928,000 L741,223,262 .j Water wells '. . . 6,244,448- 1,067,264 .7,311,712 ~1 Structures and 1 improvements . 35,225,156 .1,349,615 .36,574,771 l j Equipment . 317,779,123 49,587,655 18,343,000 349,023,778 1 a 1,081,771,372 97,739,862 25,271,000 1,154,240,234: !
. Less allowances for : .
depreciation and .. _
;l amortization , , . 219,022,288 32,295,248 3,475,464 247,842,072' Construction work . i in progress. . 32,705,366 64,288,384 71,832,867 25,160,883 ]i Net utility plant . $ 895,04,450 $ 129.732,998 $93,628,403 5 931,559,045- !
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P 4 L NOTE A-
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES-Continued Depivclation: Utility plant is depreciated using the straight line method for each of the various plant classi-fications at rates which will amortize the costs over the estimated economic useful lives of the assets. Depreciation Notes to Financial ~ of vehicles and other construction equipment is charged to departmental operating expenses or construction Stalgenents work in progress. Amounts for all other assets are charged to depreciation expense. The estimated useful ines of SepteenW 30,1989 utility plant are as follows ' Cent!nued Electric Plant Generating Plant: Fossil 30-40 years Nuclear ' 30-36 3rats .
. Structures and improvements 30-50 years Equipment 6%-50 years Water Plant:
Water wells 25-50 years Structures and improvements 50 years Equipment 6%-50 years Common Plant: Structures and improvements 50 years Office equipment 14% years whicles and other construction equipment 5-30 years Cash anel Investinentsr The Commission maintains cash in demand accounts. Imestments are recorded at cost. Florida statutes and applicable debt resolutions authorize the Commission to imest its investments in obligations of the U.S. Treasury, the Federal Farm Credit Banks, Federal llome 1.oan Mortgage Corporation, Federal llome Loan Bank or its district banks, including luleral llome 1.oan Mortgage Corporation participation certificates, or obligations guaranteed by the Government National Mortgage Association. The Commission is : also authorized to invest in municipal obligations. In addition, the Commission may invest m interest bearing
- time deposits or savings accounts of Florida or national banks and savings and loan associations provide j the deposits are collateralized by federal government securities.
Additionally, Florida statutes and applicable debt resolutions permit the Commission's investments to include repurchase agreements; that is, a purchase of securities from authorized dealers or banking institutions, with a simultaneous agreement that the dealers or banking institutions will repurchase them in the future at the same price plus a contract rate of interest. The market value of the securities underlying repurchase agreements not-mally exceeds the cash received, providing a margin against a decline in market value of the securities. Except for owrnight repurchase agreements, securities underlying repurchase agreements are held in Commission accounts by a third party. If the dealers default on their obligations to repurchase these securities from the Com-mission, the Commission would suffer an economic loss equal to the difference between the market value plus accrued interest of the underlying securities and the agreement obligation, includmg accrued interest. The Commission has established that authorized dealers are primary dealers as defined by the Federal Reserve Bank and report to the Securities and Exchange Commission and authorized banking institutions are limited to the fifteen largest U.S. banks. Custorner Accounts Receirable: The Commission bills customers monthly on a cyclical basis and accrues revenues at the end of the fiscal year for energy and water consumed but not billed. Fuelfor Generation ant! Materlais anti Suppiles: Fuel oil, coal and materials and supplies inven-tories are stated at the lower of average cost or market. Nuclear fuel is included in electric utility plant and . amortized to fuel cost over the estimated usage of the fuel. 24
n - i f NOTE A-
SUMMARY
OF SIGNIFICANT ACCOUNTING POlilCIES-Continued
- futures Contracts: Since 1987 the Commission has entered into oil futures contracts to offset the price .
fluctuations of anticipated future acquhitions of fossil fuels The Commission had a $6,407,729 and $1,899,791 L
, Notes to Financial margin deposit on open futures contracts with an orig nal cost of $10,274,280 and $11,445,370 and a market 4 , Staternettis > value of $11,379,840 and $10,368,500 at September 30,1989 and 1988, respectively.
Sollteintler 30,1989 The difference between the original cost and market C of $1,105,560 and ($1,076,870) on open futures con-Centinued tracts at September 30,1989 and 1988, respecthrly as well a3 net realized gains of $4,557,197 and losses of ;
~ $10,982 on ck> sed futures contracts during the years ended September 30,1989 and 1988, respecthrly, have
/ been recognized through the fuel cost stabilintion account. See " Rates and Revenues" below. , Contributed Capital: The Commission considers amounts received for construction of utility plant and utility plant contributed by developers as capital contributions. Accordingly, these capital contributions are added to plant assets and are treated as a separate component of Commission capitahzation, Depreciation applicable to ' , contributed utility plant is included as an operating expense in determining net income and is subsequent!; charged against contributed capital from accumulated retained earnings. Debt Discount and Expenses: Debt discount and issue expenses are deferred and amortized to opera-tions over the lives of the related issues using the bonds outstanding method of amortization. Rates and Re enues Each year, the Commission's staff performs a rate adequacy study to determine the . electric and water revenue requirements. Ilased on this study, current cost of service studies, and regulations of the Florida Public Service Commission regarding electric " rate structure", the Commission's staff develops its electric j and water rate schedules which are presented to the Commission at a public workshop and then presented for . their approval at a public hearing. The Commission's staff makes its determination of revenue requirements using the rate base method and ,
. includes construction work in progress in the rate base. Therefore, in accordance with proper raremaking theory, the Commission does not use an allowance for funds used during construction (AFUDC) in determining revenue requirements. Since the Commission's level of revenue requirements and subsequent revenue is determined without regard to AFUDC, the Commission does not capitalize interest on construction work in progress Operating revenues are recorded based on actual billings to customers plus an estimate for accrued unbilled .
electric and water consumption at the end of each fiscal year. , The Commission has established a policy or recovery of fuel costs in accordance with guidelines from the Public Utilities Regulatory Pohcies Act of 1978 (PURPA). Under PURPA only fuel costs incurred are to be recovered. The Commission estimates on an annual basis a fuel component charge to be applied durin'g the next fiscal year. The difference between the fuel costs actually charged to the customers and the fuel cost actually incurred is applied to the fuel cost stabilization account. During the process of determining the fuel component the Com-mission determines what portion of the fuel cost stabilization account will be utilized. Effective fiscal year 1989, costs (revenues) which are to be recovered by (used to reduce) rates in periods other than when incurred (reahzed) are deferred until the periods in which the Commission recognizes them in utility rates, These items are included in the base rate stabilization account. Specific Commission approval is required for all increases or decreases to this awount. The balances in the fuel cost stabilization account and the base rate stabilization account are funded by internally , restricted cash accounts and earn the same interest rate as the Commbsion's operating investment portfolio. Contpensated Absences: The Commission records compensation for unused vacation and sick leave as y an expense in the year in which the vacation and sick leave is camed in accordance with NCGA Stttement 4. At September 30,1989, annual vacation leave earned but not taken was $885,997 and sick leave accumulated but not taken was $1,697,197. When operations and scheduling permit, compensatory time to ofbet overtime hours may be granted through mutual agreement between the employee and his supervisor. A maximum of 40 hours compensatory time may be accrued and carried over from pay period to pay perk >d. Compensatory time is expensed in the period earned. At September 30,1989, the liability was $48,080 25 c
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- NOTE B-RESTRICTED ASSETS . ' ~
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, , Certain assets are restricted by bond resolution; additionally, some assets have been classified as restricted in ' * , e ..m .
accordance with governmental accounting standards for enterprise funds and utility industry accounting practices. > M Notes te Financial 1 . The Commission's restricted assets consist of the following acco'unts:-
~ d Statements s 1939 1988 ' '
l
; f , f September 30i1989: ' Debt service and related accounts-Note E: . . .. N /' gggg,,,p . Investment account ,
1 Principal and interest accounts ! , .
. . . . , .\ ..o
. ~ $ 18,208,404.
29,126,605
$ = 13,646,191 :
. 27,563,477
}
* }
Debt service reserve accounts :, ,,,,, . . ...,, . . .. 66,212,160 : 81,557,0731 i 4, _ G 19858 bond anticipation note capitalized interest account . 44,317.403' 'i s 113,547,169 - 167,084,144 ~ 94 Construction and related accounts: #
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' Nuclear generation facility decommissioning accounts , ,,.. 2,562,164 1141E,670 [
1989C bond construction account . . . . . 5,499,439 ' , 8,061,603 1,615,670 i O ,
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. Renewal and replacement account ...... .. '25,076,479' 22,042,291, Customer deposits and interest thereon . 8.625,313 '6,882,045 . .
_? 33.701,792 28,924,336 ".
$ 155,310,564 $ 197.624,150 '
- 3
" The accounts consist of: '
, Cash , , .... ,, . . .. . .. .. ,.$- 114,629 .$- .
1,224 : , y . Investments
. ,, , , . . . , 148,763,034 -192,271,707- j interest recchable . 6,432,901 5,351,219 : j
'+ $ 155,310,564 $ 197.624.150 , ;i f 9 NOTE C-SELF-INSURANCE FUND s a
' Effecthr November 1,1986 the Commission implemented a self4nsurance program to cover a portion of its :
workers' compensation, general liability and automobile liability exposures. During 1989, $117,688 was expended .
. ' for claims and $482,626 of interest income was added to the fund. Claims expense and interest income for 1988 - _
-were $84,842 and $364,396, respecthrly; Under the self4nsurance program the Commission is liable for all . l claims up to certain maximum amounts. Claims in excess of the maximum amounts are covered by insurance. !
, The maximum amounts dre as follows: i Workers' compensation' $250,000 l '
Generalliability .500,000 Automobile liability . 500,000 j
, Total claims incurred but not reported at year end were estimated to be less than $5,000.'It is the opinion of - ,
general counsel that the Orlandc Utilities Commission, as a statutory Commission may enjoy sovereign immunity [ in the same manner as a municipality, as allowed by recent Florida Courts of Appeals rulings. Under said rulings, j i9 W Florida Statutes limit liability for claims or judgements by one person to $100,000 or a total of $200,000 for the. ;
, , . same incident or occurrence; greater liability can result only through an act of the Florida !.cgislature. Further- l more, any defense of sovereign immunity shall not be deemed to have been wahrd or the limits of liability L increased as a result of obtaining or providing insurance in excess of statutorial limitations. It is also the opinion '
of general counsel that the Commission, as a municipal utility, is statutorily immune from suit for malicious prosecution. C, ! (! t , ._
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' , v:- .f NOTE D-CASil!AND INVESTMENTS 5V '
eat September 30,1989 and 1988, the carrying amount of the Commission's cash was $218,696 and $1,024,151,1 respecthtly, and the bank statement balances were $362,449 and $577,193, respectively. The bank balances l M Notes to Financial: twere covered by federal depository insurance or collateralized by a pool of U.S. Government securities held in . Statelseats) . Ltrust b'yanother bank in the name of the Commission's banking institution. The Commission's investments are - [ (Sepleinber 30,1989- summarized and' categorized below to give an indication of the level of risk assumed by ths Comraission at L
- September 30,1989 and 1988. Category 1; includes investments that are insured or registered or for which the :
g securities are held by the Commission or its agent in the Commission's name.
, m " (, : Category 2 includes uninsured and unregistered investments for _which_ the securities are held by the bank's .
', ? - trust department or agent in the Commission's name. Category 3 includes uninsured and unregistered inwstments
- for which the securities are held by the bank's trust department or agent but not in the Commission's name.
, Margin deposit on futures' contracts and deferred compensation plan benefit investments are not categorized i
- j. "#
!- because they are not evidenced by securities that exist in physical or book entry form.
Category Carrying l 1 Market' -q
'Y 1 2- 3 Amount ' Wlue i d.' w September 30,1989 1~ Investmentsi t U.S. government ,
_ securities . .$ 142,567,859 . $ 142,567,859 . $ 148,457,766 ' L Other U.S. backed __ L... ' securities . I6,072,403 ' . 6,072,4034 6,066,7860 , d* - Repurchase . agreements . . 29,015,326- s 9,600,000 - - 38,615,326 - 38,615,3261 , Cash clearing ,
- account 5177,655,588 ' ~ $ ---
'114,629 5 9,714,629
'114,629 '114,629'-
$187,370,2171 $193,254,507'
] '
September 30,1988 investmentsi . U.S. government securities- 5148,441,957 $ 148,441,957 $ 153,965,626 q Repurchase j
, agreements. . 40,500,000 $ l l,165,000 51,665,000 51,665,000: J Municipal- h obligations . 28,947,559 28,947,559 . 28,947,559 1
__n jl u Cash clearing . account .~ 1,224 1,224 1,224' Ei
> $217,889,516 5 - _ $ 11,166,224 5229,055,740 - $234,579,409 These investments are held in the following accounts:
c h September 30 1989 1988t Restricted assets . . . ., , , $ 155,310,564 $ 197,624.150 1 Cash and investments , 17,629,450 $5,802,856 i , , , , ,
-l 1,921,174 1,220,115 Accrued interest receinble . . , ,
Self insurance fund . . . , , , 5,797,708 5,432,770 q Fuel cost stabilization account , 5,582,642 Ilase rate stabilization account 1,346,775 187,588,313 230,079,891 , i f.ess: Cash . . 218,096 1,024,151
$ 187,370,217 5229,055,740 i
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s M M.During 1978;the Commission provided for the adunce refunding of all of its 5123,325,000 water and electrid? 1 A.4 4 _ revenue bonds (Refunded Bonds) outstanding at April 1(1978 by the sale of $110,330,000 Water and Electric , l B M'Elleles to Fhamelal0
& Rewnue Refunding and improvement Bonds, Series 1978 and $94,650,000 Special Obliption Bonds, Series 1978/ *q i s./Sepleelber ' ' N E38(1989 S : . l The Refunding and Improvement Bonds werefsubsequently advance refunded in December 1985(From the 1, , -
- prodeeds of the sale of the two 1978 issues, monics were invested in United States obligations in an irrevocable ; ,
keelhised, ; Escrow Deposit Trust Fund. Such United Sutes obligations mature at such time so as to provide sufficie'nt funds !); , ' 4
, K fo'r the payment of maturing principal and interest on the Refur,ded Bonds All interest camed or accrued on n
] g y' ,$ [~
@q
. the United States obligations has been pledged and will be used for the payment of the principal and interest on; , 1
~
' ' f J the Special Obligation Bonds, Series 1978 3Thd Refunded Bonds are treated as extinguished debt for financial ,
3 [F l ' s reporti:ig purposes, were removed from the balance sheets and have a remaining principal balance of $73,050,000( 4 h(,' "
.. ist September 30,1989.1
' L( December 1983, the Commission providEd for the advance refundmg Q"W 6
bonds then outstanding in the aggregate principal amount of $$77J30,000 (Refunded Bonds) by the sale of ' . Wl 4 s $565A40,000 Water and Electric Revenue Refunding Bonds, Series 1985 (5950 million authorized and. nlidated ~ 4 gy j . and confirmed by the Supreme Court of Florida), Sale proceeds were' invested in United States obligations in an J i Jirrevocable Escrow Deposit Rust Fund. Such United States obhgations will mature at such time and in such ' + - ' d C[ ,
. . amounts so as to provide sufficient funds for the payment of maturing principal and interest on the Refundedy ,
j Bondi The Refunded Bonds are treated as extinguished debt for financial reporting purposes, were remowd ; 9
~
' from.the balance sheets and h!we a remaining principal balance of $562,550,000 at September 30,1989; . y
~
The outstanding bonds are payable from and secured by a first lien upon'and pledge of the net rewnues - ., lg
' %j , '
; derhed by the Commission from the operation of the water and electric sprem and from imtstment income : , l em earned on monics and obligations in certain. sinking fund accounts. , '
,. q s ; The Commission has covenanted in the senior bond resolution to fix, establish and maintain rates and collect i 9 M, m ?.7Q*. '
L fees, rentals or other charges for the services and facilities as will alwap provide in each fiscal par net revenuesi M s .which shall be adequate at all times to pay in each fiscal year the sum of at least one hundred twenty-five percenti j (125%) of the annual. debt service requirement on the outstanding bonds and that net revenues shall be suffic 4 h, , fcient to make all other payments required by the terms of the senior bond resolution. . ."g U- LThe senior bond resolution establishes the Rewnue Fund Account, Renewal and Replacement Fund Account. d O . and Sinking Fund Accouni, which is comprised of the interest, Principal, investment,' Bond Redemption l Debt
' Q
@ , ; Service Reserve and De'marid Charge Component accoutits. ..
,.] In accordance with the senior bond resolution, gross revenues deriwd from the operation of the water and M
.. electric sptem are to be deposited in the Revenue Fund and shall be applied only in the following mannerc e} a 1
.l. Revenues are first to be used to. pay the current operating expenses of the water and electric system and(
!yg' -m
- 2. The balance of any revenues remaining in the then all Sinking Fund and Renewal and Replacement Fund requirements.
# '~ '
, ; (i) for any lawful purpose in connection with the water and electric system and (ii) to make any payments.~
3
, of funds to the Ci'y of Orlando; provided however, that none of the revenues is ever to be used for the j purposes described in (i) and (11) unless all payments required in (1) above, including any deficiencies for . j prior payments, have been made in full to the date of such use, and the Commission shall have fully com- q Jf' 1 , plied with all covenants and agreements contained in the bond resolution; j
$N Also, in December 1985 the Commission issued $29M00,000 Series 1985B Water and Electric Revenue Bond ' j (M_. ;
+
. Anticipation Notes (BAN's). Proceeds of the Series 1985B BAN's together with other available funds, ivere used to refund the principal and accrued interest of the Series 1985A BAN's, to fund all the interest requirements on :
, the Series 1985B BAN's and to establish a debt service reserve fund for the Series 1985B BAN's. The Series !
1985B BAN's matured on May 31,1989. The Series 1985B BAN's were paid by the proceeds of the' Water and ! Electric Subordinated Revenue Bonds Series 1989A and from the Series 1985B BAN's capitahzed interest account - 4 and debt services reserve account. in March 1989, the Commission issued the Water and Electric Subordinated Revenue Bonds Series 1989A (Series 1989A)in the amount of $24I,905,000 to pay a portion of the Series 1985B BAN's maturing in May 1989. The balance of the Series 1985B BAN's were paid off using funds in the 1985B BAN Capitalized Interest and
- Debt Sersice Reserve accounts. hi May 1989, the Commission issued the Water and Electric Subordinated Revenue Ikmds Series 1989B (Series 1989B)in the amount of $241,905,000 to pay the principal portion of the Water and Electric Subordinated Revenue Bonds Series 1989A. The Senes 1989B bonds are variable rate. Rates -
y , i during 1989 ranged from 5.5% to 6.45%
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- . NOTli E--LONG TERM .DElfr-Continued s
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o ;ln August 1989, the Commission issued the Water and Electric Subordinated Revenue Bonds Series 1989C 1, [/- ( _ + . . . . (Series 1989C)in the amount of $75,000,000 to refund $46,500,000 of the Series 1989B and to undertake certain: filetes le Haascial . c capital improvements to the rater and electric system. From the proceeds an amount sufficient to pay the prin.
~
' =
Staleinents . cipal and related interest of the refunded portion of the Series 1989B Bonds was im'ested in United States ; Septenitor 38,1989 obligations and irremeably deposited into an escrow account.' All of the $46,500,000 in 1989B Bonds refunded
?were still outstanding at September 30,1989 and v,ere redeemed in October and November 1989. The refundt
- ~ ing resuhed in an accounting loss of $209,199 and is reuected in other deductions on the statement of income and accumulated retained earnings. The purpose of the refanding was to reduce the Commission's exposure to -
"3 ' '
interest rate fluct'uations by reducing the amount of variable rate debt outstanding (Based on the performance of '
! het 1989B bonds, there is no material change in debt service. 7 F s The remaining portion of the Series 1989C Bonds are payable from and secured by a lien upon und a pledge a of the net revenues derived by the Commission from the operation of the water and electric system and certainj 4 1 frwestment income, subject to the prior tien taereon of the Commission's outstanding senior debt obligations :
O (Water and Electric Revenue Refundmg Bonds, Series 1985). . .
> The Commission has covenanted in the junior tien bond resolution to fix, establish and maintain such rates - '
and collect such fees, rentals or other charges for the services and facilities as will alup provide in each fiscal year, net revenues which will be adequate after the ' deduction d amounts required to be deposited from net ' q 3_, . revenues in each fiscal year to provide for the annual debt service requirement for senior debt obligations, to w fund any debt service reserve requirement for such senior debt. obligations and to make any required deposit L
- to other funds and accounts established under documents evidencing or servicing senior debt obligations at ally times to pay in each fiscal year the sum of at least (i) one hundred percent (100%) of the annual debt service .
' requirement for the bonds issued pursuant to the Resolution and any pari passu additional bonds hereafter issued
- for the then current fiscal year and (ii) one hundred percent (100%) of the amount required to be deposited into ' j 3 the Demand Charge Component Account for the then current fiscal year, and that such net revenues will be e
'l sufncient to make all other payments required by the terms of the Resolution and that such rates, fees, rentals -
. or other charges shall not be reduced so as to be insufficient to provide adequate revenues for such purposes. =
The junior lien bond resolution establishes the Sinking Fund which includes the Interest, Principal, Bond
. Redemption and Demand Charge Component Accounts. In accordance with the resolution revenues are to be"
.p applied in accordance with the senior bond resolution and then to be applied to theJunior Lien Sinking rund J
, accounts. ~
)
In addition to the authorized but unissued 1985 bonds of 5384,960,000, the Commission has also been q authorized to issue an additional $955,000,000 of bonds for a total of $1,339,960,000 to tie used for refundmg :
. or other designated purposes. 1 The Commission has no material operating or capital leases. .
~ Bonds and Bond Anticipation Notes principal outstanding is as follows:
~
September 30 1989 1988 i Bonds: Series 1985,5.25%-8.625% due serially 1986 to 2000 and in term form from 2002 to 2010. . . 8553,205,000 '$557,585,000 Less current portion of long-term debt ' , 4,640,000 4,380,000: ; Long term portion of Series 1985. . . .. 548,565,000 ' 553,205,000 Series 1989B, variable rate duc 2023 , .o . -195,405,000 Series 1989C,7.00% due serially 20lt.to 2015 and in term .. form 2023. . . '75,000,000 ] 818,970,000 553,205,000 I
- - Bond Anticipation Notes
', . Series 1985B unit priced demand adjustable notes due May 31,1989. . . , , , 294,600,000 Less current portion of long-term debt . 294,600,000 8818,970,000 $553,205,000 20 3 1
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' ' fNOTE 1% LONGTERM DElf!'-Continued:
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- Following is a schedule of annu'al principal and interest sinking fund requirements OnWrevenue bonds outstand- ;i S ; E.P e-< 7 :' . ? ing at Septernher 30,1989f
~
U b(+ , h 10 MMClal:: 5.ar' f Debt service for fi5ebt servich for L c i>ebt service for - , .j 4 'u h3 . . . . . . Ending .: : Series 1985 Ilonds ' ; . c. Series 1989B Honds 1 Series 1989C Bonds L f 4 +,.;
- Wher 30,1989L M8eP'? 3 "'inc'P"3 ' ' a'c'c5' - P'ine Pd' - ' 3"'e'e$t0 5 ' P' "c'P"' ~ 3 a'e5' - ' S'a '
y , jl990ll$ 4,955l000L $ 45A66,023 ' ,
> $ ;12,701,32 5. ; * $ J,250,000 Sp. 68,392,348 f ijfg 6 < n y,,y ,
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'1991-1992:
1 5,295,0001 5 5c .
'45,139,173) 12,701,325
- 12,701,32$ J s 5,250,000; '68,385,4984 4,
,595,000 } 44,757,933 j 68,304,258f j
.5,250,000;
@lE -1993h 10,105,000 ' 44,343,903f '
~ 12,701,325 ? ,5,250,0003 e 72A00,2285J
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- .1994; -I3,895',000' 43,575,928 ~ 12,701,325 J 5,250,000 - ! 75A22,248 $9
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.1995< '14,975,000 l 42A99,060 . 12,701,325 -
..5,250,000 j i 75A25,385.; Pj
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- r 11996i (16,150,000i - 41,316,035 : l 12,701,325' L 5,250,000 l %75A 17,360 l Ij # , '
1997 [17A65,0bO. . 40,007,885 12,701,325'. . 5l250,000 L E75A24,210 i j$* 1998[ "18,910 000: 38,958,290. - 12,701,325 = 5,250,000 ~ 75 A19,615; i M > ' 19W - 20,495,000- = 36,969,850 : :12,701,325 5,250,000: , 75A.16,175 .; -: ). p, 1 2000 , 22,245,000' , 35,227,775 ;12,701,325 l 5,250,000 i 15A24,100i o b '2001. 24,135,000- 33,336,950' - 12,701,325 g 5,250,000 f Y5,Al23,275 i k , 2002 26,210,000 , L 31,255,306 ' . 12,701,325 > 5,250,000 D E75,316,63!(j pp :2003' 28A80,0mL 28,991,694 '12,701,325- 15,250,000.; 75A26,019f C % ' j, .. q % o_. 12004L 30,930,000 - 26,538,294 12,701,325: - 5,250,000' . 75A19,6,19, d
. - .. , m 3
> i:E 2005 71,685,000 23,870,581: 12,701,325. - 5,250,000 L i i 3,506,906:- 4
'2006 36,6.io,000 17,687,750. '12,701,325 5,250,000 72,279,075 % '
2007 39,755,000 14,573,350 12,701,325 5,250,000 72,279,675';. [ ' ;2008 - 43,135,000 t 1[194,175 ,12,701,325 5,250,000 i 72,280,500 : / k 12009 46,800,000 ' 7,527,700 - 12,701,325I 5,250,000 ~ ' 72,279,025 ' il
- 5,250,0009 172,211,o2 [ #
1 r , :2010 - 50,710,000 < 3,549,700 L12,701,325 ra p z 9- 2011 $ , .9A35,000 - ~ 12.701,325 l $ - 3,725,000 5,250,000 .
. .31,11,1,325 } g V -2012 ' 10,135,000 12,088,050 - ;3,985,000 - : 4,989,250 c '31,197,300 61
+1 -2013 10,890,000.[ : I $29,275 - 4,265,000 .N,710,300 31,29, d. 75 h v 2014 - 11,700,000 10,72 t A25 - i4,560,000 - 4 A1IJ50 ' .'31,393,175 :
- it,092,550 ; '. 31.503A75[
, 2015 -
12,570,000 . "9,960,925 4,880,000-s '2016 13,500,000 9,143,875 5,225,000 . 3,750,950 31,619525 '. }
!'. , 2017 14,505,000' .8,266,375 15,590,000: 3,385,200 E31,746,575 -1
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..- 2018 '15 580 000 7,323,550/ 5,980,000: a m"
' 2)993f)00 31/77A50 ;3 W 2019 '16,740,000. 6,310,850 . 6A00,000 4 2,575,300) :32,026,150 '
M i2020 17,980,000- ' 5,222,750 ' 6,845,000 22,127,300 : 32,175,050 L
, (,
2021. 19,320,000 4,054,050 7,325,000 l 1,648,150, 7 32,347,200: s 2022:: 20,755,000 ~ 2,798,250 .. 7,810,000 1,135 A00 ; 32,528,650 s M: T '023 22,295,009 ' I A49,175 ~ 8,380,000 586 M0 32,710,775 q(E $548,565,000 $656A10,350 $ 195d05,000 $368,197,700 : $ '75,000,000 $ 151,906,650 l $ 1',995 A84,700 Q- 4 ll 1
- 0) Assumes interest rate of 6.5% on Series 198911 llorals q 1
W" " : i . - j l^ . For the 1985 and 1989C Bonds, interest is papble on April I and October I with principal payments due On1 j October 1, The 1989B Bond interest and principal have varying due dates. 1 w, y I o t
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a a NOTE F-l%RTICil% TION AGREEMENTS in 1980 the Commission entered into a Participation Agreement with Florida Power and Light Ccmpany (FPL) to purchase a 6.08951% (52 net megawatts) undivided ownership interest in St. Lucie Unit No. 2 nuc!aar powered Notes to Financial electric generating facility constructed by FPL This unit is presently rated at 853 net megawatts (MW) and com-
- Statements menced commercial operation in 1983. The Commission has also entered into a Reliability Exchange Agreement September 30,1989 with FPL The Reliability Exchange Agreement results in the Commission exchanging 50% of its share of the output from St. Lucie Unit No. 2 for a like amount from St. Lucie Unit No.1, a nuclear powered electric generating Conthed facility. FPL has operational control of both projects.
The Commission also has a htticipation Agreement with the City of Lakeland, Florida dated April 4,1978-Under the terms of this Agreement the Commission has a 40% (136 net MW) u' n divided ownership interest in a 340 net MW refuse and coal-fired steam generating unit (McIntosh Unn Na 3) owned by the City of Lakeland. The City of Lakeland has operational control of this project. Since 1975, the Commission has owned a 1.6015% (13 net MW) undivioed ownership interest in Florida Power Corporation's 769 nel MW nuclear powered electric generating plant desigaated Crystal River Unit No. 3. This ownership interest was acquired undenhe terms of a single Particination Agreement with Florida Power Corpo-ration and ten Florida municipal utilities. Florida Power Corporation has operational control of this project. In 1984 and 1985, the Commission entered into Participation Agreements with Florida Municipal Power Agency (FMPA) and the Kississmec Utility Authority (KUA) to sell a portion of Stanton Energy Center Unit #1 (SEC 1) excluding common and external facilities. SEC 1 is rated at 435 net MW. Under the terms of these agreements, FMPA has a 26.6265% undivided ownership interest and the Kississmee Utility Authority has a 4.8193% undivided ownership interest. The Commission, which has retained a 68.5542% undivided ownership interest, has opera. tional control of this project. In 1988, the Commission entered into Participation Agreements with FMPA and KUA to sell a portion of the Commission's indian River Piant Combustion Turbine Project excluding corr. mon fdcilities. The Commission's Combustion 'thrbine Project includes two 48 MW combustion turbines which can generate electricity utilizing tutural gas or light diesel oil. The combustion turbines were placed in commercial operation, one on June I and another onJuly 1,1989. Under the terms of these agreements, FMPA has a 39% undivided ownership interest and the KUA has a 12.2% undivided ownership interest. The Commission, which has retained a 48.8% undivided ownership interest, has control of this project. Following is a summary of the Commission's proportionate share of each lointly owned plant. SEC 1, McIntosh Unit No, 3 and the Indian River Plant Combustion Turbine Project include the cost of common andbr extemal ' facilities. The other plants do not, but the participants pay user charges to the operating entity. According to the participation agreements, each participant must provide its own financing and each participant's share of expenses for the operations of the plants are included in the corresponding operating expenses of its own income statemera. Allowance for depreciation and amortization on utility phnt in service is determined by each participant based i on their depreciation methods and rates relating to their share of the plant. Plants as of September 30,1989 Stanton Indian River Energy Combustion St. Lucie McIntosh Crystal River Center Turbines Unit No. 2 Unit No. 3 Unit No. 3 Unit No. I A and Il Utility plant in service , $ 104.112,952 595,370,391 $ 14,236,108 5419,693,653 $ 12,195,619 Allowance for depreciation and amortization 25,882,833 21,936,603 6,294,221 22,811,786 112,977 Construction work in progress . 336,954 Commission's net share 5 78,230,l19 573,433,788 $ 7,941.887 $397.218.821 512,082,642 31
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. , i p NOTE F-PAllTICIPATION AGilEEMENTS-Continued it has been determined that none of the participation agreements to which the Commission is a party meet =
the criteria of a joint venture as specified by the NCGA Statement 7. The Commission lacks operational control Notes to Financial over the St. Lucie Unit No. 2, Crystal River Un4 Na 3 and ILicIntosh Unit Noc3 plants. SEC 1 and Indian Rhrt Sittements Combustion Turbines Project are controlled by the Commission. Fiscal and budgetary control of SEC 1 and the
.Setember 30,19811 Combustion Tuthines Project remains with the Commission. No separate governing authortry exists for any of Continued the participation plants. ,
The Commission also has an agreement with Orange County, Florida to share approximately 50% of the cost 4 l of a uste water treatment facility at the SEC i site. The Commission operates the facility. Effecthe July 1,1988,
. the County pays a 8520,000 annual fee for the operation and maintenance of the facility. The fee is subject to annual increases based upon inflationary factors and h subject to renegotiation within the form of the contract. i The annual fee is classified as a reduction to SEC 1 operating and maintenance expenses.
3 NOTE G-ELECTillC SUPPLY AGilEEMENTS f q Capacity Corninittnenir in 1985 the Commission entered into an agreement with the Florida htunicipal l Power Agency (FalPA) to provide FalPA with a total of 130 51W of the Commission's 645 htW generating' capacity i of the Indian River plant on a take or pay basis, Payment to the Commission is based upon a 21.65% share of l the cost of operation and maintenance of this oilpas fired plant. The contract's initial term began during 1986 ' and extends to 2001. FatPA has an option to renew the contract for an additional five years.
]
In.1989 the Commission also entered into capacity commitment contracts with FalPA and KUA for each to .
']
t receive 205tW of generating capacity of the Commission's Indian River generating plant on a take or pay basis. .! Afaintenance Exchange Service: An agreement between the Commission and the Seminole Electric f Cooperathr, Inc. (Seminole), effecthe January 1,1988, provides for energy to be supphed during planned or j forced outages at certain of the participants' ciectric generating plants, subject to proper notification and schedule . ! of energy needed from the supplying party. The agreement's initial term is five years, automatically extended for successive one year periods unless cancelled with one year's notice by the Commission or Seminole. Ilowever, ! the initial term may be cancelled by either party upon ninety days notice at any time betweenJanuary 1,1989 -! and December 31,1989. Transactions under this agreement are recorded as interchange sales er purchased power. I Florida Afunicipal Poner Pooh in h!ay 1988, an agreement was entered into between the Commission, l the City of Lakeland, Florida, and the Florida hiunicipal ibwer Agency's All-Requirements Project to cooperate in the interconnected operation of the respecthe electric supply systems, so as to obtain the fullest advanuge of ; each sprems' generating resources. - j A management committee consisting of a representative from each organization supervises the operation of '; this Fool. The Commission operates the dispatching service and administers the Pool, Production cost savings ] due to the operation of the Pool are accounted for and allocated to each organization by individual pool j participation. l The term of the agreement is for one year, to be automatically renewed from year to year unut terminated by the -1 consent of all participants; however, any one participant may withdraw at any time upon one year's written notice. { la I
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' NOTE H-DEFERRED COMPENSKMUN PLAN?
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LThECommission offers its employees a deferred compensation plan created in accordance with Internal Revet
. . s e
o, t_ ?1 . nue Code Section 457. The plan, available to all Commission employees, permits emplo'yees to contribute 25% ; i,Nelet le Financial; ; of their base salary exclusive of total pension contributions up to $7,500 per year. Assets and liabilities of the ' M Stalements plan are recorded at market. The deferred' compensation is not available to employees until termination, retire k '
~ ' '
y 680918R$8f 30dS89) smentaleath, or unforeseeable emergencyc - j t N{f ' f
- All amounts of compensation deferred under the plan; all property and righ'ts purchased with those amounts,
- and all income attributable to those amounts, are (until paid or made available to. the employee.or other beneu j
ficiary) solely the property of the Commission (without being restricted to the provisions of benents under t' he) < 3's y M n plan), subject only to the claims of the' Commission's general creditors. Participants' rights under the plan are " ,
~, '1 n equal to those of general creditors of the Commission in en amount equal to the fair market value of the deferred .
account for each participant. .
+
3 It is the opinion of the Commission's legal counsel that the Commission has no liability for losses under the ' j
^ '
- plan but does have the duty of due care that would be required of an ordinary prudent investor. The Commis- l I
[ f ston beliews that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. a 9 ' NOTE l--PAYMENTS 'lO Tini CITY OF ORI.ANDO .AND ORANGE COUNTI
, A
/ Two types of payments are made to the General Fund of the City of Orlanda The revenue based payment is - j
> ; calculated at six percent of gross retail electric and uter billings to customers within the City This payment is ' .
't classified as an operating expense. The income based payment is calculated at 50% of a rolling five year average )
, y*, of net income, with some exclusions, before deduction for the ' payment and is not considered an expense for L q 1
~
rate making purposes. This payment is classified as a non operating expense. Payments are made to Orange County based on one percent of gross retail electric billings within the County but outside the city limits of the City of Othmdo. This payment, which was $605,953 and $ 581,119 for fiscal, years 3 ended September 30,1989 and 1988; respectively, is classified as an operating general and administrative expense ' ' j f, All payments are made pursuant to a unilateral policy established by the Commission; 5 w
, NOTE J-COMMITMENTS AND CONTINGENT 1.lAllil.lTIES ;
## d
# ,1, Claims have been received from urious contractors relating to.the constructi_on of SE'C,I. Most of these claims ;
- have been sented. One settlement negotiation invohrs the filing of a claini by OUC Sr the unattained high
't
, , pressure performance that was guaranteed for the high pressure turbines. The Commis (on is con & dent { hat a
- mutual agreement for settlement can be reached; , d
~ 2. The Commission and the other participants in SEC I have a coal supply contract with a 10 year primary term [
that began on July 1,1987 with the option of two successive five year terms. The contract covers all of the - coal requirements of SEC 1 during the first five years of the contract. During the second five years, the con: L tract covers at least 600,000 tons per year with an option to purchase 100% of the coal requirements. The . A
' usage is estimated at 8,250,000 to 12,000,000 tons over the ten year c ntract period. _ .__ ['
- 3. The Commission and the other participants in SEC 1 have also agreed to a twelve year contract that began on L i
' june 17,1987 for rail delivery of the unit's coal purchases.
f
'4. The Commission has been named in a number of hearings claiming discrimination or wrongful discharge by
^ former employees. Management and legal counsel consider these clahns to be without merit and wi!! not - s
. result in a materialliability ;
- 5. The Commission has appealed through an administrative process with the Brenrd County Property Tax _.
0 . Assessor's Office for property tax assessment on the Commission's real property for the current year and the i ' three 3rars prior. The 1989 proposed tax assessment is $791,571 with the total assessment for 1986 through .i f 1989 totaling $2J05,410. The Commission has found legal basis against the assessments and therefore, does [ M not expect any loss from the legal outcome. ;
- 6. There are a number of bodily injury cases pending in which the Commission is named as a defendant.1: is ,
believed that any possible recoveries by the plaintiffs will be adequately covered by insurance and the Com- ;[ mission's self insurance fund.
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M y!% i t s s - l r Rf ,9 y! NOTE K-PENSION PLANL ' m + v < m( +g
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f The'Orlando Utilities Commission has a single employer defined benefit pension pen covering substantially. all employeess
$ ;4+ Heles ,/ to Reasotal ' <
F 9 The pension plan approved by the Orlando Utilities Commission states that' the Commission shall make suchi q T Sl818HIGEl3 , ..contribu'tions to the retirement fund as shall be required tinder accepted actuarial principles to at least be suffi-J H s # Sepleseber 38i1989 ~ ~cient to maintain the plan as a' qualified _ employee definsd benefit plan meeting tlie minimum funding standard. ? W jggy,,,p'
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; requirements of the Internal Revenue Code with respect to its members, as shall be determined from time to ; "
yp ,
, l time'under accepted actuarial principles by the Actuary. . _ . , _ .
x @ ' f lEach participant shall contribute monthly to the plan four percent of eamings until the completion of 25 years l ~ i
"', 7 l' Lofservice After completion of 25 3 rats of servich each participant shall contribute monthly to'the plan twol
- perce_nt of eamingsjuch required contributions shall cease upon a participant's completion of 35 years of sen ice )
~
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? The Commission shall not have any right, title, or interest in the contributions made to th'e retirement fundb ~
,- under the plan, and no part of the retirement fund shall rewrt to the Commission, except thati '
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>q- a' a; Upon complete termination of the plan and the a!!ocation and distribution of the retirement funds as prof -
- vided herein, any funds remaining in the retirement fund because of actuarial computations after the satisJ i
hj : faction'of all fixed and contingent liabilities under the plan with respect to the Commission may resert toi j M , the Commission. 3 1 N ,
~ b.'If an excess contribution is made to the retirement fund by the Commissionithen such cbntrib'ution may . d
? ,' be returned to the Commission within one year after the payment of the contribution. , .' W
, . ~,
c, if the Internal Rewnue Service determines that the plan does not meet the requirements of Code sectioni pc ' 401(a), the plan shall be null and void, and any contributions shall be retumed to the Commission within < , ( ["' _ ' one year following the determination that the plan.does not meet'such requirements, unless the Commis-' / sion elects to make the changes to the plan necessary to reccht a deterrnination from the Intemal Revenue j f M Service that the requirements of Code section 401(a) are met. D q c - , Since 1988, the Plan was modified as follows: .
~
- a. Participation begins on the date of hire for employees heed after Apri! 1,1988 an'd includhs all full L time '
- emplo)resi .
~
' liinterest credited on employee contributions changes annually. The rates for 1988 and 1987 were 4.2% and i
- 7,5%, respectively. The rate of return of 4.2% was due to the stock market fall occurring in October 1987.
9 - The overall cumulative average annual rate of return for. the phn has been 16.5% since October 1,~1984c f, 4 Sc. Upon being hired employees are required to contribute 4%' of their regular time camings. Prior to April 1,1 ]4 41988 emploges were required to contribute 4%_ of their regular ' time earnings after one )rar of service.- j U , d. Effective February 1,'1989 the pension plan benefits' calculation went from a fixed percentage of 2% times: N the number of years service to 2.5E The maximum niimber of years that would apply to reach the maxl-mum pension benefit of 75% of final average camings because of the increased benefit went from 31$ ]lt years to 30 years of service. This change is not reflected in the actuarial presentationE . .. j j' 1e. Effective October I,1989, the length of service required to become vested went from 10 years to 5 years, j
- g- This change is not reflected in the actuarial presentation.; W The Commission's contribution is determined using the actuarial cost method. The actuaria_I pension plan _',
obligations were used as a basis for calculating the determined centribution requirements for the fund. Pension -: g
]
, J' expense for the fiscal gars 1989 and 1988 was $2,279305 and $2,394,321, respectively, which includes normal l 4 _ costs plus amortization of past service costs. The assumed rate of return used in determining the actuarial present 1 j
b< vahie of accumulated plan benefits was ISE The actuarial methods and assumptions are comparable to those j
- , used for the prior year. . 3 The pension benefit obligation presented as the actuarial pre::ent value of accumulated plan benefits is a stan-dard measure of the present value of pension benefits, adjusted for the effects of projected salary increases of 6% , j and any step rate benefits, estimated to be payable in the future as a result of employee service to date. j
~
% ,s The pension plan's assets are administered by the Mutu d Life Insurance Company of New York (MONY). !
The pension plan's funds may be invested in money market accounts, bonds, and stocks and are presented at j market value. d p y 1 L .# - 34 l d ,s j
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t 4 f f q NOTE K-PENSION PLAN-Continued Plan data as of October 1,1988 (latest actuarial valuation) as developed by consulting actuaries is as follow Actuarial present value of accumulated plan benefits:
- Notes to Financial Present value of vested benefits . . . $42,769,523 -
Statement $ Present value of non-vested benefits . , 3,251,551
- September 30,1989 Total present value of all accumulated benefits.. $46.021,074
- Continued '
Projected benefit funded status: Vested; Retirees and beneficiaries currently receiving benefits, terminated and disabled employees
, not yet receiving benefits, , , , $22,932,868 Current employees:
Accumulated employee contributions - . 8,631,667 '
. Employer financed . , , , 28,391,613 Non Vested.
Employer financed. 1,989,6Co Total pension benefit obligation . $61,945,808 Net assets available for benefits. $74,582.473 Rt assets in excess of pension benefit obligation $ 12.636,665 The Plan activity for fiscal year 1988 is as follows-Asset value as of October 1,1987 $70,741,724 Q)ntributiotr f s 1987-88: luid during the year--Employee . 920,005 ' Paid during the year-Employer . 2,337,2tX) Total contributions . . 3,257,205 Contributions recen~able at beginning of year , Contributions receivable at end of plan year - Contributions for 1987-88 plan year 3,257,205-Disbursements for 1987-88 Ilenefit payments 2,260,066 Expenses and fees. '116.892 Total disbursements for 1987-88 , 2,376,958 investment Return for 1987-88 2,960,502 Asset value as of October I.1988. $74,582,473 Approximate rate of return . 4.16 % 35
4 l \ , NOTE K-PENSION PLAN-Continued Contribution and payroll information for the year ended Septe'mber 30,1989 follows: Notes to Financial Contritiutions: Statement $ Employer . . ,, , , , , $ 2,181,452 September 30,1989 Employee . 1,056,696 Continued . $ 3,238,148 Total payroll . , $33,186,'155 Covered payroll . 328,333,150 Contributions as a percent of covered payroll . I1.43 % Actuary recommended contribution for fiscal year,1989; Employer , , , . 5 2,279,405 Emplo3ee . , 1,084,326 5 3,363,731 Recommended contribution as a percent of covered payroll, , . , 11.87 % Trend information for the preceding four years follows: Net Assets Available Unfunded Contributions War Ended for Benefits as a Percentage Pension Benefit as a Percentage September 30 of Pension llenefit Obhgation Obligation of Covered Payroll 1988 120.4 % $- 11.6 % 1987 116.5 - 13.9 1986 170.6 - 14.2 . 1985 138.7 - 19.4 1 36
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x w, ~ NOTE L-PENSION PLAN' SUPPLEMENTARY INFORMATION-(UNAUDITED) H y** w .. . This schedule presents required supplemental historical pension benefit information for the last seven years NJ . _ . currently available. This schedule will expand to t:n years as the information becomes availabic. j
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- iNetes to Financial - >
; Stattelent8i LUnfundedll 0 J Septestber 30,1989 f(4) - (Owrfunded);
t M ed (1) ' Unfunded/. - ' Pension :
. Net ; V Obligation as g*
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. (Overfunded) .
-Tear.' Assets : -(2) -(3): Pension ' (5) ; a Percentage:
Ended = Available -. Pension Percentage - Benefit ' . Annual 7 of Annual,C i September _ j for . ~ , Benefit Funded . Obligation - Covered a Covered Payroll s
- 30 : Benefits , Obligation - fly (2) (2)-(l) = Payroll - - (4y(5)
$> I (Alillions) (Alillions) (hlillions) - (hlillions) .
.1988' , $74.6 561.9 120.4 % 5(12.7): 828.0 - 1 (45.4 %) .
,1987 (A) L 70.7 60 7- 116.5 (l0.0)E :27.0 (37.0) :
1 1986 l 42.5 ~ 24.9- 170.6 . (17.6)- 19.7 e
- (89.3);
, 11985' -33 8 -24.4 138.7' _(9.4) 18.2 ~ L(51.6) ,
11984 28.9 22.I 130.7. (6.8) .17.0 ,(40.0) , 1983 28.l '22,1 -127.1 (6.0) ,16.2 c(37.0) 4
..I982 22.4 s ,19.5 1 I 4.8_ - (2.9) 14.7 ' l(19.7) ~ < >> 4 Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfundled '
4 pension benefit obligation in isolation can be misleading. Expressing the net assets availab!c, for benefits as n' . (
' percentage of the pension benefit obligation provides one indication of pension funding status on a going concern ' 1
' basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or {
j weaker. Generally, the greater this percentage, the stronger the pension plan. Trends in ur. funded pensionL -
; benefit obligation a.nd annual covered payroll are both affected by inflation. Expressing the unfunded pension
> benefit obligation as a percentage of annual covered payroll'a pproximately adjusts for the effects of infla' tion:
- and aids analysis'of the Commission's progress made in accumulating sufficient assets to pay benefits when due. '
i Generally, the smaller this percentage, the stronger the pension plan. . ',
, ' (A) The pension benefit obligation was valued by the actuary (llewitt Associates) as prescribed by,the Governmental. -
o 1 Accounting Standards Board Statements 5 and 6 in 1987. This method differs from prior ) tars in that projected benefits'are allocated on a level basis to employee's years of service. This resulted in a 39.2% increase. Contract :
]j f amendments increased the pension benefit obligation by 68.8% and net assets available for benefits by 44.3 R .l 4' > .
d NOTE M-POST EMPLOYMENT HEA1Til CARE ilENEFITS . l The Commission provides certain health care benefits and life insurance for retired emplopesc Substantially. 1 all employees may become eligible for those benefits if they reach normal retirement age while working for the Commission. Costs are recognized when incurred and funded with current year's revenues. The cost of retirees - health care and life insurance for the years ended September 30,1989 and 1988 was $646,121 and $437,757, respectively. 1 3 1 l
~h 1
1 37 j
i NOTE N-REGUI.X1'lON
' According to existing laws of the State of Florida, the live members of the Orlando Utilities Commission act as the regulatory authority for the establishment of electric and water rates. The Florida Pubhc Service Commission Notes to Financial - (FPSC) has authority to regulate the electric " rate structures" of municipal utilities in Florida. It is believed that Statements " rate structures" are clearly distinguishable from the total amount of revenues which a particular utility may September 30,1989 receive from rates, and that distinction has thus far been carefully made by the FPSC..
Prior to implementation of any rate change, the Commission files the proposed tariff with the Florida Public Continuet!
' Service Commission and has established the prerequisite of a Public Notice and the holding of a Public Hearing.
Florida Public Service Corninissiont As noted above, the FPSC has jurisdiction to regulate electric
" rate structures" of municipal utilities. In addition, the Florida Electric Power Plant Siting Act has given the FPSC' exclusive authority to approve the construction of new power plants. The FPSC also exercises jurisdiction -
under the National Energy and the Florida Energy Efficiency and Consenution Acts as related to electric use conservation programs and prescribes conformance to the Federal Energy Regulatory Commission's Uniform System of Accounts. Environinental and Olber Regulations: Operations of the Commission are subject to environmental regulation by Federal, State and local authorities and to zoning regulations by local authoiities. Federal and State standards and procedures that govern control of the environment can change. These changes can arise from continuing legislative, regulatory, and judicial action respecting the standards and procedures. Therefore, there is no assurance that the electric and water plants in operation, under construction, or contemplated will always remain subject to the regulations currently in effect, or will alnys be in compliance with future regulations. An inability to comply with environmental standards or deadlines couki result in reduced operating levels or - complete shutdown of individual electric generating units or water plant facilities not in compliance. Furthermore, compliance with environmental standards or deadhnes may substantially increase capital and operating costs.
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/ The Commission operates in Iwo business segments-the generation,.transmiss' ion and distribution of electricity V' ;and the production,'treattunt, . i stribution of water. A summary of the segment
~
informatioti followsr MElistes le Financial c ' Electric - . Water Total L p M Stat 0510Att . N' Year Ended Sep<mber 30L th . , . . .. ,.. .
.' 1 i NCantheer : Operating revenues , , , . $ 272,050,607 - = 5 17,724,020 ; L$f 289,774,627(
25,788,821: i 2,346,154 K28,134,975 - @$ % ' Depreciation and amonhion , W #
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, , .Operatingincom,e . . . , 170,376,696 jl,477,225 ' }74,853,92I"
, : Income based paymentsich . . . . ,
1 City of Orlando General Funst ( , . . . 3
- 7,454,760 T . 32,757,240 ' c l o.212,0001 ,
M: ,' > ' - 1 Net income ; . o Jr . . ; . . ... . . -14,450,555;
- 11,622,789[ l16,073,344 :
'm 4 w c . Contributed capital. . . . , c. . 16,351,574 ; 40,988,975 57,340,549 = ' %.J' :: Utility plant additions. . .. .. . . 66 838,693 23,356,686 , 90,195,379i >
s:P m . Utility plant deletions . , , . ~16,128,697. - 5,666,839 - 21,795,536 - j'
$ = Net working capitalJ . . p , . . , L67,920,969 . 1,922,034 ; 69,843,003) de 1,098,884,925- ,?!07,998,263
' Total assets .. . i . , , , .
'l',206,883,188 i,
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- i Long term debt i. . , , .... . 789,428,695 9,001,505- J798,N30,200 L y" 7Tbtal equity (accumulated retained earnings and contributed capital) . . .,. 230,935,651' .-89,184,339[ . 320.119,990 [ '"
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. . Year Ended September 30l 1988. _ _ _ [ .
Operating revenues . . . $ 228,193,720 $ 16,323,159 5 -244,516,879 E l Depreciation and amortization . ,, 24,184,239 .2,230,771' 26,415,010 1
; Operating income ., , 158,047,61l' L4,109,773 62,157,384i d U "
W , Jincome based payments to the , i City of Orlando General Fund . . , 6,759,070 2,499,930 19,259,000; Net income. . . , ,, . 4,769,500" :1,709,334 '6,478,834: u Contnbuted capital . . , . -.14,574,237 35,580l682 50,154,919 ,,
. Utility plant additions. . . . . . -74,325,507 11,128,301 85,453,808' Utility plant deletions. , , . , :15,020,216l 1 .2,248,885 417,269,'1011 #.
~
%. Net working capital (deficiency). , (165,218,635). 2,894,526 (162,324,109) <
.]
R'7 - Total assets . . .. 1,096,543,047 99,356,003 /1,195,899,050 U a , j Long term debt . . .. , . . . . 523,401,366 9,404,485, ~ 532,805,851 L' E Total equity (accumulated retained earnings and contributed capital) . 212,294,071 83,176,637 295,470,708 f . !i 4i
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' There were no sales to any single customer in excess of 10% of op-rating revenues for the fiscal years 1989' ,
j 1 and 1988.
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NOTE P-INCOME TANES it is the opinion of the Commission and its counsel, that the Orlando Utihties Commission is exempt from federal and state income taxes. NMus to Financial Staternents NOTE Q-SUllSEQUENT EVENTS Septer aber 30,1989 On December 20,1989 the Commission authorized the issuance of the Water and Electric Subordinated
. Continued Revenue Ilonds, Series 1989D in the amount of $253,945,000. The purpose of this series is to refund the Com-mission's outstanding Water and Electric Subordinated Revenue llands, Series 1989I1.
