ML20082D347

Comprehensive Annual Financial Rept,City of Ocala,Fl for Fy Ended Sept 1990

ML20082D347
Person / Time
Site:	Crystal River
Issue date:	09/30/1990
From:	FLORIDA POWER CORP.
To:
Shared Package
ML20082D343	List: 3F0791-08, Forwards Comprehensive Annual Financial Rept,City of Ocala, Fl Fy Ended Sept 1990 & City of Bushenell,Fl General Purpose Financial Statments for Fy Ended Sept 1990 ML20082D347 ML20082D356
References
NUDOCS 9107230417
Download: ML20082D347 (202)

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1 CITY C'F OCALA Compre1ensive Annua Financia Report a'0Fo'C.,

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For the Fiscal Year Ended September 30,1990 Prepared by: Finance Department I

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%D City of Ocala 151 S.E. Osceola Avenue-f, Ocala, Florida Comprehensive Annual Financial Report Of the City of Ocala, Florida For the Year Ended September 30,1990 City Council - 1989 - 1990 Jack Clark, Mayor Gerald K. Ergle, President Michael S. Amsden Lorenzo S. 61werds Michael A. Finn City Officials CityManaScr Scotty J, Andrews Assistant City Manager Richard K. Lewis Assistant C;ty Manager Charles H. Lynn, Jr.

Building Official Donald C. Noxon City Attorney William H. Phelan, Jr.

City Clerk M. Jane Milam City Engineer B. William Ten Broeck Downtown Development Manager Teresa L Thompson Electric Utility Director Dean G Shaw finance Director Robert F. Spnnkle Fire Chief Wdliam 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 RobertM Lipscomb MJ.S. Director L Chester K. Holloway Planning Director Paul K. Nugent Police Chief A Lee McGehee Public Works Director ~ Charles H. Amerrnan

- Purchasing Director James B. Crosby Recreation and Parks D: rector David J. Pntchard Risk Manager Leonard A. Baker, Jr.

Acting Water and Sewer Director Wdliam D. Hall, Jr.

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Z INTRODUCTORY SECTION This Section contains the following Subsections:

Table of Contents i.etter of Transmittal Certificate of Achievement for Excellence in Financial Reporting City of Ocala Organization Charts ,

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CITY OF OCALA, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30 1990 TABLE OF CONTEATS Pages I. INTRODUCTORY SECTION Letter of Transmittal ...................................... vi-xvi Certificate of Achievement for Excellence in Financial Reporting ....................................... xvii City of Ocala Organization Charts .......................... xviii-xix II. FINANCIAL SECTION Independent Auditors' Report ................................. 1-2 General Purpose Financial Statements (Combined Statements - Overview) o Combined Balance Sheet - All Fund Types and Account Groups .................................. 3-6 o Combined Statement of Revenues, Expen-ditures and Changes in Fund Balances -

All Governatntel and Expendable Trus t Fund Type s . . . . . . . . . . . . . . . 7 o Combined Statement of Revenues. Expen-ditures and Changes in Fund Balances -

Actual and-Budget - General, Special kevenue, Capital Project and Expendable Trust Fund Types .......................................... 8-11 o Combined Statement of Revenues, Expenses and Changes in Fund Equity - All Proprietary Fund Types ....................... ........................ 12 o Combined Statement of Cash Flows - all P r o p r i e t,a ry Fu n d Typ e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-14 o Notes to Financial Statements .............................. 15-54 o Required. Supplementary Pension Disclosure oo Comparative Summary of Revenues by Sources and Ex p e n s e s by Ty p e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55-56 oo Analysis of Funding Progress ............................ 57

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Pages t Individual Fund and Account Group and Combining Financial Statements by Fund Type Gnvernmental Fund Types Special Revenue Funds o Combining Balance Sheet ................................. 58-59 o Coribining Statement of Revenues, Expenditures and Changen in Fund Balances - Actual and Budget . . . . . . . . . . . . . . . . . . . . . . . . . . . 60-61 o Statement of Revenues, Expenoiture s and Changes in Fund Balance - Actual and Budgett Occupational License Fund ............................ 61 Central Florida Regional-Library Fund ................ 63 O f f-S t r e e t Pa rkin g Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Downtown Development Fund ............................ 65 Local Gasoline Tax Fund............................... 66 Stormvater Utility Fund .............................. 67 Debt Servica Funds o Combining Balance Sheet ................................. 68 o Combining Statement of Revenues, Expenditures and Changes in Fund Balancas .......................................... 69 Capital Project Funds o Combining Balance Sheet ................................. 70 o Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Actual and Budget . . . . . . . . . . . . . . . . . . . . . . 71-72 Proprietary Fund Types Enterprise Funds o Combining Balance Sheet ................................. 73-76 o Combining Statement of Revenues.

Expenses and Changes in Fund Equity . . . . . . . . . . . . . . . . . . . . 77-78 o Combining Statement of Cash Flows ....................... 79-80

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f Internal Service Funds o Combining-Balance Sheet ................................ 81 o Combining Statement of Revenues. Expenses and Changes in Fund Equity ............................ 82 f o Combining Statement of Cash Flows ...................... 83-84 Trust and Agency Fund Types o Combining Balance Sheet . ... 4........................... 85 o Combining Statement of Revenues. Fxpenditures and Changes in Fund Balanco - Ac tual and Budge t . . . . . . . . . . . . . 86 o Combining Statement of Revenues. Expenses and  :

Changes in Fund Balances ............................... 88 General Fixed Asset Account Group o Schedule of General Fixed Assets by Function and Activity ............................................... 89 o Schedule of Changes in General Fixed Assets by Function and Activity .................................. 90 l '

III.- Single Audit Report

o. 71depandent Auditors' Report on the  ;

Schedule of Federal Financial Assis tance. . . . . . . . . . . . . . . . 91 o Schedule of Fede ral- Financial Assis tanc e . . . . . . . . . . . . . . . . 92-91 o Notes to Schedule of Federal Financial Assistance . . . . . . . 94 o Schedule of Findings and Questioned Costs ............... 95 o -Independant Auditors' Reports on Internal Controls at the General Purpose Financial i- Statement Leve1........................................ 96-97 Compliance at the General Purpose Financial Statement Leve1....................... ................ 98 Internal Accounting and Administrative ' Controls at the Federal Financial Assistance Program Level.....99-101 l

Compliance with General Requirements Applicable to Major- Federal Fir.anciti Assistance: Programs............ 102 o -Compliance with Specific Requirements Applicable L

to Maj or Federal Financial Assis tance Programs. . . . . . . . 103-104 7

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Pages IV. STATISTICAL SECTION o General Governmental Revenues and Other Financing Sources-by Source ......................................... 105-106 o General Governmental EYpenditures and Other Uses by Function ................................................ 107-108 o Property Tax Lavlea, Tax Collections and Assessed Valuations ........................................ 109-110 o Property Tax Rates and Levies - All Over14.pping Governments .................................... 111 e

o Special Assessment Collections .............................. 112 o Computation of Legal Debt 1brgin ............................ 113 o Schedules of Bond Coverage Electric and Power Supply Revenue and Revenue Refunding Bonds. Series 1977, 1983. 1988, 1989A end 1989B .......... 114-115 Water and Sever Revenue and Refunding Revenue Bond.a,.Serien 1968. 1983, 1935A, 1985B. 1986 and 1988 and Anticipation Notes Coverage............................ 116-117 Refunding and Improvement Excise Tax Bonds,

. Series 1965 an'd 1972 ...................................... 118 Street Improvement Revenue Bonds. Series-1966, 1967, 1975 and 1978 ............................................. 119 Capital 'mprovement Revenue and Refunding Revenue '

Bonds, Series 1982 and 1986, and Capital Improvement Reven'.e and Revenue Refunding Certificates.

Series 1986 and 1988 . ................................... 120-121 Pollution Control Revenue honds Series C ......'............ 122 ,

Options 1 Cas Tax Revenue Bonds, Series 1989................. 123 -

o Computation of Direct and Overlapping General Obligation Debt ....................................... .... .  !?4  ;

o. Miscellaneous Statictical Data .............................. 125 ,

o LDemographic Statistica ...................................... 126 ,

o List of Ten Largest Taxpayers ............................... 127 iv -

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L Pages o Schedule of Insurance In Force .............................. 128-129 o Property Value. Construction and Bank Deposits .............. 130 o List of Officers' Salaries .................................. 131 o Debt Setvice Requirements to Haturity All Bonded Debt ............................. .............. 132 Capital improvement Refunding Revenue Bonds Series 1986.... 133 Capital Improvement Revenue Refunding Certificates, Series 1988 ............................................... 134 Refunding and Improvement Excise Tax Bonds - 1972 lesue..... 135 Electric System Revenue and Revenue Refunding Bonds, Se ries 1989A and Se ries 1989B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 136-137 Water and Sewer Revenue and Refunding Revenue bonds, Serjes 1985A, Series 1986 and Series 1988 ................ 138-140 Optional Gas Tax-Revenue Bondo Series 1989................. 141 o Analysis of Sewerage System Capital Improvement rund e-Established for Florida Department of Environmental Regulation Grant #621080 .................................. 142 1

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1391 P. O. lion 1270. OCAlA l't.ORIDA 3267101270 i

City Manager and Council '

City Hall Ocala, Florida 32678 Gentlemen:

The comprehensive. annual financial report (CAFR) of the City of

[ Florida, Ocala, for the fiscal year ended September 30, 1990, is hereby submitted.

The presentation of the CAFR is controlled by and in the responsibility of the City. We believe that the report accurately and fairly presents the financial pcsition and results of operations 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 four sections; introductory, financial, single audit and statistical. The. introductory section contains the table of contents, this transmittal lette,a, the certificate of achievement for excellence in financial reporting for our 1989 CAFR and the City's organizational chart. The financial section includes the general purpose financial statements and the individual fund and account group and combining dinancial statements by fund type, as well as the auditors' report on the financial statements and schedules. The single audit section contains the schedule of federal financial assistance, findings and recommendattuni, and the auditors' reports on the jnternal control structure ano compliance with apolicabla laws and regulations, as required by the provisions of the Single Audit Act of 1984 and U.S. Office of Management and Budget Circular A-128, " Audits of State and Local Governments." The statistical section includes selec+ed financial and demogr9phic information which is designed to enhance the reader's understanding of the City's past and of its future potential.

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 suppoti and a vested higher .

quality of service to its citizens, the City also owns and optrates, for public service, seven enterprise funds as follows; two championship golf courses with a total of 45 holes and clubhouse facilities, a garcage and tranh pick up sersice (both back door and curbside), water and sanitary sewer services, a membership tenn.s facility, electric cervice, an airport (Ocaia Municipal Airport / Jim Taylor Field), and a municipal trailer park. The financial activities of all n;micipal boards and commissions except for the Ocala Housing Autt ity are included in the City's financial {

statements. The Ocala Housing Authority ha9 not met the established (

criteria for inclusion in the reporting entity, and accordingly is excluded from this report.

EGQUQd19_QQUQ1119U_ANQ,QQI(QQg The City of Ocala is situated in north central Florida, approximately i equidistant from Jacksonville, Daytona, Orlando and Tampa. It is centrally located in Marion County and as 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 citten and to popular tourist attractions continue to be the underlying causes. In the past few years, various reports and studies have shown Ocala to be one of the fastest growing areas in the ration.

Horsebreeding, dominated by thoroughb*eds and Arabians, is & major industry in the Ocala area. The tourist industry is also very apparent. Disney World has consiructed its first catellite information center in Ocala so that visitors can take care of all their needs before reaching Disney World. Hotels, restaurants and i shupping areas have sprung up near the information center. To the immediate east of Ocala is Silver Springs Attraction, renowned for many films such as Tarzan and J ame's Bond movien and the Sea Hunt television series, which is visited by thousands each year, X-Mart has selected Ocala as the location for a new distribution conter, which is scheduled to be in operation in 1991. Other industries in the Ocala area include 9ervice industries and some light manufacturing.

The growth surge experienced in the 1900'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 growth is challenging to the City since it demand) increased services but places a ,

financial strain on~the revenues of the City.

MAfQ9_1UhllAllygH E9t_1be_Yest- In preparin9 the 1990 budget. the City's focus, at City Council's 11rection, was to maintain a consistent leve.1 of evice throughout all departmants for the citizens of Ocala, to wrintain a low millage rate and to provide quality utility services at competitive rates. Other budget and management obj ec t ives for 1990 included the establishment of a joint county-wide program to

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i coordinate community efforts in the war against drugs and crime, the development of a five-year capital improvement plan along with a financing plan for the improvements and the continuation of the l exploration of a public and private cooperative efforts to better  ;

service the citteens cf Ocala. .

In ordar to accomplish some of the objectives, a total of 17 !

, positions were authorized in the budget. Ten of the authorized

. positions were for police personnel, of which five were for the creation of a Street Crimes Unit for the war on drugs and increased t crime. Our ing 1990, the police department acquired the City's first drug-sniffing police dog. In January, 1990, an interlocal agreement between the City of Ocala, the Marion County Commission and the Marion County School Board created the Substance Abuse Coordinator

• division. The goal for this division to to spearhead and strengthen community efforts in cos. iting drug abuse by coordinating all  ;

resources and services.

Dering the year, the City issued revenue bonds for massive electric system improvements. Those improvements have begun. The City also continued the water and sewer system expansion and improvements as well as the widening and improvements of various roads. All.of these ,

are growth-related. For the past four years, the City has levied an ,

l additional mill of ad valorem taxes of which three quarters have been i for road improvements and the remaining one quarter has been for fire department capitsi outlay. For the past few years, the City and {

Marion County have shared the costs of improvements of some major arterial streets.

The City acquired 6 new computer, an IBM AS-400, during 1990 in order

. to more efficiently serve the needs of the many users which include the billing of utilitios to customers. Renovation of the Old Light Plant was started during 1990. When the renovation is completed in early 1991, this building will be known as the City Hal) Annex and '

will house the Engineering Department as well as several small departmente.

Eer 1bs_E919te. The City will be continuing the electric system, the water and sewer system and .the straet improvement and expansion programs which have already been started and will strive to provide censistent levels of service for the citizens of Ocala.

The City tu also continuing its program of renovating exAuting City the Engineering Department moves to the City Hall buildings. After Annex, some departm'ents which occupy City Hall will be shifted in -

order to better servo the public. A master plar of the Municipal Services Complex, which was built in 1984, is addressing the feasibility of additions to the complex. The renovation and expansion or relocation of the Police Department is also being c o r4s i d e r e d .

Tha most significant and demanding tauk for the future is the ,

completion, submission and implementation of the Comprehensive Plan of the City of Ocala, which is required by the 1985 Local Government Comprehensive Planning Act. The plan, which must be submitted to the

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State of Florida by May 1, 1991, is o tool for growth management and affecto virtually all City departments. The plan has ten alaments!

future land use; truffic circulattunj housing; sanitary sewer, solid waste, drainage, potable water, and groundwater aquifer recharge; conservation; recreation end open space; intergovernmental coordination; community redevelopment area; historical preeervation and capital improvements. Fiscal years 1991 and 1992 are the f transition period orfor to the implementation of the Capital Improvements Element of the Comprehensive Plan, which covern the (sve-year period from 1993 through 1997.

Q99AC199Dl. 69993 For the purpose of safety awsrds, the City departments are categorized into low risk, medium risk or high risk, depending on the nature of the work done in each department. The Electrio Department, which is a high risk department with 146 employees and 14 responsible for the transmission and distribution of  ;

electric service to Ocela and surrounding . areas, has recently l achieved a milestone unequaled by any other City department as of September 30, 1990, the employees had accumulated 428,998 no lost time accident-free safety hours. They reached 500,000 hours on January 5, 1991. In addition to the safety training available to all City departments, the Electric Department has a specializeo safety a

program. In addition to safety in the workplace, the employees have built an exhibit called " Safety City" which is a scale model of a home in a neighborhood designed to show the public the hazardt of the improper use of electricity. This exhibit is shown at various events throughout the year.

EIU6UQ166_INE98d6I196 In developing, maintaining and evaluating tne City's accounting system, consideration is given -to internal accounting controls designed to ensure that the City's assets are protected from loss, theft or-misuse and to ensure that adequate accounting data is compiled to allow for the preparation of financial statements in .

conformance 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 uf a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and j udgments. by management. The City's chart of accounts substantially complies with ,

the Uniform Accounting System as prescribed by Chapter 3A-6; of the .

Florida Administrat1ve Code,

_ E10912__0Wd11 As a rsoipient. of federal and state financial assistance, the City is recponsible for ensuring that an adequate ,

internal control structure is in place to ensure compliance with applicable laws and regulations related to those programs. The internal control structure is subject both to periodic evaluation by i the City's management and staff as well as to tests performed by the external auditors as part of the City's single audit. The results of the City's single audit for the fiscal year ended September 30, 1990 are included in inis comprehensive annual financial report, ,

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i E9dG919tY_Q90tCQ19 Budgetary control is maintained on an annual allotment- basis, based on prior worning capital and revonue proj ections *or the current year. Both expenditures and encumbrances City '

are recorded against budgeted appropriations. At mid-year, department heads are required to reessess their appropriations for  ;

i the remainder of the year, from which a full budget revision is  ;

nrepared and submitted to City Council for approval. The entire budget process ic 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 20, are reappropriated in the form of a supplemental appropriation reenlution, 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 subj ec t to a working capital availability test.

Monthly reports are distributed to the various departments to keep them informed of their year to date expenditures, encumcrances and fundo available. ,

i Otostal_Q9ystomtotal_E90911903 The following schedule presents-a summary of general fund, special revenue fund and debt service fund revenues and othee financing sources for the fiscal year ended September 30, 1990 and the percentages of increases and decreases in

- relation to revenues and other financing sources for the fiscal year ended September 30, 1989.

Increase Percent Percent (Decreace) Increase ee9901 9f_Isini itsm 1202 LDanceaanl Revenues:

Property taxes $6,505,843 19.49% $344,601 5.59%

Other taxes 601,394 2.40 15,373 1.96 State revenue sharing 1,209,813 3.62 (62,214) (4.89)

Other intergovernmental

.05 5,772,254 17.29 3,121 revenues Parking meters and facilities 88,315 .26 (4,859) (5.21)

Licenses and permits 736,411 2.21 45,955 6.66 Fines and forfeitures 734,132 2.20 (6,471) C.87) '

Charges for services 1,409,387 4.22 154,393 12.30 1,545,540 4.63 (22,041) (1.41)

Interest--

Gifts and Other.

__261tQ22 _Als idatig5 131.24 e

Total revenuen 19,064,182 57.10 616,043 Other financing source:

Trt,nsfers from other funds 14t 32[tEQI d243Q d4t4g4 .31 -

Total revenues and other $660,527 financing source $33,385,689 100.00%

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The most significant dollar change in revenuen wao in property taxes.

The 5.69% incresse corresponds to the 6% increase in assessed valuations. The City's millage rate remained at 5.08. The 4.89%

decrease in state revenue sharing was caused by a shortfall of revenues to tne State of Florida which are allocated to governmental units. Parking revenues decreased since one of the City's six parking lots was closed. The 6.66% increase in licenses and permits results from a combination of an increase in building permits and an incresce in occupational licenses. A combination of an increase in recreation programs and an increase in public Safety revenues caused the 12.30% increase in charges for services. Gifts and other revenues had the most significant percent increase, 131.24%, over lost fiscal year. Increases in cemetery lot sales and in police miscellaneous revenues, contributions for a new recreation program and for a tree mitigation program, and the isolated sole of a park are ti.e main factors for this increase.

The followinge4chedule presents a summary of general fund, special revenue fund'Ynd debt service fund expenditures and other financing use for the fiscal year ended September 30, 1990 &nd the percontages of increases and decreases in relation to expenditures and other financing use for the fiscal yea

• ended September 30, 1989.

Increase Percent Percent (Decrease) Increase emeuni 91_I9101 fram_1992 (Qesttnasl Expenditures:

Current:

General government and administration $ 3,168,947 9.25% $ 296,050 10.30%

Public safety 10,759,495 31.41 1,239,996 13.03 Public works 3,466,758 10.12 31,667 .92 Culture and recreation 3,376,898 9.86 378,453 12.62 Housing rehabilitation 289,148 .84 (45,882) (13.69)

Nondepartmental 389,988 1.14- 59,374 17.06 Other 469,329 1.37 '08,424 79.89 Capital outlay 4,834,530 14.12 2,855,009 144.23 Oebt service:

Principal 1,167,389 3.41 251,497 27.46 Interest and agents' fees 2,452,600 7.16 883,305 56.29 Intergovernmental __112tsid _t22 _dZt24g 61.62 Total expenditures: 30,487,726 89.01 6,200,841 Other financing use:

Transfer to other funds 2t7E4tg4E 19t33 236t332 8.25 Total expenditures and other financing use $34,252,572 100.00% t6,487,774

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k Gener al government and administration empenditures increased by 10.30% primarily because of a youth employment service program which provides job opportunities to high school students aged 14 through 17 during the summer and because of expenditures related to the preparation af the City's comprehensive plan. As mentioned earlier, ten new emiloyees were added to the Police Department. 1he combination of all costs associated with those employees and with the annually growing costs of both the police and fire functions, as well as the reorganization of the police department, are responsible for the 12.03% increase in public safety expenditures.

Culture and recreation expenditures, which increased by 12.62%,

included City support of the Appleton Museum, a cultural facility being funded by an endowment which was built on City property, through funding of maintenance costs for fiscal 1990: the addition of a therapeutic recreation division for recreation programs designed for the mentally and physically challenged as well as for the elderly; and overall more aggressive recreation programs.

Nondepartmental expenditures increased by 17.96%, primarily because of an increase in the contribution to the Economic Development Council /Lhamber of Commerce to create an international trade search program.

Housing rahabilitation expenditures decreened by 13.69% since fewer homes were rehabilitated during 1990. Factors contributing to the 79.89% increase in other current expenditures were the establishment of the Substance Abuse Coordinator division, which was mentioned previously in this letter, and various new programs funded by grants.

Intergovernmental expenditures increased by 61.62%, primarily because of increased charges for the County landfill and a sales tax aud;t.

Capital outlay increases of 144.23% were caused by the purchese of 20 police vehicles and equipment for newly-constructed fire station #4 and by a strong ongoing street improvement program. Debt service expenditures of principal and interest increased by 27.46% and 56.29%

respectively. The increase in principal is due to the increased payment due on the Capital Improvement Revenue Refunding Certificates, Series 1988, during fiscal 1990 and the increase in interent was caused by the first complete year of paymento for the Optional Gas Tax Revenue Bonds. Series 1989. The 8.25% increase in transfers to other funds is substantially related to increased trenufers to the debt service funda during 1990.

6900 Eel E90d. 0918029, The fund balanco of the general fund at Sc tember 30, 1990 is $6,680,336, a 15.G9% decrease from 1989. The decrease was caused primarily by the usage of ad valorem taxes collected over the peat four years for street improvements and for fire department capital outlay and by the reorganization of the police department. The general fund balance is equivalent to 75 working days of expendituren.

E019tetiam_99eEn1190a. The City of ocala operates seven distinct enterprise funds: Electric System, Water and Sower, Sanitation,

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Hunicipal Golf Course, Fort King Tennis Court, Municipal Trailer Park and Ocala Municipal Airport. The enterprise funds are well run and continue to be the backbone of financial support of general government operations.

The Electric System Revenue Fund is the combir,ation of the formerly consolidated Electric Revenue and Bulk Power Supply Revenue Fundo.

During fiscal 1990, Electric System Revenue Bonds, Series 1989A, were issued for the scquisition and construction of :mprovements to the electric system. The improvements are expected te be completed in fiscal 1992. The electric system continues to be efficiently managed and operated, and had a debt servfce coverage of [.60 for the year ended September 30, 1990.

The Water and Sower Fund, which is the City's second largest enterprise fund, has been burdened with debt service payments and other bond-related restrictione for the past few yesrs. During 1990, the financing related to the Water and Sewer Revenue bonds, Series 198SA, and to the Water and Sewer Refunding Revenue Bonds, Series 1086, wan restructured to eliminate the stabilization accounts and to replace the sinking reserve with an insurance policy. Other aspects of the restructuring were to eliminate the water and sewer system development chargen from the calculation of debt service coverage and to require a minimum dobt service coverage of 1.25, For the year ended September 30, 1990, the Water and sewer Fund had a debt service coverage ratio of 1.53. Also during 1990, the City's consulting engineers were working on a master plan, including a rate review, for the water and sewer mystem. An interim rate increase became effective in early fiscal 1991, which should help this fund.

The Sanitation Fund is responsible for trash and garbage pick-up in the City. During the year, sanitation rates increased approximately 5,5%, to meet the increased landfill charges. The fund is financially sound.

The Municipal Golf Courne Fund had a net loss for the year ended September 30, 1990 of $164,889; however, prior to January, 1990, only one of the two courses was open since the other course was boing renovated. Also, during 1990, this fund had fewer dollars transferred from other funds for financial support.

The Ocala Municipal Airport Fund had a net loss of $131,116 in 1990 which is more favorable than the net lotia of $183,683 in 1989. There are expansion programs under way at the Airport, most of which are substantially funded by federal and stcte grants. This fund is slowly improving.

