ML20077E845
| ML20077E845 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 09/30/1993 |
| From: | Amsden M, Kesselring R, Speight H OCALA, FL |
| To: | |
| Shared Package | |
| ML20077E790 | List: |
| References | |
| NUDOCS 9412130156 | |
| Download: ML20077E845 (188) | |
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i CITY OF OCALA Comprehensive Annual Financial Report 4 OF o 0 GOD M WITH US ' gd s coDNTL / l i
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For the FiscalYear Ended !
September 30,1993 l
Prepared by: Finance Department OF < ; ohh$n'>
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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 theYear Ended September 30,1993 City Council - 1992 - 1993 '
Henry F. Speight, Mayor Richard A. Kesselring, President Michael S. Amsden Lorenzo S. Edwards Gerald K. Ergle Michael A. Finn City Officials City Manager Scotty J. Andrews Assistant City Manager Richard K. Lewis Assistant City Manager Charles H. Lynn,Jr.
Building OMicial Donald C. Noxon City Attorney Patrick G. Gilligan City Clerk M. Jane Milam City Engineer B. William Ten Broeck Downtown Development Manager Diana McDavid Electric Utility Director Dean G. Shaw Finance Director Glen L Baker Fire Chief William E. Woods Fleet Management Director Vernon A. Tucker Golf Director Joseph Moses, Jr.
Human Resources Director Carolyn V. Ingham Internal Auditor Eric J. Lewerenz Library Director julia H. Sieg M.I.S. Director Chester K. Holloway Planning Director Paul K. Nugent Police Chief A. Lee McGehee Public Works Director Charles H. Amerman Purchasing Director James W. Crosby 4 Recreation and Parks Director David J. Pritchard Risk Manager Leonard A. Baker,Jr.
> Water and Sewer Director Henry K. Hicks
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INTRODUCTORY SECTION This Section contains the following Subsections:
Table of Contents i Letter of Transmittal Certificate of Achievement for Excellence in Financial Reporting City of Ocala Organization Charts
S I
I CITY OF OCALA, FLORIDA
_ COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended September 30, 1993-CONTEN_T.S East.
INTRODUCTORY SECTION LETTER OF TRANSMITTAL . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . i l CERTIFICATE OF ACHIEVEMENT FOR EECELLENCE IN FINANCIAL' REPORTING- . . . . . . . xiii CITY OF OCALA ORGANIZATION CHARTS . . . . . . . . . . . . . . . . . . . '. . . . .- xv 4 FINANCIAL SECTION REPORT OF INDEPENDENT ACCOUNTANTS . . . . . . . ... . . . . . . . . . . . . . . . . 1-GENERAL PURPOSE FINANCIAL STATEMENTS (COMBINED STATEMENTS - OVERVIEW)
Combined Balance Sheet - All Fund Types and Account Groups . . . . . . . . . . . 4 Combined Statement of Revenues, Expenditures and Changes in Fund )
Balance - All Governmental and Expendable Trust Fund Types . . . ... . . . . . 8
.; Combined Statement of Revenues and Expenditures - Budget and Actual - General, Special Revenue, Capital Project and Expendable Trust Fund Types . . . . . . . . . . . . . . . 10-Combined Statement of Revenues, Expenses and Changes in Retained Earnings / Fund Balance - All Proprietary Fund Types and Pension Trust Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Combined Statement of Cash Flows - All Proprietary Fund Types . . . . . . . . . 19 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . 21
ZNDIVIDUAL FUND AND COMBINING STATEMENTS - BY FUND TYPE 62 Special Revenue Funds:
Combining Balance Sheet ........................... 64
( Combining Statement of Revenues and Expenditures
- Budget and Actual . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actuals 69 occupational Licenses Fund . . . . . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 70 Central Florida Regional Library Fund . 73 Off-Street Parking Fund . . . . . . . . . . . . . . . . . . . . . . . . . 74 Downtown Development Fund . . . . . . . . . . . . . . . . . . . . . . . . 76 Local Gasoline Tax Fund . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 78 80 Stormwater Utility Fund .
SHIP Local Housing Assistance Fund . . . . . . . . . . . . . . . . . . .
82 Debt Service Funds:
Combining Balance Sheet ........................... 84 Combining Statament of Revenues, Expenditures and Changes in Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
89 Capital Project Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . .
Combining Statement of Revenues, Expenditures and Changes in 90 Fund Balance - Budget and Actual . . . . . . . . . . . . . . . . . . . . .
94 Enterprise Funds:
Combining Balance Sheet ...........................
Expenditures and Changes in 98 Combining Statement of Revenues, Retained Earnings . . . . . . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 100 Combining Statement of Cash Flows 106 Combining Balance sheet . . . . .Expenses . . . . .and. Changes
. . . . .in. . . . . . . . . . .
Internal Service Funds:
Combining Statement of Revenues, 107 Retained Earnings . . . . . . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 108 Combining Statement of Cash Flows Trust and Agency Funds: 112 Combining Balance Sheet ...........................
Combining Statement of Revenues, Expenditures and Changes in 114 Fund Balance - Budget and Actual ..................... . . . . 116 Combining Statement of Revenues, Expenses and Changes in Fund. Balance . . . . . . . 117 Statament of Changes in Assets and Liabilities - Agency Fund General Fixed Asset Account Groups . . . . . . . . . . 120 Schedule of General Fixed Assets by Function and Activity . . . . 121 Schedule of Changes in General Fixed Assets by Function and Activity
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STATISTICAL SECTION Rcquired Supplementary Information Historical Trend Information for Pension Trust Funds - Comparative Summary of Revenues by Source and Expenses by Type . . . . . . . . . . . . . 124 Historical Trend Information for Pension Trust Funds - Analysis of Funding Progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 Gentral Governmental Revenues and Other Financing Sources By Source - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . 128 General Governmental Expenditures and Other Uses By Function - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . 130 Prep rty Tax Levies, Tax Collections and Assessed Valuations - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . 132 Property Tax Rates and Levies - Direct and Overlapping Governments - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . 134 i
special Assessment Collections - Last Ten Fiscal Years . . . . . . . . . . . . . 135 Computation of Legal Debt Margin . . . . . . . . . . . . . . . . . . . . . . . . 136 Sch:dules of Bond Coverage Schedule of Electric System Revenue and Revenue Refunding Bonds, Series 1977, 1983, 1988, 1989A and 1983B Coverage - Last Ten Fiscal Years . . 137 Schedule of Water and Sewer Revenue and Refunding Revenue Bonds, Series 1968, 1983, 1985A, 1985B, 1986 and 1988, and Anticipation Notes Coverage - Last Ten Fiscal Years . . . . . . . . . . . . . 139 Schedule of Utility Systems Subordinate Refunding Revenue Bonds, Series 1992A and 1992 B, Coverage - Last Ten Fiscal Years . . . . . . . . . . 141 Schedule of Refunding and Leprovament Excise Tax Bonds, Series 1965 and 1972, coverage - Last Ten Fiscal Years . . . . . . . . . . . 143 Schedule of Capital Improvement Revenue and Refunding Revenue Bonds, Series 1982 and 1996, and Capital Improvement Revenue and Revenue Refunding Certificates, Series 1986 and 1988 Coverage - Last Ten Fiscal Years . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 144 Schedule of Optional Gas Tax Revenue Bonds, Series 1989, and Optional Gas Tax Refunding Revenue Bonds, Series 1992 Coverage - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . 146 Computation of Direct and Overlapping General Obligation Debt . . . . . . . . . . 147 Miscellaneous Statistical Data . . . . . . . . . . . . . . . . . . . . . . . . . 148 Demographic Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 List of Ten Largest Taxpayers - 1992 Tax Roll . . . . . . . . . . . . . . . . . . 150 Schsdule of Insurance in Force . . . . . . . . . . . . . . . . . . . . . . . . . 151 Property Value, Construction and Bank Deposits - Last Ten Fiscal Years' . . . . . 153 List of Officers' Salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . 154 Gummary of Debt Service Requirements to Maturity - All Bonded Debt . . . . . . . 155 1
_ _ _ . _ _ - - __ i
STATISTICAL SECT".ON - CONTINUED t
ue Bonds, Series 1986
. . . .. .. .. .. .. .. .. .. 156 157 l
Statement of Bonded Debt and Capital Improvement Refunding Reven i
Interes :
Certificates, Series 1988
. . . . . . . . . . . . 158 159 Capital Improvement Revenue Refund d ng Series 1989B .. . . . . . . . . . . . . 160 Electric system Revenue Refunding Bon d Series 1988 . . . .s,. .Water
. .. .. .. ..and
.. .. 161 sewer Refundi 162 Optional Gas Tax Refunding Revenue Revenue Bonds, Series 1992B .
Revenue Bonds, Utility Systems subordinate RefundingUtility Systems Su . . . . . . .
163 ulation Grant #621080 Analysis of Sewerage System Capitalfor Florida Department of Environm
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/g FINANCE DEPARTMENT (dlfd. 6 / U./Cd(// #/ P. O. BOX 1270, OCALA, FLORIDA 32678-1270 January 15, 1994 City Manager and Council City Hall Ocala, Florida 34478 Gentlemen:
The comprehensive annual financial report (CAFR) of the City of Ocala, Florida, for the fiscal year ended September 30, 1993, is hereby submitted.
The presentation of the CAFR is controlled by and is the responsibility of the City. We believe that the report accurately and fairly. presents the financial position, results of operations and cash flows of the City. All disclosures necessary to enable the reader to gain an understanding of the City's financial activities have been included. The report is structured to be of interest to the public, local government officials, state agencies and the banking and financial community in general.
The CAFR is presented in three sections: introductory, financial and statistical. The introductory section contains the table of contents, this transmittal letter, the cer ti fica te of achievement for excellence in financial reporting for the 1992 CAFR and the City's organizational charts. The financial section includes the general purpose financial statements and the individual fund and account group and combining financial statements and schedules by fund type, as well as the auditors' report on the financial statements and schedules. The statistical section includes selected financial and demographic information which is designed to enhance the reader's understanding of the City's past and rf its future potential. i All funds and account groups of the City of Ocala are included in this report. The City provides a full range of general services, including police and fire protection; general government, culture and recreation; construction and maintenance of highways, streets and infrastructure and library services. The Library serves Marion and Levy Counties, with the Ocala branch functioning as headquarters.
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In order to provide both financial support' and a vested higher l quality of service to its citizens, the City also owns and operates, for public service, seven enterprise funds as follows: two 1 championship golf courses with a total of 45 holes and clubhouse l facilities, garbage and trash pick-up service (both back door and curbside), water and sanitary sewer services, a_ membership tennis facility, electric utility service, an airport (Ocala i Municipal Airport / Jim Taylor Field), and a municipal' trailer park. The financial activities of all municipal boards and commissions, except for the Ocala Housing Authority, i are included in the City's financial statements. The Ocala l Housing Authority has not met the established criteria for inclusien in the reporting entity, and accordingly, is excluded i from this report. I ECQUQdIC_CQUDIIIQU_AND_QUILggK j l
The City of Ocala is situated in north-central Florida, approximately equidistant from Jacksonville, Daytona, Orlando and Tampa. It is centrally located in Marion County and is the county seat. During the past decade, the City and surrounding areas have grown at. a fast pace. Available land, independent water supply, relatively low taxes, moderate climate and proximity to larger cities and to popular tourist attractions continue to be the underlying causes of the growth. In the past few years, various reports and studies have shown Ocala to be'one of the fastest growing areas in the nation.
Ho r s e b r.e e d i n g , dominated by thoroughbreds and Arabians, is a major industry in the Ocala area. The tourist industry is also very apparent. Disney World has constructed its
- first satellite information center in Ocala so that visitors can take care of all their needs before reaching Disney World.
Hotels, restaurants and shopping areas have sprung up near the information center. To the immediate east of Ocala is the Silver Springs Attraction which is visited by thousands each year and is renowned for many films such as Tarzan and James Bond movies and the Sea Hunt television series. K-Mart has selected Ocala as the location for a new distribution center, which started its operations in 1991. Other industries in the- Ocala area include service industries and some light manufacturing.
The growth surge experienced in the 1980's is expected to continue-into the 1990's but at a slower pace. The growth potential of the City continues to be virtually limitless. The recession, which has affected the entire country, has also been felt in the City of Ocala, especially in the areas of construction-and tourism; however, the City has still experienced growth. The growth is challenging to the City since it demands increased services, but places a financial strain on the revenues of the City. The recession, which has caused some shrinking revenues, has forced the City to reevaluate the needs and wants of its citizens, while at the same time providing consistent levels of service.
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dedoB_IBIII6IIYES E0E__the__yeat.- In preparing the 1993 bud 3et, the City's focus, at City Council's. direction, was to maintain a consistent level of service throughout all departments for the citizens _of Ocala in order to meet the needs of the community, to maintain. a low millage rate and to provide quality . utility services at competitive rates. Other budget and management objectives for 1993 included the promotion of an internship program'to provide management support while promoting minority employment opportunities, the continuation of the Public Information Program to provide citizens with working knowledge of local governments, the development of mechanisms and procedures to ensure that departmental goals and objectives are met and the continuation of the exploration of public and. Private cooperative efforts to better service the citizens of Ocala.
In order to accomplish some of the objectives, only one new position was authorized in the budget. The approved position was for a Sanitation driver for the new ninth route added to Commercial Sanitation due to a large annexation and restaurant growth on State Road 200.
During fiscal year 1990, the City issued revenue bonds for massive electric system improvements. Those improvements were continued during 1991, 1992 and 1993. The City also continued the water and sewer system expansion and improvements, as well as the widening and improvements of various roads. For the past seven years, the City has levied an additional mill of ad valorem taxes of which three quarters have been for road improvements and the remaining one quarter has been for fire department capital outlay. For the past few years, the City and Marion County have shared the costs of improvements of some major arterial streets.
E9E__the__Euture. The City will be continuing the electric system, the water and sewer system and the street improvement and expansion programs which_ have already been started and will strive to provide consistent levels of service for the citizens of Ocala.
The City is also continuing its program of renovating existing ;
City buildings. A master plan' of the Municipal Services l Complex, which was built in 1984, addressed additions to the complex. The renovation and expansion or relocation of the Police Department is also- being considered. The most i significant and demanding task for the future is the implementation of the Comprehensive Plan of the City of Ocala, l which is required by the 1985 Local Government Comprehensive Planning Act. The plan, which was submitted to the State of Florida by the May 1, 1991 deadline, is a tool for growth management and affects virtually all City departments. _ The plan has twelve j required and two optional elements: future land use, traffic circulation, housing, sanitary sewer, solid waste, storm water ,
management, potable water, groundwater recharge, conservation, J
parks and recreation, capital improvements, intergovernmental i coordination, community redevelopment area and historical 111
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I year of the was the first year 1993 Element of the i
preservation. Fiscal Capital Improvements from 1993 implementation of the covers the five-year period Plan, which Comprehensive through 1997. which consiststhe of The Water and Sewer Department, is responsible for and DeegtimeD1__Egc 72 employees min eight operatingand divisions, transmission of potable water In the pump ing, treatment, storage of sanitary sewage.
the collection, treatment and disposalwas struggling withcompleted high debt service which the Water and Sewer Fund study was In fiscal 1990, an interim arate three-year period. The Water and past, and to costs.
rate increases over service requirements resulted in meet debt improvement projects. Fiscal 1993 Sewer fund is now able to major capital million project at the provide funds for $10 bond-funded 12 which expanded the plant's saw the completion of a
Facility per million gallons City's Water Reclamation from 3.5 to 6.5 sewage treatment capabilities day.
been a number of positive few years, there have Both of the City's water past Over the the Water and Sewer Department. the Florida Department changes in facilities are in compliance with and are operating reclamation Protection (DEP) regulations of Environmental than the temporary operatingconsumptive perrr,its of full permits rather which received its under the past. The water treatment plant,has consistently won the DEP Central 1997, The permit valid until Operation and Maintenance.
use for Outstanding from a confrontational or District Award relationship with DEP has reversed cooperative and supportive City's of a adversarial roleMany of the operational improvements in the Water and to that effective management and partnership. equipment Sewer Department have been attained throughthrough in the middlemodernization of a an planning and currently and Data Supervisory Control is and systems. The department installing which five-year program of in all major sewage lift stations and (SCADA) systems maintenance costs Acquisition efficiency, minimize operating improve sewage spills.
significantly reduce established leading to a were Employee safety and training programs force consistently efficient work objectives.
meeting the State highly-trained and and is and Sewer Department's goals respective fields Water employees in their as a whole has of certification The Water and Sewer all Department lost time accident, which encouraged.
over 500,000 hours without a considering the high risk job accumulated accomplishment fhe Water and Sewer employees have is an exceptional department, the incentive for awards categories in the received over 25% of job submitted ideas and have or money-saving suggestions Week, which given by the City for innovative and Sewer Public Awareness the public in areas of conservation and The Water improvement. 1992, educates At this time, as started in various displays and exhibits.
facilities are environment with well as year-round, tours of the Water and Sewer
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available. The Water and Sewer Department has also developed a lending library for use in the local school system.
The Water and Sewer Department has come a long way i'n the past few years. It has taken a lot of hard work on the part of the dedicated individuals involved, and the Water and Sewer Department should be congratulated for its accomplishments!
EIU68CloL_INE0Bd6IIQU In developing, maintaining and evaluating the City's accounting system, consideration is given to internal accounting gontrols designed to ensure that the City's assets are protected from loss, theft or misuse and to ensure that adequate- accountin3 data is compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management. The City's chart of accounts substantially complies with the Uniform Accounting System as prescribed by Chapter 3A-61 of the Florida Administrative Code.
Egdsgtgry_Cggttgls. Budgetary control is maintained on an annual allotment basis, based upon prior working capital and on revenue projections for the current year. Both expenditures and encumbrances are recorded against budgeted appropriations. At mid year, City department heads are required to reassess their appropriations for the remainder of the year, from which a full budget revision is prepared and submitted to City Council for approval. The entire budget process is coordinated by a full time budget manager. In addition, two separate reviews are made by the Finance Department for final annual 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 adopted by City Council. This resolution also includes a carryforward for major projects not completed in the previous year which are not covered by purchase orders. All items in this resolution are subject to a working capital availability test. -
Monthly reports are distributed to the various departments to keep them informed of their year to date expenditures, encumbrances and funds available.
GEDEEal___GgvergmEDtgl___Eunctiggs. The following schedule presents a summary of general fund, special revenue fund and debt service fund revenues and other financing sources for the fiscal year ended September 30, 1993 and the percentages of increases and decreases in relation to revenues and other financing sources for the fiscal year ended September 30, 1992.
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Increase Percent l (Decrease) Increase Percent omgunt________gf_Igtal_Inge_122;__1Dgergassi Revenues: 121,191 1.70%
13.94% $
$ 7,270,662 524,776 59.35 Property taxes 1,409,034 2.70 5,758 .59 976,335 1.87 Other taxes State revenue sharing 365,193 6.07 Other intergovernmental 6,384,434 12.24 revenues (215) (.29)
Parking meters and 73,952 14 (4.22)
(26,674) facilities 604,787 1.16 (94,326) (9.75)
Licenses and permits 873,112 1.68 127,008 7.01 Fines and forfeitures 1,951,348 3.74 (268,840) (25.63)
Charges for services 780,108 1.50 (8,644) (3.02)
.53 Interest 277,420 Gifts and other 39.50 746,027 20,601,192 Total revenues Other financing sources: 14,143,855 100.00 Proceeds from refunding 14,143,855 27.12 (42,922) (100.00) bonds -
Debt proceeds 4.30 Transfers from other 12t 4111663___ 33t38________212tig?
funds 1112 Total revenues and other $g21156.21g__199199%___$1gtg64 financing source - - -- ---
taxes, in other in revenues wasattributable almost The most significant dollar change increase
$524,776 (59.35%)
was tax on basic where the new 7.5% telecommunications The $365,193 (6.07%) collections increase in exclusively to the telephone service within the City. d intergovernmental revenues was caused by increasein Marion County's other local option gasoline tax, by an increaseand by increases in to the those related $268,840 of the funding of the CentralofFlorida grants Regional especiallyLibrary, The amounts during fiscal 1993.
the dollar library and to storm drainage income was the result of of decreasing
$94.326 in interest The decrease (25.63%) decrease l 1992. a decrease in interest rates as compared to fisca and forfeitures was the result of $14,143,855 (9.75%) in fines Proceeds from refunding bonds of Refunding court fines collected. issuance of the Optional Gas Tax in the Debt which are discussed of the was the result Series 1992, (4.30%)
Bonds, letter. The $717,157 an Revenue section of this primarily by Administration funds was caused increare in transfers from otherfrom the Electric Fund.
increase in the transfer summary of general fund, a and other following schedule presents fund expenditures The service 30, 1993 and the special revenueuses fund for the debt year ended September and fiscal relation to j financing in and decreases of increases Percentages
expenditures and other financing uses for the _ fiscal year erided September 30, 1992.
Increase Percent Percent (Decrease) Increase Be990t ______91_Iotal___f tse_1222__IDestnese)
Expenditures:
Current:
General government and administration $ 3,388,158 6.71% $ 48,943 1.47%
Public safety 12,621,517 25.01 182,566 1.47 Public works 3,933,610 7.80 17,620 .45 Culture and recreation 3,771,641 7.47 31,409 .84 Housing rehabilitation 504,275 1.00 192,083 61.53 Nondepartmental 428,063 .85 46,278 12.12 Other 427,553 .85 3,915 .92 Capital outlay 2,262,339 4.48 (1,912,348) (45.81)
Debt service:
Principal i,782,050 3.53 117,146 7.04 4 Interest and agents' fees 2,238,802 4.44 (38,281) (1.68)'
Intergovernmental ___1131 252_______322________3]t996 63.07 Total expenditures 31,471,267 62.36 (1,266,863)
Other financing uses:
Payment to refunded bonds escrow agent 13,976,315 27.70 13,976,315 100.00 Transfers to other funds _gtQigiggg______2123_______1131ggQ 2.34 Total expenditures and other financing use $5Q14621967____1991QQ%__$121@24 1QQ2 Public safety expenditures increased by $182,566 (1.47%), which is attributable partly to realized costs for an entire year on the two Police and one Fire department employees added during fiscal 1992 and partly to cost of living increases in October, 1992. The
$192,083 (61.53%) increase in housing rehabilitation was the result of 20 structures being fully and 26 partially rehabilitated in fiscal 1993 as compared to 14 fully and 43 partially rehabilitated in fiscal 1992 as well as $50,112 expended in fiscal 1993 for appliances for units maintained by the Ocala Housing Authority.
Capital outlay decreased $1,912,348 (45.81%), primarily as a result of decreased funds spent on the City's street resurfacing program and two major projects, the renovation of the Marion 1 heater and the H construction of fire station 45, were completed during fiscal 1992. l The $13,976,315 payment to refunded bonds escrow agent was the j defeasance of the City's Optional Gas Tax Revenue Bonds, Series '
1989, which is discussed later in this letter. Transfers to other !
funds increased by $114,550 (2.34%) primarily because of increased I transfers from the debt service funds to'other funds.
l GED9tal__ESD d ____BglaDcg. The fund balance of the general- fund at September 30, 1993 is $5,732,905, a 46.05% increase from 1992. :
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l caused primarily by the declir.e in capital The increase was as the increase in other taxes and in outlay expenditures as wellrevenues. The general fund balance is other intoreovernmental equivalent of 63 working days of expenditures.
The City of Ocala operates eight distinct Egleterise_geetaiions. Electric System, Water and Sewer, Sanitation, enterprise funds: Fort King Tennis Court, Municipal Trailer Park, Municipal Golf Course, and the Florida Emergency Training Facility.
Ocala Municipal Airport, continua to be the backbone The cnterprise funds are well run and general government operations.
support of of financial formerly The Elec tric System Revenue Fund is thePower Bulk combination of the Funds.
Supply Revenue Revenue and Series 1999A, were consolidated During fiscal 1990,ElectricElectric System Revenue Bonds, improvements to the acquisition and construction of in issued for the electric system. The improvements are expected to be completed The electric system continues to be efficiently 11.19 managed the fiscal 1995. debt' service coverage of for and operated, and had a year ended September 30, 1993.
Fund, which is the City's second largest The Water and Sewer with debt service payments and enterprise fund, has been burdened For the restrictions for the past few years.
other bond-related had a debt year ended September 30, 1993, 8.89. the WaterDuring and Sewer1990, Fund the City's of a service coverage ratio a master plan, including consulting engineers began working on and sewer system. Gradual rate the water rate review, for fiscal 1991, have helped this fund.
increases starting in early is responsible for trash and garbage pick-up in The Sanitation Fundthe year, sanitation rates did not have to be the City. During no increased landfill increased The since there were fortunately had a net income of charges. fund is financially sound and
$51,979 during fiscal 1993.
Course Fund had a net loss for the year ended in i
The Municipal Golf improve September 30, 1993 of $46,639; however, this fund should the future.
Municipal Airport Fund had a net income ofthe $460,435 in Airport, The Ocala under way at 1993. There are expansion programs funded by federal and state most of which are substantially not self-supporting, it is an Although the airport is 3 rants.
important part of our community.
Court Fund experienced a net fund, loss of $3,617 The Fort King Tennis which was anticipated. This although during fiscal 1993, small, is well-run.
During 1993 The Municipal Trailer Park Fund continues to improve.
it had a net income of $13,176.
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l l-l The Florida Emergency Training Facility Fund, which involves the construction, future operation and maintenance of an emergency facility adjacent to the City's airport, is new in fiscal 1993.
E n D a 19 D _IE u s t _ _ E u n d _ _ o p.g r a tig g g . The combined Pension Trust Funds improved during 1993. The combined funjs had a net appreciation in the fair market value of investments of $3,400,855, caused by the valuation of investments to market value as of September 30,1993.
Debt __AdDiDistEat190 At September 30, 1993, the City had $131,340,000 in outstanding serial and term bonds. Of this amount, $100,405,000 are associated with enterprise funds and
$30,935,000 are associated with governmental funds. All of the City's issues are insured. Although the City may issue general obligation debt in an amount up to 20% of the assessed valuation of the taxable real and personal property in the City according to article IX, section 9.02, of the City Charter, there is no general obligation debt outstanding.
During the year, the City issued $14,340,000 Optional Gas Tax Refunding Revenue Bonds, Series 1992, which are secured by the proceeds of the six cent optional gas tax received by the City. The bonds are fully insured and are rated 'AAA* by Standaro & Poor's Corporation and 'Aaa' by Moody's Investors Service, Inc. The proceeds of the 1992 issue were used primarily for the advance refunding of the City's outstanding Optional Gas Tax Revenue Bonds, Series 1989. The proceeds of the 1992 issue, along with certain available funds, were used to purchase U.S. government securities ;
which were deposited into an irrevocable trust with an escrow agent to provide for all future debt service payments on the refunded bonds. The defeasance resulted in a present value savings of
$374,583. i Gd5h__ dadas 209Dt. Cash temporarily idle during the year was invested in the State Board of Administration Fund, which is an I
investment pool administered by the State of Florida. Although the City is authorized by Florida Statutes to invest in 1 l
obligations of U. S. agencies and in interest-bearing time deposits and savings accounts in banks and in savings and loan i associations in addition, we have found that the State Board of Administration has historically had competitive rates and we can withdraw funds on demand. At September 30, 1993, our investments j with the State Board of Administration were earning 3.52% with a l year to date return of 3.56%. During fiscal 1993, the City hired Barnett Banks Trust Company, N.A. as its short-term investment manager in order to maximize investment earnings.
The City's pension fund investments have been administered by the firm of Manning and Napier of Rochester, New York for several years. In January 1991, because of the size of the combined funds, the pension fund investments were equally split for administration by Manning and Napier and by Barnett Banks Trust Company, N.A. of Jacksonville, Florida. The pension fund investments consist ix
of aonds, debentures, common stocks, U. S. Treasury obligations and short-term investments.
Bish____daDagemeDt. The Risk Management Department was established through an interlocal agreement between the City _of Ocala and Marion County for the purpose of the- procurement of insurance, either through insurance companies or through !
self-insurance, and for the purpose of providing safety training programs. Information on the City's insurance coverage can be 1 found in the Statistical Section of this report. The Risk Management Department is doing very well, both in insurance monitoring and procurement and in safety training.
DISE8_INE08d6IION IUdegeU d eD1_6udit. The City Charter and Florida Statutes require an independent audit of the books, financial records and transactions of all administrative departments of the City by a Certified Public Accounting Firm selected by the City Council. The auditors' report on the general-purpose financial statements and combining and individual fund statements and schedules is included in the financial section of this report.
Gwards. The' Government Finance Officers Association of the United 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 September 30, 1992. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for.
preparation of state and local government financial reports.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized comprehensive annuel financial report, whose contents conform to program standards. Such CAFR must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only.
The City of Ocala has received a Certificate of Achievement for the last eleven consecutive years (fiscal years ended 1982-1992.) We believe our current report continues to conform to the Certificate of Achievement program requirements, and we are submitting it to GFOA.
The City was awarded the Distinguished Budget Presentation Award by the Government Finance Officers Association of the United States and Canada for its annual budgets for the fiscal years beginning October 1, 1987 through 1992. In order to receive this award, 'which is valid for a period of one year only, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan and as a communications medium.
X
l 6c.hngwigdsgments . The preparation of this comprehensive annual financial report was made possible by the dedicated service of the entire staff of the Finance Department. Sincere appreciation is extended to specific individuals who worked diligently throughout the audit: Diane M. Cangelosi, Deputy Finance Director; Wayne C. Hodge, Chief Accountant; Prudy L. Waite, Accountant and Robert D. Naugler, Financial Analyst / Grant Supervisor. Appreciation is also extended to Eric Lewerenz, the City's Internal Auditor; to Barbara Edwards Kays, Budget Manager and to Coopers & Lybrand, our external auditors, for their assistance in this effort.
In closing, without the leadership and support of the City Manager, Assistant City Managers and City Council, whose continued interest in good fiscal City government is an invaluable asset to our community, preparation of this report would not have been possible.
submitted, Ress(ectf
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%AL Gils3L. Baker' Finance Director
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Cer:i icate of Acaievemen~:
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l in Financia Reaorting Presented to City of Oca a, F oric a For its Comprehensive Annual 1 Financial Report for the Fiscal Year Ended September 30,1992 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Govemment Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting.
President wmExecutive Director
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ORGANIZATONAL CHART CITY COUNCIL MAYOR m M CITY ATTORNEY l AUDITOR l l CLERK l CRY MANA POUCE ASSISTANT TO CITY SUBSTANCE ABUSE MANAGER PREVENTION
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ASSISTANT CITY MANAGER l PUBLIC WORKS F--
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- PLANNING l H AN l AIRPORT GOLF RES$RCES l R SK - - ENGINEERING E ENT
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OCALA BOARDS AND COMMISSIONS CITIZENS OF OCALA O MAYOR 4 CITY COUNCIL _
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1 FINANCIAL SECTION This Section.contains the following Subsections:
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Report of Certified Public Accountants-
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General Purpose Financial Statements %
Individual Fund and Combining Statements - By Fund Type h
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Report of Independent Accountants The Honorable Members of City Council City of ocala, Florida We have audited the general-purpose financial statements of City of ocala, Florida as of and for the year ended September 30, 1993, as listed in the accompanying table of contents. These general-purpose financial statements are the responsibility of City of ocala, Florida's management. Our responsibility is to express an opinion on these general-purpose financial statements based on our audit.