-On December 28,1989 the Commission announced plans to issue up to $32,000,000 in mini-bonds ($250 denomination). The proceeds of this issue will be used to fund urious projects in the 1990 capital plan. ,
s Orlando Utilities Commission Orlando, Florida M have audited the accompanying babnce sheets of Orlando Utilities Commission as of September 30,1989 n endent and 1988, and the related statements of income and accumulated retaining earnings, and changes in financial 8[ position for the years then ended. These financial statements are the responsibility of the Commission's manage. ment. Our resp nsibility is to express an opinion on these financial statements based on our audits. Orlando, Florida We conducted our audits in accordance with generally accepted auditing standards. Those standards require that u plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes' examining, on a test basis, evidence supporting the amounts - and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We ~ beheve that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Orlando Utilities Commission at September 30,1989 and 1988, and the results of its operations and changes in its financial position for the years then ended in conformity with generally accepted accounting principles. I Orlando, Florida December 15, 1989 (except with resfect to the matters discwed in Note Q as to u bich liv date h December 281989) 48
OUC8 electnc system encompasses approximately 224 square miles, including the City at Orlando and portions of Orange County OUC is the major owneroperator of tsc power plants and has ownership Interest in three others The transmission system consists of 18 substations, 250 miles of 115 KV and 230 KV Itnes. Total system net winter capacity is 1,382 MW, capacity available to OUC customers is 1.004 MW
- It senes an estimated populatIO"
\ of 254,000. The sater system encompasses approw imately 165 square miles, including the City of Orlando and portions of Orange County It consists of nir, interconnected plants, 30 deep sells and 1.363 miles of distributton and transmission rpes. A tenth plant 15 under construction. The system has a h'gh annung b 1 service pumping capacity of 215 MGD, well m DCEAN pumping capacity of 142 MGO. and total M? gggfl Storage capacity of 24 MGD. It senes an q;9
; estimated scpulation of 371,000. . ; -%. _
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-g I CITY OF BUSHNELL, FLORIDA
- l GENERAL PURPOSE FINANCIAL STATEMENTS ixo :
MANAGEMENT LETTER FISCAL YEAR ENDING SEPTEMBER 30, 1989 . I 7
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I . lI 'I I I
L l. CITY Of BUSilNELL, FLORIDA C11Y COUNCIL AND OfflCIALS ,l. ! SEPTEMBER 30, 1989 i Mayor-Councilman . . . . . . . . . . . . . . . . . . . Joe P. Strickland, Jr. Vice-Hayor . . . . . . . . . . . . . . . . . . . . . . . . . . R. J. Eubanks Councilman . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dale Swain Councilman . . . . . . . . . . . . . . . . . . . . . . . . Billy K. Williams - l: Councilman . . . . . . . . . . . . . . . . . . . . . . . . . . Robin Johnson City Manager . . . . . . . . . . . . . . . . . . . . . . . . . Vicente Ruano City Clerk . . . . . . . . . . . . . . . . . . . . . . . . . Judith C. Muller t I l City Attorney . . . . . . . . . . . . . . . . . . . . . . . Daniel Moriarity ! Assistant City Attorney ................... Bryan Eubanks 1 I
i I CITY OF BUSilNELL, FLORIDA ANNUAL FINANCIAL STATEMENTS AND MANAGEMENT LETTER
- g SEPTEMBER 30, 1989 E
TABLE OF CONTENTS Face Number I INIR00U010RY SECTION City Council and Officials i Table of Contents li-iii FINANCIAL SECTION Report of Certified Public Accountants 1-2 COMBINED STATEMENTS - OVERVIEW
- Combined Balance Sheet--All Fund Types and Account Groups 3-4 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances--All Governmental
_I Fund Types 5 g Combined Statement of Revenues, Expenditures, g and Changes in Fund Balances--BVdget (GAAP Basis) and Actual--All Governmental Fund Types 6 Combined Statement of Revenues, Expenses, and
= Changes in Retained Earnings--All Proprietary Fund Types 7 Combined Statement 01 Changes in Financial j Position--All Proprietary Fund Types 8 Notes to Financial Statements 9-26 5- -
_I I ii I - _ _ _ _ - _ _ -
1ABLE OF CONTENTS (Continued) Paae Number > COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS , General Fund Balance Sheet 27 Statement of Revenues, Expenditures, and Changes in Fund Balances--Budget (GAAP Basis) and Actual 28 Statement of Revenue--Budgeted and Actual 29-30 Statement of Expenditures--Budgeted and Actual 31-34 - Special Revenue funds Combining Balance Sheets 35 Combining Statement of Revenues, Expenditures, Other Financing Sources and Changes in Fund Balances 36 Enterprise Funds l Combining Balance Sheet 37-38 Combining Statement of Revenues, Expenses, ' and Changes in Retained Earnings (Deficit) 39 i Combining Statement of Changes in Financial Position 40-41
/Lqency Funds Combining Balance Sheet 42 SUPPLEMENTARY INFORMATION
. Schedule of Insurance Coverage 43
;- Auditor's Report on Internal Control Structure 44-45 Auditor's Report on Compliance with Laws and Regulations 46 Auditor's Letter to Management 47-49 l
I 111 lI
I - I
~
LOGAN & WEISS Certified Public Accountants
~
January 24, 1990 INDEPENDENT AUDITOR'S REPORT Honorable Mayor and Members ; of the City Council City of Bushnell Bushnell, Florida We have audited the accompanying general purpose financial statements of the ; City of Bushnell, Florida, as of and for the year ended September 30, 1989, as listed in the table of contents. These financial statements are tha responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audit. Except as discussed in the following paragraph, we conducted our audit in l accordance with generally accepted auditing standards. Those standards require I that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. l l- We were unable to examine suf ficient evidential matter to determine if property, plant and tuipment and the provisions for depreciation recorded in the Electric Utility Fun 2nd the fixed assets recorded in the general fixed assets group of accounts are fairly presented at cost or estimated historical cost, due to insuf ficient deta), within the City's property records. 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 determine the propriety l of amounts recorded as property, plant and equipment and the provisions for depreciation in the Electric Utility Fund and the propriety of amounts recorded as fixed assets in the general fixed assets group of accounts, the general purpose financial statements referred to above present fairly in all material 1 4850 North Highway 19 A e Mount Doro, Florido 32757 . (904) 589 2500
. in I l
Honorable Mayor and Members I of the City Council
. Page Two January 24, 1990 I respects the financial position of the City of Bushnell, Florida, as of September 30, 1989, and the results of its operations and the changes in financial position of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining, individual fund, I and individual account group financial statements and schedules listed in the lable of Contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Bushnell, Florida. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole,
&W Logan & Weiss Certified Public Accountants i
L l I I i , i 2 l
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l I I " p M M M M M M M' M I' M M M M i; - Page 1 of 2 CITY OF BUSHNELL, FLORIDA COMBINED BALANCE SHEET--ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30,.1989 AND 1988 GOVERNMENTAL PROPRIETARY FUND TYPES FUND TYPES AGENCY ACCOUNT GROUPS-BAIL GENERAL GENERAL TOTALS SPECIAL BOND FIXED LONG TERM (MEMORANDUM ONLY) GENERAL REVENUE ENTERPRISE. FUND ASSETS DEBT 1932 1933 ASSETS
$329,168 $ 1,785 $ 215,405 $ 2,814 $ -
$ 549,172 $ 577,437 Cash 215,904 179,385 Accounts Receivable (Net) 28,623 436 186,845 - - -
153 - - - 153 451 Due From Other Funds (Note 10) - 17,235 23,938 17,235 - - - Due From Other Governments 85,695 52,516 Inventories, at Cost (Note 1) 1,358 - 84,337 - - - Restricted Assets (Note 3): 10,897 556,073 507,727 Cash and Investments - 216,975 328,201 - - v Property and Equipment, at Cost (Net of Accumulated Depreciation) 2,858,825 2,585,134 2,119,511 - 739,314 - (Notes 1 and 4) 8,545 - - - 8,545 8,545 Other Assets - - Amount to be Provided for Retirenent of General Long-139.824 139.824 43.691 Term Debt Total Assets $376.384 $219.196 $2.942.997 $13.711 $739.314 $1_39.824 $4.431.426 $3.978.824 (Continued on Following Page)
-M M M M M M M; M__
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CITY OF BUSHNELL, FLORIDA COMBINED BALANCE SHEET--ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1989 AND 1988 GOVERNMENTAL PROPRIETARY FUND TYPES FUND TYPES ACCOUNT GROUPS GENERAL GENERAL TOTALS AGENCY FIXED LONG TERM - (MEMORANDUM ONLY1. SPECIAL GENERAL REVENUE ENTERPRISE _ft1NDS D ASSETS DEBT M M LIABILITIES
$ 43,883 $ $ 158,296 $ - $ -
$ - $ 202,179 $ 128,191 Accounts Payable -
35,046 33,451 Accrued Liabilities 6,674 - 28,372 - - - 153 - - - 153 451 Due to Other funds (Note 10) - - 2,814 - - 4,389 3,530 Deposits 600 975 - Payable From Restricted Assets: 49,039 - - - 49,039 49,095 Customer Deposits - - 12,410 13,080 Accrued Interest Payable - - 12,410 - - - 20,000 25,000 - - - 25,000 Revenue Bonds Pa able (Note 5) - - Volunteer Firefi hters - 10,897 - - 10,897 - Beneficiaries - -
, Revenue Bond Payable - Series 1986 - - - - - - - -
(Note 5) Long Term Revenue Bonds Payable - 305,757 329,731 305,757 - - - Series 1976 (Net) (Note 5) 358.937 - - 139.824 498.761 402.691 Notes Payable (Note 5) - - 975 937.964 13.711 - 139.824 1.143.631 980.220 Total Liabilities 51.157 FUND EOUITY 1,076,188 - - 1,076,188 1,066,331 Contributed Capital (Note 1) 739,314 - 739,314 503,759 Investment in General Fixed Assets - - Retained Earnings: 241,752 228,552 Reserved 241,752 - - - 657,681
- 687,093 - - -
687,093 Unreserved - Fund Balances: - 330,639 262,680 217,411 Feserved 102,331 - - 279.601 222.896 810 - - - - 223.706 Unreserved 218.221 2.005.033 739.314 - 3.298.692 2.998.604 Total Fund Equity 325.227 Total Liabilities and $376.384 $219.196 $Z,942.997 $13.711 $739.314 $139.824 $4.431.426 $3.978.824 Fund Equity See Accompanying Notes to Financial Statements.
CITY Of BUSHNELL, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND l CHANGES IN FUND BALANCES--ALL GOVERNMENTAL FUND TYPES j YEARS ENDED SEP1 EMBER 30, 1989 AND 1988 c ; TOTALS SPECIAL (MEMORANDUM ONLY) I Revenues: Taxes GENERAL
$ 248,150 $
REVENUE 1933 S 248,150 1183
$219,850 l'
Licenses & Permits 14,315 - 14,315 15,596 I Intergovernmental Charges for Services fines & forfeits 233,598 2,792 18,192 4,800 233,598 7,592 18,192 226,742 9,600 22,664 l l Miscellaneous Revenue 29.971 28.926 58.897 55.331 l 547.018 33.726 580.744 549.783 Expenditures: l General Government 172,483 - 172,483 144,987 Public Safety 277,962 - 277,962 220,954 . Physical Environment 5,913 12,851 18,764 11,662 I Transportation 106,607 - 106,607 119,515 ! Economic Environment 8,000 - 8,000 5,000 Culture & Recreation 230,602 - 230,602 45,879 l Debt Service 15.569 - 15.569 14.162 l 817.136 12.851 _829.987_ SfL153 Excess (Deficiency) of I Revenues Over Expenditures (270.118) 20.875 (249.243) (12.376) l Other financing Sources: : Operating Transfers: ! In 138,246 - 138,246 123,247 i Loan Proceeds 103,547 - 103,547 - l State Grant 8.220 - 8.220 5.333 l 250.013 - 250.013 128J3Q Excess (Deficiency) of Revenues and Other l l financing Sources Over Expenditures (20,105) 20,875 770 116,204 fund Balances, Beginning of Year 344,935 197,346 542,281 426,061 increase (Decrease) in Inventory Reserves 397 - 397 16 l Fund Balances, l End of Year $ 325.227 $218.221 $ 543.448 $542.281 si l See Accompanying Notes to financial Statements 5
'E CITY OF BUSHNELL, FLORIDA 1 g COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES--BUDGET (GAAP BASIS) AND ACTUAL ALL GOVERNMENTAL FUND TYPES YEARS ENDED SEPTEMBER 30, 1989 AND 1988 GENERAL FUND I BUDGETED AtlVAL VARIANCE FAVORABLE (UNFAVORABLE)
Revenues:
~I Taxes $ 238,691 $ 248,150 $ 9,459 Licenses and Permits 13,608 14,315 707 Intergovernmental 225,161 233,598 8,437 L5arges for Services 1,000 2,792 1,792 Fiaes and forfeits 18,800 18,192 (608)
Mis cilaneous Revenue 35.240 29.971 Lb2fd) 532.500 547.018 14.518 ; Expenditures: t General Government 176,188 172,483 3,705 Public Safety 285,894 277,962 7,932 Physical Environment 5,910 5,913 (3) I i Transportation 109,203 106,607 2,596 Economic Environment 8,000 8,000 - Culture and Recreation 230,466 230,602 (136) l Debt Service 19.000 15.569 3.431 834.661 817.136 17.525 L Excess (Deficiency) of Revenues l
- Over (Under) Expenditures (302.161) (270.1111) 32.043 l Other Financing Sources
Operating Transfers I In 138,246 138,246 - Loan Proceeds 100,000 103,547 3,547 State Grant - 8.220 8.220 238.246 250.013 11.767 Excess (Deficiency) of Revenues and Other Financing Sources . Over Expenditures (63,915) (20,105) 43,810 Fund Balances, Beginning of Year 344,935 344,935 - Increase (Decrease) in Inventory __. 397 397 Fund Balances, End of Year $_281.020 $. 325.2_iL7 $44.207. See Accompanying Notes to financial Statements
~
6
CITY OF BUSHNELL, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS--ALL PROPRIETARY FUND TYPES YEARS ENDED SEPTEMBER 30, 1989 AND 1988 - ENTERPRISE FUND TYPES 1183 1 9118 Operating Revenues: Charges for Services (Note 5) $1.400.885 $1.328.618 Operating Expenses: . Purchased Power (Note 7) 746,386 696,347 Salaries 148,559 136,436 Employee Benefits- 53,095 42,406 Professional Services 48,404 29,012 -r Operating Supplies 31,217 27,770 Other Current Charges 48,476 53,394
. Depreciation 82,300 81,066
- Landfill 28,925 24,833 '
State Utility Tax 16.189 16.648 1.203.551 1.107.912 Operating income 197.334 220.706 Non-Operating Revenue (Expense): Interest Earned 36,389 33,740 Interest Expense and Fiscal Charges (52.865) (59.891) (16.476) (26.151) Income Before Transfers 180,858 194,555 Operating Transfers (Out) (138.246) (123.247) Net income (Loss) 42,612 71,308 Retained Earnings, Beginning of Year 886.233 814.925 Retained Earnings, End of Year $__RZB M S $ 886.233 I See Accompanying Notes to Financial Statements 7
I CITY OF BUSHNELL, FLORIDA COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION I. ALL PROPRIETARY FUND TYPES YEARS ENDED SEPTEMBER 30,1989 AND 1988 ENTERPRISE FUND TYPES Sources of Working Capital:
$ 42,612
'I Net income Add: Items Not Requiring the Use of Working Capital:
$ 71,308 Depreciation 82,300 81,066 I Book Value of Property, Plant
& Equipment Disposals -
19.625 l Working Capital Provided By Operations 171.999 11AJ12 I Contributed Capital increase in Current Liabilities Payable from Restricted Assets 9,857 4,274 134,779 3 Decrease in Restricted Assets - 33,421 g increase in Long-Term Debt 6.306 - Total Sources of Working Capital 145.349 340.199 Uses of Working Capital: Acquisition of. Property I and Equipment Decrease in Long Term Debt Increase in Restricted Assets 120,436 32,843 17.474 236,161 113,604 51,376 Decrease in Current Liabilities (I Payable from Restricted Assets Increase in Other Assets - 4,695 8.545 Total Uses of Working Capital 170.753 .414.381 Net increase in Working Capital (Schedule Below) $(25.404) $ (74.182) Elements of Net Increase (Decrease) in Working Capital: I- Cash 5 (5,422) $(110,878) Customer Accounts Receivable (Net) 16,652 8,949 Due from Other Funds (121) 121 Inventories 32,780 30,642 I- Accounts Payable (65,010) (6,893) Accrued Liabilities (1,783) (2,079) Current Portion of Long Term I. Note Payable (2.500) 5.956 Net increase in Working Capital $(25.404) $ (74.182) I. See Accompanying Notes to Financial Statements 8 g l
CITY OF BUSHNELL, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1989 NOTE 1 SUN 4ARY OF SIGNIFICANT ACCOUNTING POLICIES The City of Bushnell, Florida was incorporated in 1957. The City operates I under a council-manager form of government and provides services to its 1,354 residents iin many areas, including public safety (police and fire), highways and streets, utilities, sanitation, culture-recreation, public improvements, and general administrative services. The financial statements of the City of Bushnell, Florida have been prepared in conformity with generally accepted accounting principles (GAAP) as I- applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The more significant of the I City of Bushnell, Florida's accounting principles are described below: A. Reporting Entity In evaluating how to define the government, for financial reporting I purposes, management has considered all potential component units. decision to include a potential The component unit in the reporting entity was made by applying the criteria set forth in GAAP. The basic--but not the only--criterion for including a potential component unit within the reporting entity is the governing bcdy's ability to exercise oversight responsibility. The most significant manifestation of this ability is financial independency. Other manifestations of the ability to chercise I oversight responsibility include, but are not limited to, thP selection of governing authority, the designation of management, the ability to significantly influence operations, and accountability for fiscal matters. A second criterion used in evaluating potentici component units I is the scope of public service. Application of this criterion involves considering whether the activity benefits the government and/or its citizens, or whether the activity is conducted within the geographic I boundaries of the government and is generally available to its citizens. A third criterion used to evaluate potential component units sion or exclusion from the reporting entity is the existence of special for inclu-I financing relationships, regardless of whether the government is able to exercise oversight responsibilities. Based upon the application of these criteria, the following is a brief review of each potential component unit addressed in defining the government's reporting entity. Included within the reporting entity: ' I- Everareen Cemeterv_Eund: A Board of Trustees is appointed by the City Council to administer the affairs of Evergreen Cemetery. The Board is authorized to sell I . cemetery lots and to invest proceeds which are legally restricted by ordinance. The principal is not subject to expenditure and the interest can be used only for operations, maintenance and improvement of the cemetery. g j
CITY Of BUSilNELL, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1989 NOTE 1 StM4ARY OF SIGNiflCANT ACCOUNTING POLICIES (Continued) Bushnell-Volunteer firefiahters' Trust Fund: The City Council of Bushnell created a fund for donations for the beneficiaries of the estates of two volunteer firefighters who were killed in the line of duty in february, 1989. The City Council appointed the City Clerk to maintain the . fund, and instructed the , City attorney to issue order of disbursement to the estate in equal ' shares, including all earnin9s of the fund. j B. Fund Accounting The City uses funds and account groups to report on its financial posi-tion and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segre-gating transactions related to certain government functions or activi-ties. A fund is a separate accounting entity with a self-balancing set of accounts. Funds are classified into three categories: governmental, proprietary and fiduciary. Each category, in turn, is divided into , separate " fund types". Governmental funds are used to account for all or most of a government's I .. general activities. Governmental funds of the City are as follows:
~I General fund - The General Fund is the general operating fund of the City. It is used to account for all financial resources, except those required to be accounted for in another fund. '
Special Revenue Fund - The Special Revenue fund is used to account for the proceeds of specific revenue sources (other than expendable trusts, or for major capital projects) that are legally restricted to ; expendt tures for specific purposes. , Proprietary funds are used to account for activities similar to those L found in private sector, where the determination of net income is L necessary or useful to sound financial administration. Goods or services , L from such activities can be provided either to outside parties (enterprise funds) or to other departments or agencies primarily within the government (internal service funds). 10 n
CITY OF BUSHNELL, FLORIDA I NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1989 I NOTE 1 SUPT 4ARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the government. Agency funds generally are used to account for assets that the government holds on behalf of others as their agent. An account group, unlike a fund, is a financial reporting device designed I to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly af fect net expendable available financial resources. Account Groups maintained by the City are as follows: General fixed Assets - Accounts for property and equipment not used in proprietary fund operations or accounted for in trust funds. General Long-Term Debt - Accounts for unmatured principal of long-term general obligation indebtedness that is not a specific liability I of a Proprietary or Fiduciary Fund. C. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and expend-able trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Oper-ating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenses and other finan-cial uses) in net current assets. All proprietary funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets. The modified accrual basis of accounting is used by all governmental fund I types, expendable trust funds and agency funds. Under the modi fied
-accrual basis of accounting, revenues are recognized when su:;ceptible to accrual (i.e., when they become both measurable and available).
" Measurable" means the amount of the transaction can be determined and I' "available" means collectible within the current period or soon enough I
I 11 -
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'r CITY OF BUSHNELL, FLORIDA NOTES TO FINANCIAL STATEMENTS -
SEPTEMBER 30, 1989 I NOTE 1 SUPNARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) thereafter to be used to pay liabilities of the current period. Billing cycles of the proprietary funds which overlap September 30 are pro-rated - based upon meter reading dates. Expenditures are recorded when the. related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the debt service fund for payments to be made early in the following year. The accrual basis of accounting is utilized by proprietary fund types. Under. this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. The following revenues are considered to be susceptible to accrual: Cigarette Tax State Revenue Sharing Proceeds I Mobile Home License Tax Alcoholic $9verage License Tax Half Cent 3 ales Tax The government reports deferred revenue on its combined balance sheet. Deferred revenues arise when a potential revenue does not meet both the
" measurable" and "available" criteria for recognition in the current period. Deferred revenues also arise when resources are received by the government before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures. In s subsequent periods, when both revenue recognition criteria are met, or when the government has a legal claim to the resources, the liability for l
deferrcd revenue is removed from the combined balance sheet and revenue is recognized. 3 D. Budgets and Budgetary Accounting g. The City Council follows the following procedures in establishing the budgetary data reflected in the financial statements: lI 1. Prior to October 1, the City Manager submits to the City Council a proposed operating budget for the fiscal year commencing October 1. l l- The operating budget includes proposed expenditures and the means of i financing them.
- 2. Budget workshops are held and public hearings are r.onducted to obtain I- taxpayer comments.
L 3. Prior to October 1, the budget is legally enacted through passage of a resolution.
- 4. Any transfers of budgeted amounts between departments within any fund and any revisions that alter the total expenditures of any fund must be approved t,y the Council.
12
CITY Of BUSHNELL, FLORIDA NOTES 10 flNANCIAL STATEMENTS , SEPTEMBER 30, 1989 NOTE 1 Sut94ARY Of SIGN!flCANT ACCOUNTING POLICIES (Continued)
- 5. Formal budgetary integration _is employed as a management control device during the year for the General, Special Revenue, and Enterprise funds.
- 6. Budgets are adopted on a basis consistent with generally accepted <
accounting principles (GAAP).
- 7. Budgeted amounts presented agree with the original adopted budget as e amended during the year by City Council.
- 8. A formal budget is not adopted for the Evergreen Cemetery fund and Volunteer firefighters' Trust fund.
E. Cash With Fiscal Agents i Utilities revenue certificates maturing on October 1 each year together with interest payments then due are paid to the City's paying agent prior to that date. The aforementioned payment is recorded as an asset as of the balance sheet date and subsequently as a reduction of utilities revenue certificates and/or accrued interest payable within the fiscal year of maturity. Such amounts are included in restricted assets-debt service. F. Investments Investments are comprised of certificates of deposit and savings accounts stated at cost which approximates fair market value. I_ G. Inventory Inventories held by the Enterprise Funds are stated at cost using the weighted average method. I H. Property, Plant and Equipment Property, plant and equipment used in governmental fund type- operations are accounted for in the General Fixed Assets Account Group, rather than in governmental funds. No depreciation has been provided on such pro-perty, plant and equipment. All property, plant and equipment are valued at historical cost or esti-mated historical cost if actual historical cost is not available. I Donated property, plant and equipment are valued at their estimated fair value on the date donated. The City has adopted the accounting policy of not capitalizing " infra-structure" general fixed assets (road, bridges, curbs and gutter, streets and sidewalks, drainage system, lighting systems and similar assets that are immovable and of value only to the City). 13
t L CITY OF BUSilNELL, FLORIDA NOTES TO FINANCIAL STATEMENTS i' SEPTEMBER 30, 1989 I NOTE 1 SUPNARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Depreciation is provided in the enterprise fund in amounts sufficient to i relate the-cost of the depreciable assets, to operations over their I estimated service lives on the straight-line basis. The service lives by type of asset are as follows: Useful Life in Years Electric Utility fund Distribution Plant 25-40 years Structures and Improvements 32 years Equipment 6-12 years I Investment in Crystal River #3 Nuclear Plant 28 years I Water Utility fund Distribution Plant Building 25-101 years 50 years Equipment 25 years Sanitation Fund Equipment 7 years I. Amortization Amortization of issue cost and discount related to the revenue bonds is computed by the straight-line method. J. Grants - Proprietary funds I Unrestricted grants, entitlements or shared revenues received reported as non-operating revenues. for capital are Such resources externally restricted acquisitions or construction are reported as contributed capital. Operating expenses include depreciation on all depreciable fixed assets (including those financed by grants). K. Water Line Extension Charges Water line extension charges are made to customers to cover the full cost of the addition. Such charges are recorded as an equity contribution. I Costs of the extension are reported as property and equipment and depre-ciated over the estimated useful life of the asset. I e Q,
) 14
CITY OF BUSilNELL, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1989 NOTE 1 StM4ARY OF SIGNIFICANT ACCOUNTING MLICIES (Continued) L. Encumbrances Encumbrance accounting, under which purchase orders, contracts, and other. commitments are recorded as expenditures in order to reserve that portion of the applicable appropriation is not employed by the City for budgetary purposes. Encumbrances outstanding at year end to not constitute expenditures -or liabilities and are not reported as reserved fund balances. Appropria-I tions lapse at year end. The City is legally subject to budgetary con-trol at the total fund expenditure level. l M. Fund Equity Contributed capital is recorded in proprietary funds that have received I capital grants or contributions from developers, customers or other funds. Reserves represent those portions of fund equity not appropriable for expenditures or legally segregated for a specific future use. N. Total Columns on Combined Statements-Overview Total columns on the combined statements - overview are captioned Memo-randum Only to indicate they are presented only to facilitate financial analysis. Data in these columns are not comparable to a consolidation. I Interfund transactions are not eliminated. Comparative data have not been praented in all statements because this inclusion would make cer-tain statements unduly complex and difficult to understand. I I
.I-I I
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.I-in isimmium
I CITY OF BUSHNELL, FLORIDA NOTES TO FINANCIAL STATEMENTS SEP1 EMBER 30, 1989 NOTE 2 INVES1MENTS Investments consist of the following: Investment Maturity Rain Cemeterv Fund: Certificates of Deposit 8/18/90 8.00% $ 10,000 8/13/90 7.50% 6,000 4/10/90 9.00% 20,000
~I 5/04/90 9.10% 50,000 5/04/90 9.10% 19,000 2/02/90 7.75% 25,000-I- 5/02/90 7.50% 48,000 8/18/90 8.00% 30,000 2/02/90 7.50% 6.000
$214.000 Electric Fund:
Certificates of Deposit 8/07/90 8.00% 40,000 8/09/90 8.20% 140.000
$180.000 NOTE 3 BOND SERVICE REQUIREMENTS / RESTRICTED ASSETS UTILITIES SYSTEM REVENUE BONDS SERIES 1976 I- As of September 30, 1989, bond service requirements are current. The follow-ing is a' summary of the restricted assets related to the 'Jtilities System Revenue Bonds Series 1976.
Revenue Bonds Debt Service - The City deposits cash monthly into a sepa-rate account to fund upcoming principal and interest payments in accor-
.I' -
dance with the bond resolution. Such cash and investments are reported as restricted assets. Renewal and Reolacement - The bond resolut'.on requires a monthly deposit for renewal and replacement (extensions, erlargements or additions to, or the replacement of capital assets of the f6cilities and emergency repairs I thereto or unusual costs of operation and maintenance). The required monthly contribution is computed at 1/12 of 9 percent of the prior year's gross revenue, however, no further deposits are required when the balance on hand equals 10 percent of the outstanding principal balance of the
-I_ revenue bonds.
CUSTOMER DEPOSITS Customer deposits nave been restricted to indicate the amount is not avail-able for the finarcing of current utility operations. 16
CITY OF BUSHNELL, FLORIDA NOTES TO FINANCIAL STATEMENTS , SEP1 EMBER 30, 1989 NOTE 4 PROPERTY, PLANT AND EQUIPMENT A summary of changes in general fixed assets follows: I BALANCE 10/1/88 ADDITIONS DISPOSALS BALANCE 9/30/89 Land $123,386 $160,923 $284,309 Buildings 138,526 1,345 139,871 Improvements 674 15,028 15,702 Machinery and I Equipment 240.993
$50.dl3
_5fLfB3
$235.985
$254
},gjg 299.432
$739.314 I A summary of Proprietary Fund Type property and equipment at September 30, 1989 follows:
ELECTRIC WATER I UTILITY FUND llTILITY FUND SANITATION FUND 10JAL Land $ 2,300 $ 18,090 $ $ 20,390 I Distribution ' Plant 888,581 577,639 1,466,220 Buildings 11,181 133,419 144,600 ,I l Equipment Crystal River #3 128,968 681,614 102,742 913,324 L Investment 261.103 __26L193 l 1,292,133 1,410,762 102,742 2,805,637 Accumulated Depreciation (401.812) (205.022) (79.292) (686_126)
$ 890.321 $QLl42 $ 23.450 $2.119.511 NOTE 5 NOTES AND BONDS PAYABLE The following is a summary of the bonds payable and general long-term debt:
Utilities System Revenue Bonds Series 1976 - $500.000 The 1976 bonds are coupon bonds in denominations of $5,000 each and are l collateralized by a pledge of the gross revenues of the utilities system. I 17
CITY OF BUSHNELL, FLORIDA NOTES TO FINANCIAL STATEMENTS
; SEPTEMBER 30, 1989 NOTE 5 NOTES AND BONDS PAYABLE (continued) ;
The bond liability is recorded according to use of the original proceeds as , follows - Electric Utility Fund 86 percent; Water Utility Fund 14 percent. Combined bond maturities and interest rates are as follows: I TOTAL t MATURITY COUPON PRINCIPAL APRIL 1 RATE AMOUNT , Term Bonds 1990 7.3% $ 25,000 1991 7.3% 25,000 1992 7.3% 25,000 1993 7.3% 30,000 1994 7.3% 30,000 1995 7.3% 35,000 1996 7.3% 35,000 4G,000 1997 7.3% 1998 7.3% 45,000 WATER ELECTRIC 1999 7.3% 50.000 FUND.. FUND Total Principal Balance Outstanding 340,000 47,600 292,400 Less: Unamortized Discount and Issue Costs 9.243 1.291 7.95J
$330.757 $46.309 $284.448 Total Remaining Interest $160.890 $22.525 $138.365 .
The term bonds due in 1999 are subject to mandatory redemption by lot beginning April 1, 1990, in the amounts listed above. t I g .
CITY OF BUSHNELL, FLORIDA ( NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1989 I NOTE 5 NOTES ANO BONOS PAYABLE (continued) Water Fund - Florida Municinal Power Aaency - Initial Pooled Loan Proiect - The City has entered into a financing agreement with the Florida Municipal I- Power Agency (FmPA). Interest is payable monthly at a variable rate (cur-rently 6.25% plus a 1.25% administration fee) and principal is due annually on July 1 as follows: 1990 $ 10,000 1991 10,000 I 1992 1993 1994 10,000 10,000 10,000
.g 1995 10,000 g 1996 10,000 1997 10,000 1998 10,000 1999 15,000 2000 15,000 2001 15,000 I 2002 2003 2004 15,000 15,000 20,000 2005 20,000 I c006 2007 20,000 20,000 2008 25,000 2009 25,000 2010 25,000 2011 26.000
$346.000 Water Fund Mortaaoe Note Payable - Bennie Harrison The following is a schedule of the mortgage note payable to Bennie Harrison:
Remaining Princioal Interest 1990 $1,000 $ 455 1991 1,000 390 1992 1,000 325 1993 1,000 260 1994 1,000 195 1995 1,000 130 1996 1.000 __g
$LOQQ $3 I Principal and interest (at 6 1/2%) payments are due annually on January 31, The balance is collateralized by Water Fund land.
i I 19
CITY Of BUSHNELL, FLORIDA NOTES 10 flNANCIAL-STATEMENTS : SEPTEMBER 30, 1989 NOTE 5 NOTES AND BONDS PAYABLE (continued) Eeneral Lona-Term Debt PRINCIPAL BALANCE
.I 9/30/89 Note Payable, Unsecured, due in monthly payments of $570, interest at 74.2% of prevailing prime (7.791% at September 30, 1989)
Sports complex real estate $ 98,290 Note Payable, collateralized by radio equipment, due in monthly I payments of $165, including interest at 10.45% 3,276 Accumulated Unpaid Vacation & Sick -l Pay Accrual (Note 6) 26,338 Note Payable, collateralized by Fire Truck, due in monthly I- payments of $730, including ; interest at 6.3% .11,92Q ;
$131324 )
The following is a summary of all debt transactions of the City for the year j ended September 30, 1989: ELECTRIC WATER GENERAL lg UTILITY UTILITY SANITATION LONG TERM i Lg FUND FUND FUND DEBT l t Notes and Bonds l Payable, begin-l ing of year $309,600 $409,400 $ -
$ 43,691 I Bond Haturity -
)gg Series 1976 (17,200) (2,800) ia Principal ll g- Retirement (256) (6,113) (12,426) Additional Borrowing 3,350 1,478 1,478 103,547 i Net increase in accumulated unpaid vacation & sick pay . LQ12
$295.494 $401.965 $L4_))
4 $139.824 20 L l..
CITY OF BUSHNELL, FLORIDA I- NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1989 NOTE 6 ACCUMULATED UNPAID VACATION AND SICK PAY BENEFITS Accumulated unpaid vacation and sick pay benefits are accrued when incurred in proprietary funds (using the accrual basis of accounting). Such amounts are not accrued in governmental funds. At September 30, 1989, governmental I fund liabilities included $26,338 in vacation and sick pay. This amount is included in the General Long Term Debt Group of Accounts. Accumulated unpaid vacation and sick pay in Enterprise Funds ara as follows: 9/30/89 9/30/88 Electric Utility Fund $11,197 $10,027 Water Utility Fund 7,736 8,009 Sanitation Fund 2.943 1. 2 33
$2] 82.6 $19.875 I City policy as of September 30, 1989, is to allow up to a maximum accumula-tion of 1,040 hours of sick leave. Upon voluntary termination one half (1/2) of the accumulated hours are paid to the employee. The City accrues 100 I percent of unpaid vacation pay and 50 percent of accumulated unpaid sick pay at the employee's current pay rate.
NOIE 7 ELEClRIC POWER AGREEMENTS Crystal Power Unit #3 Participation Agreement: I lhe City is a participant in an agreement with Florida Power Corporation which was entered into on July 31, 1975. Under terms of the agreement, the City acquired a 0.0388% canership interest and generation entitlement share I in the nuclear steam electric generating unit. Participants are entitled to energy output of the unit based upon their respective generation entitlement share. Florida Municipal Power Agency: The City is a member of the Florida Municipal Power Agency (FmPA) which is a joint action agency formed by a number of Florida municipalities for the purpose of dispatching electric power. NOTE 8 PROPERTY TAXES Under Florida law, the assessment of all properties and the collection of all county, municipal and school board property taxes are consolidated in the offices of the County Property Appraiser and the County Tax Collector. 'he I' laws of the State regulating tax assessment are also designed to assui. a consistent property valuation method state wide. State statutes permit municipalities to levy property taxes at a rate of up to 10 r..i l l s . The I- millage rate assessed by the City for the fiscal year ended September 30, 1989, was 3.222. I 21 I . ___
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- CITY OF BUSilNELL, FLORIDA
- NOTES TO FINANCIAL STATEMENTS '
SEPTEMBER 30, 1989 NOTE 8 PROPERTY TAXES (continued) All. property is assessed according to its fair market value on January 1 of each year. Each assessment roll is submitted-to the Executive Director of the State Department of Revenue for review to determine if the rolls meet all of the appropriate requirements of State statues. The current year taxes for the fiscal year, beginning October 1, are billed in the month of November and are due no later than March 31. On April 1, all I unpaid amounts become delinquent and are subject to interest and penalties. Discounts are allowed for early payment as follows: November 4% December 3% January 2% I February March 1% 0% Delinquent taxes on real property bear interest of 18% per year. On or prior to June 1 of the following tax year, certificates are sold for all delinquent
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taxes on-real property. Af ter sale, tax certificates bear interest of 18% per year or-at any lower rate bid by the buyer. Application for a tax deed I on any unredeemed tax certificates may be made by the certificate holder after a period of two years. Delinquent taxes on personal property bear interest of 18% per year until the-tax is satisfied either by seizure and sale of the property or by the five year statute of limitations. The amount of delinquent or uncollected property taxes at year end was imma-terial. The City's Tax Calendar is-as follows: Valuation Date: January 1 Levy Date: November 1 Due Date: March 31, Succeeding Year Lien Date: April 1, Succeeding Year NOTE 9 OTilER DISCLOSURES Excess of expenditures over appropriations in individual governmental funds: General Fund $20.105 Deficit retained earnings of individual funds:
-None-1 I
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i CITY OF BUSHNELL, FLORIDA NOTES T0 FINANCIAL. STATEMENTS.
' SEPTEMBER 30, 1989 NOTE 9 OTHER DISCLOSURES (continued)
- INTERFUND- INTERFUN'D EVEQ RECEIVABLES ~PAYABLES General Fund $- $'-
Electric Utility Fund 153- -- Water Utility Fund - 153
$),k), - ; $)ka Interfund' transfers: JE 0111
- . General Fund $138,246 $ -
1-Electric Fund - 118,246 i Water Utility Fund - 10,000 , Sanitation Fund - 10.000 1,
; $138.246 $138.246 Allowances for Doubtful-Accounts '
Electric-Utility Fund $2,500 lm . Water Utility Fund- 300
' Sanitation Fund . 100
, .$RJLO r
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CITY OF BUSHNELL, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1989 I ' NOTE 9 OTHER DISCLOSURES _(continued)
. Segment Information for. Enterprise Funds:
The City maintains three enterprise funds which provide electric, water. and ; sanitation services. Segment information as of September 30, 1989 is as-follows: - q ELECTRIC WATER UTILITV' UTILITY SANITATION. FUND FUND FUND TOTAL Operating c Revenues $1,130,122 $ -155,736 $115,027 $1,400,885 i L Depreciation.8-L Amortization- 41,266 29,763 11,271 82,300 Operating Income (Loss) -158,452 23,908 14,974- 197,334 - l-Operating'Trans-fers la (Out) (118,240. 10,000) (10,000) (138,246) L Net Income (Loss) 49,464 -!s1,901) .5,049 42,612 l c Current Year-Capital l _ Contributions 4,459 5,398 - 9,857 Property & Equip-
.l l ment Additions 69,969 47,925 2,542 120,436 l- 1 Total Assets 1,525,878 1,337,080 80,039 2,942,997 Net Working'
' Capi tal' 187,547 61,102 47,770 296,419-1 Bonds Payable Net Payable from l Operating Revenues- 264,348 390,309 -
654,657 ,l Total Equity 1,046,890 887,801 70,342 2,005,033 l 24
CITY OF BUSHNELL, FLORIDA
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NOTES 10 FINANCIAL STATEMENTS SEPTEMBER 30, 1989 NOTE 10 PENSION FUND
, All full-time employees participate in the ' State of Florida Retirement System, a multiple employer Public Employee Retirement' System (PERS).
Thel payroll for employees covered by the System for the year ended September - 30, 1989, was approximately $357,081; the City's total payroll was approxi- , mately $360,819. ~ l
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Benefits are determined by category and length of service as follows: : Employer ~ Contribution
- Cateaorv Benefit Vestina Rate 3 -. Regular Members Normal retirement After 10 years of 13.38. October 1, 1988 -
'3 at age 62.or at~ creditable service. December 31, 1988 least 30 years of Early retirement 14.38 January 1, 1989-- !
service times is available if September 30, 1989
< : average compen- vested.
sation (five highest years).
- Special Risk
-Normal retirement After 10 years of 15.35 October 1, 1988 - l (Police) with 25 years of creditable service. December 31, 1988 service; 2.0% times Early retirement is 17.98 January 1, 1989 -
years of service available if vested. September 30, 1989 times average com- _ . -pensation (five
; _ highest years). ,
L ., Employer contributions include .2-4% from October 1, 1988 through December 31, 1988 and .48% from January 1, 1989 through September 30, 1989 for a post retirement health insurance subsidy. The System also provides disability and survivors benefits. Benefits are established by State statute. lThe contribution requirement for the year ended September 30, 1989, was
$52,664; these contributions represented 14.75% of covered payroll.
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The " pension benefit obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and step-rate benefits, estimated to be payable in the future as a result of employee service to date. The measure, which is the , -actuarial value of credited projected benefits, is intended to help users L assess the System's funding status on a going-concern basis, assess progress comparisons among PERS and employers. The System does not make separate measurements of assets and pension benefit obligation for individual employ-ers. The pension benefit obligation at July 1,1988 (the date of the latest L actuarial valuation) for the System as a whole was $23.5 billion. The 4 l System's net assets available for benefits on that date (valued at market) l- were $14.0 billion, leaving an unfunded pension benefit obligation of $9.50 i billion. The City's fiscal year 1989 contribution as a percent of total contributions required of all participating entities has not been deter-mined. l 25 l 9
CITY OF BUSHNELL, FLORIDA-- NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1989 NOTE 11 NON MONETARY TRANSACTION On December 9, 1988, the City contracted with Sumter Correctional Institute (S.C.I.) to convey a 1973 Chevrolet dump truck and a 1967 Chevrolet bucket
. i truck in the exchange for inmate labor.
The parties agreed that the value of the vehicles- was $40,000. S.C.I. agree to provide labor at the rate of $3.77 per man hour'for_ a total of 10,612 man hours.
,g. At September 30, 1989, S.C.I. had provided 1,545. hours labor, for a balance g -- remaining of 4.067 hours, il I
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COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS I g I. LI: 1l g ll B g g
l . . e 1 1 l l l Im l' - GENERAL FUND 1 i The General' Fund is used'to account for resources traditionally associated with ' 1 , governments which are not required to be accounted ' for in another fund.' The. -
-l , General Fund receives a greater variety and number of taxes than any other -
fund. The' City of Bushnell, Florida General Fund directly services general
; long term. debt. l 1
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CITY OF BUSHNELL, FLORIDA. L GENERAL FUND l BALANCE SHEET
. SEPTEMBER 30, 1989 AND 1988 1933 19B8 ASSETS
- g' : Cash .
$329,168 -$352,718'
.g'= -Utility Taxes and Franchise fees Receivable 28,623 9'192
;. Due From Other Funds (Note 10) . -
191-Due From Other Governments 17,235 23,938-
- inventories, at Cost (Note 1) --1.358 '959 Total Assets $376.384 . $3fL19B LIABILITIES AND FUND BALANCE Liabilities:
Accounts Payable $ 43,883 $'34,905 Accrued Liabilities .
-6,674 6,862 Due'to Other Funds (Note 10) -
121 Deposits
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600 175 Total Liabilities' 51'.157 '42.063 Fund. Balance: l ; Reserve for Petty Cash . 750 650 Reserve-for Inventories 1,358 959 Reserve for Transportation 100,223 64,027 Fund Balance--Unreserved 222.896 279.299 Total Fund ~ Balance 325.227 344.935 Total' Liabilities and Fund Balance $376.384 $386.998 g. 3 I g See Accompanying Notes to Financial Statements
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I CITY 0F BUSHNELL, FLORIDA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES--BUDGET (GAAP BASIS) AND ACTUAL' YEAR ENDED SEPTEMBER 30, 1989 VARIANCE PRIOR FAVORABLE YEAR BUDGETED ACTUAL (UNFAVORABLE) ACTUAL Revenues: Taxes- $ 238,691 $ 248,150 $ 9,459 $219,850 Licenses and Permits 13,608 14,315 707 15,5S6 Intergovernmental 225,161 233,598 8,437 226,742 -I' Charges for Servic'es 1,000 2,792 1,792 2,075 Fines and Forfeits 18,800 18,192 (608) 22,664 Miscellaneous Revenue 35.240 29.971 (5.269) 26.728 532.500 547.018 14.518 SLLf1'i Expenditures: General Government 176,188 172,483 3,705 144,987 Public Safety 285,894 277,962 7,932 220,954 Physical Environment 5,910 5,913 (3) 2,417 Transportation 109,203 106,607 2,596 119,515 Economic Environment 8,000 8,000 -
'5,000 Culture and Recreation 230,466 230,602 (136) 45,879 Debt Service 19.000 15.569 3.431 14'.162 834.661 817.136 17.525 552.914 Excess (Deficiency) of B. ; Revenues Over Expenditures (302.161) (270.118) -32.043 (39.259)
Other Financing Sources (Uses): Operating Transfers In (Out): Electric Utility Fund 118,246 118,246 - 113,247
. Water Utility Fund 10,000 10,000 -
10,000 I Garbage Fund Loan Proceeds State Grant 10,000 100,000 10,000 103,547 8.220 3,547 8.220 5.333 Excess (Deficiency) of Revenues and Other Sources Over (Under) Expenditures (63,915) (20,105) 43,810 89,321 Fund Balances, Beginning of Year 344,935 344,935 - 255,598 Increase in Inventory Reserve - 397 397 16 Fund Balances, End of Year $ 281.020 $ 325.227 $44.207 $344.935 See Accompanying Notes to Financial Statements 28 I . .
Page 1 of 2 I CITY OF BUSHNELL, FLORIDA GENERAL FUND STATEMENT OF REVENUE BUDGETED AND ACTUAL YEAR ENDED SEPTEMBER 30, 1989 VARIANCE PRIOR I luni RLENE BUDGETED ACTUAL FAVORABLE (UNFAVORABLE) YEAR ACTUAL
$ 76,341 $ 77,990 $ 1,649 $ 75,489 I Ad Valorem Franchise Fees:
Telephone 1,200 1,047 (153) 1,061 Electric 34,500 37,365 2,865 28,944 Cable TV 2,900 3,367 467 2,850 Utility Service Taxes: Telephone 9,900 10,276 376 9,367 I Gas Electric Fuel Oil 9,600 38,000 50 6,514 43,618 64 (3,086) 5,618 14 7,943 28,195 76 61,000 61,536 60,830 I City Utility Tax City Utilities Surcharge Bankruptcy 5,200 4,867 1.506 536 (333) 1.506 5,095 238.691 248.150 9.459 219.850 Licenses and Permits: I Occupational Licenses Building Permits Other 4,600 9,000 8 4,873 9,420 22 273 420 14 5,757 9,804 35 13.608 14.315 707 _LLMfi Inittggvernmental Revenue: I Two Cent Cigarette Tax State Revenue Sharing Mobile Home Licenses 13,889 37,497 5,000 13,014 38,417 4,589 (875) 920 13,062 39,038 5,126 (411) I Alcoholic Beverage License Five Cent Sales Tax County Fire fee 1,700 26,600 38,725 30,455 38,725 406 (1,294) 3,855 2,177 28,137 41,222 Share of County I Occupational License Rebate on Municipal Vehicles 3,000 750 2,874 732 (126) (18) 917 920 Sumter County Two Cent Gas Tax _ % ROR LQ_4 m lB5 _6E d6_,_L43 225.161 233.598 _R 431 226.742 I I (Continued on Next Page) 29 I . _ _ _ _
I Page 2 of 2 I CITY OF BUSHNELL, FLORIDA GENERAL FUND STATEMENT OF REVENUE BUDGETED AND ACTUAL YEAR ENDED SEPTEMBER 30, 1989 VARIANCE PRIOR I REVENUE BUDGETED _ ACTUAL FAVORABLE (UNFAVORABLE) YEAR ACTUAL Charoes For Services: I Mowing Fees Fire Calls
$ 750 250
$ 942 1.850
$ 192 1.600
$ 825 1.250 1.00Q 2.792 1.792 2.075 Fines and forfeitures:
I Fines and Forfeitures Police Education 18,000 800 17,646 546 (354) (254) 21,833 831 Miscellaneous Revenues: Interest Earned 15,000 13,739 (1,261) 12,391 I Rent Miscellaneous 3,000 17.240 3,100 13.132 100 (4.108) 3,000 11.337 35.240 29.971 M 63) 26.728 Total Revenue $532.500 $547_J)]E $14.518 $513.655 I I I I I I see Acapanying NMes to Financial Staments g
, 30
Page 1 of 4 CITY OF BUSHNELL, FLORIDA GENERAL FUND-STATEMENT OF EXPENDITURES BUDGETED AND ACTUAL YEAR ENDED SEPTEMBER 30, 1989-VARIANCE PRIOR FUNCTION / ACTIVITY / FAVORABLE YEAR SUBACTIVITY/0BJECI EUDGETED ACTUAL (UNFAVORABLE)- ACTUAL General Government Services:
.I' Legislative:
Council fees $ 9,000 $ 8,875 $ 125- $ 7,200 m Operating Expenses 4,510 4,141 369 1,847 g Capital Outlay 2.873 2.873 - - 16.383 _J 5E9. 494 9.047 Financial and Administrative: Executive Salery 61,076 61,176 (100) 57,058 Regular Salary 14,500 14,552 (52) 4,351 FICA Taxes 5,675 5,722 (47) 4,751 Retirement 10,867 10,689 178 8,300 Workmen's Compensation 453 521 (68) 101 I- Group Insurance 6,066 6,803 (737) 3,220 Professional Services 10,540 8,499 2,041 11,572 Accounting & Auditing 3,500 7,212 (3,712) 4,593
.I- Contractual Services 6,613 5,187 1,426 5,891 Travel & Per Diem 2,200 1,268 932 1,417 Communication Services 1,600 1,754 (154) 1,638 lI Utilities General' Insurance-2,100 2,206 2,050 2,527 50 (321) 2,134-1,359 Other Current Charges 4,500 4,569 (69) 2,664 Office Supplies 3,050 2,321 729 2,967
'I- Operating Supplies 3,600 2,950 650 3,742
. Repair & Maintenance 2,000 754 1,246 1,172 Books,-Publicatlons I-_ and Memberships 1,200 953 247 1,152 Capital'Out1ay 6.000 5.775 225 6.508 147.746 145.282 2.464 124.590 Legal Counsel 12.059 _1L312 747 11.350 Total General Government Services 176.188 172.483 3.705 144.987 (Continued on Next Page) t
t Page 2 of 4 CITY OF BUSHNELL, FLORIDA L GENERAL FUND STATEMENT OF EXPENDITURES BUDGETED AND ACTUAL. l
! YEAR ENDED SEPTEMBER 30, 1989 VARIANCE PRIOR FUNCTION / ACTIVITY / FAVORABLE YEAR SUBACTIVITY/0BJECT BUDGETED ACTUAL (UNFAVORABLE) ACTUAL .E' Public Safetv1
- 5 Police Department:
Executive Salaries $ 27,615 $ 27,665 $ (50) $ 25,118
.g Regular Salaries 69,411 70,933 (1,522) 68,559-23' 0ther Salaries- 3,500 3,523 (23) 2,441 Hol'%y Pay
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'1,715 -
1,715 -
--Incentive Pay 2,500 2,280 220 2,446-l FICA Taxes 7,488 7,840 (352) 7,255 Retirement Contributions 18,030 17,644 386 14,735 Group Insurance 10,748 11,552 (804) 7,418 Workmen's Compensation 4,368 4,778 (410) 1,499 I. Contractual Services Travel & Per Diem 2,500 2,700
.2,790 2,392 (290) 308 250 2,267 g Communication and Phone l',500 1,691 (191) 1,462
;g Utilities 3,100 3,144 (44) 3,139 Insurance--General 6,650 6,651 (1) 2,711 Repair & Maintenance 7,000 4,619 2,381- 6,347.
Other Current Charges 1,000 1,009 (9) 565 l 0ffice Supplies 800 387 413 665-Operating Supplies 14,500 12,800 1,700 .10,458 Police Education 1,300 I' 836 464 1,023 Books and Memberships 225 699 (474) 614 Discretionary Fund 500 - 500 - Capita 1 Out1ay 16.178 16.640 (462) 30.289 I.. 203.328 199.873 3.455 189.261
'E Fire Department:
B Personal Allowances 8,700 9,186 (486) 8,230 Workmen's Compensation 1,687 1,891 (204) 629 Communication Services 350 676 (326) 279
.I- Insurance Repair & Maintenance 6,229 18,000 6,229 -
1,977 17,923 77 4,323 Other Current Charges 1,750 2,012 (262) 654 Operating Supplies 22,000 20,935 1,065 5,279 Office Supplles 200 483 (283) 151 Training 460 708 (248) 134
.E School & Training 1,600 1,024 576 1,236 B' Capital Outlay 11.000 8.665 2.335 441 71.976 69.732 2.244 23.333 B.
(Continued on Next Pase) 32 I
l CITY OF BUSHNELL, FLORIDA i GENERAL FUND i STATEMENT OF EXPENDITURES BUDGETED AND' ACTUAL YEAR ENDE0 SEPTEMBER 30, 1989 VARIANCE PRIOR i FUNCTION / ACTIVITY / FAVORABLE YEAR SUBACTIVITY/0BJECT BUDGETED ACTUAL (UNFAVORABLE) ACTUAL Building Inspector: - Regular Salaries $
$ 976 $ (976) $
FICA Taxes 73 (73) - Contracted Fee 7,640 4,185 3,455 :5,200 ' 1 Travel & Per Diem
. Dues &-Publications 2,550 3,065 (515) 2,550 t
- 3~ 400 ' 58 342 610 y 10.590 8.357 2.233 8'360' Total Public Safety 285.894 277.962 7.932 220.954
}
Physical Environment: Cemetery:- Utility Service 150 108 42 117 Other Current Charges 2,800 2,845 (45) 2,300-Land Acquisition 2.960 2.960 - - Total Physical Environment 5.910 5.913 (3)' 2.417 Transportation 1 7 Road & Street Department:
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Executive Salary' 12,383 13,025 (642) 12,209 Regular Salary 7,513 7,906- (393) 8,122 Other Salaries 1,200 1,320 (120) 1,263 Utilities 650. - 650 437 ,
. FICA Taxes 1,584 1,671 (87) 1,597-Retirement Contributions 3,003 3,165 (162) 2,698 Group Insurance 2,602 2,905 (303) 2,208 Workmen's Compensation 1,703 1,891 '(188) 771 General Insurance 1,440 1,579 -(139) 704 Contractual Services 16,500 13,100 3,400 18,177 Repair & Maintenance 6,000 5,223 777 3,294 l Other Current Charges 1,900 449 1,451 619 Operating Supplies 3,500 4,399 (899) 3,824 Street Lights -
Electricity 27,225 25,555 1,670 24,913 Capital Outlay 22.000 _2L.4LQ (2.419) 38.679 Total Transportation 109.203 106.607 2.596 119.515 Economic Environment: Miscellaneous Contribution Sumter County industrial Development Authority 8.000 8.000 - 5.000 Total Economic Environment 8.000 8.000 - 5.000 (Continued on Next Page) 33
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Page 4 of 4 CITY OF BUSilNELL, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES- -E: BUDGETED AND ACTUAL YEAR ENDED SEPTEMBER 30, 1989 l 3 l E VARIANCE . PRIOR J i FAVORABLE YEAR =g- FUNCTION / ACTIVITY / SUBACT IVIT Y/0BJEC_T_ BUDGETED ACTUAL (UNFAVORABLE) ACTUAL-Culture and Recreation: Library: Aid to Private Organizations $ 6,000 $ 6,000 $. -
$ 6,000 Utility Services 350 445- (95) 328 .. 6.350 6.445 (95) 6.328 ;
Parks &. Recreation: Executive Salary- 4,128 2,373 1,755 3,703
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'l. Regular Salaries.
FICA Taxes 1,602-430 692 230 910. 200 1,080. 359 Retirement Contributions 824- 447 377 783 n : Workmen's Compensation 221 303 (82) 64 g Contractual.-Services 9,300 8,656 644 2,355 Group Insurance 680 371 309 437 - Utilities 7,200 6,513 . 687 8,550-
- Rentals. 500 1,822 (1,322) 560-Repair & Maintenance 4,000 1,170 2,830 '3,285 Operating Supplies 2,850 4,071 (1,221) 2,207 General insurance 1,838 1,932 (94) 1,245 I. -
Capital Outlay
- Land Acquisition.
15,000 24,421 (9,421) 1,059 i 157.018 157.019 (1) - 205.591 210.020 (4.429) 25.687 Special Events: i Operating Expenses 18.525 14.137 4.388 13.864 Total Culture and Recreation 230.4E6 230.602 (136) 45.879 i Debt Service: Principal 15,000 12,426 2,574 11,819 l Interest 4.000 3.143 857 2.343 Total Debt Service 19.000 15.569 3.431 14.162 Total Expenditures $834.661 $817.136 $17.525 $552 gj4 ll See Accompanying Notes to Financial Statements 34
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SPECIAL REVENUE FUNDS COMBINING FINANCIAL STATEMENTS
' Federal Revenue Sharing Evergreen Cemetery Fund g:
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' CITY OF'BUSHNELL, FLORIDA
_ E: COMBINING BALANCE SHEETS i Ei SPECIAL REVENUE FUNDS SEPTEMBER 30, 1989
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' EVERGREEN TOTALS i CEMETERY (MEMORANDUM ONLY)
FUND 193 3 1988 j ASSETS .!
' Cash $ 1,785- $ 1,785 $ 1,246 i
, I; -Interest Receivable 436 436 -
1 Restricted Assets: 1 1 Cash and Investments 216.975 216.975 197.000 ,
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.$219.196 $219.196 $198.246 LIABILITIES AND' FUND BALANCE
' I Liabilities:
! Deposits $' 975 .$ 975 $ 900 Fund Balance: I Reserved: Perpetual Care 217,411- 217,411 197,044' !
-Unreserved: 810 ~ 810 302 l 218.221 218.221 197.346'- l t
TOTAL LIABILITIES _AND FUND BALANCE. $219.196 $219.191 $198.246 L- i [ l l L See Accompanying Notes to Financial Statements , 35 I. . .
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j'1; ! CITY OF BUSHNELL, FLORIDA I SPECIAL REVENUE FUNDS , COMBINING STATEMENT OF REVENUES, EXPENDITURES, OTHER FINANCING' ' SOURCES, AND CHANGES IN FUND BALANCES
- 1 FOR THE YEAR ENDED SEPTEMBER 30, 1989 i
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EVERGREEN TOTALS CEMETERY- (MEMORANDUM ONLY) : FUND 193 2 1938 Revenues-
~ Contributions $ 12,514 $ 12,514 $ 9;015- !