The Fort King Tennis Court Fund and the Municipal Trailer Park Fund are both small enterprise funds which operate with few financial subsidies from other funds. Both funds continue te do well.

-xiii-

E9DB1RD_lEW91__E90d__20sta1190s. The combined Pension Trust Funds suffered during 1990, mainly because of the condition of the market and economy. The combined funds had a realized loss on the sale of investments of $443,347; and an unrealized loss in the fair market value of investments of $6,890,985, caused by the restatement of investments tc market value on of September 30,1990.

09bl _6dT10ADita1190 At September 30, 1990, the City had

$130,155,000 in outstanding serial and term bonds. Of this amount,

$95,690,00u are associated with enterprise funds and $34,465,000 are associated with governmental funds. All of the City's issues are insurad. Although the City may issue general obligation debt in on amount up to 20% of the assessed valuation of the taxable real and personal oroperty in the City accoroing to article IX, section 9.02, of the City Charter, ihere is no general obligation debt outstanding.

During the year, the City issued $28,42S,000 Electric System Revenue Bonds, Series 1989A and $13,300,000 Electric System Revenue Bonds, Series 19898. Both issues are secured by the not revenues of the electric system and are fully insured. The bonds are rated "AAA" by Standard & Poor's Corporation and "Aaa" by Moody's Irvestors Service, Inc. The proceeds of the 1989A issue are being used for the acquisition and construction of improvements to the electric systemj and the proceeds of the 1989B issue, along with certain moneys held in reserve accounts for the refunded bonds, were used for the advance refunding cf the City's outstanding Power Supply Revenue Bonds, Series 1977, and the Power Supply Revenue Refunding Bonds, Series 1988, by being 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 an economic gain of $102,927.

Also during the year, as previously mentioned, the City restructured the financing related to the outstanding Water and Sewer Revenue Bonds, Series 1985A and to the Water and Sewer Refunding Revenue Bonds, Series 1986.

GBHb_dADD990MD1 Cash temporarily idle during the year was invested in i S. Treasury obligations and in the State Board of Administration F und, which is an investment pool administered by the State of Florida. Although the City is authorized by Florida Statutes to invest in obligations of U. S. agencies and in interest-bearing time deposits and savings accounts in banks and in savings and loan associations in addition, we have found that the State Board of Administration has historically had higher interest rates and we can withdraw funds on demand. At September 30, 1990, our investments with the State Board of Administration were earning 8.11% with a year to date return of 8.25%.

The City's pension fund investments are administered by the firm of Manning and Napier of Rochester, New York. The pension fund investments consist of bonds, common stocks, U. S. Treasury obligations and shorT-term investments.

-xiv-

-- - - . - - - - - - - - ~ - - .- - - - - . _ - - - - _ - . - . - - . _ _ _ _ _ _ _ _ _ . _ _ _ _ _ _ _____,__ _ _ _ _ _ _ _ _

-~ _ _ . . - _ -,-.- . - -- - -.~ - -- - - . - - - .- -.

i Bish__dtatsamtDi. _1he Risk Management Department was established

through-an=_interlocal agreement between,the City of Ocala and Marion i

. County- for the ourpose of the procurement- of insurance, either 1throughlinsurance compsnies or through. self-insurance,_ and for the

_ purpose-of-prov'iding safety _ training- programs. Information on the

-City's insurance-coveragefcan be found in the Stotistical Section of ttis report. The Risk Management. Department is doing very well, both in insurance monitoring and procurement and in safety-training.

QIBEC_INEQBd6IIQU 3Ddt990dfD1.6udjf. Ths City Charter and state 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. In addition to_ meeting the -requirements set forth in state statutes, the audit aise was designed to meet-tht requirements of tsa fede.ral Single Audit Act of 1984 and related OM9 J'ircular A-128. The auditors' report on the

. general: purpose financial statements and combining and individual fund statements and schedules in included in tne financial section of s

this roport. The auditors' repor.ts _related spsoifically to the single audit are included in the Single Audit Section cf this report.

6wgEdf. The -Government Finance Officers Assocaation of the United 1 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,'1989. The Certificate of Achievement is the highest

.torm-of recognition - for excellence in state and local government financial reporting.

..In or to- be awarded a Certific 'c of Achie'rement, a government unit must publish -an easily reece:1e and efficiently organized

- c ompr e hens ive -- a nnua l : . financial ret .. whose contents conform to ,

program standards.- Such repcrts mu - satisfy both generally c(cepted accounting principles and applicabl9 egal requ'roments.

A. Certificate of Achievement is calid for a period of one year only.

_The_ City of;0cala has received a Cer,tiilcate of Achievement for the last eignt_ consecutive years. (fiscal years- ended 1982-1989.) We believe our current report continues to conform to the Cet iificate of A;hievement Program requiremente, and we are submitting it to GFOA.

The City'was awarded the Distinguished Budget Presentation Award by the Government Finance Officers Assc:iation of the United States and Canada for its- anrual budgets for thc fiscal years beginning October

-1, 1987 through 1989. In order to receive this award, which is valid "for a peritd.of one -year only, a governmental unit must publish e budget document that meets program criteria as a policy document, as an operationa guido, -as a financial plan and as a communications medium.

- x v-

i 69hD9W19d9eT90tH. 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: Wayne C. Hodge, Chief Accountant; Prudy Waite, and Doris Remus, Accountants; Jerold Patton, Financial Analyst; and Barbara

) Edwards Kays, Budget Manager. Appreciation is also extended to Eric Lowerenz, the Cliy's Internal Auditor, ano to Ki +> Peat Marwick, our external aucitors, #'e ' heir assistance in this effort, At this time, special empreciation is extended to Robert F. Sprinkle, the City's former Fin- .e Director, who retired this month. His leadership snd guidance for the last ten years has brought the Finance Departe..ent to the professional level that it is at today.

Under his leadership, we received our first GF0A Certificate for our comprehensive ant.ual financial report for tne fiscal year ended September 30, 1982 and for each subsequent report. We hope we can continue the traditson that he started.

In closing, witt t the leadership and support of the City Manager, Assistant City M . agers and City Council, whose continued interest in gocd fiscal tiry govarnment is an i nv a l t'

• b l e asset to our community, preparation of this report would not have been possible.

Respectfully submitted, bk l e ,t c I . h tt +< t b Diane M. Cangelosi Acting Fine- e Director cb

-xvi-

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-xviii-

_m OCALA BOARDS AND COMMISSIONS CmZENS OF OCALA O.

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l FINANCIAL SECTION

-n This Section contains the following Subsections: z I' >

Report of Certified Public Accountants

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General Puroose Financial Statements  %

Individual Fund and Combining Statements - By Fund Type m C

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h WPMG' Peat Marwic<

Cernfied PutAic Accountants 111 North Oninge Avenue. Luite 1000 pO. Dom 3031 Orlando. I L 3?002 Independent Auditors' lleport The lionorable Members of City Council City of Ocala, Florida:

We have audited the general purpose financial statementa of the City of Ocala, Florida, as of and for the year ended September 30, 1990, as listed in the accompanying table of contents. These general purpose financial statements are the responsibility of the City's management . Our responsibility is t* cxpress an opinion on these peneral purpose financial statementn based on our audit.

We conducted our audit in accordance with generally accepted auditing standardn.

Those standards require that we plan and perform the audit to obtain reasonable asaurance about whether the general purpose financial statements are free of

. material minstatemeat. An audit includes examining, on a test basia, evidence supporting the amounts and d isc l or u re s in the general purpose financial statements. An audit also includes assessing the accounting principlen used and significant estimates made by management, as wel] es evaluating the overall 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, at September 30, 1990, and the resulta 01 its operations and the cash flows of its proprietary fund types for the year then ended in conformit/

with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the general purpore financial statements taken as a who'e. The combining, individual fund, and individual account group financial statements and schedules listed in the accompanying table of contents are presented for purposen of additional analysis and are not a required part of the general purpose financial statements of the City of Ocala, Florida. Such information, except fot *he hiatorical pension information included on pages 55 through 57, has been su eted to the auditing procedures applied in the audit of the general purpose ft.ancial statements and, in our opinion, is f airly presented in all material respects in relation to the general purpose financial statements taken as a wholc.

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l pmmt KPMG' Peat Marw ck The schedule of historical pension inf ornmtion on pages 55 through 57 is not a required part of the basic financial staten:ents but is supplementary inforer. tion required by the Governmental Accounting Standards lioa r d . We have applied certain limited procedures, which censisted principally of inquires of management regarding the methods of me a su rer .e n t and presentation of the supplementary information. However, we did 'io t audit the information and express no opinion on it.

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January 14, 1991

(

GENERAL PURPOSE FINANCIAL STATEMENTS (Combined Statements - Overview)

These basic financial statements provide a summary overview of the financial position of all funds and account groups as well as the operating results of all funds. They also serve as an introduction to the more detail-ed statements that are in the following SJbsections.

I This page was intentionally lett blank.

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CITY OF OCALA, FLORIDA COMBINED BALANCE SHEET ALL FUND TYl'EL AND ACCOUNT GROUPS

_S_EPT EMBER 30, 1990 Governmental Fund Tvpes Special Debt Capital Assets General Revenue Service Project Current aseets:

Cash and investments $ 7,013 $ 394,898 $ -

Equity in pooleC cash and investment fund 4,175,313 6,459.532 - 11,670,375 Accounts and notas receiv-able, net of allowance for doubtful accounts of $608,767 524,894 11,248 - 973,992 Accrued inttrest receivable 10,593 - - -

Accrued unbilled revenues - - - -

Due from other funds 340,034 48,337 - -

Interfund loans receivable 2,075 - - --

Inventories Other current assets- 12,400 780 - --

Due from other: governments 198,372 141,031 - 165,752

' Total current assets 5.470,694 7.255,826 - 12,810.119 Restricted assets:

Cash and investments 48.475 47,437 511.224 -

Equity in pooled cash and investment fund 2,936,284. - 5,934,108 -

-Accrued-interest and divi-

~dends receivable - - - -

Due f rom other funds - - - -

Other 1,579 - 878 -

Due from other governments 403,245 - - -

Total restricted assets 3.389,583 47,437 6,446.210 -

Interfund loans receivable

, efter one year $6,956 - - -

Property, plant and equip .

~

. ment, net Icauance-costs on long-term

-debt - - - -

Amount available in debt service funds .

Amount to be provided for retirement of general long-term debt - - - -

Total assets $ p.917.2_3J $ 7.303,263 $ 6.446.210 $ 12.810.119 Fiduciary Proprietary Fund Types Fund Type Account Groups Trust General General Totals internal and Fixed Long-Term (Memorandum Enterprise Se rvic e Agency Assets Debt only) 3,b45 $ 500 $ -

5 -

3 -

$ 406,256 3,485,857 4.197,591 - - - 29,988,668 5,698,220 SC7 - - - 7,208,951

- - - - - 10,593 3,731,526 - - - - 3,731,526 557,730 - - - - 946,101 155,832 - - - - 157,907 2,416,159 140,622 - - - 2,556,781 189,636 115,123 - - - 317,939

- 17,982 - - - 923,137 16.238,805 4,472,415 - - - 46,247,859 4,363,972 - 29,829,924 - - 34,801.032 74,009,140 - 7,232 - - 82,946,764

- - 432,777 - - 432,777

- - 1,671 - - 1,671 47,503 - - - - 49,960 558,893 - - - - 962,138 79,039,508 - 30,271.604 - - 119,194,342 716,225 - - - - 773,181 114.417,094 7,012,477 - 14,984,312 - 136,413,883 1,449,922 - - - - 1,449,922

- - - - 6,446,210 6,446,210

- - - - 28,107,976 28,107.976

$ 211.861.554 $ 11.484.892 $ 30.271.604 $ 14.984 _3_11 $ 34.554.186 $ 338.633.373 (Continued)

CITY OF OCALA, FLORIDA CORBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTZMBER 30, 1990 (Continued)

Cove rnmental Fund Typen Special Debt Capital liabilities and Equity General Revenue Service Project Current liabilitient Accounts payable $ 1,149,710 $ 136,017 $ - $ 767,823 Compensated absences payable 407,157 13,6' - -

Bonds and notes payable within one year - - - -

Accrued interest payable Due t( other funds 1,681 - - -

Customer deposits - - - -

Deferred revenue 238,817 677,857 - -

Interfund loans payable - - - -

Total curt (nt liabilities 1,797.365 827,475 - 767,823 Liabilities payable .from restricted assets:

Accounts payable 191,008 .

Compensated absences payable - - - -

Accrued interest payable - - - -

Deferred revenue - 48,524 - - -

Bonds and notes payable within one year - - - -

Total liabilities payable from restricted assets 439,532 - - -

Interfund loans payable after one year - - - -

Bonds and notes payable after one year Total liabilities 2.236,897 827,475 -

767.823 Equity:

Investment in general fixed assets Contributed equity Retained earnings:

Reserved for debt sarvice - - - -

' Reserved for renewal and replacement - - -

n Total reserved receined earnings -

Unreserved - -

Total retained earnings -

~

Fund balanet.s Reserved for debt service - - 6.446,210 -

Reserved for retirement benefits - - - -

Reserved for interfund loans receivable after one year 56,956 - - -

Reserved for encumbrances 1,996,348 325,575 - 846,383 Reserved for restricted assets 2,284,561 47,437 - -

Total reserved fund balances 4.337,865 373,012 6,446,210 846,381 Unreserved and undesignated fund balances 2,342,471 6,102,776 - _11.195,913 Total fund balances 6,680,336 6,475.788 6.446,210 12,042,296 Total equity- 6.680.336 6,475,788 6,446,210 12,042,296 Total liabilities and equity $ 8.917.233 $ _7.103.263 $ 6.446.210 $ 12.810.119 See accompanying notes to financial statements.

i~

l

.iduciary Proprietary Fund Tvpes Fund 7ype Account Groups Ge ne ral., Totals Irust General Internal and Fixed Lon g- Te rm ' Memorandum Enterpries Se rvic e ;g 4 Assets Debt Only)

$- 4.403.184 5 1.164.401 3 - $ - 1 -

5 7.621.125 288.702' 51.715 - - - 761.185 33.301 190.683 - - 1,576.611 1,800.597

- - - 10,732 10.732 -

946,091 - - - - 947,772 2,319.220 - - - - 2.519,220

'231,619 - - - - 1.148,293 1572 907- - - - - 157,907 8,590.758 1,406. 99

- - 1,576,611 14,966,831

.- 11.543 - - 2.548,918 q 2.127.367

- - 362 - - M2- '

3,397,191 - - - - 3,397,391

- - 332,607 234.083 - -

2,400,000. - - - 2,l,00,000 8,208,841 - 10,905 - -

,,8,679,278

'773,181 - - - - 773,181 92,040.115 735,191 - - 12.977.575 125,752,881  ;

2.141,990 30,905 - 14,554,186 150,172,171 109.6l3.895

- - - 14,984,112 - 14.984.312 23,428,'05I 1,309.176 - - - 24.737,227 1.596,356 - - - - 1.596.356 12,276,331 - - - - 12,276,311 13.872,687 - - - - 13,872,687 64,947,921 0,033,726 - - - 72,981,647 l

l 78.820,608 8,033.726 - -

• 8 6 ' 8 5'

• DO

- - - - - 6,446,210 l

- - 29.807.380 - - 29.807,380 l

- - - - - 56,956

- - - - - 1,168.106 I

- - 433,319 - - 2.765,317

- - 30,240.699 - -

42.244.109 l - - 19,641,160

- - 10,240,699 - - 61,885,129 9,342,902 30,240,699 14,984,112 188,eet,202 l

102,248,659 -]

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$ 211.861.554 $ 11.484.892 s 10.271.604 $ 14.984,11J 5 34.554.186 $ 338.633.373

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CITY OF OCALA, FLORIDA l COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN Ft'ND BAIMCES A!.L COVERNMENTAL AND EXPENDABLE TRUST FUhD TYPES F_0R THE YEAR ENDED SEPTEMBER 30, 1990 Fisluc t o r y covernmental Fund Types hnd Tyre Totalp special fie b t Capita! fxpendable (Meecrandi.m 6eneral_ Revenue Service Prnjert Trust only)

Revenuvet Property taxes 8 6,459,659 8 46,184 ! -

5 - $ 10,914 5 6.S16,777

.0ther ranee H01.194 - - - - 801,194 State revenue sharing 1,209,811 - - - - 1,209, Mil Other intergovernmental revenues 1.160,280 2,6tl,974 - 211,285 - 6,001,519 Parking meters and facilities - 88,115 - - - 08,115 1.frenees and permits 149,602 186,609 - - - 716,411 fines and forfeitutes 650,662 51,470 - - - 714,112 Charges - f or services 168,210 1,041,177 - - - 1,409,167 Interet.t $69,911 514.121 461,506 721,762 14,919 2,282.241 Gif t s ' 56,990 4,918 - - - 61,908 Othen 181,477 17,708 - 29,413 412,644 6412247 Total re vent.es 11,617, Wi 4,764,678 e64,50h 982,6M 418,5:1 FW,TG

~

ltaprndit ure n s Currenti General nevernment and admint-stration 1.118, U8 50,169 - - 16,026 1,18%971 Pubite safety 10.759,495 - - - - 10,759,495 lublic worH 2,614,621 852,117 - 145.122 - 1,81),880 Culture and reerestion 2,192,076 1,184,822 '. - - 1,176,898 ftausing rehabilitation 289,148 - - - -

289.148 Nondepartmental appropriatione 189,988 - - - - 189,988 other 197,980 71.140 - - - 469,129 Capital outlay 1,144.650 1,689,880 - 1,458,666 - 6,291,196

.Osht-service Principal osyrota 42,189 - 1,125,000 - - 1,167,189 Interest and paying ag ata' fees 10,596 120 2,441,684 - 44 2,452,644 Intergovernesntes- 111,646 998- - - - 112,644 Total N en4ftures 21,0?l.167 1,849,875 1,566,6dT 4,801,785 {l6,070 U ,10 7,56T Excess (dattdency' 4 revenueu- ,

ovat.expan't N ,s (9.211,169) 914,801 (1,105,178) (82tg21) 422.447 (11,822,420) 0tbar f!rinf.ag %iur:rs tulee): -

caltra .'fn ett.ei Lc4 9,945,204 184,545 1,991,758 - 11,552 14.115.059

Tr,-% rv W,J - %r furie (1,945,445) (1 618,401) (201,000) (58,817) _ (2,660) (1,826,141)'

L, i*( ' ' lbbr a ( W e (uses) 7,999g759 (41,211,8 % ) _1,790,758 _pt857) 10,M12 to,50BA96

,Ercte ,ef fe t "cy) of revenues and

, t *her souten. dar expenditures and usersme- (1,211,480) Cl9,051) 6HS,580 (880,160) 411,is9 Q 111,724)

I, <=nd b W e.c.m er beginning of year

• 7,911,746 11,642,016~

6,794,841 _5,760,610 - 14,111.251

+ity treneftra 'to) other funda

. - - - (719,580) - (719,580)

1. .aela, ices at end'of year $ 6,680. U6 5 6.473.7e8 8 6 A46.7t0 $ g g g $ M $ 12.077.949 1:

{ 8.as accompanying noten to financial statements.

I t

l l

l l ... -- . - _ - .

CITY O_F OCALA.-FLORIDA COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES - ACTUAL AND BUDGET GENERAL. SPECIAL REVENUE, CA,PITAL PRO.IECT AND

.EX._PENDABLE

- TRUST FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 1990 f.ene r a l Adjustments Actual Favorable to on a (Unfa--

Budgeter" Budgetary Revised vo t at. le ) -

4 tua_1 Paste Basis FLud ge t Variance i froperty taxes -$ 6.459,659 8 - 5 6.459,659 $ 6.485.204 $ (25.545)

Other taxes 801.194 - 801,394 800,000 . 1.194 State revenue sharieg 1,209.811 - 1,209.813 1,133.000 (121,187)

Other intergovernmental revenues 3,160.280 (984,932) 2.175,128 2.182,961 (207.613)

Parking meters and facilities - - - - -

' Licensen.and permits 149,602 - 349,602 118,162 11,200 Fines atJ forfeitures 680,662 680,662 718,000 (17.118)

Charges for services 168,210 - 168,210 409.113 (4b,921)

Interest $69,911 (6.651)- $61.260. 649,150- (86.090)

Cifts ~ 56.990 (10,035) 26.955 23,000 3.955 0ther 181,477- (90,110) 91.087 65.754 25,113 Total revenues T3317.996 (1,IL2,0)8) 12,725,970 13,204,164' (478,194)

Expenditure s s Curtant General government and administration 3.118.578 (17,813) 1.100.765 3.284,751' 181,986 Public saf ety 10,759.495' 19,191 10,778.686 11.641,190 864.504.

Public works 2.614,621 $0.513 2.665.,154 -2,664,769 (185)'

.' Culture and recreation 2,192.076 (2.380) 2,189.696 2.397,814 208.118.

Housing: rehabilitation . 289,148 (289.148) ~

Nondepartmental appr'priations 189,988 (4,512) 385.456 511.177- 145.721 Other- 197.980 (350.637)- 47,343 58.219 10,676 Capital outlay 1,144,650 1.172,612 4.317,262 --4.098,942 (218,120)

Detet services Principal payments 42.189 '- 42,189 42.390- 1 4 Interest and paying agents' fees 10.596 - 10,5v 10.593 . (3)'

Intergovernmental 111,646 (1,031) 108.615- 47,010 (61,585)~

Total expenditurca 21,071,167 574,795 23,645,962 24,778,895 1,112,9TI

. Excess (deficisney) of revenues over expendituree . (9.211,169) (1,685,821) (10,919,992) (11,574.111) 654.119 Other. financing nources (uses):

Operating transf ers from other funde '),945,204 ' l.082 9.946.286 9.501.000 445,286 Operating transfers (to) other funds- (1,945,445) 4,161 (1,941,032) (2,001,585) 62,501 Total ~other cources (useJs) . 7,999,/59 5.445 8,005,204 7,497,415 507,789:

Excess '(deficiency) cf ravenues and other sources over expenditures and other .

uses befare. fund balance allocation- (1,233,410) (1,681.378) (2,914,788) (4.076,716). 1,161,928 Fund balance allocation - - - 4,076,716 (4.076,714)

Excess (deficiency) of revenues and other sources over expenditures and other uses (1,231.410) (1,681.118) (2.914,788) - (2,914.788)

Fund balances'at beginning, of year 7,913,746 (59,540) 7,854,206 7,854,206 _

Fund 1alances at and of year $g@ $(1.740.918) $ 4.919.41), 8 __'.854.206 $(2.914.788)

. . Sea -accompanying notes to financial stater ints.

Special Revenue Adjust--

ments Ac tual Favorable to en a (Unfa.

Sudgetary Budgetary Revised vorable)

. Actual - Basic Basis Budget Variance

$ 46.184 f . 4 46.184 s 48.400 s (2.216)

'; 2.611.974' -

2.611.974 3.009.208 (197.234) i 88.315 -

88.315- 93.000 (4.685) 186.809 - 386,809 333.600 3.209 53.470- .

51.470 52.200 1.270 1.041.177- -

1.041.177 1.016.000 25.177 514.123 (60) 514.063-- 341.200 (27.137) 4.918 (2.000) 2.918 2.000 918 11.708 - 17.708 =17.512 196 4,764.678 e2.oe5) 4.762.6t6 s,te),i23 g oo,f6oT; 50.109 995 51.364 51.513 149 852.137- 203.907- 1.056.044 1.187.9R3 131.939 1,184,822- 80.858 1.265.680 1.308.160 42.480 71.349 -~ 11.349 77.016 5.667 1.689.880 37.815 1,727.695 1.660.347 1.933.157 2.640 2.680 320 - 320 320- -

998 - 998 1.500 - 502 3.649,sTT 323,575 4,173,450 177sh,o19 2.tle,5e9

-914,803 (125,635) 589.168 (1.126.899) 1,716.067 384.545 - -

384,545 459.545 (75,000)

-(1 618 401) - (1,618,601) (1,618,401) -

( .. ,FTK)- - .(1,233,856) (1,158.8.s4). (75.000)

(319.053) (125.635) (644.688) (2.285.755) 1.641.067 2.285.75,5 (2.285,755)

(319.053) (125.635) (644.688) -

(644.688)

-6,744.841 (592) 6,794.249 61 794,249 -

s6.475.7_e8s(J11.3;;)- s 6.149.561 s 6.794.249 s ,(644 A88)

_9_

(Continued)

.1 S TY OF OCALA, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FWD BALANCES - ACTUAL AND BLIDGET QN,ERAL. SPECIAL REVENUE, CAPITAL PROJECT AND EXPENDABLE TRUST FUND TYPES, (CONTINUED)

FOR TiiE YEAR LNCL; SEPTEMBEk 30, 1990 farital protect Adjustwents Actual lavorable to on n ( l'n t a -

ltadgetary Bud 6nery Pevised verable)

? Actual Basis $aufs Budget Variance Revenueet Froperty taxes $ . $ . $ - 4 -

S -

Other intergovernmental revenues 231,265 (211.285) - - -

Intere64 721,762 (106,716) 615,026 512,000 (296,974)

Other 29,43 (29.418' - -

Total revenues 987,465 ( 4 /,4 N ) 619,026 912,000 (296,074)

Expenditu re s:

Current 1 General government and administration - - - -

Public wocke 145.122 (18.211) 126,914 296,la4 (10,767)

Capital outlay 1.458,666 (695,204) 76 > 462 7,886,675 7,121,211 De b t service - interest and pay!.ng agents' fees -

Total expenditures 1,801,788 (711,415) 1 090,,,)?) 8,192,819 7,092,446 Excess (defictehey) of revenues over expenditures (821.121) 145,976 (47%,147) (7,270,819) 6,795,472 Other financing scurces (unes)

Operating transfers from other funds - - - - -

Operating transfers (to) other funde (58,837) 58,877 - - -

Total other sources (uses) _

(51,837) _ 58,817 - - -

Excese (deficiency) of revenues and other sources over expenditures and otner uses before fund balance allocation (880,160) 404.81) (475,%D '7.270,819) 0.7*5,672 Fund balance allocation - - - 7,770,819 (7,270,Rt9)

Excess (deficioney) of revecues and other

. anurces over expenditures and other uses (680.160) 404.811 i475,147) - ( 475, % 7)

Fund balances at beginning of year 13,642,036 (2.0Cb809) 11.576.227 11.576,227 -

2quity transfers (to) other funds (719,580) 719,580 .