We conducted our audit in accordance with generalM accepted auditing standards and covernment Audicing standards, issued by th- 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 state-ments are free of 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 general-purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
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 as of September 30, 1993, and the results of its operations and cash flows 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 and individual fund and account group financial statements and supporting schedules listed in t*se table of contents are presented for purposes of additional analysis and are not a required part of the general-purpose financial statements of City of Ocala, 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 presented in all material respects in relation to the general-purpose financial stataments taken as a whole.
1
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i is presented for purposes The information presented in the Statistical i Sect ond part of the general-purpose finan-of additional analysis and is not a requ resuch inf ormation has not been subje applied cial statements, dures in the audit of the financial statements and, accordin express no opinion on it.
Orlando, Florida January 15, 1994 l
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4 GENERAL PURPOSE FINANCIAL STATEMENTS (Combined Statements - Overview) ,
- i. These basic financial statements provide a summary overview of the financial position of all funds and account groups as well as the operating results of all funds. They also serve as an introduction to the more detail- '
ed statements that are in the following subsections.
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GENERAL-PURPOSE FINANCIAL STATEMENTS (Combined Statements - Overview) 3
m, CITY OF OCALA, FLORIDA COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS September 30, 1993 Governmental Fund Types Special Debt Capital >
ASSETS General Revenue Service Project ,
Current Assets:
Cash and investments $ 3,58E S 317,356 $ -
Equity in pooled cash and investment fund 5,494,540 7,959,841 - 1,542,523 l
Accrued interest receivable 36,030 44,195 - 8,559 Accounts and notes receivable, net of allowance for doubtful accounts of
$402,174 525,385 30 - 461,042 ,
Accrued unbilled revenues Due from other funds 234,081 79,546 - -
Interfund loans receivable 2,714 - - - ,
Inventories Due from other governmente 662,541 511,444 - 73,005 Other 69,632 624 - -
7,028,511 b,913,036 - 2,085,129 Total current assets Restricted Assets: - -
Cash and investments - -
Equity in pooled cash and investment fund - - 5,627,053 -
31,171 -
Accrued interest and dividends receivable -
Lue from other governments -
Other
- - 5,658,224 -
Total restricted sesets 1
Other Assets: -
Interfund loans receivable after one year 49,492 - -
Property, plant and equipment, not - -
Issuance costs on long-teon debt -
Amount available in debt service funds - -
Amount to be provided for retirement of - -
general long-term debt -
Total other assets 49,492 - -
$7,078,003 $8,913,036 $5,658,224 $ 2,085,129 Total Assets I
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Piduciary Proprietary Fund Types Fund Type Account Groups Trust General General Totals ,
Internal and Fixed Long-Tena (Memorandum l Ente rprise Service Agency Assets Debt only)
$ 13,201 $ 500 $ -
$ 334,645 5,234,907 8,789,246 - - - 29,021,057 25,382 47,598 - - - 161,764 5,975,889 15,022 - - - 6,977,368 4 4,569,014 - - - --
4,569,014 000,629 - - - - 1,114,256 63,327 25,017 - - -
91,058 2,352,972 141,635 - - - 2,494,607 140,105 22,458 - - - 1,409,553 194,001 47,006 - - - 311,263 19,369,427 9,088,482 - - - 46,484,585 36,575,016 - 53,483,807 - - 90,058,823 37,417,455 - 102,586 - - 43,147,094 679,836 - 392,752 - - 1,103,759 231,139 - - - - 231,139 164,348 - - - - 164,348 75,067,794 - 53,979,145 - - 134,705,163 t
481,025 54,758 - - - 585,275 154,305,752 7,016,859 -
17,632,458 - 178,955,069 860,465 - - - - 860,465
- - - - 5,655,224 5,655,224
- - - - 25,288,320 25,288,320 155,647,242 7,071,617 - 17,632,458 30,943,544 211,344,353
$250,084,463 916,160,099 $53,979,145 $17,632,458 $30,943,544 $392,534,101 Continued See accompanying notes to financial stataments.
5
CITY OF OCALA, FLORIDA COMBINED BALANCE SHEET - CONTINUED _
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I ALL FUND TYPES AND ACCOUNT GROUPS September 30, 1993 Governmental Fund Types Debt Capital Special Service _ Project General Revenue _
_ LIABILITIES AND EQUITY
$ 413,022 current Liabilities: $ 570,607 $ 210,068 $ -
Accounts payable ClaLms payable 472,508 22,757 -
Compensated absences payable -
Bonds and notes payable within one year -
Accrued interest payable -
Due to other funds -
Customer deposits 301,983 215,796 Deterred rovenue -
413,022 Interfund loans payable 1,345,098_ 448,621 -
Total current liabilities Liabilition Payable from Restricted Assets: -
- 3,000 Accounts payable -
Accrued interest payable -
Deferred revenue -
Bonds and notes payable within one year -
Decommissioning costs - -_ _
Deferred compensation Total liabilities payable from - 3,000 -
restricted assets Interfund Loans Payable After One Year -_
413,022 Donds and Notes Payable After One Year 448,621_ 3,000_
__1,345,098_
Total liabilities Equity and Other Credits:
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 -
5,655,224 Fund balances: -
Reserved for debt service -
Reserved for retirement benefits -
Reserved for interfund loans 49,492 - 118,809 receivable after one year 996,916 357,554 -
Reserved for encumbrances 231,561 8,106,861 -
Reserved for specified projects 642,242_ 118,809 Reserved for capital projects 1,920,211 8,464,415 5,655,224 1,553,298_
Total reserved fund balances 3,812,694 1,672,101 Unreserved and undesignated fund balances 5,732,905_ B,464,41S 5,655,224 5,655,224 1,672,107_
Total fund balances 5,732,905_ 8,464,415 Total equity and other credits
$5,658,224_ $ 2,085,129
$7,07 8,003_ $8,913,036 Total Liabilities and Equity 6
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V Fiduciary Proprieta ry Pund Types Pund Type _ Account croups Trust General General Totals Internal ~ and Pixed Long-Term (Memorandum Enterprise' Service Agency Assets Debt Only!
t
$ 5,342,436 $ 201,022 $ -
$ 6,737,155
- 2,754,833 - - - 2,754,833 340,576 61,658 - - - 897,499
- 247,401 - - 2,038,544 2,285,945 3,122 - - - - 3,122 1,114,256 - - - - 1,114,256 2,967,703 - - - - 2,967,703 51,755 16,745 - - - 586,279 91,058 - - - - 91,058 9,910,906 3,281,659 - - 2,038,544 17,437,850 1
436,227 - 30,720 - - 469,947 3,076,222 - - - - 3,076,222 781,547 - - - - 781,547 4,530,000 - - - - 4,530,000 1,016,652 - - - - 1,016,652
- - 3,360,418 - - 3,360,418 9,840,648 - 3,391,138 - - 13,234,786 585,275 - - - - 585,275 93,594,783 93,784 - - 28,905,000 122,593,567 113,931,612 3,375,443 3,391,138 - 30,943,544 153,851,478
- - - 17,632,458 - 17,632,458 31,698,898 1,314,264 - - - 33,013,162 8,929,494 - - - -
8,929,494 25,750,789 - - - - 25,750,789 34,680,283 - - - -
34,680,283 69,773,670 11,470,392 - - - 81,244,062 104,453,953 11,470,392 - - - 115,924,345 I - - - - - 5,655,224
- - 50,484,952 - - 50,484,952
- - - - - - 49,492 ,
1,473,279 1 103,055 - -
8,441,477
- - - - - 642,242 50,588,007 - - 66,746,666
- - - 5,365,992
- - 50,588,007 - - 72,112,658 136,152,851 12,784,656 50,588,007 17,632,458 - 238,682,623
$250,084,463 $16,160,099 $53,979,145 $17,632,458 $30,943,544 $392,534,101 See accompanying notes to financial statements.
7
l CITY OF OCALA, FLORIDA IN FUND BALANCE EXPENDITURES AND CHANGES COMBINED STATEMENT OF REVENUES, ALL GOVERNMENTAL AND EXPENDABLE TRUST FUND TYPES Year Ended September 30, 1993 Governmental Fund Tyres Debt Capital Special Project _
Revenue _ Service General _
46,910 $ -
Revenues: S 7,223,752 $
Property taxes 1,409,034 -
Other taxes 976,335 - 2,173,844 State revenue sbaring 3,065,411 3,319,023 -
Other intergovernmental revenues - 73,952 Parking meters and facilities 239,196 365,591 Licenses and permits 823,911 49,201 Fines and forfeitures 374,476 1,576,872 90,363 216,218 Charges for services 242,687 321,203 27,344 4,568 Interest -
228,188 17,32_0_
Gifts 216,218 2,264,207 Other 14,610,334 5,774,640 Total revenues Expenditures -
Current 3,322,232 65,926 -
General government and administration 12,621,517 -
518,250 Public safety 2,879,824 1,053,786 -
Public works 2,341,318 1,430,323 -
Culture and recreation 504,275 -
Housing rehabilitation 428,063 -
Nondepartmental appropriations 345,338 82,215 3,623,906 other 957,160 1,305,179 -
Capital outlay 109,048 4,211 Intergovernmental 1,730,000 Debt se rvice : 26,288 25,762 -
Principal payments 2,410 2,234,266 2,126 4,142,156 7nterest and paying agents' fees 3,969,812 3,964,266 23,537,189 Total expenditures (3,748,048) (1,877,949)
Excees (Deficiency) of Revenues (8,926,855) 1,804,828 Over Expenditures Other Financing Sources (Uses): -
- 14,143,855 -
(13,976,315)
Proceeds from refunding bonds -
Payment to refunding bond escrow agent -
Proceeds from capital lease 482,804 3,931,851 -
12,997,000 (1,068,011_) -
Transfers from other funds (2,262,631.) (1,684,743) -
3,031,380 Transfers (to) other funds 10,734,377 (1,201,939)
Total other sources (uses)
(Deficiency) of Revenues and Other 602,089 (716,668) (1,877,949)
Excess 1,807,522 Sources Over Expenditures and other Uses 3,550,056 7,861,526 6,371,892 Fund Balance at Beginning of Year
,3 025,383 5,655,224 $ 1,672,107_
S ,,732,905 $ B,464,415_ $
Fund Balance at End of Year i
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. Fiducia ry Fund Type
. Totals Expendable (Memorandum Trust only)
$ 20,716 $ 7,291,378
- 1,409,034-
- 976,335
- 8,558,278
- 73,952 i- - 604,787 873,112
- 1,951,348 43,373 913,844 j - 31,912 72,613 318,121 136,702 23,002,101
)
17,830 3,405,988 l
- 12,621,517 I
- 4,451,860 3,771,641 1
- 504,275 '
- 428,063
- 427,553
- 5,886,245
- 113,259
- 1,782,050
- 2,238,802 17,830 35,631,253 118,872 (12,629,152)
- 14,143,855
- (13,976,315) 19,886 17,431,549
- (5,015,385) 19,886 12,583,704 138,758 (45,448) 1,094,089 22,802,946
$1,232,847 j 22,757,498 See accompanying notes to financial statements.
9 J
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CITY OF OCALA, PLORIDA
- BUDGET AND ACTUAL _
COMBINED STATEMENT OF REVENUES AND EXPENDITURES l
GENERAL, SPECIAL REVENUE, CAPITAL PROJECT AND EXPENDABLE TRUST FUND TYPES Year Ended September 30, 1993 GENERAL Adjustments Actual to on a Budgetary Budgetary Basis _ Basis Actual
$ 7,223,752 Revenues $ 7,223,752 $
- 1,409,034 Property taxes 1,409,034 976,335 Other taxes 976,335 (1,110,945) 1,954,466 State revenue sharing 3,065,411 -
other intergovernmental revenues -
239,196 Parking meters and facilities 239,196 -
823,911 Licenses and permits 823,911 -
374,476 Fines and forfeitures 374,476 -
238,443 Charges for services 242,667 (4,244) 19,344 Interest 27,344 (8,000)
(59,883) 168,305_
Gifts 228,188_
(1,183,072) 13,427,262 Other 14,610,334 Total revenues Expenditures: 3,112,098 Current: 3,322,232 (210,134)
General government and administration 12,621,517 57,928 12,679,445 Public safety 29,700 2,909,524 2,879,824 (119,224) 2,222,094 Public works 2,341,318 Culture and recreation 504.275 (504,275, -
427,117 Housing rehabilitation 428,063 (946) 86,023 Nondepartmental appropriations 345,338 (259,315) 957,160 847,617 1,804,777 Other Capital outlay 26,288 Debt service: 26,288 -
2,126 Principal payments 2,126 -
Interest and paying agents' fees (46,435) 62,613 109,048_
23,332,105 Intergovernmental 23,537,189 (205,084)
Total expenditures (977,988) (9,904,843)
(8,926,855)
Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses): -
Proceeds from long-tertn borrowing -
Proceeds fran capital lease 12,997,008 47,000 13,044,008 (2,277,446)
Operating transfers from other fuuus (2,262,631) (14,815) 10,766,562 Operating transfers (to) other funds 10,734,377 32,185 Total other financing sources (uses)
Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses Before (945,003) 861,719 1,807,522 Fund Balance Allocation -
Fund Balance Allocation Excess (Deficiency) of Revenue and Other (945,803) $ 861,719
$ 1,807,522 9 Sources Over Expenditures and Other Uses 10
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p Variance Final Favorable Budget (Unfavorable)
$ 7,471,567' $ (247,815) 1,369,500 39,534 925,000 51,335 1,928,339 26,127 273,570 (34,374)-
809,000 14,911 398,494 (24,018) 341,000 (102,557) 9,400 9,944 J 194,820 (26,515)
-13,720,690 (293,428) i 3,377,849 265,751 13,106,632 427,187 3,044,055 134,531 2,380,501 158,407 .
493,370 66,253 ;
90,081 4,058 1,712,961 (91,816) 26,288 -
2,139 13 73,716 11,103 24,307,592. 975,487 +
(10,586,902) 682,059 .
12,612,318 431,690 (2,298,006) 20,560 10,314,312 452,250 (272,590) 1,134,309 272,590 (272,590)
$ 861,719 Continued See accompanying notes to financial statements.
11
CITY OF OCALA, FLORIDA-COMBINED STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL - CONTINUED GENERAL, SPECIAL REVENUE, CAPITAL PROJECT AND EXPENDABLE TRUST FUND TYPES Year Ended September 30, 1993 t
SPECIAL ,
Adjustments Actual I to 'on a .
Budgetary Budgetary Actual Basis Basis
'Ravenuest Property taxes $ 46,910 $ -
$- 46,910 ,
Other taxes -
i State revenue sharing - - --
other intergovernmental revenues 3,319,023 (7,959) 3,311,064 Parking meters and facilities 73,952 - 73,952 Licenses and permits 365,591 - 365,591 ]
Fines and forfeitures 49,201 - 49,201 Charges for services 1,576,872 - 1,576,872 Interest 321,203 (658) 320,545 Gifts 4,568 - 4,568 Other 17,320 - 17,320 Total revenues 5,774,640 (8,617) 5,766,023 Expenditures l i
Currents General government and administration 65,926 ~(6,210) 59,716 Public safety Public works 1,053,786 205,274 1,259,060 .
Culture and recreation 1,430,323 45,579 1,475,902 Housing rehabilitation Nondepartmental appropriations 82,215 (2,341) 79,874 )
Other Capital outlay 1,305,179 106,701 1,411,880 i Debt services 25,762 - 25,762 Principal payments Interest and paying agents' fees 2,410 - 2,410 j 4,211 - 4,211 Intergovernmental 3,969,812 349,003 4,318,815 Total expenditures 1,804,828 (357,620) 1,447,208 Excess (Deficiency) of Revenues Over Expenditures )
Other Financing Sources (Uses): -
Proceeds from long-term borrowing
- - - i Proceeds f ran capital lease '
482,804 - 482,804 operating transfers from other funds (1,684,743) - (1,684,743) operating transfers (to) other funds (1,201,939)
Total other financing sources (uses) (1,201,939) -
i Excess (Deficiency) of Revenues and other Sources Over Expenditures and other Uses Before 245,269 602,889 (357,620)
Fund Balsnee Allocation Fund Balance Allocation
]
Excess (Deficiency) of Revenue and Other 245,269 Sources Over Expenditures and Other Uses $ 602,889 $ (357,620) $
1 12
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T REVENUE Variance-
, Final Favorable Budget (Unfavorable)
$ 48,850 $ (1,940).
3,130,634 180,430 76,000 (2,048) 378,350 (12,759) 52,200 (2,999) 1,565,000 11,872 373,250 (52,705) 5,000 (432)
' 19,400 (2,080) 5,648,684 117,339 k.
71,489 11,773 1,381,010 121,950 1,524,116 48,214 81,820 1,946 3,103,974 1,692,094 26,430 668
.2,669 259 4,426 215 6,195,934 1,877,119 (547,250) 1,994,458 420,587 62,217 (1,663,400) (21,343)
(1,242,813) 40,874 (1,790,063) 2,035,332 s
1,790,063 (1,790,063)
$ 245,269 continued See accompanying notes to financial statements.
13
CITY OF OCALA, FLORIDA COMBINED STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUA GENERAL, SPECIAL REVENUE, CAPITAL PROJECT AND EXPENDABLE TRUST FUND TYPES Year Ended September 30, 1993 CAPITAL _
Adjustments Actual to on a Budgetary Budgetary Actual Basis Dasis Revenues: - $
S -
Property taxes -
Other taxes -
State revenue sharing 2,173,844 - 2,173,844 Other intergovernmental revenues -
Parking meters and facilities -
Licenses and permits -
Pines and forfeitures -
74,688 Charges for services 90,363 (15,675)
Interest -
Gifts -
2,264,207 (15,675) 2,248,532 Other Total revenues Expenditures Currents -
General government and administration -
Public safety 518,250 (5,468) 512,782 Public works -
Culture and recreation -
Housing rehabilitation -
Nondepartmental appropriations -
7,452 3,631,358 Other 3,623,906 Capital outlay Debt service:
Principal payments -
Interest and paying agents' fees -
Intergovernmental 4,142,156 1,984 4,144,140 Total expenditures (17,659) (1,895,608)
(1,877,949)
Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses): - -
Proceeds from long-term borrowing - -
Proceeds from capital lease -
Operating transters from other funds -
Operating transfers (to) other funds -
Total other financing sources (uses)
Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses Before (1,877,949) (17,659) (1,895,608)
Fund Balance Allocation -
Fund Balance Allocation Excess (Deficiency) of Revenue and Other $ (1,877,949) $ (17,659) $ (1,895,608)
Sources Over Expenditures and other Uses i
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PROJECT Variance Final Favorable Budget (Unfavorable) 2,623,621 (449,777) 96,000 (21,312) 2,719,621 (471,089) 429,979 (82,803) 4,166,315 534,957 4,596,294 452,154 (1,876,673) (10,935)
(1,876,673) (18,935) 1,876,673 (1, "> 7 6, 6 7 3 )
$ . $(1,895,608)
Continued See accompanying notes to financial statements.
15
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u--.
CITY OF OCALA, FLORIDA
- BUDGET AND ACTUAL - CONTINUED _
COMBINED STATEMENT OF REVENUES AND EXPENDITURES l GENERAL, SPECIAL REVENUE, CAPITAL PROJECT AND EXPENDABLE TRUST FUND TYPES Year Ended September 30, 1993 EXPENDABLE __
Adjustments Actual to on a Budgetary Budgetary Basis Basis Actual
- $ 20,716 20,716 $
Revenues: S Property taxes -
Other taxes -
State revenue sharing -
Other intergovernmental revenues -
ParkJug meters and facilities -
Licenses and permits -
Fines and forfeitures -
(39,167) 4,206 Charges for services 43,373 Interest (72,613)
Gifts 72,.613 24,922 136,702 (111,780)
Other Total revenues Expenditures - 17,830 Current: 17,830 -
General government and administration -
Public safety -
Public works -
Culture and recreation -
Housing rehabilitation -
Nondepartmental appropriations -
Other Capital outlay -
Debt services -
Principal payments -
Interest and paying agents' fees -
17,830 Intergovernmental 17,830 _
Total expenditures 7,092 118,872_ (111,780)
Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses): -
Proceeds from Jong-term borrowing -
19,886 Proceeds from capital lease 19,886 -
Operating transfers from other funds -
19,886_
Operating transfers (to) other funds 19,886 Total other financing sources (uses)
Excess (Deficiency) of Revenues and Other Scurces 26,978 Over Expenditures and Other Usse Before 138,758 (111,780)
Fund Balance Allocation -
Fund Balance Allocation (111,780) $ 26,978_
Excess (Deficiency) of Revenue and Other $
138,758_ $
Sources Chrer Expenditures and Other Uses l
16
i 1
TRUST- l l
Variance Final Favorable l Budget (Unfavorable) l l
$ 20,716 S -
l
. . l 5,200 (994) l 25,916 (994) l 19,701 1,871 l 19,701 1,871 6,215 877 l
j
. . 1 19,886 - !
. ,l 19,886 - '
1 l
26,101 877 I l
(26,101) 26,101 l W
26.07s W a
i i
See accompanying notes to financial statements. j i
17 1 l
u ___ _ _ _ . _ _ _ _ . _ _ . _ _ _ _ _
CITY OF OCALA, FLORIDA l
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS /FUNL BALAN i
l ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS Year Ended September 30, 1993 Fiduciary Proprietary Fund Types Fund Type _ Totals Internal Pension (Memorandum Trust Only)
Enterprise _ service Operating Revenues $ 70,020,329 $ -
- S 70,020,329 sale of electricity - - 3,624,031 3,624,031 sale of water 13,393,193 - - 13,393,193 sewer and sanitation service charges 2,097,360 7,391.671 - 9,489,031 73,758 Fees and rentals 73,758 - -
4,792,032 commissions - 2,833,367 1,958,665 city and state contributions - 1,078,182 332,611 1,410,793 Employee contributions - - 2,033,774 2,033,774 Income on investments Not appreciation in f air market value - - 3,400,855 3,400,855 of investments 222,787 - 2,414,601 2,191,814 11,526,007_ 7,725,905 110,652,397 other 91,400,485_
Total operating revenues Operating Expenses: - - 39,774,506 39,774,506 Purchase of electricity 5,994,620 - - 5,994.620 Distribution - 601,053 601,053 -
Back-up - - 346,030 346,030 Tr ansmis s ion - - 4,970,469 8,970,469 operation and maintenance - 2,053,677 2,053,677 -
825,456 water and sewer treatment 825,456 - -
sewer collection - 2,360,692 - 2,360,692 Fleet management - 627,976 - 627,976 Purchasing and warehousing - 745,738 - 745,738 Management information system and central services - 863,911 - 863,911 Building maintenance - - 1,437,950 1,437,950 Pension payments 360,652 7,870,705 3,442,856 4,067,197 6,394,076 Insurance, admin and other 5,832,761 561,315 -
2,249,327 D*rreciation and amortization 2,077,992 171,335 -
81,116,186 other 69,919,420 9,398,164 1,798,602 Total operating expenses 2,127,843 5,927,303 29,536,211 21,481,065 operating Income Nonoperating Revenues (Expenses): 2,423,981 311,671 - 2,735,652 Interest income (3,597,251) (36,767) - (3,634,018)
Interest expense 4,401 - 759,107 754,706 other non-operating revenue (491,203_) (4,401) - (495,604) other non-operating expense 274,904 - (634,863)
(909,767)
Total nonoperating revenues (expenses) 2,4n1,747 5,927,303 28,901,348 20,571,298 Income Before operating Transfers operating Transferes 1,470,151 62,265 - 1,532,416 From other funds (841,727) - (13,948,580)
(13,106,853)
(To) other funds (779,462) - (12,416,164)
(11,636,702)
Total operating transfers 8,934,596 1,623,285 5,927,303 16,485,184 N it Income (Loss)
Retained Earnings / Fund Balance at 95,519,357 9,847,107 43,427,857 148,794,321 Beginning of Year
$104,453,953- $11,470,392 $49,355,160 $16S,279,505 Retained Earnings / Fund Balance at End of Year 1
l See accompanying notes to financial statements.
18
CITY OF OCALA, FLORIDA
[ COMBINED STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES Year Ended September 30, 1993 Proprietary Fund Types Totals Internal (Memorandum Enterprise Service Only)
Increase (Decrease) in Cash and Cash Equivalents:
Ccsh Flows From Operating Activities:
Cash received from customers $ 91,234,806 $ - $ 91,234,806 Cash received from amployees - 1,078,102 1,078,182 Cash paid to suppliers for goods and services (56,581,236) (3,187,993) (59,769,229)
Cash paid to employees for services (7,890,649) (2,352,220) (10,242,869)
Cash received from other funds - 10,470,315 10,470,315 Cash paid for insurance claims - (3,279,465) (3,279,465)
Net cash provided by operating activities 26,762,921 2,728,819 29,491,740 Cnch Flows From Non-Capital Financing Activities:
Operating transfers in 1,470,151 62,265 1,532,416 Operating transfers out (13,106,853) (841,727) (13,948,580)
Other 807,785 - 807,785 Net cash used in non-capital financing activities (10,828,917) (779,462) (11,608,379)
Ccch Flows From Capital and Related Financing Activities:
Acquisition and construction of capital resets (13,881,366) (193,435) (14,074,801)
Principal paid on bonds and notes payable (3,045,000) (228,778) (3,273,778)
Interest paid on bonds and notes payable (6,426,618) (36,767) (6,463,385)
Interest paid on loans from other funds (1,965) - (1,965)
Principal (paid) received on loans from other funds 77,293 (79,775) (2,482)
Contributions received from other governments, developers and customers 4,015,382 - 4,015,382 Nat cash used in capital and related financing activities (19,262,274) (538,755) (19,801,029)
Ca:h Flows From Investing Activities:
Purchase of investments (24,008,226) - (24,008,226)
Interest received 2,886,521 264,073 3,150,594 Net cash provided by (used in) investing activities (21,121,705) 264,073 (20,857,632) l Nst Increase (Decrease) in cash and Cash Equivalents (24,449,975) 1,674,675 (22,775,300) l Ccsh and Cash Equivalents, beginning of year 71,482,795 7,115,071 78,597,866 Cs.N and Cash Equivalents, and of year $ 47,032,820 $ 8,789,746 $ 55,822,566 Continued See accompanying notes to financial statements.
19
CITY OF OCALA, FLORIDA f
- CONTINUED _
l COMBINED STATEMENT OF CASH PLOWS l
i ALL PROPRIETARY FUND TYPES Year Ended September 30, 1993 Proprietary Fund Types Totals Internal (Memorandum Service Only)
Enterprise Reconciliation of Cash and Cash Equivalents to Balance Sheets Total unrestricted cash and investments per $ 5,248,108 $ 8,789,746 $ 14,037,854 the balance sheet Total restricted cash and investments per 73,992,471 - 73,992,471 the balance sheet 8,789,746 88,030,325 79,240,579 Total cash and investments Less: Investments not meeting the definition (32,207,759) - (32,207,759) of cash equivalents
$ 47,032,820 $ 8,789,746 $ 55,822,566 Cash and Cash Equivalents, and of year Reconciliation of Operating Inccane (Loss) to Not Cash Provided by (Used in) Operating Activities:
$ 21,481,065 $ 2,127,843 $ 23,608,908 Operating income Adjustments to reconcile not income to net cash provided by operating activities: 5,832,761 561,315 6,394,076 Depreciation and amortization 270,441 36,071 306,512 Loss on fixed asset disposal Changes in assets and liabilities: (809,668) (1,287) (810,955)
Accounts and notes receivable (182,323)
(182,323) -
1,900 Accrued unbilled revenue 1,900 -
Due (to) from other funds (59,849) 12,333 (47,516)
Inventories 7,517 414,754 407,237 Due from other governments (118,318) 104,566 (13,752)
Other current assets (732,902) (91,636) (824,538)
Accounts payable 190,009 - 190,009 Decommissioning costs - (50,453) (50,453)
Claims payable 5,805 24,923 19,118 Compensated absences payable 268,392 - 268,392 Customer deposits 16,745 211,803 195,058 Deferred revenue
$ 2,728,819_ $ 29,491,740
$ 26,762,921, Net Cash Provided By (Used in) Operating Activities i
\
See accompanying notes to financial statements.
20
^
r CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS Year Ended September 30, 1993
- 1. Description of Funds and Reporting Entity:
~
The city of Ocala, Florida (the " City") operates under a council-manager form of government and provides the following services as authorized by its charters public safety, public works, public utilities, culture, recreation and comanunity develop-ment. The financial activities of all municipal boards and comunissions 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 consnissions within the City in its financial statements in circumstances where the City selects the governing authority, desig-nates management, has the ability to influence operations, and has accountability for' fiscal matters of the municipal boards and comunissions. 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, liabilities, fund equity, reve-nues, and expenditures or expenses, as appropriate. Government resources are allo-cated to and accounted for in individual' funds based upon the purpose for which they are to be spent and the means by which spending activities-are controlled. The various funds are grouped in the accompanying financial statements into seven gsneric fund types and three broad fund categories: governmental funds, proprietary funds and fiduciary funds.
Homogeneous funds are consolidated for purposes of financial statement presentation.
- Interfund transactions and balances are eliminated. in the consolidation of homogeneous funds. Other funds which are similar by type but not homogeneous are combined. Interfund transactions and balances are not eliminated on funds which are combined rather than consolidated. l covernmental Funds - Governmental funds include the General, Special Revenue, Debt Service and Capital Project funds. The measurement focus of governmental funds is determination of financial position and sources and uses of resources rather than
( not income determination. The funds are maintained on the modified accrual basis l of accounting. Generally, only current assets and current liabilities are included on their balance sheets. Their reported fund balances are considered a measure of available spondable resources. The following is a description of the governmental l funds of the city:
i 21
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED _
Year Ended September 30, 1993
- 1. Description of Funds and Reporting Entity - Continued It ceneral Fund - The General Fund is the general operating fund of the City.
is used to account for revenues and current, capital outlay, debt service and intergovernmental expenditures not specifically required by law or administrative action to be accounted for in another fund. All general property taxes (except for those levied for the Downtown Development Consnission and those required to be deposited to the Community Redevelopment Trust Fund), franchise taxes, licenses, fines and certain intergovernmental revenues are recorded in this fund.
Current, capital outlay, debt service and intergovernmental expenditures of the administrative, public safety, public works and numerous other departments are paid for through this fund.
Special Revenue Funds - Special revenue funds are used to account for the proceeds of specific revenue sources that are legally or administratively restricted to expenditure for specific purposes.
Debt Service Funda_ - Debt service funds are used to account for the accumulation of resources for the payment of principal, interest and related costs of the City's general long-tern debt.
Capital Project Funds - The capital projects funds are used to account for resources earmarked for the acquisition and construction of major capital facilities and other project oriented activities other than those financed by proprietary funds.
d internal service funds.
_P,ropriscary Funds - Proprietary funds include enterpr ise an financial The measurement focus of proprietary funds is determination of not income, position and cash flows.