- Sale of Cemetery Lots 4,800 4,800 7,525:
Interest' Earned - 16,152 16,152 13,533' l l Memorial Gifts and Trust 260 260 6,055 ,J ; 33.726 33.726 36.128 ,j
.. Expenditures: f L Operating and Maintenance 12,851 12,851 9,245- >
Capital Our.1ay - - - 1 ' 12.851 12.851 9.245- -i Excess of Revenues Over Expenditure 20_.875 20.875 26.883 -i L , Other Financing Sources: . . , f Transfer From General Fund- - - - I - Transfer To Sanitation Fund' - -- -
.- t
/ Excess of Revenues and Transfers t Over Expendttures 20,875 20,875 26,883
~ Fund Balance, Beginning 197.346 197.346 170.463 Fund' Balance,'Ending
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$218.221 $218.221 $197.346' i
e' a i' See Accompanying Notes to Financial Statements 36 1 _. <_._____m . _ _ _ . _ _ _ _ _ . _ _ _ _ _ _ _ _ _ _ _ _ _ _ . _ _ _ _ . _ _ _ _ _ . _ _ _ . _ _ _ _ _ _ _ _ _ _ _ . _ . _ _ _ _ _ _ _ _ _ _ __ ___
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I; ENTERPRISE FUNDS Enterprise Funds < are used to account for operations (a)- that. are financed,and
,I'- .of operated in a manner the governing body similar is that'to private the costsbusiness enterprises--where (expenses, .the intent including depreciation) of providing goods or - services to tne general public on a continuing basis be
-financed or recovered primarily through user charges;. or (b) where the governing body' has decided that periodic- determination of revenues earned,
.. expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes Certain. administrative expenses are paid by'the General Fund. I I
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Page 1 of 2 CIT'; 0F BUSHNELL, FLORIDA ENTERPRISE FUNDS COMBINING BALANCE SHEET. SEPTEMBER 30, 1989.AND 1988 ELECTRIC- WATER TOTALS UTILITY UTILITY SANITATION SEPTEMBER 30 FUND- FUND FUND 1982 1938 ASSETS Current Assets: Cash and Cash Equivalents 5 88,281 $- 83,354 5 43,770 $ 215,405 $ 220,827 Customer Accounts Receivable 161,022 16,029 12,694 189,745 173,093 Allowance for Doubtful Accounts (2,500) (300) (100). (2,900) (2,900) 153 - - 153 -260 Due From Other Funds Inventories, at Cost 73.725 10.387 225 84.337 51.557 320.681 109.470 56.589 486.740- 442.837 t; Restricted Asse's, Cash and Investments: Nuclear Fuel Decommissioning 30,004 - - 30,004 10,640 81,856 13,325 - 95,181- 93,510 Debt Service 157,482 Renewal and Replacement 153,977 - - 153,977 Customer Deposits '49.039 - - 49.039 49.095 314.876 13.325 - 328.201 310.727 l l Property and Equipment, at Cost: Utility Plant in Service 1,292,133 1,410,762 102,742 2,805,637 2,712,948 Accumulated Depreciation 401.812 205.022 79.292 686.126 631.573-890.321 1.205.740 23.450 2.119.511. 2.081.375 Other Assets: 8.545 8.545 Loan Cost (Net) - 8.545 -
-- 8.545 -
8.545 8.545 Total Assets $1.525.878 $1.337.080 $ 80.039 $2.942'.997 $2.843.484
.(Continued on Following Page)
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m - e uma sus eee uma Page 2 o'f 2 CITY OF BUSHNELL, FLORIDA ENTERPRISE FUNDS COMBINING ~ BALANCE SHEET
-SEPTEMBER 30, 1989 AND 1988 ELECTRIC WATER -
TOTALS UTILITY UTILITY SANITATION SEPTEMBER 30 FUND FUND FUND 1282 126B LIABILITIES AND FUND EOUITY Current Liabilities: $ 116,115 $ 37,456_ $ 4,725 $ -158,296 5 93,286 Accounts Payable 3,494 28,372 26,589 Accrued Liabilities 15,619 9,259 153 - 153 139 Due to Other Funds (Note 9) 1.400 1.500 600 3.500 1.000 Current Portion of Note Payable __, 133.134 48.368 8.819 190.321 121.014' Current Liabilities (Payable From Restricted Assets): 49,039 - 49,039 49,095 Customer Deposits 10,673 1,737 12,410 _13,080 Accrued Interest Payable 21.500 3.500 25.000 20.000 Current Portion of Bonds Payable 81.212 5.237 -
'86.449 82.175 w
m Long Term Liabilities: Revenue Bonds Series 1976 (Net of 42,809 305,757 329,731 Current Portion and Discount) 262,948 - Revenue Bond Series 1986 (Note 5) Due to Other Funds . 6,865 878 9,437 7,000 Long Term Portion of Note Payable 1,694 351.000 346.000 - 346.000 Note Payable - FmPa - 264.642 395.674 878 661.194 687.731 478.988 449.279 _9,521 937.964 890.920 Total Liabilities Fund Equity: 29.449 1.076.188 1.066.331' Contributed Capital 176.381 __B70.358 Fetained Earnings: 241,752 228,552 Reserved 233,664 8,088 - 636.845 9.355 40.893 687.093 657.681 Unreserved 870.509 17.443 40.893 928.845 886.233 1.046.890 887.801 70.342 2.005.033 1.952.564 Total Fund Equity Total Liabilities and $g0 g}2 $2.942.997 $2.843.484 Fund Equity- $1.525.878 $1.337.080 See Accompanying Notes to Financial Statements
CITY OF BUSHNELL, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES.IN RETAINED EARNINGS (DEFICIT) - ENTERPRISE FUNDS YEARS ENDED SEPTEMBER 30, 1989 AND 1988 ELECTRIC WATER TOTALS UTILITY UTILITY SANITATION SEPTEMBER 30 FUND FUND FUND 1982 12&B Operating Revenues: $1.328.618 Charge for Services (Note 5) $1.130.122 $155.736 $115.027 $1.400.885 Operating Expenses: 746,386 696,347 Purchased Power 746,386 - - 67,857 50,026 30,676 148,559 136,436 Salaries 13,869 53,095 42,406 Employee Benefits 22,550 16,676 40,846 7,558 - 48,404 29,012. Professional Services 4,934 31,217 27,770 Operating Supplies 21,261 5,022 15,315 22,783 10,378 48,476 53,394 Other Current Charges 81,066 41,266 29,763 11,271. 82,300 Depreciation 28,925 24,833 Landfill 28,925 16.189 16.189 16.648 State Gross Receipts Tax - - E 971.670 131.828 100.053 1.203.551 1.107.912 158.452 23.908 14.974 197.334 _ZZ_0.J_QH Operating Income (Loss) Non-Operating Revenue (Expense): 33,740 30,880 5,297 212 36,389 Interest Earned (59.891) Interest Expense (21.622) (31.106) (137) (52.865) 9.258 (25.809) 75 (16.476) (26.151) 167,710 (1,901) 15,049 180,858 194,555 Operating Income (Loss) Before Transfers Operating Transfers In (Out)- W 18.246) (10.000) (10.000) (138.246) (123.247) 49,464 (11,901) 5,049. 42,612 71,308 Net Income (Loss) 821.045' 29.344 35.844 886.233 814.925' Retained Earnings, October 1 Retained Earnings, (Deficit) September 30 $ 870.509 $M $ 40.893 $ 928.845 $ 886.233-See Accompanying Notes to Financial Statements
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.g g: - g Page 1 of 2 CITY 0F BUSHNELL, FLORIDA COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION ENTERPRISE FUNDS.
YEARS ENDED SEPTEMBER 30, 1989 AND'1988 ELECTRIC WATER TOTALS UTILITY UTILITY SANITATION SEPTEMBER 30 FUND FUND FUND 1939 1188 Sources of Working Capital: Net Income (Loss) $ 49,464 $(11,901) $ 5,049 5 47.617 $ 71;7nR , Add: Items Not Requiring the Use of Working Capital: Depreciation 41,266 ~ 29,763' 11,271 82,300 81,066 Book Value of Property, Plant & Equipment Disposal - - - - 19.625 Working Capital Provided By Operations 90,730 17,862 16,320 124,912 171,999 i; Contributed Capital 4,459 5,398 - 9,857 134,779 Increase in Current Liabilities Payable From Restricted Assets 3,668 .606 - 4,274 - Decrease in Restricted Assets - - - - 33,421 Increase in Long Term Debt 3.350 1.478 1.478 6.306 - Total Sources of Working Capital _102.207 25.344 17.798 145.349 340.199 Uses of Working Capital: Acquisition of Property and Equipment 69,969' 47,925 2,542 120,436 236,161 Decrease in Long Term Debt 22,274 9,969 600 32,843 113,604 Increase in Restricted Assets 17,240 234 - 17,474 51,376 Decrease in Current Liabilities Payable From Restricted Assets - - - - 4,695 Increase in Other Assets - - - 8.545 Total Uses of Working Capital 109.483 58.128 3.142- 170.753 414.381 Net Increase in Warking Capital (Schedule on Follawing Page)
$ (7.276) $ $M) $14.656 $ M )' $f74.182)L (Continued on Following Page)
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=n Page 2 of.2' CITY OF BUSHNELL', FLORIDA COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION ENTERPRISE FUNDS-YEARS ENDED SEPTEMBER 30,,1989,AND 1988 WATER TOTALS ELECTRIC.
UTILITY -SANITATION SEPTEMBER 30 UTILITY ~' FUND' FUND FUND 1183 1933 Elements of Net Increase (Decrease) in Working Capital: _
$ (5,4'22)
$(110,878)
Cash $(10,597) $ (9,466) $14,641 14,199 1,793 660 16,652 8,949 Accounts Receivable (Net) '(121) 121 (292) Due From Other Funds 171 29,836 2,925 19 32,780 30,642 Inventory (38,605) (27,443) 1,038 (65,010) (6,893) Accounts Payable 1,102)- (1,783) (2,079) (880) 199-Accrued Liabilities (500) (600) (2.500) 5.956 Current Portion of Note Payable (1.400)
$ (7.276) $(32.784) $14.656 $(25.404) $_(74.182)-
0 See Accompanying Notes to Financial Statements U
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CITY OF BUSilNELL, FLORIDA . AGENCY FUNDS 2 - COMBINING BALANCE SHEET SEPTEMBER 30, 1989 AND 1988 VOLUNTEER TOTALS-Ball BOND .FIREFIGHTERS' SEPTEMBER 30-FUND TRUST FUND 193 3 IS.B.S ASSETS Cash- $2,814 $ - $ 2,814 $2,646 Restricted Assets: Cash 10.897 10.897 - Total Assets ' $LS.L4, $10.897. .$13.711 $Ljik LIABILITIES Deposits $2,814 -. $ - $ 2,814 $2,646 Payable From Restricted Assets - 10.897 '10.897 - Total Liabilities $2.d14, $10.897 $1LJ.ll $LjlF1 l
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I LI II l t I SUPPLEMENTARY INFORMATION I I 1.. 1: Ll- -l l l l (w l l
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I 3_ C11Y Of BUSHNELL, FLOR 10A t 3 SCHEDULE OF INSURANCE COVERAGE YEAR ENDE0 SEPTEMBER 30, 1989 Poliev # Company Coveraae Premium ltts I B1(1) 53193R Travelers Accidental Death for Police Officers $ 700.00 11/08/88-89 i RN 4363386 Hartford Bond for Tax Collector 100.00 11/01/88-89 VP 480462 llartford Acc. Death & Disability, fire Dept. 391.68 12/04/88-89 1922048 Hartford Public Of fic. Bond - Judith Muller 250.00 01/06/89-90 DDDNN6710 llartford forgery & Alteration 100.00 02/10/89-90 PEBBG7140 Hartford faithful Performance Bond 253.00 02/08/88-89 FM 364 fML Sir Workman's Compensation 14.394.00 10/01/88-89 FMP 033 FML SIP FL Municipal Property Insurance Program 10,068.00 10/01/88-89 I fML 289 FML Sif Comprehensive General Liab BI,PD,PI Errors and Omissions Auto Physical Damage I Law Enforcement Liab. 24,161.00_ 10/01/88-89 L 1 I 43 I
'I I I LOGAN & WEISS c:rtthed Pubhc Accountants January 24, 1990 AUDITORS' REPORT ON INTERNAL CONTROL STRUCTURE I Honorable Mayor and Members of the City Council I City of Bushnell Bushnell, florida We have audited the general purpose financial statements of the City of Bushnell, Florida, for the year ended September 30, 1989, and have issued our report thereon dated January 24, 1990. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. In planning and performing our audit of the general purpose financial statements of the City of Bushnell, Florida, for the year ended September 30, 1989, we considered the internal control structure in order to determine our I auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and not to provide assurance on the internal control structure. The management of the City of Bushnell, Florida, is responsible for estabilrhing and maintaining an internal control structure, in fulfilling this I responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute assurance that assets are I safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpose financial statements in accordance with generally accepted accounting principles. I 44 4B50 North Highway 19 A . Mount Doro, Rorido 32757 e (904) 589 2500
I Honorable Mayor and Members of the City Council Page Two January 24, 1990 Because of inherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of I any evaluation of the structure to future periods is subject to the risk that procedures may become inacequate because of changes in conditions or that the offectiveness of the design and operation of policies and procedures may deteriorate. for the purpose of this report, we have classified the significant internal control structure policies and procedures in the following categories: cash and cash equivalents; revenue, receivables and receipts of governmental funds; service revenue and receivables of proprietary funds; expenditures for goods and services, and accounts payable; payroll and related liabilities; and property, equipment, and capital expenditures. Our study included all of the control categories listed above. The purpose of our study and evaluation was to determine the nature, timing, and extent of the auditing procedures necessary for expressing an opinion on the entity's financial statements. Our study and evaluation was more limited than would be necessary to express an opinion on the system of internal accounting control taken as a whole or on any of the categories of controls identified above. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified I Public Accountants. A material weakness is a reportable condition in which the design or operation of one or more of the specific internal control structure elements does not reduce to a relatively low level the risk that errors or I irregularities in amounts that would be m.terial in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We I g noted no matters involving the internal control structure and its operation l g that we consider to be material weaknesses as defined above. I However we noted certain matters involving the internal control structure I and its operation that we have reported to the management of the City of Bushnell in a separate letter dated January 24, 1990. I This report is intended solely for the use of the management of the City of Bushnell, Florida and the State of Florida Auditor General and should not be used for any other purpose. This restriction is not i' tended to limit the distribution of this report which, upon acceptance by management of the City of Bushnell, florida and the State of Florida Auditor General is a matter of public record. I. W & & Logan & Weiss Certified Public Accountants
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I I LOGAN & WEISS Certifred Public Accountants January 24, 1990 AUDITORS' REPORT ON COMPLI ANCE WITH LAWS AND ftEGULATIONS
-I I Honorable Mayor and Members of the City Council City of Bushnell Bushnell, Florida We have audited the general purpose financial statements of the City of I Bushnell, Florida, as of and for the year ended September 30, 1989 and have issued our report thereon dated January 24, 1990.
I We conducted our audit in accordance with generally accepted auditing standards and Govei'nmentai Auditing Standards, issued by the Comptroller General of the United States. Those standards require tha. we plan and perform I the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material missutement. Compliance with laws, regulations, contracts, and graits applicable to the I City of Bushnell, Florida, is the responsibility of the management of the City of Bushnell. As part of obtaining reasonable assurance about whether the general purpose financial statements are free of material misstatements, we I performed tests of the City's compliance with certain provisions of laws, regulations, contracts, and grants. However, our objective was not to provide an opinion on overall compliance with such provisions. The results of our tests indicate that, with respect to the items tested, the City of Bushnell, Florida, complied, in all material respects, with the provisions referred to in the preceding paragraph. With respect to items not I tested, nothing came to our attention that caused us to believe that the City had not complied, in all material respects, with those provisions. I This report is intended for the information of the management of the City of Bushnell, Florida and the State of Florida Auditor General. restriction is not intended to limit the distribution of this report, which is This a matter of public record.
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Logan & Weiss Certified Public Accountants 4850 North Highway 19-A + Mougt6Dora, Florido 32757 e (904) 589-2500
I I l 1.OGAN & WEISS Certified Public Accountants l l January 24, 1990 AUD110RS' LETTER TO MANAGEMENT Honorable Mayor and Members of the City Council City of Bushnell I Bushnell, Florida We have audited the general purpose financial statements of the City of Bushnell, Fiorida as of and for the year ended September 30, 1989, as listed in the Table of Contents, and have issued our report thereon dated January 24, 1990. ' The following comments are pursuant to the Rules of the Auditor General Chapter 10.550:
- 1. Any or all irregularities reported in the preceding annual financial audit have been corrected.
- 2. Recommendations made in the preceding years annual financial audit
, have been followed except for: (See asterisks in 3 below) t
- 3. To improve the city's financial management, accounting procedures, and internal control, we reconunend:
I
- A. Service revenue and receivables of pronrietarv funds
- 1. A routine should be established to reconcile customer accounts i
receivable detail records with the general ledger control account monthly. The October, 1988 utility billing was not l posted to the general ledger until July, 1989. l This lack of existence of control resulted in a material l misstatement of the City's financial statements for several months. l 47 4850 North Highway 19-A + Mount Doro. Florido 32757 . (904) 589 2500 l
y l Honorable Mayor and Members of the City Council Page Two January 24, 1990 B. Leenditures for ongdi and service and accounts navable
- 1. There is a lack of documentation regarding the payment of monthly allowances to certain City employees for the use of their privately owned automobiles on official business.
The City should obtain at seast the minimum documentation required for reasonable vehicle allowances under Chapter 112 of I- the florida Statutes. I 2. During our observation of the Clectric fund inventory at September 30, 1989, we determined that on many items the perpetual records did not agree with the physical count. In addition, inventoried items are not kept in a central area with one person responsible of issuing materials. C. P_ayroll and related liabilities
- 1. Our testing of payroll revealed that several employee time sheets did not match hours used for calculating the employee's gross payroll. Although the differences were individually immaterial, we recommend that department heads check all time sheets for accuracy and initial upon review. In addition, the I. payroll clerk should check the accuracy of total hours, and if incorrect return to the appropriate department head for correction.
- 2. payroll file documentation should be updated frequently.
Documentation should include form 1-9, form W-4, pay rates, etc.
- 4. We did not discover any violations of laws, rules, or regulations within the scope of the financial audit.
I- 5 There were no illegal or improper expenditures within the scope of the scope of the financial audit.
- 6. Other matters (which haven't been mentioned in the preceding sections of this report or the Auditor's Report on Internal Accounting Controls or the Auditor's Report on Compliance with Law and Regulations):
- a. Improper or inadequate accounting procedures - none.
I . 48
I lionorable Mayor and Members of the City Council Page Three January 24, 1990 failures to properly record financial transactions - only routine I b. audit entries.
- c. Other inaccuracies, irregularities, shortages, and defalcations I 7.
discovered by the auditor - none. The financial report filed with the Department of Banking and finance I pursuant to Section 218.32, florida Statutes, is in agreement with the annual financial audit report for the year ended September 30, 1989.
- 8. The firm hereby certifies that the in-charge auditor of this engagement (David C. Logan, C.P.A.) has met the educational requirements described in section 11.45(3)(a) 4.P florida Statutes 53 (as amended by Chapter 87-114, Laws of florida).
N i, Ld2 HY I Loghn & Weiss Certified Public Accountants I I
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/ Comprehensive Annual Financial Report Fiscal Year Ended September 30,1989'
I ' L I CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT l AND INDEPENDENT AUDITORS' REPORT
- FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1989 i
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I Prepared by: Finance Department James A. Williams, C.P.A. Finance Director I (1) 1 1
I I I I I g I I I g siste e, cesses 1s I I I I-I I I I (ii)
j i CITY OF LEESBURG. FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT = AND l INDEPENDENT AUDITORS' REPORT I I FOR THE FISCAL YEAR ENDED SEPTEMBER 30. 1989 TABLE OF CONTENTS (Page One) , PAGE l INTRODUCTORY SECTION
'iitle Page 1 Table of Contents 11 ,
Letter of Transmittal' 111 1 Principal City Officiale . iv
.I Organization Chart v FINANCIAL SECTION INDEPENDENT AUDITORS' REPORT 1-2
. I GENERAL PURPOSE STATEMENTS - OVERVIEW (" LIFTABLE" FINANCIAL STATEMENTS)
EXHIBIT 1 Combined Balance Sheet - All Fund Types and Account Groups 3-4 I' 2 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types 5 3 Combined Statement of Revenues, Expenditures nnd Changes in Fund Balances - Budget and Actual - General, Special Revenue, and Capital Projects Fund Types 6 I 4 Combined Statement of Revenues. Expenses and Changes in Retained Earnings - All Proprietary Fund Types and Similar Trust Funds 7 5 Combined Statement of Changes in Financial Position - All Proprietary Fund Types and Similar Trust Funds 8 6- Notes to Financial Statements 9 - 32 COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES General Fund A-1 Balance Sheet 33 A-2 Statement of Revenues, Expenditures and Changes in Fund
. Balance - Budget and Actual 34 A-3 Statement of Revenues Budget and Actual 35 - 36 A-4 Statement of Expenditures, Budget and Actual 37 - 43 A-5 Statement of Other Financing Sources and Uses, Budget and Actual 44
I I CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT AND INDEPENDENT AUDITORS' REPORT I. FOR THE FISCAL YEAR ENDED SEPTEMBER 30. 1989 TABLE OF CONTENTS (Page Two) PAGE COMBINING AND INDIVIDUA', FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES 'l B (Continued) Special Revenue Funds B-1 Comb'.ning Balance Sheet 45 B-2 Coroining Statement of Revenues, Expenditures and Changes in Fund Balances 46 B-3 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Community Development Fund '47 B-4 Statement of Revenues, Expenditures and Changes in I- Fund Balance - Budget and Actual - Housing Assistance Fund 48 Debt Service Funds C-'1 Combining Balance Sheet 49 C-2 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 50 Capital Projects Funds D-1 Combining Balance Sheet 51 D-2 Combining Statement of Revenues. Expenditures and Changes in Fund Balances 52 Statement of Revenues, Expenditures and Changes in I D-3 Fund Balance - Budget and Actual - Airport Improvement Project 53 i D-4 Statement of Revenues, Expenditures and Changes in Fund ; Balance - Budget and Actual - City Hall Renovation 54 i i D-5 Statement of Revenues, Expenditures and Changes in Fund 1 Balance - Budget and Actual - Other Projects 55
-D-6 Project - Length Schedule of Construction Projects I
56 I I '
I CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT AND INDEPENDENT AUDITORS' REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1989 TABLE OF CONTENTS (Page Three) PAGE COMBINING AND. INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) Enterprise Funda , E-1 Combining Balance Sheet 57 - 58 E-2 Combining Statement of Operations and Changes in Retained Earnings (Deficit) 59 E-3 Combining Statement of Changea in Financial Position 60 Internal Service Fund i i F-1 Balance Sheet - Motor Pool Service Fund 61 F-2 Statement of Revenues, Expenses and Changes in Retained : Earnings - Motor Pool Service Fund 62 F-3 Statement of Changes in Financial Position - Motor Pool Service Fund 63 Fiduciary Fund Types G-1 Combining Balance Sheet 64 G-2 Combining Statement of Revenues, Expenses and Changes in Fund Balances 65 G-3 Combining Statement of Changes in Financial Position 66 G-4 Statement of Changes in Assets ana Liabilities - Agency Fund 67 Account Groups H-1 Statement of General Fixed Assets By Sources 68 I H-2 Statement of General Fixed Assets - By Functions and Activities 69 H-3 Statement of Changes in General Fixed Assets - By Functions and Activities 70 H-4 Statement of General Long-Term Debt 71
I CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT AND I INDEPENDENT AUDITORS' REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1989 TABLE OF CONTENTS I STATISTICAL DATA (UNAUDITED) (Page Four) PAGE TABLE I 1 2 3 General Governmental Expenditures By Function General Revenues By Source Property Tax Levies and Collections 72 73 74 4 Assessed Value of Exempt and Taxable Property 75 5 Property Tax Rates - All Overlapping Covernments (Per $1,000 of Assessed Value) 76 6 Ratio of Net General Bonded Debt to Assessed I 7 8 Value and Net Bonded Debt Per Capita Computation of Legal Bonded Debt Margin Computation of Direct and Overlapping General 77 78 Obligation Debt 79 9 Ratio of Annual Debt Service Expenditures For General and Special Revenue Bonded Debt to Total General Expenditures 80 I 10 11 Combined I'tility Funds - Schedule of Revenue Bond Coverage Demographic Statistics 61 82 12 Property Value, Construction and Bank Deposits 83 13 Principal Taxpayers 84 14 Miscellaneous Statistics 85 i Corporate Limits and Annexationc 86 I I I I
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CIY OF LEESBURG The Complete City
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e .c yt _ q.s 7 .e t ' March 8, 1990 Honorable Mayor and Members of the City Commission City of Leesburg Leesburg, Florida 32748 Ladies and Gentlemen: The accompanying Comprehensive Annual Financial Report of the City of Leesburg, Florida, for the Fiscal Year ended September 30, 1989, is herewith submitted. This report was prepared by the City's Finance Department. Responsibility for the accuracy of the presented data and the completeness and fairness of the presentation including all disclosures, rests with the City. We believe the data, as presented is accurate in all material respects; that it is I presented in a manner designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its various funds; and that all disclosures necessary to gain the maximum understanding of the City's financial affairs have been included. AccountinQ System and Eudgetary Control I The City's accounting records for general governmental operations are maintained on a modified accrual basis, with the revenues being recorded when available and measurable and expenditures being recorded when the services or I goods are received and the liabilities are incurred. Accounting records for the City's utilities and other enterprises are maintained on the accrual basis. All internal control evaluations occur within the above framework. We believe that the City's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. I Budgetary control is a general management control function and is accom-modated through the integration of budgetary and financial accounting. Budget-ing is considered to be a system of managerial estimates of projected financial position. Such estimates are compared to actual on a monthly and annual basis. I. Corrections to estimates are made by general management and the City Commission. The Resolution adopting the annual budget sets forth controlling appropriations on a fund total level and prescribes methods for budget amendment. Notes to the Financial Statement Notes are prepared to provide for a fair presentation and adequate dis-closure in the financial statements. The content of the notes provides post office box 470630 leesburg. florida 34749-0630 a 904-728-9700
- fax 90&728-9734
tionorc.bls Mayor, Membirs of the City Commission March 8, 1990 narrative descriptions of accounting methods and practices employed by the City and discloses additional financial data that may be more informative to the statement user. The Reporting Entity and Its Services The City provides the full range of municipal services contemplated by statute or charter. This includes public safety (police and fire), highways and I streets, airport operations, sanitation, recreation and cultural services, public improvements, comprehensive planning and general administrative services. In addition, the City operates and maintains electric, water, gas, and waste-water treatment / sanitary sewer utilities. General Governmental Functions Rr. venue s , for general government functions included in the General Pund, Spec'.al Revenue Funds, the Debt Service Fund and the Capital Project Fund, totaled 56,002,740. Other financing sources totaling $4,673,657 were comprised I of operating transfer from utilities of S3,451,600, transfers to the Debt Service rund of S562,074, transfers to the Capital Projects Pund of $659,983 to pay the City's portion of the airport improvements and City llall renovation. The following table presents the various financing sources for general government and the increase (decrease) over the prior year: All Governmental Funds Increase 1988 1989 Percent (decrease) Amount Amount of total from 1988 I Financing Sources Revenues: Taxes $ 1,937,253 2,131,934 19.97 194,681 Licenses and permits 133,624 180,947 1.69 47,323 Intergovernmental revenues: Shared revenue 14.91
^
1,549,790 1,591,329 41,539 Operating Grants 342,825 493,121 4.62 150,296 I Capital Grants Charges for services Fines and forfeitures 291,116 141,168 158,356 527,896 157,408 166,150 4.94 1.47 1.56 236,780 16,240 7,794 I Other revenues Total Revenues Other Financing Sources 790,218 5,344,350 753,955 6,002,740 7.06 56.22 ( 36,263) 658,390 Operating transfers 3,759,995 4,673,657 43.78 913,662 Total other Financing Sources 3,759,995 4,673,657 43.78 913,662
; Total Revenues and Other Financing Sources S 9,104,345 S 0,5/6,397 100.00 $1,572,052 I
I '
I Honorable Mayor, Members of the City Commission i March 8, 1990 Current tax collections were 96.6% of the tax levy, up .1% from last year. This is the sixteenth consecutive year in which current property tax collections have exceeded 96%. Delinquent tax collections were .2% of the total tax levy. The ratio of total collections (current and delinquent) to the current tax levy I was 96.7%, the same as last year. Allocations of property tax rate (per $1,000 of taxable value) by purpose for 1989 and the preceding two fiscal years are: Purpose 1987 1988 1989 General Pund S 3.967 $ 3.967 $ 3.967 General Obligation Debt Total tax rate $ 3.967 $ 3.967 $ 3.967 I The Municipal Airport continued to make significant strides to keep pace with the growth and development of the community. The most substantial improve-ment consisted of the construction of an additional taxiway. This project, utilizing Federal, State, and local funds, provided safe access to a secondary I runway and eliminated potentially dangerous situations. preliminary action was taken during this period to construct a security fence Additionally, around the northern border of the airport and acquire land for the expansion of a runway approach zone. Expenditures for general government functions totaled $9,398,650, which I excludes operating transfers of $1,222,057. Total expenditures increased by S13,444 from $9,385,206 to $9,398,650. Changes in expenditures by function and other financing uses over the preceding year are presented as follows: Increase 1988 1989 Percent (decrease) Amount Amount of total from 1988 Expenditures and Other Financing Uses I Expenditures by Function: General Government S 923,257 $ 805,671 7.59 $( 117,386) Public Safety 2,793,549 2,932,098 27.61 138,549 Physical Environment 321,833 303,352 2.85 ( 18,481) I Transportation Economic Environment Human Services 731,121 27,679 332,269 917,851 84,817 427,516 8.64 0.80 4.02 186,730 57,138 95,247 I Culture and Recreation Capital Projects Fund Debt Service Fund 1,383,337 2,394,738 477,423 1,537,640 1,832,131 557,374 14.48 17.25 5.25 154,303 ( 562,607) 79,951 Total Expenditures By Punction 9,385,206 9,398,650 88.49 13,444 Other Financing Uses: Operating Transfers 924,108 1,222,057 11.51 297,949 Total Other Financing Uses 924,108 1,222,057 11.51 297,949 Total Expenditures and Other Financing Uses $10,309,314 $10,620,707 100.00 $ 311,393 I I
H:nor::blo Mayor, Memb;ra of the City Commission I March 8, 1990 Long-Term Debt Issues In 1987, the City issued $6,145,000 in refunding and capital improvement bonds to refund the 1984 bond issue and to provide financing for the renovation and expansion of City Hall, development of the Industrial Park, landfill , closure, parking facilities, airport land and facilities, Public Safety Complex, i recreation facilities and drainage improvements. In 1989, the City refunded $18,140,000 of the $19,999,999 Refunding Utilities Revenue Bonds, Series 1984 by the issuance of the S21,810,000 Refunding Utilities Revenue Bonds, Series 1989. Footnote 4 on page 19 provides additional discussion of the transaction. For 1989, the utilities ratio of net revenues available to debt service requirements was 4.16 which is a .67 decrease from 1988. Cash Management Cash temporarily idle during the year was invested in U.S. Treasury obligations and with the State Board of Administration Local Government Investment Pool. Cash held in checking accounts was invested in overnight repurchase agreements which pay interest daily of 0.5% below the federal funds rate charged to banks. Interest earned by the City this year was $2,041,380 an increase of $348,803 from interect earned on temporary .avestments in Fiscal Capital Projects Funds The City continued its improvements to the airport through Federal, State and Local grants totaling $527,896 which are being used to build an apron and j parking lot for transient aircraft. The City became the fixed based operator l and began selling fuel on an interim basis. City Hall renovations were l completed. Other projects include the continued development on the Susan Street l Recreational Complex, development of the City Industrial Park and completion of the conceptual design for the downtown parking lot. l l City Utilities Or. the whole the City's electric, water, natural gas, and wastewater utilities changes in financial position were as expected. The combined utili-ties current asset to current liability ratio was 7.07 for 1989 which compares favorably with the ratio of 6.73 for 1988. Net income before operating transfer in 1989 was $7,228,451 compared to $6,837,940 for 1988, an increase of l S390,511 or 5.7%. This performance is primarily due to the stabilization of purchased power costs. Retained earnings increased from $28,023,900 to I $29,061,067. The net income for the individual utilities for the periods ending September 30, 1987, 1988 and 1989 was as follows: I I
i lionor blo M:yor, Msmb2rs l of the City Commission March 8, 1990 1987 1988 1989 Electric $ 372,546 S 2,404,990 S 2,368,000 Cas 275,257 966,445 538,637 I Water Wastewater Treatment and Sanitary Sewer 197,997 73,567 294,869 335,749 427,535 442,679 S 919,367 $ 4,002,053 $ 3,776,851 I
The Electric utility has experienced substantial cost savings since joining FMPA and as a result the net income has grown and stabilized.
The Gas, Water and Wastewater Utilities have generally improved their financial position.
Independent Audit The City Charter requires an annual audit of the books of account, financial records, and transactions of all departments of the City by inde-pendent certified public accountants selected by the City Commission. This I requirement has been satisfied and the auditor's opinion has been included in this report.
Auditors' Report The Auditors' Report sets forth an unqualified opinion in the belief that sufficient evidential matter has been presented to provide reasonable assurance that the general purpose financial statements are free of material misstatement.
Acknowledgements The preparation of this report on a timely basis could not be accomplished without the efficient and dedicated services of the entire staff of the Finance I Department. We would like to express our appreciation to all members of the Department who assisted and contributed to its preparation. We would also-like to thank the members of the City Commission for their interest and support in planning and conducting the financial operations of the City in a responsible I and progressive manner.
C Rex Taylor, City nager I b
( 2,739,684) 0 0 0 ( 2,739,684) 0 1,296,123 ( 23,630) 1,932,487 266,979 3,471,959 5,667,983 22,321,417 77,765 11,041,119 771,472 34,211,773 28,543,790 ,
5,815,113 0 ( 40,177) 0 5,774,936 0 28,136,530 77,765 11,000,942 771,472 39,986,709 28,543,790
_$ 29.432.653 } 54. ly) $ 12.933.421 $ l.038.451 $ 43.458 th68 $ 34. 211. 7 7),
ll See accompanying notes.
I COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION l
=
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1989 CITY OF LEESBURG, FLORIDA SOURCE OF WORKING CAPITAL Operations: l W Net Income Before Extraordinary Item Items Not Affecting Working Capital: Depreciation and Amortization g Increase in Capital Appreciation Revenue Bond Accrued Interest g Working Capital Provided By (Used In) Operations Decrease in Restricted Assets Net Increase in Current Liabilities Payable From Restricted Assets Decrease in Other Assets Contributed Capital Plant Retirements Net Long-Term Debt Issued - Advance Refunding Accrued Interest on Capital Appreciation Revenue Bonds TOTAL SOURCE OF WORKING CAPITAL USE OF WORKING CAPITAL Extraordinary Item - Loss on Refunding Increase in Restricted Assets Increase in Other Assets Additions to Property and Equipment Additions of Nuclear Fuel l Decrease in Long-Term Liabilities E Advance Refunding of Net Long-Term Debt Reclassification of Long-Term Debt to Current 3 (TOTAL USE OF WORKING CAPITAL) g INCREASE (DECREASE) IN WORKING CAPITAL (BELOW) CHANGES IN WORKINt. CAPITAL BY COMPONENT Current Assets - Increase (Decrease): Cash and Investments Customer Accounts (Net) Accrued Interest Due From Other Funds Inventory Current Liabilities - Decrease (Increase): Accounts Payable Accrued Expenses Customer Advances For Construction Due to Other Funds - Current Portion - Long-Term Liabilities 7NCREASE (DECREASE) IN WORKING CAPITAL (ABOVE) See accompanying notes. i
= EXHIBIT 5 k
PROPRIETARY' FUND TYPES YtDUCIARY FUND TYPES TOTALS INTERNAL ?ENSION NONEXPENDABLE (MEMORANDUM ONLY) j ENTERPRISE SERVICE- , TRUST TRUST 1989 1988 l
$ 4 &35,807 $( 23,630) $ 1,932,487 $ 266,979 $ ~6,211,643 ~$ 5,667,983=
3,056,042 6,178 0 3,062,220 2,487,440
~
104,228 0 0 0 104,228 0 i_ 7,196,077 ( 17,452) 1,932,487 266,979 9.378,091 8.155,423 646,292- 0 0 0 646,292 317,071
.358,264 0 0 0 358,264 17,425 0 0 0 0 0- 183.798 531,827 0 0 0 531,827 413,'253 1,469 0 0 0 1,469 25,728
- 21,514,690 0 0 0 21,514,690 0 0 0 0 0 0 98,800 30,248,619 ( 17,452) 1,932,487 266,979 32,430.633 9,211,498-
] _
=
2,739,684 0 0 0 2,739,684 0 311,483 0 0 0 311,483 716,846 7 225,557 0 0 0_ 225,557. 0 4,558,103 7,067 0 0 4,565,170 2,459,459: 277,004 0 0 0 277,004 95,642 159,583 0 0 0 159,583 356,618 18,043,611 0 0 0 18,043,611 0 420,000 0 0 0 420,000 0 7,067) J (26,735,025) ( 0 0 (26,742,092) ( 3,628,565)
- 3. 513. 5E .J 24.519) 1.932.487 263 M 5.688.541 5.582.933 l 3,982,768 ( 20,769) 1,928,684 266,800 6,157,483 4,759,060 J 100,163 0 0 0 100,163 134,704
-( 31,225) 0 3,803 0 ( 27,422) 12,221 0 0 0 0 0 ( 457,015)
=
(- 141,866) ( 1,959) 0 0 ( 143,825) 115 ( 177,710) 0 0 179 ( 177,531) 282,018 ( 275,510)- ( 1,791) 0 0 ( 277,301) 465,279 26,974 0 0 0 26,974 ( 13,273) 0 0 0 0 0 483,324 30,000 0 0 83,500) 1$ 0 30,000 ( 3.513.594 $( 24.5L9) ,$_ l.932.487. L 266.979 {_5.688.541 $ 5.582.933 1 See accompanying notes.
-_-_____ _ . _ . _ _ _ - - _ . _ - - _ _ . - _ . _ - - _ - . _ _ . - . _ - - - _ _ . . . _ _ _ - _ - - _ . _ _ _ _ _ . _ _ _ _ _ . - - _ _ _ _ _ _ - _ - - _ _ _ _ . _ _ . _ _ _ _ _ _ . _ - _ - - - _ _ _ _ _ _ _ _ . - - . _ _ - _ - _ _ _ = - - _ - - - - _ _
I NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA NOTE 1 - Sl'MMARY OF SIGNIFICANT ACCOUNTING POLICIES The City of Leesburg is a 'lorida municipality governed by an elected five-member City Commission. The City provides services to its citizens including ' ire and police protection, electric, gas, water, wastewater, sanitation, parks and recrea :f on, streets and other general governmental activities. The City Commissi )n is governed by the City Charter and by state l and local laws and regulation s . The City Commission is responsible for the W establishment and adoption of policy. The execution of such policy is the responsibility of the Commission appointed City Manager. The accounting policies of the City of Leesburg, Florida, conform to generally accepted account 1r g principles for governmental entities. The following is a summary of signif. cant e counting policies. Reporting Entity, The basic criterion for including an agency, institution, authority, or other organization in a governmental unit's reporting entity is the exercise of oversight re >ponsibility over such agencies by the governmental unit's elected officials. Oversight responsibility is defined to include, but is not limited g to: financial interdependency; selection of governing authority; designation of g management; ability to significantly influence operations; accountability for fiscal matters and other factors including special financing relationships. Thera ee no entities over which the City exerts any type of influence and, accordingly, tnt accompanying general purpose financial statements include only the fund types and account group of the City itself. Fund Accounting The accounting system and financial reporting of the City are organized and operated on a fund basis. A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with = special regulations, restrictions, or limitations. Fund and Account Group Categories The categories of funds and account groups of the City are summarized as follows: (1) Governmental Type Funds are those through which most government functions typically are financed. The acquisition, use, and balances of expendable financial resources and the related current liabilities (except those accounted for in proprietary funds) are accounted for l through governmental type funds. Governmental funds used by the City B are as follows: General Fund - to account for all f!nancial resources which are not required to be accounted for in another fund. I (Continued)
- . ...m
I NOTES-TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) ,
+
NOTE 1 -
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fund and Account Group Categories (Continued) l 3 (1) (Concluded) Community Development Block Grant, and Housing Assistance Program Fund - -lu these funds are Special Revenue Funds which account for the proceeds of specific revenue' sources (other than special assessments, expendable , trusts, or . for major capital projects) that are legally restricted to ' expenditures for specified purposes. ' Debt Service Fund - used to account for the accumulation of resources for, and the payment of, principal and interest for general long-term debt. Capital Projects Funds - are used to account for 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). (2) Proprietary Funds are used to account for a government's ongoing activities which are similar to those found in the private sector. The two types of proprietary funds used by the City are: L 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 I1 Sanitation Services Fund ; Internal Service Funds are used to account for the financing of goods and services provided by one department to other departments of the City-on a: cost-reimbursement basis. The Motor Pool Service Fund is the Internal Service Fund operated by the City. (3) Fiduciary funds are used to account for assets held in a trustee capacity for others. The City's fiduciary funds are as follows: , Municipal Police Officers' Retirement Trust Fund Municipal Firemen's Retirement Trust Fund General Employees' Pension Plan
.I General Employees' Health Insurance Fund Workmen's Compensation Insurance Fund Deferred Compensation Fund (Continued)
.I'
I L NOTES TO FINANCIAL STATEMENTS, l B CITY OF LEESBURG, FLORIDA (Continued) NOTE 1 -
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fund and Account Group Categories (Concluded) (4) Account Groups. record and-control the government's general fixed assets and general long-teon - 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. Measurement Focus The accounting and reporting treatment applied to the fixed assets and long-term g liabilities associated with a fund are determined by its measurement focus. g Governmental Fund Types - General, Special Revenue, Debt Service and Capital Projects Funds are' accounted for on a " spending" or " financial flow" measurement _g focus. This means that only current assets and current liabilities are g generally included on their balance sheets. Their reported fund balance (net current assets) is considered a measure of "available spendable resources." . Governmental Fund Type operating statements present increases (revenues and other financing sources)- and decreases (expenditures and other financing uses) in net current assets. Accordingly, such statements are said to present a summary of sources and us.i of "available, spendable resources" during a period. Fixed assets used in Governmental Fund Type operations (general fixed assets) are accounted for in the General Fixed Assets Account Group, rather than in governmental funds, and long-term liabilities expected to be financed from Governmental Fund Types-are accounted for in-the General Long-Term Debt Account Group. The Proprietary Funds are accounted for on a cost of services or " capital maintenance" measurement focus. This means that all assets and all liabilities (whether current or noncurrent) associated with its activity are included on its g balance sheet. The reported fund equity (net total assetc) is segregated into g contributions and retained earnings components. The Proprietary Fund operating statement presents increases (revenues) and decreases (expenses) in net total assets. Basis of Accounting Governmental Funds revenues and expenditures are recognized on the modified accrual basis. This method recognizes revenues in the accounting period in which they become available and measurable. Expenditures are recognized in the period in which the fund liability is incurred (except unmatured interest on general long-term debt which is recognized when due). Governmental Fund Type revenues that are susceptible to accrual include property franchise fees, Federal and State revenue sharing revenues, and taxes, reimbursements from grants for authorized expenditures through September 30. ' (Continued)
~
NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) l
. NOTE 1 -
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued) I Basis of Accounting (Concluded) Budget data, when presented in the financial statements, is' prepared on the same basis of accounting as described for each fund. Encumbrances outstanding at year end are deemed cancelled and amounts sufficient to re-establish the commitment are included in the appropriations for the subsequent year. Fund balances are reserved within the General Fund for police exvenditures I ($6,957) and fire expenditures (6,845); within the Debt Service Fund ($670,580)~ for retirement of debt; and within the Capital Projects Fund ($642,831) for construction; within the Special Revenue Funds for capital. improvements ($2,184). Proprietary Fund revenues and expenses are recognized on the accrual basis. Revenues of the enterprise fund- are recognized on the basis of services rendered. Billing cycles of the Utility Funds and Sanitation Services Fund I. which overlap September 30 are prorated based upon meter reading dates. Total unbilled revenues for the combined Utility Funds and Sanitation Services Fund amount to $1.749,642 at September 30, 1989. Fiduciary Funds of the City consist of nonexpendable Pension Trust and Self-Insurance Funds and are accounted for on the accrual basis and a Deferred Compensation Agency Fund which is accounted for on the modified accrual basis. Transfers l' Transfers are recognized in the accounting period in which the interfund-receivable and payable arise. finance operations of the General Fund, and the General Fund mJes transrers to Transf ers are made from th? utility funds to the Special Revenue Fund, Debt Service Fund, and Capital Projects rui.dc. Grants-Proprietary Funds Unrestricted grants, entitlements or shared revenues received are reported as nonoperating revenues. Such resources externally restricted for capital acquisitions or construction are reported as contributed capital. Operating expenses include depreciation on all depreciable fixed assets. Investments In all funds, except the Pension Trust Funds, investments are stated at amortized cost. In accordance with Statement of Financial Accounting I'. Standards No. 35 - Accounting and Reporting By Defined Benefit Pension Plans , the investments within the Pension Trust Funds are stated at market value. I Inventories Inventories held by the Utility, Sanitation Services and Motor Pool Funds are priced by the weighted average cost method. Inventory shown in the General I Fund consists of expendable supplies and Police Department gasoline held for consumption and gasoline held for resale at the municipal airport. inventory on hand, not held for resale, has been offset by a fund balance The reserve of an equal amount. Inventory is accounted for by use of the consumption method. (Continued)
._________-__.m-___-____.A- _ _ - _ _ _ . - _ _ _ _ _ _ _ _ . _ _ . _ _ - - - - - - _ _ - _ _ - - - - - - - - -
N,CTES TO FINANCIAL STATEMENTS l CITY OF LEESBURG, FLORIDA B (Continued). NOTE 1 -
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Accounts Receivable customer accounts receivable are presented at estimated net . realizable value. The allowance method is used for determining estimated uncollectible accounts. Amortization Bond issue costs are amortized over the life of the bonds.- Cost Recovery / Contributions g-Certain personal services and operating expenses recorded in various funds and g departments are a . result of services performed and expenses / expenditures incurred for the benefit of other funds and departments. In order to better reflect the various funds' and departments' actual costs, a cost recovery - is recorded as a reduction in expenditures or expenses. The funds and departments which benefit from the services and expenses / expenditures record a. cost contribution as an increase in expenditures or expenses. Fixed Assets (Proprietary Funds) Fixed assets (Proprietary Funds) are ' recorded at historical cost. g' Depreciation is computed by the straight-line method over the estimated g' useful lives of the assets as follows: Utility Funds: l Buildings 10 to 50 Years E Improvements Other Than Buildings 20 to 50 Years g' Machinery, Equipment and g Vehicles 4 to 20 Years Nuclear Fuel 5 Years . Sanitation Services Fund: Equipment 5 to 10 Years Vehicles 5 to 7 Years Motor Pool Service Fund: l Equipment 3 to 10 Years B Vehicles 6 Years General Fixed Assets General fixed assets purchased are recorded as expenditures in the Governmental Fund Types at the time of purchase. Such assets are capitalized at cost in the General Fixed Assets group of accounts. The City's policy is not to report -l B public domain fixed assets such as streets, right-of-ways, sidewalks, drainage systems and similar assets. Donated fixed assets are valued at their estimated fair value at the time of acquisition. General Fixed Assets include the City's g cos;t of assets of Leesburg Regional Medical Center. Depreciation is not 3 provided on General Fixed Assets. I (Continued) I j
1 I: NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA
-(Continued) j
)'
NOTE ] -
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Compensated Absences-The City- accrues accumulated compensated absences for Governmental and , Proprietary Funds. Compensated absences are recorded in the Governmental Fund 4
- Types- as an expenditure for the amount accrued during the year that would I normally be liquidated with expendable available financial resources.
remainder of the liability is reported in the General Long-Term Debt Account Group. The Proprietary Fund Type accrues compensated _ absences in the period The ;
.g they are earned. Personnel policies allow empicyees to accumulate.a maximum of g 90 days vacation leave and 90 days sick leave. Upon termination, employees _are j paid for their accrued vacation leave and 25% of their accrued sick leave l balance. Accrued vacation and sick leave benefits for the various funds at September 30, 1989, are as follows:
VACATION SICK PAY j Internal Service Fund $ 6,624 $ 3,234 Enterptise Funds: Electric Utility Fund 50,678 49,347 23,419 13,969 I Gas Utility Fund Water Utility Fund 20,456 16,262 Wastewater Treatment Fund 48,527 24,776 . Sanitation Services Fund 22,884 14,279-Governmental Type Funds 301,480 165,357 TOTAL $474.068 $287.224, I Budgeting The City's procedures in preparing and adopting the annual budget are as follows: (1) The City Manager is responsible for preparing a proposed operating budget for the upcoming year prior to September 30, that includes estimated revenues, proposed expenditures, and other _ financing . sources - and uses. (2) Public hearings are held to obtain taxpayer comments and suggestions. The budget is enacted through passage of a resolution. (3) The City Manager is authorized to transfer budgeted amounts within any fund, but may not revise total fund expenditures without the approval of 5 O the City Commission. The budgetary data presented is in agreement with the originally adopted budget as amended by the City Commission. I (4) Formal budgetary integration is employed as a management control device during the year for substantially all funds. basis consistent with generally accepted accounting principles. Budgets are adopted on a Total budgeted fund expenditures within the governmental type funds may not be I. exceeded legally. Appropriations Encumbrance accounting is not used by the City. lapse at the end of the year. (Continued) I NOTES TO FINANCIAL STATEMENTS l W CITY OF LEESBURG, FLORIDA (Continued) NOTE 1 -
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Total Columns on the Combined Statements - Overview g Total columns on the Combined Statements - Overview are captioned Memorandum g Only to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conf ormity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Minor reclassifications of 1988 amounts have been made to enhance comparison to 1989. Property Taxes Under Florida law, the assessment of all properties and the collection of all county, municipal and school board property taxes are consolidated in the offices of the County Property Appraiser and County Tax Collector. The laws of the state regulating tax assessment are also designed to assure a l consistent property valuation method statewide. Florida Statutes permit B municipalities to levy property taxes at a rate of up to 10 mills. The tax levy of the City is established by the City Commission prior to October 1 of each year and the Lake County Property Appraiser incorporates the City millages into the total tax levy, which includes the County and the County School Board tax requirements. All property is reassessed according to its fair market value January 1 of each year. Each assessment roll is submitted to the Executive Director of g the State Department of Revenue for review to determine if the rolls meet all 5 of the appropriate requirements of the Florida Statutes. All taxes are assessed on November 1 of each year or as soon therefafter as the assessment roll is certified and delivered to the County Tax Collector. All unpaid taxes become delinquent on April 1 following the year in which they are assessed. Discounts are allowed for early payment at the rate of 4% in the month of November, 3% in the month of December, 2% in the month of January and 1% in the month of February. The taxes paid in March are without discount. On or prior to June i following the tax year, certificates are sold for all delinquent taxes on real property. After sale, tax certificates bear interest of 18% per year or at any lower rate bid by the buyer. Application for a tax deed on any unredeemed tax certificates may be made by the certificate holder after a period of two years. Unsold certificates are held by the County. Delinquent taxes on personal property bear interest of 18% per year until the tax is satisfied either oy seizure and sale of the property or by the five-year statute of limitations. The City does not accrue its portion of the County-held tax sale certificates or personal property tax warrants because such amounts are not measurable and
=
available as of the balance sheet date. (Continued)
I NOTES TO FINANCIAL STATEMENTS - CITY OF LEESBURG. FLORIDA i (Continued) [
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NOTE 1 - SIMIARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Due From Other Governments I Due from other governments consists primarily of current shared and grant revenues due from the State of Florida ' and - Federal government. All amounts are considered completely collectible, i Deposits and Investments The City's Charter and bond ordinances require that all City monies be deposited or invested in accordance with the laws of the State of Florida. The City maintains a _ cash and investment pool that is available ' for use by all funds, except the Pension Trust Fund. Each fund type's portion of this ~I pool is displayed on the combined balance sheet as " Equity in pooled cash 'and investments." The deposits and investments of the Pension Trust and Agency-Funds are held separately from those of other City funds. Deposits All of the City's deposits, except the Pension Trust and Agency Funds, are-maintained in banks and financial institutions which are covered by the Florida Security for Public Deposits Act; Chapter 280 of the Florida Statutes, which ! requires that each public depository must maintain eligible collateral having a market value equal to fifty percent of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held by the depository during the twelve months immediately preceding the - date of any computation of the balance. As such, the depository is not required to hold collateral .in the City's name nor specify which collateral is held for the City's benefit. The Public Deposit Security Trust Fund, as created under the laws of the State of Florida, would be required to pay the City for any deposits not covered by depository insurance or collateral pledged by the depository as previously described. Investments A summary of the carrying amount and market value of all City investments follows: CARRYING MARKET AMOUNT VALUE Pooled Investments Sun Bank Repurchase Agreement, Collateralized By Federal Hone Loan Bank Securities $10,279,000 $10,644,190 State Board of Administration of
;I; Florida, Local Government Pooled Investment Account 10,049,801 10,049,801 U.S. Treasury Bills, Notes and Bonds 4,878,765 4,962,884 (Continued)
I NOTES TO FINANCIAL STATEMENTS l W CITY OF LEESBURG, FLORIDA (Continued) NOTE 1 -
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (doncluded) Investments (Concluded) AMOUNT VALUE Pension Trust and Agency Fund Investments l W
$ 1,622,700 $ 1,622,700 Corporate Stocks Corporate Bonds 4,757,296 4,757,296 U.S. Treasury Notes and Municipal Bonds 2,559,572 2,559,572 g Collective Trust Funds 3,745,901 3,745,901 g TOTAL INVESTMENTS $37.893 931 $38.342.344 Carrying Amount of Deposits $ 1,149,062 Carrying Amount of Investments (Above) 37,893,035 TOTAL $39.042.097 Shown in the Accompanying Combined Balance I
Sheets As: Equity in Pooled Cash and Investments $18,490,326 Cash and Investments at Market Value 13,444,185 Restricted Assets: Equity in Pooled Cash and Investments 7,107,586 TOTAL $39.042.021 All the above investments are uninsured, unregistered, and held by the City's I agent in the agent's name. The State Baard of Administration deposits in Tallahassee are maintained in an investment pool which invests primarily in commercial paper, repurchase agreements, bankers acceptance notes and U.S. Government obligations. At September 30, 989, the pool totalled $4.98 billion. NOTE 2 - RESTRICTED ASSETS AND RESERVED RETAINED EARJINGS Utility Funds - Bond Service Requirements As of September 30, 1989, bone g funding requirements are current. The Refunding Revenue Bond Resolutions g required the establishment of the following accounts: Refunding Revenue Bond Debt Se rvic e In accordance with terms of the bond resolution, the City deposits cash monthly into a separate account to fund upcoming principal and interest payments on the bonds. Such cash and investments are reflected in the financial statements as restricted assets. I I (Continued)
NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued)
-: NOTE 2 - RESTRICTED ASSETS AND RESERVED RETAINED EARNINGS (Concluded)
Refunding Revenue Bond Reserve In lieu of, funding an ints Tnal debt service reserve to fund principal and interest payments in the event of a sinking fund- deficiency, the City. has purchased municipal bond insurance. I Accordingly, there is no internal debt service reserve. I Renewal and Replacement The City must make monthly deposits to a separate account which is restricted for paying the costs of extensions,
- I_= enlargements- or additions to, or replacement of capital assets -and' emergency ' repairs thereto. The deposit requirement is 1/12 of 5% of tiae year's gross revenues after deducting the cost of purchased energy.
Bond Proceeds Construction Account Tha proceeds of the bond issue have been segregated and are restricted' to payment of acquisition and constru: tion costs of capital improvement projects. Desig.tated Retained Earnings
- g- The depreciation, potable water and wastewater treatment accounts are-3 furds set aside by city management. They should be- distinguished f rom' :
reserves, since managerial plans are subject to change and may never be 1, gally authorized or result in actual expenditures. i?CTE_?~- CFNERAL FIXED ASSETS AND PROPERTY, PLANT AND EQUIPMENT A summary of changes in general fixed assets follows: m BALANCE BALANCE 10/1/88 ADDITIONS DELETIONSS 09/30/89 x Land $ 2,209,174 -$ 51,445 $ 0 $ 2,260,619-Buildings 5,360,185 1,597,436 0 6,957,621 Improvements Other Than Buildings 3,233,231 297,701 0 3,530,932 Equipment and Vehicles 3,219,042 637,186 114,729 3,741,499 Construction in Progress 1,883,130 1,832,131 2,177,434 1,537,827
} ,
TOTAL $15.904.762 14.415 3 899 $2.212 E $18.028.498 E a
-I (Continued)
NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 3 - GENERAL FIXED ASSETS AND PROPERTY, PLANT AND EQUIPMENT (Concluded) A summary of p.rprietary fund type property, plant and equipment at g September 30, 1989, follows: g INTERNAL ENTERPRISE SERVICE Intangible Plant $ 79,231 $ 0 Land 1,298,372 0 Buildings 3,326.362 27,755 g Improvements Other Than Buildings 54,022,752 0 g Equipment 8,037,905 87,122 Construction in Progress 552,628 0 g TOTAL 67,317,250 114,877 (65,645) g (Accumulated Depreciation) (22,036,680) NET $ 45.280.570 $ 49.232 Capitalized Interest 3 The City has included net capitalized interest expense (income) in the cost of g its utility plant and general fixed assets, financed from the proceeds of certain tax-exempt bond issues. No interest was capitalized for the fiscal year ended September 30, 1989. NOTE 4 - EXTRAORDINARY ITEM - LOSS ON ADVANCE BOND REFUNDING On January 11, 1989, the City issued $21,810,000 in Series 1989 Refunding Utilities Revenue Bonds with an average coupon rate of 7.23 percent to advance refund a portion, or $18,140,000, of the $19,999,999 Series 1984 Refunding g Utilities Revenue Bonds. The $18.14 million of refunded bonds had an average g coupon rate of 10.15%. The net proceeds of $21,159,373 (after payment of
$650,627 in underwriting fees, insurance and other issuance costs) plus an additional $7,861 of Series 1984 sinking accounting group monies were used to l These securities were deposited in an =
purchase U.S. Government securities. ir r evocab le trust with an escrow agent to provide for all future debt service payments on the $18,140,000 of the 1984 Series bonds. As a result, the $18.14 g million of 1984 bonds is considered to be defeased and the liability for those 3 bonds has been removed from the liabilities of the affected proprietary funds. 1984 Series bonds payable totalling $ 1,859,999, consisting of serial bonds of a
$1,250,000, with an average coupon rate of 8.88% and capital appreciation bonds g of $609,999 with a 10.88% yield, were not refunded and remain outstanding.
Although the advance refunding resulted in the recognition of an accounting loss l of $2,739,684 for the year ended September 30, 1989, the City in effect reduced W its aggregate debt service payments by $2,210,461 over the next twenty years and obtained an economic gain (difference between the present values of the old and new debt service payments) of approximately $1,160,000. (Continued)
ll' NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 5 - LONG-TERM LIABILITIES The following is a summary of all long-term liabilities of the City, Ir Utility Funds i I Refunding Utilities Revenue Bonds, Series 1984, Dated September 1, 1984, Issued September 27, 1984 $ 1,8"',999 Accrued Interest Through September 30, 1989 on Series 1984 Capital Appreciation Bonds 427,122 Refunding Utilities Revenue Bonds, Series 1989, Dated December 1, 1988, Issued January 11 1989 21,810,000 I-- TOTAL UTILITY FUNDS $ 24.097 .121~ The 1984 and 1989 bonds are fully registered bonds in denominations of $5,000 and are collateralized by a pledge of the net revenues of the utilities system. Bond maturity dates and debt service requirements for the combined 1984 -and 1989 issues are as follows: (SINKING TOTAL BOND TOTAL SINKING FUND MATURITIES DEBT FUND SECURITY AND DEBT I DUE 10/1 1989 $ PRINCIPAL 420,000 $ INTEREST 1,425,648 $ SERVICE BONDS 1,845,648 $ SECURITY PURCHASES 474,150 $( PURCHASES INCOME) 148,294) SERVICE REQUIREMENTS
$ 2,171,504
. 1990 185,000 1,663,797 1,848,797 511,029 ( 185,831) 2,173,995-1991 195,000 1,652,512 1,847,512 553,176 ( 226,256) 2,174,432 1992 205,000 1,640,422 1,845,422 595,322 ( 269,775) 2,170,969 1993 820,000 1,627,507 2,447,507 0 ( 313,913) 2,133,594 I 1994 1995 1996 885,000 955,000 1,020,000 1.560,927 1,487,152 1,424,122 2,445,927 2,442,152 2,444,122 0
0 0 ( ( ( 313,913) 313,913) 313,913) 2,132,014 2,128,239 2,130,209 1997 1,090,000 1,355,272 2,445,272 0 ( 313,913) 2,131,359 1998 1,160,000 1,280,062 2,440,062 0 ( 313,913) 2,126,149 1999 1,245,000 1,198,862 2,443,862 0 ( 313,913) 2,129,949 2000 1,330,000 1,110,467 2,440,467 0 ( 313,913) 2,126,554
-I 2001 2002 1,425,000 1,535,000 1,014,707 910,682 2,439,707 2,445,682 0
0 ( ( 313,913) 313,913) 2,125,794 2,131,769 2003 1,645 000 797,860 2,442,860 0 ( 313,913) 2,128,947 1,770,000 676,130 2,446,130 0 ( 313,913) 2,132,217 I:.2004~ 2005 5,720,000 545,150 6,265,150 0 ( 4,118,913) 2,146,237 2006 1,590,000 539,600 2,129,600 0 0 2,129,600 2007 1,705,000 418,760 2,123,760 0 0 2,123,760 2008 1,835,000 289,180 2,124,180 0 0 2,124,180 2009 1,970,000 149,720 2,119,720 0 0 2,119,720 TOTAL $28.705.000 $ 22.768.539 $ 51.473.539 $ 2.133,677 $( 8.716.025) 1_s42 891.191 (centinuee,
NOTES TO FINANCIAL STATEMENTS l 5 CITY OF LEESBURG, FLORIDA (Continued) NOTE 5 - LONG-TERM LIABILITIES (Continued)
$ 28,705,000 Total Principal Above Less: Unearned Interest (Discount) on Capital Appreciation Bonds From October 1, 1989
( 4,607,879) Through October 1, 2005 TOTAL BONDS PAYABLE - SEPTEHlEh X, :989
$ 24.097.121 Capital Appreciation Bonds _
The 1984 bond issue contains $609,999 of capital appreciation bonds which at maturity (October 1, 2005) will be worth a total of $5,645,000. The total value of the capital appreciation bonds as of September 30, 1989, is $1,037,121, which is composed of the maturity value of $5,645,000 less the unearned discount of
$4,607,879. This is carried in the accompanying general purpose financial statements as follows:
Bonds Payable (Part of 1984 Series) $ 609,999 Accrued Interest On Capital Appreciation Borde 427,122 TOTAL
$1.037.121 Estimated Landfill Closure Costs g The City will be closing its present landfill site around 1990-1991 at an g estimated total cost of $1,572,334. An asset and related liability have been recorded in the balance sheet of the City's Sanitation Fund to reflect this cost and related liability. The cost of the closure will be financed by user fees. The closure cost is being amortized over the period (six years) that rates are increased to pay off future long-term debt and other associated costs.