Fund balances at end of year $ 12.042.296 8 (941.416) $ _II. 40.88_Q -$ M g 5 g 7 3 ).

$ee accompanying notes to financial statemente.

i

~

E

\

bpendable Trust Adjustment.s Actual F4verable to 3 on a i t'n t s +

Budgetary Sudgetery Revised verable) gt ua,{ bast 3 Basis Suit et Variance

$ 10.934 6 - 8 10,914 1 10.93i. 5 -

14.919 (11,805) 1,1% 4,550 (4161 412,644 (412,644) * = . -

438,i-17 (316,449) 12,068 .2,484 /416) 16.021 -

'6.026 22.255 6.229 44 - .4 64 -

16.070 - 16,070 22,299 6,229 422,447 (A26.469) f4,002) g) 5,all 13.532 - 13.552 13.552 -

( 2,630,) - ( (2,630) -

_2. 6 80.)

10.87] -

to,8Z2 10.872 -

411,119 (4?6. 49: 6.870 1,057 5,811 a -

11,057) My 411,319 (426,449) 6,870 - 6,870 er e e e e dH g i

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CITY OF OCALA, FLORIDA COMBINED STATEMENT OF REVENUES. _ EXPENSES AND CHANGES IN FUND ERLM ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1990 Fiduciary Preprietary Fund Types %nd Typ Totale internal l'e us ton (Memorandum f:n t e rp r i s e Fervice Tront Only)

'Operstiteg tevenues:

Sale of electrietty i 59.951,247 5 - 1 - 1 59.951,247 Sale of water 3.274,734 - -

1.274.714 Sewer arwl sanitat ten service charges 9,065,411 - - 9,065,471

. fees and rentals 1.817,83% 6.088,231 -

7.906.066

' Cec.atesions 70,238 - - 70,2Ta City and state contributions - 1.917.693 1.491,505 1,411.194 faployee contrit.>tf ons - 692.187 243.127 935.714 income on investments - - - 1.,705.979 1,705.979 Other 2,707,467 125,787 - 2,811,254

~

. Total operating revanues 76,848J4] E.824.098 V 42,611 ~ 89,t$5,851

.Oparaticff enpenoest Purchsee of electricity 14.553,158 - -

14.551.158

-Dietetbutton 4,812,817 - -

4.812.837 4

. sack-up 727.253 - -

727.251

' Transmission- 156.004 - -

356.004 Operation .and maintenancu 7.451,405 - -

7.451.405

= Uster and -sewer treatsant 1.650,974 - -

1.650.974 Saver collection 751,576 .

751.576 Fleet sanageant - 2.242.669 - 2.242,669 Furcheoing and watehoustrig -

5)6.769 - 516,769'

.Mm4gement ini m ation ayetes, central repro 4fuct.lon and records mar.agement -

811.767 -

831.767 Building maintenance - 659,380 -

659.180 Pension paymente - - 979.744 979.744

- Mainistration 2.652.007 2.612.303 110,015 5.594.145 Depreciation and emortization 5.062,011 451.470 -

5.515.481 Asaltsed lose on sale of.investsents .- - 441,347 44).347

. threattaed losa in f air market value of investments - -

6.890.985 6.890.985 Other 1,144,901 - -- 1,344.901

. Total ersreting expensee 59.162,128 7 336, M8 8.644.nli '75,342.597 Opstattug income-

~

17.526,8II' h87,g {.201,50) 11,811,254

- NonoperatAng revenues (expenses):

Interest a ne rnee . 1.596.741 295,158 -- 1,892.101-

!!ntereet expense (2. 5M,98 5) (50,644) -

(2.560.679)

Operating grants (15.446) -

~

(15.446)

Total nonoparating revenues (stpensen) 1,071.112 7 44,714 - 1,116,026 Income before operating transfers 18.5 % ,126 1,712,454 %201,300) J5,129,280 Oparating transfers:

From other funds e05.115 204.047 - 1.009,162 (To)-other funds . Q0,685,184) (812,674) -

Ql,517,858)

Total operatlog tesosfere (9.880,069) (628,627) - (10,508,696)

Net income (lese) before extraordinary item 7 .718.057 1,103.827 (1.201.300) 4,620,5BT Extraordinary ites - pain on in-mu1> stance defeasance of deb: 915.205 - - 915,205 Net income (lona) 9.633.2I2 1,101.627 (5,201.100) 5.535,769

' !*uN equity . at beginnAng of year 90.452.387 8.218.674 35.006.680 133.679.741 Equity transf ere f rom othwr fundo 719,580 - - 719.580 Capital contributions f rom other sources 1,441.410 20,401 - 1,461,811

' Fund equity at end of year $ 102.248.650 $ 9,342.902 $ 24.807.380 $ 141.393.941

- See accompany 1 rig notes tu financial statements.

k

+

CITY OF OCALA, FLORIDA COMBINED STATEMENT OF CASil FLOWS ALL PROPRIETARY FUND TYPES FOR T51E YEAR EhTED SEPTDfBER 30. 1990

_ Proprietary Fund Types _ Totals Enterprise Internal (Hemorandum Funds , Service Oniv)

Cash flows from operations:

Operating income $ 17,526,814 $ 1,487,740 $ 19,014.554 Adjustments to reconcile net income to cash provided from operations:

Depreciation and amortization 5,062,013 453,470 5,515,483 Cash provided by (used for) changes in:

Accounts and notes receivable (55,724) 1,627 (54,097)

Accrued unbilled revenue (86,166) - (86,166)

Due (to) from other funds 502,995 (459.535) 43,460 Inventories (99,977) (2,383) (102,360)

Other current assets (136,577) (59,336) (195,913)

Other restricted assets 26,277 - 26,277 Due.from other. governments (347,920) -243,311 (104,609). e Accounts' payable (379,810) 4,565 (375,245)

Compenaated absences payable 33,045 - 33,045 Customer deposits $20,142 - 520,142 Deferred revenue (28,224) - (28,124)

Other restrted liabilities 593,272 - 593,212 Net cash provided from operations 21.130,160 1,669,459 24,709,619 LCash flows frok (used in) investing activities:

Purchases of property and equipment (17,383,707) (855,347) (18,239,054)

Proceeds from sale of property and equipment 135,968 7,595 143,563 Interest received 3,596,743 295,358 3,892,101 Net cash (used in) investing activities (13,650,046) (552,394)- (14,203,390)

Cash flows from noncepital financing activities:

Operating transfers to other funds (10,685,184) (832,674) (11,517,858)

Operating transf ers f rom ot'.er funds 865,115 204,047 1,009,162 Net cash (used in) noncapital financing activities (9,880,069) (628,627) (10,508,696) c (Continued)

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CITY OF OCALA, FLORIDA COMBINED STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES FOR THE YEAR ENDED SEPTFMBER 30, 1990 (Continued)

Proprietary Fund Types Totals Enterprise Internal (Memorandum Funds Service Only)

Cash flows from capital and related financing activities:

Payment of principal on debt $(23,550,015) $ (338,805) $(23,888,820)

Proceeds from issuance of debt 40,903,858 1,041,3.0 41,945,228 Transfers to other funds (15,446) - (15,446)

Interest paid (1,799,210) (61,542) (1,860,752)

Net ; ash provided from capital and related financing activities 15.539,187 641.023 16,180.210 Net increase in cash 15,138,282 1,129,461 16,267.743 Ca^h and cauh equivalents:

Beginning of year 66.784,532 1,068,630 69.853,162 End of year $ 81.922.814 $ ig.198.091 $ .86.120.905 See accompanyingen :es to financial statements.

This'page was intentiona!.ly left blank.

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CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 10, 1990 (1) Description of Funds and Reporting Entity The City of Ocala, Florida (the " City") _ operates under a council-manaFer form of government and provides the following services as authorized by its charter: public safety, public works, public utilities, culture, recreation and community development. The financial activities of all municipal boards ano commissions thar. provide se rvice s to the citizens of the City, except for the Ocala Heosing Authority, are included in the City's financial statements.

The City includes municipal boards and commissions within the City in its financial statements in circumstances where the City selects the governing authority, designates management, has the ability to influence operations, and has accountability for fiscal matters of the municipal boards and commissions. The Ocala Housing Authority (the " Authority"),

which provides public housing services in the City, is not included in the reporting entity of the City since the City, although appointing the governing authority, dces 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, f und _ equity, revenues, and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped in the accompanying financ.;l st_tements into seven generic fund types and three broad fund categories: governmental funds, proprietary funds and fiduciary fund.

Homogeneous funds are consolidated for purposes of financial statement presentation. Interfund transactions and balances are eliminated in the consolidation of homogeneous funds. Other funds which are similar by type but not homogeneous are combined. Interfund transactions and balances are not eliminated on funds which are combined rather than consolidate _d.

Governmental Funds Governmental funds include the General, Special Revenue, Debt Service, Capital Proj ect and Expendable Trust funds. The measurement focus of governmental funds is determination of financial position and sources and uses of resources rather than net income de te rminat ion. The funds are maintained on the modified accrual basis of accounting.

Generally, only current assets and current liabilities are included on (Continued) 4

. _ - _ .. . - ~_.

CITY OF OCALA, FLORIDA-NOTES TO FINANCIAL STATEMENTS their balance sheeva. Their reported fund balances are considered a measure of available spendable resources. .The following is a ,

description of the governmental funds of the City:

General Fund ,

The General Fund is the general operating fund of the City. It 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 Commission and those required to be deposited to the Community Redevelopment Trust Fund), f ranchise taxes, licenses, fines and certain intergovernmental revenues are recorded in this fund. Current, capital outlay, debt service and intergovernmental expenditures of the adminis-trative, public safety, public works and numerous other departments are paid for through this fund.

.cpecial Revenue Funds Special revenue funds are used to account for the proceeds of specific revenue sources that are legally or administrative 1y restricted to expenditure for specific purposes. Special revenue funds used by the City are: ,

Occupational License Business license and permit revenues, which are pledged as security for the Refunding and Improvement Excise Tax Bonds dated January 1, 1972, are recorded in this fund. Revenues collected are transferred to the appropriate debt service fund as required.

Central Florida Regional Librag 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.

Off-Street Parking This fund accounts for the proceeds from the City's parking system.

Downtown Development This fund accounts for property taxes levied against downtown property owners.

(Continued)

CITY OF OCA1.A. FLORIDA NOTES TO FINANCIAL STATEMENTS Local Gasoline Tax This fund accounts for street related maintenance and itnprovement projects financed by the City's share of local gasoline taxes. These taxes are required by law to be used to maintain streets.

Stormwater Utility

.This fund accounts for resources collected which arv to be used !cr additions to, improvements to and maintenance of the storm drait. age system.

Debt Service Funds Debt service funds are used to account for the aciumulation of resources 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 paysent of principal, interest and related costs of the 1972 Refunding and Improvement Excise Tax Bonds.

Improvement Bonds This fund is used for the pa> tent of principal, interes t . and related costs of the Capital Improvement Refunding Revenue Bonds. Series 1986.

Improvement Certificates This fund is used for the payment of princip,al, interest and related costs of the Capital Improvement Revenue Refunding Certificates.

Series 1988.

Optional Gas Tax Bonds This fund is used for the payment of principal, interest and related costs of the Optional Gas Tax Revenue Bonds, Series 1989.

Capital Project Funds The capital project funds are used to 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. Capital project funds used by the City are:

(Continued)

CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS Capital Improvement Construction Fund The Capital Improvement Construction Capital Project 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. 14 M.

Street, which is a major arterial street project.

Optional Gas Tax Construction Fund This fund is used to account for resources earmarked for construction of and improvements to several roadways exclusive of the NE 14th Street project.

Proprietary Funds Proprietary funds include enterprise and internal service funds. The meas urement focas of proprietary funds is de t e rminat ion of net income, financial position and cash flows. The generally accepted accounting principles for proprietary funds arc those applicable to businesses in the private sector and thus these funds are maintained on the accrual basis of accounting. Accordingly, all assets and liabilities associated with their activity are included on their balance thests. 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 nas deemed that periodic determination of net income is appropriate for purposes of monitoring capital maintenance, accountability or other purposes. ~

's.

Enterprise funds used by the City are as follows:

Electric System Revenue Fund This fund is used to accou

• 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 ratr structure established by the Florida Public Service Commission.

(Continued)

CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS 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.

Municips) Trailer Park Fund This fund accounts for the cperation and oaintenance of the City-owned trailer park.

Ocala hju icipal Airport (Jim Taylor Field s Fund This fund accounts for the construction, operation and maintenance of the City's airport.

g ernal Service runds The internal service funds account for the operation of departments which

- exist solely to provide services to other City departments. The revenues of the internal service funds are derived from user fees charged to other City funds. The internal service funds used by the City are:

Internal Service Fund This f und accounts for the operation of management inf ormation system, central reproduction, building maintenance, records management and purchasing and wareh:using departments.

(Continued)

CITY OF OCALA. FLORIDA NOTES TO FINANCIAL STATEMENTS E Fleet Management Fund This fund accounts for the operation of the fleet management department, which is responsible for replac ing , specifying, acquiring, maintaining and disposing of approximately 930 units of gas driven equipment.

Self-Insurance Fund This f>md accounts for the operation of the risk emnagement department and Lor.the costs of the City's self-insurance plans.

Trus t 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 accounting. The pension t rust funds are utilized to account for the financial transactions of the City-administered pension plans. The measurement focus and basis of accounting of the expendable trust funds are similar to governmental funds and they are therefore maintained on the modified accrual basis of accounting.

Pension Trust Funds

'The Ocala Employees' Retirement Fund This fund provides regular benefits to all active and inactive participants of the former system.

The'0cala Police Officers' Supplemental Pension Fund This fund provides supplemental benefits to qualifying police officers.

The Ocala-Firefighters' Supplemental Pension Fund This fund provides supplemental beneffts to qualifying firefighters.

Trust Funds Community Redevelopment Trust Fund The Community Redevelopment Trust Fund is used to hold funds

! collected for improving and redeveloping the downtown area.

(Continued)

1 i

CITY OF OCALA, FLORIDA -l NOTES TO FINANCIAL STATEMENTS l

l Pension Medical - Rese rve 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.

Account Groups Fixed assets and long-term liabilities associated with governmental 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 the measurement of financial position.

General Fixed Asset Account Group Fixed assets used in governmental fund type operations are accounted for Public in the General Fixed Asset Account Group. 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 in the General Long-Term Debt Account Group.

(2) Summary of Significant Accounting Policies The accounting principles ~and reporting practices of the City conform to generally accepted - accounting principles applicable to gove rnmental units. The more significant of these policies and principles are summarized below:

- - (a) Basis of Accounting 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.

(Continued)

CITY OF OCALA. FLORIDA l NOTES TO FINANCIAL STATEMENTS 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 f inance 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.

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 expenditures in the debt service funds when due.

. Prepaid items are reported as current period expenditures rather than allocating the related expendivures to the periods benefited.

. Inventory of governmental funds is reported as an expenditure in the period purchased.

. 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 capital proj ect, one expendable trust and all debt service funds. The budget amounts presented in the accompanying financial statements for the governmental funds are as originally adopted, or as legally amended, by the City Council during the year ended September 30, 1990.

The City Manager is authorized to transfer budgeted amounts between departments within any . fund; however, any budget amendments that alter the total expenditures of any fund must be approved by the City Council. During 1990, _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 the governmental funds in the accompanying financial statements are on i

(Continued)

(.

L- d

CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS this non-GAAP budgetary basis. In addition, certain activities accounted for within the governmental funds are not f o rmally 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.

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 dif ferer.ces 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, 1990 is presented below:

Governmental Fund Types Special Capital Expendable General Revenue Proj ec t Trust Excess (deficiency) of revenues and other sources of financial resources over expenditures and other uses of financial resources (budgetary basis) $(2,914,788) $(644,688) $(475,347) $ 6,870 Adjustments:

Encumbrances 1,588,152 325,575 75,955 -

Non-formally budgeted activities 93,226 60 (480,768) 426,449 Excess (deficiency) of revenue.s and other sources of financial resources over expenditures and other uses of financial resources (CAAP basis) $(1.233.410) $(319.053) $(880.160) $ 431.119 (Continued)

CITY OF OCALA. FLORIDA NOTES TO FINANCIAL STATEMENTS (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-L equity in the pool at the end of each month.

(d) Cash Flows For purposes of the statement of cash flows, cash and cash equivalents l

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 l Investments, except those of the Pension Trust Fund, are stated at cost, which together with the accrued interest receivabic approximates market. Investments of the Pension Trust Fund consisting of bonds, common stocks and short-term invectments are stated at fair market value based on quoted market prices at the ond -

of the fiscal year.

Income from other investments owned by the individual funds is. recorded in the respective funds as earned.

l (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.

(g) Property, Plant and Equipment

! Proprietary Funds Property, plant and equipment of the proprietary funds are carried at historical cost, if known, or estimated historical cost. The City used appraisals and other estimation techniques (indices) to estimate, when necewaary, the original historical cost of the units of property, plant and equipment. Since the developmen= of detail property records, all additions to property, plant and

equipment of proprietary funds have been recorded at cost with' l retirements recorded using the established actual or estimated historical cost (net of accumulated depreciation).

! (Continued)

_ . - -- .. ~_ ,

CITY OF OCALA. FLORIDA NOTES TO FINANCIAL STATEMENTS j l

l 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 Commission fot' 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.

Additions, improvements and expenditures that significantly extend the useful life of assets held by proprietary funds are capitalized. Other expenditures for repairs and maintenance are charged to operations as incurred.

Interest costs, net of interest income, on assets constructed or otherwise produced for use by proprietary funds is capitalized, as appropriate. For the year ended September 30, 1990,

$1,667,369 in net interest cost incurred by the proprietary funds was capitalized.

Governmental 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 infrastructure 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 Aseet Account Group were established at historical cost or estimated historical cost in a manner similar to fixed assets of proprietary funds. Depreciation is not provided on gene,ral fixed assets.

Capital Leases and Installment Purchase Contracts Property and equipment and long-term liabilities associated with capital leases and installment purchase contracts of governmental funds are accounted for in the General Fixed Asset and General Long-Term Debt account groups, respectively.

(Continued)

CITY OF OCALA. FLO'.IDA NOTES TO FINANCIAL STATEMENTS-The acquisition or construction of general fixed assets under a capital- lease agreement or inctallment purchase contract is recognized as an expenditure and other financing source and principal and interest expenditures in the governmental' funds on lease payments or installment purchase _ contract are recognized when due.

Property and equipment and liabilities associated with capital leases and installment purchase contracts of proprietary funds 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 the general public at the end of the fiscal-year.-

(1) Property Taxes 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. Substantially all property tax billings are collected during the fiscal period billed. Property taxes receivable at September 30, 1990 are immaterial.

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, 1990 was $5.080 per $1,000 of assessed property value.

(j) Interfund Payables and Receivables Interfund payables and receivables are non-interest bearing and generally are liquidated monthly. Interfund advances are liquidated in accordance with the City Council's resolution and may b e a r _-

interest (note 5).

(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 spendable resources. Accordingly, the amount of the compensated absence liability that would normally be (Continued)

j CITY OF OCALA, FLORIDA l

NOTES TO FINANCIAL STATEMENTS I

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.

(1) 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.

(m) Reserves of Retained Earnings and Fund Balance Reserves of retained earnings on the proprietary funds are created by increases in net 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. Increases in net assets restricted debt for service and renewal and replacement result from earnings on restricted assets included in consolidated net income of the proprietary funds and transfers to the restricted accounts. Increases in restricted assets decrease unrese rved retained earnings and increase rese rved retained earnings. The use of the restricted assets generates a restoration of unrese rved retained earnings as debt payments are made and as renewal and replacement expenditure requirements are met.

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. Increases to these reserves are created by transfers to restricted accounts, earnings on restricted assets and gifts designated by the donor for a specific use. In addition, open encumbrances at year-end are reported as reservations of fund balance to re s e rve that portion of the current year budget appropriation which has not been recognized as an expenditure or a liability.

(n) Capital Grants 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 (Continued)

CITY OF OCALA FLORIDA NOTES TO FINANCIAL STATEMENTS 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 L in the general fixed asset account group as -!

contributions from Federal or state grants.

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.

Contributed assets, including property and equipment, are recorded in proprietary funds and in the general fixed asset account group at fair market value at the time received.

-(o) Bond Discounts and Issuance Costs Bond discounts and issuance costs are deferred and amortized over the term of the bonds using the bonds outstanding or straight-line methods (which approximate the interest method).

Bond discounts are presented as a reduction of the face amount of the a related bonds payable and issuance costs are recorded as other-assets.

(p) Administrative Fees Certain administrative expenses are incurred by the City's Electric Revenue Fund on behalf of the Water and Sewer and Sanitation funds.

The Electric Revenue Fund charges for these services based 'on the receiving fund's original budgeted appropriations. The reimburse-ment for these services is recorded as an operating expense of the Water and Sewer and Sanitation funds and 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 reimbursements are recorded as either an operating expense of the proprietary funds or as an expenditure of the governmental funds.

(Continued)

f CITY OF OCALA. FLORIDA NOTES TO FINANCIAL STATDIENTS I

-(q)- Encumbrances

-Encumbrance accounting, under which purchase orders, contracts and o the r -- commitment s for the expenditure of monies are recorded in order to reserve a portion of the applicable budget appropriation, is utilized by the governmental funds of the City. Encumbrances outstanding at year-end are reported as rererves of fund balance of' governmental funds since they do not constitute expenditures or i liabilities. They are recognized as expenditures in the period in . l which the actual goods or services are received and a liability is ',

incurred.

(r) Total Columns on Combined Statements - Overview The columns entitled " Total (s) (Memorandum Only)" included in the General Purpose Financial Statements (Combined Financial 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 the aggregation of this data.

(3) Equity in Pooled Cash and Investments. Cash-and Investments ,

The City maintains a cash and investment pool'that is available for use by all funos, except the pension trust funds and 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 investments". In addition, investments are held separately by several of the City's funds. The deposits and investments of the pension trust funds are held ssparately from those of other City funds.

1 (a) Deposits Florida Statutes require that all depositories holding puolic funds

, collateralize deposits in excess of FDIC insurance with the State Treasurer.- Required collateral must - be at least equal to the '

greater of 50 percent _ of the average daily balance, for each month, of all public deposits in excess of any applicable deposit insurance held by the depository during the 12 calendar months immediately preceding the date ef any computation, or 50 percent of _ the public deposits in excess of any applicable deposit insurance held by the depository as o r the date of any computation. The Treasurer may assess other qualified public depositories for_a pro rata share of any loss suf fered by a public depositor in excess of its depository's collateral.

(Continued)

CITY OF OCALA, DRIDA NOTES TO FINANCI AL STATD4ENTT r At year-end, the carrying amount of the City's deposits was $1,827,925 and the bank balance was $1,711.043. Of the bank balance, $249,565 was ' covered by federal depository insurance, and the remaining

$13 461,478 was covered by collateral held by the Treasurer of the State of Florida or his designated custodian.

F Funds not prohibited by bond covenants have pooled their cash balances in order to maximize investment earnings. The City's banking arrangement requires the City to maintain a compensating average bank balance of $650,000. This compensating balance is in lieu of.

direct service charges and earns interect at the money market rate.

(b) Investmenta_

Florida Statutes authorize the City to invest in the State Board of Administration Fund, obligations of the U.S. Treasury and U.S.

agencies, 6nd interest-bearing time deposits and savings accounts in banks and savings and loans provided such deposits are collateralized as described above. Assets cf the Ocala Firefighters' Supplemental- Plan and the Ocala Police Officers' Supplemental Plan may also be invested, under state statute, in corporate- bonds, corporate stocks, commercial paper and life insurance contracts.