The generally accepted accounting principles for proprietary funds are those applicable to businesses in the private sector and thus, Accordingly, all these funds are maintained on the accrual basis of accounting.
assets and liabilities associated with their activity are included on their balance sheets. Their reported fund equity is segregated into contributed equity and retained earnings components. Proprietary funds used by the City are as follows:
Enterprise Funds - Enterprise funds are used to account for operations that are financed and operated in a manner similar to private businesses where the intent of the governing body is that the costs (including depreciation) of providing certain goods and services to the general public be financed or recovered primarily through user charges or where the governing body has deemed that periodic determination of not income is appropriate for purposes of monitoring capital maintenance, accountability or other purposes.
Internal Service Funds - The internal service funds account for the operation of departments which exist solely to provide services to other City departhents.
The revenues of the internal service funds are derived from user fees and self insurance premiums charged to other City funds.
1 l
l 22
l CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993
, 1. Description of Funds and Reporting Entity - Continued:
Trust and Agency Funds - The trust and agency funds of the City are pension trust funds, expendable trust funds and the deferred compensation fund. The trust funds-are used to account for assets held by the city in a trustee capacity, or as an agent for. individuals, private organizations, other governments and/or funds. The measurement focus and basis of accounting of the pension trust funds are similar to proprietary funds and they are therefore maintained- on the accrual basis of accounting. The pension trust funds are utilized to account for the financial l transactions of the City-administered pension plans. The measurement . focus and basis of accounting of the expendable trust funds are similar to governmental funds and they are therefore maintained on the modified accrual basis of accounting.
Account Groups - Fixed assets and long-term liabilities associated with govarnmental i funds are accounted for in the General Fixed Asset and General Long-Term Debt _ ]
Account Groups. The two account groups are not funds and are concerned only with i the measurement of financial position.
i General Fixed Asset Account Group - Fixed assets used in governmental fund type operations are accounted for in the General Fixed Asset Account Group. Public domain (infrastructure) general fixed assets consisting of certain improvements other than buildings such as roads, sidewalks and drainage systems are not, however, capitalized as general fixed assets.
General Long-Term-Debt Account Group - Long-term liabilities expected to be financed from governmental funds are accounted for 11. the General Long-Term Debt Account Group.
- 3. sununary of Significant Accounting Policies:
The accounting principles and reporting practices of the City confozu to generally accepted accounting principles applicable to governmental units. The more signifi-cant of these policies and principles are sununarized below A. Basis of Accouncing Accrual Basis - This basis of accounting is utilized for the proprietary and pension trust funds. Under this basis, revenues are recognized in the period earned and expenses are recognized in the period incurred.
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 expenditures of the fiscal period. All material revenues of the governmental funds, such as other intergovernmental revenues and other taxes, are accrued or deferred, as appropriate. Property taxes are not accrued since they are substantially collected during the period in which they are due.
23
i CITY'OF OCALA, FLORZDA NOTES TO FINANCIAL STATEMENTS - CONTINUED i Year Ended September 30, 1993
- 2. Summary of Significant Accounting Policies - Continueds Under the modified accrual basis, expenditures are generally recognized when the. ,
liability is incurred, with the following exceptions:
Principal and interest on general long-term debt are recognized as expen-ditures in the debt service funds when due.
. Prepaid itams are reported as current period expenditures rather than' '
allocating the related expenditures to the periods benefited.
T
+
Inventory of governmental funds is reported as an expenditure in the period purchased. r
. Interest income on special assessments receivable is not accrued. ,
B. Annual Budgets An annual budget is prepared for all governmental and proprietary funds except for one special revenue fund (SHIP Local Housing Assistance), one capital project fund (Capital Improvement Construction Fund), one expendable trust' fund (Pension Medical Reserve Fund) and all debt service funds. Some portions of the City's _;
General Fund and special revenue funds which are related to grants, financially non-measurable trial programs, special assessments and other similar activities '
I are not formally budgeted. These activities are monitored by the appropriate
! 'I City personnel. 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, 1993.
The City Manager is authorized to transfer budgeted amounts between departments ,
within any fund; however, any budget amendments that alter the total extenditures of any fund must be approved by the City Council. During 1993, the City Council approved various supplemental budget appropriations to provide for unanticipated requirements of the period. Budget appropriations may not be legally exceeded on a fund basis. Appropriations lapse at the end of each fiscal year. The budgets for the governmental funds are adopted on a basis consistent with !
generally accepted accounting principles (GAAP) except that encumbrances are
.(
treated as expenditures. Accordingly, budgetary comparisons presented for tha 'i governmental funds in the accompanying financial statements are on this non-GAAP budgetary basis. In addition, certain activities 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 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.
e
-.i 24
. - . . ~ .. . . . .- , , . . .
CITY OF CCALA, FLORIDA a
NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993
- 2. Sununary of Significant Accounting Policies - Continued:
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 identify the equity of each fund investing in the pool as well as amounts borrowed from the pool. Investment earnings of the pool are recorded as earned and are allocated to the participating funds based on the respective fund's equity in the pool at the and of each month.
D. Cash Flows For purposes of the statement of cash flows, cash and cash equivalents include cash on hand (including equity pooled cash), demand deposit accounts and highly liquid investments .(including restricted assets) with a maturity of three months or less when purchased.
E. Investments Investments, except those of the Pension Trust Funds, are stated at cost, which together with the accrued interest receivable approximates market. Investments of the Pension Trust and Agency Funds consisting of bonds, conunon stocks, dabentures and short-term investments are stated at fair market value based on quoted ma:-ket 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 salvage values.
i l
i 1
1 25
CITY OF OCALA, FLORZDA
, NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993
- 2. Sunsnary of Significant Accounting Policies - Continued:
G. Property, Plant and Equipment i
covernmental Funds - General fixed asset additions are recorded as capital outlay expenditures in the respective governmental fund and are simultaneously capitalized at cost in the General Fixed Asset Account Group, except for infra-structure assets. Donated fixed assets are recorded at their fair market value on the date donated. Unit costs of property and equipment recorded in the General Fixed Asset Account Group were established at historical cost or esti .
mated historical cost in a manner similar to fixed assets of proprietary funds.
Depreciation is not provided on general fixed assets.
Proprietary Funds -
Property, plant and equipment of the proprietary funds acquired subsequent to 1977 are carried at historical cost. Those acquired in' 1977 and prior years are recorded at estimated historical cost if historical cost is not available. Contributed assets are recorded at their estimated fair market value on the date donated. The City used appraisals. and other estimation !
techniques (indices) to estimate, when necessary, the original historical cost of the units of property, plant and equipment. Since the development of detail property records, all additions to property, plant and equipment of proprietary funds have been recorded at cost with retirements recorded using the established actual or estimated historical cost (not of accumulated depreciation).
Depreciation is'provided on all exhaustible assets of proprietary funds on the straight-line method over the following estimated useful lives:-
Buildings 30 years Extensions and improvements other than buildings 30-60 years Fixtures, vehicles and equipment 5-15 years-
, An annual depreciation rate of 3.6% is applied to the historical cost of crystal River Unit No. 3 (CR-3). This annual depreciation rate was approved by the Florida Public Service Consnission 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's of energy produced.
Expenditures for maintenance and repairs which do not add to the value of the assets or extend their useful lives are charged as operating expenses as incurred. However, expenditures for repairs.and upgradings which add to the value or extend the useful life of an asset are capitalized.
F 26 1
i
I CITY OF CCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED.
Year Ended September 30, 1993 2, Sunnary of Significant Accounting Policies - Continued:
G. Property, Plant and Equipment - Continued capitalization of Interest - In accordance with FASB Statement No. 62, the Electric System and Water and Sewer System enterprise funds capitalize not interest costs on funds borrowed to finance the construction of fixed assets.
For the year ended September 30, 1993, capitalization of not interest-costs was as follows:
Electric Water and System ,
Sewer System Interest expense- $1,176,846 $1,565,399 Amortization of bond issuance costs 23,424 8,945 Interest income (497,010)- (417,794)
Increase in construction in progress $ 703,260 $1,156,550 Capital Leases and Instal!.7 '* Purchase Contracts - Property and equipment and long-term liabilities assu.ae % 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.
The acquisition or construction of general fixed assets under a capital lease agreement or installment purchase contract is recognized as an expenditure and other financing source and principal and interest expenditures in the govern-mental funds.
Property and equipment and liabilities associated with capital leases and installment purchase contracts of- proprietary funds are accounted for and reported in the' financial statements of the respective proprietary fund.
H. Accrued Revenue Revenues of enterprise funds are accrued based on estimated unbilled services provided to customers at the end of the fiscal year.
I. Property Taxes i Property taxes levied by the City are billed and collected by Marion County and normally attach as an enforceable lien on property as of January 1. Generally taxes are levied on November 1 and are payable on or before June 1. Substan-tially all property tax billings are collected during the fiscal period billed.
t f
27
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993
- 2. Summary of Significant Accounting Policies - Continued:
- 1. Property Taxes - Continued The City is permitted under its charter to levy taxes up to $10 per $1,000 of assessed valuation for general government services other than the payment of principal and interest on general long-term debt and in unlimited amounts for the payment of principal and interest on long-term debt. Additional taxes assessed for the payment of general long-term debt issues of the City must be approved by the public. The tax rate assessed by the city for the year ended September 30, 1993 was $4.922 per $1,000 of assessed property value.
- 3. Interfund Payables and Receivables Interfund payables and receivables are non-interest bearing and generally are liquidated monthly (Note 5). Interfund advances are liquidated in accordance with the City Council's resolution and may bear interest (Note 6).
K. Compensated Absences In governmental funds the amount of compensated absences associated with employee vacations that are recorded as expenditures represent the amounts accrued during the year that would normally be liquidated with available spondable resources.
Accordingly, the amount of the compensated absence liability that would normally be liquidated with expendable available resources in the next fiscal year is reflected in the financial statements of governmental funds. The remainder of the compensated absence liability of governmental funds, if any, is reported in the General Long-Term Debt Account Group.
In proprietary funds, the amount of compensated absences associated with employee vacations that are recorded 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.
L. Self-Insurance claims Liabilities for reported claims and incurred but not reported claims are esti-mated based on an actuarial review of claims pending and historical experience.
M. Pension Costs Pension plan contributions include provision for normal cost plus an amount sufficient to amortize the past service liability over a thirty-year period.
28
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993
- 8. Summary of Significant Accounting Policies - Continued:
N. Reserves of Retained Earnings and Fund Balance Reserves of retained earnings on the proprietary funds are created by increases in not assets restricted for debt service and renewal and replacement. There is no reservation.of retained earnings for assets set aside for construction under bond indentures.
Fund balances of governmental funds are reserved for assets which have been legally segregated for specific future uses or which are not - available for expenditure. Open encumbrances at year end are reported as reservations of fund balance to reserve that portion of the current year budget appropriation which has not been recognized as an expenditure or a liability.
O. crants and contributions Program and capital grants received by governmental funds are recorded in the ;
applicable governmental fund as receivables and revenues at the time reimbursable costs are incurred and all significant grant restrictions are satisfied. -Grant revenues received in advance of meeting all major grant restrictions are deferred. Capital grants for general fixed asset additions prior to October 1, 1977 are recorded in the general fixed asset account group as investments by the governmental fund which expended the grant monies. Capital grants for general fixed asset additions subsequent to September 30, 1977 are recorded in the general fixed asset account group as contributions from federal or state grants.
i 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 contributions for fixed asset additions to the proprietary funds prior to October 1, 1977 are recorded as additions to retained earnings. Capital grants and other contributions for fixed ' asset additions to the proprietary funds subsequent to September 30, 1977 are recorded as additions to contributed equity.
Depreciation on proprietary fund assets purchased with capital grants or other capital contributions is not closed to contributed capital.
I 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.
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I 29 l
l CITY OF OCALA, FLORIDA
~
NOTES TO FINANCIAL STATEMENTS - CONTINUED -!
Year Ended September 30, 1993 J
- 2. Susanary of Significant Accounting Policies - Continuada q l
- p. Bond Discounts and Issuance Costs j i
Bond discounts and issuance costs are deferred and amortized over the term of the -
bonds using the effective interest method. I l
. Bond discounts are presented as a reduction of the face amount of the related l bonds payable and issuance costs are recorded as other assets. ,
j Q. Administrative Fees Certain administrative expenses are incurred by the . City's Electric System )
Revenue Fund on behalf of the Water and Sewer and Sanitation funds. The Electric '
System Revenus Fund charges for these services based on the receiving fund's original budgeted ' appropriations. .The reimbursement- for these services is recorded as an operating expense of the Water and Sewer and Sanitation funds and l as a reduction of administrative expense of the Electric Revenue Fund.
The city's General Fund also incurs certain administrative expenditures on behalf ,
of other funds of the City. The General Fund is reimbursed for these expenditures based on actual cost allocations. The amounts reimbursed are recorded as a reduction of expenditures of the General Fund. The related l reimbursements are recorded as either an operating expense of the proprietary j funds or as an expenditure of the governmental funds.
R. Encumbrances Encumbrance accounting, under which purchase orders, contracts and ' other consnitments for the expenditure of. monies are recorded in order to reserve a portion of the applicable budget appropriation, is utilized by the governmental I f unds of the City. Encumbrances 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. I S. Total' Columns on Combined Statements - Overviev ,
1 The columns entitled " Total (s) (Memorandum only)" included in the General Purpose l Financial Statements (Combined Statements - Overview) section of this report are -
presented only to facilitate financial analysis. These total columns are not
}
comparable to consolidated financial information as the. basic reporting entity !
is by fund type. which utilize differing bases of accounting. In addition, interfund eliminations have not been made in tho' aggregation of this data.
u 30
CITY OF OCALA,. FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED _
Year Ended September 30, 1993
- 3. Budgetary Basis Reconciliation:
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, perspective, entity and timing differences in the excess of revenues and other sources of financial resources over expenditures and other uses of financial resources for the year ended September 30, 1993 is presented below:
Governmental Fund Types Special Capital Expendable General Revenue Project Trust Excess (deficiency) of revenues and other sources of financial resources over expendi-tures and other uses of financial resources (budgetary basis) $ 861,719 $245,269 $(1,895,608) $ 26,978 Adjustments:
Encumbrances 996,916 357,554 118,809 -
Encumbrances of non-formally budgeted activities (44,617) - - -
Non-formally budgeted activities (6,496) 66 (101,150) 111,780 Excess (deficiency) of revenues and other sources of financial resources over expendi-tures and other uses of financial resources (GAAP basis) $ 1,807,522 $602,889 $(1,877,949) $138,758 i 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 certain other funds required to have separate bank accounts. Each fund type's portion of this pool is displayed on the combined balance sheet as " Equity in pooled cash and investment fund" . In addition, investments are held separately by several of the City's funds. The deposits snd investments of the pension trust funds are held separately from those of other Cit:y
( funds.
31
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED _
r Year Ended September 30, 1993
- 4. Equity in Pooled Cash and Investments, Cash and Investments - Continued:
A. Mb At September 30, 1993, the carrying amount of the city's deposits was $1,156,022.
These deposits consisted of inter 2st bearing and non-interest bearing demand accounts and certificates of depovit, which were entirely insured by federal depository insurance or by collateral This A:tpursuant requirestothat the the Public CityDepository Security maintain deposits Act of the State of Florida. All qualified public depositories must only in " qualified public depositor ies" .
deposit with the State Treasurer sligible collateral in such amounts as required by the Act.
In addition, qualified public depositories are required under the Act to assume mutual responsibility against loss caused bytype.
same the default Shouldor a
insolvency of other qualified public depositories o' the default or insolvency occur, the State Treasurer will implement procedures for payment of losses according to the validated claims of the city.
Funds not prohibited by bond covenants have pooled their cash balances in order to maximize investment earnings. The city's banking arrangement provides that the City will pay monthly direct service charges and will earn interest on collected balances at the effective federal funds rate less 50 basis points and adjusted for reserve requirement.
B. Inve stmen t s_
Florida Statutes authorize the City to investGovernment, in the Local Government Surplus U.S. Government Instru-Funds Trust Fund, obligations of the U.S.
mentalities, interest-bearing time deposits and savings accounts in banks and savings and loans provided such deposits are collateralized as described above, and mutual funds investing in U.S. Government securities. Assets of the Ocala Firefighters' Supplemental Plan and the Ocala Police Of ficers' in corporate bonds,Supplemental Plan corporate stocks, may also be invested, under state statute, commercial paper and life insurance contracts.
The Local Government Surplus Funds Trust Fund is an investment pool administered by the Florida State Board of Administration. Investments held in the Fund consist of short eerm federal agency obligations, treasury bills, repurchase These short-term investments are stated at agreements, and commercial paper. Investment cost, which approximates market. income is recognized as earned and is allocated to participants of the fund based on their equity participation.
32
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED
=
Year Ended September 30, 1993
- 4. Equity in Pooled Cash and Investments, cash and Investments - Continued:
B. Investments - continued The city's cash and investments are categorized by type to give an indication of the level of credit risk assumed by the city at year 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 unregistered investments, with securities held by the counterparty's trust department or agent in the city's name, category 3 includes uninsured . and i unregistered investments for which.the securities are held by the counterparty, '
or by its trust department or agent but not in the city's name.
Category Category Category Carrying Market 1 2 3 Value _ Value U.S. Government j securities $ - $7,236,817 $ 61,035,934 $ 68,272,751 $ 69,223,328 Common stocks and debentures - - 44,027,366 44,027,366 44,201,474 i Cash Management '
Funds - - 5,470,544 5,470,544 5,470,544
$ - $7,236,817 $110,533,844 117,770,661 118,895,346 )
l Local Government Surplus Funds Trust Fund 40,274,518 40,274,518 Deterred Compen- I sation Invest-ments 3,360,418 3,360,418 Total investments $161,405,597 $162,530,282 l l
The pension trust funds hold approximately 44.3% of the investments in Category 3.
The types of investments and their levels of risk exposure as of September 30, 1993 were typical of those items during the fiscal year then ended.
1 I
l 33
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED _
Year Ended September 30, 1993
- 5. Due From (To) Other Funds: d The following summarizes the interfund receivables and payables of the various fun s of the City at September 30, 1993:
Interfund Interfund Receivable Payable Fund Current Unrestricted Interfund Receivable / Payable 234,081_ $
General Fund Special Revenue Funds: 79,546 -
Stormwater Utility Enterprise Funds: - 880,175 Electric System Revenue 552,533 -
Water and Sewer 248,096 -
Sanitation - 234,081 Ocala Municipal Airport 800,629_ 1,114,256 Total Current Unrestricted Interfund $1,114,256_ $1,114,256 Receivable / Payable
- 6. Interfund Transactions:
On November 10, 1987, the City Council approved a loan from the Electric System b Revenue Fund to the Municipal Golf Course Fund for the cost of the Pine Oa house in excess of $800,000. a fluctuating rate using the for $555,000. This interfund loan bears interest at ii same rate the City receives on its investments with the State BoardAtofSeptember Adm n stra-30, The loan is to be repaid over a ten-year tion of Florida.of the balance is outstanding, with $222,000 period.
classified as long-term.
1993, $277,500 Interfund interest recognized on this loan in fiscal year 1993 was $12,210.
On February 14, 1989, the City Council authorized a loan from the Electric System for the City's portion of the costs of Revenue Fund to the Airport Fund of $345,000 the amount of this loan, which the airport operations center. On March 14, 1989, bears interest at a fluctuating rate basedThe on theloan,State whichBoard was made of Administration in September, interest rate, was reduced to $292,000. At September 30, 1993, $266,852 1989, is to be repaid over a fifteen-year period.
of the loan balance is outstanding, with $259,025 classified as long-term.
Interfund interest recognized on this loan in fiscal year 1993 was $9,934.
On July 18, 1989, the City Council approved a loan of $60,000 from the General Fund to the Fort King Tennis Court Fund for the construction ofThis a new clubhouse interfund loanf acility.
bears In April, 19 9 0, . the actual interfund loan rate using thewassame made. rate the City receives on its interest at a fluctuating State Board of Administration of Florida and is to be repaid investments with the over a fifteen-year period. At September 30, 1993, $52,206 Interfund of interest the loanrecognized balance is outstanding, with $49,492 classified as long-term.
on this loan in fiscal year 1993 was $1,965. i 34
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993
- 6. Interfund Transactions - Continued:
On April 20, 1993, the City Council' approved a loan of $79,775 from the Fleet
' Manage =cnt Fund to the Municipal Golf Course Fund for the purchase of new gas golf carts. This interfund loan, which was actually made in September, 1993, bears interest at a variable interest rate set by the City's Finance Director and is to Ebe repaid over a three-year period beginning in . fiscal year 1994. At September 30, 1993, the entire loan is outstanding, with $54,758 classified as long-term. There was no interfund' interest recognized on this loan in fiscal year 1993.
The following summarizes the interfund loans receivable and payable of the various l funds of the City at September 30, 1993:
Laans Loans Fund Receivable Payable l
Current Unrestricted Interfund Loans ,
Receivable /Payables j General Fund $ 2,714 j -
Enterprise Funds:
Electric System Revenue 63,327 -
Municipal Golf Course - 80,517 Fort King Tennis Court - 2,714 ocala Municipal Airport - 7,827 63,327 91,058 l Internal Service Funds:
Fleet Management 25,017 -
Total current unrestricted interfund loans receivable / payable 91,058 91,058 Interfund Loans Receivable / Payable After one Year:
General Fund 49,492 -
Enterprise Funds:.
Electric C;*rcem Revenue 481,025 -
Municipal Golf Course - -276,758 Fort King Tennis Court - 49,492 l Ocala Municipal Airport - 259,025 481,025 585,275 Internal Service Funds:
Fleet Management 54,758 -
Total interfund loans receivable /
payable after one year 585,275 585,275 i
Total Interfund Loans Receivable / Payable $676,333 $676,333 35
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED _
Year Ended Septem>er 30, 1993
- 7. Property, Plant and Equipment:
Property, plant and equipment of the proprietary fund types at September 30, 1993 is summarized as follows:
Internal Enterprise Service Funds Funds
$ 5,370,113 $6,043,929 Buildings -
Extensions and improvaments other 955,068 than buildings 128,513,456 Crystal River Unit No. 3 12,476,347 -
9,038,397 2,797,061 Fixtures, vehicles and equipment 9,796,058 155,398,313 53,944,041 3,409,724 Less accwnulated depreciation 6,386,334 101,454,272 12,803,765 630,193 Land 40,047,715 332 Construction in progress
$154,305,752 $7,016,859 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 systan) acquired through a participation agreement with Florida Power Corporation (FPC).
Under the participation agreement, FPC is acting as agent for the City in the main-tenance and operation of the plant.
The City is committed to pay its ownership share of the operational costs of the plant as well as capital improvaments, nuclear For its investment, the City fuel procurements and plant decommissioning costs.
receives the ratio of its percentage ownership in the not energy output of the CR-3 plant.
In 1976, the City Council adopted resolution 76-44 which authorized the construction of the Municipal Service Complex to house the operations of the elect 2ic, water and sewer and other public works activities of the City. The cost of the complex has been partially financed by contributions from various City funds and is being accounted for within the internal service fund since operations of the complex are funded by user charges to the respective funds utilizing the Complex.
36
CITY OF OCALA, FLORIM NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993
- 8. Pension Plans:
The City maintains a single-employer, defined benefit pension plan which covers substantially all of the City's full-time employees (General Plan), a single-employer defined benefit pension plan which covers all of its full-time certified law enf orcement of ficers (Supplemental Police Of ficers' Plan) and a single-employ %
defined benefit pension plan which covers all of its full-time certified ' ire-fighters (Supplemental Firefighters' Plan).
A. Plan Descriptions and Provisions General Plan - The General Plan is a noncontributory defined benefit pensiot. plan covering substantially all full-time employees of the City. The amount of the covered payroll for the year ended September 30, 1993 was $24,201,613. The City's entire payroll was $25,089,890.
i Employees are eligible to retire at age sixty-five (65) with ten (10) years of credited service or may alect early retirement with twenty-five (25) years of credited service or at age fifty-five (55) with ten (10) years of credited service. Employees become vested after ten (10) years of credited service.
Employees hired after the age of fifty-five (55) become vested at the later of attainment of the age of sixty-five (65) or completion of five (5) or more years of credited service.
supplemental Police Officers' Plan - The Supplemental Police Officers' Plan is a contributory defined benefit pension plan covering any person employed full-l time in the Ocala Police Department who is certified as a law enforcement of ficer in compliance with the provisions of Chapter 943.14 of the Florida Statutes. The Plan supplements the General Plan which covers all qualified employees of the City. Florida Statutes Chapter 185 allows contributions to the Plan by the State of Florida. The amount of the covered payroll for the year ended September 30, 1993 was $3,814,050.
A law enforcement officer is eligible to retire on the first day of the month following their sixtieth (60) birthday or may elect to take early retirement upon the completion of twenty-five (25) years of service or at age fifty (50) and at least ten (10) years of service and begin receiving a benefit from the Plan payable until age sixty-five (65) . Law enforcement of ficers become vested in the Plan after ten (10) years of credited service.
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 collected on casualty insurance policies covering property within the corporate limits of the city is collected by the Insurance Conanissioner. Such amounts collected by the Insurance conunissioner, less expenses, are contributed annually to the Plan.
The city does not contribute to the Plan. The law enforcement officers contribute 2% of their salaries or wages to the Supplemental Police Officers' Plan.
37
CITY OF OCALA, FLORIDA l
NOTES TO FINANCIAL STATEMENTS - CONTINUED
[
Year Ended September 30, 1993
- 8. Pension Plans - Continued:
A. Plan Descriptions and Provisions - Continued Supplemental Firefichters' 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 employment in accordance with the provisions of Section 633.35 of 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 Florida. The amount of the covered payroll for the year ended September 30, 1993 was $3,044,299.
On either the first day of the month following his fifty-fifth (55) birthday or the first day of the month following his thirtieth (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 after ten (10) years of credited service.
Pursuant to Florida Statutes Section 175.101, an excise tax amounting to two percent of the gross amount of receipts of premiums from policyholders on all premiums collected on casualty ins ^drance policies covering property withinSuch the corporate limits of the city is collected by the Insurance Commissioner.
amounts collected by the Insurance commissioner, lees expenses, are contributed annually to the Plan. The City does not contribute to the Plan. The fire-
~
fighters contribute 0.42% of their salaries or wages to the Supplamental Fire-fighters' Plan.
Participation - At September 30, 1993, participation in the plans consisted of the following:
General Police Fire Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits not 20 17 yet receiving them 230 Current employees:
332 47 45 vested S8 622 73 Nonvested 954 120 103 Total 38
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED.
Year Ended September 30, 1993 1
- 8. Pension Plans - Continued:
B. Investments The three aforementioned plans pool their investments. Interest-and dividend I
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.
i Investments of the three plans, consisting of bonds, common stocks, debentures 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 i The amounts shown below as " pension benefit obligation" are a standardized l disclosure measure of the present value of pension benefits, adjusted for the )
effects of projected salary increases and any step-rate benefits, estimated to '
be payable in the future as a result of employee service to date. The measure l 1s 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 in accumulating sufficient assets to pay benefits when due, and make comparisons among defined benefit pension plans. The measure is independent l of-the actuarial funding method used to determine contributions to each Plan.
1 The pension benefit obligation was determined as part of an actuarial valuation 1 at October 1, 1993 for the General, Police Officers' and Firefighters' Plans.
I Significant actuarial assumptions used include (a) a rate of return on the investment of present and future assets of 8% per year compounded annually, (b) projected salary incre'.ases of 6% per year compounded annually, attributable to seniority increases ar.d inflation, (c) no postratirement benefit increases and (d) no merit rate incre ases.
There were no current yo.:r changes in actuarial assumptions for the General, Police Officers' and Firefighters' Plans that would affect the pension benefit obligation.
t 1
i i
l I
39 l
l
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED _
Year Ended September 30, 1993
- 8. Pension Plans - Continued:
C. Funding Statue and Progress - Continued of the pension benefit obligation of each of Total assets in excess (unfunded) the three Plans at October 1, 1993 are summarized as follows:
October 1, 1993 Police Fire-fighters' General Officers' Total Plan Plan Plan Pension Benefit Obligation:
Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits
$10,569,000 $ 926,800 $ 1,506,300 $13,002,100 Current employees:
Accumulated amployee contributions including allocated investment earnings and state 267,400 1,216,500 2,016,900 533,000 financed - vested 3,557,100 2,051,500 20,083,600 1
Employer-financed vested 14,475,000 Employer-financed 4,036,000 1,156,900 768,700 5,961,600 nonvested Total pension benefit 5,908,200 5,543,000 41,064,200 obligation 29,613,000 Net Assets Available for 37,594,000_ 6,919,900 4,841,500 49,355,400 Benefits, at market Assets in Excess of (Unfunded) Pension $ 7,981,000 $1,011,700 $ (701,500) $ 8,291,200 Benefit Obligation 40
~ . -. ..- - .. . - - . - . . -. . , ~. . -
CITY OF OCALA,. FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993
- 8. Pension Plans - Continued:
D. contributions Required and contribution Mad _e, The plans' funding policies provide that annual contributions-at'actuarially determined rates, expressed as' percentages of . annual covered payroll, ~ be sufficient to accumulate suf ficient ' assets to pay benefits when due. The ,
contribution rate for the General Plan is determined using the. frozen' entry age ~
j~ actuarial funding method. Based upon the October 1, 1993 actuarial valuation, ;
the unfunded frozen actuarial accrued liability for the General Plan is' )
$3,399,275. The funding period for the unfunded actuarial accrued liability is 1 30 to 40 years. For the Police Officers' Plan and Firefighters' Plan, the i contribution rate for normal cost is determined using the aggregate actuarial funding method which does not produce a past service liability that is amortized over a fixed number of years. Instead, the value of all projected benefits in:
L excess of current assets is paid off over the future working years of the covered i employees. Therefore, this method automatically funds the remaining value of benefits while there are still active members. l The significant actuarial assumptions used to compute the actuarially determined .
contribution requirement are the same as those used to compute pension benefit I obligation as described above.
The contribution requirement for the General Plan for 1993 determined through an actuarial valuation performed as of October 1, 1992 was'$1,699,664 (6.92% of current covered payroll). The pension contribution requirement represents funding for normal cost $1,262,527 (5.2% of covered payroll), amortization of the unfunded actuarial accrued liability $332,994 (1.4% of covered payroll), and administrative expenses $32,900. Actual employer contributions amounted to
$1,500,500 (6.2% of current covered payroll) . Because of timing, there is a one-l year lapse in the funding of the contribution requirements for. the General Plan.
The contribution requirement for the Supplemental Police Officers' Plan-for the 1993 fiscal year determined through an actuarial valuation performed as of October 1, 1990 was $336,179 (8.8% of current covered payroll). The pension contribution requirement represents funding for normal cost $327,979 (8.6% of covered payroll), and administrative expenses $8,200. Actual. employee
,. contributions totalled $76,281 (2% of current covered payroll) and actual state
! contributions amounted to $286,276 (7.5% of current covered payroll).