A summary of the carrying value of the closure cost asset and liability follows: CLOSURE COST ASSET LIABILITY Original Estimated Cost, September 30, 1985 $ 1,723,303 $ 1,723,303 (Adjustment of Original Estimate) ( 150,969) ( 150,969) (Accumulated Amortization) (1,073,384) 0 0 ( 471,917) (Costs Paid) 498.950 Balance, September 30, 1989 $ $ 1 100.417 A summary of reductions in the estimated liability follows: 1990 $ L00,000 1991 .J0,417 TOTAL }_1.100,417 (Cont 1raed) I
-2l-
-- - - -- f_---._
~
NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 5 - LONG-TERM LIABILITIES (Continued) g- General Long-Term Debt
'g~ A summary of all general long-term debt of the City as of September 30, 1989, follows:
i Note Payable, Unco 11ateralized, Due in Monthly Installments of $2,123 Including Interest at 8% $ 28,356
~g Mortgage Notes Payable', Collateralized By Real Estate, Due E in Annual Installments of $1,000 With Interest at 4% 14,000 Mortgage Note Payable, Collateralized By Real Estate, Due
- g. in Annual Installments of $3,000 With Interest At 10% -9,000 g Refunding and Capital Improvement Revenue Bonds Payable, Issued in April, 1987, Interest From 4% to 7% 5,960,000 Employee Compensated Absences Payable at September 30, 1989 466,837 TOTAL $6.478.193 Maturities of General Long-Term Debt Maturities of general long-term debt for years ending September ' 30, are as follows:
1990 $ 165,000 1991 156,356 1992 154,000 I. 1993 1994 161,000 171,000 Thereafter 5,670,837 TOTAL }6.478.193 I The following is a summary of changes in general long-term debt for the year ended September 30, 1989: I BALANCE OCTOBER 1, 1988 ADDITIONS DEDUCTIONS BALANCE SEPTEMBER 30, 1989 Refunding and Capital
.I Improvement Bonds Mortgages and Notes
$6,095,000 $ 0 $ 135,000 $ 5,960,000 Payable 75,815 0 24,459 51,356 Employee Compensated I-- Absences Payable 432,156 34,681 0 466,837 TOTAL $6.602.971 $ 34.681 1 159.459 $ 6.478.193 I (Continued)
I NOTES TO FINANCIAL STATEMENTS l W CITY OF LEESBURG, FLORIDA (Continued) NOTE 5 - LONG-TERM LIABILITIES (Continued) Refunding and Capital Improvement Bonds During April 1987, the City issued $6,145,000 of Refunding and Capital Improvement Revenue Bonds to provide funds for certain Improvement Projects, and the refunding and payment of the City's Refunding and Capital Improvement Revenue Bonds, Series 1984. The 1987 Bonds are fully registered bonds without coupons in denominations of
$5,000 each and are collateralized by a pledge of Local Government Half-Cent Sales Tax Revenue and income of certain investments.
In a related but separate transaction, the City also defeased the $85,000 ., remaining balance of the 1960 Public Revenue Certificates, with an $88,021 payment from existing City funds to the bond escrow agent. A summary of the debt service requirements of the 1987 Refunding and Capital l Improvement Bonds follows: E I PAYABLE INTEREST ASSOCIATED TOTAL OCTOBER 1, RATE PRINCIPAL INTEREST DEBT SERVICE l5 1989 4.50% $ 140,000 $ 389,067 $ 529,067 1990 4.75% 145,000 382,767 527,767 1991 5.00% 150,000 375,880 525,880 g 1992 5.20% 160,000 ' a,380 528,380 g 5.40% 170,000 s60,060 530,060 1993 5.60% 180,000 350,880 530,880 g 1994 1995 5.80% 190,000 340,800 530,800 529,780 g 1996 6.00% 200,000 329,780 1997 6.20% 210,000 317,780 527,780 1998 6.30% 225,000 304,760 529,760 l 1999 6.40% 240,000 290,585 530,585 5 2000 6.50% 255,000 275,225 530,225 2001 7.00% 270,000 258,650 528,650 2002 7.00% 290,000 239,750 529,750 2003 7.00% 310,000 219,450 529,450 2004 7.00% 330,000 197,750 527,750 2005 7.00% 355,000 174,650 529,650 2006 7.00% 380,000 149,800 529,800 2007 7.00% 405,000 123,200 528,200 2008 7.00% 435,000 94,850 529,850 E 2009 7.00% 465,000 64,400 529,400 5 2010 7.00% 455,000 31,850 486,850 TOTAL 1L 960.000 !_j .640.314 1 11.600.314 (Continued) I a
NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) _- -. NOTE 5 - LONG-TERM LIABILITIES (Concluded) A summary of all long-term debt previously defeased and no longer a liability of
= the City follows:
BALANCE
~~
SEPTEMBER 30 PROPRIETARY FUND TYPES - UTILITY FUNDS 1989 Utilities Revenue Certificates. Series 1959 $ 100,000 Utilities Revenue Certificates, Series 1962 135,000-Utilities Revenue Certificates, Series 1965 70,000 Utilities Revenue Certificates, Series 1970 150,000
.- Utilities Revenue Certificates, Series 1975 1,205,000 Utilities Revenue Certificates, Series 1977 12,020,000 Utilities Revenue Certificates, Series 1977A 190,000 Utilities Refunding Revenue Bonds, Series 1984 18,140,000 TOTAL PROPRIETARY FUND TYPES - UTILITY FUNDS 32,010,000 CENERAL LONG-TERM DEBT GROUP OF ACCOUNTS
] 1960 Public Revenue Certificates
_l Refunding and Capital Improvement Bonds, Series 1984 TOTAL GENERAL LONG-TERM DEBT GROUP OF ACCOUNTS 2,075.000 TOTAL DEFEASED DEBT - ALL FUNDS AND ACCOUNT GROUPS $ 34.085.000 NOTE 6 - ELECTRIC POWER AGREEMENTS Crystal River Unit #3 Participation Agreement The City is a participant in an agreement with Florida Power Corporation which was entered into on July 31, 1975. Under terms of the agreement, the City acquired an 0.8244% ownership interest and generation entitlement share in the nucicar steam electric generating unit. Participants are entitled to 8 energy output of the unit based upon their respective generation entitlement - share. Florida Power Corporation has been appointed by the participants to act as their agent and has sole authority to manage, control, maintain and operate _ the unit. Operating costs of the unit, in general, are shared in proportion to each generation entitlement share on a monthly basis. Common and external facilities of the generating unit are solely owned by Florida Power Corporation and participants share in the operating and maintenance expenses of such facilities. Nuclear fuel payments are required of participants in advance. g The participation agreement provides for reversion of the ownership interest
] of the unit to Florida Power Corporation upon retirement from service. The book value of the investment included in Utility Plant in Service amounts to
$2,325,045 as of September 30, 1989.
(Continued) NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA I (Continued) NOTE 6 - ELECTRIC POWER AGREEMENTS (Concluded) Florida Municipal Power Agency The City of Leesburg is a member of the Florida Municipal Power Agency (FMPA). FMPA was created pursuant to Chapter 163, Parts _I and II ("The Interlocal Act" and "The Joint Power Act") to, among other things, provide a means for the ~ Florida Municipal corporations to cooperate with each other to provide for their present and projected energy ' needs. The City of Leesburg has limited . oversight authority over the operation of FMPA. This oversight is manifested in the appointment of one member to the 28-member Board of , Directors of FMPA. Furthermore, the City, by agreement, has- no equity interest in any of the assets owned by the agency.- Additionally, all bonds issued by FMPA are special obligations of the agency, and neither the State - ' of Florida nor any political subdivision thereof, nor eny city or other entity which is a member of FMPA, other than FMPA, 1., oblaated to pay the d bonds. Neither the faith and credit nor taxing power of the ." tate of Florida or any political subdivision thereof or of any such city or otner entity . can be pledged to the payment of the outstanding bonds. The City of Leesburg participates in the following FMPA projects: St. Lucie No. 2 Power Purchase Agreement i Tha City, through FMPA, has negotiated an agreement with Florida Power and' l Light Corporation guaranteeing the City the right to purchase up to 2.326 l megawatts of generating capacity from the St. Lucie No. 2 nuclear generating plant. The plant became operational in 1984. The cost of this agreement has been capitalized and will be amortized over the plant's expected useful life. All-Requiremen~.s Power Supply Agreement . On February 13, 1985, the City entered into an agreement with FMPA whereby - the City will purchase _ its electric power from FMPA on an al) -requirements - basis. The agreement will remain in ef fect until October 1, 2J20, with two optional successive ten year renewal periods. Power rates charged to the City by FMPA are subject to a majority vote of the Board of Directors of FMPA. . NOTE 7 - GRANTS The City participates in a number of State and Federal grant programs, _ principle of which are the following: . HUD-DCA Community Development Block Grants HUD Section 8 - Housing Assistance Payments Program l W FAA-FDOT Aitport Improvements Grants These programs are subject to program compliance audits by the grantors or their representatives. The audits of thest programs for or including the year ended September 30, 1989, have not ye.: been accepted / approved by the grantors. Accordingly, the final determination of the City's compliance with applicable grant requirements will be established at a future date. The amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined, although the City expects such amounts, if any, to be immaterial. (Continued) l NOTES 70 FINANCIAL STATEMENTS. $
'* - 7 1TY OF LEESE'JR'G, FLOk1DA '
'(Continued)
NOTE 8 - SECMENT INFORMATION FOR ENTERPk1SE FUNDS l 1 The City operates five enterprise funds. Segment information as of i September 30, 1989, is as fo11cws: SANITARY
-lu ELECTRIC GAS WATER SEWER AND WASTEWATER SANITATION UTILITY UTILITY UTILITY TREATMENT SERVICES FUND FUND FUND FUND FUND ..I.Operatin;1 Revenues $23,956,688 $3,873,270 $1,814,829 $ 2,181,015 $1,400,312 D:preciation and i i
g Amortizacion 1,921,237 112,501 310.717 377,369 334,218 g' operating income Operating Transfers To 5,298.355 1,063,630 655,241 526,474 182,773 General Fund 2,625.100 557,000 159,000 110,500 0 Nat income (Loss) 669,467 327.066 ( 47,906) 88,540 258,956 Current Year Capital Contributions 282,127 3,250 119,032 127,418 0 - I Property and Squipment Additions
-Nst Working Capital 3,543,358 7,440,921 333,280 1,526,928 241,140 2,477,441 272,014 2,781,085 168,311 690,462' '
Leng-Teru Liabilities Payable From Operating Revenues (Net) 14,411,555 1,764.123 4,217,146 2.991,494 700,417 Total Fund Equity 22,713,659 2,930,521 4,156,687 10.997,118 -812,553 Total Assets 41,058,434 5,000,222 8,697,100 14,230,845 1,950,133 NOTE 9- 0, tiler DISCLOSURES I' (1) 9are are no excess of expenditures over appropriations in individual governmental funds. (2) There are no deficit retained earnings / fund balance of individual funds. (3) There are no individual fund interfund receivable and payable balances. NOTE 10- PENSION PLANS By ordinance, the City has established three single-employer defined benefit t pension plans for City employees. The following is a brief description of the i plans: (Continued)
Il > NOTES TO FINANCIAL STATERINTS CITY OF LEESBURG. FLORIDA (Continued) NOTE 10- PENSION PLANS (Continued) Municipal Police Retirement Plan Total payroll for employees covered by the plan for the year ended September 30, 1989, was $924,000; the City's total payroll was $7,276,894. A31 policemen who have attained eighteen years of age are eligible to participate in the plan. As ' of October 1, 1987, the date of the most recent actuarial report, tim plan had the following number of participants: Active Vested 14 Active Nonvested 5 Retired. Disabled.. Vested Terminations and Beneficiaries 3 , TOTAL NUMBER OF PARTICIPANTS M ' Participanto who have completed 10 years of credited service are 100% vested in their plan benefits at age 45 or later, reduced 5% per year before normal retirement date. Participants whose service is terminated prior to completing 10 years of credited service are entitled to the return of their employee contributions without interest. Normal retirement benefits are psyable to participants who.have reached the earlier of age 55 and 25 years of credited service, or age 60 and 10 years of credited service. Such benefits are payable ! at a rate of 2.75% of average final compensation times the number of years of credited service. The benefits under this plan provide an offset for benefits paid by the Feneral employee retirement plan, under which the police officers , are also covered. The plan also provides for early retirement, disability retirement and death benefits at rates defined in the plan document. Funding of tha Police Pension Fund is provided from policemen contributions (5% of their annual compensation) and 1% excise tax. The excise tax is levied on gross premiums collected on casualty insurance policies covering property within the corporate limits of the City. The State collects and contributes the tax to , the fund under Florida Statute 185. The City does not contribute to the fund since policemen contributions and excise tax monies are sufficient to fund the plan. Accumulated employee contributions total $280,715 as of September 30, 1989. The required City contribution for the year ended September 30, 1989, consisting entirely of normal cost is $54,456. Actual contributions to the plan for the year ended September 30, 1989, are as f- m: PERCENTAGE OF AMOUNT COVERED PAYROLL Employee $ 46,200 5.0% State of Florida (Insurance Tax) 86,931 9.4% TOTAL ACTUAL CONTRIBUTIONS $ 133.131 14.4% The significant actuarial assumptions used to compute the actual contribution requirements are essentially the same as those used to compute the pension benefit obligation. (Continued) T
l NOTES TO FINANCIAL STATEMENTS EU CITY OF LEESBURG. FLORIDA (Continued) NOTE 10- PENSION PLANS (Continued) Municipal Firemen's Retirement Plan Total payroll f or en:ployees covered by the plan for the year ende . oci 'aber 30, 1989, was $703,120; the City's total payroll was $7,276,894. All f1 men who have attained age eighteen and completed one year of cred ted e .vice are eligible to participate in the plan. As of October 1, 1987, e ate of the most recent actuarial report, the plan had the following number o~ articipants: Active 25 Retired 7 Beneficiaries 0 Vested Terminations 2 I TOTAL NUMBER OF PARTICIPANTS $ Participants who have completed 10 years of credited service are 100% vested in their accrued retirement benefits. Participants whose service is terminated prior to completing 10 years of credited service are entitled to the return of their contributions plus interest at the rate of 5% compounded annually. Normal retirement benefits are payable to participants who have attained age 55 years and completed 10 years of credited service. Such benefits are payable at a rate of 2% of final monthly compensation time,s the number of years of credited service up to a maximum of 35 years. The plan also provides for early retirement, deferred retirement, disability retirement and death benefits at rates defined in the plan document. I Firemen contribute 5% of their annual compensation to the plan. A 1% excise tax on fire insurance premiums sold within the corporate limits is remitted to the fund by the State of Florida. The City accrues and contributes an additional amount, as determined by an actuary, to fund annual normal cost and prior service cost smortized over forty years through use of the frozen entry age actuarial cost method. Accumulated employee contributions total $307,036 as of September 30, 1989. The required City contribution for the year ended September 30, 1989, is as follows: AMOUNT Normal Cost $~ 60,076 28,274 'E Amortization of Prior Service Cost Iraerest - One-Half Year 3,534 _E TOTAL REQUIRED CONTRIBUTION $ _ 91.884 Actual cont-ibutions to the plan for the year ended September 30, 1989, are as follows: PERCENTAGE OF AMOUNT COVERED PAYROLL Employer $ 53,i19 7.5% l Employee 35,156 5.0% l State of Florida (Insurance Tax) 47.891 6.8% l TOTAL ACTUAL CONTRIBUTIONS $ 1)6.166 J1,11 The significant actuarial assumptions used to compute the actual contribution requirements are essentially the same as those used to compute the pension benefit obligation. (Continued)
I NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 10- PENSION PLANS (Conticued) General Employees' Retirement Fund Total payroll f or employees covered by the plan for the year ended September 30, 1989, was $5,238,644; the City's total payroll was $7,276,894. All employees of the City, excluding . commissioners and firemen covered in another plan, are eligible to participate in the plan af ter reaching age eighteen and completing E one year of credited service. As of October 1, 1987, the date of the most g recent actuarial report, the plan had the following number of participants. Active 226 Terminated - Vested Benefits 18 Retired 51 TOTAL NUMBER OF PARTICIPANTS y), Participants who have completed 5 years of credited service are 25% vested in their plan benefits, with 5% increases per year until 15 years of service have gj been reached whereby the participant will be 100% vested. Normal retirement 3i benefits are paid to participants who have reached age 65. Such benefits are ! payable at a rate of 1.50% of average final compensation times the number of g years of credited service. The plan also provides for early retirement, late g retirement, disability retirement and death benefits at rates defined in the plan document. The General Employees' Plan is noncontributory. The City accrues and contributes an amount, as determined by an actuary, to fund annual normal cost and prior service cost amortized over forty years. The required City l contribution for the year ended September 30, 1989, is as follows: Normal Cost Amortization of Prior Service Cost AMOUNT
$ 365.777 77,756 ll W
TOTAL REQUIRED CONTRIBUTION ,$ 443.531 Actual contributions to the plan for the year ended September 30, 1989, consisting exclusively of employer contributions is $529,103. This represents l 10.1% of covered payroll. ; The significant actuarial assumptions used to compute the actual contribution requirements are essentially the same as those used to compute the pension , benefit obligation. j Pension Benefit Obligation j The amount shown below as the " pension benefit obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and step-rate benefits, estimated to be payable in the future as a result of employee service to date. The measure is intended to help users assess the funding status of ti e System on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits whea due, and make comparisons among employers. The measure is the ; actuarial present value of credited projected benefits and is independent of the ; funding method used to determine contributions to the System. (Continued)
NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 10- I JNSION PLANS (Continued) The pension benefit obligation was computed as part of actuarial valuations performed as of October 1, 1987. There is no unfunded pension benefit obligation in any of the City's three plans as illustrated below: MUNICIPAL POLICE MUNICIPAL GENERAL RETIREMENT FIREMEN'S EMPLOYEES' TRUST TRUST RETIREMENT FUND FUND PLAN Pension Benefit Obligation: Ret 1rees and Beneficiaries Currently Receiving Benefits and Terminated Employees Not Yet Receiving Benefits $ 68,749 $ 497,747 $ 1,102.061 Curt t Employees: Accumulated Employee Contributions Including Allocated Investment Earnings 215,534 297,049 0 Employer-Financed vested 634,597 1,272,028 0 Employer-Financed Nonvested 93,735 71,234 0 Employer-Financed - Vesting Not Distinguished 0 0 3,376,341 Total Pension Benefit Obligation $ 1.012.615 $ 2.138.058
$ 4.478.402 Net Assets Available For Benefits, At Market $ 1.585.l(} $ 2.369.2JQg $ 5.804.756 UNFUNDED PENSION BENEFIT OBLICATIONS $ 0 g, 0 $ 0 S_IGNIFICANT ACTUARIAL ASSUMPTIONS USED:
Rate of Return on Investment of Present and Future Assets 7.0% 8.0% 6.0% Projected Salary Increases 5.5% 7.0% 4.0% Three-Year Trend Information Trend information for actuarial valuations made with the past three years: (Continued)
p NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 10- PENSION PLANS (Concluded) Three-Year Trend Information (Concluded) MUNCIPAL MUNICIPAL POLICE FIREMEN'S GENERAL EMPLOYEES' RETIREMENT RETIREMENT RETIREMENT l TRUST FUND TRUST FUND PIAN W 1989 1988 1987 1989 1988 1987 1989 1988 198] Net Assets Available g For Benefits, As g a Percentage of The q Pension Benefit , Obligation 156% 156% N/A 110% 110% N/A 129% 129% N/A Assets in Excess of Pension Benefit Obligation, As a Ej Percentage of Annual 5! Covered Payroll 72% 72% N/A 36% 36% N/A 28% 28% N/A [ Employer Contributions gl As a Percentage of . g! Annual Covered Payroll 0% 0% 0% 7.5% 7.5% 7.5% 10.1% 12.3% 12.3% f i All contributions made to the abovc plans for the past three yecrs have either l met or exceeded contributions called for by the actuarial valuations. l Ten-year trend information required by CASB Statement No. 5, is not available (N/A) for actuarial valuations prior to October 1, 1987. l 7 EOTE 11- SELF-INSURANCE FUNDS Employee Health Insurance Fund Effective October 1, 1984, the City established a self-insurance program for ! the payment of employee health and medical claims. The program provides for ! the payment of City and employee contributions into a self-insurance fund, ! which is managed by the City and its administrative agent. Employee claims g up to $40,000 per person are paid from the assets of the self-insurance fund, 3j with amounts in excess of $40,000 up to a maximum of $960,000 per year being l paid from a reinsurance policy purchased by the City. 'l i Workmen's Compensation Insurance Fund ! Effective January 1, 1986, the City established a self-insurance program for I the payment of employee Workmen's Compensation claims. The program provides E! for City contributions into a self-insurance fund which is managed by the City and its administrative agent. El (Continued)
.l NOTES TO FINANCIAL STATEMENTS B CITY OF LEESBURG. FLORIDA (Concluded)
NOTE Il- SELF-INSURANCE FUNDS (Concluded) Workmen's Compensation Insurance Fund (Concluded)
'I Employee claims up to $150,000 per occurrence are paid from the assets of the self-insurance fund with amounts in excess of $150,000 per occurrence being paid from a reinsurance policy purchased by the City.
The financial position and results of operations of the self-insurance funds are presented in the Fiduciary Fund Section of the Combining Financial Statements. NOTE 12- DEFERRED COMPENSATION FUND Certain City employees have the opportunity to participate in a deferred compensation - plan under Section 457 of the Internal Revenue Code. Currently, there are twelve (12) participants. Since deferred compensation funds remain an asset of the City until participants are eligible to receive benefits, such amounts are legally g subject to claims of the City's general creditors. The financial activity of g the plan is presented in the Fiduciary Fund section of the combining financial statements. NOTE 13- CONTINGENT LIABILITY The City of Leesburg has been identified by the Environmental Protection I Agency as a potentially responsible party at two hazardous waste sites. While it appears that the City will have some responsibility to the EPA for clean-up efforts at the sites, the amount of the City's liability cannot be determined at this time. NOTE 14- PRIOR PERIOD ADJUSTMENT I The City restated the October 1, 1988 balance of the electric utility retained earnings for a $5,815,113 increase in utility property, plant and equipment. The increase resulted from an inventory and appraisal of the electric distribution system by the City's independent consulting engineers. ,' The City also restated the October 1, 1988 fund balances of the General Fund and l the General Employees' Pension Fund for $40,177 of pension contributions that !. were recognized erroneously in prior years operating statements, instead of as a l liquidation of interfund receivable / payable. ? u
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I GENERAL FUND The General Fund accounts for all revenues and expenditures of the City which are not required to be accounted for in other funds. It receives a greater variety and number of taxes and other general revenues than any other fund. I I iI-I
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! EXHIBIT A-1 e
GENERAL FUND
.I BALANCE SHEET SEPTEMBER 30, 1989 WITH COMPARATIVE AMOUNTS FOR SEPTEMBER 30, 1988 I. CITY OF LEESBURG, FLORIDA ASSETS 1989 1988
' ASSETS Equity in Pooled Cash Investments $ 3,815,096 $ 3,205.446 198,360 163,194 I Due From Other Governments Assessments Receivable Other Accounts Receivable (Net of 2,906 2,931 Allowance For Doubtful Accounts of $3,924 for 1989 and 1988) 89.413 35,421 Interest Receivable 0 30,469 Due From Other Funds 0 6,000 I Supplies Inventory at Cost Inventory For Resale - Airport Fuel Inventory For Resale - Marina Fuel 6,636 0
3.106 2,268 7,426 0 TOTAL ASSETS m 4.115.517 - 3.453.155 LIABILITIES AND FUND BALANCE LIABILITIES Accounts Payable 310,210 270,458 Accrued Wages and Payroll Tax 190,995 169,609 Due to Other Funds 0 40,174 Deposits 0 900 Unearned License Revenue 90,514 92,050 TOTAL LIABILITIES 591,719 573,191 FUND BALANCE Reserved: For. Inventory and Prepaid Expenditures 0 2,268 For Police Education 4,566 4,146 For Police Expenditure 2,391 1,950 For Roads and Streets 0 1,737 I For F1re Expenditures For Infrastructure Unreserved 6,845 3,509,996 0 5,000 60,525 2,804,338 TOTAL FUND LALANCE 3,523,798 2,879.964 TOTAL LIABILITIES AND FUND BALANCE $4.115.5p }._L 4.JdLd51 I-
l EXHIBIT A-2 GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - l BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1989 3 WITH COMPARATIVE ACTUAL AMOUNIS FOR THE YEAR ENDED SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA g' VARIANCE
=
FAVORABLE 1988 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES . l, Taxes $ 2,131,100 $ 2,131,934 $ 834 $ l',937,253 G, Licenses and Permits 165,500 180,947 15,447 133,624 Shared Revenues 1,529,000 1.591,329 62,329 1,549,790 g Charges For Services 146,000 157,408 11,408 141,168 g Fines and Forfeitures 160,300 166,150 5,850 158,356 Miscellaneous 615,400 668,054 52,654 603,848 TOTAL REVENUES 4,747,300 h4,895.822 148,522 4.524,039 EXPENDITURES General Government 922,800 605,871 116,929 923,107 Public Safety 2,989,000 2,932,098 56,902 2,793.549 Physical Environment 336,600 3113,352 33,248 321,833 Transportation 917,600 9L7,851 ( 251) 731.121 1 Human Services 26,500 24,896 1,604 22,934 i Culture / Recreation 1,666,800 1,537,640 129,160 1,383,337 1 (TOTAL EXPENDITURES) ( 6,859,300) ( 6,521.708) 337,592 ( 6,175,881) l EXCESS (DEFICIENCY) 0F REVENUES l OVER (UNDER) EXPENDITURES ( 2,112,000) ( 1,625,886) 486,114 ( 1,651,842) OTHER FINANCING SOURCES (USES) operating Transfers In 3,451,600 3,451,600 0 2,835,887 (Operating Transfers Out) ( 1,339,600) ( 1,222.057) 117,543 ( 924,108) l TOTAL OTHER FINANCING SOURCES (USES) 2,112,000 2,229,543 117,543 1,911,779 EXCESS (DEFICIENCY) 0F REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 0 603,657 603,657 259,937 FUND BALANC3, BEGINNING OF YEAR: As Previoucly Reported 2,879,964 2,879,964 0 2,620,027 Prior Period Adjustment 0 40.177 40,177 0-As Restated 2,879,964 2,920,141 40,177 2,620,027 FUND BALANCE, END OF YEAR $ 2.879.964 $ 3.523.798 $ 643.834 $ 2.679.964 I I g
EKH1BIY A-3 I GENERAL FUND STATEMENT OF REVENUES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1989 = I WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA
- g V ARI ANCE g FAVORABLE 1988 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES W Taxes Ad Valorem $ 1,465,900 $ 1,464,161 $( 1,739) $ 1,405,625
-g Local Option Sales 620,000 618,192 ( 1,808) 489,950 g Frenchise Fea- 45,200 49,581 4.381 41,678 Total T ..es 2,131,100 2,131,934 834 1,937,253 Licenses and Permits Professional and Occupational 91,700 93,595 1,895 61,618
- lW Building Permits Other Permits 56,500 17,300 57,925 29,427 1,425 12,127 46,367 25,639 Total Licenses and Permits 165,500 180,947 15,447 133,624 Shared Revenues Ini,ured Agents - County Licenses 1,500 925 ( 575) 1,450 Comprehensive Plan DCA 20,000 20,103 103 20,018 Two-Cent Cigarette Tax 74,700 74,957 257 77,069 State Revenue Sharing 386,500 397,373 10,873 407,877 ll Mobile Home Licenses Alcoholic Beverage License 19,000 15,800 19,678 14,969 (
678 831) 20,026 15,730 _-5 Municipality Share of County
'g Impact Collection Fees 5,000 5,228 228 3,594
-g Rebate on Municipal Vehicles 10,000 7,109 ( 2,891) 11,451 Local Option Gas Tax 380,000 417,093 37,093 380,603 j Municipality Share of County 2
I Occupational Licenses Half-cent Sales Tax One Percent Fuel Tax 33,500 478,000 105,000 33,907 483,825 116,162 407 5,825 11,162 33,055 478,852 100,065 Total Shared Revenues 1,529,000 1,591,329 62,329 1,549,790
- Charges For Services General Government Charges 10,900 11,022 922 10,322 15,326 l
3 Other Public Safety Charges Police Dispatch Fees 7,500 0 22,826 0 0 7,732 1,690 Other Physical Environment jm Charges 100 12,000 4,343 11,255 4,243 7,074 10,792
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Libraries ( 745) Program Activities Fees 72,000 62,836 ( 9,164) 60,831
'] Swimming Pools 18,000 19,356 1,356 18,471 j Other Recreation Fees 2,000 2,167 167 2,302 Marina Charges 1,500 2,275 775 1,562 Community Building 22,000 20,528 ( 1,472) 20,392
. Total Charges For Services 146,000 157,408 11,408 141,168
"" (Continued) z
i EXHIBIT A-3 (Conclud:d) , CENERAL FUND l, STATEMENT OF REVENUES - BUDGET AND ACTUAL Wi FOR THE YEAR ENDED SEPTEMBER 30, 1989 I WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1988 1 CITY OF LEESBURG, FLORIDA 1 VARIANCE y FAVORABLE 1988 l BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES (Concluded) Finer and Forfeitures Court Fines $ 116,600 $ 126.035 $ 9,435 $ 119,063 lt Library Fines 7,500 7,334 ( 166) 6,353 3 Other Fines and Forfeitures 36,200 32,781 ( 3,419) 32,940 g' Total Fines and Forfeitures 160,300 166,150 5,850 158,356 Miscellaneous Revenues Sales - Forfeited Property 0 14.186 14,186 0 Interest, Including Profit on Investments 344,600 406,380 61,780 365,897 g Rents and Percentages 27,500 27,585 85 27,660 g Airport Rental 48,000 70,217 22,217- 47,120 Airport Operations 139,300 113,788 ( 25,512) 53,239 Sale of Furniture and Equipment 12,000 18,514 6,514 10.519 Sale of City Property 0 0 0 88,605 Other Income 26,600 9,173 ( 17,427) 4,036 Insurance Compensation 1,500 2,361 861 272 Trust Fund Contributions 15,900 5,850 ( 10,050) 6,500 Total Misec11aneous Revenues 615,400 668,054 52,654 603,848 TOTAL REVENUES [ 4.7472300 $ 4.895.822 _5 148 R $ 4.524.039 I I
EXH2B1T A-4 GENERAL FUND STATEMENT OF EXPENDlTURES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1989 WITH COHPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA VARIANCE I FUNCTION / ACTIVITY /SUBACTIVITY/0BJECT BUDGET ACTUAL FAVORABLE (UNFA"0RABLE) 1988 ACTUAL EXPENDITURES General Government Services I Legislative: City Commission: Personal Services $ 34,800 $ 34,259 $ 541 $ 28,726 Operating Expenses 34,800 33,351 1,449 24,470 Cost Recovered ( 34,800) _f 34,800) 0 ( 25,900) Total City Commission 34-,800 32,810 1,990 27,296 Boards and Commissions: I Personal Services Operating Expenses Capital Outlay 20,000 12,500 0 18,788 8,672 0 1,212 3,828 0 14,667 9,117 1,000 Total Boards and Commissions 32,500 27,460 5,040 24,784 I Totx1 Legislative __ 67,300 60,270 {~ ' 7,030 52,080 Executive: I City Manager's Office: Personal Services Operating Expenses 191,800 30,800 188,;64 37,889 ( 3,036 7,089) 165,379 37,037 I Capital Outlay Cost Recovered Total City Manager's Office 800 ( 134,000) 89,400 ( 134,000) 92.653 0 ( 800 3,253) 0 ( 122,200) 80,216 0 City Clerk / Finance Director: I Personal Services Operating Expenses
'.38,400 38,900 500 123,433 23,640 252 14,967 15,260 248 130,972 21,722 10,005 Capital Outlay I Cost Recovered Total City Clerk / Finance Director
( 133,400) 44,400 ( 133,400) 13,925 30,475 0 ( 123,000) 39,699 Total Executive 133,800 106,578 27,222 119,915 Finance and Administrative: Accounting Office: Personal Services 155,000 156,709 ( 1,709) 172,258 Operating Expenses 31,300 27,491 3,809 31,867 Capital Outlay 6,500 6,410 90 3,005 Cost Recovered ( 115,700) ( 115,700) 0 ( 125,300) Total Accounting Office 77,100 74,910 2,190 81,830 Collections Office: Personal Services 113,600 112,875 725 95,982 Operating Expenses 48,600 47,536 1,064 24,597 Capital Outlay 6,200 6,172 28 0 Cost Recovered ( 116,200) ( 116,200) 0 ( 90,700) Total Collections Office 52,200 50,383 1,617 _ 29,879 (Continued) EXHIBIT A-4 I (Ccutinu d) GENERAL FUND STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL l,l W FOR THE YEAR ENDED SEPTEMBER 30, 1989 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEHBER 30, 1988 ! CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE 1988 FUNCTION / ACTIVITY /SUBACTIVITY/0BJECT BUDGET ACTUAL (UNFAVORABLE) ACTUAL EXPENDITURES (Continued) General Government Services (Continued) Finance and Administrative: (Concluded) Data Processing: Personal Services $ 91,500 $ 92,229 $( 729) $ 91,180 Operating Expenses 87,100 51,003 36,097 44,253 Capital Outlay 17,600 17,237 363 25,281 137,000) Cost Recovered ( 157,000) ( 157,000) 0 ( Total Data Processing 39,200 3,469 35,731 23,714 Customer Service: Personal Services 198,600 191,684 6,916 158,223 Operating Expenses 51,700 49,257 2,443 45,011 Capital Outlay 29,500 25,361 4,139 1,192 Cost Recovered ( 279,800) ( 279,800) 0 ( 204,426) Total Customer Service 0 ( 13,498) 13,498 0 Meter Reading: Personal Services 119,800 118,542 1,258 105,236 Operating Expenses 20,800 19,746 1,054 16,997 Capital Outlay 11,200 11,190 10 0 ' Cost Recovered ( 151,800) ( 151,800) 0 ( 122,233)- Total Meter Reading 0 ( 2,322) 2,322 0 Purchasing Office: Personal Services 64,900 65,717 ( 817) 63,388 Operating Expenses 15,500 14,851 649 15,134 Capital Outlay 300 562 ( 262) 1,367 Cost Recovered ( 71,000) ( 71,000) 0 ( 69,900) Total Purchasing Office 9,700 10,130 ( 430) 9,989 Personnel Office. 3 Personal Services 110,700 108,225 2,475 91,306 g Operating Expenses 14,700 11,245 3,455 10,149 Capital Outlay 800 600 200- 0 Cost Recovered ( 56,800) ( $6,900) 0 ( 47,400) Total Personnel Office 69,400 63,270 6,130 54,055 Total Finance and Administrative 247,600 186,342 61,258 199,467 Legal Services: City Attorney's Office: Operating Expenses 56,300 47,736 8,564 52,854 Cost Recoiered ( 28,200) ( 28,200) 0 ( 31,100) Total Legal Services 28,100 19,536 8,564 21,754 (Continued)
EXHIBIT A-4 (Continuod) GENERAL FUND 4 STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1989 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDE SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE 1988 FUNCTION / ACTI VITY / SUBACTIVI TY / 0BJECT BUDGET ACTUAL (UNFAVORABLE) ACTUAL EXPENDITURES (Continued) General Government Services (Continued) Community and Economic Development: Personal Services $ 78,700 $ 80,769 $( 2,069) $ 71,491 Operating Expenses 16,100 10,204 5,696 20,779 Capital Outlay 1,600 910 890 3,174 Cost Recovered 0 25,500) ( 24,200) ( 24,200) (
-i Total Community and Economic J Development 72,400 67,683 __
4.717 69,944 Warehouse Services: Personal Services 84,100 83,118 982 77,545 i Operating Expenses 13,000 14,141 ( 1,141) 7,568
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Capital Outlay 3,100 3,271 ( 171) 7,468 Cost Recovered ( 88,200) ( 88,200) _0 ( 80,900) Total Warehouse Services 12,000 12,330 ( 330) 11,681 l= h Printing and Reproduction: 23,258 a Personal Services 24,100 24,663 ( 563)
, Operating Expenses 1,600 707 893 270 7
Capital Outlay 0 0 0 0 Cost Recovered ( 9,000) ( 9,000) 0 ( 8,700)
'- Total Printing and Reproduction 16,700 16,370 330 14,828
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Public Information Office: Personal Services 20,800 21,948 ( 1,148) 19,970 Operating Expenses 19,000 16,693 2,307 17,810 _] Capital Outlay 0 0 0 0 H_ Cost Recovered ( 19,900) ( 19,900) 0 ( 20,700) Total Public Information Office 19,900 18,741 1,159 17,080 Civic Functions Support: Grants and Aids 74,000 73,686 314 76,333 i 1 Dublic Buildings: Personal Services 136,200 131,651 4,349 117,724 Operating Expenses 76,900 74,132 2,768 56,406 Capital Outlay 4,600 4,433 167 2,875 Cost Recovered ( 32,700) ( 32,700) 0 ( 28,000) Total Public Buildings 185,000 177,716 7,284 149,005 (Continued) I iu CENERAL FUND STATEMENT OF EXPEEDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1989 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1988 g CITY OF LEESBURG, FLORIDA g VA'11ANCE ' FAVORABLE 1988 i FUNCTION / ACTIVITY /StJBACTIVITY/0BJECT BUDGET ACTUAL (UNFAVORABLE) ACTUAL EXPENDITURES (Continued) General Government Services 1 (Concluded) i i Switchboard: Personal Sarvices $ 1,000- $ 633 $ 367 $ 11,370 ' i Operating Expenses 2,000 1,983 17 22,860 Cost Recovered ( 1,500) 0 ( 1,500) ( 18,700) - i Total Switchboard 1,500 2,616 ( 1,116) 15,530 i Elections: l Operating Expenses 200 189 -11 191 3 Miscellaneous and Contingencies: Operating Expenses 64,300 63,814 486 175,299 i Total General Government Services 922,800 805,871 116,929 _ 923,107 Public Safety ) Law Enforcement: 1 Police Department.
. Personal Services 1,476,600 1,416,601 59,999 1,330,433 i Operating Expenses 243,000 258,799 ( 15,799) 248,295- '
Capital Outlay 66.400 70,476 ( 4,076) 82,012 i Total Law Enforcement 1,786,000 1,745,876 40,124 1.660,740 ] Fire Control: Fire Department 4,169) 955,118 l m Personal Services 989,800 993,969 ( Operating Expenses 106.000 97,533 8,467 85.161 ) Capital Outlay 41,900 33,046 8,854 32,975 gI Total Fire Control 1,137,700 1,124,548 13,152 1,073,254 ll Protective Inspections: ) Building and Inspections: Personal Services 90,700 91,061 ( 361) 87,881 ! Operating Expenses 16,700 14,205 2,495 12,9M l Capital Outlay 1,500 8 1,492 6% Cost Recovered ( 43,600) ( 43,600) 0 ( 41,900) l Total Protective Inspections 65,300 61,674 3,626 59,555 Total Public Safety 2,989,000 2.932,098 56,902 2,793,549 (Continued)
EXHIBIT A-4 (Continusd) I GENERAL FUND STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1989 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE 1988 FUNCTION / ACTIVITY /SUBACTIVITY/0BJECT BUDGET ACTUAL (UNFAVORABLE) ACTUAL EXPENDITURES (Continued) Physical Environment I Other Physical Environment: Engineering: Personal Services $ 208,400 $ 207,637 $ 763 $ 195.131 Operating Expenses 39,800 29,461 10,339 18.060 Capital Outlay 15,400 14,296 1,104 20,481 Cost Recovered ( 197,700) ( 197,700) 0 ( 167,000) Total Engineering 65,900 53,694 12.206 66,672 Public Works Office: i Personal Services 86,500 79,668 6,832 89.775 Operating Expenses 22,700 22,633 67 21,830 Capital Outlay 500 800 ( '300) 1,538 I- Coat Recovered Total Public Works Office ( 27,400) 82,300 ( 27,400) 75,701 6,599
,0, ( 28,700) 84,443 Crounds and Beautification:
Personal Services 120,400 113,521 6,879 107,014 I Operating Expenses 63,900 56,356 7,544 55,403 I Capital Outlay 4,100 4,080 20 8.301 jI - Total Grounds and Beautification 188.400 173,957 14.443 170,718 l - . Total Physical Environment 336,600 303,352 33,248 321,833 Transportation _ Roads and Streets: Street Maintenance: J Personal Services 141,700 135,538 6,162 137,006 Operating Expenses 224,800 233,123 ( 8',323) 224,591
-g Capital Outlay 51,400 52,428 ( 1,028) 14.318 g Total Street Maintenance 417,900 421.089 ( 3,189) 375,915 ; Street Lighting:
Personal Services 39,200 36,557 2,643 33,783 Operating Expenses 171,600 175,629 ( 4.029) 141,616 Capital Outlay 0 0 0 2,109 Total Street Lighting 210,800 212,186 ( 1,386) 177,508 Traffic Controls
.I Personal Services Operating Expenses 38,100 25,900 36,906 22,078 1,194 3,822 35,394 25,442 Capital Outlay 0 0 0 539 Total Traffic Control 64,000 58,984 5.016 61,375 Total Roads and Streets 692,700 692,259 441 614,798 s
EXHIBIT A-4 , (Csntinu;d) GENERAL FUND l m. STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTDiBER 30, 1989 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE 1988 FUNCTION / ACTIVITY /SUBACTIVITY/0BJECT BUDGET ACTUAL (UNFAVORABLE) ACTUAL EXPENDITURES (Continued) Transportation (Concluded) Airport Maintenance: Personal Services $ 24,600 $ 23,698 $ 902 $ 22,970 Operating Expenses 59,000_ 60,490 ( 1,490) 41,172 Capital Outlay . 2,000 0 2,000 3,159 Total Airport Maintenance 85,600 84,188 1,412 67,301 Airport Operations m Personal Services 35,400 32,955 2,445 12,922 Operating Expenses 103,400 108,000 ( 4,600) 36,100 Capital Outlay 500 449 51 0 Total Airport Operations 139,300 141,404 ( 2,104) 49,022 Total Transportation 917,600 917,851 ( -251) 731,121 Iluman Services Animal Control: Personal Services 25,000 23,356 1.644 22,859 Operating' Expenses __ 1,500 1,540 ( 40) 75 Total Human Services 26,500 24,896 1,604 22,934 . t Culture and Recreation Library: Personal Services 259,400 253,964 5,436 209,834 l Operating Expenses 80,300 72,004 8,296 74,360 Capital Outlay 52,700 51,163 1,537 53,649 'l Total Library 392,400 377,131 15.269 337,843 5 Parks and Recreations kecreation Office: Personal Services 265,800 262,395 3,405 238,491 Operating Expenses 137,800 118,166 19,634 101,123 Capital Outlay 4,900 4,935 ( 35) 13,603 L L Total Recreation Office 408,500 385,496 23,004 , 353,217 ! Swimming Pools: Personal Services 42,200 45,587 ( 3,387) 45,739 Operating Expenses 86,400 51,759 34,641 50,489 Capital Outlay 0 0 0 0
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Total Swimming Pools 128,600 97,346 31,254 96,228 Parks and Canals: g Personal Services 328,760 12,040 299,679 Operating Expenses 340,800 77,800 69,752 8,048 59,250 5 Capital Outlay 55,600 16,496 39,104 14,029 Total Parks and Canals 474,200 415,008 59,192 372,958 (Continued) o
EXHIBIT A-4 (Concludsd) GENERAL FUND = STATEMENT OF EXPENDlTURES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1989 I WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1908 CITY OF LEESbURG, FLORIDA VARIANCE FAVORABLE 1988 FUNCTION / ACTIVITY /SUBACTIVITY/ OBJECT BUDGET ACTUAL (UNFAVORABLE) ACTUAL EXPENDITURES (Concluded) Culture and Recreation (Concluded) I Parks and Recreation: (Concluded) Athletic Fields: Personal Services $ 82,500 $ 84,794 $( 2,294) $ 69,516 Operating Expenses 68,000 74,783 ( 6,783) 56,051 I Capital Outlay Total Athletic Fields Total Parks and Recreation 19,700 170,200 1,181,500 14,393 173,970 1,071,820 ( 5,302 3,770) 109,680 9,463 135,030 957,433 I Cultural Services: Cultural Arts Building: Operating Expenses 2,700 2.876 ( 176) 2,909 I Special Recreational Facilities: Community Building: Personal Services 55,600 53,927 1,673 61,259 Operating Expenses 27,500 26,055 1,445 23,502 Capital Outlay 7,100 5,831 1,269 391 Total Special Recreational Facilities 90,200 85,813 4,387 85,152
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Total Culture and Recreation 1,666,800 1,537,640 129,160 1,383.337 TOTAL EXPENDITURES Lpaj)9,300 g_6,521.708 } 337.592 $ 6.175.881 I I I I I B
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EXHIBIT A-5 GENERAL FUND STATEMENT OF OTHER FINANCING SOURCES AND USES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1989 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE 1988 FUNCTION / ACTIVITY /SUBACTIVITY/0BJECT BUDGET ACTUAL (UNFAVORABLE) _ ACTUAL OTHER FINANCING SOURCES (USES) Operating Transfers In: Electric Utility Fund $ 2,625,100 $ 2,625,100 $ 0 $ 2,303,385 g Gas Utility Fund 557,000 557,000 0 292,001 g Water Utility Fund 159,000 159,000 0 130,001 Sanitary Sewer and 'a'astewater Treatment Fund 110,500 110,500 0 110,500 (Operating Transf ers Out): Debt Service Fund ( 564,600) ( 562,074) 2,526 ( 491,603) Capital Projects Fund ( 775,000) ( 659,983) 115,017 ( 432.505) TOTAL OTHER FINANCING SOURCES (USES) $,2.112.000 $_2,.229.541 $ 117.541 $ 1.911.779 1
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iI I I SPECIAL REVENUE FUNDS Special Revenue Funds are used to account for the proceeds of specific revenue sources
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(other than special assessments, expendable trusts, or f or major capital projects) that are legally restricted to expenditure for specified purposes. Certain administrative expenses are paid by the General Fund. I
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EXHIBIT B-1 SPECIAL REVENUE FUNDS I~. COMBINING BALANCE SilEET SEPTEMBER 30, 1989 k'ITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988 B CITY OF LEESBURG, FLORIDA I ASSETS COMMUNITY HOUSING DEVELOPMENT ASSISTANCE TOTALS B FUND FUND 1989 1988 ASSETS I Equity in Pooled Cash and Investments Due From Other Governments
$ 2,184 $
0 53,701 0
$ 55,885 $ 30,932 0 18,514
. Housing Assistance Loans 62,002 0 62.002 64,287 64.186 .. 53.701 117.g31 113.733 I.TOTALASSETS LIABILITIES AND FUND BALANCES LIABILITIES
. Accounts Payable I
0 0 0 8,190 Due to Other Funds 0 0 0 6,000 Due to Other Governments 62,002 29,951 91,953 79.293 TOTAL LIABILITIES 62,002 29,951 91,953 93,483 FUND BALANCES Re se rve'd : I For Capital Improvements Unreserved:- Existing Housing 2,184 0 15,630 0 2,164 15,630 4,774 14,023
. Voucher Program 0 8,120 8,120 1,453 2,184 23,750 25,934 20,250 I-TOTALFUNDBALANCES TOTAL LIABILITIES AND FUND BALANCES $ 64.186 $ 53.701 $117.887 $113.733 I
I g I; I 4 EXHIBIT B-2 i' SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUE *, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30, 1989 l WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1988 ' CITY OF LEESBURG, FLORIDA COMMUNITY HOUSING ; DEVELOPMENT ASSISTANCE TOTALS FUND FUND 1989 1988 REVENUES Intergovernmental Revenue $ 82,227 $ 410,894 $ 493,121 $ 342,825 EXPENDITURES General Government Services 0 0 0 150' Economic Environment 84,817 0 84,817 27,679 l' Human Services 0 402,620 402,620 309,335 su (TOTAL EXPENDITURES) ( 84,817) ( 402,620) (487,437) (337,164)= EXCESS (DEFICIENCY) 0F REVENUES OVER (UNDER) EXPENDITURES ( 2,590) 8,274 5,684 5,661 FUND BALANCES, BEGINNING OF YEAR 4,774 15,476 20,250 14,589 FUND BALANCES, END OF YEAR $ 2.184 $ 23.750 $ 25.934 $ 20.250 I l I r 1 l l EXHIBIT B-3 COMMUNITY DEVELOPMENT FUND
" STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR Tile YEAR ENDED SEPTEMBER 30, 1989 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988
.l CITY OF LEESBURG, FLORIDA B VARIANCE FAVORABLE 1988 BUDGET ACTUAL (UNFAVORABLE) ACTUAL intergovernmental Revenue: I. HUD Revenues $ 80,900 $ 78,407 $( 2,493) $ 3,821 Community Development Block Grant Revenue 4,000 3,820 ( 180) 27,679 TOTAL REVENUES 84,900 82,227 ( 2,673) 31,500 I EXPENDITURES
-Economic Environment:
Housing and Urban Development: Personal Services 0 0 0 7,877 Operating Expenditures 2,000 1,977 23 18.833 I Capital Outlay 82,900 82,840 60 969 (TOTAL EXPENDITURES) 84,900 ( 84,817) 83 ( 27,679) EXCESS OF REVENUES OVER EXPENDITURES 0 ( 2,590) ( 2,590) 3,A21 FUND BALANCE, BEGINNING OF YEAR 4,774 4,774 0 953 FUND BALANCE, END OF YEAR } 4.774 $ 2.184 $( 2.590) $ 4.774 I I I I EXHIBIT B-4 HOUSING ASSISTANCE FUND l STATEMENT-0F REVENUES, EXPENDITURES AND CRANGES IN FUND BALANCE - BUDGET AND ACTUAL d FOR THE YEAR ENDED SEPTEMBER 30, 1989 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA gli g I VARIANCE I TAVORABLE 1988 l BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Intergovernmental Revenue: 1 HUD Contributions $ 430,100 $ 410,894 $( 19,206) $ 311,325 i EXPENDITURES Human Services: Welfare: 27,000 1,217 25,345 l Personal Services 25,783 54 operating INpenses 390,600 372,042 18,558 283,990 Capital Outlay 12,500 4,795 7,705 - 0 (TOTAL EXPENDITURES) (430,100) (402.620)' 27,480 (309,335) EECESS (DEFICIENCY) 0F REVENUES OVER (UNDER) EXPENDITURES 0 8,274 8,274 1,990 FUND BALANCE, BEGINNING OF YEAR 0 15,476 15,476 13,486 - 1 FUND BALANCE, END OF YEAR $ 0 $ 23.750 } 23.750 $ 15.476 I. I' I I'
-48 '
4
- I IL I
I I I I DEBT SERVICE FUNDS Debt Service Funds are used to secount for the accumulation of resources for, and the payment of. general long-term debt principal and interest.- I I I I I I I I I I
_ _A =v p EXHIBIT C-1 DEBT SERVICE FUNDS
' I' COMBINING BALANCE SHEET SEPTEMBER 30, 1989 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988 -I CITY OF LEESBURG, FLORIDA 1987 REFUNDING NOTES AND REVENUE MORTGAGES TOTALS BONDS PAYABLE 1989 _ 1988 ASSETS Equity in Pooled Cash and Investments $ 865,114 $ 0 $ 865,114 $ 863,280 TOTAL ASSETS 865.I14 0 ,
865.I14 863.280 i LIABILITIES AND FUND BALANCES Liabilities Accrued Interest Payable 194.534 0 194,534 197,400 Fund Balances - Reserved For Debt Service 670,580 0 670,580 665,880 t 6 e I I . I I I i
EX111 BIT C-2 ' DEBT SERVICE FUNDS l W COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR Tile YEAR ENDED SEPTEMBER 30, 1989 WITil COMPARATIVE TOTALS FOR Tile YEAR ENDED SEPTEMBER 30, 1988 g CITY OF LEESBURG. FLORIDA g 1987 REFUNDING NOTES AND REVENUE MORTGAGES TOTALS BONDS PAYABLE 1989 1988
$ 0 $ 0 $ 0 $ 0 REVENUES EXPENDITURES '
135,000 24,459 159,459 74,670 Retirement of Principal 389,068 8,847 397,915 402,753 Interest and Issue Coste (477,423) (TOTAL EXPENDITURES) ($24,068) ( 33,306) (557,374) EXCESS (DEFICIENCY) 0F REVENUES OVER l (524,068) ( 33.306) (557,374) (477,423) E (1:NDER) EXPENDITURES g.'llER FINANCING SOURCES (USES) 562,074 529,805 operating Transfers In 528,768 33,306 0 0 0 ( 38,202) (Operating Transf ers Out) 562,074 491,603 528,768 33,306
-TO?AL OTilER FINANCING SOURCES (USES)
EXCESS (DEFICIENCY) 0F REVENUES AND E OTHER FINANCING SOURCES OVER (UNDER) 3 4,700 0 4,700 14,180 EXPENDITURES AND OTilER USES 665,880 0 665,880 651,700 FUND BALANCE, BEGINNING OF YEAR FUND BALANCE, END OF YEAR .$ 670.580. $ 0 $ 670.580 $ 665.880 I I I I I, g
eg
+
j I l l, l CAPITAL PROJECTS FUNDS 'I a
}
' Capital Projects Funds are used to account for financial resources ' to be used' for the .
facquibition or construction of major capital facilities (other than those financed : by -
)
Proprietary Funds, Special Assessment Funds and Trust Funds). JW Airport Improvement Project - to account for the costs of resurfacing and lighting runways L land taxiways, and the construction and purchase of various . navigational aids. j The_ majority of the construction cost is being financed through Federal, State'and County 'l Grants, and the balance.by General Fund revenues. I.: ' City Hall ' Renovation - to account for the ' costs to renovate the City Hall and Annen Building. Financing is provided by bond proceeds. d ' . It lI +I
,4 J.
;3 CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET
.I
~ SEPTEMBER 30, 1989 WITH COMPaATIVE TOTALS FOR SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA Ig g AIRPORT IMPROVEMENT-PROJECT-4 ASSETS Equity in' Pooled Cash and Investments $( 69 359)-
165,338 -
'Due. Frotn Other Governments -
Contributions Receivable 9.902. 800 Other Receivables 0<
-Deposita 106.681 i TOTAL' ASSETS LIABILITIES AND FUND BALANCES I.
LIABILITIES Accounts Payable '0 0-
. Contractors' Deposits 10 m m m m eS-
+
FUND BALANCES 106,681 Reserved For Construction
$' 106.681-TOTAL LIABILITIES AND FUND BALANCES I
I I I I 51-g
1
' EX111 BIT D-1 w
Ii I. 1
; CITY !
' HALL OTHER~ TOTALS ,!
LRENOVATION PROJECTS 1989 1988 '1 I
$ .' O $549,570 $ 480,211 $1,227,090; j 0 01 '65,338 83,431= -1 5 0 0- J.902 9,902 !
0 0 800 0 l 12,'710 I O O O - _;_ 0, 549.570 656.25L 1.333.133 ! I l I t 0 13,400 -13,400 57,720-
-0 0 0. 74,211 0 13,400 13,400 131,931 .i
( 0 536,170 642,851 1 201,202
, 0 ,,9.,7, o , 2,1 m 3,3. m
, ,; _ .Np CAPITAL PROJECTS FUNDS l W
' COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN' FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30, 1989
'WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER ~ 30,=1988 CITY OF LEESBURG, FLORIDA- .!
' AIRPORT' IMPROVEMENT
-PROJECT.
' REVENUES federal' Aviation Administration Grant Reimbursement $ 482i231:
~ Florida Department of Transportation g
, Grant Reimbursement 31,445 .g:
.~ Lake. County Grant Reimbursement .14,220
-9,971 Interest Income 537,867
. TOTAL REVENUES
- EXPENDITURES Construction Costs 513,138 26,969 .m ll Engineering and Other
.0 Equipment Purchase Land Purchase 0- :
( 540,107) ; o(TOTAL EXPENDITURES)
' EXCESS (DEFICIENCY) 0F-REVENUES OVER-(UNDER) EXPENDITURES '( 2,240)
OTHER FINANCING SOURCES 14,220 Operating Transfers From General Fund . . EXCESS (DEFICIENCY) 0F REVENUES AND
'OTHER FINANCING SOURCES OVER 11,980 (UNDER) . EXPENDITURES 94,701 FUND BALAN CES.. BEGINNING OF YEAR FUND BALANCES, END OF YEAR $ 106.681 I
I I I
.s2-g
.w 4^ ,
') -
3 R- EXHIBXT D-2 4 r a E CITY
' HALL; OTHER TOTALS
, -RENOVATION PROJECTS 1989 1988-
$ 0 $ 0 $ '482,231. $_ $64,501 l0_ 0 -31,445 224 ~,212 -
0- 0 14,220 2,403 4,614 -71,316 85,901 186,370' _E 4,614 71,316- 613,797 477,486 g 250,268. 663,825- 1,427,231 1,842,012 I 0 0 25,707 142,566 52,676 142,566
;174,668 0'
209,658 0 209,658 378,058 I -( 459,926) (-832,098) (1,832,131) ,-(2,394,738)= .