The State Board of Administration Fund is an investment pool administered by the State of Florida. Investments held in the State Board of Administratica Fund consist of short-term Federal agency obligations, treasury bills, repurchase agreements, and commercial paper. These short-term investments are stated at cost, which approximates market. Investment income is -recognized as earned and is allocated to participants of the rund based on their equity participation.

-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 for which the securities are held by the broker.'s or dealer's trust department or agent in the City's name.

Category 3 includes uninsured and unregistered investments for which the securities sre held by the broker or dealer, or by its trust department or agent but not in the City's name.

(Continued) i I

..-.- ~ ..~..- .. .- - -- - . - . ~ _ ~ . - - . - - . .

CITY OF OCALA. Fl.0RIDA NOTES TO-FINANCIAL STATFMENTS >

Category Category category Carrying-- Market 1 2 3 Value -Value U.S. Government securities $ - $ -

$ 13.587.0$0. $ 13.587.050 $ 13.587,050 Common Stocks ~ -

I5,808,300 15,808,300 15,808.300

$ $ 29.395.350 - 29,395,350 29,395,350 Investment in state trea' surer's investment pool 116,919.445- 116.919.445 Bank deposits 1.827.925 1.827,925 Total cash and investments and equity in pooled cash $jg.142.720 $ 148,142.720 '

The pension trust-funds own 100% of-the investments in Category 3.

9 1

(Continued)

.-CITY OF OCALA, FLORIDA' NOTES TO FINANCIAL STATEMENTS

-(4) Interfund Receivables /Payables The following summarizes the interfund receivables and payables of the-various funds of the City at September 30.-1990:

1. Interfund Interfund'

Fund Receivable Payable 'I l Current Unrestricted Interfund i Receivable / Payable

General Fund $ 340,034 $ 1.681 l

Special-Revenue Funds:

Occupational License 10 -

l Stormwater Utility 48,327 -

48,337 -

! Enterprise Funds:

l Electric System Revenue- - 606,057 L Water and Sewer 372,198. -

l- Sanitation 185,532 -

Municipal Trailer Park -

7.052-l:

Ocala Municipal Airport -

332.982

$57.730 946,091 Total Current Unrestricted Interfund Receivable / Payable 946,101 947,772 Current Restricted Interfund Receivable / Payable Pension Trust Funds - Employees' Retirement Fund 1,671 -

Total Current Restricted Interfund Receivable / Payable $ 947.772 $ 947.772 (5) Interfund' Transactions

[ On April 14, 1987 the City Council authorized a loan of- $216.525- from the Water and Sewer Fund to the Municipal Golf Course Fund. This interfund j l loan bears interest at 6.5% and is to be repaid over a five year span.

At September 30, 1990, $47,175 of this loan is long-term. Interfund interest recognized on the loan in fiscal year 1990 was $11,840.

l 1

l (Continued)

CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS On November 10, 1987. the City Council approved a loan from the Electric Revenue Fund - to the Municipal Golf Course Fund for the cost _of the Pine Oaks Clubhouse in excess of - $800,000. In September 1988, the - actual interfund loan was made for $555,000. This interfund loan bears interest at a fluctuating rate using the same rate the City receives on its investments with the State Board of Administration of Florida. The loan is to be repaid over a ten-year pe riod. At September 30, 1990.,

$388,500 of this loen is long-term. Interfund interest recognized on this loan in fiscal year 1990 was $41,500.

On March 1, 1988, the City Council authorized a loan of $25,000 f rom the General-- Fund to the Downtown Development Fund. This interfund loan bears interest at 6.5% and is to be repaid by revenue generated by tax increment-financing as it begins to accrue. At September 30,.1990, this loan has been repaid. Interfund interest recognized on this loan in fiscal year 1990 was $44. ,

On February 14, 1989, the City Council authorized a loan from the Electric

, Fund to the Airport Fund of $345,000 for the City's portion of the costs of the airport operations-center. On March 14, 1989, the amount of this loan, which bears interest at a fluctuating rate based on the State Board of Administration interest, was reduced to $292.000. The loan, which was madetin September 1989, is to be repaid over a fif teen year period. At September 30, 1990, $280,550 of this loan is long-term.

Interfund interest recognized on - thio loan in fiscal year 1990 was

$24,057.

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 of a new clubhouse facility. In April 1990, the actual interfund loan was made. This interfund loan bears interest at a fluctuating rate using the same rate the City receives on its investments with the State Board of 1 Administration of . Florida and is co be repaid over a fif teen - yea r period. At September 30, 1990, $56,956 of this loan is long-term.

Interfund interest recognized on this -loan in fiscal year 1990 was

$2,456.

During the year, the City constructed certain water and sewer improvements which were financed by the Bonds Proceeds recorded in the ~ Capital.

Projects Fund. These improvements totaling $719,580 were contributed to

~

the Water ' and Sewer Enterprise Fund and the transact %n was accounted I for as a residual equity transfer.

(Continued)

CITY OF OCALA, FLORIDA NOTES TO- FINANCIAL STATEMENTS (6) Property and Equipment Property and equipment of the proprietary fund types at September 30, 1990

.is summarized as follows:

Enterprise Internal Service Funds Funds Buildings $ 4,195,759 $ 5.214.553 Extensions and improvements other than buildings 103,339,731 806.262 Crystal River Unit No. 3 11,605,756 -

Fixtures, vehicles and equipment 6,654.930 2,383,191 125.796,17e 8,404.006 Less accumulated depreciation 40,885,433 1,879,027 84,910,743 0.524,979

,- Land 6,429,892 316,556 Construction in progress 23,076,459 170,942

$ 114.417.094 $ 7.012.477 The . cost of Crystal River Unit No. 3 (CR-3) represents the City's 1.3333%

share of the aership of a nuclear power generating plant (bulk power supply syste' ' tired through a participation agreement with Florida Power Co rp<aa m ion (FPC). Under the participation agreement, FPC is acting as , ant for the City in the maintenance and operation of the plant. The City is committed to pay its ownership share of the operat onal costs of the plant as well as capital improvements, nuclear fuel procurements and plant decommissioning costs. For its investment, the ity receives the ratio of its percentage ownership in the net energy output of the CR-3 plant.

In 1976, the City Council adopted resolution 76-44 which authorized the t astruction of the Municipal Service Complex to house the operations of the electric, 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.

The following is a summary of the changes in the City's general fixed assets for'the year ended September 30, 1990:

(Continued)

CITY OF OCALA. FLORIDA NGTES TO FINANCI AL STATDiENTS Balance at Italance at Oc t obe r 1. September in.

1989 Addittons Rettrements 1990 Property, plant and equipment :

Land 8 1.192.810 774 - 1.191,604 6211 dings 1.745.729 718.410 150 4.484.009 Equipment. furnitute and fixtures f.412.819 1.016.760 511.701 6.917,876 Construettran in progress 3 R 9, %2 168,821 189,'i92 168.821

$ W0i@ $ 1,944,787

$M i .14,964,112 Nr t investment in general flued assets:

Investment in property acquired prier to Septembwr 30 1975 1 5.599.916 - -

5.599.916 investment in property acquired after September 10. 1975:

Capital project funds 502.651 17.467 -

520.140 General fund 1.291.921 1.782.412 514.154 4.541.979 Special revenue funds 1.998.452 140.191 100,124 2.018.121 Federal and state granta 701.705 4.695 266.767 419.611 Capital equipment fund 1,844.101 - - 1,844,101

$ 13. 940. 9]O $ 1.944.?!7 4 14,_41 5 14.984,112 (7) Pension Plans The City maintains a single-employer, defined benefit pension plan which covers substantially all of the City's employees (General Plan), a single-employer defined benefit pension plan which covers all of its full-time certified law enforcement officers (Supplemental Police Officers' Plan) and a single-employer defined benefit pension plan which covers all of its full-time certified firefighters (Supplemental Firefighters' Plan).

(a) Plan Descriptions and Provisions General Plan The General Plan is a noncontributory defined benefit pension plan covering substantially all employees of the City. The amount of the covered payroll for the year ended September 10, 1990 was

$20,632,287. The City's entire payroll was $21,539,527.

Empicyees are eligible to retire at age sixty-five (65) with ten (10) years of credited se rvice s or may elect early retirement with twenty-five (25) years of credited service or at age fif ty-five (55) with ten (10) years of credited service. Employees become vested af ter ten (10) years of credited service.

(Continued)

CITY OF OCAIA. FLORIDA NOTES TO FINANCIAL STATEMENTS Supplemental Police Officers' Plan The Supplemental Police Officers' Plan is a contributory defined [

benefit pension plan covering any person employed full-time in the Ocala Police Department who is certified as a law enforcement officer in compliance with the provisions of Chapter 943.14 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, 1990 was $3.181,900.

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 age fif ty (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 officers become vested in the Plan af ter ten >

(10) years of credited service. ,

Pursuant to Flurida 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 Commissioner. Such amounts collected by the Insurance Commissioner, less expenses, are contributed annually to the Plan.

The City does not contribute to the Plan. The law enforcement officers contribute 1% of their weekly earnings to the Supplemental Police Officers' Plan.

Supplemental Firefighters' Plan The Supplemental Firefighters' Plan is a contributory defined benefit pension plan _ covering any person employed full-time in - the Ocala Fire Department v'ao is certified as a firefighter as a condition of l employment in accordance with the provisions of Section 633.35 of l the Florida Statutes. The Plan supplements the General Plan which 1 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 1 September 30, 1990 was $2,276,610.

On either the first day of the month following his fifty-f'fth (55) birthday or the first day of the month following his thirtieth (30) l year of credited service, a firefighter is eligible to retire and begin receiving a benefit f rom the Plan payable until age sixty-five (65). Firefighters become vested in the Plan after ten (10) years of credited service.

(Continued)

CITY OF OCALA. FLORIDA NOTES TO FINANCIAL STATn'INTS 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 property insurance policies covering property within the corporate limits of the City, is collected by the . Insurance Commissioner. Such amounts collected by the Insurance Commissioner, less expenses, are contributed annually to the Plan. The firefighters contribute 8.42% of their weekly earnings to the Supplemental Firefighters' Plan.

Participation At September 30, 1990, participation in the plans consisted of the following:

General Police Fire Retirees and beneficiaries currently receiving benefits and terminated entitled to benefits not yet receiving them $ g Q Current employees Vested 261 36 37 j Nonvested 627 77 62 Total 88 pgg,8 Q g h (b) Investments The- three aforementioned plans pool their investments. Interest and dividend income, gains on sale of investments and appreciation in i fair market value of investments are allocated among the three plans monthly based upon the fund balances of the respective funds at the beginning of each month.

Investments of the three plans, consisting of bonds, common stocks and short-term investments are stated at fair market value ' based on quoted. market prices at the end of the fiscal year.

f-(Continued) w- :_. . _ . - _ -

CITY OF OCALA, FLORIDA--

NOTEZ TO FINANCIAL STATEMENTS (c) Funding Status-and Progress The- amounts shown below as " pension benefit obligation" are a standardized disclosure measure of the present value of pension-benefits, adjusted for .the effects of . projec ted salary increases, estimated to be payable in the future as a result of employee service to date.. The measure is the actuarial present value of credited projected benefits and is intended to hip users assess the Plans' funding status on a going-concern basis, assess proEress made in accumulating sufficient assets to pay benefits when due, and make comparisons among defined benefit pension plans. The measure is independent of the actuarial funding method used to determine contributions to the Plan.

l The. pension benefit obitgation was determined as part of an actuarial valuation at October 1,. 1990 for the Police Officers'- and Firefighters' Plans and October 1, 1989 for the General Plan.

Significant actuarial assumptions used include (a) a rate of return on- the investment of present and future assets of 8% per year compounded annually (b) projected salary increases of 6% per year compounded annually, attributable to seniority increases and inflation and (c) no postratirement benefit increases.

l l Total assets in excess of pension benefit obligation cf each of the l three Plans at October 1,1989 and October 1,1990 are summarized as

! follows:

l-l l

l i.

ll l- l 1

(Continued) l

CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS l

October 1, 1989 October 1, 1990 Police General Officers' Firefighters'

• Plan Plan Plan Total Pension benefit otligation:

Retirees and beJeficiaries currently Teceiving benefits and terminated empivyees_not yet.

receiving benefits $ 5,655,000 $ 973,200 $ 1,170,500 $ 7,798,700 Current employees:

Accumulated employee contributions including allocated investment earnings and state financed - vested 754,000 2,139,400 1,948,800 4.842,200 Employer financed vested 10,531,000 - - 10,531,000

' Employer financed nonvested 2,533,000 959,600 608.900 4.101,500 Total pension benefit obligation 19,473,000 4,072,200 3,728,200 27,273,400 Net assets available for benefits, at market, at October 1, 1989 or October 1, 1990 27.264,000 4,046,600 2,698,300 34,008,900

-Assets in excess of (unfunded) pension benefic obligation at October 1, 1989 or October 1, 1990 $ 7.791.00_Q $ (25.600) $ (1,029. 900) $ _f. 7 35. 5no (Continued)

CITY OF OCALA. FLORIDA NOTES TO FINANCIAL STATEMENTS (d) Contributions Required and Contribution Made The Plan's f unding policy provides that annual contributions at actuarially determined rates, expressed as percentages of annual covered payroll, be sufficient to accumulate sufficient assets to pay benefits when due. The contribution rate for normal cost s determined using the aggregate actuarial funding cethod.

The significant actuarial assumptions used to compute the actuarially determined contribution requirement are the same as those used. to compute pension benefit obligation as described above.

The contribution requirement for the General Plan for 1990 determined through an actuarial valuation performed as of October 1, 1989 was-

$889,749 (4.64%- of current covered payroll). Actual employer contributions amounted to $1,072,879 (5.2% of current covered payroll).

The contribution requirement for the Supplemental Police Officers' Plan for the 1990 fiscal year determined through an actuarial valuation - '

performed as of October -1, 1987 was $190,819 (6.0% of current-covered payroll). Actual employee contributions totaled $33,086-(1.0% of . current covered payroll) and actual state contributions amounted to $279,934 (8.8% of current covered payroll).

The contribution ' requirement for the Supplemental Firefighters' Plan for the 1990 fiscal year determined through an actuarial valuation performed a= of October 1. -1987 was $173,069 (7.6% of current covered payroll). Actual employee contributions totaled $210,241 (9.2% of - current covered : payroll) -and actual ' state - contributions amounted to $140,692 (6.2% of current covered payroll).

(Continued)

t

[ITY OF OCA1.A. FLORIDA NOTES TO FINANCIAL STATIMENTS l

(e) Trend Information The required three year trend disclosure is as fo11ovat I 1990 1989 1988 Net assets available for benefits as a percentage of the pension benefit obligation General Plan 140.0% 136.7 % 140.2% '

Supplemental Police Of fic ers' Plan 99.4% 137.9 % 137.9%

Supplemental Firefighters' Plan 72.4% 108.7 % 108.7%

Contributions as a percentage of annual covered payroll, all made in accordance with actuarially determined requirements:

General Plan 5.2% 7.2 % 5.!!

Supplemental Police Officers' Plan 8.8% 8.7 % 9.7%

Supplemental Firefighters' Plan (.2% 6.0 % 9.1%

Assets in excess o. (unfunded)

, pension obligation as a percentage of the pension benefit obligation:

General Plan 37.8% 34.1 % 35.4%

Supplemental Police Offices' Plan .8% 35.2 % Not Available Supplemental Firefighters' Plan 39.3% (9.2)% Not Available

-Ten year historical trend information is presented in the supplementary schedules directly following the notes to the financial statements-of this report. This information is useful in assessing the pension plan's accumulation of sufficient assets to pay pension benefits as they become due.

(Continued)

I

CITY OF OCALA. F10RIDA NOTES TO FINANCIAL STATUtENTS (8) Proprietary Tunds - Lone-te rm Debt Enterprise Funds Folkwing is a maturity schedule of outstanding debt of the enterprise fundet reises ionsa

~

ce tse. ices sette. ione se,iee i.e 4 setie. loses 7 ater 7 Tettric

~

meter

-tt and bewet and Sewer flectrit 5veten Fiscal eed $ ewer telunding ke f und ing Systes teverue Installeert Total Yset fnded k e v e tive Re vetiue Revenue tevenue D.e f utid les hote l't t nc ip al letteetet 10 Bonde Bands B atid o lande D avid e Pevable g 1991 1 360.000 1 191.000 $ . I  ??5.000 l 1.120.000 8 11.10) i 2.411.101 '

1992 ()).On0 20%,000 -

??0.000 1.191.000

• 2.60%.000 1991 46%.000 220.000 . 820.000 8.2t:0.000 -

2.76%.000 1994 $0).000 210.000 41.000 870.000 1.145.000 - 1.994.000 199) - 189.000 24%.000 920.000 1.411.000 - 1.18% 000 1996 2016 + 18.414,000 [2160,000 2 24.120.000 _6.649,nno , , . 61.440.000 1e* al lotit*

tets dotat I.165.000 40.0$0.000 12.450.000 24.42$.000 41.900.000 11.101 9%.721,101

%e t cutter.: pottlen 160.000 195.000

• 72$.000 1.120.000 11.101 2.411.101 tn4mottired d i sc outit a,410 914.204 174,itt _ 411,074 119.p19 . 1,244,teg total !ces.

tete pettien i @gg i M.34c.?96 8 11,M S 2?.266.926 $ liitt0 lti 4 - $ e? 060,113 Interest tete 7.23 - f.01 S.9 - ?.41 6.13  ?.Bfit 6.0 '.11$1 6.0 - 6.91 gt The electric system revenue and revenue refunding, and water and sewer revenue and refunding revenue bonds are each secured by the net operating revenues of the respective fund. The City is in compliance with all significant limitations and restrictions contained in the various bond indentures.

In October 1969, the City issued $28,425,000 Electric System Revenue Bonds, Series 1989A. and $13,000,000 Electric System Revenue Refunding Bonds, Series 1989B. The 1989A bonds mature through October 1, 2009 and the 1989B bonds mature through October 1, 1998. Both issues are secured by the net revenues of the City's electric system. The proceeds of the 1989A issue are being used to finance the cost of ti.3 acquisition and construction of additions, extensions and improvraents to the City's electric system. The proceeds of the 1989B issue, along with certain monies held in reserve accounts for the refunded bonds, were used for the advance refunding of the outstanding Power Supply Revenue Bonds. Series 1977, and the Power Supply Revenue F.e f und in g Bonds. Series 1988, by purchasing 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. As a result, the refunded bonde are considered to be defeased and the liability for those bonds is no longer reported in the financial statements. -

(Continued)

i CITY OF OCALA, FLORIDA i l

NOTES TO TINANCIAL $TATDfENTS The defeasance resulted in the recognition of an accounting gain f or the year ended September 30 1990 of $915.205. Although there is a l reduction in the aggregate debt service payments of approximately

$14.167.000 over the next 16 years, the economic gain (the dif ference between the present values of the new and old debt service payments) 1- l

$102.927.

Following is a schedule of debt service requirements to maturity for all outstanding bonded debt of the City's enterprise funds as of September 30. 1990:

Series 1985A Series 1986 Sertre 1988 Series 1989A Series 1989B  ;

Water Water Electric Water and Sewer and Sever Electric System tal Fiscal and Sewer Refunding Refunding System kevenue l'r; :191 Year Ended Revenue Revenua Revenue Revenue Refunding and 7 rest Stptember 10 Bondo Bonds Ronds Bondo Bonda g, 1991 $ 482.112 8 3.096.472 8 948.111 8 2.413.318 8 1.846.175 $ 8.786.608 1992 527.750 1.094.774 948.311 2.687.148 1.971.311 9.229.116 1993 .523.419 1.097.016 948.311 2.689.793 1.962.840 9.221.179 1994 525.200 3.091.057 991.927 2.688.951 1.969.720 9.268.857 4 '95 - 3.615.496 1.182.825 2.684.141 1.974.985 9.457.449 1996 - 3.622.295 1.181.658 2.685.263 1.978.145 9.467.161 1997 - 3.614.204 1.181.828 2.686.073 l.977.910 9,462.015 1998 -

3.615.877 1.179.418 2.686.058 1.983.720 9.465.071 1999 -

3.607.057 1.181.348 2.595.218 1.860.060 9.245.701 2000 -

1.607.211 1.175.581 2.689.318 -

7.472.112 2001. -

1.605.764 1.180.901 2.685.=18 -

7.472.101 2002 - 3,602.474 1.173.265 /.690.588 -

7.666.127 2001 - 3.597,209 1,177.574 2,691.718 -

7.468.521 2004 -

1.590.192 1.174.406 2.689.518 - 7.454.116 2005 - 3.590.692 1.173.759 2.692.988 -

2.457.419 2006 -

3.581.162 1.175.251 2.688.018 -

7.446.453 2007 -

1.582.0$$ 1.168 087 2.687.106 -

7.418.248 2008 - 1.576.640 1.16',471 2.691.959 - 7.418.070

.2009 - 1.570.340 1.163.812 2.690.919 - 7.427.071 20I0 -

3.567.165 1.lf2.656 2.688.818 - 7.418.659 2011 -

3.557.335 1.160.365 - -

4.?!7.700 2012 -

1.550.!!0 1.158.546 - - 4.708.656 201). - 3.549,195 1.156.806 - -

4.706.001 2014 - 1.513.850 1.154.750 - -

4.688.600 2015 -

1.528.150 1.147.180 - -

4.675.110 2016 -

1.520,615 1 le8.509 - - 4.669.124 Total $ 2.058.481 $ 91.168.407 $ 79.571.660 $ S 404.695 $ 17.525.108 $ L41.728.354 (Continued)

City OF OCALA. FLORIDA NOTES TO FINANCIAL STATEMENTS Internal Service Fund Bonds and notes payable at September 30 1990 in the Internal Service Fund include installment purchase contracts payable bearing interest at 10%

and at 7.62% and a financing agreement bearing interest at 7.94%. These obligations are secured by certain equipment.

Following is a schedule of outstanding debt of the Internal Service Fund:

Fiscal Total >

Year Ended Principal September 30 Due  :

1991 $- 190.683 1992 201.735 1993 218.025 1994 235.638 1995 79.793 Tot 1 925.874 ,

Less:

. Current portion 190,683 Total long-term portion $ 735.191  !

Following is a schedule of debt service requirements to maturity for the  ;

outstanding debt of the City's Internal-Service Fund as of September 30.

1990:

Total Principal Fiscal and Year Ended Interest

• September 30 Due 1991 $ 256.056 1992 251.941 1993 251.941 1994. 251.941 1995 81.196 Total $ 1&O93.075 (Continued)

-, ,_ . _ , . . __ , _ _ _ . . _ _ , _ __. _ - . _ . _ _ . . ~ . - . _ _ _ . _ - _ . _ . . _ _ . . . __ . . _ . ._.

.. - . - . . - -- .. - .- - n ,

I i

CITY OF OCA1.A g jf ]g

-NOT E S T O FI -N AN C ', ,c , ~ff M i "h.T,2 - ,

l (9) Gene ra l 1.00g-t e rtn Debt I The following is a sutntr.ary of changes in the City's general long-term debt for the year ended Septett.ber 30, 1990:

General General Debt Palante at 1.ong Tets l ong T e t1a Service Palance at October 1. 14 b t De b t Funds September 10 19P9 Additinne Pettred getatione 1990 Amounts available in debt service funds 1 5,760,610 $ - 8 -

8 AA5.$A0 $ 6 , 4 t.6 , 210 Almount to be providedt Tere bonde 15.015.000 - . - 15.015.000 8erist bonds 8.695.112 -

(710.000) (456.188) 7,528.924 i pevenue certificates 6.119.058 - (415.000) (229.192) 5.474.866 Notes payable 10$.150 - (26.287) - 78.861 Installment purchase and capital lease obligations 26,425 - (16,102) -

10,121 29,960.945 -

( l . i ti 7. 36 9) (O5.580) 2 6,10 7. 9 7 t>

e Total amount available and to be provided i L]Eg 3 - $ (L l67.189) 1 - $ _34,$54.186 Caneral long-ters debt  !

payatle Ters bonda l 15.015.000 8 - $ - 8 -

$ 15.01).000 Serial bonds . 13.270.000 - (710.000) - 12.560.000 Revenue certificates 7.301.000 - (41$.000) - 6.890.000 Notes payable 105.150 - (26.287) - 78.P61 Installeient purchase and capital lease obligettone 26,425 - (16,102) - 10,121 Total general long-term debt payable i 3L 721.373 8 -

8(1.1F7.389) $ -

3 34.$34.186 General long-tem debt inaturer, as follows:

Defunding and Capital Ca pit a l leprovement Improverent leprovement facite Ten Refunding Revenue Optional Ces lentallment Fiscal Bonde Dtted Ravenue Refunding Tau Reva,ine Purchase Total Year Ended January 1 Bonda Certifiestes Bonda Note Contract Principal September 10, 7

,19,7,q Series 1936 Settee 1988 settee 1999 eayable obligatto.,e M 1991 1 325.000 8 485.000 8 450.000 1 150.000 1 26,288 8 10.121 8 1.576.t11 1992 110.000 440.000 490.000 170.000 26.287 - 1.656.287 1991 190.000 , 465.000 680.000 195.000 26,288 - 1,7 % ,284 1994 - 490,000 920,000 420.000 - - 1.810.000 1995 - 510.000 980.000 450,000 - - 1.960.000 1996 - 2010 - 10,105,000 1,170,000 12,100,000 - - 252 774.000

$ F 4 3. Mt $ 12.643.000 4 6.290.000 $ 14.083.000 $gd 8M $ 34.334.186 Interest rate 4.0 - 5.41 5.0 - 7.751 6.0 - L IS! _ 6 . 2 - ? . 41 Jt .,$

• - 10.01 (Continued)

CITY OF OCALA. F1.0R I D_A NOTES TO FINANCIAL STATEMENTS Refund!ng and Improvement Excise Tax Bonds The returding and improvement excise tax bonds were issued to finance various municipal improvements including a public works complex, arterial street improvements and city building renovations. Occupational license taxes and cigarette taxes are pledged to secure this issue. In accordance with bond indentures, the City has established debt service and reserve funds which are consolidated in the accompanying financial statements.