The contribution requirement for the Supplemental Firefighters' Plan for the 1993
! fiscal year determined through an actuarial valuation performed as of October 1, 1990 was $342,727 (11.3% of current covered payroll). The pension contribution requirement represents funding for normal cost $334,127 ( 11. (,% of covered payroll), and administrative expenses $8,600. Actual employee contributions
! totalled $256,330 (8.42% of cArrent covered payroll) and- actual state-contributions amounted to $171,889 (5.6% of current covered payroll).
41
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED _
. Year Ended September 30, 1993
- 8. Pension Plans - Continued:
E, Trend Information The required three-year trend disclosure is as follows:
1993 1992 1991 Not assets available for benefits as a percentage of the pension benefit obligations [
General Plan 126.95 % 118.73 % 114.0 %
Supplementil Police Officers' Plan 117.13 % 110.38 % N/A Supplemental Firefighters' Plan 87.34 %. 85.49 % N/A t
Employer contributions as a percentage '
of annual covered payroll General Plan 6.2 % 6.3 % 5.2 %
Assets in excess of (unfunded) pension obligation as a percentage of the employer's annual covered payroll General Plan 32.72 % 21.97 % 15.3 % .l Supplemental ~ Police Officers' Plan 26.03 % 14.34 % N/A 1 Supplemental Firefighters' Plan (22.79)% (23.14)% N/A Since these figures are actuarially derived, and since Florida Statutes Chapters f 185 and 175 require actuarial valuations every three years and do not require annual updates for the Supplemental Police Of ficers' and Firefighters' Plans, the percentages for 1991 are not available.
Historical Trend Information - Historical trend information is presented to help users assess the Plan's funding status on a going-concern basis, assess progress made in accumulating assets to pay benefits when due, and make comparisons with other public employee retirement systems, Historical trend information is presented as required supplementary information in the Statistical Section of the Comprehensive Annual Financial Report.
I i
42 l
..j
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993
- 9. Proprietary Funds - Long-Term Debt:
Enterprise Funds - Following is a maturity schedule of outstanding debt of the enterprise funds:
Series 1988 Series 1989B Series 1992A Series 19929 Utility Utility Water Electric Systems Systems and Sewer System Subordinate Subordinate Piscal Refunding Revenue Refunding. Refunding Total Year Ended Revenue Refunding Revenue Revenue Principal September 30, Bonds Bonds Bonds Bonds Due 1994 $ 45,000 $ 1,345,000 $ 1,150,000 $ 1,990,000 $ 4,530,000 1995 245,000 1,435,000 1,190,000 2,065,000 4,935,000 1996 260,000 1,530,000 1,255,000 2,160,000 5,205,000 1997 280,000 1,630,000 1,305,000 2,270,000 5,485,000 1998 295,000 1,745,000 1,375,000 2,385,000 5,800,000 1999-2016 11,325,000 1,740,000 44,925,000 16,460,000 74,450,000 Total long-term debt 12,450,000 9,425,000 51,200,000 27,330,000 100,405,000 Less:
Current portion 45,000 1,345,000 1,150,000 1,990,660 4,530,000 Unamortized discount 120,985 40,797 1,467,984 630,451 2,280,217 I Total long-term k portion $12,284,015 $ 8,039,203 $48,582,016 $24,689,549 $ 93,594,783 Interest rate 6.15-7.875% 6.30-6.90% 3.75-6.50% 3.70-6.25% ,
h
< 1 Water and Sewer Refunding Revenue Bonds, Series 1989 - The Water and Sewer Refunding Revenue Bonds, Series 1988, were issued in July, 1988, and consist of $2,145,000 I
serial bonds maturing from October 1, 1993 through 2000 and $10,305,000 term bonds of which $3,430,000 mature on October 1, 2007 and $6,875,000 mature on October 1, 2015. The proceeds of this issue were used to advance refund the Water and Sewer Refunding Revenue Bonds, Series 1985B.
[
l Major Debt Provisions - The major provisions of the resolution authorizing the issuance of the Water and sewer Refunding Revenue Bonds, Series 1988, are as f follows:
L
- 1) The debt obligation and related. interest are collateralized by a pledge of
, the not revenues of the Water and Sewer system.
l l
- 2) The city will establish and maintain rates which will provide not revenues j in each bond year sufficient to pay 100% of the debt service requirement and j
( 100% of all reserve or other payments, including the cost of operation and 1 i maintenance of the system.
43
C3TY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993 I
- 9. , Proprietary Funds - Long-Term Debt - Continued:
- 3) The City wi11' deposit into the Operation and Maintenance Fund, on or before the 25th day of each month, an amount necessary to make the balance equal' to -
one-fourth of the budgeted cost of operation and maintenance expenses for the current fiscal year.
- 4) The City shall deposit into the Sinking Fund, on or before the 25th day of
~
each month, an amount _ equal to one-sixth of the next semi-annual interest payment'and one-twelfth of the next annual principal amount.
- 5) The City will deposit into the Water renewal and replacement fund, on or before the 25th day of each month, one-twelfth of an amount not less than five percent of the gross revacues of the system for the preceding fiscal year. >
- 6) The City will allocate to the Sewer renewal and replacement fund on a monthly basis, an amount sufficient to pay at least one-twelf th of the annual amount required by the Florida Administrative Code Section 17.50-17(2) to be on deposit.
Electric System Revenue Refunding Bonds, Series 1989B - The Electric System Revenue Refunding Bonds, Series 1989B, were issued in October, 1989, and consist of
$13,000,000 serial bonds maturing from October 1, 1990 through 1998. The proceeds of this issue were used to advance refund the Power System Revenus Bonds, Series 1977, and the Power Supply Revenue Refunding Donds, Series 1988.
Major Debt Provisions - The major provisions of the resolution authorizing the-issuance of the Electric System Revenue Refunding Bonds, Series 1989B, are as followed:
- 1) The debt obligation and related interest are collateralized by a pledge of the not revenues of the Electric system.
- 2) The City will establish and maintain rates which will provide pledged revenues in each fiscal year equal to 100% of the costs of operation and maintenance of the Electric System, the required reserve amounts, debt 4 service on all outstanding obligations which are junior and subordinate to the bonds, and 125% of the debt service requirement on the bonds and parity debt service components.
- 3) The City will deposit into the Operation and Maintenance Fund, on or before the 25th day of each month, amounts necessary for the cost of operation and maintenance for the next ensuing month. ,
44
i CITY OF OCALA, FLORIDA j 1
NOTES To FINANCIAL STATEMENTS - CONTINUED !
Year Ended. September 30, 1993 l l- 9. Proprietary Funds - Long-Term Debt - Continued i i l
- 4) The City shall deposit into the Sinking Fund,.on or before the 25th day of- l each month, an am;unt equal to'one-sixth of the next semi-annual interest j i payment and one-twelfth of the next annual principal amount.
- 5) The City will deposit into the Electric Renewal and Replacement Fund, on or !
before the 25th day of each month, one-twelfth ~of an amount tot less than. ]
- i. five percent of the gross revenues of the system for.the preceding fiscal H year.
l
~I Utility Systems Subordinate Refunding Revenue Bonds, Series"1992A and 1992B - The l Utility Systems subordinate Refunding Revenue Bonds, Series 1992A and 19923, were -i 1- issued in March, 1992. The Series 1992A issue. consists of $23,415,000 in serial 7
bonds maturing from October 1, 1992 through 2006 and of $28,465,000 in term bonds maturing from October 1, 2010 through 2015. The Series 1992B issue consists of
$28,435,000 ~ in serial bonds maturir.g from October 1, 1992 through 2006. The proceeds of these issues were used to advance refund the Water and Sewer Revenue Bonds, Series 1985A, the Water and Sewer Refunding Revenue Bonds, Series'1986, and the Electric System Revenue Bonds, Series 1989A.
l Major Debt Provisione - The major debt provisions of the resolution authorizing j issuance of the Utility Systems Subordinate Refunding Revenue Bonds, Series 1992A 1 and 1992B, are as follows:
- 1) The debt obligation and related interest are collateralized by a pledge of the Water and Sewer surplus Revenues and the Electric Surplus Revenues. )
l
- 2) The City shall establish and maintain rates which will provide pledged l revenues in'each fiscal year sufficient to pay 125% of'the maximum debt. ,
service requirement on the Series 1992 bonds and 100% of all other reserves '
and payments required, i' ..
)
- 3) The City will deposit into the Sinking Fund, on or before'the 25th of each '
I l month, an amount equal to one-sixth of the next semi-annual interest payment and one-sixth or one-twelfth, as applicable, of the next principal payment, l
l
'l 45
CITY OF OCALA, FLORIDA
- CONTINUED NOTES TO FINANCIAL STATEMENTS Year Ended September 30, 1993
- 9. Proprietary Funds - Lona-Tertn Debt - Continued _:
Enterprf se Funds - Continued - Following is aof schedule the City's of debt enterprise service funds requirements as of to maturity for all outstanding bonded debt September 30, 1993:
Series 1988 Series 1989B Series 1992A Series Utility 1992B Utility Systems Systems Water Electric Total System Subordinate Subordinate and Sewer Refunding Refunding Principal Refunding Revenue and Interest Fiscal Refunding Revenue Revenue Year Ended Revenue Bonds Due Bonds Bondo _
September 30,_ Bonds
$ 4,216,215 $ 3,444,322 $ 10,579,816 991,927 $ 1,927,352 3,435,547 10,755,315 1994 $
1,929,065 4,207,878 1995 1,182,825 4,216,296 3,432,785 10,758,777 1,181,658 1,928,038 10,745,753 1996 1,923,325 4,203,865 3,434,735 1997 1,183,828 3,430,975 10,740,273 1,924,390 4,205,490 1998 1,179,418 2,312,110 9,491,348 1,800,030 4,195,860 1999 1,183,348 4,199,280 2,397,415 7,772,278 2000 1,175,583 2,392,740 7,768,531
- 4,194,890 2001 1,180,901 2,395,313 7,761,481 4,192,903 2002 1,173,265 -
2,390,270 7,756,299 1,177,574 - 4,188,455 7,732,868 2003 - 4,176,202 2,382,260 2004 1,174,406 2,381,225 7,735,915
- 4,180,931 2005 1,173,759 2,376,094 7,720,235
- 4,168,888 2006 1,175,253 2,366,719 7,703,056
- 4,167,450 2007 1,168,887 - 5,331,221 4,161,750 2008 1,169,471 -
4,153,437 - 5,319,249 2009 1,165,812 - 5,317,056 4,154,400 5,304,353 2010 1,162,656 1,160,365 - 4,143,968 -
5,299,171 2011 4,140,623 -
2012 1,158,546 -
5,295,556 1,156,806 - 4,138,750 -
5,279,125 2013 - 4,124,375 2014 1,154,750 - 5,268,899
- 4,121,719 2015 1,147,180 5,263,196 1,148,509 - 4,114,687_ -
2016
$11,432,200 $95,968,334 $38,572,510 $172,699,771 Total $26,726,727
)
46
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED _
Year Ended September 30, 1993
- 9. Proprietary Funds - Long-Term Debt - Continued:
Internal Service Fund Notes Payable - The city has entered into an installment purchase contracts bearing interest at 7.62%, 7.94% and 11.15%. These obligations are collateralized by computer hardware and software.
Future payments required are as follows:
Fiscal Total Year Ending Principal September 30, Due 1994 $ 235,639 1995 79,793 Total 315,432 Less: Current portion 235,639 Total long-term portion $ 79,793 Following is a schedule of debt service requirements to maturity:
Total Principal ,
Fiscal and Year Ending Interest September 30, Due 1994 $ 251,941 1995 81,197 Total $ 333,138 i
In ternal Service Fund capftal Lease - The City has entered into a lease-purchase I agreement to purchase a copier. Information relative to the capital lease is as follows:
Asset capitalized ! 54,605 Less accumulated amortization 11,376 Net book value of asset _$
43,229 Amortization of the capital lease for the year amounted to $5,460.
f
)
47
l CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED _
Year Ended September 30, 1993
- 9. Proprietary Funds - Long-Term Debt - Continued _:
The following is a schedule by years of fiscure minimum lease payments under capital leases, together with the present value of the not minimum lease payments, as of September 30, 1993:
Year Ending September 30,
$ 13,G03 1994 13,603 {
1995 1,134 1996 Total minimum lease payments 28,340 Less .smount representing interest 2,587 Present value of net minimum lease payments 25,753 Less: Current portion 11,762 Total long-term portion $ 13,991
- 10. General Lona-Term Debt:
The following is a summary of changes in the City's general long-term debt for the year ended September 30, 1993:
General General Debt Balance at Long-Term Long-Term Service Balance at October 1, Debt Debt Funds September 30, 1992 Additions Retired Operations 1993 Amounto Available in - $ (716,666) $ 5,655,224 -
Debt Service Funds $ 6,371,892 $ - $
Anaunt to be Provided: 9,460,000 15,015,000 2,425,000 (7,980,000) -
Term bonds 11,942,511 5,625,585 11,915,000 (6,040,000) 441,926 serial bonds (640,000) 274,742 3,877,265 Revenue certificates 4,282,523 -
Notes payable 43,342 - (43,342) -
17,251 - (8,707) - 8,544 Capital leases Total Amount Avellable $30,943,544
$31,355,593 $14,340,000 $(14,752,049) $ -
and to be Provided oeneral Long-Term Debt Payablet
$15,015,000 $ 2,425,000 $ (7,980,000) $ - $ 9,460,000 Term bonds 11,915,000 (6,040,000) - 16,205,000 serial bonda 10,330,000 5,270,000 (680,000) -
Revenue certificates 5,950,000 -
Notes payable 43,342 - (43,342) - -
17,251 - (8,707) - 8,544 -
Capital leases Total Genaral Long-Term
$31,355,593 $14,340,000 $(14,752,049) $ - $30,943,544 Debt Payable 1
48 1 m____
I 1
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED !
Year Ended September 30, 1993
- 10. General Long-Term Debt - Continued:
General long-term debt matures as follows:
Capital Capital Improvement Improvement Optional Gao Refunding Revenue Tax Refunding Fiscal Revenue Refunding Revenue Capital Total Year Ended Bonds Certificates Bonds Leases Principal September 30, Series 1986 Series 1988 Series 1992 Payable Due 1994 $ 490,000 $ 920,000 $ 620,000 $ 8,544 $ 2,038,544 1995 530,000 980,000 595,000 - 2,105,000 1996 565,000 1,050,000 615,000 - 2,230,000 1997 605,000 1,120,000 635,000 - 2,360,000 1998 650,000 1,200,000 660,000 - 2,510,000 1999-2010 8,485,000 - 11,215,000 - 19,700,000
$11,325,000 $5,270,000 $14,340,000 $ 8,544 $30,943,544 Interest rate 5.0-7.75% 6.65-7.15% 2.75-6.0% 8.44%
The City's charter limits the aggregate amount of general obligation bonds out-standing to twenty percent (20%) of the assessed valuation of the taxable real and
) personal property in the City. At September 30, 1993, there was no general obliga-
) tion debt outstanding.
Capital Improvement Refunding Revenue Bonds - The Capital Improvement Refunding Revenue Bonds, Series 1986, were issued in connection with the advance refunding of the Capital Improvements Revenue Bonds, Series 1982, and to partially finance certain infrastructure projects. Interest is payable semi-annually. The bonds are collateralized by a senior lien upon and pledge of certain non-ad valorem revenues of the City.
Capital Improvement Revenue Refunding Certificates -
In August, 1988, the City Council authorized the issuance of $7,505,000 Capital Improvement Revenue Refunding certificates, Series 1988. The certificates were issued in the authorized amount during August, 1988. The proceeds of this issue were used to advance refund the Capital Improvement Revenue Certificates, Series 1986, and to finance etrtain capit.a1 projects of the city. The bonds are collateralized by a lien upon and pledge of certain non-ad valorem revenues of the City which is junior and subozdinate to the Capital Improvement Refunding Revenue Bonds, Series 1986, noted I above.
Optional Gas Tax Refu ading Revenue Bonds - In December, 1993, the City Council authorized the issusace of not exceeding $17,500,000 Optional Gas Tax Refunding Revenue Bonds, Ser4es 1992. The bonds were issued in the amount of $14,340,000 during December, 1992. The proceeds of this issue were used to refund the City's Optional Gas Tax Revenue Bonds, Series 1989, reducing its total debt service payments over the next 17 years by approximately $610,000 and realizing an economic gain (difference between the present values of the debt service payments on the old
, and new debt) of approximately $374,000. These bonds are collateralized by a lien upon and a pledge of the proceeds of the six cent optional gas tax.
f 4,
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED _
Year Ended September 30, 1993
- 10. General Long-Term Debt - Continued:
capital Lease Obligations - Equipment under capital lease included in the General Fixed Asset Account Group at September 30, 1993 consists of the following:
Amount Equipment capitalized Street Striper $ 18,557 The following is a schedule by years of future minimum lease payments under capital f' leases, together with the present value of the not minimum lease payments, as of September 30, 1993:
Year Ending September 30,
$ 9,264 1994 -
1995 Total minimum lease payments 9,264 Less amount representing interest 720 Present value of not minimum lease payments $ 8,544 Debt service requirements to maturity for all outstanding general long-term debt are as follows:
Improvement Improvement optional Gas Refunding Revenue Tax Refunding Total Refunding Revenue Principal Fiscal Revenue Year Ended Bonds Certificates Bonds Capital and Interest September 30, Series 1986 Series 1988 Series 1992 Leases Due
$ 1,262,640 $1,284,470 $ 1,354,403 $ 9,264 $ 3,910,777 1994 1,268,185 1,283,290 1,310,762 - 3,862,237 1995 1,264,843 1,286,650 1,309,578 - 3,861,071 1996 1,263,005 1,284,200 1,305,489 - 3,852,694 1997 1,262,500 1,285,800 1,302,953 - 3,851,253 1998 1,262,875 1,302,476 - 2,565,351 1999 -
1,258,850 1,303,395 - 2,562,245 2000 -
1,254,531 1,296,018 - 2,550,549 2001 -
1,249,819 1,300,565 - 2,550,384 2002 -
1,250,069 1,296,265 - 2,546,334 2003 -
1,244,894 1,298,245 - 2,543,139 2004 -
1,239,100 1,296,887 - 2,535,987 2005 -
1,233,625 1,291,988 - 2,525,613 2006 -
1,230,000 1,292,812 - 2,522,812 2007 -
1,288,800 - 1,288,800 2008 - -
1,285,250 - 1,285,250 )
2009 - -
1,287,500 - 1,287,500 i 2010 - -
$17,544,936 $6,424,410 $22,123,386 $ 9,264 $46,101,996 1
50
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993
( General Long-Term Debt - Continued:
10.
[ In April, 1983, $2,500,000 Industrial Development Revenue Bonds were issued. The L 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 r blighted. The bonds do not represent debt or an obligation of the city and are l collateralized solely from the gross revenues of the completed project. The completed project and all revenues derived therefrom, subsequent to the payment of all debt service requirements, belong exclusively to the developer.
f L 11. Prior Year Defeasance of Debt:
The city has defeased 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, 1993,
$150,890,000 of bonds outstanding are considered defeased, as follows:
Governmental Funds:
Optional Gas Tax Revenue Bonds, Series 1989 $ 12,970,000 i
< 1 Enterprise Funds: i Electric System Revenue: I Power Supply Revenue Bonds, Series 1977 8,480,000 ;
Power Supply Refunding Rsvanue Bonds, Series 1988 8,960,000 l Electric System Revenue Bonds, Series 1989A 26,110,000 l Water and Sewers Water and Sewer Refunding Revenue Bonds, j Series 1983 8,505,000 l Water and Sewer Refunding Revenue Bonds, l Series 1985A 35,440,000 Water and Sewer Refunding Revenue Bonds, Series 1985B 10,775,000 Water and Sewer Refunding Revenue Bonds, Series 1986 39,650,000 137,920,000
$150,890,000 j
- 12. Financial Sognent Information of Enterprise Funds:
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, and sanitation systems. Other enterprise funds are used to account for the operations of golf, tennis, trailer park and airport facilities provided for the benefit of the general public. Following is a summary of significant financial information of the enterprise funds:
51
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993 1
- 12. Financial Segment Information of Enterprise Funds - Continued:
Electric j system Water and Revenue Sewer Sanitation other Total Current Assets $ 14,456,361 $ 3,826,8;7 $ 481,162 $ 605,026 $ 19,369,427 Current Liabilities 8,823,440 200,726 256,107 630,633 9,910,906 Working Capital $ 5,632,921 8 3,626,152 $ 225,055 $ (25,607) $ '9,458,521 3 Property, Plant and Equipment Additions $ 6,344,409 $ 6,005,151 $ 291,020 $ 2,983,433 $ 15,624,013 Deletions $ 849,132 $ 36,337 8 150,855 $ 148,073 $ 1,184,397 Total Property, Plant and Equipment, not $ 61,354,265 $ 76,214,347 $1,402,992 $15,334,148 $154,305,752 Restricted Assets $ 42,154,777 $ 32,177,306 8 -
$ 735,711 $ 75,067,794 Total Assete $118,754,077 $112,771,347 $1,884,154 $16,674,885 $250,084,463 Liabilities Payable from &
Restricted Assets $ 5,519,312 $ 3,749,200 $ -
$ 572,136 $ 9,840,648 Bonde and other Long-Term Liabilities $ 32,728,752 $ 60,866,031 $ - $ 585,275 $ 94,180,058 Total Fund Equity $ 71,682,573 $ 47,955,390 $1,628,047 $14,886,841 $136,152,851-s Total operating Revenues $ 71,648,841 $ 11,956,654 $5,423,833 $ 2,371,157 $ 91,400,485 Operating Expenses (less depreciation and amortization) 51,857,314 4,988,958 5,092,418 2,147,969 64,086,659 Depreciation and amortization 3,265,525 1,745,024 256,384 565,828 5,832,761 operating Income (Loss) 16,526,002 5,222,672 75,031 (342,640) 21,481,065 Operating Transfers From Other Funds 126,167 12,979 176,538 1,154,467 1,470,151 J operating Transfers (To)
Other Funds (12,094,920) (421,644) (214,039) (376,250) (13,106,853) ,
Interest Income 1,236,103 1,150,189 11,309 26,380 2,423,981 Interest Erpanse (1,071,439) (2,501,703) - (24,109) (3,597,251) j other Non-operating Revenue 527,821 3,724 195,901 27,260 754,706 Other Non-0 pirating Erpense (258,848) (3,724) (192,761) (35,870) (491,203) 1 Net Income $ 4,990,886 $ 3,462,493 $ 51,979 $ 429,238 8 8,934,596 J Capital contributions $ 713,229 8 1,328,372 $ - $ 1,986,565 $ 4,028,166 l
Interfund loans payable and long-term debt of individual enterprise funds are presented in Notes 5, 6 and 9.
52
CITY OF OCALA, FLORIDA NOTES To FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993
- 13. Reserved Retained Earnings:
The following is a reconciliation of the reserved retained earnings to the not restricted assets of enterprise funds as of September 31, 1993:
Total Restricted Assets $ 75,067,794 Less:
Restricted assets set aside for construction under bond indentures 31,190,695 Liabilities payable from restricted assets .9,840,648 Add:
Liabilities payable from restricted assets set aside for construction under bond indentures 643,832 Total reserved retained earnings $ 34,600,283
- 14. Operating Deficits and Fund Deficits:
(
A. Following is a summary of not losses of individual proprietary funds and deficiencies of revenues and other sources over expenditures and other uses of f- individual governmental funds for the year ended September 30, 1993 which.are included in the accompanying combined financial statements:
Proprietary Funds Not Loss Enterprise Funds:
Fort King Tennis Court '$ 3,617 Municipal Golf Course 46,639 Internal Service Funds:
Internal Service 37,424 !
Governmental Funds Deficiency Special Revenue Funds:
[
L Gasoline Tax $ 152,490 off-Street Parking 33,538 Debt Service Funds:
Excise Tax Bonds 431,965 Improvement Bonds - 91,112 Improvement Certificates 274,742 Capital Project Funds: ;
Capital Improvement Construction 101,150 j optional Gas Tax Construction 1,776,799 l l
f )
1
(
53
CITY OF OCALA, FLORIDA l
) NOTES TO FINANCIAL STATEMENTS - CONTINUED.
l Year Ended September 30, 1993
- 14. Operatina Deficits and Fund Deficits - Continued:
30, 1993:
B. The following fund has a deficit retained earnings balance at September Deficioney
$ (439,593)
Self-Insurance Fund The deficit is the result of obtaining actuarially determined estimates for the claims loss reserves for self insurance as of September 30, 1993 that met the criteria for accrual as a liability. The City has initiated a funding plan over the next four years that will increase the charges to the various funds and '
should provide sufficient monies to fund the claims reserve and eliminate the fund deficit.
- 15. Contributed Capital:
During the year ended September 30, 1993, contributed equity increased as follows:
contributions From Contributed Contributed Capital Capital October 1, other September 30, Governments Developers Customers 1993 1992 Enterprise Funds: - $ 8,767,677 Airport $ 6,718,065 $2,049,612 $ -
- - 3,853,439 Golf 3,853,439 -
- 8,515 73,030 (64,515) -
Sanitation 893,202 - 13,977,724 12,649,352 435,170 Water and Sewer 260,034 453,195 5,090,075 Electric 4,376,846 -
Florida Emergency - 1,468 Training Facility - 1,468 -
$2,421,735 $1,153,236 $453,195 $31,698,898 Total Enterprise Funds $27,670,732 Internal Service Funds: $
$ - $ 1,293,863 Internal Service $ 1,293,863 $
20,401 Self Insurance 20,401 -
Total Internal Service S 1,314,264 S
- $ - $ 1,314,264 Funds $ -
l 54
CITY OF CCALA, FLORIDA s
NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993
- 16. Deferred Compensation Plan The city has a deferred compensation plan, created in accordance with Internal Revenue Code section 457, in which all employees are eligible to participate.
Deferred compensation amounts withheld from participating employees' pay are not taxable as current income until withdrawn from the plan. Annual contributions by a participant may not exceed the lesser of $7,500 or 33 1/3% of includable compen-sation.
As required under Internal Revenue Code Section 457, all amounts of compensation deferred, all property or rights to property purchased with amounts deferred, and any income earned or gains on property remain assets of the City subject to the claims of its general creditors. Participants' rights under the plan are equal to those of general creditors of the city in an amount equal to the fair market value of the deferred account for each participant. The City has the duty of due care that would be required of an ordinary prudent investor.
At September 30, 1993, the market and carrying value of the deferred compensation investments in the City's Agency Fund was $3,360,418.
- 17. Risk Management:
The city has established a self-insurance fund (an internal service fund) to account for the city's self-insured programs. This fund is used to account for the City's workers' compensation, general liability, automobile liability, disability income replacement, medical and dental programs. The city uses a combination of self-insurance and private insurance to protect itself against risks which cannot be eliminated.
The city has general liability insurance with a $100,000 retention per claimant and l
$200,000 retention per occurrence with limits of $1,000,000. The city has workers' compensation insurance with a $250,000 deductible per occurrence with limits of
$5,000,000. The disability income replacement, dental programs, auto liability, and employee health insurance programs are fully self-insured.
l 1 i
> 55
CITY OF OCALA, FLORIDA I
f NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993
- 17. Risk Management - Continued:
Payments are made by All departments of the City participate in the program.
various funds to the self Insurance Fund based on past experience of the amounts needed to pay current yoar claims. For the year ended September 30, 1993, the City obtained actuarial determined estimates of the total claims loss reserves for all self-insurance risks. The claims liability of $2,754,833 reported in the Fund at September 30, 1993 is based on the requirements of Governmental Accounting Standards Board Statement No. 10 which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is )
probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Changes in the Fund's claim l liability amount during the current fiscal year is as follows:
current Year claims and Balance Changes claim at Fiscal Beginning-of-Fiscal-Year-Liability in Estimates Payments Year End 1990-1991 $1,006,663 $2,585,632 $2,337,168 $1,255,127 1991-1992 $1,255,127 $4,228,590 $2,678,431 $2,805,286 ]
1992-1993 $2,805,286 $3,229,012 $3,279,465 $2,754,833 J
- 18. Commitments and Contingent Liabilities:
arants - The City receives significant financial assistance from federal agencies primarily in the form of capital grants. The disbursement of funds received under these programs generally requires compliance with terms and conditions specified in the grant agreaments and is subject to audit by the grantor agencies. Disallowed claims, if any, resulting from such audits may become liabilities of the City.
However, in the opinion of management, disallowed claims, if any, will not have a material effect on the City's financial statements.
Litlaation - various suits and claims arising in the ordinary course of City operations are pending against the City of Ocala. While the ultimate effect of such litigation cannot be ascertained at this time, the City does not expect any of these routine items to have a material impact on the financial condition of the City.
Other Commitments - Outstanding comitments of governmental funds are presented in j the accompanying combined financial statements as reserves of fund balance. The l outstanding commitments of the Internal Service and Enterprise Funds as of September 30, 1993 were $526,225 and $1,094,184, respectively. These commitments are evidenced by signed purchase orders and contracts which were entered into prior to September 30, 1993.
.. 1
CITY OF COALA, FLORIDA l NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30, 1993
- 18. Comnitments and contingencies - Continued: l l
Purchased Power contract -
The city presently purchases power exclusively from Florida Municipal Power Agency (FMPA) through the 230 kv State-wide bulk power system. Additionally, since 1977, the City has become the owner of an undivided 1.333% or 11 MW share of the 825 MW Crystal River Nuclear Plant No. 3 (CR-3). j l
The City has an All Requirements Power Supply Project Contract (" Requirements Contract") with FMPA which requires FMPA to sell and deliver to the city and the City to purchase from FMPA all electric power that the City requires in excess of the amount the City receives from its percentage ownership interest in CR-3. The Requirements contract expires in 2025, but automatically extends for additional five-year terms unless either party notifies the other of its decision not to extend the Requirements Contract. The City pays for electric power under the Requirements contract at the rates set forth in the applicable rate schedule of FMPA, which FMPA may revise from time to time. l l
- 19. Subsequent Event:
Bond Issue - In December, 1993, the City issued $18,365,000 Capital Improvement q l Refunding Revenue certificates, Series 1993. The certificates were issued to advance refund the $10,835,000 outstanding balance of the capital Improvement i Refunding Revenue Bonds, Series 1986, and to finance the cost of acquisition and i construction of certain capital improvements in the City.
I 57
0F' 'og h 4 4
0 7 g.
%- '~ y"
' COUNT 4.
58 i
[
{,
[ l l
INDIVIDUAL FUND AND COMBINING STATEMENTS
- BY FUND TYPE
, -These financial statements provide a more detailed view of the
" General Purpose Financial Statements" presented in the preceding subsection.
Combining statements are presented when there are more than f one fund of a given fund type.
L f ,,.
L i
}
1 i
INDIVIDUAL FUND AND COMBINING STATEMENTS BY FUND TYPE '
1 t
.1 l ,
l s
l l .
L 59 Y - _ - - - _ - _ _ _ _ _ - _ _ _ _ - _ _ - _ - _ _
T OF og F
m, COUNTi' i
l 60
CITY OF OCALA, FLORIDA SPECIAL REVENUE FUNDS
/
Special Revenue Funds - Special revenue funds are used to account for the proceeds of specific revenue sources that are legally or administratively restricted to expenditure ' .
for specific purposes. Special revenue funds used by the City are:
l
( occupational License - Business license and permit revenues, which are pledged as security for the Refunding and Improvement Excise Tax Bonds dated January 1, 1972,
, 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 contributions, and General Fund subsidies which are restricted for the operation of the regional library.