-( 455,312)- ( 760,782) (1,218,334) '(1,917,252)
'O 645,763 659,983 432,505 (1,484,747)
( 455,312) ( 115,019) ( 558,351) 455,312 651,189 1,201,202 2,685,949 1,$' O $ 536.170 $ 642.851 $ 1.201.202-I yi h Ac EXHIBIT D-3 ; L ! ^l
-CAPITAL PROJECTS FUNDS AIRPORT IMPROVEMENT PROJECT STATEMLNT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL" '!
FOR THE YEAR ENDED SEPTEMBER 30,'1989 i
. CITY OF LEESBURG, FLORIDA i
VARIANCE FAVORABLE ( BUDGET ACTUAL' (UNFAVORABLE) J REVENUES
!L , 1 Federal Aviation Administratioa Grant . . ,
Reimbursements $, 533,400 $_482,231 $( 51,169) -!
' Florida Department of Transportation .
{ Grant Reimbursements . 71,600 31,445- =(- 40,155); Lake County'GrantLReimbursements 40,000 '14,220 (; 25,780) jl Interest Income 10,000 9,971_ ( 29) J
.' TOTAL REVENUES _ 655,000 537,867 ( 117,133) j
-t
-i T . EXPENDITURES Construction Costa 639,000- 513,138' 125,862.
Engineering and Other 47,000 26,969 20,031 3
~(TOTAL EXPENDITURES) ~( 686,000) (540,107) 145,893 g
~ EXCESS (DEFICIENCY) 0F REVENUES
( ' 2,240) .28,760 l
=;
q, '0VER(UNDER) EXPENDITURES ( 31,000) OTHER FINANCING ~ SOURCES j Operating Transfers From General . Fund' 40,000 14,220 ( 25,780) m-g1 EXCESS OF REVENUES AND OTHER
. FINANCING SOURCES OVER (UNDER) 3 EXPENDITURES 9,000 11,980 ,
2,980 1
. FUND BALANCE, BEGINNING OF YEAR ( 15,198) 94,701 109,899 l
FUND BALANCE, END OF YEAR $( 6.198) $ 106.681 $ '112.879, :
!I I
I i
1~y EXHIBIT D-4 CAPITAL PROJECTS FUNDS CITY HALL RENOVATION = STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30. 1989
. CITY OF LEESBURG, FLORIDA e
VARIANCE
= FAVORABLE BUDG L ACTUAL' (UNFAVORABLE)
JREVENUES Interest Income $ 5,000 $ 4,614 $( 386). EXPENDITURES-Construction Costs 310.600 250,268- 60,332 Eland Purchase 26'J,200 209,658 50,542
- (TOTAL EXPENDITUREb)' ( 570,800) ( 459,926)- 110,874-
' EXCESS ~(DEFICIENCY) 0F REVENUES
!0VER (UNDER) EXPENDITURES '( 565,800) ( 455,312) 110,488
' FUND BALANCE, BEGINNING OF. YEAR ( 202,823) 455,312 658,135
' FUND - BALANCE, END OF YEAR- $(- 768.623) 1 0 _$_ 768.623_-
t l
EX111 BIT D-5 CAPITAL PROJECTS FUNDS l IIB OTHER PROJECTS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BJDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1989 CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE BUDGET ACTUAL (UNFAVORABLE) REVENUES Interest Income $ 85,000 $ 71,316 $( 13,684) EXPENDITURES I 760,200 663,825 96,375 Construction Costs Engineering and Other 29,000 25,707 3,293 Equipment Purchase 142,600 142,566 34 ( 931,800) ( 832,098) 99,702 (TOTAL EXPENDITURES) EXCESS (DEFICIENCY) 0F REVENUES I ( 846,800) ( 760,782) 86,018 OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES 735,000 645,763 ( 89,237) Transfer From General Fund EXCESS OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES ( 111,800) ( 115,019) ( 3,219) EUND BALANCE, BEGINNING OF YEAR 786,449 651,189 ( 135,260) FUND BALANCE, END OF YEAR $ 674.649 1 536.170 $( 138.479) I I I I I
.,5-
EXHIBXT D p . 1
. CAPITAL PROJECTS FUNDS ~
PROJECT - LENGTH SCHEDULE OF CONSTiI6CTION PROJECTS O ~ BEGINNING OF PROJECTS TO SEPTEMBER 30. 1989 CITY OF LEESBURG, FLORIDA e , s
. AIRPORT CITY IMPROVEMENT HALL OTHER i PROJECT RENOVATION PROJECTS I INITIAL ' PROJECT AUT110RIZATION $ 1.043'200
. $ 1.737.500 $ 1.720.000' REVENUES AND'OTHER' FINANCING SOURCES
-Intergovernmental $ 613,718 $ .
0 $ 0
' Operating' Transfers In 17,539 51,423 1,075,189
-. I . ' Bond and Note Proceeds- 0 1,816,723 1,158,025= Interest Income 0 209,540' 165,284 W TOTAL REVENUES AND 0THER FINANCING SOURCES $ 631.257 $ 2.077.686 Q.J18498 2 EXPENDITURES: Equipment Purchase $ 0 $ 0 $ 142,566 l
-Land Purchase 0 246,862 566,045 Construction Costs 420,925 1,891,976- 663,825 Engineering and Other 210,332 227,044 214,158 (TOTAL EXPENDITURES) $( 631.257) $(2.365.882)- $(1.586.594) _
I il , i :I TI I >
"I TI- ":M _g. .
-i l q. !
L us. 4 l l (l . . L e q
. 1 v., )
lI;
' ~
i ENTERPRISE FUNDS !
- Enterprise Funds are'used to account for operations (a) that are financed and operated in. >
a manner similar to private business enterprises where the intent of the governing body'is that-the costs :(expenses, including depreciation) of. providing goods or services -to the ' gsneral public on a continuing basis be financed or recovered primarily through user - charges; or - (b) where the governing body has decided that periodicf determination L of revenues. earned,- expenses- incurred, and/or net income is appropriate for ' capital maintenance, public policy, management control, accountability, or other purposes. ! LI; I
;i' ,
Jg
?
Ag il g
I ENTERPRISE FUNDS
=
COMBINING BALANCE SHEET SEPTEMBER 30, 1989 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORlDA ASSETS ELECTRIC GAS WATER l W UTILITY UTILITY UTILITY FUND FUND FUND CURRENT ASSETS g Equity in Pooled Cash and Investments: g
$ 2,367,635 $ 904,309 $ 677,955 Operating Account 1,533,011 397,360 1,363,568 g Depreciation Account Potable Water Account 0 0 137,847 0
g 1,311,000 0 Crystal River Decommission Account Future Wastewater Treatment and Disposal 0 0 0 Plant Account Receivables: 221,642 Customer Accounts 4,257,533 335,844 (Allowance For Doubtful Accounts) ( 754,289) ( 46,041) ( 54,851) g Accrued Interest 85,134 4,239 35,534 g Inventory, At Cost 716,436 80,461 132.464 9,516,460 1,676,172 2,514,159 TOTAL CURRENT ASSETS RESTRICTED ASSETS Equity in Pooled Cash and Investments: 227,962 g Current Bond Interest and Principal 779,192 95,393 1,442,301 176,598 421,912 5 Debt Service Securities Purchased 0 0 0 Revenue Bond Reserve Renewal and Replacement 988,641 195,722 359,818 g Impact Fees 0 0 12,223 g Construction Account - Bond Proceeds 0 374,473 0 1,078,493 60,922 58,591 Customer Deposits TOTAL RESTRICTED ASSETS 4,288,627 903,108 1,080,506 PROPERTY, PLANT AhD EQUIPMENT Rights to Purchase Power 79,231 0 0 g Property and Equipment 38,886,439 3,807,716 7,856,530 g Nuclear Fuel 1,177,064 0 0 (Accumulated Depreciation and Amortization) (13,303,120) ( l,458,212) ( 2,854,601) g Construction in Progress 195,235 44,488 37,772 g TOTAL PROPERTY, PLANT AND EQUIPMENT - Cost Less 27,034,849 2,393,992 5,039,701 Depreciatioa OTHER ASSETS 0 0 0 Estimated Landfill Closure Costs (Net) 62,734 218,498 26,950 Deferred Bond Issue Costs (Net) 26,950 62,734 TOTAL OTHER ASSETS 216,498 TOTAL ASSETS $ 41,05B2434 $ 5.000.22:2_ 1__8,697.100 ll-a
EXHIBIT E-1 s I TOTAL OTHER ENTERPRISE SANITARY SEWER AND COMBINED FUND
-l WASTEWATER- UTILITY SANITATION TOTALS TREATMENT FUND FUNDS SERVICES FUND = 1989 1988 1 213,099 $ 4,'162,998 $1,006,739 $ :5,169,737 $. 2,006,983 1,686,169- 4,980,108 0 4,980,108 4,676,589 0 137,847 0- 137,847 125,847 0' 1,311,000 0 1,311,000 987,000 6:.4,412- 624,412 0 624,412 443,917 3i5,084 5,160,103 120,8bC 5,280,989 5,072,908.
( 17,231) ( 872,412) 0 ( 872,412) ( 764,494) 7,181 132,088 0 132,088 163,313 2,874 932.235 0 932.235 1,074,101 2,8il,588 16,568,379 1,127,625 17,696.004 13,786,164 161,744 1,264,291 0 1,264,291 _976,392 1 299,472 2,340,283 0 2,340,283 1,866,083 2,279,783 0- 0 0 0 336,266 1,880,447- 0 1,880,447 1,192,499 37,863 50,086 0 50,086 0 1 0 374,473 0 374,473 0 0 1,198,006 0 1,198,006 1,127,638
~
835,345 7,107,586 0 7,107,586 7,442,395-l 0 79,231 0 79,131 79,231 j 14,007,073 64,557,758 950,569 65,508,327 54,973,339 0 l',177,064 0 1,177,064 900,058 ( 3,793,736) (21,409,669) ( 627,011) (22,036,680) (18,844,699) 275,133 552,628 0 552,628 303,072 I 10,488,470 44,957,012 323,558 45,280,570 37,411,001 1 0 0 498,950 498,950 748,425 45,442 353,624 0 353,624 143,062 45,442 353,624 498,950 852,574 891,487
$ 142230.845_ 1 68.986.601 $1.950.113. M 0.936.734 $ 59.531.047 (Continued)
-5,-
ENTERPRISE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1989 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988 CITT OF LEESBURG, FLOR 1DA LIABILITIES AND FUND EQUITY ELECTRIC GAS WATER l
=
UTILITY UTILITY UTILITY FUND FUND FUND CUlRENT LIABILITIES g
~~
tecounts Payable - Purchased Energy $ 1,362,564 $ 101,837 $ 0 B Accrued Expenses 641,510 47,407 36,718 Customer Advances For Construction 71,465 0 0 g Current Portion - Long-Term Liabilities 0 0 36,718 0 g 2,075,539 149,244 TOTAL CURRENT LIABILITIES CURRENT LIABILITIES (Payable From Restricted Assets) 58,591 Customer Deposits 1,078,493 60,922 520,342 63,702 152,232 Accrued Interest on Revenue Bonds Current Portion Bonds Payable 258,846 31,710 75,726 g TOTAL CURRENT LIABILITIES (Payable From g 1,857,681 156,334 286,549 Restricted Assets) LONG-TERM LIABILITIES Estimated Landfill Closure Costs Payable 0 0 0 Refunding Revenue Bonds Payable 14,329,161 1,754,215 4,192,168 Accrued Interest on Capital Appreciation Revenue Bonds 263,263 32,200 77,009 l Unamortized Discount ( 180,869) ( 22,292) ( 52,031) W TOTAL LONG-TERM LIABILITIES 14,411,555 1,764,123 4,217,146 18,344,775 2,069,701 4,540,413 TOTAL LIABILITIES FUND EQUITY Contributed Capital: Federal Government 17,986 6,512 77,284 Cuscomers and Developers 1,514,527 19,585 883,279 0 0 0 Other Funds Total Contributed Capital 1,532,513 26,097 960,563 Retained Earnings: l Re serv ed : E Debt Service Securities Purchased 1,442,301 176,598 421,912 Revenue Bond Reserve 0 0 0 g Renewal and Replacement 988,641 195,722 359,818 g Unreserved : Designatiot.s: Depreciat ion 1,533,011 397,360 1,363,568 l 0 0 137,847 5 Potable kater Account Wastewate Treatment and Disposal Plant 0 0 0 Impact Fets 0 0 12,223 g Undesignated (Deficit) 17,217,193 2,134,744 900,756 g Total Retained E nings 21,181,146 2,904,424 3,196,124 22,713,659 2,930,521 4,156,687 TOTAL FUND EQUITY TOTAL LIABILITIES AND FUND EQUITY $41.058.434 S 5.000.222 $ 8.697.100 v -7 t - - - - - - --- -
a
""J <
EXHIBIT E-1 (Concludad)
=
?
E , h'r m i . . TOTAL OTHER ENTERPRISE 2c ; SANITARY SEWER AND COMBINED FUND 5 WASTEWATER UTILITY SANITATION TOTALS TREATMENT FUND FUNDS SERVICES FUND 1989 1988 5 $' . 0 $ 1,464,401 $ 0 $ 1,464,401 $ 1,286,691' 73,303 798,938 37,163 836,101 -560,591 i _, 7,200 78,665 0 78,665 105,639 0 0 400,000 400,000 430,000-80.503 2,342,004 _ 437,163 2,779,167 2,382,921 0 1,198,006 0 1,198,006 1,127,638 108,012 844,288 0 844,288 976,392 53,718 420,000 0 420,000 0 161,730 2,462,294 0 2,462,294 2,104,030
- 0 0 700,417 700,417 860,000 2,974,455 23,249,999 0 23,249,999 '19,999,999
] (
54,650 37,611) 2,991,494 427,122 ( 292,803) 23,384,318 700,417 0 0 ( 427,122 292,803) 24,684,735 (
-322,894' 106.272) 21,076,621 3,233,727 28,188,616 1,137,580 29,326,196 25,563,572
- 8,011,471 8,113,253 0 8,113,253 8,113,253 1,191,824 3,609.215 0 3,609,215 3,077,388 14,450 14,450 440,967 455,417 455,417
> 9,217,745 11,736,918 440,967 12,177,885 11,646,058 299,472 2,340,283 0 2,340,283 1,866 083-0 0 0 0 2,279,783
'336,266 1,880,447 0 1,880,447 1,192,499 3 1,686,169 4,980,108 0 4,980,108 137,847 4,676,589 125,847 1 0 137,847 0 624,412 624,412 0 624,412 443,917 37,863 50,086 0 50,086 0
( 1,204,809) 19,047,884 371,586 19,419,470 11,736,699 1,779,373 29,061,067 37L.586 29,432,653 22,321.417 10,997,118 40,797,985 812,553 41,610,538 33,967,475
$ 14.230.845 $68.986.601 $1.950.133 j_70.936.734 $ 59.531.047
ENTERPRISE FUNDS COMBINING STATEMENT OF OPERATIONS AND CHANGES IN RETAINED EARNINGS (DEFICIT) FOR THE YEAR ENDED SEPTEMBER 30, 1989 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA I ELECTRIC GAS WATER UTILITY UTILITY UTILITY FUND FUND FUND OPERATING REVENUE g User Charges $ 23,707,935 $ 3,845,171 $ 1,784,793 g 248,753 28,099 30,036 Other Operating Revenue 1,814,829 23,956,688 3,873,270 TOTAL OPERATING REVENUE OPERATING EXPENSES 1,286,617 0 0 Power Generation and Transmission Purchased Energy 13,338,498 2,133,806 0 l Supply and Pumping 0 0 103,791 5 0 0 229,330 Treatment Distribution and Collection 1,061,621 119,466 114,222 g Customer Accounts 531,643 185,367 158,206 g 860,545 260,594 248,149 Administration and General 0 0 0 Operating Expenses Depreciation and Amortization 1,579,409 110,407 305.890 (18,658,333) (2,809,640) (1,159,588) (TOTAL OPERATING EXPENSES) 5,298,355 1,063,630 655,241 OPERATING INCOME NONOPERATING REVENUE (EXPENSE) 766,932 173,236 259,966 Interest Income 138,255 2,322 L 4,19 4 Other Nonoperating Income Interest Expense ( 1,168,391) ( 143,061) ( 341,696) 42,051) ( 490) ( 1,170) Other Nonoperating Expense ( 68,706) TOTAL NONOPERATING REVENUE (EXPENSE) ( 305,255) _ 32,007 ( INCOME BEFORE OPERATING TRANSFER 4,993,100 1,095,637 586,535 OPERATING TRANSFER ( 2,625,100) ( 557,000) ( 159,000) (Transfers out) 2,368,000 538,637 427,535 NET INCOME BEFORE EXTRAORDINARY ITEM EXTRAORDINARY (LOSS) ON ADVANCE BOND REFUNDING ( l.698,533) ( 211,571) ( 475,441) 669,467 327,066 ( 47,906) NET INCOME RETAINED EARNINGS (DEFICIT), BEGINNING OF YEAR: g As Previously Reported 14,696,566 2,577,358 3,244,030 g 5,815,113 0 Prior Period Adjustment 20,511,679 2,577,358 3,244 030 As Restated RETAINED EARNINGS, END OF YEAR $ 21.181,146 $ 2.904.424 $ 3.196.124
- - - ~ - -
EXHIBIT E-2 u
=
TOTAL OTHER ENTERPRISE 5 SANITARY SEWER AND COMBINED FUND _ - WASTEWATER UTILITY SANITATION TOTALS TREATMENT FUND FUNDS SERVICES FUND 1989 1988
$: 2,059,733 $ 31,397,632 $ 1,400,312 $ 32,797,944 $ 31,418,704
-121,282 428,170 0 428,170 336,011 2,181,015 31,825,802 1,400,312 33,226,114 31,754,715 E
i 0 1,286,617 0 1,286,617 1,241,819' 0 15,472,304 0 15,472,304 14,311,007 128,795 232,586- 0 232,586 236,347 4 491,446 720,776 0 720,776 675,448 93,135 1,388,444 0 1,388,444 1,304,216 163,523 1,038,739 0 1,038,739 913,149 403,798 1,773,086 0 1,773,086 2,029,837 0 0 883,321 883,321 . 837,250, 373,844 2,369,550 334,218 2,703,768 2,149,206 ( 1,654,541) (24,282.102) (1,217,539) (25,499,641) (23,698,279) 526,474~ 7,543,700 '182,773 7,726,473 8,056,436 272,782 1,472,916 76,183 1,549,099 1,093,309 69,867 224,638 0 224,638 239,408' g ( 242,543) ( 1,895,691) 0 ( 1,895,691) ( 2,060,731) ( 73,401) ( 117,112) 0 ( 117,112) ( 241,875) 26,705 ( 315,249) 76,183 ( 239,066) ( 969,889).
- 553,179 7,228,451 258,956 7,487,407 7,086,547
( 110,500) ( 3,451,600) 0 ( 3,451,600) ( 2,835,887) 442,679 3,776,851 258,956 4,035,807 4,250,660 ( 354,139) ( 2,729,684) 0 ( 2,739,684) 0-88,540 1,037,167 258,956 1,296,123 4,250,660 1,690,833 22,208,787 112,630 22,321,417 18,070,757 0 5,815.113 0 5,815,113 0 1.690.833 28,023,900 112,630 28,136,530 18,070,757
} lx 779.37). $ 29.061.067 $ 371.586 L29. 432. 653 $ 22.321.417
-59 j
w ENTERPRISE FUNDS ' COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED SEPTEMBER 30, 1989 . WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA I ELECTRIC GAS WATER UTILITY UTILITY UTILITY SOURCE OF WORKING CAPITAL Operations. . i Net' Income Before Extraordinary Item $ 2,368,000 $ 538,637 $ 427,535
-Items Not Affecting Working Capital:
Depreciation and Amortization 1,921,237 112,501 310,717 . , Increase in Capital Appreciation Revenue Bond Accrued Interest- 64,237 7,864 18,793 Working Cap 1tal Provided From Operations 4,353,474 659.002 757,045 Decrease in Restricted Assets 524,526 121,766 0 Decrease in Other Assets 0 0 0 Net Increase in Current Liabilities Payable From Restricted Assets. 243,168 23,341 54,969 g; Increase in Contributed Capital 282,127 3,250 119,032. g-
-Plant Retirements 0 0 .0 Net Long-Term Debt Issued - Advance Refunding 13,259,675 1,623.305 3,879,271 :g;
' TOTAL-SOURCE OF WORKING CAPITAL. 18,662,970 2,430,664 4,810,317 :g
'USE OF WORKING CAPITAL ,
Extraordinary Item - Loss on Refunding 1,698.533 211.571 475,441' Increase in Restricted Assets 0 0 104',949 ' Increase in Other Assets 133,251 14,230 51,311 Additions to Property and Equipment 3,543,358 333,280 241,'140 - Additions in Nuclear Fuel '277,004 0 0 0 0 ,0 Decrease in Long-Term Liabilities
. Advance Refunding of Net Long-Term Debt 11,116,140 1,359,337 3,261,312 Reclassification of Long-Term Debt to Current 258,846 31,710 75,726 (TOTAL USE OF WORKING CAPITAL) ~ (17,027,132) (1,950,128) ]4,209,879)
INCREASE IN WORKING CAPITAL (BELOW) 1.635.838 480.536 630_d31 CHANGES IN WORKING CAPITAL BY COMPONENT Current Assets - Increase (Decrease): 2,061,807 593,178 558,035
~
Cash and Investmenes Customer Accounts (Net) 139,966 ( 83,611) 14,892 Accrued Intere,t ( 16,322) ( 20,052) 23,336 Due From Other Funds 0 0 0 Inventory ( 133,783) ( 9,336) 5,966 Current Liabilities - Decrease (Increase): Accounts Payable ( 179,764) 2,054 .O g Accrued Expenses ( 263,038) ( 1,697) ( 1,791) g Customer Advances For Construction 26,974 0 0 Due to Other Funds 0 0 0
-Current Portion - Long-Term Liabilities 0 0 0 INCREASE IN WORKING CAPITAL (ABOVE) $ 1.635.838 $ 480.536_ $ 600.438 a
EXHIBIT E-3 I l
- t TOTAL OTHER ENTERPRISE SANITARY SEWER AND COMBINED ' ~
FUND WASTEWATER UTILITY SANITATION TOTALS
- TREATMENT FUND FUNDS SERVICES FUND 1989 1988 {
-. -- j .; $ '- ~442,679- $ 3,776,851 $ 258,956 $ 4,035,'807 $- 4,250,660 377,369 2,721,824' 334,218 3,056,042 '2,483,066' I_ 13,334 104,228 0 104,228- 98,800- 1 833,382 6,602,903 593,174 7,196,077 6,832,526_ H 0- 646,292 0 646,292 317,071 -j .Ij.i 0 0 0 0 183,798 ; ':i 36,786 358,264 0 358,264 17,425 .
127,418 531,827 0 531,827 413,253 1,469. 1,469 0 1,469 25,'728-
- 2,752,439 21,514,690 0 21,514,690 -0 t 3,751,494 29,655,445 593,174 30,248,619 7.789,801i )
'354,139' 2,739,684 0 2,739,684 0 j
-206,534 311,483 0 311,483 716,846 ~
26,765 225,557 0 225,557. O l 272,014 4,389,792 168,311 4,558,103 2,412~637 0- 277,004 0 277,004 95,642 i 159,583 356,618' 0 0 159,583 1 2,306,822 18,043,611 0 -18,043,611 ._0 53,718 ( 3,219.992) 420,000 (26,407,131) ( 327,894) 0 420,000 (26,735,025) ( 3,581,743) 0 , I l 531.502 3.248.314 265.280 3.513.594 4 . 208.058
'I j 535,931 3,748,951 233,817 3,982,768 3,257,476 )
26,148 97,395 2,768 100,163 280,108 , ( 18,187) ( 31,225) 0 ( 31,225) 12,221 1 l 0 0 0 0 ( 457,015) ( 4,711) ( 141,866) 0 ( 141,866) 390 0 (. 177,710) 0 ( 177,710) 271,675
, ( 7,679) ( 274,005) ( 1,305) ( 275,510) 465,520 0 26,974 0 26,974 ( 13,273) 0 0 0 0 474,456 0 0 30,000 30,000 ( 83,500)
} 531.502 $ 3.248.314 $ 265 d3!0 $_ 3.513.594 $ 4.208.058
y g; ' li F ll 8 g 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 I: e.xpenses - 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.
3 I I I I
.I I:
I
g. yg)k
', o EXHIBIT F-1 Y
MOTOR POOL-SERVICE FUND U I BALANCE SHEET l 14. SEPTEMBER 30, 1989 l l 'WITH COMPARATIVE TOTALS FOR SEPTEMBER 30.-1988 i
$ CITY OF LEESBURG, FLORIDA [
- l. '
, . ASSETS 1989 1988 l = CURRENT ASSETS.
!: Equity in-Pooled Cash and Investments $ 19,456 $ 40,225 Inventory, A:: Cost 11,285 13,244 ;
~
-4 30,/41 53,469-TOTAL CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT l g 'i Machinery and Equipment 114,877 77,588 3 -(65,645)
{ p --(Accumulated Depreciation) (29,245) !
' TOTAL PROPERTY, PLANT AND' EQUIPMENT -
. Cost Less Depreciation- 49,232 48,343 i TOTAL ASSETS 79.973 101.812 I LIABILITIES AND FUND EQUITY
.' LIABILITIES Accrued Expenses 9,859 8,068 ,
i i FUND-EQUITY- -
. Contributed Capital - General' Fund -15,979 15,979 Retained Earnings 54,135 77,765
! TOTAL FUND EQUITY 70,114 93,744 j' .: TOTAL LIABIli1 TIES AND FUND EQUITY $ 79.973 $101.812' ..,
I i L :' I. t 1 I I l
EXHIBIT F-2 MOTOR POOL SERVICE FUND l um
=
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS FOR THE YEAR ENDED SEPTEMBER 30, 1989 E WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988 g CITY OF LEESBURG, FLORIDA 3 OPERATING REVENUES
$ 236,092 g Charges For Services $ 240,305 K I OPERATING EXPENSES Personal Services 107,909 103,870 g Insurance and Professional 4,957 5,089 g 18,701 18,767 m Repairs and Maintenance C- Operating Supplies 7,258 9,746 7,428 6,644 Lubricants and Oil Gasoline and Diesel 1,313 531 Major Vehicle Parts 75,581 63,850 Tires and Batteries 34,610 33,267 6,178 4,374 Depreciation (263,935) (246,138)
(TOTAL OPERATING EXPENSES) I ( 23,630) (10,046) INCOME (LOSS) BEFORE TRANSFERS = NONOPERATING FINANCING SOURCES 0 14,24g & NET (LOSS) INCOME ( 23,630) 4,195 5
- RETAINED EARNINGS, BEGINNING OF YEAR 77,765 73,570 RETAINED EARNINGS, END OF YEAR $ 54,135 $ 77,761 I
=- I I I l P
~
y, EXHIBIT F-3 MOTOR-POOL SERVICE FUND 1: 1 STATEMENT OF CHANGES IN FINANCIAL POSITION
- FOR THE YEAR ENDED SEPTEMBER 30, 1989 WITH COMPARATIVE TOTALS FOR: SEPTEMBER 30, 1988 l
m- CITY OF LEESBURG, FLORIDA 1989 '1988 SOURCE OF WORKING CAPITAL y ; Operations: . . Het (Loss) Income $( 23,630) $ 4, 19 5. ( Item Not Requiring Outlay of Working Capital:
-Depreciation 6,178 4,374 Working Capital (Used In) Provided By Operations'- 8,569
[Ij: ' TOTAL - SOURCE OF WORKING CAPITAL ( 17,452) ( 17,452) 8,569 USE OF WORKING CAPITAL
. Purchase of Property and Equipment ( -7,067) ( 46,822)
(DECREASE) IN WORKING' CAPITAL (BELOW) ( 24 R ) ( 38.253) CHANGES IN WORKING CAPITAL BY COMPONENT
't
-Current Assets - Increase (Decrease):
-Cash (-20,769) ( 46,854)
. Inventory ( 1,959) ( 275)
Current Liabilities - Decrease'(Increass): Accounts Payable 0 .8,729
.Due to 0ther Funds 0 -388 jL Accrued Expenses .
( 1,791) ( '241) Wl ,.(DECREASE) IN WORKING CAPITAL (AB0VE) $( 24.519) $( 38.253). g 15; 3 I I I _es. g
l ,
.I
(;, 1
'i' , !
L B0 g 3 I . -t l T ,i
)
.)
!. :) { i i FIDUCIARY FUND TYPES ; l -t l i Fiduciary type funds are used' to account for the assets of the City's' employee . pension I, funds, self-insurance funds -and . deferred compensation -fund. .. Certain administrative' l -: . expenses are paid by the' General Fund. The primary objective of the following=section is'.' -i to: provide -' financial information that is useful in assessing each plan's present ~and
- a. . future ability.to pay benefits when due.- '
l
?
o a h ' I: l u jL L I I-
. FIDUCIARY FUND TYPES- k W
-COMBINING BALANCE SHEET-SEPTEMBER 30. 1989 WITH ' COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988, CITY OF LEESBURG, FLORIDA ..
ASSETS PENSION TRUST FUNDS., MUNICIPAL MUNICIPAL. GENERAL .l POLICE ~ FIREMEN'S EMPLOYEES' W RETIREMENT RETIREMENT =-PENSION TRUST FUND TRUST FUND ~ FUND. ' CASH AND' INVESTMENTS - AT COST 0 $- 0 .$- O
. Equity in Pooled Cash and Investments- $ .
68 97 379 665 Cash'and Investments 68 97' 379,665 TOTAL CASH.AND INVESTMENTS-- AT COST INVESTMENTS AT FAIR VALUE' 0 .0 15,150 Municipal Bonds .1,195,248 464,923 884,251 U.S. Government Bonds Collective Trust Funds.. 1,707,276 .2,038,625.- .O Corporate Bonds 48,180 96,360. 4,549,545 0- 0 1,396,416'
. Common Stock 2,220,379 3,019,236- 7.156,359
. TOTAL INVESTMENTS AT FAIR VALUE RECEIVABLES 0 0 0
-Insurance Claim 128,152 Accrued' Interest 9,439 20,034' Due-From Other Funds 0 0 0 g.
TOTAL RECEIVABLES 9,439 20,034 128,152 5
. TOTAL ASSETS 2.229.886 3.039.367. 7.664.176 g E.
LIABILITIES AND FUND EQUITY 0 0 0 Accounts Payable
-Due to Participants 0 0 0 3' TOTAL LIABILITIES 0 0 0 g FUND EQUITY Fund > Balances Reserved For Employee Benefits 2,229,886 3,039,367 7,664,176 TOTAL LIABILITIES AND FUND EQUITY $2.229.886 $3.039.367 $7.664.176 I
I f
m EXHIBIT C-l' ) i NONEXPENDABLE TRUST FUNDS GENERAL-
-EMPLOYEES' WORKMEN'S. AGENCY HEALTH COMPENSATION FITriD INSURANCE INSURANCE DEFERRED TOTALS FUND FUND COMPENSATION 1989 1988-
$- 287,197 $ 744,263 $ 0 $ 1,031,460 $- 764,660 0 0 378,886 758,716 1,416,230 287.197 -744,263 378,886 1,790,176 2,180,890 1
0- 0 0 15,150 59,346 1 0 0 0 2,544,422 2,570,154 0 0 0 3,745,901 2,422,558 0 0 63,211 4,757,296 -3,863,165 226,284 1,622,700 1,043,420 1 0 0 0 0 289,495 12,685,469 9,958,643 8,373 0 0 8,373 8,373
-0 0 0 157,625 153,825 0 0 0 0 40,174 1 8,373 0 0 165,998 202,372 744.26_3 668.381 14.641.643 12.341.905 295.5_70 1
1 0 1,382 0 1,382 1,561 0 0 668,381 668,381 527,753 1 0 1,382 668,381 669,763 529,314 295,570 742,881 0 13,971,880 11,812,591-
$ 295.570 $ 744.26J $ 668.381 $14.641.643 $12.341.905 a
- " FIDUCIARY < FUND TYPES COMBINING STATDIENT OF REVENUES, EXPENSES AND CHANGES IN FUND' BALANCES.
- FOR THE YEAR ENDED SEPTEMBER 30, 1989, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988'- g.
A-
' CITY OF LEESBURG, FLORIDA g I
I! OPERATING REVENUES Investment income:
~ Unrealized Increase in Fair Value of Investments Interest and Dividend Income-
' Gain on Sale of Investments Total Investment Income Contributions:-
Employer Employee State of Florida a Total' Contributions g Other Operating Revenue TOTAL OPERATING REVENUES I OPERATING EXPENSES Investment Expense: g Unrealized Decrease in Fair.Value/of Investments g-Loss on Sale of Investments Benefit-Payments Administrative' Expenses
-(TOTAL OPERATING EXPENSES)
NET' INCOME 8 FUND BALANCES, BEGINNING OF YEAR: As'Previously Reported Prior Period Adjustment
'As Restated FUND . BALANCES , END. OF YEAR I
I Ii ! g
EXHIBIT G-2 = NONEXPENDABLE TRUST FUNDS PENSION TRUST FUNDS GENERAL MUNICIPAL. MUNICIPAL GENERAL EMPLOYEES' WORKMEN'S
< POLICE FIREMEN'S EMPLOYEES' HEALTH COMPENSATION
-RETIREMENT RETIREMENT PENS ~ INSURANCE INSURANCE TOTALS
. TRUST ~ FUND TRUST FUND FUND FUND FUND 1989 1988
_o
$ 228,055 $- 211,869 $ 226,348 $ 0 $ 0 $ 666,272- $- -83,521' 68,325 123,827 583,632 26,576 53,936 856,296 823,361 0 5,658 25,652 0 0 31,310 6,427 296,380 341,354 835,632 26,576 53,936 1,553,878 913.309
~
0 53,119 529,103 434,532 326,889 1,343,643 1,320,631-
'46,200 35,156 0 171,580 0 252,936 232,130 86,931 47,891 0 0 0 134,822 121,731 133,131 136,166 529.103 606,112 326,889 1,731,401 1,674,492 2 0 0 0 0 0 0 8,480 429,511 477,520 1,364,735 632,688 380,825 3,285,279 2,596,281 "3 0 0 0 0 0 0 53,001 I 1,303 0 0 0 0 1,303 163,746 k 16,029 74,509 .130,404 71,784 512,007 115,184 52,851 66,492 785,800 298,710 722,074 244,252
, 25,067. 20,183
( 42,399). ( 94,692) ( 202,188) ( 627,191) ( 119,343) (1,085,813) 3 - ( 1,183 ,1_53,)
'5,497 387,112 382,828 1,162,547 261,482 2,199,466 l',413,128 1,842,774 2,656,539 6,541,806 290,073 481,399 11,812,591 10,399,463 0 0 ( 40,177) 0 0 '( 40,177) 0 1,842,774 2,656,539 6,501,629 290,073 481,399 11,772,414 10,399,463 jL219J36_ $3.039.367 $7.664.176 $ 295.570 $ 742.881 $13.971.880 $11.812.591 J
4 4 FIDUCIARY FUND TYPES -usl COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION-FOR THE YEAR ENDED SEPTEMBER 30, 1989 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988- !g CITY OF LEESBURG, FLORIDA :gf I I SOURCE OF WORKING CAPITAL Working. Capital Provided From Operations - Net Income I
.USE OF WORKING CAPITAL
. INCREASE IN WORKING CAPITAL (BELOW) ..
CHANCES IN WORKING CAPITAL BY COMPONENT Current Assets - Increase (Decrease): -- Equity in Pooled Cash and Investments Cash and Cash ~ Investments Investments '
. Receivables'
-Current Liabilities - Decrease (Increase) .g Accounts Payab1c-Due to Other Funds g INCREASE IN WORKING CAPITAL (AB0VE)
I g I-I 4s> <
EXHIBIT G-3 s NONEXPENDABLE TRUST FUNDS PENSION TRUST FUNDS GENERAL MUNICIPAL MUNICIPAL GENERAL EMPLOYEES' WORKMEN'S I POLICE FIREMEN'S EMPLOYEES' RETIREMENT RETIREMENT TRUST FUND TRUST FUND PENSION FUND 5{EALTH INSUPANCE FUND COMPENSATION INSURANCE FUND 1989 TOTALS 1988 I
$ 387,112 $ 382.828 $1,162,547 5,497 261,482 $ 2,199,466 $ 1,413,128 I
0 0 0 0 _ _ _ 0 0 0 387.11Z 382.828 1.162.547 5.497 261.482 2.199.466 1.413.12j I I ( O 3,372) ( O 10,585) ( 724,531) O 5,497 0 261,303 0 ( 266,800 738,488) ( 301,998 42,857) I ( 392,753 2,269) ( 397,871 4,458) 1,876.548 10.530 0 0 0 0 2,667,172 3,803 ( 1,289.297 145,404) 179 179 1,614 I O O O O 0 0 0 0 0 0 8,480 { 387.111 Q L H2H }_LJf2.547 1 5. g l_ 261.482 $ 2.199.466 $ 1.413.128
EXHIBIT G-4 FIDUCIARY FUND TYPES j AGENCY FUhD : STATEMENT OF CHANGES IN ASSETS AND LIABILITIES 1 FOR THE YEAR ENDED SEPTEMBER 30, 1989 g CITY OF LEESBURG, FLORIDA g,
.i Ii l
BALANCE BALANCE R OCTOBER 1, 1988 ADDITIONS DEDUCTIONS SEPTEMBER 30, 1989 I ASSETS Cash and Investments $297,912 $ 81,718 $ 744 $378,886 - Investments at Fair Value 229,841 60,213 559 289,495 TOTAL ASSETS 527.753, 141.931 1_.303 668.381 i L7 ABILITIES 527,753 141,931 1.303 668,381 Due to Participants TOTAL LIABILITIES $527.753 $ 141.931 $ 1.jg 1668.381 I! I , I I; t I I I I:
~67-
.o e
L 1 I I I I ACCOUNT GROUPS Account Groups are used to establish accounting control and accountability for the City's general fixed assets and the unmatured principal of its general long-term debt. These I account groups are not funds; they do not reflect available financia1 resources and related liabilities. I
' EXHIBIT H-1 i
STATEMENT OF GENERAL FIXED ASSETS BY SOURCES l W SEPTEMBER 30, 1989 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988 ~ CITY OF LEESBURG, FLORIDA 1988 I 1989 GENERAL FIXED ASSETS
.$ 2,260.619 $ 2,209.174 Land 5,360,185 Building 6,957,621 3,530,932 3,233,231 Improvements Other Than Buildings 3,219,042 3,741,499 Equipment and Vehicles 1,537,827 1,883,130 -
Construction Work in Progress 18.028.498 15.704.762 TOTAL GENERAL FIXED ASSETS INVESTMENTS IN GENERAL FIXED ASSETS l
=
General Obligation Bonds and Revenue 6,336,945 5,669.692 certificates 29,331 29,331 l Capitalized Bond Interest W Capital Projects Funds: Economic Development Administration 430,079 430,079 g Grarts Special Improvement Fund 62,657 62,657 g-2,174,204 2,174,204 Hospital Construction Fund 2,409,600 Federal, State and Local Grants 2,934,989 5,318,119 4,387,025 General Fund Revenues 422,986 422,986
.Special Revenue Fund Revenues 69,607 69,607 Utility Revenue Fund Revenues 249,581 249,581 Gifts and Other $15.904.762 TOTAL INVESTMENT IN GENERAL FIXED ASSETS
$18.028.498 I
I I I I I I
s EXHIBIT H-3 s. STATEMENT OF GENERAL FIXED ASSETS - BY FUNCTIONS AND ACTIVITIES SEPTEMBER 30, 1989 y CITY OF LEESBURG, FLORIDA IMPROVEMENTS EQUIPMENT OTHER THAN AND FUNCTION AND ACTIVITY TOTAL LAND BUILDING BUILDINGS VEHICLES I GENEP.AL GOVERNMENT Legislative $ 788,524 $ 665,331 $ 120,318 $ 0 $ 2.875 Executive 178,979 0 0 0 178,979 Financial and i Administrative 343,994 1,997,935 65,709 0 112,932 1,636,133 6.389 145,367 224,673 150,726 Other General Government TOTAL GENERAL GOVERNMENT 3,309,432, 731,040 1,869,383 151,756 557,253 PUBLIC SAFETY Law Enforcement 942,678 42,803 188,163 51,766 659,946 Fire Control 962,812 5,452 292,768 15,019 649,573 Detention and Correction 5,002 0 0 0 5,002 Protective Inspection 28,822 0 0 0 28,822 TOTAL PUBLIC SAFETY 1,939,314 48,255 480,931 66,785 1,343,343 PHYSICAL ENVIRONMENT 437,917 0 66,908 14,462 356,547 TPANSPORTATION Roads and Streets 864,080 103,713 47,918 467,162 245,287 Airport 2,390,703 385,084 49,467 1,945,558 10,594 36,504 36,504 0 0 0 l Parking Facilities TOTAL TRANSPORTATION 3,291,287 525,301 97.385 2,412,720 255,881 ECONOMIC ENVIRONMENT 353,407 217,005 0 114,383 22.019 HOSPITALS AND HUMAN SERVICES 2,179.114 31,430 2,147,684 0 0 CULTURE AND RECREATION community Building 425,158 0 418,162 0 6,996 i Libraries Parks and Recreation Cultural Services 1,550,785 2,084,142 238,672 51,000 579,346 0 964,852 453,493 232,551 481,151 3,048 0 534,933 570,152 3,073 Special Recreational i Facilities Other Culture and 652,262 77,242 226,272 284,115 64,633 Recreation 29,181 0 0 2,512 26,669 TOTAL CULTURE AND 1 RECREATION 4,980,200 707,588 2,295.330 770,826 1,206,456 TOTAL BY FUNCTION AND ACTIVITY 16,490,671 $2.260.619 $6.957.621 $ 3.530.932 $3.741.499 CONSTRUCTION WORK IN PROGRESS 1,537,827 TOTAL GENERAL FIXED ASSETS $18d)28. 498 EXHIBI'K H-3 i STATEMENT OF CHANGES IN GENERAL F1XED ASSETS - BY FUNCTIONS AND ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 1989, CITY OF LEESBURG, FLORIDA GENERAL GENERAL l' FIXED ASSETS FIXED ASSETS . FUNCTION AND ACTIVITY 10/1/88 ADDITIONS DEDUCTIONS 9/30/89 GENERAL GOVERNMENT Legislative $ 788,524 $ 0 $ 0 $- 788,524 Exuutive 176,934 2,045 0- 178,979 l,1 Financial and Administrative 284,170 63,891 4,067 343,994 5 Other General Government 195,620 1,802,315 0 1,997.935' 1,445.248 1,868,251 4,067 3,309,432 TOTAL GENERAL GOVERNMENT gl Ei ~ PUBLIC SAFETY Law Enforcement 870,883 109,056 37,261 942.678 : Fire Control 829,519 164,610 31,317 962,812' Detention and Correction 5,002 0 0 5,002 i Protective Inspection 27,912 910 0 28,822 .i TOTAL PUBLIC SAFETY 1,733,316 274,576 68.578 1,939,314 PHYSICAL ENVIRONMENT 437,917 0 0 437,917 ! -- TRANSPORTATION Roads and Streets 771,894 128,537 36,351 864,080 Airport 2,390,254 449 0 2,390,703 Parking Facilities 36.504 0 0 36,504 TOTAL TRANSPORTATION 3,198.652 128,986 36,351 3,291,287 ECONOMIC ENVIRONMENT 349,112 4.795 500 353,407 gi i- E L HOSPITALS AND HUMAN SERVICES 2,179,114 0 0 2,179,114 L CliLTURE AND RECREATION Community Building 425,158. 0 0 425,158 1,550,785 l Libraries 1.458,434 92,351 0 Parks and Recreation 1,876,859 212,516 5,233 2,084,142 Cultural Services 237,094 1,578 0 238,672 , Special Recreational Facilities 651,547 715 0 652,262 Other Culture and Recreation 29,181 0 0 29,181 TOTAL CULTURE AND RECREATION 4,678,273 307.160 5,233 4,980.200 CONSTRUCTION WORK IN PROGRESS 1,883,130 1,832,131 2.177,434 1.537,827 + t
$4.415.89j $2.292.163 $ 18.028.498
\ TOTAL GENERAL FIXED ASSETS l_l).904.762 I' i I
~
l
.s
EXHIBIT 11-4 STATEMENT OP GENERAL LONG-TERM DEBT . SEPTEMBER 30, 1989 i WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988 i CITY OF LEEGBURG, FLORIDA l 1 1989 1988 'I .I AMOUNT AVAILABLE AND TO BE PROVIDED FOR THE PAYMENT OF GENERAL LONG-TERM DEBT , SERIAL AND TERM BONDS - Public Improvement Revenue I. Bonds and Certificates , Amount Available in Debt Service Fund $ 670,580 $ 665,880 Araount To be Provided 5,289,420 5.429,120 : TOTAL SERIAL /sND TEhM BONDS 5,960,000 6,095,000 l OTHER LONG-TERM LIABILITIES Amount To be Provided 518 193
. 507,971 TOTAL AVAILABLE AND TO BE PROVIDED 6.478._193 _6.602.971 GENERAL LONG-TERM DEBT PAYABLE f
Refunding and Capital Improvement Revenue
~
Bonds, Series 1987 5,960,000 6,095,000 ' Employee Compensation Absences Payable 466,837 432,156 l Real Estate Notes Payable 51,356 75,815 TOTAL CENERAL LONG-TERM DEBT PAYABLE $6.478_.193 $ _6. 602. 9 7_1, I I I I
I STATISTICAL DATA (UNAUDITED) I Statistical data (unaudited) are presented to provide greater detailed information than I reported in the precedir.g financial statements. This information in many cases has been spread throughout the report and is brought together here for greater clarity. Statistical data are not necessary for fair presentation in conformity with generally accepted accounting principles. I I I ., I I I
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION I (UNAUDITED) LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA , t FISCAL GENERAL PUBLIC PHYSICAL ECONOMIC YEAR GOVERNMENT SAFETY ENVIRONMENT TRANSPORTATION ENVIRONMENT 1980 $1,030,852 $1.611,337 $ 234,792 $ 293,335 $ 607,894 1981 1,146,425 1,708,637 245,367 326,815 281,282 1982 1,262,196 1,967,448 254,125 474,211 47,620 1983 465,806 2,215,564 226,112 613,419 68,397 1984 517,567 2,190,947 250,424 584,567 112,726 1985 592,568 2,257,0$$ 250,850 795,043 20,72', 1986 640,588 2,491,471 336,076 709,576 5'.,379 1987 680,647 2,616,413 279,504 660,875 322,708 1988 923,257 2.793.549 321,833 731.121 27,679 1989 805,871 2,932,098 303,352 917,851 84,817 (1) Includes General Special Revenue and Debt Service Funds. (2) 'In 1979 through 1982, Ambulance Services and Refuse and Garbage are shown in Enterprise Funds. (3) In 1978 through 1983, Insurance, Retirement Benefits, Taxes and Other Miscellaneous expenditures were distributed to the various functions. I . I
I . TABLE 1 I I HUMAN CULTURE AND DEBT MISCELLANEOUS AND OTHER SERVICES RECREATION SERVICE _ TOTAL I $ 175,347 $ 928,781 $ 45,254 $ 61.495 $ 4,989,087 161,159 1,017,084 43,621 105,264 !,035,654 149'392
, 1,056,506 53,020 119,899 5,384,417 152,282 1,021,193 794,308 699,926 6,257,007 135,498 1,109,239 154,719 954,773 6,010,460 I 166,630 1,356,032 1,915,896 305,026 7,659,823 222,629 1,299,759 315,702 346,090 6,418,270 258,447 1,389,890 776,137 385,334 7,369.955 332,269 1,383,337 477,423 924,108 7,914,576 427.516 1,537,640 557,374 1,222,057 8,788,576 g
g: I I 72 g
. . - ~
GENERAL REVENUES BY SOURCE l (UNAUDITED) l E, LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA LICENSES INTERGOVERNMENTAL CilARGES FISCAL AND AND SHARED FOR YEARS TAXES PERMITS REVENUE SERVICES 1980 $ 545,845 $ 76,647 $1,431,881 $ 122,714' , i 1981 655,651 80,496 1.056,259 137,949 ' 1982 986,279 66,228 815,269 191,688 l 1983 950,283 76,565 1,115,229 191,522
'1984 965,947 113,216 1,239,299 119.118 I l
.1985 1,052,868 127,475 1,369,018 158,588 l l
1986 1,176,222 126,752 1,572,122 141,830
]
1987 1,309,008 127,984 1,972,808 157,710 1988 1,937,253 133,624 1,892,615 141,168. 1989 2,131,934 180,947 2,084,450 if7,408 l l l l (1)- Includes General, Special Revenue and Debt Service Funds. '
~
(2) In 1979 through 1985, the Ambulance Services revenues are shown in Enterprise Fund. ' From 1979 through 1985, the Refuse and Garbage revenues are shown in Enterprise Fund. 1 (3) Effective in Fiscal 1983 accounting, billing, meter reading and data processing, formerly shown' as General Fund expenditures with offsetting reimbursement revenue from the Utilities Fund are charged directly to the Utility Fund. (4) Includes transfers from Special Revenue and Enterprise Funds. I l
C 3 TABLE 2 m
=
7- [ ] - I FINES AND MISCELLANEOUS 4 FORFEITURES AND OTHER TRANSFERS TOTAL S102,552 $ 848,678 $1.951,975 $ 5,080,292; -
- 104,341 923,902 2,528,621 5,487.219 114,252 1,196,195 2,194,639 5,564,550 I '105,473 841,256 3,269,444 6,549,772 I ..
117,993 1,102,971 3,201,008 6,859,552
-143,904 2,318,230 2,653,755 7,823,838 156,810 378,725 3,163,990 6,716,451 -
159,672 408,305 2,917,288 7.052,775~ 158,356 603,848 3,365,692 8,232,556 166,150 668,054 4,013,674 9,402,617 I 1 PROPERTY TAX LEVIES AND COLLECTIONS (UNAUDITED) l. LAST TEN FISCAL YEARS g ll CITY OF LEESBURG. FLORIDA l l l-PERCENT OF DELINQUENT FISCAL TOTAL CURRENT TAX LEVY TAX 2
' YEAR TAX LEVY COLLECTIONS COLLECTED COLLECTIONS l
1980 $ 518,141 $ 513,210 99.0% $ 1,371 1981 639,396 622,864 97.4% 2,043 [ L l- 1982 984,022 957,309 97.3% 926 1^ 1983 950,141 915,181 96.3% 523 l' L 1984 970,938 935,650 96.4% 2,244 l 1985 1,049,791 1,016,944 99.8% 5,521
-1986 1,183,069 1,141,626 96.5% 2,104 1987, 1,318,426 1,268,239 96.2% 4,310 1988' 1,453,242 1,402,361 96.5% 3,264 1989 1,513,513 1,461,106 96.6% 2.855 (1) Property tax assessments and collections are performed for the City by Lake County.
I f. This information was not available from Lake County. (2) Section. 197.012, Florida Statutes, allows a discount for early payment of 4% in l November, 3% in December, 2% in January and 1% in February. 3 1 I
-74
k TABLE 3 _ a - J l PERCENT OF PERCENT OF 1 TOTAL TAX OUTSTANDING DELINQUENT j TOTAL TAX COLLECTIONS DELINQUENT TAXES TO l COLLECTIONS TO TAX LEVY TAXES TAX LEVY.
$ 514.581 99.3% $ 0 $ 0 624,907 97.7% 0 0 958,235 97.4% 0 0 -
915,704 96.4% 0 0 937,894 96.6% 0 0 1,022,465 100.3% 0 0
-1,143,730 96.7% 0 0 1,272,549 96.5% 0 0 1,405,625 96.7% 0 0 1,464.161 96.7% 0 0 .-
l I I I I 2
i TABLE 4 ASSESSED VALUE OF EXEMPT AND TAXABLE PROPERTY (UNAUDITED) l LAST TEN FISCAL YEARS E CITY OF LEESBURG. FLORIDA EXEMPT TAXABLE ASSESSED VALUATION FISCAL ASSESSED CENTRALLY ASSESSED YEAR VALL'ATION REAL PERSONAL ASSESSED TOTAL VALUATION 1980 $ 67,618,300 $114,584,750 $46,831,900 $ 672,627 $162,089,277 $229,707,577 1981 99,776,130 146,367,850 53,282,610 664,594 200,315,084 300,091,214 1982 81,909,004 164,695,026 59,735,848 696,273 225,125,147 307,034,151 1983 96,371,174 179,*78,838 62,670,290 553,754 243,002,882 339,374,056 1984 107,899,539 190,B60,863 69,075,019 578,684 260,514,566 368,414,105 1985 114,585,702 195,710,612 68,170,948 749,518 264,631.078 379,216,780 1986 118,760,818 224,234,145 73,561,036 432,492 298,227,673 416,988,491 1987 118,420,557 247,100,719 84,595,132 652,534 332,348,385 450,768,942 366,332,684 487,969,936 1988 121,597,952 271,482,185 94,174,313 715,486 ' 1989 124,249,427- 282,164,197 98,959,095 408,146 381,531,438 505,780,865 I NOTES (1) Chapter 193, Florida Statutes, requires that all property shall be assessed at just j or fair market value as of January 1 of each year. All taxes are due and payable on November 1 ar.d become deliaquent on April 1 of the subsequent year. Discounts are allowed at the rate of 4% tn the month of November, 3" in December, 2% in January and' : 1% in February. Chapter 193, Florida Statt tes , provides that all items of inventory (in 4 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 acsessed at agricultural value as opposed to fair market value for non-agricultural property. (2) Estimated actual value is not available. According to a report by the State of Florida Department of Revenue, the assessed value of property in Lake County is approximately 95% of fair market value as of Fiscal Year 1982, (tax year 1981).
~ ~ - TABLE 5 - L- PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS [ (PER $1.000 0F ASSESSED VALUE) (UNAUDITED) LAST TEN FISCAL YEARS - CITY OF LEESBURG, FLORIDA NORTHWEST WATER WATER i TAX y YEAR CITY SCHOOL DISTRICT COUNTY AMBULANCE HOSPITAL DISTRICT DISTRICT CONSERVATION MANAGEMENT AUTHORITY DISTRICT TOTAL E-1978 3,19 7.916 3.400 0.490 - 0.080 0.231 15.307 1979 3.26 6.750 3.400 0.502 - 0.080 0.251 14.243 _ 1 1980 3.192 6.005 3.580 0.537 - 0.398 0.234 13.946 1981 4.371 6.060 3.318 0.439 1.000 0.090 0.316 15.594 1982 3.91 5.478 2.732 0.421 0.960 0.046 0.224 13.771 1983 3.727 7.073 3.273 0.422 0.934 0.049 0.281 15.759 - 1984 3.967 5.606 3.272 0.412 0.966 0.047 0.281 14.551 = 1985. 3.967- 6.415 3.492 0.226 0.706 0.040 0.318 15.164 1986 3.967 6.608 3.400 0.190 1.000 0.300 0.319 15.784 1987 3.967 7.477 3.400 0.188 1.000 0.350 0.517 16.899 1988 3.967 7.742 3.800 0.223 0.964 0.838 0.281 17.815 - (1) Tax year is equivalent to subsequent Fiscal Year, i.e., tax year 1981 corresponds to fiscal year 1982. _ f s z a
E g.
,. m b
v L TABLE 6 l I RATIO OF NET GENERAL BONDED DEBT TO I ASSESSED VALUE AND NET BONDED DEBT PER CAPITA (UNAUDITED) , LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA
!' ASSESSED RATIO OF NET BONDED !
FISCAL TAXABLE GROSS BONDED DEBT TO DEBT PER , y YEAR POPULATION VALUE BONDED DEBT ASSESSED VALUE CAPITA I 1980 13,191 $162,089,277 $ 0 $ -0 $ 0 200,312,084 a 1981 13,260 0 0 1982 13.476 225,125,147 0 0 0 1983 13,538 243,002,882 0 0 0 1984 13,646 260,514.566 0 0 0 l ll 1985 14,063 264,631,078 0 0 0 1986 14,457 298,227,673 0 0 0 , o l 1987 14,659 332,348,385 0 0 0 1988 14,743 366,332,684 0 0 0 1989 14,939 381,531,438 0 0 0 DATA SOURCES i (1) Estimates from 1970 Census,1980 Preliminary Census m.J City Planning Department. l l-l' l-I L I
TABLE 7 COMPUTATION OF LEGAL BONDED DELT MARGIN (UNAUDITED) SEPTEMBER 30, 1989 CITY OF LEESBURG, f10RIDA The City has no Ordinance which limits General Obligation Debt to a percentage of Assessed Property Values. A l 5 r J; 4, a 1 J l e
l TABLE 8 COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT I (UNAUDITED) l SEPTEMBER 30, 1989 m CITY OF LEESBURG, FLORIDA 1 APPLICABLE TO THE CITY OF'LEESBURG l BONDS 2 GOVERNMENT UNIT OUTSTANDING PERCENT AMOUNT ii. NONE $ 0 12.97% $ O' . J- i i' .
-(1) The City of Leesburg did not have any general obligation debt outstanding during the fiscal year ended September 30, 1989.