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 projecte. The Bonds bear interest ranging from 4.50% to 7.75% and mature annually commencing in fiscal year 1988 in amounts ranging from $245.000 to $1,200,000. Interest is payable semi-annually. The bonds are secured 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 and bear interest ranging from 5.75% to 7.15% and mature annually commencing in fiscal 1989 in amounts ranging from $200,000 to $1,200,000. The proceeds of this issue are being used to advance refund the Capital Improvement Revenue Certificates. Series 1986, and to finance certain capital projects of the City. The bonds are secured by a Ifen upon and pledge of certain non-ad valorem revenues of the City which is junior and subordinate. to the Capital Improvement Refunding Revenue Bonds, Series 1986 noted above.

The refunding . portion of the proceeds from the sale of the Series 1988 Certificates were used to purchase U.S. government securities, which were deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the Capital Improvement Revenue Certificates, 1986 Series. As a resnit, the Series 1986 Certificates are-

-considered to be defensed and the liability for those bonds has been removed from the General 1.ong-term Debt Account Group.

(Continued)

_=. . - . ~ - . _ - , . , _ - - -. _ , _ _ _ -,_- _ - _ _ -_

_ Q TY OF OCA1.A. FLORIDA NOTES TO FINANCIAL STATEMENTS The City advcnce refunded the 1986 Series Certificates. The pro rata -

portion of the debt service payments used to service the debt proceeds for advance refunding were extended over the next ten years. This caused the City to increase its debt service payments over the next ten years by approximately $3,100.000. Houver, the City reslized an economic gain (dif ference between the present values of the old and nev debt service payments) of approximately tilo,v00.

Optional Gas Tax Revenue Bonds In February 1989, the City Council authorized the issuance of $14,085,000 Optional Gas Tax Revenue Bonds. Series 1989. The bonds were issued in the authorized amount during February 1989'and bear interest ranging from 6.20% to 7.40% and mature annually commencing in fiscal 1990 in amounts ranging from $350,000 to $1,265,000. The proceeds of this issue are being used for financing the cost of acquisition and construction of certain transportation improvements. These bonds are secured by a lien upon and pledge of the proceeds of the six cent optional gas tax.

I stallment Purchase '

Contracts During the year ended September 30, 1986, the City entered int.o installment purchase agreem nts for the acquisition of equipment for the police department. The obligations are secured by the equipment acquired under the agreements.

Note Payable During the year ended September 30, 1988, the City signed a note payable to a bank for the. acquisition of a fire pumper. The note bears interest at 8% and is payable in equal annual payments through October 1992. It is secured by the fire pumper acquired.

Debt sernce requirements to maturity for all outstanding general long-term debt are as fo11over (Continued)

CITY OF OCALA. Fl.0RIDA

,NJOTES TO FINANCIAL STATEMENTS Impf'vement leptovement leprovesetR lacine fan Befunding Pevenue Optional Gas (natallment Total Tiscal Bonda Dated 8evenue Refundin8 fas Resenue Putchase rttecital Year inded January 1. konds tertificaten Bonde hote Contreet and Interest Sortember 10, 1972 Settee 1986 settee 1988 Series 1989 reisble Obligation. Pg 1991 8 166.980 1 1.272.212 8 417.685 t 1.144.40% $ 12.68% i 10.71s 6 t.944.70s 1992 154.410 1.271.758 929.785 1.141.900 10.5$2 - 1.928.425 1991 197.600 1.268.%74 1.088.670 1.142.605 28.420 - 1,92%.889 1994 -

1.262.640 1.284.470 1,141.115 - -

1.888.42) 199$ - 1.268.184 1.281.290 1.142.815 - -

1.894.290 1996 - 1.264.841 1.286.6$0 l.141.88% - - 1,891.178 1997 - 1.261.005 1.284.200 1.118.465 - -

1.88%.670 1998 - 1.262.500 1.284.8C* 1.117.122 - - 1.885.622 1999 - 1.262.875 -

1.111.220 - -

2.'96.09) 20($ -

1.248.8$0 - 1.115.889 - -

2.494.719 2001 - 1.254.511 - 1.110.211 - -

2.584.782 2002 - 1.249.819 - 1.111.081 - -

2.583.900 2001 -

1.2$0.069 - 1.127.215 - - 2.$77.284 2004 =

1.244.894 - 1,128.181 - - 2.571.279 2005 -

1.219.100 - 1.12$ 115 - -

2.464.21%

2006 -

1.231.625 - 1.122.220 - -

2.5$$.545 2007 - 1.210.000 - 1.119.110 - -

2. u 9.110 2008 - - - 1.116.015 - - 1.116.075 2009 - - -

1.112.085 - -

1.112.08$

2010- -

1.111.805 - -

,1,)Jt,805 lM $ 21.137,480 $ 9.360.550 $ 26 e21.3!1 8M $g $ 58.167.818 In April 1983, $2,500,000 Industrial Development Revenue Bonds were issued.

The proceeds of tne bonds are being used by an independent real estate developer for the construction of a commercial project within an area of the City designated as blighted. The bonds do not represent debt or an obligation of the City and are secured solely from the gross revenues of the complete project. The completed project and all revenues derived therefrom, subsequent to the payment of all debt service requirements, belong exclusively to the developer.

1 CITY OF OCALA. FLORIDA  !

NOTES TO FINANCIAL STATEPENTS ,

1 (10) Prior-Year Defeasance of Debt In prior years, the City 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 I statements. At September 30, 1990, $89,900,000 of bonds outstanding are i considered defeased, as follows: I General Long-Term Debt:

Capital Improvement Revenue Certificates.

Series 1986 $ 1.135,000 Enterprise Funds:

Electric System Revenue:

Special Obligation Bonds Series 1977-A 50,000 Power Supply Revenue Bonds, Series 1983 11.555,000 Power Supply Revenue Bonds, Series 1977 9,725,000 Power Supply Refunding Revenue Bonds, Series 1988 12,465,000 Water and Sewers >

Water and Sewer Refunding Revenue Bonds, Series 1983 9,260,000 Water and Sewer Refunding Revenue Bonde, Series 1985A 34,935,000 Water and Sewer Refunding Revenue Bonds, Series 1985B 10,775.000

$89.900,ggg (11) Financial Segment 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 sanication 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 fundo:

B (Continued)

. . - - -- . - . . .- .- - -. - ~. . - _.

CITY OF OCALA. FLORIDA NOTES TO FINANCI AL STATDfENTS flectric System water and Revenue Sewer Sanitation other Total Current assets $ 14.747.091 8 1.073.853 8 244.414 4 171.445 8 16.218.A05 Outtent liabilities 7.115,s18 1M . 940 161._969 72%,011 8,%90.7%g Working capital i 7.411.273 1 707.913 $ B0.445 i f551.*!6) l 7.t49.047 FtcTetty, plant and equittient:

Additions I II'199.236 8 6.957 t99 8 25.625 8 964.f02 i _19.547.161 lieletions 8 705.049 8 5 3. 7.' ? 8 11.949 8 29.786 i e61.411 letal preperty, plant and equipment I 'E'078'S'I I 33'259.812 1 1.093.671 8ggg $ 114,4l7,094 Bestricted assets i 41.??7.432 8 37.202.714 $ - $ $39.342 $ ?9.019.508 Total assets $ 105.219.773 8 9L 5!6.839 $ @ g i 12.727.857 8 211.P61.554 Liabilities paysble from teatricted assets I A' NI 368 I 3.116,917 8 -

8

.!4.556 $ J 209.P41 Sonds and other long-tere liabilities i 39.027.097 $ 53.013.028 $ -

8 '73.191 1 9h 813.296 Total fund equity I 54'048.500 8 36.090.951 8 1.lf,4.116 $ 10.945.089 8 g 248.659 Total opetating revenues 8 61.291.284 8 9.251.605 8 4.251.194 8 2.094.859 8 76.888.942 Operating expenses (less depreciation and soortiestion) 44.369.479 4.116.897 3.833.065- 1.980.674 54.300.115 Depreciation and amortiestion 2,764.199 1.670.218 207,710 419,846 4.062.011 Operating income (loss) 14.157.606 3.464.470 210.399 (305.661) 17.526.814 ope rating transf ers f rom other funds 163.016 - 247.300 194.199 805.115 Operating transfers (to) other funds (9.776.193) (370.533) (212.744) (325.714) (10.685.184)

Interest inces, 1.888.400 1.646.812 9.263 52.268 1.596.743 Interest expense (869.333) (1.556.816) - (83.816) (2,509.98%)

Operating grants (15.446) (15.446)

Income (loss) before extraordinary item 5.563.496 3.183.913 254.218 (283.570) 8.718.057 i

tatraordinary iten - sein on in-substance defeasance of debt ' ,

Wet income (loss) $ 6.478.701 8 3.183.913 8 ?54.218 8 (291.570) 8 9.633.262 Equity transfers from other funds 4 -

8 719.580 8 -

$ 119.580 Capital contributions f rom other

, g ,

Interfund loans payable and long-term debt of individual enterprise funds are presented in notes 6 and 9.

(Continued)

l CITY OF OCA!.A. FLORIDA NOTES TO FINANCIAL STATEMENTS (12) Reserved Retained Earnings r

the following is a re.onciliation of the reserved retained earnings to the net restricted assets of enterprise funds as of September 30, 1990:

Total restricted assets f 79,039.508 Less:

Rectricted assets set aside for con-struction under bond indentures (58.579.351) tiabilities payable from restricted assets (8.208.841)

Add:

Liabilities payable from restricted

• assets set aside for construction under bond indentures 1,621.371 Total reserved retained earnings $ 13.872.687 (13) Fund Balance Reserved for Restricted Assets The fund balance reserved for restricted assets in the governmental fund types is a reservation of fund balance relating to assets restricted by law or by nature for certain purposes. Fund balance reserved for restricted assets at September 30. 1990 is comprised of the following:

General Fund Reserved for capital equipment purchases $ 2.156.783 Special police reserves: ,

t,aw enforcement - confiscations 72.662 Police education and training 3.416

-Law enforcement - recovered property 20.772 Special investigations 26.254 School education program 4.674 Total $ 2.284.561 -

~

Special Revenue Funds:

Central Florida Regional Library:

Reserved for book endowment fund $ 45.648 Reserved for Hocker and Bitzer contribution 1,789 Total $_ 47.417 (Continued)

CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS Expendable Trust Funds:

Community Redevelopment Fund Reserved for dovntown redevelopment $ 6,870 Pension Medical Reserve Reserved for future retiree benefits 426.449 Total $ 43% 313 (14) Operating Deficits and Fund Deficits Following is a summary of net losses of individual proprietary funds and deficiencies- of revenues and other sources over expenditures and other uses of individual governmental funds for the year ended September 30, 1990 which are included in the accompanying combined financial statements:

Proprietary Funds Net loss Enterprise Funds:

Hunicipal Golf Course $ 164,889 Ocala Municipal Airport (Jim Taylor-Field) 131,116 Internal Service Funds:

Internal Service 199,695 Pension-Trust Funds:

Employees' Retirement Fund 4,201.039 Firefighters' Supplemental Pension 378,520 Police Officers' Supplemental Pension 621,741 Governmental Funds Deficiency General Fund $ 1,233,410 Special Revenue Fund Local casoline Tax 951,766 Capital Project Funds:

Capital improvement Construction 480,768 Optional Gas Tax Construction 399,392 (Continued)

. - _ - - . . . _ . . . ~ . . . ._ -. .. - ..-.-._-. - - . - . . - . ~ , . _ - _,_

l CITY OP OCALA. FLORIDA l l

NOTES TO FINANCIAL STATEMENTS i l

l l

(15) Centributed Capital During the year ended September 30, 1990, contributed equity increased a6 follows:

Contributed Contributions from Contributed Capital Govern- Capital October 1.- Other mental September 30, 1989 Governments Developers Customers Funds 1990 Enterprise funds:

Airport $ 4,828,118 $ $41,771 $ -

$ - $ 5,369,889 Golf 3,853,439 .

- - -- 3,853,439 Sanitation 8,515 - - - -

8.515 Water and sever 9,253,304 205,989 397,793 - 719,580 10.576,666 Electric 3.321,665' - - 297,8?7 - 3.619,542 Total enterprist funds $ 21.265.041 $ 747.760 $j97.79]$297.87.7$7.19.58,0_$23.428.051 Internal se rvic e fund. $ 1.288.775 .$ 20.401 $ -

$ 1.309.111 .

e (Continued)

I CITY OF OCALA. FLORIDA NOTES TO FINANCIAL STATEMENTS (16) Commitments and Contingent Liabilities Grants The City receives significant financial assistance frem Federal agencies primarily in the form of capital grants. The disbursement of funds received under these programs generally requires compliance with t e rms and conditions specified in the grant agreements 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 I

management, disallowed claims, if any, vill not have a material effect on the City's financial statements.

Other Commitments Outstanding commitments of gove rnmen t al funds are presented in the accompanying corbined financial statements as reserves of fund balance.

The outstanding commitments of the Internal Se rvice and Enterprise Funds for goods or services not received as of September 30, 1990 were $137,572 and $3,726,029, respectively. These commitments are evidenced by signed purchase orders and contracts which were entered into prior to September 30, 1990.

Employee Benefits City emplojees are entitled to accrue a maximum of 90 days sick leave. If the individual leaves the employ of the City, he or she is not entitled to be paid for the entire accumulated sick leave. Expenditures or expenses for sick leave are recorded at the time benefits are paid. At September 30, 1990, accumulated sick leave for each applicabic fund type is as follows:

General $ 1,955,126 Special Revenue 80,707 Capital Projects 1,519 Enterprise 1,282,450 Internal Service 240,_290

$ L 560.092 y,p -

This page was intentionally left blank.

l

4 CITY OF OCALA, T1.0RIDA i

Supplement al Pension Disclosure Cottparative Sumttary of ?evenues, by Source and Expensen by Type Revenues by Source (in thousands)

City Contributions As a Fiscal Year Percentage Employee of Covered State Investment Ended Contributions Amount Payroll Contributions Income Total September 30.

General Plant

$ 1,073 5.20% $ - $ 1,329 $ 2,402 1990 $ -

4,865 6,196 1989 - 1,331 7.20% -

- 1,191 7.20% - 2,124 3,315 1988

- 1,277 8.20% - 2.583 3.860 1987

- 1,101 7.84% - 3,071 4.172 1986 2,126 3,131 1985 1 1,004 7.90% -

850 7.43% - 130 1,187 1984 7

- 603 5.82% 189 2,059 2.851 1983 1,419 2,130

- 549 5.67% 162 1982 Supplemental Police Officers' Plan:

-  % $ 280 $ 226 $ 539 1990 $ 33 $ -

- % 258 825 1,113 1989 30 -

-  % 243 345 615 1988 27 -

- % 222 408 648 1987 18 -

% 192 505 697 1986 506

- - - 7. 151 355 1985 184

% 133 51 1994 Supplemental Firefighters' Plan:

- $ 141 $ 151 $ 502 1990 $ 210 $ -  %

% 120 542 E37 1989 175 -

5 -

% 113 224 496 1988 15.4 470 108 - - % 106 256 1987 406

- - -  % 100 306 1986 305

- - -  % 92 213 1985 115

% 83 32 1984 -

Contributions were made in accordance with actuarially determined contribution requirement

Senedule_1  ;

i 1

-Expenses by Type (in thousands) 1 Fiscal Year Ended Other investment

• Soptember 30 Benefits Refunds Expensee Losses Total 1990 $ 687 $ 1 $ 239 $ 5.676 $ 6.603 1989 584 6 231 -

821 1988 480 11 203' - 694 1987 397 8 190 - 595 1986 -364 15 146 -

525 1985 310 16 103 - 429 1984 252 22 79 -

353 1983~ 259 38 78 - 175 l 1982 205 52 38 -

295 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 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 - 36 See accompanying auditors' report on page 1

,_. . ._:._.~..-_______._.,_..._...__ _ . _ . - . . . _ . _ . _ _ _ , _ . . _ , , . . . _ - . _ _ _ , _ , _ . . _ _ _ . . . -

ge ti ' .

riff N w A1.A. It WitA Qr teeet tle t ra nklot Pierlotute Atelysts at funj!,ila I t r a v n e tan ihousance f detterei

( ei )

Assete in fattee (s) ci fenofon tenefit Assets in faceae Obligation of Fenelon Bene'at (l'ef unded Fenplon (1) Obligation seeefit obligation!

Net Assets (2) (1) (ttif unded rene ton til as a tercentate of fiscal Available remeten benet's tettentose funded Benefit obligation) Annual Loveted Cceered tattell tear fot Pereiste .Obittetton (t) - (7) , (t) - (t) Paytall (6) - r$1 ceneral Plant 1999 8 27.264 8 19.471 140.01 8 7.79L l 20.612 17.81 1988 71.889 16.011 1 % .71 S.8?6 17.219 16.11 1987 19.268 11.740 140.21 9.$28 14,616 14.61 1986 16.002 - It'. 6 58 150.11 5.144 11.846 18.6t 1983 12.1$$ 10.90% 111.11 1.440 12.141 I I . e,t 1984 9.651 10.294 91.81 (641) 11.106 ($.7)t 1981 8.811 10.506 e4.11 (1.675) 10.178 (16.1)t 1982 0.750 9.17e 9).11 (626) 9.7)0 (6.4)t 1981 6.91$ 7.824 88.41 (909) 8.571 (10.6)!

Supplemental Police Of ficete' Plans .

1990 8 4.047 5 4.072 99.41 8 25 8 1.129 .8 1 l 1987 8 1.20$ $ 2.124 117.91 8 881 8 2.501 15.2 1 Supplemental fitefightete' Plant 1990 8 2.698 8 1.728 72.41 8 1.01.9 8 2.t20 19.1 1 1987 8 2.011 1 1.869 l t,8. 71 8 (162) 5 1.7$6 (9.2)!

Analyste of the dollar amounts of not Ossete available f or benefits, penelon benefit obligation and unfunded penelon benefit obligation in teolation een be misleading. Fnpressing tne met asseta avallebte f or benefits se a pottentage of the penelon benefit obitsation providea one indicatioe vf Plan's funding statue on a going + concern beste. Analyste of this percentage over time indicates whether Plan to becceits financially ettonger or weabet. Generally. the greater this percentate, the .

ettonset the system. Trende in unfunded peneton benefit obligation and annual covered partell are both effected by inflation. Espreseles the assete in estese et the pension benefit obligation as a rettentage ^( annual covered payroll approximately adjvete for the ef f ects of inflation and side snelyste of the System's progrees in accumulating suffit. tent r assets to pay benefite when due. Generally. tne larget this percentage. the strocaet the systes.

$$e accompanying auditors' repott on page 1 i

. ~ . -

i I

INDIVIDUAL FUND AND COMBINING STATEMENTS )

- BY FUND TYPE  :

These financial statements provide a more detailed view of the j

" General Purpose Financial Statements" presented in the preceding  ;

subsection.

Combining statements are presented when there are more than one fund of a given fund type.

i

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I SPECIAL REVENUE FUNDS ,

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d CITY OF OCALA. FLORIDA 4

SPECI AL REVENt'E ITNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1990 f

Central Occupa- Florida tional Regional Ansets License Library i

Current assets:

Cash and investments s 394,083 $ 715 ,

Equity in pooled cash and investment fund - 27,318 Accounts and notes receivabic 36 106 '

Due f rom other funds 10 -

Due f rom other governments - 171,595 other current assets - -

Total current assets 394,129 199,734 Restricted assets - cash and investments -- 47,417 Total assets $ Jjhal29 $j47.171 Liabilities and Fund Balances .

Liabilities:

Accounts payable $ -

$ 26.449 Compensated absences payable -

10.228 Deferred revenue 162,091 -

Total liabilities 162,091 36,677 Fund balances:

Reserved for encumbrances - 82.858 Reserved for restricted assets - 47,437 Total reserved fund balances -

130.295 Unreserved and undesignated 232,038 80,199 Total fund balances 232,038 210,494 Total liabilities and fund balances. $ 394.129 $ 247,171 l

1 i::

Off- Downt own Local Street Develop- Gasoline Stormwater Parking sent Tax Utility , Total

$ 50 $ $0 $ -

$ 394.898 48,219 48,153 5,241,194 1,094,628 6.459,532 5 -

11.101 -

11.248

- - - 48,327 48,337

- - 169,436 - 341,031

- - - 780 780 48,294 48,203 5,421,731 1,143,735 7.255,826

- - - - 47,437

$$8.294- $ 48.203 $M $ 1.143.735 $ 7.303.263

$ 1,740 $ 1,998 $ 50.974 $ 54,846 $ 136,007 900 439 - 2,044 13,611 3,746 - $12,020 - 677,857 6, 386 2,437 562,994 56,890 827,475

- 16,445 79,751 146,521 325.575

- - - - 47,437

- 16,445 79.751 146,521 373,012 41,908 29,321 4,778,986 940,324 6.102,776 41,908 45,766 4,858,73,7 1,086,845 6,475,788

$gjajjj $ 48.203 $ 5.421.7J1 $ 1.141.735 $J.303.263 CITY Or OCALA, Fl.0RIDA SPECIAL REVENUE Ft'NDS COMBINING STATEMENT OF REVENUES, EXPENDITt'RES AND C)lANGES IN TUND BALANCES - ACTUAL AND BUDGET FOR Tile YEAR ENDED SEPTEMBER 30, 1990 A.e t u a l Centtel occute. Floride off. Nwn t own tecol tional Bestenel Siteet Develer. - Leonline S t et+ve t o r t.I ente library I'atning e nj g Ten t'ttitty Tetel Pteretty (sees 8 . 9 . $ . 1 46.184 8 . 8 . 8 46.18a Other intetgovernmental tevenues . 866.812 . . l.741.142 . 2.611. 9 7 d Forking nogeto end f acille tes - .. . 88,1l1 . .- . 85,1t' Licenses and permite 186.809 . . .

. . . 186. PW Finee and lettettutte . 22.988 10.682 . . .

11.47 Charges for services. . . . . . . 1,04).177 1.041.17 Interest. . -6.890 1.108 5.789 428.968 69.168 $ 14. I's Ctf to . - -4.918 . . . .

4.91i Othet 8* 1$.4?$ 2f6 1 112 . . 17, fo.

Total tevenute 6 917.466  % 2.174,Il0 1.410.54% 4.764,67 u pendiiutee Cuttent Genetel government and adstelettation . . . $0.169 . . - 50.36' public worke . . . . 141.969 110.168 e%2.11 i,184,82 ruttute end teeteetton . l.184.822 . . . .

Other 12 . ft.)17 . . . 71.14 Capital outley . 21.457 2.512 18.147 8.486.981 1t0.779 l . 6 89. Boi Debt services Pttnetpel paymente _ . . . . . . .

Interest and peytap agent's fees -- . .- 320 . . 12 Inter 8cvernmental . . . . . 9e8 et Total estendit.tes_ 12 1,206,27, q ii TTK i,628,9u " 671,441 T") T 1T

.Estees (dettelency) of revenues over esponditutes 'it?.619 .(789.171) 48.112 (ll.711) 14%,1%6 418.600 914.80 Oth3r financing souttee (useels

-Transfers f res other fundo - . 120.000 . 14.545 -

10.000 184.$6 Transfete (tel other fundo (26) 471) (8.656) (26,10%) 781) (1.296,977) (f.164) (1 618 er Total othet peuttee (uese) { .. ) li t . M4 (!6 \M) . (1,2e6.922) 27.8 % ( ,.,

taceos (dettelency) of revenues and other ocuttee ovet estenditutes and other uses betere fund bet.

one, allocatica . 104.048 22.171 22,022 18.011 (911.766) 466.416 (119.09 Fund belance ellocetten . .

tareas (delteiency) of revenues and other ecuttee over esponditutes

' cad other uses u 104.048 22.171 22.027 18.011 (911,766) 466.416 (189.01 Fund betences (deficit):

Sepinning of year  !!?.990 188.12) 19,881 27,715  %,810.501 670,409 6.794,84 End of yest $g$ 210.494 $g $g 8g $M $@

_ ._ ..-._ _ _ _. , , -- _ . _ w

1. p t s e d,_}iifje t Adjust- htual teettal s'ette te on a O<tura. Fictida Nf. Dep t en tu a l Fa nta6te kodgetety Budgetary tieral R e g t r+ e l Street l'e n-e t t p . f:aseline 5terevetet (Ur f avet e le l paete testa license litt y f a tj,tyng sent 1as Ottitty Ma_1 t arism e 8 . I 46.194 $ . l . 9

• I 68,4D0 $ . l . 9 4P.600 $ (2,216)

- 2.t16,974 - 870.209 . . 2.119,000 - 1.009,108 (197.21*)

- B9.11% . . 91.000 * *

• 91.000 (4,te%)

- 1Rt. 809 191.690 . . . . . 181,600 1,209

. 51,470 . 22.200 10,000 . . . %2.200 1.270

. 1,048.177 . . . . . l.016,000 .116,000 24.l??