1 off-Street Parking - This fund accounts for the proceeds from the City's parking system.
f Downtown Developmejic, - This fund accounts for property taxes levied against downtown property owners.
l Local casoline 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 Utilley - This fund accounts for resources collected which are to be used for additions to, improvements to and maintenance of the storm drainage system.
) SFIP Local Housing Assistance - This fund accounts for the receipt and uses of funds received from the Florida " local housing assistance trust fund" for the State Housing Initiative Partnership (low income housing).
61 __
CITY OF OCALA, FLORIDA COMBINING BALANCE SHEET SPECIAL REVENUE FUNDS September 30, 1993 Central Occupa- Florida tional Regional License Library ASSETS
$249,369 $ 67,887 Cash and investments - 215,585 Equity in pooled cash and investment fund - 1,218 Accrued interest receivable - -
Accounts and notes receivable - -
Due from other funds 1,402 2,193 Due from other governments 624 Other current assets
$250,771_ $287,507 Total Assets LIABILITIES AND FUND BALANCES Liabilities: $ - $ 37,189 Accounts payable - 11,478 Compensated absences payable - -
Due to other funds 154,976 -
Deferred revenue 154,976 48,667 Total liabilities Fund Balance: - 49,971 Reserved for incumbrances 95,795 18R,869 Reserved for specified projects 95,795 238,841 Total reserved fund balance
$250,771 $287,507 Total Liabilities and Fund Balance 62
l Downtown Local SHIP Local ~ ~
Off-Street Develop- Gasoline Stormw ter Horsing Parking ment Tax Utility f 3. stance Total
$ 50 $ 50 $ -
$ - $ 317,356 23,021 51,983 4,861,657 2,746,869 60,726 7,959,841 130 288 26,954 15,269 336 44,195 30 - - - -
30
- - - 79,546 - 79,546
- - 397,965 109,884 - 511,444 624
$ 23,231 $ 52,321 $5,286,576 $2,951,568 $ 61,062 $8,913,036
$ 1,166 $ 768 $ 161,130 $ 9,573 $ 242 $ 210,068 1,871 1,203 -
8,205 - 22,757
) - - - - _ _
- - - - 60,820 215,796 3,037 1,971 161,130 17,778 61,062 448,621
- 1,650 127,861 170,072 -
357,554 20,194 48,700 4,997,585 2,755,718 - 8,106,861 20,194 50,350 5,125,446
) 2,933,790 - 8,464,415
$ 23,231 $ 52,321 $5,286,576 $2,951,568 $ 61,062 $8,913,036
/
e i
I 63
/
CITY OF OCALA, FLORIDA i COMBINING STATEMENT OF REVENUES AND EXPENDITUPES BUDGET AND ACTUAL SPECIAL REVENUE FUNDS Year Ended September 30, 1993 central Florida occupational Regional Off-Street Library Parking Licenses j'
Revenues: -
Property taxes - 1,125,748 Other intergovernmental revenues -
- 73,952 Parking meters and facilities 365,591 -
Licenses and permits - 27,322 21,879 Fines and forfeitures -
Charges for services 8,901 3,242 1,639 Interest - 4,568 -
Gifts 13,929_ 41 698_
Other 375,190 1,174,809 97,511 Total revenues Expenditurect Current: -
General government and administration - -
Public works - 1,430,323 -
Culture and recreation 1,245 - 78,629 Other - 47,876 26,115 Capital outlay - 3,751 -
Intergovernmental Debt service: - 17,055 -
Principal payments -
Interest 1,245 1,499,005 104,744 Total expenditures Excess (Deficiency) of Revenues Over 373,945 (324,196_) (7,233) l Expenditures Other Financing Sources (Uses): -
Proceeds from long-term borrowing -
Proceeds from capital lease - 380,000 -
Transfers from other funds (337,899_) - (26,305)
Transfers (to) other funds (337,899_) 380,000 (26,305)
Total other financing sources (uses)
Excess (Deficiency) of Revenues and Other sources Over Expenditures and Other Uses 36,046 55,804 (33,538)
Before Fund Balance Allocation -
Fund Balance Allocation Excess (Deficiency) of Revenues and Other 36,046 55,804 (33,538)
Sources Over Expenditures and Other Uses f
53,732 Fund Balance (Deficit): 59,749 183,036 Beginning of year 95,795_ $ 238,840 $ 20,194 End of year 1 64
l l Actual l
Adj usdnents Total Actual Downtown SHIP Local to a on a
/ Develop- Gasoline Stormwater Housing Budgetary Budgetary ment Tax Utility Assistance Total Basis Basis j $ 46,910 $ -
$ 46,910 $ -
$ 46,910
- 2,079,845 107,812 5,618 3,319,023 (7,959) 3,311,064
- - - - 73,952 -
73,952
- - - - 365,591 - 365,591
- - - - 49,201 - 49,201
- - 1,576,872 - 1,576,872 - 1,576,872 2,115 201,784 102,930 592 321,203 (658) 320,545 l - - - - 4,568 - 4,568 2,652 - - - 17,320 - 17,320 51,677 2,281,629 1,787,614 6,210 5,774,640 (8,617) 5,766,023 59,716 - - 6,210 65,926 (6,210) 59,716
- 185,742 868,044 - 1,053,786 205,274 1,259,060
- - - - 1,430,323 45,579 1,475,902
- - 2,341 - 82,215 (2,341) 79,874
- 995,488 235,700 - 1,305,179 106,701 1,411,880
[
460 - 4,211 - 4,211
- 8,707 - - 25,762 - 25,762 1
- 2,410 - - 2,410 - 2,410 59,716 1,192,347 1,106,545 6,210 3,969,812 349,003 4,318,815 (8,039) 1,089,282 081,069 - 1,804,828 (357,620) 1,447,200 26,305 76,499 - - 482,804 - 482,804 (2,268) (1,318,271) - - (1,684,743) - (1,684,743) 24,037 (1,241,772) - - (1,201,939) - (1,201,939) 15,998 (152,490) 601,069 - 602,889 (357,620) 245,269 15,998 (152,490.) 681,069 - 602,889 $ (357,620) $ 245,269 l 34,352 5,277,936 2,252,721 - 7,861,526
$ 50,350 $ 5,125,446 $2,933,790 $ - $ 8,464,415 65 ~
1
CITY'OF OCALA, FLORIDA CONBINING STATENENT OF REVENUES AND EXPENDITURES -
BUDGET AND ACTUAL - CONTINUED SPECIAL REVENUE FUNDS Year Ended September 30, 1993 Final Total. Central 4 Actual on a- .
Florida "f Budgetary Occupational Regional I Basis' Licenses- Library Ravenues: ;
Property taxes $ 46,910 $ -
Other intergovernmental revenues 3,311,064 -
1,130,336- ,
Parking meters and facilities 73,952 - -
Licenses and permits -365,591 378,350 - !
Fines and forfeitures 49,201 -
26,200
. Charges for services 1,576,872 .- -
..]
Interest .320,545 12,500. 1,800 _L Gifts '4,568 - 5,000 Other 17,320 800 15,550 J Total revenues 5,766,023 391,650 1,178,886-Expenditures:
Current: i General government and administration 59,716 - -
l Public works 1,259,060 -
. c9 Culture and recreation 1,475,902 - 1,524,1161 Other 79,874 512 -
1 Capital outlay 1,411,880 - 52,278 Intergovernmental Debt service 4,211 -
3,751' [
l
' Principal payments 25,762. .- 17,055 j Interest 2,410 - -
T Total expenditures 4,318,815 -512 1,597,200 Excess (Deficiency) of Revenues Over Expenditures 1,447,208 391,138 (418,314)
Other Financing Sources (Uses): y Proceeds from long-term borrowing - - -
Proceeds from capital lease - - -
]
Transfers from other funds 482,804 - 360,000 l Transfers (to) other funds (1,684,743) (337,899) -
f Total other financing sources (uses) (1,201,939) (337,899) 380,000' '
. Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses ]
Before Fund Balance Allocation 245,269 53,239 (38,314)
Fund Balance Allocation - (53,239) 38,314 Excess'(Deficiency) of-Revenues and Other Sources Over Expenditures and Other Uses $ 245,269 $ -
i 66 ,
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l I Budget Variance Off-Street Downtown Gasoline Stormwater Favorable L
Parking Development Tax Utility Total (Unfavorabis)
$ 48,850 $ -
$ 48,850 $ (1,940) 2,000,298 - 3,130,634 180,430 76,000 - - -
76,000 (2,048) i
- - - - 378,350 (12,759)
> 26,000 - - - 52,200 (2,999)
- - - 1,565,000 1,565,000 11,872 j 2,350 2,600 240,000 114,000 373,250 (52,705)
[
- - - - 5,000 (432) 50 3,000 - - 19,400 (2,000) 104,400 54,450 2,240,298 1,679,000 5,648,684 117,339 l
71,489 - - 71,489 11,773 230,492 1,150,518 1,381,010 121,950 1,524,116 48,214 81,308 - - - 81,820 1,946 16,360 10,543 1,664,014 1,360,779 3,103,974 1,692,094 175 -
500 4,426 215
- - 9,375 - 26,430 668
- - 2,669 - 2,669 259 97,668 82,207 1,906,550 2,511,797 6,195,934 1,877,119 6,732 (27,757) 333,748 (832,797) (547,250) 1,994,45_8_
26,305 14,282 -
420,587 62,217 (26,305) (2,268) (1,296,928) - (1,663,400) (21,343)
(26,305) 24,037 (1,282,646) -
(1,242,813) 40,874 (19,573) (3,720) (948,898) (832,797) (1,790,063) 2,035,332 19,573 3,720 948,898 .__ 832,797 1,790,063 (1,790,063)
L, MS,269 67 _ . _ _ _ . _ _
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CITY OF OCALA, FLORIDA SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES
/ IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL REVENUE FUNDS f Year Ended September 30, 1993 l
9 OCCUPATIONAL LICENSES FUND Variance Final Favorable Actual Budget (Unfavorable)
Revenues:
Licenses and permits $ 365,591 $ 378,350 $ (12,759)
Interest 8,901 12,500 (3,599)
[ Other 698 800 (102) '
Total revenues 375,190 391,650 (16,460)
(
Expenditures: .
Current - other 1,245 512 (733)
Excess of Revenues over Expenditures 373,945 391,138 (17,293)
- Other Financing (Uses) -
Transfers (To) Other Funds (337,899) (337,899) -
Excess (Deficiency) of Revenues over j Expenditures and Other Uses Before Fund Balance Allocation 36,046 53,239 (17,193)
Fund Balance Allocation - (53,239) 53,239 Excess (Deficiency) of Revenues over Expenditures and other Uses $ 36,046 $ -
$ 36,046 l
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69 .. . . _ . . _
I CITY OF OCALA, FLORIDA l
l SCNEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - CONTINUED SPECIAL REVENUE FUNDS Year Ended September 30, 1993 l
k CENTRAL FLORIDA REGIONAL Adjustments Actual to on a Budgetary Budgetary Actual Basis Basis ,
t Ravenues:
Intergovernmental revenues $1,125,748 $ - $1,125,748 Fines and forfeitures 27,322 - 27,322 Interest 3,242 (66) 3,176 uifts 4,568 - 4,568 other 13,929 - 13,929 Total revenues 1,174,809 (63) 1,174,743 f
Expenditures:
Current - Culture and recreation 1,430,323 45,579 1,475,902 Capital outlay 47,876 4,392 52,268 Intergovernmental 3,751 - 3,751 Debt Service:
~
Principal payments 17,055 - 17,055 Total expenditures 1,499,005 49,971 1,548,976 (Deficiency) of Revenues Over Expenditures (324,196) (50,037) (374,233)
Other Financing Sources (Uses):
Proceeds from long-term borrowing - - -
Transfers from other funds 380,000 - 380,000 Transfers (to) other funds - - -
r Total other financing sources (uses) 380,000 - 380,000 Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses I Before Fund Balance Allocation 55,804 (50,037) 5,767 i
Fund Balance Allocation - - -
, Excess (Deficiency) of Revenues and other Sources over Expenditures and Other Uses $(50,037) 5,767
( $
Fund Balance:
Beginning of year 183,036 End of year $ 238,840 .
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i 70
il CITY OF OCALA,'FLORIDAJ SCHEDULES OF REVENUES,' EXPENDITURES AND CHANGES g ,
IN FUND BALANCE - BUDGET AND ACTUAL - CONTINUED 4
SPECIAL REVENUE FUNDS Year Ended September 30, 1993 b ,
). .
OFF-5TREET PAAKING
-variance-Final Favorable-Actual Budcet (Unfavorable)'
e Rsvanues Parking meters and facilities $ 73,952 $ 76,000' $ '(2,048)
Fines and forfeitures 21,879 26,000 (4,121)- '
Interest 1,639 2,350 _( 711)
Other 41 50 -(9)
Total revenues 97,511 104,400 (6,889)
{ ~Expandituress f'
current - other 78,629 81,300 24679 Capital outlay 26,115 J16,360 (9,755)
Total expenditures 104,744 97,668' (7,076)
Excoes of Revenues Over Expenditures (7,233). 6,732 (13,965)
Othcr Financing Sources'(Uses):
Trensfers from other funds - - -
Transfers (to) other funds _
(26,305) (26,305) -
Total other financing sources (uses) (26,305) (26,305) -
Excess-(Deficiency) of Revenues over Expenditures and Other Uses Before Fund Balance Allocation (33,538). (19,573) (13,965)
Fund Balance Allocation - 19,573 (19,573) j Excocs of Revenues over Expenditures and
-other Uses (33,538) $ -
$ (33,538)
Fund Balances Baginning of year 53,732 End of year $ 20,194 f,
t 73 L, . . _ - _ ~ _ -
' CITY OF OCALA, FLORIDA SCHED_ULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - CONTINDED SPECIAL REVENUE FUNDS Year Ended September 30, 1993 DOWNTOWN DEVELOPMENT Adjustments Actual to on a Budgetary Budgetary Actual Basis Basis Rsvenues: 46,910 Property taxes $ 46,910 $ - $
Intergovernmental revenues 2,115 - 2,115 Interest 2,652 2,652 -
Other 51,677 Total revenues 51,677 -
Expenditures Current - General government and 59,716 - 59,716 administration - -
Intergovernmental ~
- 1,650 1,650 Capital outlay 61,366 59,716 1,650 Total expenditures Excess (Deficiency) of Revenues (8,039) (1,650) (9,689)
Over Expenditures Other Financing Sources (Uses):
26,305 - 26,305 Transfers from other funds (2,268) (2,268)
Transfers (to) other funds Total other financing sources (uses) 24,037 - 24,037
)
Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses 15,998 (1,650) 14,348 Before Fund Balance Allocation Fund Balance Allocation - -
Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses 15,998 $ (1,650) $ 14,348 ,
Fund Balance:
Beginning of year 34,352 End of year $ 50,350 l
1 74 j
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LIBRARY FUND I
) Variance Final Favorable Budget (Unfavorable)
$1,130,336 $ (4,588) 26,200 1,122 1,000 1,376 5,000 (432) 15,550 (1,621) 1,178,886 (4,143) 1,524,116 48,214 52,278 10
3,751 -
17,055 -
1,597,200 48,224 (418,314) 44,081 380,000 -
380,000 -
(38,314) 44,081 38,314 (38,314)
$ 5,767 71
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FUND Variance Final Favorable Budget (Unfavorable)_
$ 2,000,298 $ 79,547 240,000 (38,216) 2,240,298 41,331
(
230,492- 17,548 1,664,014 567,867 9,375 668 2,669 259 1,906,550 586,342 4
1 333,748 627,673 14,282 62,217 (1,296,928). (21,343)
(1,282,646) 40,874 (948,898) 668,547 948,898 (948,898) 4
$ (280,351) e 77
CITY OF OCALA, FLOR 2DA RANGES SCHEDULES OF REVENUES, EXPENDITLTRES AR, IN runu BALANCE - BUDGET AND ACTUAL - CorTTINUED SPECIAL REVENUE FUNDS Year Ended September 30, 1993 STORMWATER UTILT'"Y__
Adjustments Actual to on a Budgetary Budgetary Actual Basis Basis Revenuess $ 107,812 $ (2,341) $ 105,471 Intergovernmental revenues 1,576,872 - 1,576,872 Charges for services 10 2b ' ' '
- 102,930 Interest 1,787 .
(2,341) 1,785,273 Total revenues Expenditures: 868,044 178,072 1,046,116 Current - Public works 2,341 (2,341) -
Other 235,700 - 235,700 Capital outlay 460 - 460 Intergovernmental 1,106,545 175,731 1,282,276 Total expenditures Excess (Deficiency) of Revenues Over 6 . 6,9 _178,072)
(
502,997 Expenditures Other Financing Sources (Uses): -
Transfers from other funds -
Transfers (to) other funds -
Total other financing sources (uses)
Excess of Revenues and Other Sources Over Expenditures and Other Uses Before 681,069 (178,072) 502,997 Fund Balance Allocation Fund Balance Allocation Excess of Revenues Over Expenditures 681,069 _$ (17 8,072) $ 502,997 and Other Uses Fund Balances 2,252,721
- ~71nning of year
$2,933,790
(> 3 of year 2
78
- a l
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l- FUND l
Variance l- Final vorable i Budget vora
$ 48,850 $ (1,940) I l
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p 2,600 (485) 3,000 (348) 54,450 (2,773)
) 71,489 11,773 175 175 10,543 8,893 82,207 20,841-t I
(27,757) 18,068 l
26,305 -
(2,268) -
24,037 -
(3,720) 18,068 3,720 (3,720) l L. $ -
$ 14,348 r
) 75
1 CITY OF OCALA, FLORIDA' SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - CONTINUED .
i SPECIAL REVENUE PUNDS l t
Year Ended September 30, 1993 LOCAL GASOLINE TAI Adjustments Actual to on a Budgatary Ludgetary Actual Basis Basis Revenues:
Intergovernmental revenues $ 2,079,845 $ - .$ 2,079,845 I Interest 201,784 -
201,784 other - - -
Total revenues 2,281,629 - 2,281,629 ,
I Expenditures:
Current - Public works 185,742 27,202 212,944
-Capital outlay 995,488 100,659 1,096,147 i Debt Service:
Principal payments 8,707 -
8,707 l Interest 2,410 - 2,410 )
Total expenditures 1,192,347 127,861 1,320,208
)
Excess (Deficiency) of Revenues Over Expenditures 1,089,282 (127,861) 961,421 Other Financing Sources (Uses):
Proceeds from capital lease - - -
Transfers from other funds 76,499 - 76,499-Transfers (to) other funds (1,318,271) - (1,318,271)
Total other financing sources (uses) (1,241,772) - (1,241,772)
Excess (Deficiency) of Revenues Over Expenditures and Other Uses Before Fund Balance Allocation (152,490) (127,861) (280,351)
Fund Balance Allocation - - -
Excess (Deficiency) of Revenues Over Expenditures and other Uses (152,490) $(127,861) $ (280,351)
Fund Balance:
Beginning of year 5,277,936
.End of year $ 5,125,446 76
s
}
FUND
' Variance Final Favorable Budget (Unfavorable) i l
$ -- $ 105,471 1 1,565,000 11,872 114,000 (11,070) 1,679,000 106,273 l
1,150,518 104,402 I 1,360,779 1,125,079 i 500 40 2,511,797 1,229,521 l
i
~'(832,797) 1,335,794 f-j - .
5 (832,797) 1,335,794 832,797 (832,797)
$ - $ 502,997 e
19
CITY OF OCALA, FLORIDA SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES l
' IN FUND BALANCE - BUDGET AND ACTUAL - CONTI!MED SPECIAL REVENUE FUNDS Year Ended September 30, 1993 SHIP LOCAL HOUSING ASSISTANCE FUND Adjustments Actual to on a Budgetary Budgetary Actual Basis Basis Revenues: $ 5,618 $ (5,618) $
Intergovernmental revenues 592 (592) -
Interest 6,210 (6,210)
Total revenues Expenditures:
Current - General government and 6,210_ (6,210) -
administration 6,210 (6,210) -
Total expenditures Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses -
Before Fund Balance Allocation - r Fund Balance Allocation Excess (Deficiency) of Revenues and Other - $ - $
Sources Over Expenditures and Other Uses Fund Balance: -
Beginning of year End of year l
l
)
80
I CITY OF OCALA, FLORIDA DEBT SERVICE FUNDS i
D-bt Service Funds - Debt service funds are used to account for the accumulation of recources for the payment of_ principal, interest and related costs of the City's general long-term 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, i
Improvement Bonds - This fund is used for the payment of principal, interest and related costs of the Capital Improvement Refunding Revenue Bonds, Series 1986'.
Improvement caref ficates - This fund is used for the payment of principal, interest and related costs of the Capital Laprovement 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, and of the optional Gas Tax Refunding Revenue Bonds, Series 1992.
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CITY OF OCALA, FLORIDA COMBINING BALANCE SHEET DEBT SERVICE FUNDS September 30, 1993 l
i Excise Tax Improvement i ASSETS Bonds Bonde Restricted equity in pooled cash and investment fund $ - $2,161,202
]
Restricted accrued interest receivable - 11,978 Total Restricted Assets $ - $2,173,180 1 1
I LIABILITIES AND FUND BALANCES Rostricted accounts payable $ -
q Fund Balance:
Reserved for debt service - 2,173,180
]
l Total Liabilities and Fund Balances $ - $2,173,180 1 1
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e 82 l . .-- . . . - _- - . _ _ _ _ - . . _ __ _ _ _
I j Optional Improvement Gas Tax Certificates Bonds Total
$1,385,058 $2,080,793 $5,627,053 7,677 11,516 31,171
$1,392,735 $2,092,309 $5,658,224
$ 3,000 $ 3,000 1,392,735 2,089,309 5,655,224
$1,392,735 $2,093,309 $5,658,224 4
e 83
I/
CITY OF OCALA, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE D
DEBT SERVICE FUNDS Year Ended September 30, 1993 Excise Tax Improvement Bonds Bonds Rtvenues:
- Interest $ 12,367 $ 73,352 Expenditures -
Debt Service:
Bond principal payments 190,000 465,000 Bond interest and paying agents' fees 8,800 804,635 Total expenditures 198,800 1,269,635 (Excess) of Expenditures Over Revenues (186,433) (1,196,283) t Other Financing Sources (Uses):
Proceeds from refunding bonds - -
Payment to refunding bonds escrow agent - -
Transfers from other funds 148,200 1,278,810 i Transfers (to) other funds (393,732) (173,639)
Total other financing sources (uses) (245,532) 1,105,171 Excess (Deficiency) of Revenues and Other Sources
.Over Expenditures and Other Uses (431,965) (91,112)
Fund Balance:
Beginning of year 431,965 __y(264,292 End of year $ - $ 2,173,180 s
l 84 ,
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Optional Improvement Gas Tax certificates Bonds Total
$ 52,999 $ 77,500 $ 216,218 680,000 395,000 1,730,000 410,170 1,010,661 2,234,266 1,090,170 1,405,661 3,964,266 (1,037,171) (1,328,161) . (3,748,048)
- 14,143,855 14,143,855
- (13,976,315) (13,976,315) 1,186,570 1,318,271 3,931,851 (424,141) (76,499) (1,068,011) 762,429 1,409,312 3,031,380 (274,742) 81,151 (716,668) 1,667,477 2,008,158 6,371,892 ;
l $ 1,392,735 $ 2,089,309 $ 5,655,224 l
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l CITY OF OCALA, FLORIDA .
CAPITAL PROJECT FUNDS Capital Project Funds - The Capital Projects Funds are used to account for resources ocrmarked for the acquisition and construction of major capital facilities and other I project oriented activities other than those financed by proprietary funds. Capital project funds used by the City are Capital Improvement Construction Fund - The Capital Improvement Construction Fund is used to account for the resources earmarked for the acquisition of right-of-way and the construction of and improvements to N.E. 14th Street, which is a major arterial street project.
opefonal Gas Tax Construction Fund - This fund is used to account for resources earmarked for construction of and improvements to several roadways exclusive of the N.E. 14th Street projact.
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87
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88
.i CITY OF OCALA, FLORIDA COMBINING BALANCE SHEET CAPITAL PROJECT FUNDS september 30, 1993 l
Capital Optional j Improvement' Gas Tax j ASSETS Construction Construction Total l Equity in' pooled cash and investment fund $ 346,999 $1,195,524 . $ 1,542,523 l
Accrued interest receivable 1,923 6,636 8,559 !
l Accounts and notes receivable - 461,042 461,042 l l
Duo from other governments - 73,005 73,005 i
Total Assets $ 348,922 $1,736,207 $ 2,085,129 l LIABILITIES AND FUND BALANCES l
Current Liabilities: '
Accounts payable $ - $ 413,022 $ 413,022 j 1
Pund Balance: '
Rocerved for encumbrances - 118,809 118,809 l Unreserved and undesignated 348,922 1,204,376 1,553,298 l Total fund balance 348,922 1,323,185 1,672,107 l l
Total Liabilities and Fund Balance $ 348,922 $1,736,207 $ 2,085,129 1
I u
89 I
CITY OF OCALA, FLORIDA COMBINING STATEMENT OF REVENtJES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CAPITAL PROJECT FUNDS Year Ended September 30, 1993 Capital Optional Improvement Gas Tax "
construction Construction- Total R: venues:
Other intergovernmental revenues $ - $ 2,173,844 $ 2,173,844 Interest 15,675 74,688 90,363 Gifts - - -
Total revenues 15,675 2,248,532 2,264,207-Expenditures:
Currents Public works 10,170 508,080 518,250 Capital outlay 106,655 3,517,251 3,623,906 Total expenditures 116,825 4,025,331 4,142,156 (Deficiency) of Revenues Over Expenditures l Before Fund Balance Allocation (101,150) (1,776,799) (1,877,949)
Fund Balance Allocation - - -
l (Deficiency) of Revenues Over Expenditures (101,150) (1,776,799) (1,877,949)
Fund Balance at Beginning of Year 450,072 3,099,984 3,550,056 Fund Balance at End of Year $ 348,922 $ 1,323,185 $ 1,672,107 1
1 90
Adjustments Actual to a on a Variance Budgetary Budgetary Final Favorable -
(- Basis Basis Budget (Unfavorable)
$ - $ 2,173,844 $ 2,623,621 $ (449,777)
(15,675) 74,688 96,000 (21,312)
(15,675) 2,248,532 2,719,621 (471,089)
(5,468) 512,782 429,979 (82,803) 7,452 3,631,358 4,166,315 534,957 1,984 4,144,140 4,596,294 452,154 (17,659) (1,895,608) (1,876,673) (18,935)
- - 1,876,673 (1,876,673)
$ (17,659) $(1,895,608) $ - $(1,895,608) l 1
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' Cougth 93
CITY OF OCALA, FLORIDA ENTERPRISE FUNDS Enterprise Funds - Enterprise Funds are used to account for operations that are financed and operated in a manner similar to private businesses where the intent of the governing body is that the costs (including depreciation) of providing certain goods and services to the general public be financed or recovered primarily through user charges or where the governing body has deemed that periodic determination of not income is appropriate for purposes of monitoring capital maintenance, accountability or other purposes.
Electric System Revenue Fund - This fund is used to account for the construction, operation and maintenance of the city-owned portion of CR-3 and the City-owned electric system as well as sales of electricity and other services to the general public. Electricity rates charged to customers are set by City Council within the rate structure establit,hed by the Florida Public Service Conanission.
Water and Sewer Fund - This fund accounts for the construction, operation and maintenance of the city-owned water and sewer system.
Sanitation Fund - This fund accounts for the operation and maintenance of the City's refuse collection system.
Municipal Golf course Fund - This fund accounts for the construction, operation and maintenance of the City's golf courses.
Fort King Tennis Court Fund - This fund accounts for the operation and maintenance of the Fort King tennis courts.
Municipal Trailer Park Fund - This fund accounts for the operation and maintenance of the City-owned trailer park, ocala Municipal Airport (Jim Taylor Field) Fund - This fund accounts for the construction, operation and maintenance of the City's airport.
Florida Ernergency Training Facility - This fund accounts for the construction, operations and maintenance of an emergency training facility adjacent to the City airport.
93
CITY OF OCALA, FLORIDA COMBINING BALANCE SHEET ENTERPRISE FUNDS September 30, 1993 Electric System Water ASSETS Revenue and Sewer Sanitation Current Assets:
Cash and investments $ 2,125 $ 450 $ -
Equity in pooled cash and investment fund 1,531,208 3,032,270 177,833 Accrued interest receivable 6,559 15,634 850 Accounts and notes receivable 5,860,800 80,535 -
Accrued unbilled revenues 4,569,014 - -
Due from other funds - 552,533 248,096 Interfund loans receivable 63,327 -. -
Inventories 2,206,523 86,873 -
Due from other governments 67,347 16,551 54,383.