(2) Represents the. fraction of assessed valuation of taxable property in the City of Leesburg over the assessed valuation of taxable property in Lake County. t t i f I , l l l 1 IL l l W TABLE 9 RATIO OF ANNUAL DEET SERVICE EXPENDITURES I FOR GENERAL AND SPECIAL REVENUE BONDED DEBT TO TOTAL GENERAL EXPENDITURES (UNAUDITED) I LAST TEN FISCAL YEARS CITY OF LEESBURG. FLORIDA I ~ FISCAL TOTAL DEBT TOTAL GENERAL ., PATIO OF DEBT SERVICE TO TOTAL g g 3 YEAR PRINCIPAL INTEREST SERVICE EXPENDITURES' GENERAL EXPENDITURES 1980 $ 30,000 $ 15,254 $ 45,254 $ 4,927,592 0.92 1981 30,000 13,621 43,621 4,930,390 0.88 1982 35,000 18,020 53,020 5,264,518 1.01 1983 35,000 10,739 45,739 5,557,081 0.82 1984 35,000 9.304 44,304 5,055,687 0.88 1985 40,000 268,737 308,737 5,130,164 6.02 1986 86,622 229,080 315,702 5,756,478 4.92
-1987 476,411 299,725 776,136 6,208,484 12.50 1988 74.670 402,753 477,423 6,513,045 7.33 1989 159,459 397,915 557,374 7,009,145 7.95 I (1) Includes Refunding and Capital Improvement Revenue Bonds, Series 1987, which are not General Obligation Bonds.
(2) Excludes Operating Transfers out. I I f I -* -
. ~ . _ . _ . _ __ _
4 I-COMBINED UTILITY FUNDS I SCHEDULE OF REVENUE BOND COVERAGE E (UNAUDITED) E LAST TEN FISCAL YEARS , CITY OF LEESBURG, FLORIDA OPERATION AND TISCAL GROSS- MAINTENAyCE- NET YEAR REVENUES COSTS REVENUE ,
~1980 $ 18.056,392 $ 15.516,277 $ 2,540,115 .
1981 22,696,527 17,662,529 5.033,998 1982 22,770,000 18,820,674 3,949,326 1983 25,321,236 21,071,010 4,250,226 5,239,596 1984 25,072,853 19,833,257 1985 28,403,187 22,111,542 6,291.645 1986 28,959,677 21,104,997 7,854,680 1987 28,429,160 21,218,634 7,210,526 1988 31,676,515 20,711,823 10,964,692 i 1989 33,523,356 21,912,552 11,610,804 (1) Excludes interest expense and depreciation. L I I l
y . I TABLE 10 g I DEBT !.ERVICE REQUIREMENTS
- SINKING PRINCIPAL _INTEREET_ FUND TOTAL COVERAGE
$ 0 $ 740,573 $231,806 $ 972,379 2'.61 0 770,023 247,611 1.017,634 4.95-0 1,455,240 273,952 1,729,192 2.28 0 1,386,473 295,025 1,681,498 2.52 I. 0 1.392,457 316,099 1,708,556 3.07 O 2,115,601 317,484 2,433,085 2.59 }
0 1,952,863 327,138 2,280,001 3.45 O 1,952,863 323,573 2,276,436 3.17 0 1,952,863 317,740 2,270,603 4.83 1 420,000 1,895,691 474,150 2,789,841 4.16 n-
;I E
;I il g
- I
- I: -"'-
I TABLE 11 DEMOGRAPHIC STATISTICS I (UNAUDITED) LAST TEN FISCAL YEARS CITY OF LEESBURG. FLORIDA I' EDUCATION LEVEL IN PER YEARS OF FISCAL g CAPITA MEDIAN FORMAL SCHOOL UNEMPLOYMENT 4 2 3 YEAR POPULATION INCOME AGE SCHOOLING ENROLLMENT RATE 1980 13,191 8.945 N/A N/A 5,198 9.5 1981 13.260 9,816 N/A N/A 5,192 15.1 I. 1982 13,476 10,184 N/A N/A 5,237 13.1 1983 13,538 18,894 N/A N/A 5,177 12.3
-1984 13,646 11,820 N/A N/A 5.260 11.7
'*"5 14,063 N/A N/A N/A 4,896 10.8 1986 14,457 N/A N/A N/A N/A 7.7 1987 14,659 N/A N/A N/A N/A 6.4 1988 14,743 N/A N/A N/A N/A 5.6 1989 14,939 N/A N/A N/A N/A 6.2 N/A - Not'Ava11able.
DATA SOURCES I (1) U.S. Census Bureau, Bureau of Business and Economic Research, and City Planning Office based on active residential electric meter count (1978-79). I (2) Data for Lake County was obtained from the U.S. Department of Commerce. Economic Analysin as published in the Florida Statistical Abstract. (3) Annual school census by Board of Education. Figures represent elementarf and I secondary, public and private schools. included. Students in community colleges are not (4) U.S. Department of Labor - These estimated figures are based on the County as a I: whole. No individual figures are available for the City of Leesburg. I 4 PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS (UNAUDITED) l LAST TEN FISCAL YEARS E CITY OF LEESBURG, FLORIDA
% 3 3 I ,
COMMERCIAL CONSTRUCTION RESIDENTIAL CONSTRUCTION FISChL NUMBER OF NUMBER OF VALUE UNITS VALUE l
=
YEAR- PERMITS 1980 22 $ 4,250,624 204 $ 4,921,800 1981 17 1,898,000 225 5,140,488 1982 12 1,623,000 74 1,836,600 1983 17 1,482,798 220 3,554,180 1984 24 5,474,755 276 8,050,314 1985 25 7,187,690 230 6,145,655 1986 25 4,376,439 135 4,357,381
-l 1987 34 11,742,049 119 4,830,948 1988 20 6,874,563 144 5,166,423 13.566,396 15,751,307 '
1989 22 420 (1) Based on building permits issued by City Department of Building and Zoning Codes. Property values are estimated construction costs. Commercial construction includes all non-residential construction. (2) Data provided by Florida Bankers Association. Balances for 1982 provided by individual banks. Balances for 1983 not available. (3) Lake County Assessor's Office. I 4 TABLE 12 L 1 2 3 BANK ASSESSED TAXABLE PROPERTY VALUE I DEPOSITS TAXABLE NON-TAXABLE
$410,990,000 $162,089,277 $ 67,618,300 409,163,000 200,312,084 99,776,130 '460,518,000 225,125,147 81,909,004 N/A 243,002,882 96,371,174 N/A 260,514,566 107,899,539 N/A 264,631,078 114,585,702 N/A 298,227,673 118,760,818 N/A 332,348,385 118,420,557 N/A 366,332,684 121,597,952 N/A 381,531,438 124,249,427 I
I I lt n TABLE 13 1 l PRINCIPAL TAXPAYERS l (UNAUDITED) SEPTEMBER 30, 1989 CITY OF LEESBURG, FLORIDA PERCENTAGE OF ASSESSED . TOTAL ASSESSED TAXPAYERS TYPE OF BUSINESS VALUATION VALUATION ,
. United Telephone of Florida Telephone $44,158,731 11.574%
Coca-Cola - Foods Division Citrus Processing 24,003,648 6.291% Sun Bank, N.A. Banking 5,118,421 1.342% Citizens National Bank Banking 4,285,140 1.123%
' Il '
Horne Properties, Inc. Shopping Center 3,870,948 1.015% Huber Investment Company Shopping Center ._ 3,499,892 0.917% Walling-Enterprises Shopping Center 3,182,578 0.834% laesburg Associates Shopping Center 2,718,769 0.713%
.Mid-Florida Freezer, Inc. Warehouse 2,581,756 0.677%
Wal-Mart Stores Shopping Center 2,304,627 0.604%. Lsesburg/Cula Associates Shopping Center 2,195,223 0.575% Southside Associates Shopping Center 2,151,886 0.564% ' Florivan, Inc. Hotel 2,139,118 0.561% Public Housing Assistance Association Housing Complex 2,049,606 0.537% 1 I f: l l {. l l l L l
j. m-TABLE 14 MISCELLANEOUS STATISTICS (UNAUDITED) SEPTEMBER 30. lo89 l CITY OF LEESBURG FLORIDA Miles of Paved Streets 77.8
~Nunber of Street Lights 1,632 Fire Protection:
Number of Stations 2 Number of Firemen and Officers 30 Police Protection:
-Number of Stations 1 Number of Policemen and Officers 38 Education (Elementary Only):
Attendance Centers (Public Schools Only)3 4 Number of Classrooms 97 Number of Teachers 107 Number of-Students 1.997 Municipa\ Water Department:. Number of Consumers - Residential 5.524 Average 9aily Consumption 337 Gallons Miles of Water Mains 307 Municipal _ Gas' Department 4 Number of Consumers - Residential 6,322 Average Daily Consumption .782 Therms Miles of Gas Mains 190 Municipal Electric Department: Number of Consumers - Resident.'al 13,128 Average Monthly Consumption 900 kwh Miles of Primary Electric Lines Within
.,3 - 190.
the City Wastewater and Sanitary Sewers: Sanitary _ Severs 120 Miles Storm Sewer 17.5 Miles
! Building Permits issued 733 R2 creation.and Culture:
Number of Parks 9 with 225 Acres Number of Libraries 1 Number of Volumes 131,977 Total Employees for the City Overall: Full-time Employees 326 Part-time Employees 18 I Elementary includes grades 1 through 4. I; 't; . ! TABLE 15 ; 1 CORPORATE LIMITS AND ANNEXATIONS (UNAUDITEL'/ LAST TEN FISCAL YEARS CITY OF LEESBURG. FLORIDA I l ANNEXATION. CORPORATE LIMITS -; YEAR ACRES ACRES _ SQUARE MILES 1980 58.70 6,294.47 9.84' . 1981 124.83 6,353.17 9.93- I r , I 1982 6.35 6,478.00 10.i2 gj gl 10.17 1983 32.70 6,510.70 1984 109.98 6,620.68 10.35 1985 93.02 6,713.70 10.49 1986 288.43 7,002.13 10.94 1987 230.25 7,232.38 11.30.. 1988 62.00 7,294.38 '11.32 1989 4.70 7,299.08 11.41 i i
-SOURCE City of Leesburg; Department of Planning and Community Development q t
I g; I; { COMPREHENSIVE ANNUAL-LI FINANC AL REPORT lI l O'F o
& Og c ;' 0}>g(yjyft%
g t*T h* GOD BE _WITH US I: Y,g, p I: I I aMD mn Q) i I ll For de Yeer Enc ed September 30,1989 l I-
M E 3 CITY C>F OCALA I Comprehensive 1 Annual Financial Report l - I I
. OF o lL +, ooo:n wirn us l qvwry I '
u
. For the Fiscal Year Ended September 30,1989 Prepared by: Finance Department
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City of Ocala
, 151 S.E. Osceola Avenue
< Ocala, Florida-Comprehensive Annual Financial Report *
' Of the City of Ocala, Florida-For the Year Ended September 30,1989l City Council - 1988 - 1989
- Craig Curry, Mayor Lorenzo S. Edwards, President Gerald K. Erste- ,'
i
- Michael A. Finn
, Thomas L. Fisher Richard A. Kesselring, Jr.
City Officials City Manager - s ScottyJ. Andrews Assistant City Manager Richard K. Lewis.- Assistant City Manager Charles H. Lynn, Jr.- Building Official Donald C. Noxon - CityAttorney William H. Phelan, Jr.
~" ' City Clerk M. Jane Milam 4
. City Engineer. B. William Ten Broeck
. Downtown Development Marage Teresa L. Thompson Electric Utility Director s1 Dean G. Shaw Finance Director Robert F. Sprinkle Fire Chief : Wilfiam E. Woods -
Fleet Management Director Vemon A. Tucker Golf Director Joseph Moses, Jr.
,- Human Resources Director Carolyn V. Ingham internal Auditor Eric J. Lewerenz library Director Robert M. Lipscomb
, M.LS. Director Chester K. Holloway Planning Director Paul K. Nugent Police Chief A. Lee McGehee Public Works Director Charles H. Amerman Purchasing Director James B. Crosby w Recreation and Parks Director David J. Pritchard Risk Manager Leonard A. Baker, Jr. ;
Water and Sewer Director Richard A. Davis
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1 g , s l , , 5 ' INTRODUCTORY S'ECTION:
-This Section contains th'e following' Subsections:
g. c Table of Contents . f Letter of Transmitts! Certificate of Achievement - l for. Excellence in Financial Reporting- 1 City of Ocala Organization Charts h 5 ;
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h a i I l7 lh , l '- g; ll 1 I '. I 1: 1 i < . - -
I CITY OF.OCALA,' FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER < 30, 1989 TABLE OF CONTENTS-i
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5 Pages, i' I. INTRODUCTORY SECTION Letter of Transmittal ....................................... vi-xxii Certificate of Achievement for Excellence in Financial Reporting ........................................ xxiii City of Ocala Organization Charts ...........................-xxv-xxv1 II. FINANCIAL SECTION. Independent Auditors' Report ................................. xxvii-
-l xxviii General Purpose Financial Statements (Combined Ste*ements - Overview)
.o Combined Balance Sheet - All Fund
-I Types ~and Account Groups .................................. 1-4 g o Combined Statement of Revenues, Expen-IW ditures and Changes in' Fund Balances -
All Governmental and Expendable; Trust Fund Types ............... 5 o Combined Statement of Revenues, Expen-ditures and Changes in Fund Balances - 7 Actual and Budget - General, Special Revenue, Capital Project and Expendable Trust Fund Types .......................................... 6-9 ig- o Combined Statement of Revenues, Expenses g, and Changes in Fund Equity - All Proprietary Fund Types ....................... ........................ 10 o Combined Statement of Cash Flows - All Proprietary Fund Types.................................... 11-12 o Notes to Financial Statements .............................. 13-49 o Required Supplementary Pension Disclosure oo Comparative Summary of Revenues by Sources and B_ Expenses by Type ...................................... 50-51 oo Analysis of Funding Progress ............................ 52 8 8
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r. B Pages Individual Fund'and Account Group and . Combining Financial Statements'by Fund Type Governmental Fund' Types , Special Revenue Funds o Combining. Balance Sheet ............... ....... . 54 . o ' Combining Statement of Revenues, g. Expenditures and Changes in Fund g Balances - Actual and Budget ............ .......... 55-56 o Statement of Revenues, Expenditures and Changes in Fund Balance - Actual and Budget: Occupational License. Fund.............................- 57 E: Central Florida Regional Library Fund ................ 58 B Off-Street Parking Fund:.............................. 59 Downtown Development Fund ............................ 60 g Local Gasoline Tax Fund .............................. 61 62 5 Stormwater Utility Fund .............................. Debt Service Funds B.- . o -Combining Balance Sheet ................................. 63 o Combining Statement of Revenues, W Expenditures and Changes'in Fund Balances .......................................... 64 Capital Project Funds o Combining Balance Sheet ................................. 65 o Combining Statement of Revenues. Expenditures and Changes in g-Fund Balances - Actual and Budget ...................... 66-67 W' Proprietary Fund Types Enterprise Funds o Combining Balance Sheet ................................. 68-71 - o Combining Statement of Revenues, Expenses and Changes in Fund Equity .................... 72-73 o Combining Statement of Cash Flows ....................... 74-75 Bl
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.E Pages o Electric and Bulk Power Supply I Revenue Funds:
Consolidating Balance Sheet .......................... 76-77 Consolidating Statement of Revenues. 8 Expenses and Changes in Fund Equity ................. Cor-911 dating Sta*en,ent of Cash Flows ................ 78 79 Intetnal Service Funds o Combining Balance Sheet '
................................ 80 5 o Combining Statement of Revenues, Expenses and Changes in Fund Equity ............................ 81=
o Combining Statement of. Cash Flows ......................' 82-83
. Trust and Agency Fund Types 8.. ~
o' Combining Balance-Sheet ................................. 84 o Statement of Revenues, Expenditures and' 8- Changes,in Fund Balance - Actual and Budget............. 85 o Combining Statement of Revenues, Expenses and
- 5. Changes in Fund Balances ............................... 86 General Fixed Asset Account Group 5:;
Schedule of General Fixed Assets by Function and o Activity ............................................... 87 8.. o Schedule of Changes in General Fixed Assets by Function and Activity .................................. 88 l Single Audit Report
- o Schedul- of Federal Fitincial Assistance ................ 89-90 o Notes to Schedule of Federal Financial-Assistance ....... 91 o Independent Auditors' Reports on:
-5' Schedule of Federal Financial Assistance .............. -92 Internal Accounting and Administrative Controls ....... 93--95 Compliance with Applicable Laws and Regulations ....... G-97 8' ;
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-'III.; STATISTICAL SECTION _
o' General Governmental Revenues and Other Financing Sources.by Source ......................................... 99-100 o General Governmental Expenditures and Other Uses by Function ................................................ 101-102 o- Property Tax Levies, Tax Collections and Assessed Valuations .............- .......................... 103-104 o Property Tax Rates and Levies - All B'. Overlapping Governments .................................... 105 o -Special Assessment Collections .............................. 106 - o Computation of Legal Debt Margin ............................ 107 , o Ratio of Net General Obligation Bonded Debt to Assessed, , Value and Ne t Bonded Deb t 'Pe r Capita . . . . . . . . . . . . . . . . . . . . . . . 108 o Ratio of Annual Debt Service for General Obligation B-Bonded Debt to Total General Expenditures .................. 109 o Schedules of Bond Coverage Electric and Power Supply Revenue and Revenue Refunding g_ Bonds, Series 1977, 1983 and 1988 ........................ 110-111 g_ Water and Sewer Revenue and-Refunding Revenue Bonds, Series 1968, 1983,-1985A, 1985B, 1986 and 1988 .. and Anticipation Notes Coverage............................ 112-113 . Refunding and Improvement Excise Tax Bonds,. Series 1965 and 1972 ..........................>............ 114 Street Improvement' Revenue Bonds, Series 1966, 1967, g 1975 and 1978 ............................................. 115 g Capital Improvement Revenue and Refunding Revenue Bonds,. Series 1982,and 1986, and Capital Improvement a Revenue and Revenue Refunding Certificates, 116-117 g Series 1986 and 1988 ..................................... Pollution Control Revenue Bonds, Series C .................. 118 Optional Gas Tax Revenue Bonds, Series 1989................. 119 o Computation of Direct and Overlapping General Obligation Debt ............................................ 120 o Miscellaneous Statistical Data .............................. 121 o Demographic Statistics ...................................... 122 o List of Ten Largest Taxpayers .....,......................... 123
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J i; 'Pages i o ' Schedule of Insurance In Force .............................. 124-125 , a o Property Value,-Construction and Bank Deposits .............. 126 s .- , o. List of Officers' Salaries .................................. 327 i
- o. Debt Service Requirements to Maturity- .
All Bonded Debt ............................................ 128 !
%'; .1 ) Capital Improvement Refunding Revenue Bonds,, Series 1986.... '129-
' Capital Improvement Revenue Refunding Certificates.
- t-Series 1988 ............................................... 130 '
. Refunding and Improvement Excise Tax Bonds -'1972 Issue..... 131 l;[
Electric and. Power Supply Revenue and Revenue Refunding
;Wi Bonds, Series 1977 and Series. 1988 ....................... 132-133
. Water;and Sewer Revenue and Refunding. Revenue Bonds,
[ .3 -Series.1985A, Series 1986 and S.-tes 1988 ................ 134-136 llg. Optional Gas Tax Revenue Bonds,-omries 1989................. 137 , t
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5 QO. . p FINANCE DEPARTMENT . , , C/t /- / C #I/// P. O. BOX 1270, OCALA, FLORIDA 32678-1270 January._ lb,1990 I ' City-Manager and Council ,
.- City Hall' .
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-Ocala, F1o'r,1da 32678 i
The Comprehensive Annual Financial Report (CAFR) of the City of
-I Ocala', Florida for the year ended September.30, 1989 is submitted' herewith.
The presentation of'- the Comprehensive Annual Financial Report.is controlled,by and is- the responsibility of the City. We believe.
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that'it fairly-presents 'the financial pos i t e. a and results.of the- ! Ll= L operations. o f. ' -t h e - C i t y . substantially 'ecmplies with Further, the the City's State Char + 5 art of a c c o u n t s -- of Accounts, .as prescribed by the Department of Banking and Finance of the State of' Florida. Ibs_ City _Basert , lg' 'The-City's' Comprehensive Annual Financial Report (CAFR).is arranged-1
.in sectionsias follows:
\l ! 5: Section I Introductory Section j 1:
'Sec11on II Financial'Section-l;I 1 Part 1 - General Purpose Financial Statements :
Part 2- Individual Fund and Combining 1.. Financial Statements by Fund Type Part 3 - Single Audit Report-Section III Statistical Section The JD1t9dugigny_Sgg11gg contains a table of , contents, letter of transmittal, certificate of achievement for. excellence in financial reporting and.the city organization chart. The'FigaDglal_Sgg11gg contains the report of our Certifled Public
.l~ Accountants, combined financial statements for all fund types and W' account' groups and individual and combining financial statements, which present the financial position and .results of operations of the City at September 30, 1989 and for the fiscal year then ended.
The Financial Section is divided 1.' t o three parts:
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- 1. @gottgl_Eytg281_E109D21Rl_E1819mtDig which present the combined financial statements for the City by fund type and account group.
- 2. ladiridual_E90d_and_Gemb1010s_Eleanniel_Eintaments_kr g Epog_Tygg which present financial data by homogeneous funds.
- 3. gigglg_ Audit _Rggott which presents a schedule of federal financial assistance and reports of our Certified Public Accountants on the schedule of federal financial assistance, internal accounting and administrative controls and compliance with applicable laws and regulations.
The Sla11g11 gal _gec11gg presents hictorical informatinn which ic g designed to enhance the reader's understanding of tha City's past W and of its future potential. The entire report is structured to be of interest to the public, local government officials, state agencies and the banking and the financial community in general. The City provides the public with general services including police and fire protection, general government, culture and recreation, highway and drainage maintenance and library services. The Library g serves a two county consortium with the Ocala Administrative W
- Services Division functioning as headquarters. Citrus County now contracts for specific services only. In order to provide both financial support and a vested higher quality of service to its citizens, the City also owns and operates, for public service, seven enterprise funds as follows: two golf courses totalling 45 holes with clubhouse facilities, a garbage and trash pick up service (both a
l W back door and curbside), water and sanitary sewer services, membership tennis facility, electric service, a commuter air service airport (Ocala Municipal Airport / Jim Taylor Field), and a municipal trailer park. All funds and account groups of the City of Ocala are included in this report. The financial activities of all municipal boards and commissions to the citizens of Ocela, except for the'Ocala Housing Authority, are included in the City's financial statements. The Ocala Housing Authority is not ii.cluded since the City does not g influence its operation, nor is the City accountable for its fiscal 5 matters. Further details of the City's fund structure are included in the note (1) to the financial statements, gQQUQMIC_CQUQlllQU_AdQ_QyI6QQE . Ocala is centrally located in Marion County, Florida and is the county seat. Thoroughbred and Arabian horsebreeding is a maj or business industry in the Ocalc area. Disney World has constructed its first satellite informatico center in Ocala so that visitors can Hotels,
; take care of all their necas before reaching Disney World.
restaurants and shopping areas have sprung up in the area of the information center.
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4- . The City continues to grow in population at a-fast pace, especially in the surrounding areas, thus impacting utilities services. I'>,'Available land, independent water supply, relatively low taxes, and the proximity to moderate climate with some seasonal changes, Onytona Beach, Tampa, and Disney World continue to be the underlying
- causes. In addition to an influx of people from up north, there is continually a steady flow of residents from South Florida. A growing number of people take advantage of the natural beauty of the area and visit the world famous Silver Sp-ings Natural Attraction.
I The fishing and hunting provided in the Ocala National Forest bring new enthusiasts each year. In the past few years, various reports / studies h0ve chosen Ocala to he one of the fastest growing areas in the nation. Explosive , u . commercial growth in the southwest portion of the City has necessitated expending one state road from a-four-lane to a six-lane highway and created-the need for the construction of a fully manned fire station in the congested area. Two years ago, the City Council increased taxes by one mill of which three-quarters of the increased
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] revenues would be used for street maintenance / construction proj ects a r.d the remaining one quarter to purchase land and building.for the
- new fire station. The decision was made to continue-this policy until these directives were completed.
d8M8_ldlll611ME The City's budget for fiscal 1989 included significant steps to maintain tne level of service for the citizens of Ocala as has been iI the primary directive of City Council. However, the budget plan took some very large steps.toward preparing for the impact Ocala's impending growth will create. ' Council's= direction to staff to look toward the future can be seen throughout the departmental budgets:
- I . Implementation of a Stormwater Utility, implementation-of the Pay and Classification Study, Police Department, establishment of a Long Range Planning Division, establishment of an internal Engineering I= Consulting Group, continued ambitious infrastructure maintenance and Capital Improvement Program for the' Municipal Golf improvement, and the Economic Development thrust for the Downtown area.
. Course I The growth potential of the City . continues to be virtually limitless. While this is a boon, it continues to be a bane to the general government operations of the City. Growth demands B additional services which require increases in expenditures.
Additional services include the obvious ones like electric, water,
;g sewer and sanitation but also engineering services for new roads and
.g traffic signals for the increased traffic along with additional police and fire services. The dollers required to maintain the functions of Police, Fire, Engineering, Recreation, and Public Works ll: W have grown rapidly requirement growth in has connection wit h this growth. This dollar been very prvnounced in the Police and Fire functions. Due to heavy land cost, the site for a new fire station was moved to a location on the Central Florida Community College B Campus. The land was leased to the City for this facility. The Council adopted a modest one fourth of a mill increase in ad valorem taxes for this proj ect in fiscal 1987, 1988 and 1989. The revenues resulting from growch are not increacing as rapidly as the
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11 oxpenditures. .T h i s . narrowing of- the gap between generallrevenues a n d . o u t'l a y- of dollars ,has created such an acute situat. ion ~in the : General government of_ the City in 1986 that_the City was forced to sell-five year certificates to fund normal replacement and new capital outlay needs for a-comparable, or less, period:of time. The City issued
$5,055,000.
five year fixed rate They are supported by a pledge of _non-ad valorem certificates in the amount.of l W revenues. The- proceeds from this sale ran out as of September 30, 1988.- Dur.ing 1988, in anticipation- of this, the City' issued 3
$7,505,000 of Capital Improvement Revenue Refunding Certificates,- g-'
Series 1988. This issue refunded $3,205,000 of. the older certificates and provided $4,332,500 in new money for~this purpose. In- addition, the City contemplates a further non-ad valorem bond issue to, be expended on the following projects: h" Knights of Columbus property $ 350,000 g Renovate Golf Course Clubhouse 650,000 W Downtown Parking Garage 904,000 Police _ Department. Building Addition 1,500,000 g_ Renovate Old Community Theatre 300,000 g-E Airport T Hangers 200,00n Refinance Airport Terminal Building 300,000 . Parks and other ___796t 000-Total $5,000,000 8 This borrowing will probably represent the extent of the City's. ability-to use non advalorem revenue as a revenue pledge.
, Growth has .also put a strain on local road construction and
- Improvements and on water and sewer expansion. While most. _
transportation improvements are cfunded through the Local Gasoline . Tax Special . Revenue Fund, the City has issued bonds for roadway , construction and improvements. The Capital Project Funds aro used for reporting these improvements. S i r.c e fiscal 1987,-the City has g included three . fourths of a mill of ad valorem taxes for g. infrastructure improvements and maintenance. The- related expenditures for the additional levy are included in the. General Fund. -Some. roadway projects are joint proj ects with the liarion County government. Futurei Oy far, the most significant and demanding job for.the g future will be the formulation and implementation of the_ City's W "Five= Year Capital Improvement Plan". This touches every _ City department, including Finance, extremely heavily. New provisions of -- g Statute 163 impose a penalty of loss of state revenue sharing for follow a plan which we will have to submit g failure to implement and to the State Department of Community offairs for approval. We h6ve until May, 1991 to get our plan approved for the five years ended The date of implementation is October 1, 1992, l W September 30, 1997. with the ever present specter -of a penalty provision curing the ensuing five year period. Periodic compliance reports will be g. required. Every City department is galvanized into a readiness g posture. ll
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To;assistithe; City 'in this ;1arge. effort, the firms of. William R.-
- g 'HoughlandLCompany and Henderson, Young and-Company.have;been engaged
- g- and.will'be on board all throughout the implement at' ion ,per iod . : .The
' scope of services include de'initions and implementation of: the
-fol' lowing, q I? 1. : . Facilities Descriptions.
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- 2. Population and Demand Factors..
- 3. Inventory of Existing Facil! ties.
. I-- 4. Standards for Levels of Se"vice. l' S.- Average Costs of New Facil. ties. -31 6. Financial Capac.1ty Analysis.
g.~ 7. Revenue' Sources.
- 8. Preliminary Financial Feasibility Assessment, j
. 19 . Capital Improvement Proj ects . ;
- 10. Final Financial Feasibility Assessments. I
- 11. Goals, Obj ect ives , Policies and Implementation Programs. ,
- 12. Status. j i
I- The prospects of this massive project have the negative aspects of. providing a misdirectlon of attention from previously stated goals. j On-the other hand, working at it w i'11 provida a common'cause of i
- I- obj ec t ives under threat' of financial _ penalty. The latter. benefit ;
probably overrides the' negative aspects of it. I
.EIN6NC166_lNEOBd6Il0N j i
1
-g The' City's accounting system is developed- to ensure that the dual !
3, obj ect.ives .o f (1) providing reasonable assurance that assets are safeguarded and (2) . that- transactions are executed- and recorded i
;g- properly to permit-the preparation of reliable records.are< met. The 1 'g~ financial reports presented herewith are the work of the;f.inancia] ;
- staff of'the City. -and full responsibility for diligent application ;
of these two concepts is assured-'and is an integral part~of'these j reports.
-Budgetary control is maintained on an annual allotment basis,Lbased.
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;on ' prior year working capital current year. Both expenditures and revenue proj ec t ions for' the-and encumbrances are recorded against budgeted appropriations. At mid-year, City department 1 heads ;
are required to. reassess their appropriations for the remainder of ,
; the year, from which a full budget revision is prepared and j submitted to the . legislative body for r a t i f.i c a t i o n . The entire i budget process is coordinated by a full time budget manager. In.
[g' addition,'two separate-reviews are made by Finance for final annual' sg appropriations approval. After the end of the year, unliquidated ) purchase order balances, as of September 30, are reappropriated'in the form of a supplemental appropriation resolution, which. is i I;: adopted by the legislative body. This resolution also includes a completed in the previous year which carryforward for projects not are not covered by purchase orders. All items in this resolution
~l-M are subj ect to a working heads now have the capital data processing availability test. Department capability of screening expenditures by line item. This has proved to be both a time and I
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B money sever. Department Directors are provided monthly budget progress reports for the divisions of the City that they are g responsible for managing. 3 The single audit concept continues to be in effect for financial g audit and compliance for federal grants. The auditor's reports and g findings are presented at the end of the second section of the Comprehensive Annual Financial Report.
@909E91_@9M9E09901 The amount of General Fund revenues and other financing sources for the fiscal year ended September 30, 1989 are au follows:
Increase (Decreasei 6T9901 E9E9901 Ovgt_19@2288 Revenues: Property Taxes $ 6,114,815 27.00% $ 1,087,444 g Franchise and Other Taxes 786,021 3.47 22,198 m State Revenue Sharing 1,272,02T 5.62 (58,237) Other Intergovernmental Revenue 3,028,424 13.37 87,697 Licenses and Permits 313,866 1.38 (10,067) Fines and Forfeitures 696,820 3.08 26,711 Charges for Services 247,291 1.09 124,396 Interest Income 717,217 3,17 336,689 Other Income ______9stQ17 ___t 42 ____{95211211 Subtotal $ 13,272,498 58.60% $ 664,710 Increase 3 (Decrease) g 6mgget Egreget gygt_19pI:@8 Other Financing Sources: Debt Proceeds $ 0 -- % $ (4,802,091) l W Transfers From Other Funds: Electric Fund 8,800,000 38.85 800,000 Water and Sewer Fund 250,000 1.10 250,000 Other Funds ____327t82@ ___1145 _____2361131_ Total $ 22,650,376 100.00% $ (2,851,250) The City's assessed valuation for 1989 increased by 13% as compared B to 1988. The City maintains a very low millage property tax rate and depends heavily on its utilities for general government support. The 1988 millage rate, which was in effect for fiscal year 1989, was l W 5.08, a .427 mill increase over the 1987 millage rate. The 1989 millage rate ic 5.08, the same rate ac lact year. Ptgperty__Tgggs income increased by $1,087,444 over last year. This is due primarily to the 13% increase in assessed property valuation and the .427 mill property tax i ric r e a s e , which was to allow for more police personnel I I
iii , ,, . . . EEn09bina_aud_Q1btE_IAggg increased by $22,198. -This is a 3.47%
.g . increase:and is primarily due to-1 growth in our natural gas and TV
.:3 Lcable franchised a r e a .: S' tate Bgygggg__}bgt i ng decreased by $58,237.. This is significant.
;The actual cause for this is very speculative, but-the~best bets are
' I'. Florida's- hostile anti-smoking laws and repressive taxes that encourage smokers to purchase out of state;on'a compensating basis.
i;W l4 This is unfortunate in that this revenue sourcecis the. main support for. . police and fire salaries. Cigarette taxes; average 77.7%.of'the total annual income from this source. 01btC__1011E99M9EDW101al__88Y10gg increased. -by : -$87,697. This is
-primarily due to an increase in Federal, state' and- local grant activity.
" E10es and Forfeilyngs -income increased by $26,911 over last year.
The- city / county task force for drug enforcement produced this for
'lg the most part. -W.
Charggg__fgn__ggtylges increased by $124,396. The greatest part of this increase is due to additional public safety charges. 1019E991__10gggg increased by $336,689. Interest rates with the
; State- Board of Administration have considerably improved over last ; . year, and-the City's invested balance was higher in 1989 than-in 1988.
Other Income decreased by $952,121. This decrease is. caused by the
~,gl:'g creation of the Self-insurance Internal Service Fund. In fiscal 1988, $956,541 of the General Fund's other income was the result of self-insurance activities. If this is excluded in comparison, there I; is a small increase in other income in fiscalE 1989.
Debt Proceeds decreased by $4,802,091. .I n 1988, the City issued
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the Capital Improvement Revenue Refunding Certi'icates, Series-1988. There was no' General Fund debt issued during'1989. IEA0afaEE_ft90_Elt91E19_E90d Th's amount was increased by $800,000 _I . to meet safety. the city's- growth needs primarily in the area of public IEeDafAEa_fE90__Wa1RE_R0d_ERWRE_E90d This is a first and one time transfer.of expected surplus. E. -lEROBf9Eg__ftge__Olbst__Eyggs These transfers increased by $236,131, 3: when compared with 1988. These transfers are primarily the excess interest earnings of revenue debt sinking and reserve funds. The increase transfers is primarily due to a one time transfer from "I-in the Capital Improvement Construction Capital Proj ec t Fund. The amount of General Fund expenditures and other financing uses and
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the increase or decrease category are as follows: in the levels of expenditures by maj or 1 Um
,g -xii-
e 3 4 Increena (Decrease) g; 899901 ESE9901 9YSC_12EI:g8- 5
-Expenditures:s General Government and Administration $ 2,812,451 12,91% $ 447,356 ;
Public Safety- 9,519,499 43.'71 1,488,794 Public Works 2,529,294 11.61 77,326
' Culture and Recreation' 1,808,834 8.31 210,129 L.
Non-Departmental 330,614 1.52 (1,643,246) Ca p i t a l -_ Out l ay 1,630,618 7.49 (362,786) Housing'Rehab111tation 335,030 1.54- 89,962 - Principal and Interest Payments 58,670 .27_ 30,406 Other 249t 152 ___121d _____iditE62) ; 88.50% Subtotal $ 19,274,963 $ 296,378 - Other_ Financing Uses: _ g Tra'nsfers to=Other Funds: W-Library Fund. $ 280,000 1.29% $ 20,000 Revenue' Debt Funds 1,200,758 5.51 (227,933) g Other Funds ___12922t122 __4 2 29 __{1tg29t4SE) g-Total, $ 21,778,858 100.00% $ (982,051) - Below are listed commentaries on' unusual and significant expenditure changes from last. year'.
'9tDgtgl__G9Y9EDESDI__8Dd__8dm10181EA1190- expenditures increased by 1$447,356 over last year. This is an increase of 18.9%. Several factors are involved as follows: introduction of executive benefit plan,. increased user charges for data processing .and fleet replacement reserves,- youth employment services, and salary increases in planning and inspection. They are in place now and -
- i. should'not be a factor for the future.-
Eghlig_ggfgly expenditures increased by $1,488,794 over last year. g
'This is all attributable to a full year expense of 10 new police g officers and one secretary with attendant extra costs related to new employees. In addition, staffing was hired at the new fire station -
on the west side. Egblic_Wgtkg expenditures experienced an increase of $77,326 over last year. This is a normal increase. Y90:9999E19901gl expenditures decreased by $1,634,246 as compared with last year. This is a significant decrease and is attributable- g
'to reporting self-insurance activities in an internal service fund. g.
99911R1___99119y expenditures decreased by $362,786. This is due primarily to a decrease in equipment purchases and roadway . projects in the General Fund. B
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'IEA0!ffER__19__bibERIX__EWDd increased by $20,000, which is a norma) ;
. increase.
IEADRfREg__1g__01bst__Egggg decreased by $1,070,496. This is ( 2 3 attributable ,to y a decrease in the funds transferred from the
- g. proceeds'of the>1988 Capital Improvement Certificates to proprietary-funds. Thece are operating transfers, since the debt service requirements are' met-by the funds acquiring capital itemo.
1 EE99E191AEY_EW0d8 j<
. g- The enterprise funds of the City are well run and continue to be the
;g ' backbone of financial support of' general government operationc.. i Individual commentaries follow.- Enterprise- Funds are grouped by1 l
.g- .those1with outstanding bonded' debt.and those without.
!g E01sE9Elss_EWoda_w11b_B 90 dad _Dsb11 Consolidated Electric-and Bulk Power Supply
_____8tMSDW9_EWOd____
-Gross Operating Revenues $ 58,766,190 l Less: Gross Operating Expenses, 'i 8- _ Excluding Depreciation and Amortization ___41tg2ptsd6 l l
Income Available for Debt Service'(a) $ 16,936,544 l Annual Debt Service. (b) $ 2,659,607 i Debt Service Coverage ' (Ratio of Ca) to (b)-) 6.37 WA1RE_A0d_ERWRE_EWDd-Gross Revenues:
'I $
Operations Income- 8,972,118 Interest Income 1,296,741 Transfers From Other Funds _______22teg3 Sub Total 10,291,522 L Less: t Water System Development Charges $ 131,135 ! Interest income Water System Dev. 93,717 Lg Sewer System-Development Charges 438,629 l .g . Interest Income Sewer System Dev. _____254teg2_ l Sub Total _____{glat3ggl 1 Gross Revenues as Defined l in Official Statement $ 9,373,134 Less: Cost of Operations and Ll' l iW Maintenance as Defined in Official Statement l Operations and Maintenance $ 5,085,374
-g- Transfers to Other Funds 710,052 Depreciation and Amortization __{1425522151 lg Total Operation and Maintenance (4,540,211) 1 Add: Interest Income Capitalized _ _ ,, _129g2t45g Not Revenues as Defined in
" Official Statement $ 6,820,381 i
LI
R Add: Revenues Ava11eble for Debt Service: Water and Sewer System Development Charges including Interest l E ______91@t3RR Net Revenue Available for Debt Service (a) $ 7,738,769 g Annual Debt Service (b) $ 4,105,133 g Debt Coverage Ratio (a) to (b) 1.89 The Cgogolidptgg_glggtrig_gog__gylh_Pgwgr_gyggly_Rgygggg_FWDg ratio of income to debt service (parity) indicates a favorable 6.37. This is down # rom last year's 6.57. This is a very important measure of performance and this system continues to perform well. In addition, g earnings are over rate covenant requirements. The system continues g to be well run and managed, operationally. It is felt, however, that it is not taking full financial advantage of its growth potential. The Electric Fund is the financial backbone of the City as evidenced by the authorized transfer of $8,800,000 to the General Fund in l 1989. This nearly paid for a ever increasing public safety function W in the General Fund. This is equivalent to about 9.3 real estate mills of income to the General Fund. This system is a very valuable asset to the City. During late fiscal 1989 the firm of Smith and Gillespie, Inc. of Jacksonville, Florida engineered the planning of the acquisition of land and construction of a power loop surrounding the City. This is vital to expansion of the City System. In the southwest area there is an explosive demand For example, the K-Mart for commercial expansion that is immediate. Company has selected Ocala as its W southeastern distribution center. Construction will begin very shortly. In addition, the Phar-Mor Company has also recently g selected Ocala as its regional center. To accommodate the large g increase of heavy trucks and other traffic, the Florida State Road Department has agreed to bear the cost of four laning State Road 40 from the airport site to Interstate 75. This situation has created a heavy demand for utility service W In late November, 1989. the 1989A Electric System Revenue Bonds. City issued and sold $28,425,000 Series The City also sold $13,000,000 3 g Electric System Revenue Refunding Bonds, Series 19898, that consolidated all previous revenue debt. The franchised area for electric service includes considerably more than the corporate limits of the City. The new power loop and sub-station construction is scheduled to be completed in three years l at a cost of $28,857,875. The cost of this construction is already W funded from the sale of the 1989A Electric Revenue Bonds. Working capital at September 30, 1989 amounts to $12,720,656 as compared with $11,014,029 last year. This is an increase of
$1,706,627. This system is looking very good.
B B a.
i
- Weist and_fewar_Eundi
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1 Working capital at- September 30, 1989 amounts to $585,552 as compared' with $1,003,443 lest year. This is a decease of' 3: $417,891.: g s-The bond indentures for the Water and Sewer Fund (Series 1985 A, I
' Series 1986, and Series 1988) impose a drain on wo'rking capital in 1 ;I - this- fund.
1983 it When impact fees were adopted for water and sewer in was anticipated-that revenues would be sufficient to fund " two extra protective reserves without undue-strain on the system.
.g-3 Experience has shown this not to be the case. From these two revenue streams one half.of the prior years income is required to be set aside into a debt stabilization account. The balance becomes ,
available for new lines- construction. Both the' water and sewer I stabilization' accounts have a maximum requirement to peak out at September 30, 1990. The proj ect ed status to September 30, 1990 is as follows: 9-30-90 9-30-90 9-20-90 I.
?
9-30-89 Required Expected Expected 8219022 E21eDgg @gleggg Ovgclygdgc , Water Stabilization Account 414,945 414,945 414,945 -- Sewer Stabilization I Account 7,006,939 3,235,815 2,226,254 (1,009,561) The impact fee revenues were not as high as anticipated from new sewer construction. This is primarily due to holding back somewhat - because of limited treatment capacity. Sewer treatment plant number two will be completed soon and this will cause greater revenues from l
.the sewer impact fee source. Construction of treatment plant-two was delayed in the mid and late 1980's because of conceptual and lE 3
. performance problems with the consulting engineers.
changed engineers now and construction should proceed. The. City has The City han l hired new consultants and they are preparing two new master plans and a rate review for both water and sewer. The last of a programmed rate increase went into effect October 1, 1988. In the I meantime, an effort is being made with bond counsel and our financial advisor to eliminate these two extra reserves as being too prohibitive to earnings. In addition, during construction of sewer treatment plant number
.one, the City accepted a grant of $1,509,748 from the State I- Department of Environmental Regulation.
this grant was a transfer of $301,023 One of the requirements of annually to an asset replacement fund to be taken from eewer impact fee revenues. Whi.e there is no relief available from ihis requirement, it does hcip explain the steady reduction to working capital. ll+
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I The City also has a fully funded sinking and sinking reserve fund in the amount of $5,291.347. Efforts are underway to purchase g insurance which would free up this money for capital expansion that 3 i rs surely needed in the southwest area in much the same manner as the Electric Fund. I E019.Egtige_Euggg_W11hgy1_Bggded_Qeb11 Municipal Fort King Municipal Ocala Sanitation Golf Tennis Trailer Municipal ___Eggd___ __Cpyrge_ __Cgyrt, _ ___Egth__ _Airggri Gross Operating Revenues t 3,972,959 $1,550,819 $ 53,628 $ 92,632 $ 104,544 Operating Expenses, Excluding Depreciation / Amortization __3 t 72gt49h itS94 t422 ___45t24Q ___@7t17h __191t51h g Income Available W for Debt service (a) 244,463 (43,603) 8,388 5,456 (86,972) g Debt Service (b) N/A N/A N/A N/A N/A g Debt Service Coverages (Ratto of (a) to (b) ) N/A N/A N/A N/A N/A The Sagitallgg_[ygg serves the City with trash and garbage pick-up service. The management philosophy of this unit continues to be very service oriented and public relations continues to be good. The financial results for the year improved considerably over last
! year. Operating income before depreciation increased from $51,212 to $244,463. This is a real turnaround and is due to a modest overall rate increase of 5.6% and better was a decrease follow-up in on working billing of capital l
B commercial accounts. While there from last year in the amount of $35,775, this is much better than last year when working capital dropped by $251,996 as compared with the previous year. There is still much concern over future tipping
; fee increases by the county but thus far this has not happened.
There is now good reason for financial optimism.
- MygiglegL _Gglf_Cgunge Eu,nd. Each year the golf fund seems to start I out on a financial opt imi st ic note enu somethir:g happens to delay its financial improvement The }nss for 1989, excluding depr ec iat ion, amounted to $43,6C? form operations. Last year the a loss was $88,394, The loss is lary1- attributable to municipal course number one being down for 9 t ans replanting from Hay, 1989 g through September, 1989. While tte ; t as was minimized by dual g
. membership play, the lack of ova .an l ity of 18 holes for five months was bound to take 1tu f ) nar o 1 1ol1 Working capital at 9/30/89 1s a negattve 155.905 .- cyTar d with a positive $48,881 a
last year 4 c 1i-
- lf +
During 19 9 0 ',' t he clubhouse at-Municipal- Golf Course-is~ scheduled for
'L renovation at1an. estimated cost of $650,000._ While this will'be-a' financialunegative, it-isEnot 7 anticipated to have the; revenue-impact as did'the greens refurbishing.
The outlook is guardedly optimist-ic Lf o r 1990.. The-E9E1LE199_I9001S__999El continues to provide a sightly facility
-for area tennis players. For the second year in'a row, _the fund -I enj oyed' an operating . income, continues to.be an- effective manager'.
this year at Working
$6,191.-
capital The tennis pro 11ncreased by
$13;719 over 1ast year. Plans have been' approved to renovate the clubhouse in 1990.
Ib9_dWDic1ggl_Ing11pt_Ent k __Eugd enjoyed an operating gain for 1989,-
'g- excluding depreclai ron, in the amount of $5,456. This is a real cg turnaround from.last years loss o' $9,920. . Working = capital improved The City adopted a~
from a negative $21,247 to a n<.gative 521,069. . modest rate increase in 1989 a r.d required its tenants to pay their own utility b i l'I s . While incrme potential is limited, the showing. of'an operations gain removes it from the negative outlook list. IE. Ibg_Qgale dWDic1 Del _61E29E1__EUng suffered an operating loss in.1989
,5- of $86,972 exclusive of depreciation. The size of the loss is down from last year's loss of $108,519. Working capital at 9/30/89 amounts to a negative $1,793 as compared with a negative working I. capital last: year of $14,161. Financially, the fund is doing a slow turnaround. .For next year things should even. be better in that a tenant wi~11 ,come into the complex which will probably. increase rental income by $30,000. A faster financial turnaround is I'. predicted for the future.
Eldygigny_QESER119D2 E90EloD lEMS1_E90d i The City maintains a defined beneffi. retirement plan for all:of its employees. This plan is non-contributory to the
'I' employee. For 1989 the contributions were 92t at 7.2% of salary.
This is the basic city plan. In addition, as a supplement, the city plan and a fire supplemental plan. maintains a police supplemental The police plan is funded by a one percent of salary mandatory B.~ contribution from the employee anri a percentage of stato collections of auto insurance premiums- from the State Department of Insurance. For 1989 this contribution was $258,380. The rire plan is funded by a mandatory employee contribution of 8 . 4 7 *. plus a percentage of
' I- state collections of property insurance premiums .from the State Department of Insurance. For 1989 this contribution amounted to
$119,949.
The City Council presides as the board of directors over the general lg- plan and appointed members from various segments of the public and 3 city sta#f sit as boards of directors for the fire and police plans respectively. The membership is prescribed by ordinance. The City g also maintains a pensior, advisory committee made up of various city g staffers who function as adviuors to administer the financial matters of the fund the city utilizes three pending retirees. To outside firms as follows; an investment manager, Manning and Napier
-l of Rochester, N.Y. (a chart of their investment record follows this W letter); as actuary, Hazlehurst and Associates of Atlanta, Georgia;
-xviii-
II
,andlas custodian;of funds, Florida Nationalz Bank of Jacksonville, i Florida. .Infaddition, the Department of. Retire ~ ment of the State of -
Florida acts oas final actuarial review- manager of- all' city-retirement plans. .Also the City utilizes the. firm of Merril'1 Lynch-to review'the performance of the investment manager periodically. !
~This is required -by state statute.. The plan is-well audited-and reviewed. 'Further, the assistant to the City Manager functions as.
' benefits overseer to the plan. ,
1 JThe-employee becomes vested after. ten. years: of service. Normal. retirement occurs at age 65 but the employee may retire at age 55, g if' vested, with a benefit reduction of 30%- (3% per year). The. W' benefits for policemen and firemen are somewhatilarger. The normal .i retirement age for police is 60 and the-normal: retirement age.is 55 gi for fire, with no benefit penalty for.either. class of employee. For the general employee the multiplier- factor- is ;1.6% of the average 5 monthly earnings of his last three years of service multiplied by the number of service years through twenty years plus 1.8%. for l_ service years over twenty years through thirty years plus 2.0% for W
. servi'ce years over thirty years. The minimum. monthly benefit for a
. general employee with ten years of service is $100. For the police g ' .i and fire, the multiplier is greater primarily due to their 3;l supplemental benefits. 1 When the employee is retired, he is allowed to carry one half of his-term life insurance and all of his health insurance benefits at his I own-expense. We now have 170 retirees with an annual payroll of approximately $900,000.
During September, 1989 the City voted to set aside 2% o f. jts general-plan contribution of 7.2%- of salary- into a pilot health 31 insurance cost for its retireer, starting- in October, 1989. It is ' g, ' estimated that the reserve will be adequate in about three years. i It.is currently invested with State Board of Administration. The City has the- best interest of its-employees at heart and the I, ' retirement fund is in very good shape. Commyg11y_Bedeyelggmegf_Irgsf__Eundi During 1989, the City received t its~ first collections under the tax increment financing (TIF) program. This. program allows for a tax increment to be set aside in g a trust fund
'The increment, to be utilized for community redevelopment purposes.
to be taken for 30 years, is the City and County g property tax on the difference between a base year and the budget year's property values within a decignated area. The City's designated area includes downtown Ocala. The revenues in this fund
-are to be used first to repay the General Fund for professional- !
services required in creating and implementing the TIF program and
.later for community redevelopment purposes.
Debt Administration At of and during the year ended September 30, 1989, the City had no gereral obligation bonded debt. There remains, as during last year, no ratio of bonded debt to assessed vahiation to declare. Under B
=Section 9.02 of the City Charter, the City may issue a general 3
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A ob)igation bond up to 20% of- the most recent real property valuation, subj ec t to. approval by referendum. The likelihoo'd of If f .this happening-is very remote. At September 30, 1989,- the City had $113,905,000 in outstanding I- serial-and term bonds. with enterprise funds Of and this amount,
$35,590,000
$78,315,000 are are associated associated with governmental funds.- All of the City's issues are insured.
B. During the year, the City issued $14,085,000 of Optional; Gas Tax Revenue Bonds, Series 1989. These- serial bonds were issued for the purpose of1f.inancing the cost of the acquisition and construction-of
- certain transportation improvements within the City.
1 9BBD URD99gmtD1 Cash temporarily idle during the year was invested in= U. S. Treasury obligations and in the State Beard of Administration Fund, ll~ W which is an investment pool administrated by the State of Florida. Although~the' City is authorized by Florida Statutes to invest in obligations of U. S. agencies and in interest-bearing time deposits and savings accounts in banks and in savings-and loan associations in addition, we have found that the-State Board of Administration has historically had higher interest rates and we can withdraw funds on demand. At September 30, 1989, our~ investments
!- with the State Board of Administration were earning 8.78%, with a year to-date return of 9.10%.
-lW The City's-pension fund investments are administered by the, firm of Manning and Napier of Rochester, New York. The pension -fund investments consist of bonds, common stocks, U.-S. Treasury.
obligations and short-term investments. Bisk_Unonsems01
'I -This department 1987. The three Marion County, was established by interlocal agreement on July 1, parties to the agreement were the City of Ocala, and the Marion County School Board. The financial arrangement includes- the provision that each party will bear.the I. cost pro-rata two months prior to the to risk manager's efforts to each group. About the end of fiscal 1989 the school board opted
.g out of the agreement leaving an unpaid share balance of $11,147.- It g is doubtful that this will ever be collected.
are budgeted about equally with the city carrying $178,653 and the The costs for 1990 county $177,986. This is a reduction to the city of $29,496.as
'I compared with 1989. The Risk Management department is responsible for the procurement of insurance, either through an outside carrier or through self-insurance. The department is doing very well for the city especially in the area of the 125 plan.
91HEB_lUE9BMAllQU 10d ggggggp1_Aud111 The City Charter and state statutes require an independent audit of the books, financial records and transactions of oli administrative departments of the City by a Certified Pub)ic Accounting Firm selected by the City Council. In addition to 8- meeting -the requirements set forth in state statutes, the audit also
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I was designed; to meet the requirements of the-federal Single Audit- ] :t Act of 1984 and~related OMB Circular A-128. The auditor's report'on g the general purpose . financial statements and- combining and' B individual fund statements and schedules is incleded in tha financial. section of this . report. The auditor's.repoits related g specifically to. the single audit are' included in the S!.ngle Audit g Section. Awardgi' The Government Finance Officers Association of the United l B States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial' Reporting to the. City of Ocala, Florida for its comprehensive annual financial report for the fiscal year ended g September 30, 1988. This was:the seventh consecutive year that the g
. City has received this prestigious award.
In order to be awarded a Certificate of Achievement, 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 generally ' B accepted accounting principles and applicable legal requirements.- 'W. A Certificate of Achievement is valid for a period of one year only.- g-We believe our current report continues to conform to the g-Certificate of Achievement Program requirements, and we are submitting it.to GFOA. The Distinguished Budget Presentation Award was awarded to the City for its budget for year beginning October 1, 1988 by the Government Finance Officers Association of the United States and Canada (GFOA). g In order to qualify for the Distinguished Budget Presentation Award, W the government's budget document was judged to be proficient in several categories including ' policy ' documentation, financial . planning and organization. The City is very proud of this award. 6EhDgwlggggmRD1Ri The preparation of this report could not have been. accomplished without the assistance of Diane Cangelosi, - Assistant Finance Director, Barbara Edwards, Budget Analyst, Prudy Waite, Accountant, and Jerry Patton, Financial Analyst. Our grateful appreciation is also extended to our external auditors and .g to F.ric Lewerenz, Internal Auditor, who were very helpful. In g addition, our appreciation is extended to the City Manager, Assistant City Managers, and the City Council whose continued . interest in good fiscal city government continues to be an invaluable asset to the community. Respectfully submitted, o Y'h ,Y Robert F. Sprinkle Finance Director B
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- ca/ ~ foyee le: emet:
I l 40 -- F F 0 investment Increase I5'. 34.44 LLL Contributions-35- - g; ECD InitialInvestment-
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13: i is- - g 9 493
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- i . .
,. 1 Certificate of :
i I [ Achievement 3' x for Excellence ; g< ,c in Financial . Reporting ;
; I O Presented to g City of Oca a, l
. Florida : 3 o' For its Comprehensive Annual j Financial Report
- g j
for the Fiscal Year Ended ; September 30,1988 ; 5 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers g Anociation of the United States and Canada to g 1 ; government units and public employee retirement systems whose comprehensive annual financial ! reports (CAFR's) achieve the highest ' l standards in govemment accounting and financial reporting. q l"" g President g Y #"/ & c Executive Director !$ 1
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I CITY OF OCALA 4
.l ORGANIZATIONAL CHART CITY CO
_JUNCIL________,,& MAYOR , l CITY ATTORNEY l AUDITOR CLERK l t I ASSISTANT TO M CITY MANAGER _ ______ POLICE CITY MANAGER l 1 i l ASSISTANT ASSISTANT CITY MANAGER CITY MAN M ELECTRIC PUBLIC WORKS AIRPORT 00LF i HUMAN RESOURCES WATER & RISK I lSullDINJl l PLANNING l g rint PURCHASING ENoiNEERiNo luSRARY 00WNTOWN l 8 RECREATION
& PAR",9 I FINANCE i
TRAILER PARK l PLEET MANAGEMENT i - CITY OF OCALA l *~
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OCALA BOARDS AND COMMISSIOXS cmzo. - OCNA 9 cmr coum. myon a O ?
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I j FINANCIAL SECTION j n This Section contains the following Subsections:. z! !. l > ; Report of Certified Public Accountants -{~j I General Purpose Financial Statements Individual Fund and Combining Statements - By Fund Type . 3 -l m i m ;
-Q ,
l Single Audit Report 5' I Z ! L l l r , i 's l l 1 l I , I ;
E Peat Varwick Certified Public Accountants 111 North Orange Avenue. Suite 1600 I' RO. Box 3031 Orlando. FL 32802 Independent Auditorn' R gog The Honorab3e Members of City Council City of Ocala, Florida: I We have audited the general purpose financial statements of the City of Ocala, Flcrida, as of and for the year ended September 30, 1989, as listed in the accompanying table of contents. These general purpose financial statements are I the responsibility of the City's management. an opinion on these general purpose financial statements based on ost audit. Our responsibility is to express We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of I material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall -I- financial statement presentation. reasonable basis for our opinion. We believe that our audit provides a I In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of Ocala, Florida, at September 30, 1989, and the results of its operations and the cash flows of its proprietary and similar trust fund types for the year then I- ended in conformity with generally accepted accounting principles. As . discussed in note 3 to the general purpose financial statementst the City changed its method of accounting for self-insurance activities. Our audit was made for tbs purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining, individual fund, and individual account rm 23p financial statements and schedules listed in the accompanying table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial st atements of the I City of Ocala, F'lorida . Such information, except for the hit torical pension information included on pages 50 through 52, has been subjecte; to the auditing procedures applied in the audit of the general purpoce finan.lal statements and, in our opinion, is fairly presented in all material reepects in relation to the general purpose financial statements taken as a whole. I -xxvit-I BEEE =_._ .