(601 514.061 . 8.800 1, %0 1.400 484,000 40.7%D 541.200 (27.117)

(7,000) 2.916 = 2.000 . . . . 2,000 918

. . 17,709 910 143204 248 140 . .

17,%ll 146 419,W M.T) y 2. ,0Q i ,0 % , ) so 5,i61,125 .4nc, W i gg) i., 4.',esa %4.460 s i , %3

• * $1 %11 . . %l.%11 149 99% %l.164 .

201.907 1,0 % 044 . . . . 476.046 fil.917 1.187.981 111.919 80,818 1.2 6.6PO - 1.106,160 . . . . 1,108,160 42.480

. 71.149 . . 77.016 . . . 77.016 9.667 17,817 1,727.695 - 21,707 7.110 47.610 1.419,689 164.494 1,660.847 1.411,142

. . . . . 7,680 . . 2.680 2,6P0

- 120 . . . 120 . . 120 .

996 . . . . - 1 400 502

. 1 dOO

@_ E,W3 ~

. I,ill,TEI $ 4, i+ 6 @ bl95,71% 'T,976 C v0. S 2, l l e , %9 sp9,168 164,410 (410,4%%) 42,462 (AO,%01) (1,271,71%) 178,822 (1,176.999) 1,716,067 112%61%)

- 120.000 75.000 14,$45 - 10,000 459.54% (7%,000)

. 164.54%

(4618 1 401) (281,471) (8,646) ( 26.10% ) (181) (1,296,922) (?,164) (1,618.408) .

. 41,2 ,% (HM) Ill,144 *8,693 TM (1,296,922) 2 7,8W ( 1,1 % ,8 % ) tM,000)

(12h615) (644.688) 100,919 (99.111) 91.157 (16.741) (2,568,657) 206,6%8 (2,28).75%) I,641,0t?

. . (100,919) 99,111 (41,117) 16,741 2.569,6%7 ( 206, M8 ) 7,264,7 % (h!8%,7%)

(12%.61%) (644.688) -

= . . . . . (644.688) 187,711 19,881 27,71% 4.810,501 620,409 6,794,249 .

(992) Q 4,249 127.990 l( n i i e.149.sel iei m.m i ,,g a n 9 ,2;,1g 6 3.siO. m i e20.4e9 9 e.794.249 9 te64.teri l

CITY OF OCALA. FLORibA OCCULATIONAL LICENSE FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANCES IN FUND BALANCE - ACTUAL AND BUDGET FOR THE YEAR ENDED SEPTUiBER 10, 1990 Actual and Actual on Favorable a Budgetary Revised (Unfavorable)

Basis Budget Variance Revenues Licenses and permits $_386,809 $ 383.600 $ 3.209 Other 822 910 (88)

Total revenues 387,631 384,510 3.121 Expenditure s t Current - other 12 -

(12)

Excess of revenues over expenditures 187.619 384,510 3,109 Other financing (uses) - transfers (to) other funds (283,571) (283,571) -

Excess of revenues over expenditures and other uses before fund balance allocation 104.048 100,939_ 3.109 Fund belance allocation - (100,939) 100,939 Excess of revenues over expenditures and other uses 104.048 - 104,048 Fund balance:

Beginning of year 127,990 127,990 -

End of year 5 232.038 $ 127.990 $ 104.048

CITY OF OCAl.A. FLORI_D,A CENTRAL FL0klDA REGIONAL LIBRARY FUND I

STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN l l

FUND BALANCE - ACTUAL AND BUDGET l FOR THE YEAR ENDED SEPTEMBER 30, 1990 Adjustments Actual to on a Favorable Budgetary Budgetary Revised (Unfavorable) '

Actual Ba s_i s 9 asis Budget Variance Ravenuest Intergovernmental revenues $ 866,832 $ - $ 866,832 $ 870,20e $ (3,376)

Fines and-forfeitures- 22,988 - 22,988 22,200 788 Interest 6,890 (60) 6.830 8,800 (1,970)

Gifts 4.918 (2,000) 2,918 2,000 918 Other 15,478 - 15,478 16.204 (726)

Total revenues 917.106 (2.060) 915.046 919.412 -(4, 366)

Expsnditures t Current - culture and recreation 1.184,822 80,858 1,265.680 1,308,160 42,480 21,457 21,457 21.707 250 Capital outlay -

Total expendi-tures 1.206.279 80,858 1,287.137 1,329.867 42,730 (D3ficiency) of revenues over expenditures (289,173) (82,918) (372,091) (410,455) 38.364 Other financing sources (uses):

Transfers from other-funds 320,000 - 320,000 320,000 -

Transfers (to) other funds (8.656) -

(8.656) (8.656) -

Total other financing sources (uses) 311.344 -

311.344 311.344 -

Excess (deficiency) of

. revenues.and other sources

'over expenditures and-other'uses before fund balance allocation 22,171 (82,918) (60,747) (99.111) 38.364 Fund balance allocation - - - 99.111 (99.111)

Excess (deficiency) of revenues and other sources over expenditures and other uses 22,171 (82.918) (60,747) - (60,747)

Fund: balance Beginning of year' 188.323 (592) 187.731 187.731 -

End of year $ 210.494 $ (83._5_10) $ 126.984 $ 187.731_ $(60.747)

~,_.___ _ __ . _ . . - - _ _ ~__ - _

CITY OF OCALA. FLORID.g 0FF-STREET PARKING FUND STATEMENT OF REVENUES, EXPENDITURES AND CllANCES IN FUND it.ANCE - ACTUAL AND BUDGET FOR THE YEAR ENDED SEF7 EMBER 30. 1990 Actual on a favorable Budgetary Revised (Unfavorable)

Basis Budget Variance Revenuest Parking meters and-facilities t 88.315 $ 93.000 $ (4.685)

Fines and forfeitures 30.482 30.000 482 Interest 3.108 3.550 (442)

Other 276 258 18 Total revenues 122.181 126.808 (4.627)

-Expenditurest Current - other 71.337 77.016- 5.679 Capital outlay 2,512 7.330 4.818 Total expenditures 73.849 84.346_ 10.497 Excess of revenues over expenditures 48.332 42.462 5.870 Other financing sources (uses):

-Transfers from other funds -

75.000 (75.000)

Transfers (to) other funds (26.305) (26.105) -

Total other sources (uses) (26.305) 48.695 (75.000)

Excess (deficiency) of ",evenues over expenditures and r,ther uses before fund balance alJocation 22.027 91.157 (69.130)

-Fund balance a11 oration - (91,157) 91.157 Excess of revenuos over expenditures and other uses 22.027 -

22.027 Fund balance:

Beginning of year 19,881 19.881 -

End of year $ 41.908 $ ,Jjafjl $ 22.027

CITY OF OCALA, FLORIDA DOVNTOWN DEVELOPMENT FUND STATEMENT OF REVENtfES, EXPENDITURES AND CHANGES IN ITND BALANCE (DEFICIT) - ACTUAL AND Bl'DGET FOR THE YEAR ENDED SEPTEMBER 30, 1990 Adjustments Actual to on a Favorabit ,

Budgetary Budgetary Revised (Unfavorabls) i Actual Basis Basis Budget Variance ,

Ravenuest Property taxes $ 46,184 $ $ 46,184 $ 48,400 $ (2,216)

Interest 5,789 - 5,789 3,100 2,689 ,

Other _1,132 - 1,112 140 992 Total revenues 53,105 - 53,105 51,646 1,465 Expanditures:

Current - general

• government and administration 50,369 995 51,364 51,513 149 Cepital outlay 18.147 15,450 33,597 47,630 14.033 Dabt service Principal - - - 2,680 2.680 Interest 120 - 320 320 -

Total expenditures 68,836 16,445 85,281 102,143 16,86,2 Excess (deficiency) of revenues over expenditures (15,731) (16,445) (32,176) (50,503) 18,127 Other financing sources (usea):

Transfers from other funds 34.545 -

3'. 545 34,545 -

Transfers (to) other funds (783) -

' (783) (783) -

Total other sources (uses) 33,762 - 33,762 31,762 ,

Excess (deficiency) of revenues and other sources over expenditures and other uses before fund balance allocation . 18,031 (16,445) 1,586 (16,741) 18,327 Fund balance allocation - - - 16,741 (16,74,1)

Excess (deficiency) of ravenues and other sources over expenditures and other usen 18,031 (16,445) 1,586 -

1.566 Fund balance (deficit):

Beginning of year 27,735 - 27,'35 27,735 -

End of year $ 45.766 $(16.445) $ gg3);l $ __27.735 $ 1.566

CITY OF OCALA, FLORIDA

,L_0 CAL GASOLINE TAX FUND STATEMENi 0F REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - ACTUAL AND BUDGET FOR THE YEAR ENDED SEPTEMBER 30, 1990 Adjustments Actual to on a Favotable Budgetary Budgetary Revised (Unfavorable)

Actual Basis Basis Budget Variance

, Rsvenues:

Intetgovernmental revenues $ 1,745,142 3 - $ 1,745,142 $ 2,139,000 $ (393,858)

Interest 428,968 - 428,968 485,000 (56,032)

Total revenues 2,174,110 - 2,174,110 2,624,000 _(449,890)

Expenditures Current - public works 341,969 57,386 399,355 476,046 76,691 Capital outlay 1,486,985 22,365 1,509,350 3,419,689 1,910,339 Total expenditures 1.828,954 79,751 1,908,705 3.895,735 1,987.030 Execss (deficiency) of revenues over expenditurea 345,156 (79,751) 265,405 (1,271,735) 1,537,140 l

Other financing (uses) -

transfer (to) other funds-(1,296,922) - (1,296,922) (1,296,922) -

Excess (deficiency) of revenues over expenditures .nd other ,

uses before fund balance '

allocation (9S1,766) (79,751) (1,031,517) (2,568,657) 1,537,140

. Fund balance allocation - - - 2,568,657 /2,568,657) l Excess (deficiency) of revenues over -

expenditures and other 1 uses (951,766) (79,751) (1,031,517) - (1,031,517)

Fund balance-Beginning of year 5.810,503 - 5,810,503 5,810,503 -

End of year $ 4.858.732 $ (79.751) $ 4.778.986 $ 5.810,503 $(1.031.517) l 1

CITY OF OCALA. FLORIDA STORMWATER UTILITY FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - ACTUAL AND BUDGET FOR THE YEAR ENDED SEPTEMBER 30, 1990 Adjustments Actual to- on a Favorable Budgetary Budgetary Revised (Unfavorable)

Actual Basis Basis Budget Variance Revenues:

Charges for services $ 1,041,177 $ - $ 1,041,177 $ 1,016,900 $ 25,177 Interest 69,368 - 69,368 40,750 28,618 Total revenues 1,110.545 - 1,110,545 1,056,750 _53,795 Expanditures :

Current - public works _510.168 146,521 656,689 711,937 55,248-Capital outlay 160,779 - 160,779 164,491 3,712 Intergovernmental 998 -

998 1,500 502 Total expenditures 671,945 146,521 818,466 877,928 59,462 Excess of revenues over expenditures 433,600 (146,S21) ,

292,079 178.822 113,257 Other financing sources

'uses):

Transfers from other funds 30,000 - 30,000 30,000 -

Transfers (to) other funds (2,164) - (2,164) (2,164) -

Total other sources (uses) 27,836 - 27,836 27.836 -

Excess of revenues and' other sources over expenditures and other use before fund -

b,Jsice allocation 466,436 (146,521) 319,915 206,658 113,257 Fund balance allocation - - - (206,658) 206,658 Excess of revenues and other sources over expenditures and other uses 466,436 (146,521) 319,915 - 319,915 Fund balance:

Beginning of year 620,409 - 620,409 620,409 -

End of year $ 1,086,845 $(146.511) $ 940,324 $ 620.409 $ 319;015 This page was intentionally left blank, 2

4 I

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_ . . ... ,. .,.-.. - .-.- -. . . . . ~ , - - - . . . . . - - - . . - ..=~ - -. .~- ~.--.=.-- ~.-. _ . - ,

DEBT SERVICE FUNDS  :

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CITY OF OCALA, FLORIDA DEBT SERVICE-FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1990 Excise Improve- Optional Tax ment Improvement Gas Tax Assets - Restricted Bonds Bonds Certificates Bonds Total Cash and investments- -$ 511,224 $ -

$ - $ 511.224 Equity in pooled cash and investment fund - 2.294,220 1,415,134 2,224.754 5,934.108 Other assets 878 -

- - 878 Total assets $ 512.102 $ 2.294.220 $ 1.415.13_4 $ 2.224.754 $ 6.446.210-Fund Balances Fund balances -eserved for debt service- $ $12.102 $ 2.294.220 $ 1,415.134 $ 2,224.754 $ 6.446.210

CITY OF OCALA, FLORIDA DEBT SERVICE FUNDS COMBINING-STATEMENT OF REVENUES, EXPENDITURES AND CHANCES IN FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30,'1990 Excise Improve- Optional Tax ment Improvement Gan Tax Bonds Bonds Certificates _ Bonds Total Rsvenues - interest $ 47,100 $ 153,929 $ 99.927 $ 160,550 $ 461,506 Expenditures - debt service:

Bond principal payments- 315,000 395,000 415,000 - 1,125,000 Bond interest and paying agents' fees '60,185 881,284 494,085 1,006,130- 2.441,684 Total expenditures 375,185 1,276,284 ,

909,085 1,006,130 3,566,684

-(Excess) of expenditures over revenues (328,085) (1,122,355) (809,158) (845,580) (3,105,178)

Other financing sources (uses):

Transfers from other funds 372,238 1,284,248 1,038,350- 1,296,922 3,991,758 Transfers (to) other funds (41,000) (160,000) - -

(201.000)

Total other financing sources (uses) 331,238 1,124,248 1,038,350 1.296,922 3,790,758 Excess of revenues and other sources over ~

expenditures and other uses 3.153 1,8s3 229,192 451,342 685,580 Fund balances:

Beginning of year 508,949 2,292,327 1,185,942 1,771,412 5.760,630 End of year $ 512.102 $ 2,294.220 $ 1.415.134 5 2.224.754 $ 6.446,210

6 This page was intentionally left blank,

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i CAPITAL PROJECT FUNDS

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CITY OF OCALA, FLORIDA CAPITAL PROJECT FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1990 Capital Optional improvement Gas Tax Assets Construction Construction Total Equity in pooled cash and investment fund $ 681,291 $ 10,989,084 $ 11,670,375 Accounts and notes receivable 411.339 562,653 973,992 Due from other governments 155,037 10,715 165,752 j

Total assets $ 1.247.66] $ 11.562.452 $ 12.810.119 Liabilities and Fund Balances Current liabilities - accounts payable $ 382,206 $ 385,617 $ 767,823 Fund balances:

Reserved for encumbrances 770,428 75,955 846,383 Unreserved and undesignated _

95,033 11,100,880 11,195,913 Total fund balances 865,461 11,176,835 12,042,296 Total liabilities and fund balances $ 1.247.667 $ L E ig $ 12.810.I_19

CITY OF OCALA, FLORIDA CAPITAL PROJECT FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ACTUAL AND BUDGET SEPTEMBER 30, 1990 Capital Optional Improvement Gas Tax Construction Construction Total Revenues:

Other intergovernmental revenues $ 231,285 $ -

$ 231,285 Interest 106,736 615.026 721,762 Other 29,418 - 29,418 Total revenues 367.439 615,026 982.465 Expenditures:

Current - public works 93,269 251,853 345,122 Capital outlay- 696,101 762,565 1,458,666 Total expenditures 789,370 1,014,418 1,803.788 (Deficiency) of revenues over expenditures (421,931) (399.392) (821.323)

Other financing (uses) -

Transfers (to) other funds (58,837) - (58,837)

Excess (deficiency) of revenues over expenditures and other uses before fund balance allocation (480,768) (399,392) (880,160)

Fund balance allocation - - -

Excess (deficiency) of revenues over expenditures and other uses (480,768) (399.392) (880.160)

Fund balances at beginning of year 2,065,809 11,576,227 13,642,036 Equity transfers (to) other funds (719,580) - (719,580)

Fund balances at end of year S 865.46L $ 11112k2f)) $ 12.042.296 Adjustments Actual te a on a Favorable Budgetary- Budgetary Revised (Unfavorable)

Basis Basis Budget Variance 6 (231,285) $ -

(106,736) 615,026 912,000- (296,974)

(29,418) - - -

(367,439) 615,026 912,000 (296,974)

(18,211) 326,911 296,144 (30,767)

(695,204) 763,462 7,886,675 7,123,213 (713,415) 1,090,373 8,182,819 7,092.446

'345,076 (475,347) (7,270,819) 6,795,472 58,837 - - -

404,813 (475,347) (7,270,819) 6,795,472

- - 7,270,819 (7.270,819) 404,813 (475,347) - (475,347)

(2,065,809) 11,576,227 11,576,227 -

719,580 - - -

$ (941.416) $ 11.100,880 $ 11.576.227 $ (475.347)

. . . .._ .-_.. _ ___= __ . . _ __ . . _ _ . __. _ _ _

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ENTERPRISE FUNDS l

CITY OF OCALA, FLORIDA ENTERPRISE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1990 Electric System k'a t e r Assets Revenue and Sewer Sanitation-Current assets:.

Cash and investments $ 1,325 $ 450 $ -

Equity in pooled cash and investment fund 3.031,757 298.889 58.882 Accounts and notes receivable 5,473,003 203,375 -

Accrued unbilled revenues 3,731,526 - -

Due from other funds - 372,198 185.532 Interfund loans receivable 61,482 94,350 -

Inventories 2,261.271 104.591 -

Other current assets 186,729 -

~

Total current assets 14,747,093 1,073,853 244,414 Restricted assets:

Cash and investments $05,523 3,858,449 -

Equity in pooled cash and investment fund 40,771,909 33,297,231 - >

Other - 47,054 -

Due from other governments - - -

Total restricted asscts 41,277,432 37,202,734 -

Interfund loan receivable after one_ year 669,050 47,175 -

Property, plant and equipment, net 48,078,541 53,259.812 1,083,671 Issuance costs on long-term debt 446,657 1.003,265 -

Total assets $j05.218.773 $ 92.586.839- $-1.328.085=

Fort Municipal King Municipal Ocala Golf Tennis Trailer Municipal Course Court Park Airport Total

$ -1,92n $ 50 $ 100 $ -

$ 3,845 69,838 26,491 - - 3,485,857 1,851 -

54 19,937 5,698,220 3.731,526 557,730 155,832 50,297. - - -

2,416,159 2,907- - - - 189,636 126,813 26,541 154 19,937 16,238,805

- - - - 4,363,972 l

74,069,140-  !

449 47,503 558.893 558,893

- - - 559,342 79,039,508

- - - - 716,225 6,047,042- 112,290 41,425 5,794,313 114,417,094

- - - - 1,449,922

$ 6.173.855- $ 138.831 $ 4).2122 $ 6.373.592 $ 211.861.554 (Continued)

I I

CITY OF OCALA, FLORIDA l l

ENTERPRISE FUNDS I l

COMBINING BALANCE SHEET SEPTEMBER 10, 1990 (Continued)

Electric System Water I Liabilities and Fund Equity Revenue and Sewer Sanitation 1 Current liabilities:

Accounts _ payable f 4,032,719 $ 181,217 $ 117.052 Compensated absences payable 168,455 46,176 46,917 i Bonds and_ notes payable within  !

one year- - - -

I Accrued interest payable 9.367 - -

Due to other funds 606,057 - -

Customer deposits 2,519,220 - -

Deferred revenue - 138,547 -

.Interfund loans payable - - -

Total current liabilities 7,335,818 365,940 163,969 Liabilities _ payable from restricted assets:

Accounts payable 1,560,278 566,616 -

Accrued interest payable 1,402.090 1,995,301 -

Deferred revenue - - -

Revenue bonds payable within one year 1,845,000 555,000. -

Total liabilities payable from restricted assets 4,807,368 3,116,917 -

Interfund loans payable after one year _

Revenue bonds and notes payable after one year 39,027,087 53,013,028 -

Total liabilities 51,170,273 56,495,885 163,969 Contributed equity 3,619,542 10,576,666 8.515 Retained earnings: ,

Reserved for debt service 157,825 1,438,531 -

Reserved for renewal and replacement 10,156,005 2.120.326 -

Total reserved retained ea rnings 10,313,830 3,558,857 -

Unreserved 40,115,128 21,955,431 1,155,601 Total retained earnings 50,428,958 25,514,288 1,155,601 Total fund equity 54,048,500 36,090,954 1,164,116 l Total liabilities and

! fund equity $ 105.218.773 $ 92.586.819 $ 1.128.085 l

~75-l

Fort Municipal King Municipal Ocala Golf Tennis -Trailer Municipal Course Court Park Airport Total

$. 53,285- $' 723 $ 1,107 $ 17,081 $- 4,403,184 25,212 -

462 1,480 288.702 33,303 - - - 33,303 1,365 -. - - 10,732

- - 7,052 332,982 946,091 1

- - - - 2,519,220 92,710 - -

362 231,619 149,850 2,075 -

5.982 157,907 355,725 2.798 8,621 357,887 8,590.758 473 2,127,367

- - - - 3,397,391

- - - 284,083 284,083

-- - - - 2,400,000

- - - 284,556 8,208,841 435,675. 56,956 - 280,550 773,181

- - - - 92,040,115 791,400 59,754 8,621 922,993 109,612,895 3,853,439- -- - 5,369,889 23,428.051

--- - -- - 1,596,356

-- - - - 12.-276,331

-- - .- - 13,872,687 1,529,016 79,077 32,959 80,710 64,947,921 1,529,016 79,077 32,958 80.710 _

78,820,608 5,382,455 79,077 32,958 5,450,599 102,248,659

$ 6.173.855 $ 138.831 5 41.579 $ 6.373.592 $ 211.861.554

CITY OF OCALA, FLORIDA ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANCES IN FUND EOUITY FOR Tile YEAR ENDED SEPTEMBER 10, 1990 Electric Water System and Revenue Sewer Sanitation Operating revenues:

Sale of electricity $ 59,953,247 $ -

Sale of water - 3,274,734 -

Sewer and sanitation service charges - 4,819,224 4.246,197 Fees _and rentals - - -

Commissions - - -

Other 1,338,037 1,157,647 4,997 Total operating revenues 61,291,284 9,251,605 4,251,194 Operating expenses:

Purchase or electricity 34,553.158 - -

-Distribution 4,396,037 416,800 -

Back-up 727,253 - -

Transmission 356,004 - -

speration and maintenance 2,020,788 - 3,594,016 Water and sewer treatment- - 1,650,974 -

Sewer collection - 751,576 -

Administration 1,249,501 1,163,457 239,049 Depreciation and amortization 2,764,199 1,670,238 207,730 Other 1,066,738 134,090 -

Total operating expenses 47,133,678 5,787,135 4,040,795 Operating income (loss) 14,157,606 3,464,470 210,399 Nonoperating revenues (expenses):

Interest income 1,888.400 1,646,812 9.263 Interest expense (869,333) (1,556,836) ,

Operating grants - -

Total nonoperating revenues (expenses) 1,019,067 89,976 9,263 Income (loss) before operating transfers 15,176,673 3,554,446 219,662 i Operating transfers:

l From other funds 163,016- - 247,300 (To) other funds (9,776,193) (370,533) (212,744)

Total operating transfers (9,613,177) (370.533) 34,556 Net income (loss) before extraordinary item 5,563,496 3.183,913 254.218 l-Extraordinary item - gain on in-substance I defeasance of debt 915,205 - -

Net income (loss) 6,478,701 3,183,913 254,218 Fund equity, at beginning-of year 47,271,922 31,583,679 909,898 L Equity transfers from other funds - 719,580 -

l Capital contributions from other sources 297,877 603,782 -

Fund equity, at end of year $ .54.048.500 $ 36.090.954 $ 1.164.116

~77-

Fort Municipal King Municipal Ocala Golf Tennis Trailer Municipal Course . Court Park Airport Total

$ - $ 59,953,247

- - - - 3,274,734

- - - - 9,065,421 1,579,691 55,091 80,076 102,977 1,817,835 13,683 56,555 70,238 193.569 1,500 806 10,911 2,707,467 1,786.943 56,591 80,882 170,443 76.888,942

- - - - 34,553,158

- - - - 4,812,837

- - - - 727,253

- - - - 356,004 1,604,981 53,313 63,597 114,710 7,451,405

- - - - 1,550,974 751.576

- - - - 2,652,007 299,676 3,343 1,539 115,288 5,062,013 134,017 - - 10,056 1,344,901 2,038,674 56,656 65,136 240,054 59,362.128 (251,731) (65) 15,746 (69,611) 17.526,814 18,812 3,883 - 29,573 3,596,743 (57,303)- (2,456)- -

(24.057) (2,509.985)

(15.446) (15,446)

-(38,491) 1,427 - (9,930) 1,071,312 (290,222) 1,362- 15,746 (79,541) 18,598,126

-.319,799 - - 75,000 805,115

-(194,466) - (4,673) (126,575) (10,685,184) 125,333 - (4,673) (51,575). (9,889,069)

(l'64,889) 1,362 11,073 (131,116) 8,718,057

- - - - 915,205 (164,889) 1,36. 11,073 (131,116) 9.633,262 5.547,344 77,715 21,885 5,039,944 90,452,387

- -- - - 719,580

- - - 541,771 1,443,430

$ 5.382.455 $ 79.077 $ 32.958 $ p.450 g $ 102.248.659 i

_ CITY OF OCALA, FLORIDA ENTERPRISE FUNDS COMBINING STATEMENT OF CASH-FLOWS FOR THE YEAR ENDED SEPTEMBER 30, 1990

-Electric Water System and Ravenue Sewer Cash flows from operations

. Operating income (loss) $ 14,157,fn6 $ 3.464,470 Adjustments to reconcile net income to

. cash provided from operations:

Depreciation and amortization 2.764,199 1,670,238 ,

Cash provided by (used for) chanEes in:

Accounts and notes receivable (149,811) 93,092- '

Accrued unbilled revenue (86,166) -

Due (to) from other funds 106,202 26,817 Inventories (125,442) 26.493 Other current assets (139,552) -

Other restricted assets 33,676 (7,398)

Due from other governments 6.536 -

Accounts payable (237,714) (130,598)

Compensated absences payable 24,998 (1,359)

Customer deposits $20,142- -

Deferred revenue - (88,326)

Other restricted liabilities 1,046,345 (424,166)

Net-cash provided from operations 17,921,019 4,629,263 Cash flows from investing activities:

Purchases of property and equipment (10.684,087) (5,780,947)

Collection of interfund receivable 60,968 75,000 Interest received .