Other current assets 149,458 42,032 -
Total current assets 14,456,361 3,826,878 481,162 Restricted Asseta:
Cash and investments 19,109,100 17,465,916 -
Equity in pooled cash and investment fund 22,783,524 14,091,764 -
Accrued interest receivable 262,153 414,735 -
Due from other governments - 40,543 -
Other - 164,348 -
Total restricted assets 42,154,777 32,177,306 -
Interfund Loans Receivable After One Year 481,025 - -
Property, Plant and Equipment, net 61,354,265 76,214,347 1,402,992 Issuance Costs on Long-Term Debt 307,649 552,816 -
Total Assets $118,754,077 $112,771,347 $1,884,154 ,
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\
Municipal Fort King Municipal Ocala E2nergency Golf Tennis Trailer Municipal Training Course Court Park Airport Facility Total
$ 1,938 $ 50 $ 100 $ 8,538 $ -
$ 13,201 435,361 6,912 44,790 - 6,533 5,234,907 1,976 42 247 38 36 25,382 1,218 15 -
33,321 - 5,975,889
- - - - - 4,569,014
- - - - - 800,629
- - - - - 63,327 59,576 - - - - 2,352,972 991 - - 833 - 140,105 2,511 - - - - 194,001 503,571 7,019 45,137 42,730 6,569 19,369,427
- - - - - 36,575,016
- - - - 542,167 37,417,455
- - - - 2,948 679,836 l
181,596 9,000 231,139
- - - - - 164,348
- - - 181,596 _554,115 75,067,794 481,025 5,436,691 99,845 38,692 9,756,962 1,958 154,305,752
- - - - - 860,465
$5,940,262 $106,864 $ 83,829 $9,981,288 $562,642 $250,084,463 1
Continued 95
1
- CITY OF OCALA, FLORIDA COMBINING BALANCE SHEET - CONTINUED ENTERPRISE FUNDS l September 30, 1993 l
Electric System Water LIABILITIES AND FUND EQUITY Revenue and Sewer Sanitation Current Liabilities:
. Accounts payable $ 4,784,214 $ 128,947 $ 205,079 Compensated absences payable 188,226 71,779 51,028 Accrued interest payable 3,122 - - 3 Due to other funds 880,175 - -
. Customer deposits 2,967,703 - -
Deferred revenue - - -
Interfund loans payable - - -
Total current liabilities 8,823,440 200,726 256,107 Liabilities Payable from Restricted Assets:
Accounts payable 109,483 324,348 -
Accrued interest payable 1,058,177 2,018,045 -
Deferred revenue - 211,807 -
Revenue bonds payable within one year 3,335,000 1,195,000 -
Decommissioning costs 1,016,652 - -
Total liabilities payable from restricted assets 5,519,312 3,749,200 -
Interfund Loans Payable After One Year - - -
Ravenue Bonds and Notes Payable After one Year 32,728,752 60,866,031 -
Total liabilities 47,071,504 64,815,957 256,107 Fund Equity:
Contributed equity 5,090,075 13,977,724 8,515 Retained earnings:
Reserved for debt service - 8,929,494 -
- Reserved for renewal and replacement 21,770,067 3,980,722 -
Total reserved retained earnings 21,770,067 12,910,216 -
Unreserved 44,822,431 21,067,450 1,619,532 Total retained earnings 66,592,498 33,977,666 1,619,532 Total fund equity 71,682,573 47,955,390 1,628,047 Total Liabilities and Fund Equity $118,754,077 $112,771,347 $1,884,154 96
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Florida Municipal Fort King Municipal Ocala Emergency Golf Tennis Trailer Municipal Training Course Court Park Airport Facility Total
$ 203,002 $ 2,104 $ 1,098 $ 16,016 $ 1,176 $ 5,342,436 27,905 210 691 737 - 340,576 3,122
- - - 234,081 - 1,114,256 2,967,703 48,579 - - 3,176 - 51,755 80,517 2,714 - 7,827 - 91,058 360,803 5,028 1,789 261,837 1,176 9,910,906
- - - 2,396 - 436,227
- - - - - 3,076,222
- - - 15,625 554,115 781,547
- - - - - 4,530,000
- - - - - 1,016,652
- - - 18,021 554,115 9,840,648 276,758 49,492 - 259,025 - 585,275
- - - - - 93,594,783 637,561 54,520 1,789 538,883 555,291 113,931,612 i
3,853,439 - - 8,767,677 1,468 31,698,898
- - - - - 8,929,494
- - - - - 25,750,789 .
34,680,283 1,449,262 52,344 82,040 674,728 5,883 69,773,670 1,449,262 52,344 82,040 674,728 5,883 104,453,953 5,302,701 52,344 82,040 9,442,405 7,351 136,152,851 1
$5,940,262 $106,864 $ 83,829 $9,981,288 $562,642 $250,084,463 1
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a CITY OF OCALA, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EIMINGS ENTERPRISE FUNDS Year Ended September 30, 1993 Electric System Water Revenue and Sewer Sanitation Operating Revenues:
Sale of electricity $ 70,020,329 $ -
Sale of water - 3,624,031 -
Sewer and sanitation service charges -
7,988,077 5,405,116 Fees and rentals - 21,000 -
Commissions - - -
Other 1,628,512 323,546 18,717 Total operating revenues 71,648,841 11,956,654 5,423,833 Operating Expenses:
Purchase of electricity 39,774,506 - -
Distribution 5,511,251 483,369 -
Back-up 601,053 - -
Transmission 346,030 - +
Operation and maintenance 2,232,577 - 4,787,601 Water and sewer treatment - 2,053,677 -
l Sewer collection - 825,456 -
Administration 1,717,610 1,365,720 304,817 Depreciation and amortization 3,265,525 1,745,024 256,384 other 1,674,287 260,736 -
Total operating expenses 55,122,839 6,733,982 5,348,802 l
opsrating Income (Loss) 16,526,002 5,222,673 75,031 Non-Operating Revenues (Expenses):
l Interest income 1,236,103 1,150,189 11,309 Interest expense (1,071,439) (2,501,703) -
Other non-operating revenue 527,821 3,724 195,901 Other non-operating expense (258,848) (3,724) (192,761)
Total non-operating revenues (expenses) 433,637 (1,351,514) 14,449 l
Income (Loss) Before Operating Transfers 16,959,639 3,871,158 89,480 Operating Transfers:
From other funds 126,167 12,979 176,538 ,
(To) other funds (12,094,920) (421,644) (214,039)
Total operating transfers (11,968,753) (408,665) (37,501)
N:t Income (Loss) 4,990,886 3,462,493 51,979 R0tained Earnings, beginning of year 61,601,612 30,515,173 1,567,553 Retained Earnings, and of year $ 66,592,498 $ 33,977,666 $1,619,532 98 t.
i Florida
! Hunicipal Fort King Municipal Ocala E:nergency Golf Tennis Trailer Municipal Training Course Court Park Airport Facility Total
$ - $ 70,020,329 3,624,031 13,393,193 i 1,767,665 63,371 81,408 163,916 -
2,097,360 l 13,614 - - 60,144 -
73,758 213,802 23 738 6,476 ,
2,191,814 1,995,081 63,394 82,146 230,536 - 91,400,485 39,774,506
- - - - - 5,994,620 601,053
- - - - - 346,030 1,712,251 59,923 66,282 111,835 - 8,970,469 2,053,677
- - - - - 825,456 50,000 - - - 4,709 3,442,856 283,625 5,689 1,327 275,18't - 5,832,761 142,969 - - - - 2,077,992 3,188,845 65,612 67,609 387,022 4,709 69,919,420 (193,764) (2,218) 14,537 (156,486) (4,709) 21,481,065 17,503 566 1,689 6,520 102 2,423,981 (12,210) (1,965) -
(9,934) -
(3,597,251) 13,063 - - 14,197 - 754,706 (12,293) - - (23,577) - (491,203) 6,063 (1,399) 1,689 (12,794) 102 (909,767)
(187,701) (3,617) 16,226 (169,280) (4,607) 20,571,298 l I.
354,407 - 1,696 768,426 29,938 1,470,151 (213,345) - (4,746) (138,711) (19,448) (13,106,853) 141,062 - (3,050) 629,715 10,490 (11,636,732)
(46,639) (3,617) 13,176 460,435 5,883 8,934,596 1,495,901 55,961- 68,864 214,293 - 95,519,357
$A,449,262 $ 52,344 $ 82,040 $ 674,728 $ 5,883 $104,453,953 99
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3 CITY OF OCALA, FLORIDA COMBINING STATEMENT OF CASN FLOWS ENTERPRISE FUNDS Year Ended September 30, 1993 Electric System Water Revenue and Sewer Sanitation Increase (Decrease) in cash and Cash Equivalents:
Cash Flows From Operating Activities j Cash received from customers $ 70,870,615 $ 12,572,375 $ 5,434,596 Cash paid no suppliers for goods and services (48,576,614) (3,612,530) (3,385,725)
Cash paid to employees for services (3,074,909) (2,034,039) (1,700,666)
,Nat cash provided by operating activities 19,219,092 6,925,806 348,205 l
Cash Flows From Non-Capital Financing Activities i operating transfers in 126,167 12,979 176,538 Operating transfers out (12,094,920) (421,644) (214,039)
Other 268,973 - 3,140 Net cash provided by (used in) non-capital financial activities (11,699,780) (408,665) (34,361).
i l Cash Flows Fram Capital and Related Financing Activities:
Acquisition and construction of capital j assets (5,722,481) (4,888,163) (291,020)
Principal paid on bonds (2,365,000) (680,000) -
. Interest paid on bonds (2,241,262) (4,185,356) -
l Interest received (paid) on loans to other funds 22,144 - -
Principal (paid) received on loans to other funds 62,656 - -
, contributions received from other governments and developers 713,229 1,328,372 -
Net cash used in capital and i related financing activities (9,530,714) (8,425,147) (291,020)
Cash Flows From Investing Activities:
Purchase of investments (17,619,962) (6,388,264) -
i Interest received 1,442,257 1,412,712 10,459
! Net-cash provided by (used in)
! investing activities (16,177,705) (4,975,552) 10,459 Nst Increase (Decrease) in Cash and Cash Equivalents (18,189,107) (6,883,558) 33,283 Cash and Cash Equivalents, beginning of year 43,168,459 27,712,804 144,550 cash and Cash Equivalents, and of year $ 24,979,352 $ 20,829,246 $ 177,833 i
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Florida Municipal Fort King ' Municipal Ocala Emergency colf Tennis Trailer Municipal Training Course Court Park Airport Facility Total
$1,984,395 $ 63,379 $ 81,568 $ 227,878 $ - $ 91,234,806 (785,194) (27,200) (31,169) (159,271) (3,533) (56,581,236)
(973,509) (33,267) (35,211) (39,048) - (7,890,649) 225,692 2,912 15,188 29,559 (3,533) 26,762,921 354,407 - 1,696 768,426 29,938 1,470,151 (213,345) - (4,746) (138,711) (19,448) (13,106,853) 770 - - (10,213) 545,115 807,785 141,832 - (3,050) 619,502 555,605 (10,828,917)
(222,561) (2,225) - (2,752,958) (1,958) (13,881,366)
- - - - - (3,045,000)
- - - - - (6,426,618)
(12,210) (1,965) - (9,934) - (1,965) 24,275 (2,482) - (7,156) - 77,293
- - - 1,972,313 1,468 4,015,382 (210,496) (6,672) - (797,735) (490) (19,262,274)
- - - - - (24,008,226) 15,527_ 524 1,442 6,482 (2,882) 2,886,521 15,527 524 1,442 6,482 (2,882) (21,121,705) 172,555 (3,236) 13,580 (142,192) 548,700 (24,449,975) 264,744 10,198 31,310 150,730 - 71,482,795
$ 437,299 $ 6,962 $ 44,890 $ 8,538 $548,700- $ 47,032,820 101
CITY OF OCALA, FLORIDA I
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COMBINING STATEMENT OF CASH FLOWS - CONTINUED ENTERPRISE FUNDS Year Ended September 30, 1993 j Electric system Water Revenue and sewer Sanitation Reconciliation of Cash and Cash Equivalents to Balance Sheet:
Total unrestricted cash and investments 3,032,720 $ 177,833 I per the balance sheet $ 1,533,333 $
Total restricted cash and investments 41,892,624 31,557,680 -
per the balance sheet 177,833 43,425,957 34,590,400 Total cash and investments Less: Investments not meeting the definition of cash equivalents (18,446,605) (13,761,154) -
$ 24,979,352 $ 20,829,246 $ 177,833 Cash and Cash Equivalents, and of year Reconciliation of Operating Income (Loss) to Net Cash Provided by (Used in) Operating Activities:
$ 16,526,002 $ 5,222,672 $ 75,031 Operating income (loss)
Adjustments to reconcile not income to cash provided from operating activities: 1,745,024 256,384 Depreciation and amortization 3,265,525 262,609 2,615 (4,150)
(cain) loss on fixed asset disposal Changes in assets and liabilities:
(851,541) 43,786 -
Accounts and notes receivable 411,666 9,311 Due from other governments (12,749)
Accrued unbilled revenue (182,323) -
45,692 (45,244) 1,452 Due (to) from other funds (105,426) 39,735 -
Inventories (18,102) (99,974) -
Other assets 10,575 Accounts payable (183,228) (607,439)
Decommissioning costa 190,009 -
Compensated absences payable 14,232 7,452 (398)
Customer deposits 268,392 -
- 205,513 -
Deferred revenue Net Cash Provided by (Used in) Operating j,19,219,092 $ 6,925,806 $ 348,205 Activities t
102
Florida Municipal Fort King Municipal ocala Itmergency colf. Tennis Trailer Municipal Training Course Court Park Airport Facility Total
$ 437,299 $ 6,962 $ 44,890 $ 8,538 $ 6,533 $ 5,248,108
- - - - 542,167 73,992,471 437,299 6,962 44,890 8,538 548,700 79,240,579
- - - - - (32,207,759)
$ 437,299 $ 6,962 $ 44,890 $ 8,538 $548,700 $ 47,032,820
$ (193,764) $ (2,218) $ 14,537 $ (156,486) $ (4,709) $ 21,481,065 l
283,625 5,689 1,327 275,187 - 5,832,76?. j 9,945 -
(578) - - 270,441 l l
760 (15) - (2,658) - (809,668) 1 (991) - - - - 407,237
- - - - - (182,323)
- - - - - 1,900 5,842 - - - - (59,849)
(1,310) 1,068 - - - (118,318) 134,269 (1,518) 175 (86,912) 1,176 (732,902)
- - - - - 190,009 (2,229) (94) (273) 428 - 19,118
- - - - - 268,392 (10,455) - - - - 195,058 l
$ 225,692 $ 2,912 $ 15,188 $ 29,559 $ (3,533) $ 26,762,921 103
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CITY OF CCALA, FLORIDA INTERNAL SERVICE FUNDS Int *rnal Service Funds - The Internal Service Funds account for the operation of depart-monts which exist solely to provide services to other City departments. The revenues of the Internal Service Funds are derived from user fees and self insurance premiums charged to other City funds. The Internal Service Funds used by the City are:
Internal Service Fund - This fund accounts for the operation of management information system, central services, building maintenance, clinic and 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, maintaining and disposing of approximately 930 units of gas driven equipment.
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.
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1 CITY-OF OCALA, FLORIDA COMBINING BALANCE SHEET l INTERNAL SERVICE FUNDS September 30, 1993 !
)
Internal Fleet Self-
, ASSETS Service Management Insurance Total Current Assets:
Cash and investments $ 150 $ 200 $ 150 $ 500 Equity in pooled cash and investment fund 415,929 5,983,931 2,389,386 8,789,246 Accrued interest receivable 3,663 31,990 11,945 .47,598 Accounts receivable 14,667 355 -
15,022 Interfund loans receivable -- 25,017 - 25,017 Inventories 84,398 57,237 - 141,635 Due from other governments 2,072 14,386 6,000 22,458 other current assets 25,768 485 20,753 47,006 Total current assets 546,647 6,113,601 2,428,234 9,088,482 Interfund Loans Receivable After one Year - 54,758 - 54,758 Property, Plant and Equipment, not 6,573,557 422,771 20,531 7,016,859 '
Total Assets $7,120,204 $6,591,130 $2,448,765 $16,160,099 LIABILITIES AND FUND EQUITY Current Liabilities:
Accounts payable $ 54,432 $ 50,211 $ 96,379 $ 201,022 Claims payable - - 2,754,833 2,754,833 l
Compensated absences payable 36,948 24,710 - 61,658 l Deferred revenue - - 16,745 16,745 l Notes payable within one year 247,401 - - 247,401 Total current liabilities 338,781 74,921 2,867,957 3,281,659 Notes payable after one year 93,784 - - 93,784 Total liabilities 432,565 74,921 2,867,957 3,375,443 Fund Equity:
Contributed equity 1,293,863 - 20,401 1,314,264 Unreserved retained earnings (deficit) 5,393,776 6,516,209 (439,593) 11,470,392 Total fund equity 6,687,639- 6,516,209 (419,192) 12,784,656
~
Total Liabilities and Fund Equity $7,120,204 $6,591,130 $2,448,765 $16,160,099 l r l
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CITY OF OCALA, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS INTERNAL SERVICE FUNDS Year Ended September 30, 1993 Internal Fleet Self-Service Management Insurance Total Op;rcting Revenues Fces and rentals $2,957,959 $3,933,943 .$ 499,769 $ 7,391,671 Employer insurance contributions - - 2,833,367 2,833,367 Employee insurance contributions - - 1,078,182 1,078,182 Other 601 83,333 138,353 222,787 Total operating revenues 2,958,560 4,017,276 4,550,171 12,526,007 Op3rsting Expenses:
Flcat management - 2,360,692 - 2,360,692 Purchasing and warehousing 627,976 - -
627,976 Mznagement information system cnd central services 745,738 - - 745,738 Euilding maintenance 863,911 - - 863,911 ,
In urance, admin and other - - 4,067,197 4,067,197 D:preciation and amortization 463,904 91,671 S,740 561,315 ;
other 171,335 - - 171,335
- Total operating expenses 2,872,864 2,452,363 4,072,937 9,398,164 .;
Optrating Income' 85,696 1,564,913 477,234 2,127,843 i
Non-Operating Revenues (Expenses):
Interest income 22,063 220,246 69,362 311,671 Interest expense (36,767) - -
(36,767)
Other non-operating expense (2,771) (1,630) -
(4,401)
Other non-operating revenue 2,771 1,630 - 4,401 Total non-operating revenues (expenses) (14,704) 220,246 69,362 274,904 Income (Loss) Before Operating Trensfers 70,992 1,785,159 546,596 2,402,747 Op: rating Transfers:
From other funds 60,314 1,951 -
62,265 (To) other funds (168,730) (672,997) - (841,727)
Total operating transfers (108,416) (671,046) - (779,462)
Nat Income (Loss) (37,424) 1,114,113 546,596 1,623,285 R:tnined Earnings, beginning of yccr 5,431,200 5,402,096 (986,189) 9,847,107 R0tnined Earnings, end of year $5,393,776 $6,516,209 $ (439,593) $11,470,392 107
CITY OF OCALA, FLORIDA COMBINING STATEMENT OF CASN FLOWS INTERNAL SERVICE FUNDS Year Ended September 30, 1993 i
Internal Fleet Self-Service Management Insurance Total Cesh Flows From Operating Activities:
Cash received from employees $ -
$ - $ 1,078,182 $ 1,078,182 Cash paid to suppliers for goods and services (1,155,283) (1,583,524) (449,186) (3,187,993)
Cash paid to employees for services (1,207,199) (856,636) (288,385) (2,352,220)
Cash received from other funds 2,951,105 4,030,239 3,488,971 10,470,315 Cash paid for insurance claims - - (3,279,465) (3,279,465)
Net cash provided by operating activities 588,623 1,590,079 550,117 2,728,819 ,
Cash Flows From Non-Capital Financing Activities:
Operating transfers in 60,314 1,951 - 62,265 '
operating transfers out (160,730) (672,997) ,_
- (841,727)
Net cash provided by (used in) non-capital financing activities (108,416) (671,046) - (779,462)
Cash Flows From Capital and Related Financing Activities:
Acquisition and construction ,
of capital assets (149,721) -(35,668) (8,046) (193,435)-
Principal paid.on notes payable (228,778) - - (228,778)
Interfund loans - (79,775) - (79,775)
Interest paid on notes payable (36,767) - - (36,767)
Not cash used in capital p and related financing i activities (415,266) (115,443) (8,046) (538,755) 1 Cash Flows From Investing Activities:
Interest received 18,400 188,256 57,417 264,073 Net cash provided by investing activities 18,400 188,256 57,417 264,073 Nat Increase in Cash and Cash Equivalents 83,341 991,846 599,488 1,674,675 Cash and Cash Equivalents, beginning of year 332,738 4,992,285 1,790,048 7,115,071 l l
Cash and Cash Equivalents, and of year $ 416,079 $ 5,984,131 $ 2,389,536- $ 8,789,746 Continued 100
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l CITY OF OCALA, FLORIDA 1
COMBINING STATEMENT OF CASN FLOWS - CONTINUED INTERNAL SERVICE FUNDS J
. Year Ended September'30, 1993 I i
Internal Fleet self-Service Management Insurance Total R: conciliation of Operating Income (
(Loss) to Cash Provided by (Used in) Operating Activities:
Operating income (loss) $ 85,696 $ 1,564,913 $ 477,234 $ 2,127,843 Adjustment to reconcile not I income to cash flows provided l by operating activities: l Depreciation 463,904 91,671 5,740 561,315 Loss on disposal of property, plant and equipment 34,394 (5,814) 7,491 36,071-Changes in assets and ;
liabilities: i Accounts receivable (7,244) (280) 6,237 (1,287)
Inventories 626 11,707 - 12,333 Due from other governments (211)- 13,728 (6,000) 7,517 ,
other current assets 18,714 (485) 86,337 104,566 I Accounts payable (12,518) (85,904) 6,786 (91,636) >
Claims payable - - (50,453) (50,453)
Compensated absences payable 5,262 543 - 5,805 Deferred revenue - - 16,745 16,745 Nat Cash Provided by Operating ,
Activities $ 588,623 $ 1,590,079 $ 550,117 $ 2,728,819 109
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CITY OF OCALA, FLORIDA I TRUST AND AGENCY FUNDS Trunt Funds - The Trust Funds of the City are Pension Trust Funds and Expendable Trust Funds. The Trust Funds are used to account for assets held by the City in a trustee capacity. The measurement focus and basis of accounting of the Pension Trust Funds are similar to Proprietary Funds and they are therefore maintained on the accrual basis of cccounting. 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 tho Expendable Trust Funds are similar to governmental funds and they are therefore maintained on the modified accrual basis of accounting.
Expendable Trust Funds Community Redevelopment Trust Fund - The Community Redevelopment Trust Fund is used to account for receipts and transfers of the tax incrament fees collected for improving and redeveloping the downtown area.
Pension Medical Reserve Fund - This fund is used for accumulating funds for future retiree benefits. It is being treated as an expendable trust fund until the start of the related benefits.
Pension Trust Funds i
l The ocala Employees' Retirement Fund - This fund provides regular benefits to all 1 active and inactive participants of the former system. j i
The ocala Police Officers' Supplemental Pension Fund - This fund provides I supplemental benefits to qualifying police officers. !
1 The ocala Firefighters' supplemental Pension Fund - This fund provides '
supplemental benefits to qualifying firefighters.
Agency Fund Employees' Deferred Compensation - Accounts for an IRC Section 457 deferred compensation program open to all City employees and officials.
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CITY OF OCALA, FLORIDA COMBINING BALANCE SHEET -
TRUST AND AGENCY FUNDS September 30, 1993 l Expendable Trust Pension Cossuunity Medical Redevelopment ASSETS Reserve Trust Fund Camb and investments $1,129,792 $ -
Equity in pooled cash and investment fund - 102,586 Accrued interest and dividends receivable -
569 Total Assets $1,129,792 $103,155 LIABILITIES AND FUND BALANCE Liabilities Payable from Restricted Assets:
Accounts payable $- -
$ 100 Deferred compensation - -
Total-liabilities -
100 Fund Balance:
Reserved for retirement benefits 1,129,792 -
Reserved for specified projects - 103,055 Total fund balance 1,129,792 103,055 Total Liabilities and Fund Balance $1,129,792' $103,155 112
Pension Trust Funds Agency Fund Police Employees' Firefighters' Officers' Retirement Supplemental Supplemental Deferred Fund Pension Pension Compensation Total
$37,318,636 $4,805,932 $6,869,029 $3,360,418 $53,483,807
- - - - -102,586 298,728 38,470 54,985 - 392,752
$37,617,364 $4,844,402 $6,924,014 $3,360,418 $53,979,145 P
$ 23,535 $ 2,930 $ 4,155 $ -
$ 30,720
- - - 3,360,418 3,360,418 23,535 2,930 4,155 3,360,418 3,391,138 37,593,829 4,841,472 6,919,859 -
50,484,952
- - - - 103,055 37 593,829 4,841,472 6,919,859 - 50,588,007
$37,617,364 $4,844,402 $6,924,014 $3,360,418 $53,979,145 113
. ~ ~ - , _ _ _
CITY OF'OCALA, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN PUND BALANCE - BUDGET AND ACTUAL EXPENDABLE TRUST FUNDS j Year Ended September 30, 1993 Pension ,
Medical Community l
' Reserve Redevelopment R venues:
-Property taxes $ - $ 20,716 Interest 39,167 4,206
.Other- 72,613 -
Total revenues 111,780 24,922 Expenditures:
Current:
General government and administrative - 17,830 q Total expenditures - 17,830 Excess (Deficiency) of Revenues Over Expenditures 111,780 7,092 l
Other Financing Sources 4 Transfers from other funds - 19,886-Excess (Deficiency) of Revenues and Other Sources .
Over Expenditures Before Fund Balances Allocation 111,780 26,978 Fund Balance Allocation - -
Excess (Deficiency) of Revenues and Other Sources Over Expenditures 111,780 26,978 Fund Balance, beginning of year 1,018,012 76,077 Fund Balance, and of year $1,129,792 $103,055 i
114
. . . . . _ . . . _ - . . ~ _ - _ .. .- -
I Adjustments- Actual to a on a Variance
" Total Budgetary Budgetary Final Favorable Actual Basis Basis Budget (Unfavorable)
$ 20,716 $ -
$ 20,716 $ 20,716 $ -
43,373 (39,167) 4,206 5,200 (994) 72,613 (72,613) - - -
136,702 (111,780) 24,922 25,916 (994) 17,830 - 17,830 19,701 1,871 17,830 - 17,830 19,701 1,871
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118,872 (111,780) 7,092 6,215 877 19,886 - 19,886 19,886 -
138,758 (111,780) 26,978 26,101 877
- - - (26,101) 26,101
-j 138,758 $ (111,780) $ 26,978 $ -
$ 26,978 '
1,094,089
$1,232,847 115
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CITY OF OCALA, FLORIDA i-COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCE PENSION TRUST FUNDS Year Ended September 30, 1993 h Police Employees' Firefighters' Officers' Retirement Supplemental Supplemental Fund Pension Pension Total
' Operating Revenues City and state contributions $ 1,500,500 $ .171,889 $ 286,276 $ 1,958,665
- 256,330 76,281- 332,611 _
Employee contributions 1,557,921 196,194 279,659 2,033,774 Income on investments Not appreciation in fair 3,400,855 2,590,445 333,600 476,810 market value of investments 958,013 1,119,026 7,725,905 Total operating revenues 5,648,866 Operating Expenses: 1,437,950 Pension payments 1,040,102 234,639 163,209 239,916 65,810 54,926 360,652 Administration 300,449 218,135 1,798,602 Total operating expenses 1,280,018 4,368,848 657,564 900,891 5,927,303' Nst Income (Loss) 33,224,981 4,183,908 6,018,968 43,427,857 Fund Balance, beginning of year Fund Balance, and of year $37,593,829 $4,841,472 $6,919,859 $49,355,160 O
l 116
CITY OF OCALA, FLORIDA
-STATEMENT OF CHANGES IN dSSETS AND LIABILITIES AGENCY FUND tear Ended September 30, 1993 e
DEFERRED COMPENSATION FUND Investments $3,360,418
'D ferred Compensation Payable, beginning of year $2,708,510 Add: Employee contributions 545,508 Income on investments 239,823 Lecc: Withdrawals and tenminations (132,973)
Administration fees (450)
Totc1 Deferred Compensation Payable, and of year $3,360,418 117 -
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GENERAL FIXED ASSET ACCOUNT GROUP l
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CITY OF OCALA, FLORIDA SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY September 30, 1993 Machinery and Total Land Buildings Equipment Function and Activity General Government and Administration: 3,311 Legislative $ 3,311 $ -
117,323 16,025 8,360 92,938 Executive 433 14,190 Finance 14,623 -
1,465 - - 1,465 Purchasing 32,303 - 1,233 31,070 Personnel and safety _
652,684 165,236 321,473 165,975 Planning 175,172 Building inspection 175,172 - -
Total general government 996,881 181,261 331,499 484,121 and administration ,
Public Safety 2,626,374 .I 2,647,683 - 21,309 Police protection 2,324,642 3,558,315 32,290 1,201,383 Fire protection 4,951,016 Total public safety 6,205,998 32,290 1,222,692 Public Works: 2,000 508,344 511,407 1,063 Flood control 197,334 383,833 Engineering 1,039,913 458,746 1,200,969 9,100 1,191,869 Highway and street construction 459,809 208,434 2,084,046 Total public works 2,752,289 Culture and Recreations 117,055 327,413 Library 444,468 -
1,672,358 774 1,022,429 649,155 Recreation 1,139,484 976,568 Total culture and recreation 2,116,826 774 5,560,464 2,771,850 2,779,863 B,751 Nondepartmental Total General Fixed Assets Allocated to Functions 17,632,458 $3,445,984 $5,681,972 $8,504,502 Construction in Progress Total General Fixed Assets $17,632,458 120
._.m _ . .
CITY OF OCALA, FLORIDA.
SCHEDULE OF CHANGES IN' GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY September.30, 1993 General General- !
Fixed Assets Fixed Assets September 30, September 30, Function'and Activity 1992 ' Additions Deletions 1993
- Gen:ral Government and Administration Legislative $ 3,311 $ -
$ 3,311 Executive 163,314 1,717 47,708 117,323 Finance 28,242 .- 13,619 14,623 Purchasing 1,465 - - 1,4f5 Personnel and. safety 31,903 400 - 32,303 Planning 647,753 4,931 - -652,684 Building inspection. 181,661 10,869 17,358 '175,172 Total general government and administration 1,057,649 17,917 78,685 996,881 Public Safety: , .
Police protection 2,489,800 396,576 238,693 2,647,683 Fire protection 3,517,428 ,
58,698 17,811 3,558,315 Total public safety. 6,007,228 ,,_ 455,274 256,504 6,205,998 Public Works:
--Flood control 461,209 53,836 3,638 511,407 Engineering 1,032,643 41,424 34,154 1,039,913 Highway and street construction 1,254,536 14,584 68,151 1,200,969 Total public works 2,748,388 109,844 105,943 2,752,289 -
. Culture and Recreations Library 386,814 57,654- - 444,468
-Recreation 1,044,608 680,068- 52,318 1,672,358 Total culture and recreation 1,431,42,2 737,722 52,318 2,116,826 Nond:partmental 5,538,515 33,243 11,294 5,560,464 Construction in Progress 586,368 (586,368) - -
Total General Fixed Assets $17,369,570 $ 767,632 $ 504,744 $17,632,458 l
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STATISTICAL SECTION Statistical schedules differ from financial statements because they usually cover more than one fiscal' year and may ' pre-sent nonaccounting data. These schedules reflect social and economic data and financial trends of the government.
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STATISTICAL SECTION 123 a
CITY OF OCALA, FLORIDA REQUIRED SUPPLEMENTARY INFORMATION HISTORICAL YREND INFORMATION FOR PENSION TRUST FUNDS COMPARATIVE
SUMMARY
OF REVENUES BY SOURCE AND EXPENSES BY TYPE Revenues By Source (in thousands)
As a Fiscal Year City Percentage Ended Employee Contri- of Covered State Investment S+ptember 30, contributions butions Payroll Contributions Income Total General Plan: ,
1993 $- $1,501 6.20% $- $ 4,148 $ 5,649 1992 - 1,503 6.30 - 3,672 5,175 1991 - 1,157 5.20 - 5,979 7,136 1990 - 1,073 5.20 - 1,329 2,402 1989 - 1,331 7.20 - 4,865 6,196 1988 - 1,191 7.20 - 2,124 3,315 1987 - 1,277 8.20 - 2,583 3,860 1986 -
1,101 7.84 - 3,071 4,172 1985 1 1,004 7.90 - 2,126 3,131 l 1984 7 850 7.43 - 330 1,187 l Supplemental Police Officers' Plans
- 1993 $ 76 $ -
-% $286 $ 757 $ 1,119 1992 73 - -
271 660 1,004 l 1991 35 - -
290 1,048 1,363 l 1990 33 - -
280 226 539 l
1989 30 - -
258 825 1,113 1988 27 - -
243 345 615
, 1987 18 - -
222 408 648
! 1986 - - -
192 505 697 i 1985 - - -
151 355 506 1984 - - -
133 51 184 1
- Supplemental Firefighters' Plans l
1993 $256 $ -
-% $172 $ 530 $ 958 1992 256 - -
172 458 886 1991 233 - -
163 712 1,108 1990 210 - -
141 151 502 1989 175 - -
120 542 83 '
1988 154 5 -
113 224 496
- 1987 108 - -
106 256 470 1986 - - -
100 306 406 1985 - - -
92 213 305 1984 - - -
83 32 115 Contributions were made in accordance with actuarially determined contribution require-ments.