I g Weeat Marwick I The schedule of historical pension information on pages 50 through 52 is not a required part of the basic financial statements br.t is supplementary information I required by the Governmental Accounting Standards Board. certain limited procedures, which cons is t e r'. k'e have applied principally of management regarding the methods of measurement and presentation of the inquires of I supplementary information. express no opinion on it. However, we did not audit the information and 24/Aa d Whi& I I ,,_ ,, ,,, ,,,, I I I I l I l I I I lI 'I -xxviii-I < i
l
,I I
e I b . .I H L I _g - GENERAL PURPOSE FINANCIAL STATEMENTS I-
. (Combined Statements - Overview) h These basic financial statements provide a summary overview of the.-
_. financial position of all funds and account groups as well as the operating l 3. results of all funds. They also serve as an introduction to the more detail-F B ed statements that are in the following subsections. {l I: m I El I
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x_-________.__- _-------._--_--_____-___-n-_--__-__.--------__.__ -_- - --_ - - --_-_____
e , CITY OF OCALA, FLOR 1DA
, COMBINED BALANCE SHTET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1989 I
Governmental Fund Types-Special Debt Capital
. Assets General Revenue Service Project Current assets:
Cash and investments $ 3,550 $ 229.956- $ - Equity in pooled cash and g investment fund 4,920,581 6,648,80P - 12,443,687 g Accounts and notes receiv-able, net of' allowance for doubtful accounts . 407,894 55,845 1,135,221 of $600,227 - Accrued unbilled revenues - - - - Due from other funds 287,277 57,624 - - g interfund loans receivable 2,680 - - 3-Inventories Other current assets 255.131 - - - a Due from other governments - 302,885 - 587,942 g-Total current assets 5.877,113 7,295,118 - 14,166,850 Restricted assets:- ' Cash and investments 51,475 41,547 507,026 -
; Equity in pooled cash and investment fund. 2,993,289 - 5,251,681 -
.g_
Accrued interest and divi- 3 dends receivable - - - - Other .2,029 - 1,923 - Due from other governmenes 248,245 - - - Total restricted assets 3,295,038 41,547 5,760,630 - Interfund loans receivable B after one year - - - - 3 Property, plant and equip-ment, net - - - - g-1ssuance costs on long-term g debt - - - - Amount available in debt service funds - - - - Amaunt to be provided for retirement of general long-term debt - Total assets $ 9.172.151 $ 7.336.665 $ 5.760.630 $ 14.166.850 Il
i. I
- g Fiduciary
- Proprietary Fund Types Fund Type Account Groups i ;; Trust General General Totals Internal and Fixed Long-Term (Memorandum
- Enterprise Service Ag Assets Debt Only)
$ 3,965 $ 500 $ - $ - $ --
$ 237,971 8,970,820 3,068.130 - - - 36,052,026 5,642,496 2,224 - - - 7,'243,680
- , 3,645,360 - - - - 3,645,360
; 733,277 22,516 - - - 1,100,694
; 130,500 - - - - 133,180 2,316,182 138,239 - - - 2,454,421 53,059 44,242 - - - 352,432
- 29,527 - - - 920,354 21,495.659 3,305,378 - - - 52,140,118 6,440,956 - 34,003,175 - - 41,644,179 51,368,791 - - - - 59,613,761 33,676 - 437,125 - - 470,801 46,640 - - - - 50,592 204.437 - - - - 452,682 58,094,500 - 35,040,300 - - 102,232,015 877,525- - - - - 877,525 99,404,969 6,597,794 - 13,940,970 - 119,943,733 1,277,085 - - - - 1,277,085
- - - - 5,760,630 5,760,630.
E - - - - 29,960,945 29,960,945
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$ 181.149.738 $ 9.903.172 $ 3_5.040.300 $ 13.940.970 $ 35.721.575 $ 312.192.051 (Continued) 8
CITY OF OCALA, FLORIDA COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30,-1989 (Continued) I Governmental Fund Types Special- Debt Capital Liabilities and Equity General Reve sse Service . Project Current liabilities: " Accounts payable $ 605,662 $ 249,055 $ -
$ 524,814 compensated absences payable 355.058 16.078 - -
Bonds and notes payatte within one year - - - - Accrued interest payaole - - - - Due to other funds - - - - Customer deposits - - - - Deferred revenue 98.145 274,011 - - Interfund loans payable .
- 2,680 - -
Total current' liabilities 1,058,865 541,824 - 524,814 Liabilities payable from restricted assets: Accounts payabic 145,312 - - - l 5 Accrued interest payable - - - - Deferred revenue 54,228 - - -
' Bonds and notes payable within one year -
Total liabilities payable from restricted assets 199,540 - - - .interfund loans payable after one year - - - - l Bonds and notes payable after one year - - - - 3 Total liabilities 1,258,405 541,824 - 524,814 Equity: Investment in general fixed assets - - - - - Contributed equity - Retained earnings: Reserved for debt service - - - - Reserved for renewal and replacement - - - - Total reserved retained earnings - - - - Unreserved - - - - Total retained earnings - Fund balances: Reserved for debt se rvice - - 5.760,630 - Reserved for retirement benefits - - - -
. Reserved for encumbrances 579,736 317,855 -
487.125 Reserved for restricted assets 2,874,240 41,547 - - Total reserved fund balances 3,453,976 359,402 5.760.630 487,125 Unreserved and undesignated fund balances 4,459,770 6,435,439 - 13.154,911 Total fund balances 7,913,746 6,794.841 5,760,630 13,642,036 Total equity 7.913,746 6,794.841 S 760,630 13,642,036 Total liabilities and equity $ 9.172.151 $ 7.336.665 $ 5.760.630 $ 14.166.850 s.e .cc,.ny1n, no t e. to m_1 1.t.t e..nt.. 3 g
1 m a Fiduciary Proprietary Fund Types Fund Tyne Account Groups Trust General General Totals Internal and Fixed Long-Te rm (Memorandum Enterprise Service AEeney Assets Debt Only)
- j $ 4.782,994 4 921.090 $ - $ -
$ 7,083,615 255,657 47,150 - - - 673,943
=
33,303 117,198' - - 1,167,389 1,317,890 2,730 10.898 - - - 13,628 618,643 482,051 - - - 1.100,694
- 1,999,078 - - - - 1,999,078 259.843 - - - - 631,999 130,500 - - - - 133,180 8,082,748 fa,578,387 - - 1,167,389 12,954,027 1,414.582 - 31,620 - - 1.591,514 2,694.618 - - - - 2,694,618 403,596 - - - - 457,824
_; 1,860,000 - - '- - 1,860,000 6,372,796 - 31,620 - - 6,603,956 I 877,525 - - - - 877,525
] 75,364,282 106,111 - - 34,554,186 110,024,579 90,697,351 1,684,498 31,620 - 35,721,575 130,460,087
- - - 13,940,970 - 13,940,970 21,265,041 1,286,775 - - - 22,553,616 1 10.797,956 - - - - 10,797.956 6.610,966 - - - - 6,610,966
] .
17,408,922 - - - - 17,408,922 51,778,424 6,929,899 - - - 58,708,323 69,187.346 6.929,899 - - - 76,117,245
- - - - - 5.760,630
- - 35,008,680 - - 35,008,680 1 - - - - - 1,384,716 j- - - - - -
,,2,915,787
- - 35,008,680 - - 45,069,813
- - - - - 24,050,120
- - 35,008,680 - - 69,119,933 90,452,387 8,218,674 35,008,680 13,940,970_ - 181,731,964
$ 181.149.738 $ 9.903.172 $ 35.040.300 $ 13.940.970 $ 35.721.575 $ 312.192.051
_ _ - _ _ - _ , . _ _ , _ - . - . . - . . - - . . . - . . . . - - . - . . . - . - . ~ II 1 i i
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CITY OF OCALA, TLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL COVERNMENTA' AND EXPENDABLE TRUST FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 1989 I Governmental Fund Types Fiduciary Fund Type Tetals
-I Re ven ue s :
General Special Revenua De b t Service Capital Prnject Expendable <Memerandus Trust Orly, Property taxes 5 6,114,815 5 46.427 8 - 5 - $ 9,655 5 6,1,097 Other taxes 786,021 - - - - 7e6,02! State revenue sharing 1,272,027 - - - - 1,2'2,027 0:her int e rgove rnment al revet,ues 3,028,424 2,740,709 - 470,582 - 6,239,715 Parking meters and facilities - 93,174 - - - 93,174
,I; Licenses and pettits Fines and forfeitures Charges for nervices 313,866 696,820 i47.291 376,590 43,783 1,007,703 690,e!6 7'.0,603 l 254,996 Interett '17,217 488 795 361,569 827,582 1,137 2,396, 300 ^
Gi'ta 7,615 1 416 - - - 9,D31 Other 88,40; 15,47) - 81,898 701 186,=76 j tal revenues Q 272,498 4,614,072 361,569 ~I,380,062 11,e93 19,t39,89e Espenditures Current: Gene ra l gove rnmer t and e dF- 11* stration 2,812,451 60,446 - - - 2,672,69~ Public safety 9.519,499 - - - - 9,519..,99 Fublic works 2,529.294 905,797 - 838,958 - e,274,069 Culture and recreation 1,808,834 1,189,611 - - - 2,948,-=5
-3 Housing rehabilitat ion 335,030 - - - - 335,030 hnndepartmental appropriatiens 330,614 - - 234,044 - So.,t58 Other 181,889 79,016 - - - 260,405 Lapital outlav 1,630,618 348,903 - 2,005.714 - 3,985,235 Lebt service:
Princ ipal payment o 40,892 - 875,000 - - 915,892 Interest and paying agents' fees 17,778 1,508 1,550,009 - 1,702 !,5?O,99? Intergovernmental 6F,0e4 1,632 - - - 69,696 Total expenditur(s 19,276,96'3 _2,586,91) 2,425,009 ?,078,'16 1,702 2',36',303 Excess (de t ic ienc v) of revenues
; over expenditures (6,002,405) 2,22',159 (2,063,440) (1,698,654) 1ss91 (7,527,*09)
Other financing sourc es (uses):
=
Debt proceeds - - - 13,848,614 - 13,648,0 e Transfers from other tunds 9,377,878 326,625 e,570,520 - 12.329 14.289,352
.ransfers (tc) other funds (2,503,895) (882,018) (92,000) (1,522,707) (22,320) (5,022,940) 1 53,393)
; total other sources fuses) 6,s73,983 6,476,520 12,325,907 ' 9, << 91 ) 23,115,026
] f.acesa ef revenues and othe r sources
, over expenditures and other uses 671,518 1,673,766 2,et5,080 10,627,253 -
15.5H7.617 Fund balances at beginning of year ',099,590 5,12i,073 3,3 5,550 3,953,710 - 14,519,425 fquity t rar.s f ere <tc) cther funds (57.362) _
- - ( C38,92' - m ,289)
Fund balances at and e ' tear S ' 913.746 5 6 '94.841 5 5.760.630 5 M s - 1 3 4 . '. ! i ;53 See accompanying notes to financial statements.
-I I
ig .
1 CITY OF OCALA FLORIDA F COMBINED STATEMENT OF REVENUES, EXPENDITURES AND l CHANGES IN FUND BALANCES - ACTUAL AND BUDG_ET GENERAL. SPECIAL REVENUE. CAPITAL PROJECT AND EXPENDABLE TRUST FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30 1989 I Ceneral I) Adjustments Actual Favorable-to on a (Unfa-- Budgetary Budgetary Revised- vorable) Actual Basis Basis _8udget Variance ' R;vinu:st - . 8 6.114.815 8 6.031.820. $
' Prop:rty taxes 8 6.114.815 $ - 82.995 -
Other taxes 786.021 - 786.021 787.000 (979) l State revenue sharing 1.272.027 - 1.272.027 1.300.000 (27.973) l Oth2r intergovernaiental revenues 3.028.424 (861.177) 2.167,247 2.283.5?.1 (116.274) ; Parking meters and facilities 1,1c:nses and permits 313.866 - 313.866 358.000 (44.134) ' Fin:s and forfeitures 696,820 - 696,820 718.377 (21.557)
'Cterges for services 247.291 - 247.291 342.549 (95.258) I fatsrest 717,217 (5.993) 711.224 7.615 643.070-5.385 68.154 2.230 l1 gI difts 7.615 -
Other 88.402 (30,325) 58.077 79,373' (21,296) 12,549,093 Total revenues 13,272,498 (897,495) 12,375,003 (174,092) Exp:nditure s s . Current: G:neral government and administration 2.'812.451 (130.495) 2.681.956 2.755.668- -73.712 Public safety 9,519.499 15.248 9.534.747 9.893.577 358.830 Public works 2.529.294 8.331 2.537.625 2.579.704 42.079 ' Culture and recreation 1.808.834 14.298- 1.823.132 2.013.164 190.032 Housing rehabilitation 335.030 (335.030) - - - - Nondepartmental appropriations 330.614 (120) 330.494 1.142.189 811.695 other 181.889 (181.808) 81 . 86 5 Capital outlay 1.630.618 311.115 1.941.733 2.339.646 397,913 l, , D)bt service g-Principal payments 40.892 - 40.892 40.892 - . Interest and paying agents' fees 17.778 (3.600) .14.178 14.180 .2 68,064 (9,516) 58.548 61,885 3,337 , Int:r.Tovernmental Total expenditures 19,274,963 (311,$77) 18,963,386 20.840,991 1,877,605 t ' Excess (deficiency) of revenues .
, . over expenditeres (6,002,465) (585,918) (6.588,383) (8.291,896) 1.703,513 Othe- financing sources (uses): . _
Operating . transfers from other funda 9.377.878 - 9.377.878 9.222.000 155.878 Op; rating transfers (to) other funds' (2,503,895) (18,655) (2,522,550) (2,505,143) (17,407) Total other sources (uses) 6,873,983 (18,655) 6,855,328 6.716.857 138,471 Exc:ss:(deficiency).of revenues and other _; sources over expenditures and other
. us:s before fund balance allocation 871.518 (604.573) 266.945 (1.575,039) 1.841.984 i Fund balance allocation - - - 1,575,039 (1,575,039)
Excess (deficiency) of revenues and o '.or sources over expenditures and otN e uses 871,518 (604,573) 266,945 - 266,945
; Fund balances.st beginning of year 7.099.590 (92.065) 7.007.525 7.007.525 -
Equity transfer (to) other funda (57,362) 57,362 _ Fund balances at end of year $ 7.913.746 $(M) $ 7.274.470 $ 7.007.525 $ 266.945 S;e recompanying notes to financial statements. I L
I I l I $pecial Reveraue Adjust. Actual Favorable I.. eents to on a (L'nf a. Budgetary Budgetary Revised vorable) Actual Basie Basis Budget Variance I. $ 46.427 8
$ 46.427 $
47.260 $ I'33) ! I 2.740.3709 93,174 376.590 43.783 2.740.709 93.174 376.590 43.783 2.756.148 54.500 376.500 45.900 (th631) (3.326) (2.117) 90 ; i 1.007.703 . 1.007.703 948.000 59.703 488.795 (49) 488.746 443.985 44.761 1.416 . 1.416 1.400 16 15,475 . 15,475 14.021 1,454 { (49) 4,e14,023 _4,727,714 86,309 I
-4,814.072 60,446 1.205 61.651 77.781 16.130 905.797 234.047 1.139.844 1.727.261 587.417 I_- 1.189.611 51.548 1.241.159 1.286.194 45.035
. . . . . i I 79.016 79.016 81.603 2.587 348,903 31.055 379.958 6.551.274 6.171.316 25.000 25.000 j 1.508 . 1.508 1.508 . i 2,200 I- 2,586,913 1,632 317,8T5 2,904,768 1,632 9,752,821 6,848,053 568 2,227,159 (317,904) 1,909,255 (5,025.107) 6,934,362 328.625 . 328,625 306.305 22.320 ,
(882,018) . (882,018) (880.018) (7,000) 1 (553,393) - (553,393) (573,713) 20,320 8- 1.673.766 (317.904) 1.355.862 (5,598.020) 6.954.682 I
. . . 5,598,820 (5,598,820) 1,673,766 (317,904) 1,355,862 . 1,355,862 ,
5.121 075 (543) 5.120.532 5.120.532 . l a a - a a a a a a I (Continued) I~ -- - - . _ _ _ _ - _ _ _ _ _ _ _ _ - - - _ _ - _ _ _ _ _ - _ _ - -_ _-_- _-___- _
CITY OF OCALA. FLORIDA I I C0MBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES - ACTUAL AND BUDGET GENERAL. SPECIAL REVENUE CAPITAL PROJECT Ah;Q 5-. EXPENDABLE TRUST FUND TYPES, (CONTINUED) FOR THE YEAR ENDED SEPTEMBER 30.-1989 capital Projset I Adjustments Actus! Favorable to
- on a (Unfa-Budgetary Sudgetary Revised vorable)
Actual Basis Basis Budget Variance e Revenuest - - $ - Property taxes - - Other intergovernmental revenues 470.582 (470.582) - 827.582 (206.962) 620.620 631,000 (10,380)- Ir.ts r ea t
'Other 81,898 (81,898) - - -
1.380,062 (759,442) 620,620 631,000 (10,380) Total revenues Expenditurest Currents 36.222 838.958 248.258 1.087.216 1.123.438 Pubite works 19.160 Nondepartmental appropriations 234.044 - 234.044 253.204 2.005.714 (1.513,131) 492.583 1.806.562 1.313.979 capital outlay - Debt service - - - - Principal payments - Interest and paying agents' fees - - Total expenditures 3,078,716 (1.264,873) 1.813,843 3.183.204 J,369,361 Excess (deficiency) of revenues (2,552.204) 1.358,981 over expenditures (1,698,654) 505,431 (1,193,223) Other financing sourceti (uses): 13.848.614 - 13.848,614 13.848.614 - Debt proceeds - - - - g Operatics transfers from othe- funda - (1,358,910) (1,358,910) - Operating transfers (to) other funds (1,522,707) 163.797 12.325,907 163,797 12,489,704 12,489,704- - Total other sources (uses) Excess (deficiency) of revenues and other sources over expenditures and other uses before fund balance allocation 10.627.253 669.228 11.296.481 9.937.500 1.358.981 '
- - - (9,937,500) 9,937.500 Fund balance allocation
. Excess (deficiency) of revenues and other 11.296.481 =
sources over expenditures and other uses 10,627,253 669.228 11.296.481 - Fund balances at beginning of year 3.953.710 (3.953,710) - - - Equity transfern (to) other funds (938,927) 938,927 - - Fund balsnees at end of year $ 13.642.036 $f2.345.555) $ 11.296.481 $
$ 11.296.481 3 See accompanying notes to financial statements.
I
. . g
t. ? L-Erpendable Trust Actual and Actual favorable on a (Unfa. Budgetary Revised vorable) , Pasta Budset Variance
$ 9.855 $ 9.855 t .
1.137 1.020 117 .l 701 701 . 11,693 11,576 117 i .M 21.600 21.600 1,702 1,702 . 1 1,702 23.302 21,600 9,991 (11,726) 21,717, 12.329- 12.329 . (22,320) - 22 320 (9,991) U (( M )) I . 603 (603)
. (603) 603 "n i, I I I
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CITY OF OCALA. FLORIDA COMBINED STATEMENT _OF REVENUES EXPENSES AND CHANCES IN FUND EQUITY L ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS FOR THE YEAR ENDED SEPTEMBER 30. 1989 l'iduc iary Proprietary Fund Types Fund Type Totals Internal Pension (Memorandum Enterprise Service Trust only) Opstating revenuest Sale of electricity 6 57.6?6.377 $ - $ -
$ 57.676.377
. sale of water 3.345.500 .- -
'3.345.500
' Sever and sanitation service charges 8.659.143 .
- - 8.659.143 Tees and rentals 1.525.285 5.611.717 -
7.137.002 Commissions 56.377 - - 56.377 City and state contributions - 1.669.153 1.709.524 3.378.677
. Employee contributions -
535.368 -204.923 740.291 Income on investments
- - 1.609.842 1.609.842 cain on sale of investments - -
853.361 853.361.
~ Net appreciation in f air value of investments - -
3.768.576 3.768.576. 2,249,844 122,910 - 2,372.754 Other 89,597,907i-~ Total operating revenues 73,512.526 7,939,148 8.146,226 Operati..g expensest Purchase of e4ectricity 31.917.495 - - 31.917.495
. Distribution 4.143.943 - -
4.143.943 Back-up 1.665.240 - - 1.665.240 l- - 321.811 Transmission 321.811 - Operation and esintenance 6.875.105 - - 6.875.105 Water and sewer treatment 1.527.456 - - 1.527.456 Sewer collection 731.653 - - 731.653 Tleet management - 2.138.302 - 2.138.302 Purchasing and warehousing - 528.546' - 528.546 Management informatten system, central reproduction and records management - 594.317 - 594.317 Building maintenance - 572.531 - 572.531 Pension payments - - 793.664 793.664 Administration 2.623.598 2.855.167 326.032 5.804.797 Depreciation and amortization 4.135.589 422.410 - 4.557.999-1,500.354 - - 1,500,354 Other 1.119,696 63,673,213 Total operating expenses 55,442,?44 7,111,273 18,070,282 827,875 7,026,530 25,924,o87 Operating income Nonoperating revenues '(expenses)t Interest income. 3.394.106 196,109 - 3.590.215 Interest expense (1.948.953) (20.563) - (1.969.516) 30,700 - - 30,700 Operating grants Total nonoperating revenues (expenses) I,475,853 175,546 - 1,o51,399 19.546.435 1,003,421 7,026.530 27,576,086 Income before operating transfers Operating transferst From other funds 1.300.447 2.500 - 1.302.947 (10.415,711) (153,648) - (10,569,350) (To) other funds (9,115.264) t' 151,14 8) <4,266.412) Total operating transfers - Net' income 10.430.871 852.273 7.026.530 18.309.674 27.982.150 112.173.557 Fund equity at beginning of year 76.882.368 7.309.039
-Equity transfers from other funds 938.927 57.362 - 996.289 Capital contributions from other sources 2,200,221 - - 2.200.221 Fund equity at end of year $ 90.457.387 $ 8.?ls.674 $ 35.008.680 $ 133.679.141 See accompanying notes to financial statements, k
CITY OF OCALA, FLORIDA COMBINED STATEMENT OF CASH FLOWS , ALL PROPRIETARY FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 1989 Proprietary Fund Types Enterprise Internal Funds Service C:sh flows from operations: Operating income $ 18,070,282 $ 827,875 J
-Adjustments to reconcile net income to ,
cash provided from operations: 422,410 E Depreciation and amortization 4,135,5d9 g Loss on disposal of property and equipment 197,210 62,120 Cash provided by (used for) changes in: , Accounts and notes receivable (208,607) 41,173 - Accrued unbilled revenue (538,494) - Due (to) from other_ funds 188,101 (209,5271 Inventories (466,290) 14,192 g" Other current assets 104,986 (13,277) 'ui Other restricted assets 500,763 - Accounts payable 600,576 520.402 3i g., Compensated absences payable 2,835 6,404 Customer deposits 130,246 - Deferred revenue (61,580) - Other restricted liabilities 126,005 - Net cash provided from operations 22,781,622 1,671,777 Czeh flows from (used in)-investing activities. E Purchases of property and equipment (17,097,607) (586,367) E l-Collection of special assessments 70,642 - Interest received 3,394,106 196,109 g, Net cash (used in) investing activities (13,632,859)- (390,258) g- ! Cash flows from noncapital financing activities: Operating grants 30,700 - Operating transfers to other funds (10,707,711) (153,648) : Operating transfers from other funds 1,592,447 2,500 Net cash (used in) noncapital ~ financing activities (9,084,564) (151,148) Cash flows from capital and related financing activities: a Payment of principal on debt
~
Equity contributions (1,538,303) 2,200,221 (115,778) g
. Transfers to other funds. 938,927 -
Interest paid (1,820,812) (23,077) Net cash used in capital and related tinancing activities (219,967) (138,855) Net increase (decrease) in cash (155,768) 991,516 Cash and cash equivalents at beginning of year 66,940,300 2,077,114 - Cash and cash equivalents at end of year $ 66._7,84. 5 32 $ 3.068.630 Sae: accompanying notes to financial statements. I
- 5:
8 Totals (Memorandum Only) I
$ 18,898,157 i 4,557,999 259,330 (167,434)
(538,494) I (21,421) (452,098)
, 91,709
.500,763 1,120,978 9,239 t 130,246 (61,580) 126,005 24,453,399 (17,683,974) 70,642
'g 3,590.215 g .. (14,023.117) 30,700 (10,861.359) 1,594,947 (9,235,712)
~
(1,654,081) 2,200,221 938,927 (l,843,889) (358,822) 835,748 69,017,414
$ 69.853,162 g; -12
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- CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS Jg1R THE YEAR ENDED SEPTEMBER 30, 1989 (1) Description of Funds and Reporting Entity B The City of Ocala, Florida (the " City") operates under a council-manager l form of government and provides the following services as authorized by its charter: public safety, public works, public utilities, culture, recreation and community development. The financial activities of all municipal boards and commissions that provide services to the citizens of the City, except for the Ocala Housing Authority, are included in the City's financial statements.
The City includes municipal boards and commissions within the City in its financial statements. in circumstances where the City selects the governing authority, designates management, has.the ability to influence I operations, and has accountability for fiscal matters of the municipal boards and commissions. The Ocala Housing Authority (the " Authority"), which provides public housing services in the City, is not included in the reporting entity of the City since the City, although appointing the governing authority, does not. influence the Authority's operations and is not accountable for the Authority's fiscal matters. The accounting records of the City are organized on.the basis of funds and account groups. . The operations of each fund are accounted for within-a separate set of self-balancing accounts that comprise its assets, liabilitien, fund equity, revenues, and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for;which they are'to be spent and the means by which spending activities are controlled. The various I funds are grouped = in the accompanying financial statements into seven generic fund types and three broad-fund categories: governmental funds, proprietary funds and fiduciary fund. Homogeneous funds are consolidated for purposes of financial statement presentation. Interfund transactions and balances are eliminated in the consolidation of homogeneous funds. Other funds . which are similar by type but not homogeneous are combined. Interfund transactions and balances are not eliminated en funds which are combined rather than consolidated. Governmental Funds Governmental funds include the General, Special Revenue, Debt Service, Capital Project and Expendable Trust funds. The measu ement focus of governmental funds is determination of financial position and sources and uses of resources rather than net income determination. The funds are maintained on the modified accrual basis of accounting. Generally, only currett assets and current liabilities are included on (Continued) I CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS Ii 1 their balance sheets. Their. reported fund balances are considered a I measure of available spendable resources. The following is a l description of the governmental funds of the City l General Fund The General Fund is the general operating fund of the City. It is used to 1 account for revenues and current, capital outlay, debt service and g l intergovernmental expenditures not specifically required by law or administrative action to be accounted for in another fund. All general g' property taxes (except for those levied for the Downtown Development Commission and those required to be deposited to the Community Redevelopment Tru.e Fund), franchise taxes, licenses, fines and'certain -l intergovernmental revenues are recorded in this fund. Current, capital . outlay, debt service and intergovernmental expenditures of the adminis- gI trative, public safety, public works and numerous other departments are 3 paid for through this fund.
]
Special Revenue Funds Special revenue funds are used to account for the proceeds of specific i. l revenue sources that are legally or administrative 1y restricted to expenditure for specific purposes. Special revenue funds used by the lR W-City are: Occupational License Business license and permit revenues, which are pledged as security for the Refunding and Improvement Excise Tax Bonds dated January 1, 19_72, are recorded in this fund. Revenues collected are transferred to the appropriate debt service fund as required. Central Florida Regional Library , This fund is used to account for Federal, state and county 3 contributions, and General Fund subsidies which are restricted for g the operation of the regional library. Off-Street Parking This fund accounts for the proceeds from the City's parking system. Downtown Development This fund accounts for property taxes levied against downtown property owners. (Continued)
- g-CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS 8
Local Gasoline Tax. This fund accounts for street related maintenance and improvement projects financed by the City's share of local gasoline taxes. These taxes are required by law to be used to maintain streets. Stormwater Utility This fund accounts for resources collected which are to ba s ed for additions to, improvements to and maintenance of the storm
- drainage system.
Debt Service Funds Debt service funds are used to account for the accumulation of resources I for the payment of principal, interest and related costs . of the City's general long-tem debt. Debt service funds used by the City are: Excise Tax Bonds This fund is used for the payment of principal, interest and related costs of the 1972 Refunding and Improvement Excise Tax Bonds. Improvement Bonds This fund is used for the payment of principal, interest and related costs of the Capital Improvement Refunding Revenue Bonds, Series 1986. I Improvement Certificates This fund . is used for.the payment of principal, interest and related I- costs of the Capital Improvement Revenue Refunding Certificates, Series 1988.
- Optional Gas Tax Bonds This fund is used for the payment of principal, interest and related costs of the Optional Gas Tax Revenue Bonds, Series 1989. -
Capital Project Funds The capital project funds are used to ccount for resources earmarked for the acquisition and construction of major capital facilities and other project oriented activities other than those financed by proprietary funds. Capital project funds'used by the City are: I (Continued) u t E CITY OF OCALA, FLORIDA NOTES TO FINANCIAL ST/.TEMENTS 8 Capital Improvement Construction Fund The Capital lmprovement Construction Capital Project Fund is used to I account for the resources earmarked for the acquisitica of right-of-way and the construction of and improvements to N.E. 14th Street, which is a major arterial street project. Optional Gas Tax Construction Fund This fund is used to account for resources earmarked for' construction of and improvements to several roadways exclusive of the NE 14th Street project. Proprietary Funds Proprietary funds include enterprise and internal service funds. The meas-urement focus of proprietary funds is determination of net income, financial position and cash flows. The generally accepted accounting a principles for proprietary funds are those applicable to businesses in g the private sector and thus these funds are maintained on the accrual basis of accounting. Accordingly, all assets and liabilities associated with their activity are -included on their balance sheets. Their reported fund equity is segregated into contributed equity and retained earnings components. Proprietary funds used by the City are as follows: . Enterprise Funds W Enterprise funds are used to account for operations that are financed and a operated in a manner similar to private businesses where the intent of g the governing body is that the costs (including depreciation) of providing certain goods and services to the general public be financed or recovered primarily through user charges or where the governing body has deemed that periodic determination of net income is-appropriate for
~
purposes of monitoring capital maintenance, accountability or ' other purposes. Enterprise funds used by the City are as follows: Bulk Power Supply Revenue 'h and Electric Revenue Funds For legal purposes, transactions pertaining to the City-owned portion of E. Crystal River Nuclear Plant No. 3 (CR-3) are' accounted for in a fund W (Bulk Power Supply Revenue Fund) separate from the fund which accounts for the transactions of the City's electric system (Electric g Revenue Fund). However, for financial accounting and reporting g purposes, these funds are consolidated and all interfund transactions, consisting primarily of sales and related purchases of (Continued)
--.-- - - - . . - - . _ _ _ '. - - - - - - m I
CITY OF OCA1A, FLORIDA I NOTES TO FINANCIAL STATDE.NTS I electricity, are eliminated in consolidatf.on. On a consolidated basis, the Electric and Bulk Power Supply Revenus Fund is used to account for the construction, operation, and maintenance of the City-owned portion of CR-3 and the City-owned electric system as well as sales of electricity and other services to the general public.
~I Electricity rates charged to customers are set by City Council within the rate structure established by the Florida Public Service Commission.
Water and Sewer Fund This fund accounts for the construction, operation and maintentnce et the City-owned water and sewer system. Sanitation Fund This fund accounts for the operation and tr . in t enanc e of the City's refuse collection system. Municipal Golf Course Fund This fund accounts for the construction, operation and maintenance of the City's golf courses. Fort King Tennis Court Fund This fund accounts for the operation and maintenance of the Fort King tennis courts, _3 e Municipal Trailer Park Fund
; This fund accounts for the operation and maintenance of the City-owned ] trailer park.
Ocala Municipal Airport (Jim Taylor Field) Fund This fund accounts for the construction, operation and maintenance of the City's airport. Internal Service Funds The internal service funds account for the operation of departments which exist solely to provide services to other City departments. The revenues of the internal service funds are derived from user fees
;g charged to other City funds. The internal service funds used by the i5 City are:
_I "
- - ----me. - - - - - - - - 7
8 CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS Internal Service Fund This fund accounts for the operation of management information system, g_ central reproduction, building maintenance, records management and g purchasing and warehousing departments. Fleet Management Fund This fund accounts for the operation of the fleet management department, which is responsible for replacing, specifying, acquiring, 3 maintaining and disposing of approximately 930 units of gas driven B. c';;is,menc. Self-Insurance Fund This fund accounts for the operation of the risk management department and for the costs of the City's self-insurance plans. Trust and Agency Funds The trust and agency funds of the City are pension trust funds and an expendeble trust fund. The trust funds are used to account for assets held by the City in a trustee capacity. The measurement focus and basis a of accounting of the pension trust funds are similar to. proprietary g funds and they are therefore maintained on the accrual besis of accounting. The pension trust . funds are utilized to account for the financial transactions of the City-administered pension plans. The measurement focus and basis of accounting of the expendable trust fund are similar to governmental funds and it is therefore maintained on the modified accrual basis of accounting. . Pension Trust Funds The Ocala Employees' Retirement Fund This fund provides regular benefits to all active and inactive participants of the former system. The Ocala Police Officers' Supplemental Pension Tund This fund provides supplemental benefiti to qualifying police officers. The Ocala Firefighters' Supplemental Pension Fund , This fund provides supplemental benefits to qua? Ning firefighters. j g B (Continued) l CITY OF OCALA, FLORIDA I Wf NOTES-TO FINANCIAL STATEMENTS . J Community Redevelopment Trust Fund The Community Redevelopment Trust Fund is used to hold funds collected
~
( fot' improving and redeveloping the. downtown area.. Ile, Account Groups Fixed assets 'and' long-term liabilities ' associated. with governmental funds l
; are accounted for in the General Fixed Asset and General Long-Term Debt !
Account Groups.- The two account groups are not funds and.are concerned. only with the measurement of financial position. 4 General Fixed Asset Account Group , Fixed assets used'.in governmental fund type. operations are. accounted'for in 'the General Fixed Asset Account Group. . Public' domain i (infrastructure) general fixed assets consisting; of' certain improvements other than buildings such as roads, sidewalks and
.g gl drainage - systems are not, however, capitalized as general fixed 1 a s s e *.s . i t- .
i l General Long-Term Debt Account Group 4 s
'Long-term liabilities expected to be financed from governmertal funds are accounted for in the General Long-Term Debt' Account Group.
'(2)
Summary of Significant Accounting Policies [Iy The accounting principles ~ and reporting practices of the . City conform to
, generally accepted accounting principles applicable to governmental ,
units. .The more significant of these policies- and ' principles are
' summarized-below:
1 !- ( (a)- Basis of Accounting .p h Accrual bcsis -
.This basis of accounting' is uti2.ized for the I
proprietary and pension trust funds. Under this basis, revenues are ;
- . recognized 'in the period earned and expenses are recognized in the i period incurred.
i
, f g
I l (Continued)
8 CITY OF OCALA, FLORIDA E a g NOTES TO FINANCIAL STATEMENTS 8 Modified Accrual Basis - This basis of accounting is utilized by the governmental funds. Under this basis, revenues are recognized when they become susceptible to accrual, that is, when they become both measurable and available to finance expanditures of the fiscal i period. All material revenues of the governmental funds, such as E other intergovernmental revenues and other taxes, are accrued or W _' deferred, as appropriate. Property taxes are not accrued since they are subscentially collected during the period in which they are due. [ Under the modified accrual basis, expenditures are generally recognized when the liability is incurred with the following exceptions: T{ Y [ . Principal and interest on general long-term debt are recognized as expenditures in the debt service funds when due. E B
. Prepaid items are reported as current oeriod expenditures
. rather than allocating the related expenditures to the periods g benefited, g g
. Inventory of governmental funds is reported as an expenditure L in the period purchased.
. Interest income on special assessments receivable is not accrued.
(b) A,nn,ual Budgets , Ar wnual budget is prepared for all governmental and proprietary funds _ except for one capital proj e c t and all debt service funds. The budget amounts presented in the accompanying financial statements for the governmental funds are as originally adopted, or as legally amended, by the City Council during the year ended September 30, 1989. The City Manager is authorized to transfer budgeted amounts between F departments within any fund; however, any budget amendments that alter the total expenditures of any fund must be approved by the City Council. During 1989, the City Council approved various supplemental budget appropriations to provide for unanticipated requirement 2 of the period. Budget appropriations may not be p legally exceeded on a fund basis. Appropriations lapse at the end g
- of each fiscal year. The budgets for the governmental funds are W k adopted on a basis consistent witt generally accepted accounting principles (GAAP) except that encumbrances are treated as .g expenditures. Accordingly, budgetary comparisons presented for the g governmental funds in the accompanying financial statements are en s
B (Continued)
- 2 0-
B CITY OF CCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS g
'~
this non-GAAP budgetary basis. In- addition, certain activities
-l :
accounted for- within the governmental funds are not formally
- budgeted by the City. Therefore, both : revenues and expenditures associated with those activities have- also been treated as !I'; adjustments to convert actual revenues and. expenditures ,of_ the governmental funds to a budgetary basis in order that the budgetary comparisons-reflect only those activities .for which legally adopted budgets are prepared.
Since the accounting principles applied for purposes of developing data
- on a budgetary basis differ significantly from those used to present financial statements in' conformity with generally accepted accounting principles, a reconciliation- of resultant basis, c - . perspective, entity and timing differences in the excess of revenues.
t and other sources of financial resources over expenditures and other
?
uses of. financial resources for the year ended September. 30, 1989 is presented below: Governmental Fund Types Special. Capital
- Genere.1 Revenue Project 3
Excess of revenues and-other sources of.
-financial resources over
!B . 1 expenditures and other uses of financial
-g resources (budgetary
$ 1,355,862 $ 11,296,481 g basis) $ 266.945 Adjustments:
Encumbrances 579,736 317,855 487,125 = Non-formally budgeted 24,837 (1,156,353)
-activities 49 Excess of revenues and other sources of g
I. financial resources over expenditures and other uses of financial resources (GAAP basis) $M $ 1.673.766 $ 10.627.253 8-g
,y ,
.e p}.
l} . CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS B-9;
. (c) Equity in Pooled Cash and' Investments The City maintains a pooled cash and investment fund which allows the
;various funds of the City to pool monies for. investment-purposes. .
The City . maintains records to id en t '. *' the equity of#each fund ' investing in the pool.as well as c. ., borrowed from the . pool. Investment earnings of the pool are iecorded as earned and are allocated to the participating funds based on the respective fund's l equity in-the-pool at the end of et.ch month. (d) Cash Flows For purposes of cash flows, cash and cash equivalents include cash on hand, amounts due from banks and pooled cash.
.-(e) Investments -
Investments, except those of the Pension Trust Fund, are stated at 'I cost, which. _together with the accrued interest ' receivable- E approximates market. Investments of the Pension Trust Fund consisting. of bonds, common' stocks- and short-term investments : are stated at fair market value based on quoted market prices at the
.end of the fiscal year.
Income from other investments owned by the individual funds:is recorded in the respective funds as earned. . (f) Inventories Inventories held by the proprietary funds consist of golf retail merchandise, equipment and supplies held for maintenance use or for
-capital improvements and are stated at the-lower of average cost or market. Obsolete and unusable items have been reduced to estimated 6 salvage values. .
(g) Property, Plant and Equipment : Proprietary Funds Property, plant and equipment of the proprietary funds are carried at historical cost, if known, or estimated historical cost. The. City used appraisals and other estimation techniques (indices) to estimete, when necessary, the originni historical cost of the units of property, plant and equipment. Since the development of . detail property records, all additions to property, plant and equipment of proprietary funds have been recorded at cost with retirements recorded using the established actual or estimated historical cost (net of accumulated depreciation). . (Continued)
1
=
CITY OF OCALA, FLORIDA
> NOTES TO FINANCIAL STATEMENTS Depreciation _is provided on all exhaustible assets of proprietary-funds on the stralght-line method over the following estimated useful lives:
(
. Buildings , 30 years Extensions and improvements other than buildings 30-60 years Fixtures, vehicles and equipment 5-15 years ; An annual depreciation rate of ' 3.6% is l applied to the historical-cost of Crystal River Unit . No . 3 -(CR- 3) . This annual depreciation rate was approved by the Florida Public Service Commission for use by Florida Power Corporation, _ the majority owner of . the project. The City's share of nuclear ~ fuel, which is
- - included in the CR-3 investment- account, is amortized on a unit-of-production method at a- rate based on actual BTU'e of energy; produced.
; Additions, improvements 'and expenditures that significantly extend the useful ' life of -c.ssets held by proprietary funds are capitalized. Other expenditures for repairs and maintenance are charged to operations as incurred.
Interest -costs, net of interest income, on assets constructed oro otherwise produced for use by proprietary funds is capitalized, as- appropriate. For the year ended September- 30, 1989,
$1,228,158 in net interest cost incurred.by the proprietary funds was capitalized.
Governmental Funds General fixed asset additions are recorded as capital outlay s expenditures in. the respective governmental ' fund and are
=- simultaneously capitalized at cost in the . General Fixed Asset Account Group, except for inf rastructure assets. Donated - fixed assets - are recorded at their fair market value on the date 7 donated. Unit costs of property and equipment recerced in the General . Fixed Asset Account Group were established at historical 4 cost or estimated historical cost in a manner similar'to fixed assets of proprietary funds. Depreciation is not. provided on general fixed assets.
Capital Leases and Installment Purchase Contracts
' Property and equipment and long-term liabilities associated with capital leases and installment purchase contracts of governmental funds are accounted for in the General Fixed Asset and General Long-Term Debt account groups, respectively. == (Continued)
, , , , , , , , , , , , , , y', \ - - ' - " " "
5 CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS I I The acquisition or astruction of general fixed arsets under a capital lease agreement or installment purchase contract is g recognized as an expenditure and other financing source and g principal and interest expenditures in the governmental funds on lease payments or installment purchase contract are recognized when due. Property and equipment and liabilities associated with capital leases and installment purchase contracts of proprietary funds g are accounted for and reported in the financial statements of the W respective proprietary fund. (h) Accrued Revenue Reverues of enterprise funds are accrued based on estimated unbilled services provided to the general public at the end of the fiscal year. (1) Property Taxes Property taxes levied by the City are billed and collected by the County and normally attach as an enforceable lien on property as of g January 1. on or before June 1. Generally taxes are levied on Nov.mber 1 and are payable Substantially all pro ierty tax billings are 5 collected during the fiscal period b il le d . Property taxes receivable at September 30, 1989 are immaterial. The City is permit ted under its charter to levy taxes up to $10 per
$1,000 of assessed valuation for general government services other g than the payment of principal and interest on general long-term debt g and in unlimited amounts for the payment of principal and interest on long-term debt. Additional taxes assessed for the payment of g general long-term debt issues of the City must be approved by the g public. The tax rate assessed by the City for the year ended September 30, 1989 was $5.080 per $1,000 of assessed property value<
(j) Interfund Payables and Receivables Interfund payables and receivables are non-interest bearing and g generally are liquidated monthly. Interfund advances are liquidated g in accordance with the City Council's resolution and may bear interest (note 6). P, c (k) Compensated Absences 2 i In g..ernmental funds the amount of compensated absences associated with employee vacations that are recorded as expenditures represent g\ p { [ the amounts accrued during the year that would normally be liquidated with available spendable resources. Accordingly, the g amount of the compensated absence liability that would normally be g )l (Continued) 1
CITY OF OCALA, FLORIDA ^ NOTES TO FINANCIAL STATEMENTS
^.
liquidated with; expendable available resources in the'next fiscal
=
year is reflected in the financial statements of governmental funds, The remainder of the compensaced absence- liability of governmental funds, if any, is reported it the General Long-Term Debt Account
- Group.
2 In proprietary funds, the amount of compensated absences associated
'r with employee. vacations that are - recorde_d as_ expenses represent the amounts accrued during the year and. the liability for compensated
-absences of these funds is reflected in the respective financial
, statements, w
(1) Pension Costs Pension plan contributions inclu'de provision for normal cost plus an-
. amount sufficient to amortize the past service liability over a - thirty-year period.
(m) Reserves of Retained Earnings and Fund Balance 7 i Reserves of retained earnings on the proprietary funds are created by 2 increases in net assets restricted for debt service and renewal and replacement. There is no reservation' of retained earnings for s assets set aside for construction under bond' indentures.- Increases in net assets restricted for debt service- and renewal and replacement - result from earnings on restricted assets included in consolidated net income of the proprietary funds' _and transfers to the restricted accounts. Increases in restricted assets decrease unreserved retained earnings. and increase reserved retained-1 earnings. The use of the restricted assets generates a _ restoration of unreserved retained earnings as debt ' payments are made and as renewal and replacement expenditure requirements are met.
;1 Fund balances of governmental funds are reserved for assets which have
- ' been legally segregated for specific f uture uses or which are not available for expenditure. Increases ' to these reserves are created by transfers to restricted accounts, earnings on restricted assets and gifts designated by the donor for a specific use.
~
In addition, open encumbrances at year-end are reported as-reservations of fund balance to reserve that portion of the current year budget appropriatiori which has not been recognized as aa expenditure or a liability. (n) Capital Grants and Contribu,tions Program and capital grants received by governmental funds are recorded
- in:the ' applicable governmental-fund as receivables and revenues at the time reimbursable costs are incurred and all significant grant restrictions are satisfied. Grant revenues received in advance of
-i (Continued)
I CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS B meetinE all major grant restrictions are deferred. Capital grants for general fixed asset additions prior to October 1, 1977 are recorded in the general fixed asset account group as investments by the governmental fund which expended the grant monies. Capital grants for general fixed asset additions subsequent to September 30, 1977 are recorded in the general fixed asset account group as contributions f rom Federal or state grants. l W Capital grants received by proprietary funds are also recorded as receivables when reimbursable project costs are incurred or as deferred credits if the grant money is received in advance of project expenditures. Capital grants and other contributiens for fixed asset additions to the proprietary funds prior to October 1, g 1977 are recorded as additions to retained earnings. Capital grants 3 and other contributions for fixed asset additions to the proprietary funds subsequent to September 30, 1977 are recorded as additions to g contributed equity. De prec iation on proprietary fund assets g purchased with ecpital grants or other capital contributions is not closed to contributed capital. Contributed assets, including property and equipment , are recorded in proprietary funds and in the general fixed asset account group at fair market value at the time received. (o) Bond Discounts and Issuance Costs B Bond discounts and issuance costs are deferred and amortized over the g term of the bonds using the bonds outstanding or straight-line 5 methods (which approximate the interest method). Bond discounts are presented as a reduction of the face amount of the related bonds payable and issuance costs are recorded as other assets. (p) Administrative Fees Certain administrative expenses are incurred hv the City's Electric g Revenue Fund on behalf of the Water and Se < id Sanitation funds. 3 The Electric Revenue Fund charges for theo < vices based on the receiving fund's original budgeted appropricaons. The reimburse-
'nent for these services is recorded as an ating expense of the Water and Sewer end Sanitation funds and as a reduction of administrative exper.se of the Electric Revenue Fund.
The City's General Fi nd also incurs certain administrative expenditures on behalf of ocher funda c. t the City. The General Fund is reimbursed for these expenditures based on actual cost allocations. g The amounts reimbursed arc recorded .w a teduction of expenditures g of the General Fund. The related reimbursements are recorded as either an operating expense of the proprietary funds or as an expenditure of the governmental funds. (Continued)
o .- CITY'0F OCALAh $'LORIDA NOTES TO FINANCIAL STATEMENTS 4 (q) Encumbrances Encumbrance accounting, under which purchase orders, contracts and B other commitments' for _the ' expenditure of _ monies are recorded in order- to reserie a portion' of the appl 1 cable budget appropriation,
-g is utilized by ' tia governmental funds ' of the City. Encumbrances 3; outstanding at year-end are reported as reserves of fund balance of governmental _ funds since they do ' not constitute expenditures or liabilities. They are recognized as expenditures in the period- in
! which -the actual goods or services: are received and .a liability is incurred.
(r) Total-Columns-on Combined Statements - Overview The columas; entitled " Total (s) (Memorandum Only)" included in the
'g> General Purpose Financial Statements (Combined Financial Statements-
-g; , Overview) section of this report are presented only _ to facilitate financial analysis.. These total columns are not . comparable to consolidated financial information as the basic reporting entity is
.by fund type which' ' utilize - dif fering bases of accounting.- In addition, interfund eliminations have not been made in- the aggregation of~this data.
(3) Reporting Change Effective October 1, 1988, the City adopted: the Governmental - Accounting Standards Board-Statement No. 10 " Accounting and Financial Reporting for-
~
Risk Financing and Related Insurance Issues" (Statement 10). Prior ' to 1989, the City had reported the self-insurance.and relcted activities as I- a part of the general. fund. Statement 10 permits the city to account for the~ self-insurance activities as- an internal- service fund.
- j. Accordingly, the City has accounted for the transfer of the risk
_.5- management assets from the General Fund to an Internal' Service Fund as a residual equity transfer. (4) Equity in Pooled Cash and Investments, Cash and Investments l The City maintains a cash and investment pool that is available for use by all funds, except the pension trust funds and other funds required to have separate bank' accounts. Each fund type's portion of this pool' is g- displayed on the combined bala'nce sheet as " Equity in pooled cash and W. investments". In addition, investment $ are held separately by several of the City's funds. The depoaits and investments of the pension trust
. funds are held separately from those of other City funds.
)
(Continued)
8 CITY OF OCALA, FLORIDA } t NOTES TO FINANCIAL STATEMENTS- - g= (a) Deposits Florida Statutes require that all depositories holding public. funds g collateralize deposits in excess- of FDIC insurance with the f State 3 Treasurer.- Required collateral - must be at lea'st . equal .to 'the greater of 50 percent of the average daily balance, for each month, o f. all public deposits in excess of any applicable deposit insurance - held by the depository during the .12 calendar months immediately preceding the date of any computation, or 50 percent of
~
the public deposits in -excess of _ any applicable deposit insurance 2 held by the' depository as of ' the date of = any computation. The - Treasurer may assess other qualified public depositories .for a pro rata share of any loss _ suffered by a public depositor in excess of g its depository's collateral. 3 At year-end, the carrying amount of-the City's deposits was $1,458,870 and the bank balance was $2,130,441. Of the bank balance,.$243,572 was covered by federal depository insurance, and the. remaining.
$1.886,869 was covered by collateral held by the Treasurer of the _
State of Florida or his designated custodian. Funds not prohibited by bond covenants have pooled their cash balances in order to' maximize investment earnings. The- City's banking 'g arrangement requires the City to maintain a compensating average g bank balance of $650,000. This compensating balance is in lieu of-direct service charges and earns interest at the money market rate.
-(b) Investments I
Florida Statutes authorize the City to invest in the State ' Board of B' Administration Fund, obligations of the U.S. Treasury and U.S. B-agencies, and interest-bearing time deposits ' and savings accounts in banks. and savings and loans provided such deposits are i collateralized .as described above. Assets of the Ocala Firefighters' Supplemettal Plan and the Ocala Police Officers'
~
Supplemental Plan may also be invested, under state statute, in corporate bonds, corporate stocks, commercial- paper and life insurance contracts. The State Board of Administration Fund is an investment pool -g administered by the State of Florida. Investments held in the 3 State Board of Administration Fund consist of short-term Federal agency obligations, treasury bills, repurchase agreements, and . commercial paper. These short-term investments are stated at cost, . which approximates market. Investment income is recognized as earned and is allocated to participants of the fund based on their equity participation. (Continued)
? CITY OF OCALA FLORIDA-NOTES TO FINANCIAL STATEMENTS The City's cash and finvestments' are categorized by type to give an
-indication of.the level of credit risk assumed by the' City at year
, I end. Category- ~1 includes investments that are- insured- or registered or for.which the securities are held by the City or'its agent in the City's name. = Category 2 includes uninsured and e
(- unregistered investments . for which the securities are . held by the - City's custodian in the-City's name. Category 3-includes uninsured t
;g and unregistered investments for which the secu'rities are held by -
h ;;.( :- the City's custodian but not in the City's name. 1 - Category Category Category Carrying. Market 1 1 2 3 Value - Value
~
U.S. Government securities $ - $ - $ 14,379,897 $ 14,379,897 $ 14,379,897 21~,957,950 Common Stocks - - 21,957,950 21,957,95G
$ $ _ $ 36.337.847 36,337,847 36,337,847 Investment.in state treasurer's investment pool 99,751,220 99,751,-220
- Bank deposits- 1,458,870- 1,458,870 Total cash and investments and equity in
=
pooled cash $.137.547.937- $ 137.-547.937 lThe pension trust funds own approximately 90% of the investments in Category 3. [ g; lg: I . B g;
, . g; (Continued) <
i il CITY-OF OCALA, FLORIDA i .h"', ' NOTES TO FINANCIAL STATEMENTS (5) Interfund Receivables /Payables 1 The following, summarizes the interfund receivables and - payables of the h~ !
- mu ,;
various funds of-the City at September 30, 1989: i
.Interfund- Interfund Fund Receivable Payable l
-Interfund Receivable'/ Payable: ['
General Fund $ 287,277 $ - o Special Revenue Funds:- g[ Central' Florida Regional' Library- 10,221 -- W., Off-Street Parking 5?1 - Downtown Development 533 -- g;
' Local-Gasoline Tax 800 5i t
Stormwater Utility 45,537 - 57,624 - Futerprise Funds: Ex - Electric and Bulk Power Supply Revenue 82,201 618,643
-Water and Sewer 399,015 -
;g. -
Sanitation 233,420 - m; Municipal Golf Course 12,940 - Fort King Tennis. Court 267 - g' Municipal Trailer Park-Ocala Municipal Airport 893 -
-g.
4,541 - _ 733,277 618,643
.g !
Internal Service Funds: =' Internal Service 13,377 ;- Fleet Management 9,139 - Self-insurance - 482,051 3, 3:! 22,516 482,051 Total $ 1.100.694 $ 1.100.694 .
~(6)' Interfund Transactions 1 On April 14, 1987 the City Council authorized a loan of $216,525 from the Water and Sewer Fund to the Municipal Golf Course Fund. This interfund g
- .. loat-bears interest at 6.5% and is to be repaid over a five year span.- g<
At September 30, 1989, $141,525 of this loan is long-tetu. Interfund interest recognized'on the loan in fiscal year 1989 is $14,074. I (Continued) I -
~30-
CITY OF OCALA, FLORIDA-4c l NOTES-T0 FINANCIAL STATEMENTS
~
During the 1988 budget process, City Council approved a loan of $25,000 f rom _ the General Fund to the Of f-Street ' Parking Fund. This interfund loan bears interest at 6% and is to be repaid in four years starting in
-B' 1989. Since the intended use for the fund did - not materialize, this loan was- entirely repaid during fiscal 1989. Interfund interest recognized on this loan in fiscal year 1989 was $1,508.
1987, the City Council approved 'a loan f rom the Electric
~
On November .10, Revenue. Fund to the Municipal Golf Course Fund. for the cost of the Pine In September 1988, the actual-
-Il Oaks Clubhouse in exceen of $800,000.
interfund loan was made for $555,000. This interfund loan ' bears interest at a fluctuating rate using the same rate the City receives on - 7 its investments with the. heate Board of Administration of-Florida. The loan is to be repaid over a ten-year period. At September 30, 1989,
~
$444,000 of this loan is long-term. Interfund interest recognized on this loan.in fiscal year 1989 is $49,326.
.B On March 1, 1988, the City Council authorized a loan of $25.000 from the General Fund to the Downtovn Develment ' Fund . This interfund loan bears interect at 6.5% and is to be repaid by , aenue - generated by tax increment financing as it begins to accrue. At Leptember 30, 1989, none f of this loan is long-term. Interfund interest recognized on this loan i in fiscal year 1989 is $1,702.
On February.14, 1989, the City Council authorized a. loan from the. Electric
'g Fund to the Airport Fund of~$345,000 fer the City's portion of the costs 3 of the airport operations center. On March 14, 1989, the amount of this loan, which bears . interest at a fluctuating rate based ~ on the _ State Board of Administration interest,- was reduced to $292,000. The loan, which.was made in September 1989, is to be repaid over a fifteen-year period. At September 30, 1989, all of this loan is long-term. There was no interfund interest recognized on this loan in fiscal year l1989.
During'the year, the City constructed certain water and sewer improvements which were financed by the Bonds Proceeds recorded in the Capital
.g Projects Fund. These improvements totaling $938,927 were contributed to
'g.
the ' Water and Sewer Enterprise Fund and the transaction was accounted for as a residual equity transfer. B
'I B
I (Continued)
'! { } , ,-
'W g CITY OF OCALA, FLORfDA NOTES'TO-F'INANCIAL STATEMENTS g;'
f(7)1 Property and Equipment
, Property ~and equipment of the proprietary fund types at September 30, 1989 is summarized as follows:
Enterprise Internal Service-Funds- Funds- E' g Buildings $ 3,633,210 $ 5,205,493 Extensions and improvements other g than buildings . 91,814.515 796,992' g Crystal River Unit No. 3 11,752,201 --- Fixtures, vehicles and equipment 6,029,192 2,014,016-113,229,118 8,016,501 Less-accumulated depreciation 37,681,905 1,'755,915 L 75,547,213 6,260,5861 Land 6'387,531
, 312,446 Construction-in progress 17,470,225 24,762
$ 99.404.969 $ 6.597.794 --
The cost of Crystal- River Unit No. 3 (CR-3) represents the City's 1.3333% share of the ownership of a nuclear power generating plant (bulk ' power supply system) acquired through a participation agreement with Florida , Power Corporation (FPC). Under the participation agreement, FPC is-acting as agent for the City in the maintenance and operation of the plant. The City is committed to pay its ownership share ,of the g.