1,888,400 1,646,812 =i Net cash used in investing activities (8.734,719) (4,059.135)

Cash flows from noncapital financing activities: . .

Operating transfers to other funds (9.776,193) (370,533)-

Operating transfers from other funds 163,016 -

Net cash provded by (used in) noncapital E

financing activities (9,613,177) (370,533)-

Cash flows from capital and related financing activities:

Proceeds from issuance of debt 40,843,858 -

Payment of principal on debt (22,954,775) (425,000)

Transfers from (to) other funds - -

Interest paid (143,613) (1,570,416)

= Net cash used in capital and related financing activities 17,745,470 (1,995.416)

Net increase (decrease) in cash 17,318.593 (1,795,821)

Cash and cash equivalents:

-Beginning of year 26,991,921 39,250,840 l End of year $ 44.310.514 $ 37.455.019 l

j  !

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Fort Munici- Ocala Municipal King pal Munici-Sani- Golf Tennis Trailer pal tation Course Court Park Airport Total

$.210.399 $(251,731) $. (65) $ 15,746 $ (69,611) $ 17.526,814 207,730 299,676- 3,343 1,539 115.288 5,062,013 (270) -

(54) 1,319 (55,724)

(86.166) 47,888 12,940 267 (11,211) 320,092 502,995

- (1,028) - - - (99,977) 2.975 - - - (136,577)

(1) 26,277 (354.456) (347,920)

(10,275) -(8,150)

.(1,736) (1,216) 9,879 (379,810) 2,096 7,076 (373) (121) 728 33,045

- - - - - 520,142

- 61,945 - - (1,843) (28,224)

- - - - (28,907) 593.272 457,838, 123,433 1,436 4,683 (7,512) 23,130,160

~

(309,732) (124,641) (95,159) (10) (189,131) (17,383,707)

- - - - - 135,968 9,263 18,812 3,883 -

29.573 3,596,743 (500,469) (105.829). (91.276) ( 1,0) - (159.558) (13,650,996) '

(212,744) (194,466) - (4,673) (126,575) (10,685,184)

-247,300 319,799' - - 75,000 805,115 34.556 125,333 - (4,673) (51.575) (9,880,069)

- - -60,000 - - 40,903,858 (163,803) (969) - -(5,468) (23,550,015)

- - - - (15,446) (15.446) j

- (58,668) (2,456) --

(24.057) (1,799,210)

.(222,471) 56,575- - (44,971) 15.539,187

-(8,075) (79,534) (33,265) - (263,616) 15,138,282 66,957 151,292 59,806 100- 263,616 66,784,532-

$ 58,882 $ 71.758 $ 26.541 $ _,100 $ -

$ 81.922.814 d

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INTERNAL SERVICE FUNDS b

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CITY OF OCALA, FLORIDA INTERNAL SERVICE FUNDS

_ COMBINING BALANCE SHEET SEPTEMBER 30, 1990 9

Internal Fleet Self-Assets Se rvice Management Insurance Total Current assets:

Cash and investments $ 150 $ 200 $ 150 $ 500 Equity in pooled cash and investment fund 169,456 2,971,761 1,056,374 4,197,591 Accounts receivable 329 268 - 597 inventories 79,681 60,941 - 140,622 Other current assets 82,609 - 32,514 115.123 Due from other governments -

17.982 - 17,992 Total current assets 332,225 3,051,152 1,089,038 4,472,415 Property, plant and equipment, net 6,599,233 389,209 24.035 7,012,477 Total assets $ 6,931.458 $ It4kq,.lil $ 1.113.073 $ 11.484,892 l

Liabilities and Fund Equity Current liabilities:

Acccunts payable $ 58,821 $ 68,166 $ 1,037,414 $ 1,164,401 Compensated absences payable 32,025 19,690 - 51,715 Notes payable within one year 190.683 - -

__ 190,683 Total current liabilities 281,529 87,856 1,037,414 1,406,799 Notes payable after one year 735,191 - - 735,191 Total liabilities 1,016,720 87,856 1,037,414 2,141,990 Fund equity:

Contributed equity 1,288,775 - 20,401 1,309,176 Unreserved retained earnings 4,625,963 3,352,505 55,258 8,033,726 ,

Total fund equity 5,914,738 3,352,505 75,659 9,342,902 Total liabilities and fund equity $ b l3,J44 3 $ 3,440,361 $ M 1,g $ L g g

.7 CITY OF OCAI.A. FI.0RIDA INTERNAL SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANCES IN FUND EOUITY FOR THE YEAR ENDED SEPTEMBER 30, 1990 Internal Fleet Self-Se rvic e Management Insurance Total Opsrating revenues:

Fees and rentals $ 2,153,662 $ 3,631,757 $ 302,812 5 6,088,231

Employer's insurance contributions - - 1,917,693 1,917,693 Employees' insurance contributions - -

692.387 692,387 Other - 122,670 3.117 125,787 Total operating revenues 2.153.662 3,754,427 2,916,009 8,824,098

' Operating expenses:

Fleet management - 2,242,669 - 2,242,669 Purchasing and warehousing 536,769 - - 536,769 Management information- system. -

central reproduction and records management 831,767 - - 831,767 Building maintenance 659,380 - - .659,380

' Insurance administration - - 2,612,303 2.612,303 Depreciation and amortization 409,611 43,345 514 453,470 Total operating expenses 2,437,527 2,286,014 2,612,817 7.336,358

~ Operating income (loss).

(283,865) 1,468,413 303,192 1,487,740

-Nonoperating revenues-(expenses):

Interest income 22,912 208,389 64,057 295,358 Interest expense (50,644) - -

(50, 6,44 ) -

Total nonoperating revenues (expenses) (27,732) 208,389 64,057 244,714 Income before operating transfers (311,597) 1,676,802 367,249 1,732,454 Operating transferst-From other funds ,

190,247 13,800 - 204,047 (To) other funds- (78,345) (754,329) - (832,674)

Total operating transfers 111,902 (740,529) - (628,627)

Nat. income (loss) (199,695)- 936,273 367,249 1,103,827 Fund equity at beginning of year 6,114.433 2,416,232 (311,991) 8,218,674

' Capital contributions - - 20,401 20,401 Fund equity at end of year $ 5.914.738 $ 3.352.505 $ 75.659 $ 9.342.902

-CITY OF OCALA, FLORIDA INTERNAL SERVICE FUNDS COMBINING STATEMENT OF CASH FL0k'S FOR-THE YEAR ENDED SEPTEMBER 30, 1990 T

Internal Fleet Self-Se rvic e Management Insurance Total Cash flows from opsrations:

Operating income (losr.) $ (283,865) $ 1,468,413 $ 303,192 $ 1,487,740

-Adjustment to reconcile net income to cash flows from operations:

Depreciation 409,611 43,345 514 453,470 Cash provided by (used for) changes-in:

Accounts receivable (169) 1,796 - 1,627 Due f rom (to) other funds 13,377 9,139 (482,051) (459.535)

Inventories (19,954) 17,571 - - (2,383)

Other current assets (82,609) (360) 23,633 - ( 59,3 36):

Accounts payable 10,404 11.986 220,921 243,311 Compensated absences payable 2,170 2,395 - 4,565 Net cash provided from operations 48,965 1,554,285 66,209 1,609.459'

~ Cash flows from investing activities:

Purchases of property and equipment (851,199) - (4,148) (855,347)

Proceeds from sale of property and equipment- - 7,595 - 7,595 Interest' received 22,912 208,389 64,057 295,358-Net cash provided by (used in) investing .

activities -(828,287) 215,984 59,909 -- ( 5 5 2, 394 ) :

Cash flows from noncapital financing activities:

Operating transfers to other

. funds (78,345) (754,329) -

(832,674);

Operating transfers from other funds 190,247 13,800 - 204,047 Net cash (used in) noncapital financing activities 111,902 (740,529) - (628,627)

(Continued)'

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c.. .. - -

CITY OF OCALA. }LORIDA INTERNAL SERVICE FUNDS COMBINING STATEMENT OF CASH FLOWj FOR THE YEAR ENDED SEFTEMBER 30, 1990 (Continued)

Internal Fleet Self-Service Management Insurance Total

. Cash' flows from capita? and related financing activities:

Proceeds from issuar.ee of long-term debt $ 1,041,370 $ -

$ - $ 1,041,376 Principal payment on long-term

-debt' .

(338,805) - - (338,805)

Interest paid (61,542) - - (61,542)

Net cash ineed 1. capital and related financing

. activities 641,023 - - 641,023 Net increase (decrease) in cash (26,397) 1,029,740 126,118 1,129,461 Cesh and cash equivalents at beginning of year 196,003 1,942,221 930,406 3,068,630 Cash and cash equivalents at end of year $ 169.606 4 2.971.961 $ 1 056.524 $ 4.198.091

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TRUST AND AGENCY FUNDS

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l CITY OF OCAlA,_ FLORIDA TRUST AND AGINCY )TNDS COMillNING BALANCE SHf:ET ,

SEPTTM!il:R 30 1990 i I

i i

r Papendable trust __ rens trin trust Funde  !

Conusunity r611ce r Pension Redeveltp. I.epicyees' Firefff,ters' of fic er s' ,

Medical ment Trust petitteent 5utrieneetal Supplesental  !

Asset.e Recetve fund gg .te rie t en Feeston Tetal l

Ceeh and investmente 4 426.449 8

• I 22.?i',011 8 f.639.557 $ 1.987.904 6 29,829.924 Equity in pooled cash and Investment fund a 2.212 . . .  ?.212 '

Dus free othet funde - . l.671 -. . l.6?!

Accrued interest ens dividende receivablJ . . 114.926 19,166 $8,64% 412,7??

Total assete $M $@ $ 23.092.6l0 $ 1.699.721 8 4.046.$90 8 30.??l.604 tigbilitsee and Fund talance I Liabilittee paye*>1e from testricted assets:

Accounto payable 4 - 8 - 8 10.084 8 459 8 . t 10.541 Compenested obsences payable -

162 . . . 162 Total liabilities . 162 10.084 4%9 + 10,903 Fund balances Reestved for retirement benefite - -

21.062.126 7.698.764 4.046.190 29.807.180 R3eerved f or teatricted assete 426.449 6.870 * .

- 411,119 Total equity 426,449 6,870  ?),067,926 2,69P,264 4,046.590 10.240,609 Total liabilittee and fund balance $M $@ $ 21.092.610 $ L_t 99. ? ?) $ 4.046.390 $ R.2?l.604 h

.A..,.d-_.e4 _l ra ._e 3.4.m.%as. +-m L ,.,e .'

CITY AF 0CALA, FLORIDA EXPENDABI E TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND i

Cil\NGES IN TUFD BALANCES - ACit'AL AND Bl'DGET  ;

FOR THE YEAR ENDED SEPTEMBER 30, 1990 Adjustments  :

Pension Community to a Medical Redevelop- Budgetary

_Re se rve ment Total Basis Revenuest .

Property taxes $ - $ 10,934 $ 10,934 $ -

Interest 13,805 1,134 14,939 (13.805)

Other 412,644 - 412,644 (412,644)

Total revenues 426,449 ,12,068 438,517 (426,449)

Expenditures Current - general government and administrative -

16.026 16.026 -

Debt service - Interest - 44 44 ,

Total expenditures - 16,070 16,070 -

Excess (deficiency) of revenues over expenditures 426.449 (4,002) 422,447 (426,449) r other financing sources (uses):

Transfers from other funds - 13,$52 13.552 -

Transfers (to) other funds - (2,680) (2,680) -

Total other sources (uses) -

10.872 10,872 -

Excess (deficiency) of revenues and other sources over expenditures and other uses before fund balances allocation 426,449 6.870 433,319 (426,449)

Fund balance allocation - - - -

'~

Excess (deficiency)' of revenues and other sources over expenditures and other uses 426.449 6,870 433,319 (426,449)

Fund balances att Beginning of year ,

End of year $f2id.3 4 $4g $ gh 319 $ (416_dM)

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Actual on a Favorable Budgetary Revised (l'nf avorable)

Basis Budget Variance  ;

t

$ 10,934 $ 10,934 $ - f 1,134 1,550 (416) 17.068 12,484 (416) i

.-16,026 22,255 6.229 44 44 -  !

16.070 22,299 6.229 (4.002) (9,815) 5.813_

13,552 13,552 -

(2,680). (2,680) -

10.872 10,872 -

6,870 1,057 5,813 (1,057) 1,057 t

i 6,870 - 6,870

- 49

$ 6.870 $ -

,. _-, . . - - . , _ , . _ _ . . . . _ _ . , . . . - , _ _ . _ . . _ _ _ - . . . . , . - . _ . _ _ . . _ _ _ , _ . _ _ . . _ . . ~ . . . _ , . . _ _ . . . _ ,_.._. _ ,

CITY OF OCA g rLORIDA

_ PENSION TkUST FUNDS COMBINING STATEMENT OF RTVENUES, EXPENSF.S AND CilANGES IN FUND BALANCES FOR THE YEAR ENDFD SEPTEMBER 30, 1990 Fire- Polics Employees' fighters' Officers' Retire- Supple- Supple-ment mental mental Fund Pension Pension Total Operating revenues:

City and state contributions $ 1.072,879 $ 140,692 $ 279,934 $ 1,493,505 Employee contributions - 210,241 33,;86 243,327 Income on investnents 1,329,002 150,842 226.115 1,705.979 Total operating revenues _2,401,881 501,775 539,155 3.442,811 Operating expenses:

Pension payments 687,155 176.411 116,178 979,744 Refunds to employeen 1.286 6,710 4,566 12,562 Administration 238,706 33,373 45,394 317,473 Realized loss on sale of investments 34L 0 40,167 60,340 443,347 Unrealized loss in fair market value of investments 5,332,933 623,634 934,418 6,890.985 Total operating expenses 6,602.920 880,295 1,160,896 8,644,111 Net loss (4,201,039) (378,520) (621,741) (5,201,30@

Fund balances Beginning of year 27,263,565 3,076,784 4,668,331 35,008,68G

'End of year $ 23.062,526 $ 2.698.264 $ 41 046.590 $ 29.807.380 1

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CITY OF OCALA.-FLORIDA SCHEDULE OF GENFRAL FIXED ASSETS BY FUNCTION AND ACTIVITY AS OF SEPTEMBER 10, 1990 Machinery and Function and Activity Total Land Buildings Equipment General government and admin-istrations Lsgislative $ 1,311 $ - $ - $ 3,311 Executive 124,251 - 159 124.092 Finance 25,168 - 433 24,735 Purchasing 1,465 - - 1,465 Personnel and safety 24,379 - 1,233 23,146 Planning 581,006 165,236 121,324 94,446 Building inspectton 111,100 - - 111,100 Total general govern-ment 870,680 165,236 323.149 382,295 Pubile safety:

Police protection 2,180,939 .

- 21.018 2,159,901 Fire protection 2,690,755 . 799,102, _1_,866,471 J , 2)Q{.

Total public safety 4,871,694 AJ 820,140 4,026,372 Pub 11e works:

Flood control 152 807 - 2,000 350,807 Engineering 786.U0 452.712 23,987 306,541 Highway and street con-struction 1,173 61) 1 -

9.100 1,169,515

.TL 15,087 1,836,863 Total public works _23Nisi 4

Culture and recreation Library 354.134 - 116,775 237,359 Recreation 87hp2 774 408,995 463,503 Total culture and recreation 1,227,406 774 525,770 700,862 Nondepartmental 5.526.046 2.744,700 2,779.863 1,483 Construction in progress 168,823 756 168,067 -

Total general fixed

$ 6.937.876 assets _ $ 14.984.312 $ 3.394.360 $ 4.652.076 l-

CITY OF OCALA._ FLORIDA SCllEDt?LE OF CHANGES IN GENLRAL FIXED ASSETS liY Fl!NCTION AND ACTIVITY FOR THE YEAR ENDED SEPTDiltl'R 10, 1990 Ceneral General Fixed Assets Fixed Assets September 30 Addi- Deduc- September 30.

Function and Actfefty 1989 tions tions 1990 General government and admin-istration Legislative $ 4,358 $ -

$ 1,047 $ 3,311 Executive 165,239 11,725 52.712 124,252 Finance 33,833 3.125 11,790 25,168 Purchasing 1,465 - - 1,465 Personnel and safety 26,',33 1,775 3,929 24,379 Planning 562,292 28,921 10,207 581,006-Building inspection ,__119,653 12.170 20,723 111,100 Total general government 913,373 57,716 l100,408 870,681 Public safety:

Police protection 1,827,980 451,345 98,386 2.180,939 Fire protection- 2,050,640 675,699 35,584 2.690,755 Total public-safety ,3,878,620 1,127,044 133,9fD 4,871,694 Public works:

Flood control 311,463- 117,190 75.846 352,807 Engineering 763,385 54,193 29,338 788,240 Highway and street construction 1,137,072 151.270 109,727 1,178,615 Total public works 2,211.920 122,6$3 214,911 2,319,662 Culture and recreation Library 352,544 21,459 19,869 354,134 Recreation 669,665 246,302 42,695 873,272 Total culture and recreation 1,022,209 267,761 62,564 1,227,406 Nondepartmental 5.525,256 790 -

5.526.046 Construction in progress 389,592 168,823 389,592 168,823 Total general' fixed assets $ J3.940.970 $ 1 944,787 $$01.445 $((.984,312

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SINGLE AUDIT REPORT $

This Section contains the following:

Schedule of Federal Financial Assistance fg Reports of Certified Public Accountants on: A Schedule of Federal Financial Assistance E Internal Accounting and Administrative Controls o Compliance with Applicable laws and Regulations @

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Cettified Putille Accountents 111 Nuith Orange Avenue. hte 1000 PO Bos 3031 Orlando. Fl 32002 Independent Aud i t o r s. ' Feport The Honorable Metnbers of City Council City of Ocala, Florida:

We have audited the general purpose financial staten.ents of the City of Ocala, Florida, as of and for the year ended September 30, 1990, and have issued our report thereon dated January 14, 1991. These general purpose financial statements are the respone$hility of the City. Our responsibility is to express an opinion on these general purre,se financial statements based on our audit.

We conductea our audit in accordanct with generally accepted auditing standards and Covernment Auditing Standards, issued by the Comptroller General of the United Staces. Those s t e ndards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial staternents 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 aufft also includes arsessing the accounting principles used and significant estimates made by management, as well en evaluating the overall financial Atatement presentatfen. We belleve that our avdit providea a rear >onable basis for our opinion.

Our audit was made for the purpose of formirg an opinion on the general purpose financial statetrents of the City of Ocala, Florida, taken as a whole. The supplementary information included in the accompanying Schedule of Fede ral Financial Assistance is presented for purposes of additional analysis and is not a required part of tha general purpose financial statements. The infornation in that Schedule has bean subjected to the auditing procedures applied in the audit of the general purpose financial s t a t e rnen t s and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole.

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{ITY OF OCALA, FLORIDA SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE FOR THE YEAR ENDED SEPTEMBER 10 1990 ,

i Federal CFD' Ptogram Federal Grantor / Paas-through Grantor /Frogram Title Number Award U.S. Department of Housing and Urban Development Direct Programs:

CD BC-En t i t le me n t-B- 87-NC- 12002 9 14.228 * $ 607.000 CDBG-Ent i t le me nt-B-88-MC- 120029 14.2?8

• 572.000 CDBC-Residential Rehab111tation-R-87-HC-120242 14.228

• 190.600 CDBG-En t i tle me n t-B-89-MC-120029 14.228

• 602.000 U.S. Department of Transportation Direct Programs:

Airport Improvement Program 04 20.106 $ 45.000 Airport Improvement Program 06 20.106 997.712 Airport Improvement Program 07 20.106 831.993 Passed through State of Florida Department of Transportation >

Unified Planning Work Program - $110-88/89 20.205 6 67.206 Unified Planning Work Program - $112-89/90 20.005 54.500 Level III 0.A.T.S. 20.205 60.000 U.S. Department of the Interior - 86/87 Passed through Florida Division of~~

Historical Resources Ft. King Archaeological $ 6.539 Ft. King Archaeological - PRASE II 21.500 Urban Mass Transportation Administration Direct Programs: .

Planning Grant-FL-08-0231 -

$ 20.000 Planning Grant-FL-08-0257 20.000 U.S. Departmant of Educetton Passed through State of Florida -

Division of

• Library Service:

Library Literacy Grant R-167-A-9000-7 84.014 5 22.204

• Major Program See accompanying notes to sebodule.

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Accrued (Oefetted) Accrued (1)efetted)

Grant kevenue Grant Revenue

_5_ettember in, 1989 Revenues Keceived f_xpendituteg September Toi 1990 Grcntor 1.e c a l Grantor local Grantor 1.nc a l Grantor ~ 1ncal

$ 174.180 $ - $ 174.180 $ - 8 -

180,516 - 180,$16 - - - - -

11.261 - 45,12$ -

46.479 - 12,61% -

.. - 2$7,915 - 622,271 - if,4,116 -

let,777 - e,5 7, 7 56 - '~'8 4 2 , 9 10 - 176,951 9,000 49$ 8.704 791 (296) 296 - -

10,796 16.674 -

16.674 -

11,797 10.796 -

- - 11,797 72,197 -

72,197 -

19,796 28,966 8,704 29.262 71,901 296 82,991 -

24.664 - 24,664 - - - - -

10,994 -

14.045 2.381 12.251 2,999 1,680 9.200 616

- $?,280 -

$5.800 -

5.200 ,_-

17,118 - 110,989 _ 2, 181 88.051 ,,2,999 14.400 616

$.964 6,784 6,519 7,190 575 406 - -

8.057 _8,057 a;,057 8,057 5.964 _6,784 6,519 7,190 8.612 ,8,461 H,057 8,0$7 8.494 1.062 20.000 1.819 11.506 2.911 12,891 l$6

- - 1,174 14.765 1,691 1,874 117 8,494 1,062 12,891 7,211 26,271 6,624 1,874 471

- - i6,1:0 - 19,867 - i,757 -

$ 261.169 $$ $ B3 .989 $ f@ $ 1.057.652 $M $ 488.012 $9g 4

C11Y OF OCALA ,F10kiPA NOTES 'f0 SCHEDULE Ol' TEDERAL FINANCI AL ASSISTANC_ r FOR THE YFAR ENDED SEPTDiBER 30 1990

1. General The accompany 1rg Schedule of Federal financial Assistance presents the activity of all federal financial assistance programs of the City of Ocala. Florida. The City of Ocala reporting entity is defined in note 1 to the City's combined financial statements. All federal financial assistqnce received directly f rom federal agencies as well as federal financial assistance passed through other government agencies are included on the schedule.