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schedule'1 Expenses By Type I.
(in thousands) 7 Ficcal Year I
Ended Other Investment s-ptember 30, Benefits Refunds Expenses Losses Total
+
1993 $1,040 $- $240 $ -
$ 1,280 1992 915 -
213 - 1,128 1991 812 1 207 .
1,020 ,
1990 687 1 239 5,676 6,603 1989 584 6 231 -
821 1998 480 11 203 -
694 1987 397 8 190 -
595
)' 1986 364 15 146 -
-525 1985 310 16 103 -
429 1984 252 22 79 -
353 i
1993 $ 163 $ 5 $ 55 $ -
$ 190 1992 148 1 41 -
190.
1991 148 2 55 -
205 1990 116 5 45 995 1,161 1989 95 1 40 -
136 1988 78 -
50 -
128 1987 70 -
30 -
100 1986 86 -
39 -
125 1985 41 -
20 -
61 1984 13 -
15 -
28 1993 $ 234 $ 28 $ 38 $ -
$ 300 1992 204 16 31 -
251 1991 184 30 43 -
257 1990 176 7 33 664 880 1989 114 18 30 -
162 1988 83 2 39 -
124 1987 29 -
19 -
48 1986 29 -
21 -
50 1985 27 -
20 -
47 1984 26 -
10 -
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CITY OF OCALA, FLORIDA REQUIRED SUPPLEMENTARY INFORMATION HISTORICAL TREND INFORMATION FOR PENSION TRUST FUNDS ANALYSIS OF FUNDING PROGRESS (in thousands of dollars)
(4)
Assets in Excess of Pension Benefit (1) (2) Obligation Net Assets Pension (3) (Unfunded Pension Fiscal Available Benefit Percentage Funded Benefit Obligation)
Year for Benefits Obligation (1) / (2) (1) -
(2)
General Plan:
1993 $37,594 $29,613 127.0% $ 7,981 1992 33,225 27,984 118.7 5,241 1991 29,178 25,595 114.0 3,583 1990 23,063 23,011 100.2 52 I 1989 27,264 19,473 140.0 7,791 1980 21,889 16,013 136.7 5,876 1987 19,268 13,740 140.2 5,528 1986 16,002 10,658 150.1 5,344 1985 12,355 10,905 113.3 1,450 1984 9,653 10,294 93.8 (641)
Supplemental Police Officers' Plans
- 1993 $ 6,920 $ 5,908 117.0% $ 1,012 1990 4,047 4,072 99.4 (25) 1987 3,205 2,324 137.9 881 1984 1,638 1,232 133.0 406 Supplemental Firefighters' Plans
- 1993 $ 4,841 $ 5,543 87.3% $ (702) 1990 2,698 3,728 72.4 (1,030) 1987 2,031 1,869 108.7 162 1984 993 1,128 88.0 (135)
Analysis of the dollar amounts of not assets available for benefits, pension benefit obligation and unfunded pension benefit obligation in isolation can be misleading.
Expressing the not assets available for benefits as a percentage of the pension benefit 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 ctronger or weaker. Generally, the greater this percentage, the stronger the system.
Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the assets in excess of the pension benefit obligation as a p rcentage of annual covered payroll approximately adjusts for the effects of inflation cud aids analysis of the System's progress in accumulating sufficient assets to pay bene-fits when due. Generally, the larger this percentage, the stronger the system.
- Florida Statutes, Chapter 175 and 185 require actuarial valuation every three years and do not require annual updates for the Supplemental Police Officers' and Firefighters' Plans. Figures prior to 1984 are not available, since the supplemental plans did not exist prior to 1984.
126
Sch:dulo 2 t
L (6)
,' Assets in Excess a of Pension. Benefit obligation (Unfunded Pension I (5) Benefit Obligation)
Annual as a Percentage of Covered Covered Payroll Payroll (4) / (5)
$ 24,394 32.7 %
23,850 21.9 1 23,440 15.3 21,772 .2 g- 19,167 40.6
/ 17,239 34.1 15,636 35.4 13,856 38.6 12,543 11.6 11,306 (5.7)
$ 3,888 26.0 %
3,329 (.8) 2,501 35.2 l 1,860 21.8
$ 3,080 (22.8)%
2,620 (39.3) 1,756 9.2 1,435 (9.4) l 127
CITT OF OCALA, FLORIDA GENERAL GOVERNMENTAL REVENUES AND OTHER FINANCING SOURCES BY SOURCE (1)
LAST TEN FISCAL YEARS 1984 1985 1986 1987 Property taxes $ 2,227,719 $ 2,258,689 $ 2,921,415 $ 4,413,746 other taxes 675,663 705,331 717,980 710,945 Intergovernmental revenues. 4,574,314 5,215,617 5,868,213 -6,342,097 Licenses and permits 590,212 628,624 706,762 677,805 Fines and forfeitures .329,289 543,685 474,764 532,498 Chsrges for services and off-street parking 187,819 209,369 240,735 245,690 ,
Transfers from other funds 6,973,813 9,252,428 10,203,401 '10,928,043 '
Bond and noto proceeds 238,538 - 13,041,330 -
Interest income 405,039 428,183 522,787 756,439 Miscellaneous 908,881 -1,001,957 1,064,125 1,571,289 Total $17,111,287 $20,243,883 $35,761,512 $26,178,552 'l (1) This schedule includes revenues and other financing sources of the General Fund, Special Revenue Funds and Debt Service Funds. Interfund revenues have not been-eliminated between these funds.
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1988 1989 1990 1991 1992 1993
$ 5,073,641 $ 6,161,242 $ 6,505,843 $ 7,091,592 $ 7,149,471 $ 7,270,662 763,823 786,021 801,394 825,622 884,258 1,409,034 6,829,455 7,041,160 6,982,067 7,489,550 6,989,818 7,360,769 673,596 690,456 736,411 651,013 631,461 604,787 710,301 740,603 734,132 812,701 967,438 873,112 223,742 1,348,168 1,497,702 1,479,127 1,897,707 2,025,300 11,532,925 14,277,023 14,321,507- 15,609,360 16,694,506 17,411,663 7,542,626 - - - 42,922 14,143,855 889,965 1,567,581 1,545,540 1,394,582 1,048,948 780,108 1,067,093 112,908 261,093 178,115 286,064 277,420
$35,307,167 $32,725,162 $33,385,689 $35,531,662 $36,592,593 $52,156,710 f
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r CITY OF OCALA, FLORIDA GENERAL GOVERNMENTAL EXPENDITURES AND OTHER U8ES BY FUNCTION'(1)
LAST TEN FISCAL YEARS e
i,I 1984 1985 1986 1987 General government and administration $ 1,668,132 $ 1,750,550 $ 2,180,146 $ 2,398,717 Public safety 5,454,770 6,130,072 6,836,255 7,529,924 Public works 2,115,342 2,289,859 2,470,282 2,690,444 .
Culture and recreation 2,108,338 2,278,015 2,420,806 2,806,405 Nondepartmental 672,488 883,597 998,914 1,259,245 -
D bt service 1,327,341 1,337,651 8,546,374 2,153,331 ccpital outlay 1,285,902 1,502,593 1,740,251 2,537,305 Transfers to other funds 1,364,676 2,723,972 4,803,525 3,865,642 Niscellaneous 298,085 267,924 762,977 329,074~
Total $16,295,074 $19,164,233 $30,759,530 $25,570,087 (1) This schedule includes expenditures and other financing uses of the General Fund, Special Revenue Funds and Debt Service Funds. Interfund expenditures have not been 1- eliminated between these funds.
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1988 1989 1990 1991 1992 1993
$ 2,462,279 $ 2,872,897 $ 3,160,947 $ 3,469,028 $ 3,339,215 $ 3,388,158 0,030,705 9,519,499 10,759,495 11,677,768 12,438,951- 12,621,517 l 2,707,074 3,435,091 3,466,758 3,655,998 3,915,990 3,933,610 3,728,031 2,998,445 3,376,898 3,508,653 3,740,232 3,771,641 1,973,860 330,614 389,988 474,371 381,785 428,063 6,011,761 2,485,187 3,619,989 3,949,011 3,941,987 16,791,576 3,501,826 1,979,521 4,834,530 4,122,771 4,174,687 2,262,339 4,176,731 3,477,913 3,764,846 4,242,111 4,900,835 5,015,385 666,543 665,631 871,121 829,112 805,283 2,250,678
$31,258,810 $27,764,798 $34,252,572 $35,928,823 $37,638,965 $50,462,967 131
(
CITY OF OCALA, FLORIDA PROPERTY TAX LEVIES, TAX COLLECTIONS AND ASSESSED VALUATIONS (3)
LAST TEN FISCAL YEARS Assessed Fiscal- Valuation Tax Rate Total Tax Current Tax Year (100% at Market) in Mills (3) Levy (1) Collections 1984 $ 672,994,062 2.93 $1,970,526 $1,851,074
(
1985 721,342,613 3.15 2,274,596 2,142,364 1986 807,763,046 3.65 2,962,022 2,758,410 1987 971,042,837 4.65 4,527,718 4,199,267 1988 1,096,194,648 4.65 5,112,811 4,765,369 1989 1,235,655,356 5.08 6,287,092 5,662,203 1990 1,310,033,579 5.08 6,667,187 5,956,404 1991 1,399,122,711 5.17 '7,244,086 6,592,981 1992 1,426,577,239 5.14 7,340,847 6,677,841 1993 1,501,855,447 4.92 7,402,331 6,837,706 Source: Marion County Tax Collector and City Finance Department.
(1) Includes penalties under Section 193.072 of the Florida Statutes.
(2) Tax collections include current ano delinquent taxes, and tax certificates and pay-monts to local governments for homestead exemptions.
(3) Excludes property tax levies of the Downtown Development Conunission.
+
132
Ratio Total (2) of Total Tax Collections Uncollected >
Collections to Tax Levy Taxes
$.1,903,537 96.6 $119,452 t ,
2,201,312 96.8 132,232
'2,881,597 '97.3 203,612 4,373,759 96.6 328,451 5,027,371 98.3 347,442 6,114,815 97.3 624,889 6,459,659 96.9 710,783 7,043,228 97.2 651,105-7,101,641 96.7 663,006 7,223,752 97.6 564,625-I l
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CITY OF OCALA, FLORZDA PROPERTY TAX RATES AND LEVIES - DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARS Millage Rates Water Management County School Districts Total Fiscal Year City 2.63 7.13 .33 13.02 1984 2.93 7.07 .33 13.00 1985 3.15 2.45 3.65 3.21 7.10 .32 14.28 1986 .32 16.26 4.65 3.59 7.70 1987 .33 16.51 4.65 3.03 7.70 1988 .36 17.67 5.00 4.35 7.88 1989 .35 18.34 5.00 4.98 7.93 1990 .36 20.40 1991 5.17 5.66 9.21 6.04 9.29 .36 20.83 1992 5.14 6.05 9.41 .36 20.74 1993 4.92 Tax Levies County (2)_ School (2) Districts (2). Total Fiscal Year City (1)
$4,764,798 $181,708 $ 8,567,214 1984 $1,971,873 $1,648,835 1,729,709 4,996,388 230,758 9,226,199 1985 2,269,344 2,592,919 5,735,118 258,484 11,537,279 1986 2,950,758 3,486,044 7,477,030 310,734 15,792,070 1987 4,518,262 18,101,463 4,198,426 8,440,699 361,744 1988 5,100,594 21,834,030 6,277,129 5,375,101 9,736,964 444,836 1989 458,512 24,026,016 6,654,971 6,523,967 10,388,566 1990 503,684 28,542,103 7,233,464 7,919,035 12,885,920 1991 510,715 29,706,074 7,328,327 8,616,527 13,250,505 1992 540,668 31,148,482 7,389,129 9,086,225 14,132,460 1993 (1) Does not include penalties under Section 193.072 of the Florida Statutes.
(2) The tax levies for overlapping governments reflect each government's millage applied to the total assessed valuation within the city's corporate boundaries.
134
CITY OF OCALA, FLORIDA
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1 SPECIAL ASSESSMENT COLLECTIONS l i
LAST TEN FISCAL YEARS l
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l Collections Total l 1 New Liens and Outstanding Fleen1 Year Assessed Adjustments Assessments (1) l f'. 1984 $ 66,420 $312,189 $1,257,339 l 1985 58,191 217,811 1,097,719 i 1986 21,768 179,648 939,839 l 1987 .12,959 158,409 794,389 1 1988 28,300 175,308 647,381 )
1989 6,000 90,243 563,138 J 1990 106,229 159,966 509,401 1 1991 - 97,955 411,446 1992 - .164,554 246,902 1993 13,679 68,822 191,759 i
(1) Does not reflect reserves for uncollectible special assessment levies.
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i) r CITY OF OCALA, FLORIDA COMPUTATION OF LEGAL DEBT MARGIN i september 30, 1993 Assessed Value (100% at market as of January 1, 1993) $1,501,855,447 D:bt Limits 20% of Assessed Value $ 300,371,089 Amount of General Obligation Debt Outstanding -
Legal Debt Margin $ 300,371,089 In accordance with Article IX, Section 9.02, of the City of ocala charter, the " aggregate amount of general obligation bonds of the City outstanding at any one time shall not be greater than twenty percent (20%) of the assessed valuation of the taxable real and ,
personal property in the City according to the latest assessment of such real and personal property".
s 136
CITY OF OCALA, FLORIDA SCHEDULE OF ELECTRIC SYSTEM REVENUE AND REVENUE REFUNDING BONDS, SERIES 1977, 1983, 1988, 1989A AND 1989B COVERAGE LAST TEN FISCAL YEARS Net Revenue Available k for Debt Debt Service Requirements (2) (3) (4) (5) (6)
Yvr Service (1) Principal Interest Total Coverage
- 1984 $12,460,017 $ 925,000 $1,718,543 $2,643,543 4.71 1985 12,065,015 965,000 1,863,609 2,828,609 4.27 1986 14,329,773 1,010,000 1,617,677 2,827,677 5.07 1987 14,371,791 1,045,000 1,769,218 2,814,218 5.11 1988 14,891,027 1,105,000 1,160,385 2,265,385 6.57 1989 16,936,544 1,190,000 1,469,607 2,659,607 6.37 1990 20,319,802 1,435,000 1,698,359 3,133,359 6.48 1991 22,421,756 1,845,000 2,748,030 4,593,830 4.88 1992 21,664,962 1,965,000 2,633,056 4,598,056 4.71 1993 21,524,640 1,260,000 663,780 1,923,780 11.19
)
(1) Represents gross operating revenues and interest income less gross operating expenses, excluding amortization and depreciation, of the electric system.
(2) In August, 1977, the city issued the following refunding bonds:
Power Supply Revenue Bonds, Series 1977 $11,180,000 Electric Revenue Bonds, Series 1977 7,850,000 Special Obligation Bonds, Series 1977A 10,990,000
$30,020,000 The refunding bonds were issued to effect the advance refunding of the following issues Electric Revenue certificates, Series 1959 $ 240,000 Electric Revenue certificates, Series 1962 1,145,000 Electric Revenue Certificates, Series 1967 2,140,000 Electric Revenue Certificates, Series 1972 5,725,000 Power Supply Revenus Bonds, Series A1975 10,000,000
$19,250,000 l The proceeds derived from the sale of the refunding bonds were placed in an irrevoc-able escrow account which, together with related interest earnings, will provide sufficient amounts to satisfy not only the remaining debt service requirements, in accordance with the original maturity schedules, on the refunded bonds, but the Special Obligation Bonds, Series 1977A as well. Accordingly, the refunded bonds and the special Obligation Bonds, Series 1977A are not considered outstanding debt of the City in consideration of the escrow account created and, as such, all debt service requirements on the refunded bonds and the Special Obligation Bonds, Series 1977A have been excluded from the determination of revenue bonds coverage.
Continued 137
k CITY OF OCALA, FLORIDA f SCHEDULE OF ELECTRIC SYSTEM REVENUE AND REVENUE REFUNDING 80NDS2 SERIES 1977, 1983, 1988, 1989A AND 1989B COVERAGE - CONTINUED (3) In August, 1983, the city issued the $13,480,000 Power Supply Revenue Bonds, Series 1983. The first principal payment occurred in October, 1987. Proceeds from this issue are being used for the acquisition and construction of a new substation, super- !
vised control data acquisition system and for other improvements to the bulk power system.
(4) In March,1988, the City issued the $14,350,000 Power Supply Revenue Refunding Bonds, Series 1988 for the purpose of advance refunding the outstanding Power supply Revenue Bonds, Series 1983. The refunded bonds are no longer considered outstanding debt of the city since an escrow account was created for them; and, therefore, all debt.
service requirements subsequent to March, 1988 for the refunded bonds have been excluded from the determination of debt service coverage. The first principal and interest payments on the Series 1988 Bonds occurred in October, 1988.
(5) In October, 1989, the City issued Electric System Revenue Bonds, Series 1989A in the amount of $28,425,000 and Electric System Revenue Refunding Bonds, Series 1999B in the amount of $13,000,000. The 1989B Bonds were issued for the purpose of advance refunding the City's outstanding Power Supply Revenue Bonds, Series 1977 and the City's outstanding Power Supply Revenue Refunding Bonds, Series 1988. The refunding bonds are no longer considered outstanding debt of the City because an escrow account.
was creat.ed for them; and, therefore, all debt service requirements subsequent to October,1989 for the refunded bonds have been excluded from the detennination of debt service coverage. The proceeds of the 1989A Bonds are being used to fund the cost of the acquisition system and certain infrastructure improvements related thereto.
The first interest payments on the Series 1989A and 1989B Bonds occurred in April, 1990s the first principal payments were made October 1, 1990.
(6) In March,1992, the City issued the $28,435,000 Utility Systems Subordinate Refunding Revenue Bonds, Series 1992B, for the purpose of refunding the outstanding Electric System Revenue Bonds, Series 1989A. The refunded bonds are no longer considered outstanding debt of the City since an escrow account was created for them; and, therefore, all debt service requirements subsequent to 1992 will be excluded from the determination of debt service coverage. Since the Series 1992B Bonds, as well as the Utility Systems subordinate Refunding Revenue Bonds, Series 1992A, are payable from a lien upon the surplus revenues of'the City's Water and sewer System and the City's Electric System, the deh': service coverage for those two issues is shown in a separate schedule for 1993 and subsequent years.
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.D , I CITY OF OCALA, FLORIDA j SCHEDULE OF WATER AND SENER REVENUE AND REFUNDING BONDS, SERIES 1968, 1983, 1985A, 1985B, 1986 AND 1988, AND ANTICIPATION NOTES COVIPAGE I
'LAST TEN' FISCAL YEARS Not Revenue Available for Debt Debt Service Requirements Yrer Service (1) Principal Interest Total coverage.
1984 $3,302,614 $230,000 '$1,052,623 $1,282,623 2.57
'1985 4,505,928 240,000 959,002 1,199,002 3.76 1986 6,762,243 -
(3) 1,893,489 (3) 1,893,409 3.50 1987 5,690,844 245,000 (3) 4,129,150 (3) 4',374,150 1.30
- 1968 8,047,236 165,000 (4) 4,118,735 (4) 4,283,735 1.88 1989 7,738,769 315,000' 3,790,133 4,105,133 1.89 1990 6,778,281 425,000. 4,004,180 4,4;9,100 1.53 1991 7,383,205 555,000 3,971,896 4,f26,896 1.63 ,
' 1992 8,076,099 640,000 3,930,831 4,5J0,831 1.77 1993 8,426,555 -
(5). 948,311 (5) 948,311 8.89 (1) Represents gross operating revenues less gross operating expenses, excluding amorti-zation and depreciation, of the water and sewer system. Additional pledge revenues are the collections, including interest and penalties, on the 11,000 series special assessment levy, which were also pledged to retire the refunded 1974 Pollution Control Bonds, Series C (this pledge does not pertain to the debt issued after 1978); 31,000 .
I series of assessments (1979 and 1979-2 note issues only); unlevied public service taz (all issues); interest earnings on investments'and any income realized from such investments of the sinking, sinking reserve, and renewal and replacement funds (1983, 1985A, 1985B, 1986 and 1988 issues); and water and sewer system development charges and interest earnings on development charges (1985A and 1986 issues for years prior to 1990).
(2) The 1979-2 Anticipation Notes matured on July 1, 1983 and the'related principal was secured by the $11,200,000 Water and Sewer Refunding Revenue Bonds, series 1983, which were issued in June, 1983. Proceeds from the sale of the 1983 Bonds were used to ,
advance refund the 1968 Water and Sewer Revenue Bonds (remaining principal after July 1, 1983 maturity is excluded from debt service requirement above) and refund the 1979-2 Anticipation Notes, the principal of which is excluded from debt service j- requirements above. Remaining proceeds are being used for the acquisition and con-struction of additions, extensions and improvements to the water and sewer system.
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T CITY OF OCALA, F2,ORIDA b SCHEDULE OF WATER AND SEWER REVENUE AND REFUNDING BONDS, SERIES 1968, 1983, 1985A, 1985B, 1986 AND 1988, AND ANTICIPATION NOTES COVERAGE - CONTINUED LAST TEN FISCAL YEARS (3) In October, 1985, the City issued the $37,080,000 Water and Sewer Revenue Bonde, series 1985A for the purpose of financing a portion of the acquisition and construc-tion of certain additions, expansions and improvements to the City's water and sewer systems and the $10,775,000 Water and Sewer Refunding Revenue Bonds, Series 19858 for the purpose of advance refunding the outstanding Water and sewer Refunding Revenue Bonds, Series 1983. In April, 1986, the City issued the $40,820,000 Water and Sewer Refunding Revenue Bonds, Series 1986 for the purpose of advance refunding the portion of the Water and Sewer Revenue Bonds, Series 1985A, stated to mature on and after October 1, 1994. The refunded bonds are no longer considered outstanding debt of the City since escrow accounts were created for them; and, therefore, all debt service requirements for the refunded bonds have been excluded from the determination of debt:
service coverage. For fiscal 1986, the debt service requirements consist of the interest payments made for the Series 1985A and the Series 1985B Bonds (before the advance refunding of the portion of the Series 1985A Bonds ) , not . of the accrued interest received at the time of bond closing. For fiscal 1987, the debt service requirements consist of the principal and interest for the 1985A, 1985B and 1986 r Bonds.
(4) In July, 1988, the City issued the $12,450,000 Water and Sewer Refunding Revenus Bonds, Series 1988 for the purpose of advance refunding the outstanding Water and Sewer Refunding Revenue Bonds, Series 1985B. The refunded bonds are no longer con-sidered outstanding debt of the City since an escrow account was created for them; and, therefore, all debt service requirements subsequent to 1988 will be excluded from the determination of debt service coverage. The first interest payment on the Series l 1988 Bonds occurred in October, 1988.
(5) In March,1992, the City issued the $51,880,000 Utility Systems Subordinate Refunding Revenue Bonds, Series 1992A, primarily for the purpose of refunding the outstanding Water and Sewer Revenue Bonds, Series 1985A and Water and' Sewer Refunding Revenue Bonds, Series 1986. The refunded bonds are no longer considered outstanding debt of the City since an escrow account was created for them; and, therefore, all debt service requirements subsequent to 1992 will be excluded from the determination of debt service coverage. Since the series 1992A Sonds,as well as the Utility Systems Subordinato Refunding Revenue Bonds, Series 1992B, are payable from a lien upon the surplus revenues of the City's Water and Sewer System and the City's Electric System, the debt service coverage for these two tasues is shown in a separate schedule for 1993 and subsequent years.
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CITY OF OCALA, FLORIDA SCHEDULE OF UTILITY SYSTEMS SUBORDINATE REFUNDING REVENUE BONDS, SERIES 1992A AND 1992B, COVERAGE LAST TEN FISCAL YEARS Net Revenue Available for Debt Debt Service Requirements
- Y +rr Service (1) Principal Interest Total Coverage 1933 $26,685,205 $1,785,000 $4,814,527 $6,599,527 4.04 (1) Represents the surplus revenues of the City's Electric System and of the City's Water and Sewer System available after the payment of the debt service requirements on the senior lien bonds.
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CITY CF OCALA, FLORIDA SCHEDULE OF REFUNDING AND IMPROVEMENT EXCISE TAX BONDS, SERIES 1965 AND 1972, COVERAGE LAST TEN FISCAL YEARS Pledged Revenues Debt Service Requirements (1)
Total Revenue Available Occupational . Cigarette for Debt Year License- Tax Service Principal Interest Total coverage 1984 $300,791 $344,839 $645,630 $240,000 $137,723 $377,723 1.71 1985 328,964 366,731 695,695 250,000 126,750 376,750 1.85 1986 340,013 406,723 746,736 265,000 115,300 380,300 1.96 1987 362,960 388,381 751,341 275,000 103,150 378,150 1.99 1988 349,663 417,874 767,537 285,000 89,125 374,125 2.05 1989 376,590 419,394 795,984 300,000 74,590 374,590 2.12 1990 186,809 422,576 809,385 315,000 58,990 373,990 2.16 1991 .386,804 392,594 779,398 325,000 41,980 366,980 2.12 1992 380,567 383,621 764,188 -330,000 24,430 354,430 2.16 1993 365,591 409,788 775,379 190,000 7,600 197,600 3.92 (1) The final maturity of the Refunding and Improvement Excise Tax Bonds, Series 1965 was in fiscal. year 1986.
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e CITY OF OCALA, FLORIDA SCHEDULE OF CAPITAL IMPROVEMENT REVENUE AND REFUNDING REVENUE BONDS,_
RRIES 1982 AND 1986, AND CAPITAL IMPROVEMENT REVENUE AND REVENUE REFUNDING CERTIFICATES, SERIES 1986 AND 1988 COVERAGE l LAST TEN FISCAL YEARS Pledged Revenues Local Government .
Occupational Mobile Half-cent Franchise License Guaranteed Home Year Sales Tax Fees Tax (1) Entitlement ~(2) Licenses 1984 $1,257,077 $311,281 $300,791 $643,622 $ 25,754 1985 1,346,284 298,084 328,964 643,622 32,116 1986 1,414,157 275,654 340,013 643,622 31,857 1987 1,539,964 292,968 362,960 643,622 28,696 1988 1,833,635 314,227 349,663 643,622 27,015 ,
1989 1,858,812 333,517 376,590 643,622 28,903 '
1990 1,875,964 344,210 386,809 643,622 26,375 1991 1,735,149 392,588 386,804 643,622 24,769' 1992 1,662,566 458,619 380,567 643,622 25,231 1993 1,764,593 488,574 365,591 643,622 16,025-(1) Subject to a prior lien on 1965 and 1972 Refunding and Improvement Excise Tax Bonds.
(2) The minimum amount of state revenue sharing funds to be received by the City in accordance with the provisions of the State of florida Revenue Sharing Act.
(3) The capital Improvement Revenue Bonds, Series 1982 were sold in December 1982; and the first principal payment occurred in October, 1984 The outstanding portion of this issue was advance refunded in August, 1986 by the Capital Improvement Refunding Revenue Bonds. Since an escrow account was establj.shed for the redemption of'this issue, the 1982 issue will not be included in the hbt service requirements after 1986.
(4) The Capital Improvement Refunding Revenue Bonds, Series 1986 were sold in August, 1986. The first interest payment for this issue was on October 1,1986, and the first principal payment was on October 1, 1987. This issue places a senior lien on the pledged revenues.
144 N ___________-_______:_______________-______:_--_-___---_-
Total Revenue Court Available Fines and for Debt Debt Service Requirements' (3) (4) (5) (6)
Ferfeitury Service Principal Interest Total Coverage
$288,693 $2,827,218 $ - $ 913,470 $ 913,470 3.10 428,958 3,078,028 155,000 680,065. 835,065 3.69 388,082 3,093,385 160,000 669,430 829,430 3.73 427,981 3,296,191 900,000 851,101 1,751,101 1.88 595,245 3,763,407 .1,195,000 1,184,385 2,379,385 1.58 607,365 3,848,809 575,000 1,236,591 1,811,591 2.12 612,535 3,889,515 810,000 1,372,694 2,182,694 1.78 701,281 3,884,212 865,000 1,324,897 2,189,897 1.77 787,389 3,957,994 930,000 1,271,543 2,201,543 1.80 732,964 4,011,369 1,145,000 1,212,244 2,357,244 1.70 (5) The capital Improvement Revenue certificates, Series 1986 were sold in July, 1986.
The first interest payment was on october 1, 1986, and the first principal payment was on April 1, 1987. This issue constitutes a junior or subordinate lien on the pledged revenues. The outstanding portion of this issue was advance refunded in August, 1988 by the Capital Improvement Revenue Refunding Certificates, Series 1988.
Since an escrow account was established for the redemption of this issue, the 1986 certificates vill not be included in the debt service requirements after 1988, i
(6) The capital Improvement Revenue Refunding Certificates, Series 1988 were sold in l August, 1988. The first principal and interest payments were made on April 1, 1989.
This issue constitutes a junior or subordinate lien on the pledged revenues.
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CITY OF.OCALA, FLORIDA SCHEDULE OF OPTIONAL GAS TAX REVENUE BONDS, SERIES 1989, AND OPTIONAL GAS TAX REFUNDING REVENUE BONDS, SERIES 1992 COVERAGE LAST TEN FISCAL YEARS Pledged Revenue -
Six-Cent optional Debt Service Requirements (1) (2)
Year Gas Tax Principal Interest Total Coverage 1989 $1,790,008 $ - $ 234,560 $ 234,560 7.63 1990 1,745,142 - 1,005,255 1,005,255 1.74 1991 1,829,804 350,000 994,405 1,344,405 1.36 1992 1,945,252 370,000 971,900 1,341,900 1.45 1993 2,060,097 395,000 851,586 1,246,586 1.65 (1) The optional Gas Tax Revenue Bonds, Series 1989 were sold in February, 1989. The first interest payment occurred in June, 1989, and the first principal payment occurred in December, 1990. The outstanding pertion of this issue was advance refunded in December, 1992 by the Optional Gas Tax Refunding Revenue Bonds, Series 1992. Since an escrow account was established for the redemption of this issue, the 1989 bonds will not be included in the debt service requirements after 1993.
(2) The optional Gas Tax Refunding Revenue Bonds, Series 1992 were sold in December,1992.
The first interest payment occurred in June, 1993, and the first principal payment will occur in December, 1993.
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r CITY OF OCALA, FLORIDA COMPUTATION OF DIRECT AND OVERLAPPING CENERAL OBLIGATION DEBT (2) t September 30, 1993 Bonds Applicable to City of Ocala Governmental Unit 'utstanding O Percent (1) Amount M:rien County
-1990 Limited Ad Valorem Tax Bonds $ 9,675,000 30.11% $ 2,913,142 school District of Marion County General Obligation Bonds, S: ries 1987 51,575,000 30.11 15,529,232 Totc1 overlapping Debt $61,250,000 30.11% $18,442,374 (1) Represents the fraction of assessed valuation of taxable property in the City of Ocala over the assessed valuation of taxable property in Marion County.