-operational costs of the plant as well as capital improvements nuclear g.
fuel procurements and plant decommissioning costs. For its investment, the. City receives the ratio of its percentage . ownership in the net _ energy output of the.CR-3 plant. In~1976, the Cicy Council adopted resolution 76-44 which authorized the construction of the Municipal Service Complex to house the operations of g the electric, water and sewer. and other public workr actjvities of the W City. The cost of the Complex has been partially financed by contributions from various City funds and is being accounted for within g the internal service fund since operations of the Complex are funded by g user charges to the respective funds utilizing the Complex. The following is a summary of the changes in the City's general fixed assets for the year ended September 30, 1989: I g; 8 (Continued)
~32-z
I
. CITY OF OCALA FLORIDA NOTES TO FINANCIAL STATEMENTS I
Balance at Balance at-October 1 September 30 1988 Add itions Retirements 196? Property, plant and equipment: Land 8 3.392,830 $ - $ -
$ 3.392.830 Buildings 3.716.238' 29.491 - 3,745,729 I Equipment. furniture and fixtures Lonstruction in progress 6.045.330 16,000
$ 13.170.398 1,219,157 373,592
$ l.622.240 851.668
$ gj3 6.412.819 189.592
$ 13.940.970 Net investment in general fixed assets:
Investment in property acquired prior to September 30, 1975 4 5.599.936 $ - $ -
$ 5.599.936 Investment in property acquired after September 30. 1975:
IL - Capital project funds Gineral fund 502,653 2,832,612 991,949 530,640 502.653 3,293.921 Special revenue funds 1.709.557 333.844 44.949 1.998,452 rederal and state grants 859.305 10.357 167,957 701.705
-I Capital equipment fund- 1.666,335 286,090 108,122 1,844.303
$ 13.170.398 $ 1.622.240 $M $ 13.940.970-(8) Pension Plans l The City maintains a single-employer, defined benefit pension plan which covers substantially all of the City's ' employees (General Plan), a single-eaployer defined benefit pension - plan which covers all of its full-time certified law enforcement, officers (Supplemental Police
-Officers' Plan);and a single-employer defined benefit pension plan which
,, covers all of its full-time certified' firefighters (Supplemental Firefighters' Plan).
(a) Plan Descriptions and Provisions General Plan The General- Plan is a noncontributory defined benefit pension plan covering substantially all employees of the City. The amount of.the covered payroll for the year ended September 30, 1989 was
$17.238,569.
Employees . are eligible to retire at age sixty-five (65) with ten (10) years of credited services or may elect early retirement with twenty-five (25) years of credited service or at age fif ty-five (55) I with ten (10) years of credited service. after ten (10) years of credited service. Employees become vested g g 1 B .
^ $ ,7
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS ll ' i 1 Supplemental Police Officers' Plan I The Supplemental Police Officers' Plan- 1s. a contributory L defined la , benefit pension plan covering any person employed full-time in the Ocala Police' Department who is certified as a law enforcement officer in compliance with the provisions of- Chapter 943.14 ef the - Florida Statutes. The Plan supplements the General Plan which , covers all' qualified employees of the City. Florida Statutes. . t o Chapter 185 allows- contributions to_ the Plan by the State of-l Florida. The amount. of the covered payroll for the year ended' lc ptember 30, 1989 was $2,961,054. ' l A law enforcement officer is eligible to retire on the first day of the - month following his sixtieth (60) birthday or may elect to - take o early retirement upon the completion of. twenty-five (25) years of b service or age fifty (50) and at least ten (10) years of service and I !- begin receiving a benefit from the Plan payable until age sixty-five: c (65). Law enforcement officers become vested in the Plan after ten . l (10) years of credited service, a l L Pursuant to Florida Statutes Section 185.08 an- excise tax amounting ~ to , 1% of the gross amount of receipts of premiums from policyholders on all premiums co_llected on . casualty insurance policies covering property within the corporate > limits of the City,- is collected by the Insurance Commissioner. Such amounts collected by the Insurance. ET Commissioner, less expenses, are contributed' annually to the Plan. 5 The City does not contribute to the Plan. _The law enforcement officers contribute 1% of their weekly' earnings to the Supplemental n 4 Police Officers' Plan. g Supplemental Firefighters' Plan The Supplemental Firefighters' Plan is a contributory defined benefit pension plan covering any person employed full-time in the Ocala < Fire Department who is certified as a firefighter as a condition of- 33 employment in accordance'with the provisions 'of Section 633.35 of E the Florida Statutes. The Plan supplements the General Plan 'which covers all qualified employees of the City. Florida Statutes Chapter 175 allows contributions to -the Plan by the State of L Florida. The amount of the covered payroll for the ~ yeer ended , i September 30, 1989 was $2,014,904. .; On either the first day of the month following his fifty-fifth (55) birthday or the first day of the month following his thf-tieth (30) year of credited service, a firefighter is eligible to retire and begin receiving a benefit from the Plan payable until age sixty-five !
, (65). Firefighters become vested in the Plan af ter ten (10) years of credited service.
(Continued) i' , a g 2 CITY OF 0CALA, FLORIDA
. NOTES TO FINANCIAL STATEMENTS B
-g , s-Pursuant to Florida Statutes Section' 175.101 an excise tax amounting to [ig- .two . percent of the gross amount. of receipts' of premiums from policyholders on all premiums: collected on property insurance policies covering property within the corporate limits of the' City, is L collected by the 3 Insurance Commissioner. Such amounts collected by the Insurance Commissioner, less expenses, are contributed annually to the Plan. The firefighters contribute 8.42% of their weekly earnings to the Supplemental Firefighters' Plan. (b) Investments _gl
~g The three aforementioned plans pool their investnents.. Interest and dividend income, gains - on sale of investments and appreciation in fair market value of investments are allocated among the three plans monthly based upon the. fund balances.of the respective funds-at the
-beginning of each month.
Investments of the three plans, consisting of bonds, common stocks and
. short-term investments ' are stated at fair market value based on quoted market prices at the end of the fiscal year. ~
(c) Funding Status and Progress
~
The amounts shown- below as " pension benefit obl'igation" are a 3
" standardized . disclosure measure of the pfesent value o'f pension benefits, adjusted (for the ef fects of projected salary increases, 3 y ,pstimated to be payable in the future - as a result of . employee I
} service to date. The. measure is the actuarial present ' value of
- credited projected benefits and. is intended to help users assess the ,
Plans' funding status on a going-concern basis.-assess progress made
-I in accumulating sufficient assets to pay benefits when due, and~make comparisons among defined benefit pension plans. The measure is -- independent of the actuarial funding method used to determine contributions to the Plan.
The pension benefit obligation was determined as part of an actuarial valuation at October 1, 1987 for the Police Officers' and Firefighters' Plans and October 1, 1988 for the General Plan. Significant actuarial- assumptions used include (a) a rate of return on the investment of present and future assets of 8% per year compounded annually and (b) projected salary increases of 6% per year compounded annually, attributable to seniority increases and i inflation, m
-1 (Continued) kI
^
o ^ _ I
1 I CITY OF OCALA FLORIDA NOTES TO FINANCIAL STATEMENTS
- Total . assets in excess. of pension benefit obligation of - each of the - g three Plans at October 1,' 1988 and October 1, 1987 are summarized as B-follows:
October'1, 1988- -October 1, 1987
- Police General Officers' Firefighters'-
Plan Plan Plan Pension-benefit' obligation. g Retirees and beneficiaries g currently. receiving benefits and-terminated - employees not yet ' receiving benefits $ 5,172,000 .$ 283,200 $ 42,800 Current employees:._ Accumulated employee _B l-contributions including l, ' allocated investment 3 i: - earnings and state- g financed - vested 804.000 1,828,300 1,658,900
' Employer financed vested > 7,993,000 - -
Employer financed nonvested 2,044,000 212.200 167,100 Total pension benefit. ' -
, obligation 16,013,000 2,323,700 1,868,800 c_
Net Assets available for g-benefits, at market, at g, October 1, 1988 or October 1,- 1987 21,889,000 3,204,590 2,030,636 Assets in excess of pension ll benefit obligation at W October 1, 1988 or October 1, 1987 $ 5.876 dQ2 $ 880.890 $ 161.836 (ed) Contributions Required and Contribution Made The Plan's funding policy provides that annual contributions at actuarially determined rates, e xpressed as percentages of annual covered payroll, be sufficient to accumulate sufficient assets. to pay benefits when due. The contribution rate for normal cost is determined using the aggregate actuarial funding method. O (Continued) 0-..
,. 3 -
'.A'-
. CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS B
The significant actuarial assumptions used to compute the actuarially determined contribution requirement are the same as- those used to B! l ~ compute pension benefit obligation as described above.' The contribution requirement ' for the General Plan for 1989 determined through an actuarial valuation performed as of October 1, -1988 was: IlL :$598,919 '(3.47% of current' covered payroll). Actual employer
. contributions ' amounted 'to- $1,331,195 (7.2% of current 'ecvered-payroll).
The contribution requirement for the Supplemental Police Officers'~ Plan for 1989 determined through an actuarial valuation performed as of October 1, 1987 was $190,819 (7.6% of current covered payroll). Actual employee: contributions totaled $30,145 (1.0% of current covered payroll) p.d actuat state contributions amounted to $258,380. (8.7% of current covered payroll). The contribution requirement for the Supplemental Firefighters' - Plan ' I for 1989 year determined through an actuarial valuation performed as-of October 1, .1987 was $190,819 - (7.6% of current covered payroll) . Actual employee _ contributions totaled $174,778 (8.7% of current covered. payroll)'and actual state contributions amounted to $119,949 (6.0% of current-covered payroll). I:- (e) Trend Information Three year historical trend information for the these_ pension plans is not available. However, the required disclosure for the' year ended-September 30,1989 end 198818 as follows:
~
1989 1988 . Net assets available for benefits as a I percentage.of the pension benefit obligation: General Plan Supplemental Police Officers' Plan 136.7% 140.2% 137.9% 137.9% Supplemental Firefighters' Plan 108.7% 108.7% Contributions as a percentage of annual covered payroll, all made in accordance with I actuarially determined requirements: General Plan 3.47% 5.1% Supplemental Police Officers' Plan 8.7% 9.7% Supplemental Firefighters' Plan 6.0% 9.1% B I (Continued) 6 >
8.: CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS (9) Proprietary Funds - Long-term Debt Enterprise. Funds s ' Following is a maturity schedule of - outstanding debt of the enterprise
> funds:
..r... ,9,, ..r... , ,8, . ..r... ,,86 ..r... ,,88 I
Bulk Water Bulk . Water Power Water and Sewer Power- and Sever Ft. cal Supply and Sewer Refunding. Supply Re f und ing lastallment Total
= Year Ended Revenue Revenue . Revenue Revenue Revenue. Note - Principal September 30, Bonds Bonds . Bonde Re f urid ina Bonds Payable M 1990 $ 380,000 9' 240,000 4 185.000 $ l.055.000 $ -
4 33.303 $ 1.893.303 395.000 360,000 195.000- 1,105.000 - 33.303 2.088,303 1991 1992 415.000 435.000 205.000 1.170.000 - - 2.225.000' . 199) 435.000 465.000 220,000 1,230,000 - - 2.350,000. ' 1994 460,000 505,000 230,000 1.305.000 45.000 - 2.545.000 8,070,000 - 39,200,000 7,655,000 12,405,000 .- 67,280.000 ' 1995-2016 Total long-term debt 10,105.000 2,005.000 40.235.000 13.520.000 12,450.000 .66.606 78.381.606 1.e a s i Current portion 380,000 240,000 185.000 1.055.000 - 33.303 1,893.303 Unamortised discount 76,647 27,468 642,188 173,163 '04,555 - t,124,0?! Total long-term portion 8 9.648.333 $ 1.737.332 4 39.407.812 4 12.291.237 $M $M $M . Interest rate 4.9 - S.731 ' 7.0 - 8.01 3.6 - 7.4% 5.0 - 6.731 6.15 - 7.8731 - Mt
, . I The bulk power supply revenue and revenue -refunding, and water and sewer <
revenue and refunding revenue bonds are each secured by the net - operating revenues of the respective fund. The City is in compliance with all significant limitations and restrictions contained in the . various bond indentures. Following is a schedule of debt service requirements to maturity for all. outstanding bonded debt of the City's enterprise funds as of g September 30, 1989: g I 8 I (Continued)
~38-a i
r CITY OF OCALA, FLORIDA.
-NOTES TO FINANCIAL STATEMENTS i i
Series 1977 Series 1985A Series'1986' Series 1988 Bulk Wateru Bulk Power- Water
-[
Power Water and. Sower' Supply ar.d Sewer' , Total' ' ' I.. - Fiscal - Year Ended Supply Revenue and Sewer
-Revenue Refunding Revenue
- Refunding -Principal-Revenue Refunding . . Revenue .and Interest i September 30 Bonds Bonds Bonds Bonds Bonds h 7
-1990 $ 929,688 8 383.562 $ 3,097.307 $ 1,841.100 $ 948,311 8 7.199,968 1991 925.503 482.112 3.096,412 1.835.718 948,311 7.288.!!6
.1992 925.044 527,750 3,094.774 1.839.537~ 948.311 7.335.416
- 1993 -923.154' 523.419 ,3.097,016 1.832.307 948,311 7,324.207 't 1994- 924.652 525.200 3,093.057 1.833,755 . 991.927'- 7.368,591.
- 1995' 3.615,496-
=
924.368 - 1.833.708 1,182,825 7.556.397, 1996 927.239- 3.622,295 1997. 923,354 1,831,588- 1.181.658 '7.562.780' . 3.614.204 .1,830.938' l.183.828. 7.552.324l ; 1998 922.688 - 3.615.877 1.830.748 .l.179.418, 7.548.731' I< s1999' 924.930 - 3.607,057-' 1,617,819 1,183.348 7.333.154 2000 924.910 - 3.607.211- - 1,175.583 5.707,704. 2001 922.761 - 3.605,764 1,180.901' 923,315
'5.709.426 2002 3.602.474 -
1.'173.265'. 5.699,054 ' , 2003- 916.563 - 3,597,209 - 1.177.574 5.691.'346>
-2004 917,332 -
3.590.192 1.174.406 5.681.930-- 2005 915.324'. - 3.590,692 - 1,173.759 - 5.679,775
, 2006 915.588 -
.583.162 -
1.175.253 5.674,003 ' t 2007 - - 3,182,055 - 1,168,887. 4.750,942J 2008 - - 3 ?6.640- - 1.169,471 4,746.111 + 2009< - - 3.5,0.340 - 1,165.812- .4,736,152 2010 ' - - 3.567,165 4,729.821 1.162.656 s 2011 - - 3.557,335 1,160,365 4.717,700
-I-
- - i 2012 - -
3.550.110 1.158,546 4.708.656-2013 3,549.195
- - - -1.156,806 '4.706,001-2014 - - 3.533,850- -
1.154.750 4,688.600'
. 2015 - - 3,528.150- - 1.147,180 4,675,330 4
2016 - - 3.520.615 - 1,148,509 4,669,124
- n Total .$ 15.686.413 $gg _ $ 94.265.714 $ 18.127.218 $ 30.519.971, $ 161.041.359-I 4 g
- :
I I ' (Continued)
7,,
$ 1. ; f ;,
It E- h t
- y. CITY OF OCALA, FLORIDA NOTES T0' FINANCIAL STATEMENTS at Internal Service Fund Bonds'and notes payable at September. 30, 1989 in the Internal Service Fund include an installment purchase contract payable bearing interest at 10%, !
and. a 1985 note payable to a bank payable through 1991 at a variable rate . i of interest of 70% of the bank's prime rate. These notes are secured by certain equipment. Following is a schedule of outstanding debt of the 7nternal Service Fund: t Fiscal Installment To r'.1 . Year Ended Note Purchase Principal 3 :~ September 30, Payable Contract Due g l 1990: $ 102,096 $ 15,102 $ 117,198 ll 1991 '102,096 4,015 106,111 1 Total 204,192 19,117 223,309 .l
- Less:. .
Current portion 102,096' 15,102 117,198 . l;l Total long-term W portion $ 102.096 $ 4.015 $ 106.I11 Following 'is a schedule of ' debt service requirements. to maturity for. th'e outstanding debt of the City's Internal Service Fund as of September 30, ;
'1989: -
Total Principal Fiscal Installment and
" I Year Ended. Purchase Incerest j' Noteit g>
September 30, Payable Contract Due W 1990 $ 114,960 $ 16,459 $ 131,419 g 1991 108,528 4,115 112,643 g-
$ 223.488 '$ 20.574 $ 244.062-I I'
I' I (Continued)
i CITY OF OCALA', FLORIDA 3 a
~ NOTES,TO FINANCIAL' STATEMENTS b
(10) . General- Long-term Debt L = The following is a summary- of changes in the City's generalL l'ong-term debt N for the year' ended-Fita mber 30, 1989:
-+ -
~
Ceneral General De bt 4, Balance at Long-Tern Long-Tern Service Balance at 1 October 1 Debt Debt Funds September 30, 3 1988 Additions Retired- Operationa 1989 _ Asiounta arailable in.-debt service funds $ 3,345,550 $ --
$ - $ 2,415,080 $ 5,760,630-Armunt to be provided: .. .
- T e rw bond s 7,035,000 - 7,980,000 - - 15.015,000 Sarial bonda- 5,156,184 6,105.000 (675,000) (1.890.872) 8,695,312
-- ' Revenue certificates 6.843.266 - (200,000)- (524,208) 6,119.058 Notes payable 131.438 - (26,288) -
105.150' -si Installmer.t purchase and-capital lease obligations- 41,029 - (14.604) - 26,425 19,206,9t? 14,085,000. (915.892) (2,415,080) 29,960,945 _B Total amount available
'and to be provided $' E g ], '$ 14.085.000 $(M) $ -
$ 35.721.575-5 General long-term debt
'payablet .
Term bonds $ 7,035.000 $' 7,980.000 $ - $ - $ 15.015.000
' Serial bonds' . 7.840.000 6,105.000 (675,000); -
13.270.000
.d' Revenue certificates' 7.505.000 (200.000) 7.305.000 Notes. payable 131,438 - (26,288) - 105,150 -
Installment purchase and capital lease obligations 41,029 - (14,604) - 26,425 Total general .long-term debt payable $ 22.552.467 $ 14.085.000 $( g ) $ -
$ 35.7 1.575-f General long-term debt matures as follows:
Refunding and Capital Capital leprovement Improvement Improvement . optional Gas Installment Excise Tax Re f und ing Revenue
- Fiscal Bonds Dated Revenue Refunding Tax Revenue Furchase Total 1 Year F.nded September 30, January 1, 1972 Bonda settes 1986 Certificates series 1988 Bonde Series 1989 Note Payable Contract obligations Principal Due 1990' 395.000 415,000 $ - t 26,287 s 16.102 s I,167,389' t 315.000 s 8 350,000 1,576,611 1,' 1991 492 325.000 330,000 415.000 440,000 450,000 490.000 370.000 26.288 26,287 10.323
- 1,656,287 1,750.288
-tv93 190.000 465.000 680,000 395,000 26.288 --
-1994 - - 490,000 920,000 420,000 - - 1,830.000 10,835,000 4,350,000 12.550.000 - - 27,735,000
. 1995 - 2010 -
_, s 1.160.000 $ )]M 8 7.305.000 $ 14.085.00n 3g $g 3g g i- Interest rate - g gt 3.0 - 7.751 6.0 - 7.13% A.2 - 7.4% Jt [.S - 10.01 1 (Continued) o .
CITY OF OCALA, FLORIDA Il NOTES TO FINANCIAL STATEMENTS Refunding and Improvement- 3:! Excise Tax Bonds g! i The refunding . and improvement excise tax bonds were issued to finance t various municipal improvements including a public works complex, arterial . street improvements and city building renovations.- Occupational ' license ', taxes and cigarette taxes are pledged to secure this issue. In- !
'accordance with- bond indentures, the City has established debt service ,
and reserve funds which are consolidated in the accompanying financial' tl statements. '
~ Capital Improvement Refunding Revenue Bonds ll The Capital Improvement Refunding. Revenue Bonds, Series 1986, were issued in-connaction with the advance refunding of the Capital Improvements Revenue ;
Bonds, Series 1982, and to partially finance certain infrastructure, , projects. The Bonds bear interest ranging from 4.50% to 7.75% and mature
- annually commencing in fiscal year 1988 in amounts ranging from $245,000 to $1,200,000. -Interest is payable semi-annually beginning April 1, 1989. The bonds are secured by a senior lien upon and pledge of certain gz non-ad valorem revenues of the City. g'
'n Capital Improvement .
Revenue Refunding Certificates , In August 1988, th- City ~ Council . authorized the issuance of $7.505,000 Capital Improvem it Revenue Refunding gertificates, Series 1988. The g! Certificates wer issued in the authorized amount during August 1988 and W bear-interest rt ing from 5.75% to 7.15% and mature annually commencing i in fiscal 1989 in amounts ranging from $200,000. to $1,200,000. The- -
. proceeds of this issue are being used to advance refund the- Capital i Improvement Revenue Certificates, Seef es ' 1986, and to finance certain capital projects of the City. The bonds are secured by a lien upon . and L pledge of certain non-ad valorem revenues of the City.which is junior and subordinate to the -Capital Inprovement Refunding Revenue Bonds,- Series 1986 noted above.
The refunding portion of the proceeds from the sale of the Series 1988 i Certificates were used to purchase U.S. government securities, which were ! deposited in an irrevocable trust with an escrow agent to provide for all future ' debt service payments on the Capitali Improvement Revenue , Certificates, 1986 Series. As a result, the Series 1986 Certificates are considered to be defensed and the liability for those bonds has been i removed from the General Long-term Debt Account Group. - I (Continued)
msawi-
-@ 47 B N$ h IMAGE EVAL.UATION ,,,/g p 9d*/
4 q)ff N . 4/ p, TEST TARGET (MT-3) pg,%y e/f[4'p/g
+ <,
l.0 if 2 E
'd 9 L2d ll !!E EM l.8
{'j 1.25 1.4 1.6
< 150mm O 4- 6" ->
[%, /$
, <g <> ,; y >// t5,,,,,i y(O
, /// , ks .. ., we , . . J -
- - - - - - --mi i B O Y@o(# IMAGE EVALUATION
//,/j/ #,
4 g,,+y'$#<>;,, , g[y.
+ <<4 s
l.O EM M lj [@ RE i,i [m Ele lJa 1.25 I I.4 i.6 l. I 4- 150mm # 4 6" *
- 4 <$ ee j; _ - - _ ft/g ;;; ////pN y>///// ;,,y,,,,fty Q ., . ---e
E t i t c CITY OF OCALA, FLORIDA - NOTES TO FINANCIAL STATEMENTS , i The . City advance refunded the 1986 Series Certificates.'_ The pro rata l
- portion - of the debt service payments used to . service the debt proceeds for advance refunding were extended over the next ten years. This caused the City to increase its debt service payments over the next ten years by approximately $3,100,000. However, the City realized . an economic gain I: (dif ference between the present vaines of the old and new debt service l payments) of approximately $110,000.
Optional Gas Tax Revenue Bonds I In February 1989, the City Council authorized the issuance of $14,085,000 Optional Gas Tax Revenue Bonds, Series 1989. -The bonds were issued in the authorized amount during February 1989 and bear interest ranging from 6.20% to 7.40% and mature annually commencing in fiscal 1990 in amounts I ranging from $350,000 to $1,265,000. .The proceeds of this issue are being ' used; for financing the cost of acquisition and construction of certain transportation improvements. These bonds are secured by a lien upon and pledge of the proceeds of the six cent optional gas tax. Installment Purchase Contracts- i During the year ended September 30, 1986, the City entered into installment , purchase agreements for the acquisition of equipment for the police j I A department. The obligations are secured by the equipment acquired under the agreements.- Note Payable During the year ended September 30, 1988, the City signed a note payable to
; a bank for the ccquisition of a fire pumper. The note bears interest at (
8% and is payable in equal annual payments through October 1992. It is' secured by the fire pumper acquired. ,jl Debt service requirements to maturity for all outstanding general long-term E' debt are as follows: LI l8 se ix (Continued)
I
.. CITY OF OCALA, FLORIDA. .
NOTES TO FINANCIAL STATEMENTS I Refunding and Capital Capital I improvement Improvement leprovement . Excise Tax Refunding Revenue Optional Caa Installment Total Re f unding Tea Ravenue- Purchase Principal - Fiscal Bonds Dated Revenue January le Bonds Certificates Bonds . N te Contract and 7nterest Yest Ended' Series 1986 8eries 1988 Series 1989 Pavable Obligations Due S* rte ber 30 1972 8 't.005.255 s 34.816 s 18.083 3,614.838 1:90 s 373.990 : 1.275.109 8 907.585 us 1991 366.980 1.272.212 917.685 1.344.405 32.685 10.738 3.944.705 354.430 1.271.758 929.785 1.341.900 30.552 - 3.928.42 1992 3,925.869 1993 197.600 1.268.574 1.088.670 1.342.605 28.420 - . 1994 - 1.262.640 1.284.470 1.341.315 - - 3.888.425 .' 1995 - 1.268.185 1.283.290 1.342.815 - - ' 3.894.290 .. 1996 - 1.264.843 *..286.650 1.341.885 - - 3.893.378 3.885.670 f 1997 - 1,263,005 1.284.200 1.338.465 - - 1998 - 1,262.500 1.285.800 1.337.322 - - 3.885.622- t 1999 - l.262.875 - 1.333.220 - - 2.596.095 2000 - ~1.258.850 - 1.335.889 - - 2.594.739 ; 2001 - 1.254.531 - 1.330,251 - - 2.584.782 2002 - 1.249.819 - 1,331.081 - - 2.580.900 2003 - 1.250.069 - 1.327.215 - - 2.577.284 2004 - 1.244.894 - 1.358.385 - - 2.573.279 2005 - 1.239.100 - 1.325.115 - - 2.564.215 2006 - 1.233.625 - 1.M2.220 - - 2.555.845
'200). - 1.230.000' - 1.319.330 - - 2.549.330 t 2006 - - -
.l.316.075 - - 1.316.075-2009 - - - 1.312.085 - - 1.312.085 .
t 2010 - - - 1.311.805 - - 1.311.805 . 3L e : 22 s37.s*9 s io.26e.i35 s 27.628.638 su m s +1. 97 7. 6s6 ' . In April 1983, $2,500,000 Industrial Development Revenue _ Bonds were issued. ' The proceeds of-the bonds - are being used by an independent real estate-developer for the construction of a commercial project within an area of-the City. designated as blighted. The bonds do not represent debt or an 34 obligation of.the City and are secured solely from the gross revenues of ~ 'g the complete project. The completed project .and all' revenues derived theref rom, . subsequent to the payment of all debt service requirements, 1 belong exclusively to the developer. 1 r I I I , I-(Continued)
I CITY OF OCALA, FLORIDA I NOTES TO FINANCIAL STATEMENTS
.(11)-Prior-Year Defeasance of Debt g' l In prior years, the City defensed certain bonds by placing the proceeds. of new bonds in an irrevocable trust'to-provide for all future debt service payments on the old bonds. Accordingly. the trust account assets and the
~-
liability for the.defeased bonds are not included in the City's financial statements. At September 30,.1989, $79,735,000 of bonds outstanding are- ; considered defensed,,as follows: General Long-Term, Debts i Capital Improvement Revenue Certificates, I , Series 1986 Enterprise Funds: Electric-and Bulk Power Supply Revenue:
$ 2,200,000 Electric Revenue Certificate, Series 1972 900,000 Power Supply Revenue Bonds, Series 1975-A 8,500,000 Special Obligation Bonds, Series'1977-A 410,000 I Power Supply Revenue Bonds, Series 1983 12,420,000 Water and Sewer: i Water and Sewer Refunding Revenue Bonds, Series.1983 9,595,000 Water and Sever Refunding Revenue Bonds, Series 1985A 34,935,000 I' Water and Sewer Refunding Revenue Bonds, Series 1985B 10,775,000
$ 79.735.000 I _(12) Financial Segment Information of Enterprise Funds j Each of the City's enterprise operations is accounted for within a separate
~
fund. Over 93% of the combined assets, revenues, and' expenses of-the enterprise funds are attributable to utility funds used to account for the transactions of the City's electric and bulk power, water and sewer, 4 and sanitation systems. Other enterprise funds are used to account far l_E the operations of golf, tennis, trailer park and airport facilities ?E- provided for the benefit of the general public. Following is a summary of significant financial information cf the enterprise funds: l l: - I LI Lg !- (Continued) ,. , ~ 6 jq '6 CITY OF OCALA, FLORIDA ' NOTES TO FINANCIAL STATEMENTS. lI . l l1 t Electric and I Bulk Power Water and. . . i Supply Revenue Sewer Sanitation Other Total Current assets Current liabilities
$ 19.715.680' $ 1.171.775 6.995,024; $86.223 4 300.377 $
172,148 307.827 i$ 21.495.659 329.353 8,082.748 l' 3, E Working capital $M$ 585.552 $ 128.229 $ (21.526) $ 13.412.911 , Property, plant and' equipments j
$M$ 9.352.347 59.631 $M$ 17.097.607 Additions $
l Deletions - $ 516.538 $ 60.130 $ 275.345 $ 30.820 $ 882.833 Total property, plant l and equipment 8M$M $M$M$ 99.404.969
~
Restricted assets 3M$M $ -
$ 468.501 $ 58.094.500 Total assets 3M$M $g'$M$g i 'Lisbilities payable from (z restricted assets $ 2.634.670 $ '3.424.663 $
$ 313.463 $ 6.3722706 '
- Bonda and other long-tera- . .
liabilities $ 21.940.190 $M $ -
$ 910.828 $ 76.241.407 .
I Total fund equity $M$M $ 30.2dB $M$ 90.452.387 - l
- Total operating revenues $ 58.766,190 $ 8.972.118 8 3.972.595 $ 1.801.623 $ 73.512.526 L-- 0 pirating expenses (less depreciation and amortization) 41.829.646 3.830.159 3.728.496 1.918.354 51.306.655 g I- Dzpreciation and amortization 2.301.128 1,255.215 185,471 393.775 4,-115.589 ;
- Opsrating income (loss) 14.635.416 3.886.744 58.628 -(510.506) 18.070.282 '
Operating transfers from other funds 94.609 22.663 - 1.183.175 1.300.447 j, - Operating transfers (to) other funds (9.246.318) (710.052) (232.013) (227.328) (10.415.711) '
- l. Interest income 2.012.444 1.296.741 9.725 75.196 '3.394,106 l; Interest, expense- (930,620) (948.311) -
(70.022) (1.948.953) Opstating grants - - - 30.700 30,700
-I l- .
l N*t income-(loss) $ 6.565.531 $ 3.547.785 $ (163.660) $ 481.215 .$ 10.430.871 l l Equity transfers from other funds
$ 938.927 $ -
$ 938.927 l Capital contributions from other j
$ 1.477.931 $ 2.200.221 474.091 $
p sources' $ 248.199 $ - L l Interfund loans payable and long-term debt of individual enterprise funds are presented in notes 6 and 9. (Continued) emw
r-ll CITY OF OCALA, FLORIDA /B - NOTES TO FINANCIAL STATEMENTS I (13) Reserved Retained Earnings The followitg is a reconciliation of the reserved retained earnings to the net restricted assets of enterprise funds: Total restricted assets $ 58,094,500 Less: I Restricted assets set aside for con-struction under bond indentures Liabilities payable from restricted (35,425,582) (6,372,796) I assets Add: Liabilities payable from restricted assets set aside for construction under bond indenturea 1,112,800 Total reserved retained earnings $ 17.408.922 I (14) Fund Balance Reserved for Restricted Assets The fund balance reserved for restricted assets in the governmental fund types is a reservation of fund balance relating to asaets restricted by law or by nature for certain purposes. Fund balance reserved for restricted assets is comprised of the following: General Fund Reserved for capital equipment purchases $ 2,724,835 Special police reserves: I Law enforcement - confiscations Police education and training Law enforcement - recovered property 97,948 10,469 14.394 23,468 I Special investigations School education program 3,126 Total $ 2.874.240 Special Revenue Funds: Central Florida Regional Library: I Reserved for book endowment fund Reserved for Hocker and Bitzer contribution
$ 39,760 1,787 Total $ 41.547 I (Continued)
. . . . - - . - . . m
l [. . I'i j. {
~ CITY OF OCALA FLORIDA NOTES'TO FINANCIAL STATEMENTS-(15) Operating Deficits and Fund Deficits ~
i Following is . a summary of net losses . of individual' proprietary funds and gf deficiencies of revenues and other sources over expenditures and other
~ W'l uses of individual < governmental funds for the year ended September 30, I 1989 which are included. in ~the' accompanying combined financial- g.
statements: g Proprietary Funds Net Loss Enterprise Funds: Sanitation $ 163,'660 g g Municipal Trailer Park 1,338 Ocala Municipal Airport , (Jim Taylor Field) 183,683 Internal Service Funds: Internal Service 15.244 Self-insurance 369,353 ' j Governmental Funds Deficiency -l Capital Project Funds - ,) Capital Improvement Construction 948,974 . Deficit Retained Earnings of Individual Funds i The Self-insurance Internal Service Fund has a deficit retained earnings at l September 30, 1989 of $311,991. This deficit was caused by the recording .j of estimated payables for "IBNR" insurance claims. Contributions from ' other funds should' eliminate this deficit in the future. (16) Contributed Capital During the year, contributed equity increased as follows: I Contributed Contributions from Contributed g Capital Other Govern- Capital- g October 1, mental September 30, 1988 Governments Developers Customers Funds- 1989 Enterprise funds: l Airport $ 3,350,587 $ 1,477,531 $ -
$ 4,828,118 g*
1 Golf 3,853,039 - - 400 - 3,853,439
-Sanitation 8,515 - - - -
8,515 g Water and sewer 8,066,178 76,600 171,599 - 938,927 9,253,304 g, Electric 2,847,574 - - 474,091 - 3,321,665 g'
' Total enterprise 3-g funds $ 18.125.893 $ 1 554 Q1 $ 171,599 $ 474.491 $ 938.927 $ 21.265.041 Internal service '
fund $ 1.288.775 $ , -
$ 1.288.7_75 (Continued)
I i I l' CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS 4 I i (17) Commitments and Contingent Liabilities Grants i The City receives significant financial assistance from Federal agencies primarily in the form of capital grants. The disbursement of -funds j received under these programs generally requires compliance with terms ; I and conditions specified in the grant agreemerts and is subject to audit by the grantor agencies. Disallowed claims, audits may become liabilities of the City, any, resulting--from such w ,ever, in the opinion' of t management, disallowed claims, if any, will not have a material effect on I the City's financial statements.
'I j
I Other Commitments Outstanding commitments of governmental funds are presented in the 1 accompanying combined financial statements as reserves of fund balance. , j I The outstanding commitments of the Internal Service and Enterprise' Funds for goods or services not received as of September 30, 1989 were-$58,798 and $10,487,510, respectively. These commitments are evidenced by signed orders and- contracts entered toL I purchase which were into prior September.30, 1989. Employee Benefits City employees are entitled to accrue a maximum of 90 days sick leave. If the individual leaves the employ of the City, he or she is not antitled - I to ' be- paid for: the entire accumulated sick leave. Expenditures or-expenses for sick leave are recorded at the _ time benefits are paid.
' September 30, 1989, accumulated sick leave for each applicable fund type At q
is as follows: General $ 1,728,163 Special' Revenue 73,384 I Enterprise Internal Service 1,213,437 248,051 I $ 3.J63.035 I I I I
CITY OF OCA1.A. FLORIDA
-Supplemental Pension Disclosure Comparative Summary of Revenues by Source and Expenses by Type Revenues by Source (in thousands)
Fiscal Year Ended _ Employee City State Investment September 30 Contributions Contributions Contributions Income Total
= General Plan W' 1989 1988
$ 1,331 1,191
$ 4,865 2,124
$ 6,196 g 3,315 g 1987 - 1,277 -
2,583 3,860 1986 - 1,101 - 3,071 4,172 1 1985 1 1,004 - 2,126 3,131
'1984- 7 850- --
330 1,187 1983 - 603 189 2,059 2,851 1982- - 549 162 1,419 2,130 [
. Supplemental Police Officers' Plan:
1989 $ 30 $ -
$ 258 $ 825 $ 1,113 1988 27 -
243 345 615 1987 18 - 222 408 648 1986 - - 192 505 697
,1985 - -
151 355 506
-1984-- - -
133 1 51- 184 Supplemental Firefighters' Plan: 1989 $ 175 $ -
$ 120 $ 542 $ 837 1988 .154 5 113 224 496- 4 1987 108 -
106 256 470 . 1986 - - 100 306 406 1985 - - 92 213 305 1984 - - 83 32 115 i Contributions were made in accordance with actuarially determined contribution requirements. I-I g< a-
Schedule 1 I i i I Expenses by Type (in thousands) I Fiscal Year Ended September 30, Benefits Refunds Other Expenses Total I - 1989 $ 584 5 6 $ 231 $ 821 1988 480 11 203 694 1987 397 8 190 595 , 1986 364 15 146 525 I 1985 1984 1983 310 252 259 16 22 38 103 79 78 429 353 375 1982 205 52 38 295 8 . 1989 $ 95 $ 1 5 40 $ 136 1988 78 - 50 128 I 1987 1986 1985 70 86 41 30 39 20 100 125 61 _ I 1984 13 15 28 I 1989 $ 114 $ 18 $ 30 $ 162 1988 83 2 39 124 1987 29 - 19 48 5 1986 29 - 21 50 1985 27 - 20 47 I 1984 26 10 36 I I I _
-s1- :
Schedule 2 l
' ~
CITY OP OCA1A. FLORIDA "l Susslosental Pension Disclosure Analysis of Pundina Proaress (in thousands of dellers) (6) Cafunded Penelon
. (4J Benefit obligatten i Unfunded Peneton (Assets in Excess ;
Benefit ob'igation of Pension Benefit (1) . (Assets in ?scese Obligation) Not Assets (2) (3) of Pension Ben.*it (5) as a Percentage of-Fiscal Available Pension Benefit Percentage Funded obligation) -Annual Covered - Covered Payroll; , Y"r for Benefits obliastion (1) 4 (2) (1) - (2) Payroll (4) 4 (5) { Ccasral. Plant-1983 8 21.889 $ 16.013 136.7% 8 5.876 8 17.239 34.!!
'1987 19,268 13.740 140.2% 5.528 15.636 35.4% "
1986 16.002 10.658 !$0.!! 5.344 13.856 38.6% ~ 1985 12.355 10.905' !!3.3! 1.450 12.543 11.6% i
'1984 9.653 10.294 93.8% (641) 11.306 (5.7):
l~ 1983 8.831 10.506 84.11 (1.675) '10.178 (16.5)% .l 1982 8.750 9.376 93.33 (626) 9.730 (6.4)! I 1981 6.915 7.824 88.4! (909) 8.573 (10.6)! l- Suppissental Police Officers' Plant 1987 -8 3.205 8 2.324 137.9% 8 881 8 2.501 35.21 Supple 2 ental Firefighters' Plant 1$87 5 2.031 8 1.869 106.71 8 (162) $ 1. 75 6 (9.2):
' Anslysis of' the deller amounts of not assets available for benefits, pension benefit . obligation and unfunded pension-; benefit -!
obligstion in isolation can be aisleading. Expressing the not assets availabls for benefits as a percentage of the ' pension l bsnafit. obligation provides one indication of Plan's funding status on a going. concern basis. Analysis of this . percentage over time indicates whether Plan is becoming financially stronger or weaker. Generally, the greater this percentage, the
- stronger the systee. Trends in unfunded pension benefit obligation and annual covered payroll are both affected by l . inflation, Expressing the assets in excess of the pension benefit obligation as a percentage of annual covered payroll l approximately adjusts for the effects of inflation and aids analysis of the System's progress in accumulating sufficient l s
' casets to pay benefits when due. Generally, the larger this percentage, the stronger the system.
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i I . vt I,. " i i' . $ E I l';, [ p i' I i:) 4 i INDIVIDUAL FUND ANDLCOMBINING STATEMENTS- 1 I - BY FUND TYPE
-(
I
.The'se financial statements. provide a more detailed view of the -
" General Purpose Financial Statements". presented in the preceding
. subsection.
Combining statements are presented when there are more than Lone fund of a given fund type. e c i I P I l
-a a -, y m_+aa waemer 4 -Ama m A-n w-wk-A+we,.m., --6A-4a sva- -44.e 4 h-- --a+-mm.o-- as ae ,.---J- a.,.La I
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r I L t L- SPECIAL REVENUE FUNDS
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- CITY OF OCALA, FLORIDA .,
SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET -. SEPTEMBER 30, 1989 + Central 3 Occupa-tional
. Florida-Regional g,
Assets License Library Current assets: Cash and investments $ 229,191 $ -715 Equity in pooled cash and investment fund - 22,010 Accounts and notes receivable 55 - Due from other funds - 10,221 Due from other_ governments - 151,720 Total current assets 229,246 184,666' Restricted assets - cash and investments- - 41,547 Total assets $ 229.246 $ 226.213 . i Liabilities and Fund Balances t Liabilities: Accounts payable $ - $ 27,247 i l Compensated absences payable - 10,643 l j Deferred revenue 101,256 - E Interfund loans payable Total liabilities 101,256 37,890-lL 3. Fund balances: Reserved for encumbrances - 51,548 l Reserved for restricted assets - 41,547 Total reserved fund balances - 93,095 Unreserved and undesignated 127,990 95,228 Total fund balances 127,990 188,323 Total liabilities and fund balances $ 229.246 $ 226.213' l ll l
j 4
\
. t
-' Off- Downtown Local !
[ Street Develop- Gasoline Stormwater i Tax Utility Parking ment Total
$ 50 $ -
$ 229,956 l' 26,004 34,229 5,954,008 612,557 6,648,808 20 - 55,770 -
55,845 533 533- 800 45,537 57,624 i
- - 151,165 - 302,885 ,
=
26,557 34,812 6,161,743 658,094 7,295,118 j
- - - - 41,547
$ 26.557 $ 34.812 $ 6.161.743 $ 658.094 $ 7.336.665 i
- j i
$ 1,232 $ 3,144 $ 183,220 $ 34,212 $ 249,055 .
709 1,253 - 3,473 16,078 4,735 - 168,020 - 274,011- i
-- 2,680 - - 2,680 .;
d 6,676 7,077 351,240 37,685 541,824 l
- 1,205 221,632- 43,470 317,855
- - - - 41,547
- 1,205 221,632 43,470 359,402 19,881 26,530 5,588,871 576,939 6,435,439 19,881 27,735 5,810,503 620,409 6,794,841
$ 26.557 $ 14_dLil $ hdfl 743 i $ 658.094 $ 7.336.665 i
n J
r
+
CITY OF OCALA, FLORIDA SPECIAL REVENUE FUNDS-COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ACTUAL AND BUDGET 70R THE YEAR ENDED SEPTEMBER 30, 1989
?
I r Actual Central , Occupa. Florida Off- Downtown Local tinnal Regional Street Develop- Casoline Stormwater
- 1. ic e n se Library Parking menet . Tax utility Total R1venuest '
- -46,427 Property taxes - $ - $ - 8 - $ 46.427 8 - 4 8 "
1,790,008 2.740.709,
"' Other intergovernmen al revenuse - 950,701 - - -
Parking meters and facilities - - 93.174 - - - 93.174
- - - 376,590 Licenses and permits 376.590' -
20.837 22.946 - - -- 43.783, Fines and forfeitunee -
- - - - 1.007,703 1,007,703' '
-Charges for services 7.170 3,491 2.854 444.466 30,814 488,795 interest -~
Citts - 1,416 - - - 1.416 ' 777 11,141 92 - 1,465 - 15,475' Other 1,038,517 Total revenues U 2,363 99).265 619,703 44,28l 2,235,939 4.814,012 Expsnditurest .- Currentt 60,446
. General government and administration - - - 60,446 - -
- - 309.000 396.797 905,797 !'
Pubitt voiks - -
- 1.189,611 Culture and recreation - 1.189,611 - - -
- - 79,016 - - - 79,016 other Capital outlay -
21.941 - 4,084 303,199 19.679~ 348.903 Debt service: - - -- Principal payments . 1,508 - 1,508 Interest and paying agent's fees - - - f,632 t,632' Intergovernmental - - Total expenditures - 1,211,552 80,524 M 812.199 410,108 2,586.913
- Exests (deficiency) of revenues 1,423,740 620,409 2,727,159 ;
ovsr expenditures 377,367 (218,287) 19,179 (15,249)- Othst financing sources (uses): 328,625 Trcnsfers f rom other funds - 280,000 - 48.625 - - (285,249) L26,305) (819) '(569,645) - (882,018)
' Trsosfers (to) other funda -
47,866 (569,645) - (553,393) Total other sources (uses) (285,249) 280,000 (26,305) Exessa (deficiency) of revenues and , other sources over expenditures and other uses before fund bal- 854,095 620,409 1.673.766 ance allocation 92.118 61,713 12,874 32.557 Fund balance allocation , Eacses (deficiency) of revenues and i
- j other sources,over expenditures 1.673,766 .
~
92,118 61.713 12.874 32.557 854.095 620,409 and other uses LFund balances (deficit): 126,610 7,007 (4,822) 4,956,408 - 5,121,075 BIginning of year 35,872 9 620.409 $ 6.794.841 End of year $ llL O3 $ 188.323 $M1 $ 2L211 $ 5.810.503 $ 1 l' ! I I
5 Revised Budget Total Adjust- Actual- Central mente to - on a Dccupa. Florida Off- Downt own Loca l Tecv Vols Budgetary Budgetary tional Regional Street Develop. Casoline Stormwater (Uni t .or ab le )
'_ Basis . Basta License Library Parkleg ment Tax t't il[t g Total Vattance ,
$ - $ 46,427 4 - $ -
$ - $ 47,260 $ - $ -. $ 47,260 8 (833)
- 2,740.709 - 931,148 - - 1,825,000 - 2.756,148 (15.439)
- 93,174 - - 94,500 - - -
94.500 (1,326)
- 376,590 376,500 - - - - - 376,500 90
- 43,783 - 22,400 23,500 - - - 45,900 (2,117)
- 1,007.703 - - - - - 948,000 948,000 59,703 (491 488,746 - 925 3,550 2,560 418,000 18,950 443,985 44,761-
- 4,416 - 1,400 - - - - 1,400 16 15.475 800 13,150 71 - - - 14,021 1,454
( 9) 4,814,023 3)7. 300 969,023 121.611 49,820 2,243,000 III79i5 4,72),764 86,309 1,205 61,6$1 - - - 77,781 - - 77,781 16.130
,, , 234,047- 1,139,844 - - - - 1,279,992 447,269 't.727,261 587,417 51,548 1,241,159 - 1,286,194 - - - - 1,286,194 45,035
- 79,016 - - 80.500 - 1,103 - 81,603 2.587
~31.055 :379,958 - 21,946 -
8.556 6.053,768 467,004 6,551,274 6.171,316
- - - - 25,000 - - - 25,000 25,000
- 1,508 - - 1,508 - - - 1,508 -
- 1,632 - - - - - 2,200 2,200 568 IIIII53 2,904,768 - 4.308,140 107,008 86,337 7,3 34, R6 3 916,473 9,752,821 6,848,053 (317 904) 1,909,255 377,.100 (339.il7) 14,613 (36,517) (5,09t,863) 50,477 (5,025,107) 6,934,362
- 328,625 - 280,000 - 26,305 - - 306,305 22.320
= - (882,018) (2P5,249) - (26,305) (819) (567,645) - (880,018) (2,000)
- (553,393) (785',249) 280,000 (26,305) 35,486 (567,645) - (573,713) 20,320 9 (317,904) I,355,862 92,051 (59,117) (11,692) (11.031) (5,659,508) 50,477 (5,598,820) 6,954,682 59,117 11,692
~
- - (92,051) 11,031 5,659,508 (50,477) 5,598.820 (5,598,820)
(317,904) I,355,862 - - - - - - - 1.355.862
=($43) 5,120,532 35,872 126,067 7,007 (4,822) 4,956,408 - 5,120,532 -
$( M ) $ 6.476.394 $M$ 126.067 $ 7.007 8 {@) $ 4.956.408 $ -
$ 5.120.532 $ 1.355.862 M
CITY'0F OCALA, FLORIDA OCCUPATIONAL LICENSE FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN- 5 FUND BALANCE - ACTUAL AND BUDGET FOR THE YEAR ENDED SEPTEMBER 30, 1989 Actual $ and Actual on Favorable a Budgetary Revised (Unfavorable) Basis Budget Variance
. Revenues:-
Licenses and permits $ 376,590 $ 376,500 $ 90 Other 777 800 (23) q Total revenues 377,367 377,300 67 Other; financing (uses) - transfers (to) otlier' funds (285,249) (285,249) - Excess-of revenues over expenditures and'other'uses~before fund
- balance allocation 92,118 92,051 67 l Fund balance allocation - (92,051) 92,051
'l l '
Excess of revenues over. expenditures and other uses 92,118 - 92,118 Fund balance: j Beginning of year 35,872 35,872 -
~
'End of year $ 127.990 $ 35.872 $ 92.118 ;
l' i
CITY OF OCALA FLORIDA
' CENTRAL FLORIDA REGIONAL LIBRARY FUND STATEMENT OF REVENUES,. EXPENDITURES-AND CHANGESiIN I FUND BALANCE - ACTUAL'AND BUDGET .;
i FOR THE YEAR ENDED SEPTEMBER 30, 1989 Adjustments Actual to on a Favorable: I Actual
' Budgetary Basis Budgetary Basis Revised- '(Unfavorable)[
Budget- Variance)- Ravenues:
.I..- "
Intergovernmental > 1 revenues $ '950,701 $ -
$' 950,701 $ 931,148' $ 19.553 4
. Fines.and forfeitures 20,837 -
20,837 22,400 (1,563)~ Interest 7,170 (49) 7,121 925 6,196' i Gifts 1,416 - 1,416~ 1,400 16 Other 13,141 - 13,141 13,150 (9): Total revenues- 993,265 (49) 993.216 969,023. 24,193 Expenditures: -I Current - culture and recreation l',189,611 51,548 1,241,159 1,286,194 45,035 q Capital outlay . 21,941 - 21,941 21.946 5- !
. Total expendi-tures ~ 1,211,552 51,548 1,263.100 1,308,140 45,040 (Deficiency)'of revenues over expenditures (218,287) (51,597) (269,884) (339.117) 69,233
-Other financing sources -
transfers from other
~ funds 28'0,000 - 280,000 280,000 -
Excess (deficiency) of
- revenues over expenditures and'other sources before
'lm' fund balance allocation
' Fund' balance allocation 61,713 (51,597) 10,116 (59,117)-
59,117 69,233 (59,117)' 4 1 Excess-(deficiency) of revenues over expenditures n'nd other sources 61,713 (51,597) 10,116 - 10,116 Fund balance: Beginning of year 126,610 (543) 126,067 126,061 - End of year $ 188.323 $(52.140) $ 136.183 $ 126.067 $ 10.116
~58- i
L j
.. 'I CITY OF OCALA, FLORIDA ,;
,OFF-STREET PARKING FUND S_TATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - ACTUAL AND BUDGET FOR THE-YEAR ENDED SEPTEMBER 30, 1989_
i Actual-
~
r and -
-l Actual- }
on a Favorable .E ! Budgetary Revised. (Unfavorable). -E. Basis- Budget Variang a Revenues:, Parking meters and facilities $ 93,174 $ 94,500 ;$ (1,326); Fines and ' forfeitures 22,946 23,500 -(554) . Interest 3,491 3,550 (59) i Other 92 71- 21 Total revenues 119,703 121,621 (1,918) 3 Expenditures: 79,016 80,500
.g; Current - other 1,484 Debt service:
Principal - 25,000 25,000 Interest and agents fees 1,508 1,508 - Total expenditures Excess of revenues over expenditures 80,524- 107,008 26,484 g 39,179 .14,613' 24,566 m Other financing (uses) - transfers (to) other funds . (26,305) (26,305) - Excess (deficiency) of revenues over expenditures and other uses before fund balance allocation 12,874 (11,692) 24,566
. Fund balance allocation - 11,692 (11',692)
Excess of revenues over expenditures and other uses 12,874 - 12,874- 'g Fund balance- g Beginning of year 7.007 7,007 - End of year $ 19.881 $ 7.007 $ 12.874' ; I
i CITY OF OCALA, FLORIDA DOWNTOWN DEVELOPMENT-FUND STATEMENT OF REVENUES, EXPENDITURES-AND CHANGES IN-FUND BALANCE (DEFICIT) - ACTUAL AND BUDGET f l-FOR THE YEAR ENDED SEPTEMBER 30, 1989 Adjustments Actual to on a Favorable Budgetary Budgetary Revised (Unfavorable) Actual Basis Basis Budget- Variance ,j f ' R: venues: Property taxes $ 46,427 $ -
$ 46.427 $ 47,260 $ (833)
Interest 2,854 - 2,854 2,560 294 i Tetal revenues 49,281 - 49,281 49,820 =(539) Expenditures: i 1 Current - general government and (( administ' ration 60,446 1,205 61,651 77,781 '16.130: ;q; Capital outlay 4,084 - 4,084 8,556' 4,472-Total expenditures 64,530 1,205 65,735 86,337 20,602 3 Excess (deficiency) of 4 h revenues over expenditures (15,249) (1,205) (16,454) (36,517) 20,063
-l
. other' financing sources (uses):
Transfers from other funds 48,625 - 48,625 26,305 22;320 Transfers (to) other funds ' (819) - (819) (819) - Total other sources -!
, (uses) 47,806 - 47,806 :25,486 22,320-l Excess (deficiency) of i
-revenues and other sources over expenditures and other f3 uses before: fund balance allocation 32,557 (1,205) 31,352 (11,031) 42,383
. Fund balance allocation - - -
11,031 ( 11,031) i Excess-(deficiency) of revenues and other sources over expenditures and other uses 32,557 (1,205) 31,352 - 31,352 Fund balance (deficit): B2 ginning of year (4,822) - (4,822) (4,822) - End of year- $ 27.735 $(14221) $ 26.5_30 $-(4.822) $ 31.352
'? , - CITY OF OCALA, FLORIDA _
, ' LOCAL GASOLINE TAX FUND STATEMENT OF REVENUES, EXPENDITURES AND ;
i CHANGES IN FUND BALANCE - ACTUAL AND BUDGET
~FOR THE YEAR ENDED SEPTEMBER 30, 1989 -
1 ll.~ Adjustments Actual q to on a Favorable ~ Budgetary Budgetary Revised- (Unfavorable) . Actual Basis Basis Budget' Variance Rsvanues: }
. Intergovernmental _ .
R revenues $ 1,790,008 $ - $ 1,790,008 $ 1,825,000 $ (34,992)
-Interest 444,466 - 444,466 418,000 26,466_ .i Other 1,465 - 1,465 - 1,465 Total' revenues 2,235,939 - 2,235,939 2,243,000 (7,061)'
Expsnditure s : ' Current -- public works 509,000 190,577 699,577' 1,279,992- 580,415-Other - - -- 1,'103 1,103' 3: Capital outlay -303,199 31.055 334,254 6,053,768 5,719,514 _g
'TotalE expenditures 812,199 221,632 1,033,831' 7.334,863 6.301,032 ,
Excess (deficiency) ; of revenues over 1 expenditures 1,423,740 (221,632) 1,202.108 (5,091,863) 6,293,971 Other financing.(uses) - f transfer (to) other funds (569,645) - (569,645) (567,645) -(2'000)
, L' Excess (deficiency) of i revenues over expenditures and other <
L uses before fund balance ( allocation 854,095 (221,632) 632,463 (5,659,508) 6,291,971 l Fund balanceLallocation - - - 5,659,508- (5,659,508) g g.
-Excsss (deficiency) of revenues over L- Eexpenditures and other 854,095 (221,632) 632,463 632,463 l3
=
l- uses -
- l. Fund : balance :
Beginning of year 4,956,408 - 4,956,408 4,956,408 - End of year $ 5.810.503 $(221.632) $ 5.588.871 $ 4.956.408 $ 632.463 l ~ 1 l l' i
' '):'; '
- 7, ,
ti? -
~ CITY OF OCALA,- FLORIDAL p ,
+
g - STORMWATER UTILITY FUND , 4 STATEMENT :0F REVENUES, EXPENDITURES AND : CHANGES - IN:- t-i m y FUND BALANCE - ACTUAL'AND' BUDGET n FOR THE YEAR-ENDED SEPTEMBER'30, 1989 Adjustments.' Actual to on a . Favorable , 4 Budgetary nBudgetary . Revised -(Unfavorable) Basis- Budget. t; [ [ Actuall -Basis ' ~ Variance q h RUvenues:'- , Charges for: services $ 1i007,703 $ -
$ 1,007,703 $'948,000- $ 59,703
' Interest 30,814 - 30,814 ~18,950- :11,864 4
Total revenues- 1,038.517 1,038,517 '966.950 715567' p Expenditures: l ' Current - public works 396,797 43,470 4'40,267 =447,269- 7,002- :! Capital outlay 19,679 - 19,679 467,004- 447,3257 L
. Intergovernmental- 1,632 - ~1,632 2,200 568 1 Total expenditures- 418,108 43,470 461,578 916,473. 454,895: l
; Excess of revenues over Jexpenditures and other
[" luses'before fund; Lbalance-allocation 620,409 (43,470) 576,939 50,477 526,462,
, Fund' balance allocation
- - - (50,477) 50,477 Excess of revenues over ,
expend 1tures :and . j
< :other uses'. 620,409 (43,470) -576,939 --
~576,939 l 1 . . . .
1
- ,.: Fund balance :- ,
i i Beginnitig of' year - - -- - -
-l iEnd of' year
$ 620.409 $(43.470) $ 576.939 $ -
$M B,4 !
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e I CITY OF OCALA, FLORIDA DEBT SERVICE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1989 I" Excise. Improve- Optional Tax ment Improvement Gas. Tax .. . Assets Bonds Bonds Certificates _ Bonds Total l 1 Cash and investments $ 507,026 $ -
-$ - $ J507,026 Equity-in pooled cash and investment fund- 2,292,327 1,185.942 1,'773,412-5,251,681 l11 W
Other assets -1.923 - - - 1,923 , Total assets $ 508.949 $ 2.292.327- $ 1.185.942 $ 1.773.412 $ 5.760.630 J
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' Fund Balances Fund balances - reserved.
for' debt service $ 508.949 $ 2.292.327 $ 1.185.942 $ 1.773.412 $ 5.760.630 I: IL u 19 I I ~ m CITY OF OCALA, FLORIDA ; -- DEBT SERVICE FUNDS u . . COMBINING STATEMENT OF REVENUES, EXPENDITURES i AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30, 1989
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B Excise Improve- Optional ! I Tax Improvement Gas Tax ment ! Bonds Bonds Certificates -Bonds Total I.
-Revenues - interest $ 43,660 $' 158,268 $ 80,225- $ 79,416 _$ 361,569 I Expenditures - debt _
service: i I Bond principal
. payments.
Bond interest and 300,000 375,000- 200,000 - 875,000 i; paying agents' l fees 76,174 901,708 337,568 234,559 l',550,009 1 Total 1 expenditures 376,174 1,276,708 537,568 234,559- 2,425,009 ]
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(Excess) of expenditures
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