(2) The City of Ocala did not have any general obligation debt outstanding during the fiscal year ended September 30, 1993.
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F CITY OF OCALA, FLORIDA MISCELLANEOUS STATISTICAL DATA September 30, 1993 February 4, 1869 Dtte of Incorporation January 28, 1885 City Charter Adopted Council / Manager Form of Government 34.9 square miles Area of City Miles of Streets, Sidewalks and Bikepaths:
Streets - Paved 275.65 miles _
Streets - Unpaved 40.40 miles 61.46 miles sidewalks (2) 17.50 miles Bikepaths Miles of Sewers:
53.07 miles Storm sanitary 270.79 miles 49.23 miles Force Main 87 Life Stations Building Permits (October 1992 - September 1993) (1): 4,385 Permits Issued $52,854,324 Permit Value Fire Protections 5 Stations 105 Employees - Sworn 8
Employees - Civilian 3
Fire and rescue response time (minutes)
Police Protection:
3 Stations 132 Employees - Sworn 13 Employees - Reserve 65 Employees - Civilian 74 Vehicular Patrol Units - Marked Vehicles 6
- Motorcycles
- Other Vehicles 48 Recreation:
93 Activity areas 395 Land area (acres) 6 Activity centers
.2 Pools (1) Includes plumbingi gas, electrical, water, heating, air conditioning, refrigeration, ventilation and building permits, the latter of which is exclusive of moving and sign permits.
-(2) Includes 11.66 miles of sidewalks installed by the Florida Department of Transporta-tion but located inside the City 1Laits.
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CITY OF OCALA, FLORIDA DEMOGRAPHIC STA"ISTICS POPULATION (1)
YEAR CITY OF OCALA MARION COUNTY 1984 40,354 148,864 1985 41,150 157,853 1986 41,946 166,606 1987 42,742 176,102 1988 43,538 186,605 1989 44,334 196,749 1990 42,045 194,833 1991 41,918 200,314 1992 41,863 206,642 1993 42,400 212,025 Sources The Bureau of Business and Economic Research - University of Florida, Gainesville (years 1984 through 1990) and the city of Ocala Comprehensive Plan - Planning Department (years 1991 through 1993).
POPULATION PROJECTIONS
- YEAR MARION COUNTY STATE OF FLORIDA 1995 226,700 14,275,200 2000 257,300 15,573,600 2005 286,500 16,805,900 2010 314,400 17,969,300 ,
2020 367,400 20,158,100 1 Source: Bureau of Business and Economic Research - University of Florida, Gainesville.
Figures for years subsequent to year 2020 are unavailable.
% POPULATION BY AGE GROUP
- YEAR MARION COUNTY STATE OF FLORIDA' 0-14 18.9 19.1 15-44 36.7 42.3 45-64 21.9 20.2 65 + 22.5 18.4 Source: 1993 Florida Statistical Abstract, Bureau of Business and Economic Research, ;
University of Florida. i Figures are not maintained for individual cities within Marion County. l l
(1) On April 1, 1992,,0cala ranked 40th in population size among Florida cities; Marion I county ranked 17th in population among Florida counties; and Marion County ranked 30th in population density among Florida counties.
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CITY 'OF OCA7.A,- FLORIDA LIST OF TEN LARGEST TAXPAYERS 1992 TAX ROLL Percent.
of Total Assessed Assessed City Tax Taxpayer Type of Business Valuation valuation Bill (1)(2)
- 1. K-Mart Corp. Distribution $ 46,790,561 3.12% $ 236,000.
Center
- 2. United Telephone Telephone 44,990,868 3.00 227,000 of Florida Comununications
- 3. Paddock Mall Regional Shopping 23,936,890 1.59 121,000 ,
Associates Center
- 4. Marion Consnunity General Hospital care 17,106,565 1.14 86,200 Hospital
- 5. Paddock Park Apartment Complex 13,343,071 .89 67,000
. Apartments ,
- 6. Clairson International Manufacturing 11,136,558 .74 56,000 Corp.
- 7. C.C. ocala Joint Local Shopping 10,112,522 .67 51,000 Venture Center
- 8. Wal-Mart Local Shopping 8,248,285 .54 42,000 Center
- 9. Sears, Roebuck & Co. Department store 7,685,617 .51 39,000
- 10. Ocala Mall Assoc., Local Shopping 7,587,719 .51 38,000 Ltd. Center Total Assessed Value 190,938,656. 12.71 963,200 Other Taxpayers 1,)10,916,791 87.29 _6,425,929 Total Assessed Value $1,501,855,447 100.00% $7,389,129
'(1) City of Ocala taxpayers pay City, County, School Board and certain water district levies. The City levy only is shown bere. ,
(2) Excludes property tax levies of the Downtown Development Conunission.
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CITY OF OCALA, FLORIDA SCHEDULE OF INSURANCE IN FORCE September 30, 1993 Deductible Self Limit of company Policy # Type of Coverage Retention Coverage City of Ocala self-Insured Workers' Compensation -
$ 250,000 Florida Municipal FM-494 Workers' Compensation $400,000 Statutory Liability Self- Excess Insurers Fund H:rtford ETB-102113 Police and Firefighters -
$ 15,000 accidental death and dismemberment H:rtford ETB-102113 Fresh Pursuit -
$ 15,000 H:rtford ETB-102113 Police and Firefighters -
$ 75,000 intentional death and dismemberment Shenandoah Life 07-0009629 Employee Life, AD and D -
Various as specified in policy City of Ocala self-Insured Disability Income -
60% of income Replacement Naw Providence GA186 All risk property $ 10,000 As specified Corporation in policy Aviction Office 641GLA4336652 Airport Liability - $5,000,000 of America per occurrence Florida Municipal FML 116 General Liability $100,000 -
Licbility Self- per person Incurers Program $200,000 per occurrence Law enforcament $100,000 -
officers and per person public officials $200,000 per Liability EMT occurrence Fire legal $100,000 per $1,000,000 occurrence City of Ocala Self-Insured Auto Liability - -
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CITY OF OCALA, FLORIDA SCHEDULE OF INSURANCE IN FORCE - CONTINUED September 30, 1993 Deductible Self Limit of Company Policy # Type of Coverage Retention Coverage City of Ocala Self-Insured Auto Physical Damage -
Actual cash value Florida Municipal FMIT 425 Auto Physical $ 3,000 Replacement Liability Self- Damage, Fire cost of Insurers Program Dept. Vehicles vehicle Blue Cross / Blue 15920 Employee Health Fully self- Various as Shield of Florida Coverage insured specified in (TPA) policy City of Ocala Self-Insured Dental Fully self- $1,000 por insured person /per year-State Auto CRP1330472-01 Blanket Honesty None $25,000 per Mutual Insurance Bond employee Company St. Paul Surplus CB0552022 Legal Liquor Liability - $ 300,000 Lines St. Paul surplus BMI-AT- Boiler / Machinery $5,000 or $5,000,000 Lines 9429835 (transformers) per formula Peerless Insurance #SM64908 Bond, over-weight charge (landfill) $ 10,000 Surety Bonds Required by ordinance Type of Coverage Amount City Manager - Scotty J. Andrews $95,000 State Automobile Mutual Insurance company - #78059 Finance Director - Glen L. Baker $95,000 State Automobile Mutual Insurance Company - #78058 152
CITY OF OCALA, FLORIDA PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSIH LAST TEN FISCAL YEARS l
i Consnercial Residential Bank Deposits construction (1) Construction (1) (in thousands)
Number Number. Savings and Loan of Units value of Units value Bank (2) Association (3) 1984 206 $29,589,475 373 $14,142,930 $ 708,943 $515,109 1985 253 27,110,703 210 11,005,595 825,572 557,588 1996 168 25,943,361 484 13,682,001 898,714 569,115 j 1987 144 20,501,586 207 10,956,790 961,160 696,496 l 1988 125 22,273,533 199 12,073,501 1,099,243 694,452 l 1989 148 56,245,634 236 13,646,775 1,120,332 749,632 1 1990 179 42,657,459 204 11,441,739 1,330,496- 768,062 i 1991 70 30,114,989 83 5,716,862 1,409,328 800,513 1992 65 24,020,610 68 5,366,231 1,418,489 723,894 {
i 1993 35 9,475,119 96 8,105,884 1,422,021 711,342 3 l
i (1) Obtained from records maintained by the city of Ocala Building, Zoning and Licensing Department. j
- . l (2) Obtained by Citizens First Bank of Ocala for 1984, Barnett Bank of Marion County, N.A.
for 1985, the Florida Bankers Association for 1986 through 1992, and Barnett Bank for -
1993. Figures shown are for Marion County and represent total bank deposits - at' ;
September 30 for the years 1984 through 1992.
(3) Obtained by citizens First Bank of Ocala for the year 1984, Mid-State Federal Savings and Loan Association for 1985, the Federal Home Loan Bank for the years 1986 through 1991, the U.S. Savings and Loan League for 1992, and Barnett Bank for 1993. Figures shown are for Marion County and represent total savings and loan associaticn deposits ,
at December 31 for 1983, at March 31 for 1984 through 1986, at June 30 for 1987,1988 and 1992, and at September 30 for 1989 through 1991 and 1993.
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CITY OF OCALA, FLORIDA LIST OF OFFICERS' SALARIES September 30, 1993 City Manager ~ $ 79,079 ,
Assistant City Manager 69,171 Assistant City Manager 57,275.
Building Official 56,936 T
City Clerk 36,560 City Engineer 59,771 Downtown Development Manager- 29,364 Electric Utility Director 69,171 Finance Director 54,108 Fire Chief 49,739 Fleet Management Director 42,718 t Golf Director 39,528 Human Resources Director 46,866 ,
Internal Auditor 42,171 M:nagament Information System Director 51,282 Planning Director 46,267 Police Chief 64,070 Public Works Director 50,673 Purchasing Director 47,875 Rocreation and Parks Director 43,599 R:gional Library Director 37,421 Risk Manager 47,153 Water and sewer Director 50,861 '-
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CITY OF OCALA, FLORIDA
SUMMARY
OF DEBT SERVICE REQUIREMENTS TO MATURITY ALL BONDED DEST l
1994-2016 Improvement water and Utility Utility Refunding Electric Sewer Systems Systems Revenue System Revenue Subordinate Subordinate Optional Bonds Revenue and and Refunding Refunding- Gas Ta.x Tax I and Revenue Revenue Revenue Revenue Revenue Refunding ' Principal Fiscal Refunding Refunding Refunding Bonds Bonds Revenue and Ys*r certificates Bonds Bonds Series 1992A Series 19928 Bonds -Interest
~1994 $ 2,547,110 $ 1,927,352 $ 991,927 $ 4,216,215 $ 3,444,322 $ 1,354,403 $ 14,481,329 ,
1995 2,551,475 1,929,065 1,182,825 4,207,878 3,435,547 1,310,762 14,617,552 i 1996 2,551,493 1,928,038 1,181,658 4,216,296 '3,432,785 1,309,578 14,619,848 1991 2,547,205 1,923,325 1,183,828 4,203,865 3,434,735 1,305,489 14,598,447 l 1998 2,548,300 1,924,390 1,179,418 '4,205,490 3,430,975 1,302,953 14,591,526 1999 1,262,875 1,800,030 1,183,348 4,195,860 2,312,110 1,302,476 12,056,699 2000 1,258,850 - 1,175,583 4,199,280 2,397,415 1,303,395 10,334,523 2001 1,254,531 - 1,180,901 4,194,890 2,392,740 1,296,018 10,319,080 2002 1,249,819 - 1,173,265 4,192,903 2,395,313 1,300,565 10,311,865 2003 1,250,069 - 1,177,574 4,188,455 2,390,270 1,296,265 10,302,633 2004 1,244,894 - 1,174,406 4,176,202 2,382,260 1,298,245 10,276,007
.2005 1,239,100 - 1,173,759 4,180,931 2,381,225 1,296,887 10,271,902 2006 1,233,625 - 1,175,253 4,168,888 2,376,094 1,291,984 10,245,848 2007 1,230,000 .- 3,168,887 4,167,450 2,366,719 1,292,812 10,225,868 2008 - - 1,169,471 4,161,750 - 1,288,800 6,620,021 2009 - - 1,165,812 4,153,437 - 1,285,250 6,604,499 2010 - - 1,162,656 4,154,400 - 1,287,500 6,604,556 2011 - - 1,160,365 4,143,988 - - 5,304,353 2012 - - 1,158,546 4,140,625 - - 5,299,171 2013 - - 1,156,806 4,138,750 - - 5,295,556 2014 - - 1,154,750 4,124,375 - - 5,279,125 2015 - - 1,147,180 4,121,719 - - 5,268,899 2016 - - 1,148,509 4,114,687 - - 5,263,196 Total $23,969,346 811,432,200 $ 26,726,727 $95,968,334 $38,572,510 $22,123,386 $218,792,503
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CITY OF OCALA, FLORIDA STATEMENT OF BONDED DEBT AND INTEREST CAPITAL IMPROVEMENT REFUNDING REVENUE BONDS, SERIES 1986 September 30, 1993 i
t I
l l This issue, which was sold in August, 1986, consists of $6,625,000 serial bonds maturing on October 1, 1987 through 1999 and of $7,035,000 term bonds of which $4,690,000 mature on October 1, 2004 and $2,345,000 mature on October 1, 2006. As of September 30, 1992, l $2,335,000 of the serial bonds have been retired. The schedule below shows the actual i maturities for the outstanding serial bonds and the debt service requirements for the term bonds. The bonds are fully registered and are in denominations of $5,000 each or any integral multiple thereof. The paying agent and bond registrar is The citizens and Southern National Bank in Atlanta, Georgia.
l Sales tax revenues, franchise fees, occupational license taxes, the guaranteed entitlement portion of state revenue sharing funds, mobile home licenses and court fines and forfei-tures are pledged to retire these bonds.
I Proceeds of this issue were used primarily for the advance refunding of the Capital l Improvements Revenue Bonds, Series 1982 and for a portion of the costs of paving and four-laning N.E. 14th Street from Silver Springs Boulevard to Magnolia Avenue.
Fiscal Interest Principal Interest Interest Year Rate Due 10-1 Due 10-1 Due 4-1 Total 1994 6.60 $ 490,000 $ 394,405 $ 378,235 $ 1,262,640 1995 6.90 530,000 378,235 359,950 1,268,185 1996 7.10 565,000 359,950 339,893 1,264,843 1997 7.20 605,000 339,892 318,113 1,263,005 1998 7.30 650,000 318,112 294,388 1,262,500 1999 7.40 700,000 294,387 268,488 1,262,875 2000 7.50 750,000 268,487 240,363 1,258,850 2001 7.75 805,000 240,362 209,169 1,254,531 2002 7.75 865,000 209,169 175,650 1,249,819 2003 7.75 935,000 175,650 139,419 1,250,069 2004 7.75 1,005,000 139,419 100,475 1,244,894 2005 7.75 1,080,000 100,475 58,625 1,239,100
! 2006 5.00 1,145,000 58,625 30,000 1,233,625 1 2007 5.00 1,200,000 30,000 - 1,230,000 Total $11,325,000 $3,307,168 $2,912,768 $17,544,936 l
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CITY OF OCALA, FLORIDA STATEMENT OF BONDED DEBT AND INTEREST - CONTINUED CAPITAL IMPROVEMENT REVENUE REFUNDING CERTIFICATES, SERIES 1988 September 30, 1993 Thic issue, which was sold in August, 1988, consists of $7,505,000 in fully registered certificates in denominations of $5,000 and integral multiples thereof. The certificates mature from April 1, 1989 through 1998 and are not subject to redemption prior to their stated maturities. As of September 30,.1993, $2,235,000 of the certificates have been r: tired. The outstanding certificates will mature as listed below. The paying agent and certificat' registrar is Citizens and Southern Trust Company (Georgia), National Associa-
. tion in Atlanta, Georgia.
Sales tax revenues, franchise fees, occupational license taxes, the guaranteed entitlement I
. portion of state revenue sharing. funds, mobile home licenses and court fines and forfei-turos are pledged to retire these certificates; however, the lien and pledge for payment of the certificates is junior and subordinate to the lien upon and the pledge of the pledged revenues for the payment of the City's Capital Improvement Refunding Revenue Bonds,
-8 ries 1986.
The certificates were issued primarily to advance refund the outstanding portion of the Cepital Improvement Revenue Certificates, Series 1986 and to pay the cost of various I ccpital improvement projects of the City. I Fiscal Interest Principal Interest Interest Year Rate Due 4-1 Due 10-1 Due 4-1 Total l l
1994 6.65 $ 920,000 $ 182,235 $ 182,235 $1,284,470 I 1995 6.80 980,000 151,645 151,645 1,283,290 1996 6.90 1,050,000 118,325 118,325 1,286,650 1997 7.00 1,120,000 82,100 82,100 1,284,200 1998 7.15 1,200,000 42,900 42,900 1,285,800 I
Total $5,270,000 $ 577,205 $ 577,205 $6,424,410 l
l Continued l
157
CITY OF OCALA, FLORIDA STATEMENT OF BONDED DEBT AND INTER'ST - CONTINUED ;
ELECTRIC SYSTEM REVENUE REFUNDING BONDS, SERIES 1989B September 30, 1993 l In October, 1989, the $13,000,000 Electric System Revenue Refunding Bonds, Series 1989B ware sold. This issue consists of $13,000,000 in serial bonds which mature on October 1, 1990 through 1998. As of September 30, 1993, $3,575,000 of these bonds have been retired. l The schedule below shows the actual maturities and the debt service requirements for the outstanding serial bonds. The bonds are fully registered and were issued in denominations of $5,000 or any integral multiple thereof. The paying agent and bond registrar is Citizens and Southern Trust Company (Georgia), National Association in Atlanta, Georgia.
The payment of principal and interest on the Series 1989B bonds is secured by a lien on the not revenues derived from the operation of the City's electric system.
The proceeds of this issue were used for the purpose of advance refunding the city's.
outstanding Power System Revenue Bonds, Series 1977, and the City's outstanding Power Supply Revenue Refunding Bonds, Series 1988.
Fiscal Interest Principal Interest Interest Year Rate Due 10-1 Due 10-1 Due 4-1 Total 1994 6.30 $ 1,345,000 $ 312,360 $ 269,992 $ 1,927,352 1995 6.40 1,435,000 269,992 224,073 1,929,065 1996 6.55 1,530,000 224,073 173,965 1,928,038 1997 6.70 1,630,000 173,965 119,360 1,923,325 1998 6.80 1,745,000 119,360 60,030 1,924,390 1999 6.90 1,740,000 60,030 - ____1,000,030 Total $ 9,425,000 $1,159,700 $ 847,420 $11,432,200 Continued 158
's-
i CITY OF OCALA, FLORIDA STATEMENT OF BONDED DEBT AND INTEREST - CONTINUED t
WATER AND SENER REFUNDING REVENUE BONDS, SERIES 1988 September 30, 1993 i
This issue, which was sold in July,1988, consists of $2,145,000 serial bonds maturing from October 1, 1993 through 2000 and of $10,305,000 term bonds of which $3,430,000 mature on October 1, 2007 and $6,875,000 mature'on October 1, 2015. The-schedule below shows the actual maturities for the serial bonds and the debt service requirements for the term i bonds. The bonds are fully registered and were issued in denominations of $5,000 or any integral multiple thereof. The paying agent and registrar is Citizens and Southern Trust.
Company (Georgia), National Association in Atlanta, Georgia.
Tha payment of principal and interest on the Series 1988 bonds ir secured by a lion on the not revenues derived from the operation of the water and sowre systems however, the lien on the pledged revenues for the Series 1988 bonds is junior and subordinate to the series 1985A and Series 1986 bonds.
Proceeds of this issue were used primarily to advance refund the Water and Sewer Refunding Ravenue Bonds, Series 1985B. J Fiscal Interest Principal Interest Interest Year Rate Due 10-1 Due 10-1 Due 4-1 Total 1994 6.150 $ 45,000 $ 474,155 $ 472,772 $' 991,927 1995 6.300 245,000 472,771 465,054 1,102,825 1996 6.500 260,000 465,054 456,604 1,181,658 1997 6.700 280,000 456,604 447,224 1,183,828 1998 6.000 295,000 447,224 437,194 1,179,418 1999 6.900 320,000 437,194 426,154 1,183,348 2000 7.000 335,000 426,154 414,429 1,175,583 2001 7.100 365,000 414,429 401,472 1,180,901 2002 7.625 385,000 401,471 386,794 1,173,265 2003 7.625 420,000 386,793 370,781 1,177,574 2004 7.625 450,000 370,781 353,625 1,174,406 j 2005 7.625 485,000 353,625 335,134 1,173,759 !
2006 7.625 525,000 335,134 315,119 1,175,253 2007 7.625 560,000 315,118 293,769 1,168,887 2008 7.625 605,000 293,768 270,703 1,169,471 2009 7.875 650,000 270,703 245,109 1,165,812 2010 7.875 700,000 245,109 217,547 1,162,656 2011 7.875 755,000 217,546 187,819 1,160,365 ,
2012 7.875 815,000 187,818 155,728 1,158,546 l 2013 7.875 880,000 155,728 121,078 1,156,806 (
2014 7.875 950,000 121,078 83,672 1,154,750 >
2015 7.875 1,020,000 83,671 43,509 1,147,180 2016 7.875 1,105,000 43,509 - 1,148,509 Total $12,450,000 $7,375,437 $6,901,290 $26,726,727 Continued j 159 i i
. _ _ _ _ __ . _ ~ .
CITY OF OCALA, FLORIDA STATEMENT OF BONDED DEBT AND INTEREST - CONTINUED OPTIONAL GAS TAX REVENUE BONDS,' SERIES 1989 September 30, 1993 The Optional Gas Tax Refunding Revenue Bonds, Series 1992, dated December 10, 1992, bear ,
interest at 2.75-6.0%, payable semi-annually on June 1 and December 1. Tho bords, which. ,
are fully registered and were issued in denominations of $5,000 or any integral multiple- -
thereof, consists of $11,915,000 of serial bonds and $2,425,000 of turm bonds. The principal of and premium, if any, are payable upon presentation and surrer, der to the paying agent, NationsBank of Georgia, National Association, Atlanta, Georgia.
The Series 1992 Bonds and the interest thereon are payable solely from and secured by a lien and pledge of the proceeds of the six cent optional gas tax received by the City.
Proceeds received from the sale of the series 1992 Bonds were used primarily to refund the city's Optional Gas Tax Revenue Bonds, Series 1989.
Fiscal Interest Principal Interest Interest Year Rate Due 12-1 Due 12-1 Due 6-1 Total 1994 2.75 % $ 620,000 $ 371,464 $ 362,939 $ 1,354,403 i 1995 3.40 595,000 362,939 352,823 1,310,762 1996 3.60 615,000 352,824 341,754 1,309,578 1997 4.10 635,000 341,753 328,736 1,305,489 1998 4.40 660,000 328,736 314,217 -1,302,953 1999 4.625 690,000 314,216 298,260 1,302,476 2000 5.00 725,000 298,260 280,135 1,303,395 2001 5.10 755,000 280,135 260,683 1,296,018 2002 5.30 800,000 260,882 239,683 1,300,565 2003 5.50 840,000 239,682 216,583 1,296,265 2004 5.60 290,000 216,582 191,663 1,298,245 2005 5.625 940,000 191,662 165,225 1,296,887 2006 5.75 990,000 165,225 136,763 1,291,988 7 2007 5.85 1,050,000 136,762 106,050 1,292,812 ;
2000 6.00 1,110,000 106,050 72,750 1,288,800 2009 6.00 1,175,000 72,750 37,500 1,285,250 2010 6.00 1,250,000 37,500 - 1,287,500 Total $14,340,000 $4,077,422 $3,705,964 $22,123,386 The Optional Gas Tax Refunding Revenue Bonds, Series 1992, dated December 10, 1992, bear interest at 2.75-6.0%, payable semi-annually on June 1 and December 1. Tho' bonds, which are fully registered and were issued in denominations of $5,000 or any integral multiple thereof, consists of $11,915,000 of serial bonds and $2,425,000 of term bonds. The principal of and premium, if any, are payable upon presentation and surrender to the paying agent, NationsBank of Georgia, National Association, Atlanta, Georgia.
- The Series 1992 Bonds and the interest thereon are payable solely from and secured by a lien and pledge of the proceeds of the six cent optional gas tax received by the city.
Proceeds received from the sale of the Series 1992 Bonds were used primarily to refund the City's Optional Gas Tax Revenue Bonds, Series 1989. :
Continued i
160 {
CITY OF OCALA, FLORIDA STATEMENT OF BONDED DEBT AND INTEREST - CONTINUED >
UTILITY SYSTENS SUBORDINATE REFUNDING REVENUE BONDS, SERIES 1992A September 30, 1993 Ths Utility Systems Subordinate Rafunding Revenue Bonds, Series 1992A, dated March 15, 1992, bear interest at 3.25-6.50%, payable semi-annually on April 1 and October 1. The bonds are fully registere2 and were issued in denominations of $5,000 or any integral multiple thereof. As of aspt.as er 30, 1993, $680,000 of the total issue of $51,200,000 havo been retired. Te princi;$1 (f and premium, if any, are payable upon presentation and surrender to the pri'mq aga'st , Nr ions Bank of Georgia, National Association, Atlanta, Georgia.
The Series 1992A Bonds and m latva.sst are payable solely from and secured by a lien on th2 surplus revenues of the City *m Water and Sewer System and Electric System.
Tho proceeds received from the sale of the Series 1992A Bonds were used primarily to refund the City's Water and Sewer Revenue Bonds, series 1985A and the Water and Sewer Refunding Rsv nue Bonds, Series 1986.
Fiscal Principal Interest Interest Year Due 10-1 Due 10-1 Due 4-1 Total 1994 $ 1,150,000 $ 1,543,889 $ 1,522,326 $ 4,216,215 1995 1,190,000 1,522,327 1,495,551 4,207,878 1996 1,255,000 1,495,551 1,465,745 4,216,296 1997 1,305,000 1,465,745 1,433,120 4,203,865 1998 1,375,000 1,433,120 1,397,370 4,205,490 1999 1,440,000 1,397,370 1,358,490 4,195,860 I
2000 1,525,000 1,358,490 1,315,790 4,199,280 1
2001 1,610,000 1,315,790 1,269,100 4,194,890 2002 1,705,000 1,269,100 1,218,803 4,192,903 2003 1,805,000 1,218,802 1,164,653 4,188,455 2004 1,905,000 1,164,652 1,106,550 4,176,202 2005 2,030,000 1,106,550 1,044,381 4,180,931 2006 2,150,000 1,044,382 974,506 4,168,888 2007 2,290,000 974,506 902,944 4,167,450 2008 2,435,000 902,944 823,806 4,161,750 2009 2,590,000 823,806 739,631 4,153,437 2010 2,765,000 739,631 649,769 4,154,400 2011 2,940,000 649,769 554,219 4,143,988 2012 3,130,000 554,219 456,406 4,140,625 2013 3,330,000 456,406 352,344 4,138,750 2014 3,530,000 352,344 242,031 4,124,375 2015 3,755,000 242,032 124,687 4,121,719 i 2016 3,990,000 124n 6g - 4,114,687 l
l Total $51,200,000 $23,156,112 $21,612,222 $95,968,334
{
l l
l l
Continued 161
I CITY OF OCALA, FLORIDA l STATEMENT OF BONDED DEBT AND INTEREST - CONTINUED UTILITY SYSTEMS SUBORDINATE REFUNDING REVENUE BONDS, SERIES 1992B September 30, 1993
( 1 The Utility Systems Subordinate Refunding Revenue Bonds, Series 1992B, dated March 15, l 1992, bear interest at 3.25-6.25%, payable sami-annually on April 1 and October 1. The -
bonds are fully registered and were issued in denominations of $5,000 or any integral multiple thereof. As of September 30, 1993, $1,105,000 of the total issue of $28,435,000 h:ve been retired. The principal of and premiums if any, are payable upon presentation end surrender to the paying agent, Nations Bank of Georgia, National Association, Atlanta, Georgia.
The Series 1992B Bonds and the interest are payable solely from and secured by a lien on the surplus revenues of the City's Water and Sewer System and Electric System.
Proceeds received from the sale of the Series 1992B Bonds were used primarily to refund the City's Electric System Revenue Bonds, Series 1989A.
Fiscal Principal Interest Interest Year Due 10-1 Due 10-1 Due 4-1 Total 1994 $ 1,990,000 $ 745,817 $ 708,505 $ 3,444,322 1995 2,065,000 708,505 662,042 3,435,547 1996 2,160,000 662,042 610,743 3,432,785 19 9 *,' 2,270,000 610,743 553,992 3,434,735 1998 2,385,000 553,993 491,982 3,430,975 1999 1,365,000 491,982 455,128 2,312,110 2000 1,530,000 455,127 412,288 2,397,415 2001 1,615,000 412,287 365,453 2,392,740 2002 1,715,000 365,453 314,860 2,395,313 2003 1,815,000 314,860 260,410 2,390,270 2004 1,920,000 260,410 201,850 2,382,260 2005 2,040,000 201,850 139,375 2,381,225 2006 2,165,000 139,375 71,719 2,376,094 2007 2,295,000 71,719 - 2,366,719 Total $27,330,000 $ 5,994,163 $ 5,248,347 $38,572,510 Continued 162
CITY OF OCALA, FLORIDA j ANALYSIS OF SEWERAGE SYSTEM CAPITAL IMPROVEMENT FUND ESTABLISHED FOR FLORIDA DEPARTMENT OF ENVIRONMENTAL REGULATION GRANT #621080 The City received grant number 621080 from the State of Florida Department of Environmental R:gulation for a portion of the construction of Sewer Treatment Plant #1. One of the requirements of this grant is that the City provide for a sewerage system capital improvement account to accumulate the equivalent future value of the grant amount adjusted for inflationary cost increases upon completion of the grant-related project. In December, 1985, the City adopted ordinance #1010 which addresses this subject in section 5. The amount to be accumulated by the City is $6,020,462.40. Grant condition number 23 requires annual certification that the sewerage system capital improvement account is maintained in accordance with Section 17-501.610 of the Florida Administrative Code.
The construction of the grant-related project, Sewer Treatment Plant #1, was completed during fiscal year 1988. Since prepayments to the capital improvement fund are allowed, the city started making deposits in fiscal year 1986. The following schedule shows all cetivity in the sewerage system capital improvement fund since its inception:
Fiscal Interest Balance Year Deposits Income September 30, 1986 $301,023.12 $ - $ 301,023.12 1987 301,023.12 18.714.00 620,760.24 1988 301,023.12 50,909.96 972,693.32 1989 301,023.12 91,647.90 1,365,364.34 1990 301,023.12 125,170.01 1,791,557.47 1991 301,023.12 142,728.85 2,235,309.44 1992 301,023.12 111,185.27 2,647,517.83 1993 301,023.00 116,575.01 3,065,115.84 l
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