2. Basis of Accountinj The accompanying Schedule of Federal Financial Assistance is presented using the modified accrual basis of accounting, which is described in note 2 to the City's combined financial statements.

3. Grantor Grantor is defined as the federal agency or state pass through agency providing the federal financial assistance.

4. , Local Local is defined as the matching contribution provided by- the state or the City.

C11Y Or OPALA. fl.tRIDA SCHEDULE Ol' *1NDINGS, AND QUESTf 0Ntb CO$tt, FOR THE YEAR ENDED SEPTEMBFR 30. 1990 finding / Questioned Noncompliance Finding / Noncompliance Costa CDDG Entitlement the City did not file two of the four N/A Grants quarterly federal cash transaction reports on a timely basis. The reports are required to be submitted 15 days after the end of each quarter. The December 31. 1989 and September 10.-1990 reports ware submitted after this deadline.

CDBG Entitlement Grants _The City did not accurately complete the N/A Federal Cash Transaction reports. Discre-pancies were noted in the ro11 forward of cash on hand, the reporting of cash receipts and gross disbursements. However, the City did not request more funds than it was entitled.

The City intends to correct the reports and resubmit them to the U.S. Department of Housing and Urban Development.

All Grants A material control neceseary to detect N/A errors in the grant reporting s/ stem was not performed during the September 30, 1990 fiscal year end. The control was performed in the prior year- and is currently performed for the fiscal year ended September 30. 1991.

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[Nl Peat Marwic<

Certmed Pubhc Accountants ut brth Drunge Aw ve. 6te 1M10 PO LW 30J1 Odonoo.IL32607 Independent Auditors' Repett 1he llonorable !! embers of City Council City of Ocala. Florida k'e have audited the general purpose financial s t at e*nent s o f the City of Ocala.

Florida, as of and for the yrar ended September 30 1990, and have iscued our report thereon dated January 14 1991.

k'e conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards. ,t a su ed by the Comptrol.ler General of the United States. Those standards require that we plan and perf orm the audit to obtain reasonable assurance about whether the general purpose financial statements are iree of material misstaten:ent.

In planning and performing our audit of the general purpose financial stat ernents of the City of Ocala, for the year ended September 30 1990, we connidered ito internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose financial staternents and not to provide assurance on the internal control structure.

The management of the City of Ocala. Florida, is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and relat',1 costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable,, but not absolute, assurance that assets are safeguarded a gain s t' loss from unauthorired use or disposition. and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpcse financial staternents in accordance with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the de ssign and operation of policies and procedures n.a y deteriorate.

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For the purpose of this report. we have claimffied thu significant internal control structure policies and procedurea in the following categorient o Accounting Controll o Treauvry  !

o hevenue/ Receipts o Purc hasing/Dishu rsercent s o External financial Reporting for all of the internt.1 control structure categories listed above, we obtained an understanding of the Asign of relevant policies and procedures and whether they have been placed in creration, and we assestsed control risk.

Our consideration of the interna 1 control structure would not necercarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of one or more of the specific internal control structure el eine nt a does not reduce to a re'latively lov level the risk that errors or irrer,ularities in amounts that would be mat eria:1 in relation to the general purpone financial statements being audited muy occur and not be detected within a timely period by employees in the normal course of performing their assigned funettons. We noted no matters involving the internal control structure and its operatton that we consider to be material weaknesses as defined above.

However, we noted certain matters involving the internal control structuro and its operation that we have reported to t. h e management of the City of Ocala.

Florida, in a separate letter dated January 14, 1991.

This report is intended for the information of the aud!t committee, management, and the auditor general. This restriction is not intended to limit the distribution of this report, which is a matter of public record.

f( 0Al January 14, 1991 t

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kNPeat Marwick CNti%d PutWe Accountants in North Otange A.vn-x, Su to 400 P O B, x 3031 OrLindo f L 17802 Independent Auditors' heport lhe Honorable Members of City Council City of Ocala, Floridas We have audited 'S general purpose financial statements of the City of Ocala, Florida, as of and for the year ended September 30. 1490, and have issued out report thereon dated January 14, 1991.

We conducted our audit in accordance with generally accepted auditing str.ndards and Government Auditing Standards, issued by the Comptroller General of the United States, lhose standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpa:a financial statements are free of material misstatement.

Compliance with laws, regulattens, contracts, and grants applicable to the City of Ocala, Florida, is the responsibility of the management of the City of Ocala, Florida. As part of obtaining reasonabic assurunce about whether the general purpose financial statements are free of material misstatement, we performed teats of the City of Ocala, Florida's compliance with certain provisions of laws, regulations, contracts, and grants. However, our objective was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion.

The resulta of our tests indicate that, with respect to the items tested, tre City of Ocala, Florida, complied , in all material respects, with the provisiens referred to in the preceding paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the City of Ocala, Florida has not complied, in all material respects, with those pn"isions.

This report is intended for the inforir.ation of the audit committee, managerrent ,

rnd auditor general. This restriction is not intended to Ilmit the distribution o t' this report, which is a matter of public record.

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Cettified Pubhc Accot.ntants lit North Orange Asenso, Smte 1600 PO Bos 3031 Orbnda. I L 37002 Independent Auditors' Report The Honorable Men.bers of City Council City of Ocala, Floridat k'e have audited the general purpose financial statements of the City of Ocala, Florida, for the year ended September 30, 1990, and have issued our report thereon dated January 14, 1991.

As part of our audit , we made a study and evaluation of the internal control systems, including applicable internal administrative controls, used in administering federal financial assistance programs to the extent we considered necessary to evaluate the systems as required by generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, the Single Audit Act of 1984, and the provisions of Office of Management and Budget Circular A-128, Audits of State and 1.ocal Governments.

Under the date of January 14, 1991, we reported separately on the results of our consideration of the internal control structure performed in connection with our audit of the general purpose financial statements. The results of our study and evaluation of internal accounting and administrative controls used tu administering federal financial assistance programs are presented theroin.

The management of the City of Ocala, Florida, is responsible for establishing and maintaining internal control systems used in administering federal financial assistance programs. In fulfilling that responsibility, estimates used and judgments by management are required to assess the expected benefits and related costs of control procedures. The objectives of internal control systems used in administering federal financial assistance programs are to provide management with reasonable, but not absolute, assurance that, with respect to federal financial assistance programs, resource use la consistent with laws, regulations, and policies; resources are safeguarded against waste, loss and misuse; and reliable data are obtained, maintained, and fairly disclosed in reports. Because of inherent limitations in any system of internal accounting and administrative controls used in administering federal financial assistance programs, error or irregularities may nevertheless occur and not be detected.

Also, projection of any evaluation of the systems to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree of compliance with the procedures may deteriorate.

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For the purpose of this report, we have classified the significant internal accounting and administrative controls used in administering the major federal financial assistance programs in the follow lng categories:

o Accounting Controls o Treasury o Revenue / Receipts o Purchasing / Disbursements ,

o External Financial Reporting o Administrative Controls o General Requirements o Political Activity; o Davis-Bacon Act; o Civil Rights; o Cash Manage;.ent; o Relocation Assistance and Feal Property Acquisition; and o Federal Financial Reports o Specific dequirements s

o Types of Services; o Eligibility; o Matmhing Level of Eftarts; o Ropa r t.ing; o Cost Allocation; o Special Requirements; and o Monitoring Subrecipients Our study and evaluation included all of the applicable control categories listed above.

During the year ended Septen:ber 30, 1990, the City of Ocala, Florida, expended 80 percent of its total iederal financ.al assistance under maj or federal financial assistance programs. With respect to internal control systems used in administering major federal financial assistance programs, our study and evaluation included considering the types of errors and irregularities that coulo occur, determining the interr.a1 control procedures that should prevent or detect such errors and irregularities, determining whether necessary procedures are prescribed and are being followed satisfactorily, and evaluating any weaknesses.

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smq KPMG4 Peat Marwick With respect to the internal control systems used solely in administering nonmajor federal financial assistance programs, our study and evaluation was limited to a preliminary review of the systems to obtain an understanding of the control environment and the flow of transactions through the accounting system.

Our study and evaluation of the internal control systems used solely in administering the nonmaj or federal financial assistance p rog rams of City of Ocala, Florida, did not extend beyond this preliminary review phase.

Accordingly, our audit would not necessarily disclose materinl weaknesses in the internal control systems used solely in administering nonmajor federal financial assistance programs.

Our study and evaluation described in the two preceding paragraphs was core limited that would be necessary to express an opinion on the internal control systems used in administering the major and nonmajor feueral financial assistance programs of the City of Ocala. Accordingly, we do not express an opinion on the internal control systems used in administering the major and nonmajor federal financial assistance programs of the City of Ocala, Florida, taken as a whole, or on any of the control categories identified above.

However, our study and evaluation and our audit disclosed the following conditions that we believe result in more than a relatively low risk that errors or irregularities in amounts that would be material to a federal financial assistance program may occur and not be detected within a timely pettod. A reconciliation control necessary to detect errors in the grant reporting system was not performed during the fiscal year ended September 30, 1990. In our letter to management dated January 14, 1991, we have separately communicated our observations and recommendations regarding certain other matters, including those pertaining to nonmaterial internal control findings.

These conditions were considered n determining the nature, timing, and extent of the audit tests to be applied in (1) our audit of the 1990 general purpose financial statements and (2) our audit and review of the City's compliance with those laws and regulations for which we believe noncompliance could have a material effect on the allowability of program expenditures. This report does not affect our reports on the general purpose financial statements and on the City's compliance with laws and regulations dated January 14, 1991.

This report is intended solely for the use of management and the cognizant and otner federal audit agencies and should not be used for any other purpose. 'Ihis restriction is not intended to limit the distribution of this report, which, upon acetptance by the City of Ocala, Florida, is a matter of public record.

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January 14, 1991

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NPMG Peat Marwick Certified Public Accountants 111 North Orange Avenue. Suite 1000 PO. Box 3031 Orlando, FL 32802 Independent Auditors' Report on Compliance with General Keouirements The Honorable Members of City Council City of Ocala, Florida:

We have audited the general purpose financial statements of the City of Ocala, Florida, as of and for the year ended September 30, 1990, and have issued our report thereon dated January 14, 1991.

We have also applied procedures to test the City of Ocala, Florida's compliance with the following requirements applicable to each of its maj or federal financial assistance programs, which are identified in the Schedule of Federal Financial Assistance, for the year ended September 30, 1990:

e Political Activity e Davis-Bacon Act e Civil Rights e Cash Management e Federal Financial Reports Our procedures were limited to the applicable procedures described in the Office of Management and Budget 's Compliance Supplement for Single Audits of State and 1.ocal Governments. Our procedures were substantially less in scope than an audit, the objective of which is the expression of an opinion on the City of Ocala, Florida's compliance with the requirements lis t ed in the preceding paragraph. Accordingly we do not express such an opinion.

With respect to the itema tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph of this report. With respect to items not tested, nothing came to our attention that caused us to believe that the City.of Ocala, Florida, had not complied, in all material respects, with those requirements. However, the results of our procedures disclosed immaterial instances of noncompliance with those requirements, which are described in the accompanying schedule of findings and questioned costs.

This report is intended for the information of management and the cognizant and other federal audit agencies. This restriction is not intended to limit the distribution of this report, which is a matter of public record.

January 14, 1991 p*7 mpmwm -102-k [$%,"$Ye new

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mmrq XPMG' Peat Marwick Certified Public Accountants til North Orange Annue. Suite 1000 PO Box 3031 Orlando, f L 3?802 Independent Auditors' Report on Compliance with Specific Major Program Requirements The Honorable Members of City Council City of Ocala, Florida:

We have audited the general purpose financial statements of the City of Ocala, Florida, as of and for the year ended September 30, 1990, and have issued our report thereon dated January 14, 1991.

We have also audited the City of Ocala, Florida's compliance with the requirements governing types of services allowed or unallowed; reporting; claims for advanced and reimbursements; environmental review certification; and program income that are apn1 9able to each of its major federal financial assistance programs, which are icentified in the accompanying Schedule of Federal Financial Assistance, for the year ended September 30, 1990. The management of the City of Ocala, Florida, is responsible for the City of Ocala, Florida's compliance with those requirements. Our responsibility is to express an opinion on compliance with those requirements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and OMB Circular A-128, Audits of State and Local Governments. Those standards and OMB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether material noncompliance with the requirements referred to above occurred. An audit includes examintag, on a test basis, evidence about the City of Ocala, Florida's compliance with t.hos e requirements. We believe that our audit provides a reasonable basis for our opinion.

The results of our audit procedures disclosed immaterial instances of noncompliance with the requirements referred to above, which are described in the accompanying schedule of findings and questioned costs. We considered these instances of noncompliance in forming our opinion on compliance, which is expressed in the following paragraph.

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1 ritmq KPMG Peat Marwick In our cyinion, th; cirv of Ocala, Florida, complied, in all material respects, with the (equirement overning types of services allowed or unallowed; reporting; cla!9 for evances and reimbursements; and environmental review certifient..a; and program income that are applicable to each of its major federal 'intpcLal aesrtance programs for the year ended September 30, 1990, fh j U JanurT> 14 1991

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p 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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CITY OF OCALA, FLORIDA ,

= G_GERAL GOVERNMENTAL REVENUES AND OTHER FINANCING SOURCES BY Sol'RCE (1)

LAST TEN FISCAL YEARS ,

1981 1982 1983 1984 Property taxes $ 1,671,438 $ 2,029,326 $ 1.659,194- $ 2,227,719 Other taxes. 459.151 504,200 711,774 675,663

-Intergovernmental revenues 1,990,385 2,448,542 3,832,853 ,,574,314 Licenses and permits 426,876 395,285 518,026 590,212 Fines and forfeitures 255,011 256,531 342,033 329,289

-Charges for= services and off-street parking 106,616 90,525 162,613 187,819 Transfers from other funds 6,954,284 6,642,731 7,434,175 6,973,813-Bond and note proceeds - - 7,192,325 238,538 Interest income 279,306 220,844 230,273 405,039

. Miscellaneous 100,936 246,296 466,285 908,881 Total $ M $ 12.244.004 $ 22.549.551 $ 17.111.287 (1)- Thir 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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-1985 1986 1987 1988 1989 1990

$ 2,258,689 s 2,921,415 $ 4.413,746 5 5,073,641 s 6,161.242 $ 6,505,843

.705.331 717,980 710,945 763,823 786,021 801,394 5.215,617 5,868,213 6,342,097 6,727,199 7,041,160 -6.982,067 628,624 706,762 677,805 673,596 690,456 -736,411 543,685 474,764 532,498 710,301 740,603 734,132 209.369 240,735 245,690 223,742 1,348,168 1,497,702 9.252,428 -10.203,401 10,928.043 11,571,596 14,277,023 14,321,507 13,041,330 7,542,626

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428,183 522,787 756,439 889.905 1,567,581 .1.545,540 1,001.957 1,064.125 1,571,789 1,067,09,3 112,908 261,093 s2pa nJL3 5 3L251.5i2 s L6.,r m s 35.307.167 s 32.725.is2 5 33.385.689

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CITY OF OCALA, FLORIDA GENERAL GOVERNMENTAL EXTENDITURES AND OTHER USES BY Fl'NCTION (1)

LAST TEN FISCAL YEA.J 1981 1982 1983 1984 Genetal government and administration $ 1,30 t .,433.279 $ 1,497,736 $ 1,668,132 Nblic safety 3.995 4o. 4,554,075 4,901,697 5,454,770

.Pu?lic works 1,613,386 1,809.302 1,862,172 2.115.342 Culture and recreation 1,709,533 1,734,942 1,860,400. 2,108,338 Nondepartmental 21,184 17.236 419,079 672,488 Debt service 2.544,623 464,510 472,668 1,327,341-Capital outlay 1,309,005 2,097,034 1,128,128- 1,285,902 Transfers to other funds 752,023 725,039 8,132,864 1,364,676 Miscellaneous 50,886 132,825 263.329 298,085 Total .$ 13.308.251 $ 12.968.242 $ 21538.073 $ 16.295.074 (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 eliminated between these funds.

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1985 1986 1987 1988 1989 _1990

$ 1,750,550 $ 2,180.146 $ 2,398,717 $ 2,462,279 $ 2,872,897 5 _3,168,947 6,130,072 6,836,255 7,529,924 8,030,705 9,519,499 10,759,495 2,289,859 2,470,282 2,690,444 2,707,074 3,435,091 3,4E6,758 2,278,015 2,420,806 2,806,405 2.728.031 2,998,445 3,376,898 883,597 998,914 1,259,245 1,973,860 330,614 389,988 1,337,651- 8,546,374 2,153,331 6,011,761 2,485,187 3,619,989 1,502,593 1,740,251 2,537,305 2,501,826 1,979,521 4,834,530 2,723,972 4,803,525 3,865,642 4,176,731 3,477.913 3,764,846 267,924 762,977 329.074 666,543 665,631 871.121

$ 19.164.233 $ 30.759.530 $gj.570.087 $ 31 21132fl0 $ 27.764.798 $ 34.252.572 ,

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_ CITY OF OCALA, FLORIDA PROPERTY TAX LEVIES, TAX COI. LECTIONS AND ASSESSED VALUATIONS (3)

LAST TEN FISCAL YEARS Assessed Current Valuation Total Tax Percent Fiscal (100% at Tax rate Tax Collec- of Levy Year -Market) in M111s(3) Levy (1) tions- Collected 1981 5 542,919,857 3.17 $ 1,724,044 $ 1.613,001 93.6 1982 559,458,934 3.47 1,950,292 1,849,490 94.8 1983 632,082.715 2.58 1,632,079 1,586,632 97.2 1984 672,994,062 2.93 1,970,526 1,851,074 93.9 1985- 721,342,613 3,15 2,274,596 2,142,364 94.2 1986 807,763,046 3.65 2.962,022 2.758,410 93.1 1987 971,042,837 4.65 4.527,718 4,199,267 92.8 1988 1,096,194,648 4.65 5,112,811 4,765.369 93.2 1989 1,235,655,356 _5.08 6,287,092 5,662,203 90.1 1990 1,310,033,579 5.08 6.667,187 5,956,404 89.3 I

Sources Marion County Tax Collector and City Finance Department.

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.(1) Includes penalties ,under Section 193.072 of the Florida Statutes..

(2) Tax collections include current and delinquent taxes, and tax certificates and payments to local governments for homestead exemptions.

(3) Excludes property tax levies of the Dovatown Development Commission. <

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Ratio of Total  ;

Total (2) Collections Tex 1 to Tax Uncollected Collections levy Taxes ,

$ 1,634,002 94.8 $ 111.043 1,991,899 102.1 100,802 1,623,260 99.5 '45,447 1,903,537 96.6 119.452 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 e

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CITY OF OCALA, FLORIDA SPECIAL ASSESSMENT COLLECTIONS LAST TEN FISCAL YEARS New- Collections -Total Fiscal Liens and outstanding Year _ Assessed Adjustments Assessments (l) 1981 $ - 5 132,112 $ 467,657 1982 44,576 86,719 425,514 ,

1983 1,379,317 301,723- 1,503,108 "1984 66,420 312,189 1,257.339 fl985 58,191 217,811 1,097,719 1986- 21.768 179,648 939,839 1987 12,959 158,409 794,389

'1988 28.300 175,308 647,381 1989 6,000 90.243 563,138 1990 106,229 159,966 509,401 I

(1) Does not reflect reserves for uncollectible special assessment levies.

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CITY OF OCALA, FLORIDA COMPUTATION OF LEGAL DEBT MARCg SEPTDiBER 30, 1990 Assessed Value (100% at market as of January 1,1990) $ 1,310,033 _,579 Debt. limit: 20% of Assessed Value $ 262.006.716 Amount of General Obligation Debt O'tatanding -

Legal Debt Margin $ 262.006.716 In accordance with-Article IX, Section 9.02, of the City of Ocala Charter, the

" aggregate amount ol general obligation bonds of the City outstanding at any one time shall not be greater than twenty per cent (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 "

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CITY OF OCALA, FLORIDA SCHEDULE OF ELECTRIC SYSTEM REVENUE AND REVENUE REFUNDING BONDS, SERIES 1977, 1983, 1988, 1989A AND 1989B COVERAGE I

LAST TEN FISCAL. YEARS het Revenue Available for Debt Debt Service Requirement s (2)(3)(4)

Year Service (1) Principal I n t e re s,t Total Coverage 1981 $ 5,976,618 $ 756,000 $ 887.357 5 1,643,357 3.66 1982 8,571,345 850,000 855,404 1,705,404 5.03 1983 10,526,167 885,000 818,952 1,703,952 6.18 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 1,817,677 2.827,677 5.07 1987 14,371,701 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 17,555,603 1,435,000 1,698,359 3,133,359 5.60 (1) Represents gross operating revenues and interest income less gross cperating expenses, excluding amortization and depreciation, of the electric system, (2) In August 1977, the City issued the following refunding bonds:

Power Supply Revenue Bonds, Seties 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 issuest 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 Revenue Bonds, Series A-1975 10,000,000

$_19.250.00g

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CITY Of OCALA. FLORIDA

' SCHEDULE OF ELECTRIC SYSTEM REVENUE AND REVENUE ,

REFUNDING BONDS. SERIES 1977, 1983, 1988, 1989A AND 19893 COVERAGE (Continued)

The proceeds derived from the sale of the refunding bonds were placed in an irrevocable escrow account, which, together with related interest earnings, will provide sufficient amounts to satisfy not only the remaining debt se rvice requirements, in accordance with the original maturity schedules, on the re-funded bonds, but the Special Obligation Bonds. Series 1977A as well. Accord-ingly, 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 f rom the determination of revenue bonds coverage.

(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 of this issus are being used for the acquisition and construction of a new substation, supervised control data acquisition system and for- other improve-ments 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 bonda 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 1989B 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 Bonda, Series 1977 and the City's outstanding Power Supply Revenue Refund).ng Bonds ,

Series.1988. The refunding bonds are no longer considered outstanding debt of the City because an escrow account was created for them; and, therefore, all debt service requirements _ subsequent to October 1989 for the refunded bonds have been excluded from the determinat1on of debt se rvice coverage. The proceeds of the 1989A bonds are being used to fund the cost of the acquisition and construction of additions, extensions and improvements to the electric system and certain infrastructure improvements related thereto. The first interest payments on the Series 1989A and 1989B bonds occurred in - April 1990; the first princ'ial payments were made October 1, 1990.

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CITY OF OCALA. FLORIDA l

SCHEDULE OF WATER AND SEVER REVENUE AND REFUNDING REVENUE BONDS,  ;

i SERIES 1968 1983 1985A._1985B, 1986 AND 1988, AND ANTICIPATION NOTES COVERAGE LAST TEN FISCAL YEARS l i

Net Revenue Ava11abic 1 For Debt Debt Service Requirements  ;

Year Se rvice (l) Principal Interest Total Coverage i

1981 $ 643.805 $ 250,000(2) $ 476,465 $ 726,465 .89 1982 1,377,870 260,000 789,196 1,049,196 1.31

'1983 2,000,069 270,000(3) 773,590 1,043,590 2.68 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 -

(4) 1,893,489(4) 1,893,489 3.50 1987 5,690,844 245,000(4) 4,129,150(4) 4,374,150 1.30 1988 8,047,236- 165,000(5) 4.118,735(5) 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 4,429.100 1.53 (1) Represents gross operatirg revenues less grosa operating expenses, excluding amortization . and depreciation, of the water and sewer system.

Additional pledged 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 Ponds Series C (this pledge does not pertain to the debt issued af ter 1978); 31,000 series of assessments (1979 and 1979-2 note issues only); unlevied public service tax (all issues); interest earnings on investments and any income realized from such investments of the sinking, sinking re se rve , 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).

(2) Does not include July 1, 1981 maturity of $3,745,000 Water and Sewer Revenue Bonds, Series 1979 Anticipation Notes, which were issued in June, 1980 and secured by the ' $6,600,000 Water and Sewer Revenua Bonds, Series 1979-2 Anticipation Notes that were issued on June 25, 1981. Proceeds from the sale of ,the 1979-2 Anticipation Notes were used to refund the 1979 Anticipation Notes, to ef fect an advanced refunding of the 1974 Polletion Control Bonds. Series C, and provide additional funding for various -

improvements- to the water and sewer system. (Remaining principal on 1974 bonds after 1981 maturity has also been excluded from debt service requirements above.)

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, CITY OF OCALA, FLORIDA 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 (Continued)

(3) The 1979-2 Anticipation Note < utured on July 1, 1983 and the related principal was secured by the . m 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 (renaining principal af ter July 1, 1983 maturity is excluaed from debt service requirements above) and refund the 1979-2 Anticipation Notes, the principal of which is excluded from debt service requirements' above. Remaining proceeds are being used for the acquisition and construction of additions, extensions and improvements to the water and sewer system.

(4) In October, 1985, the City issued the $37,080,000 Water and Sewer Revenue Bonds. Series 1985A, for the purpose of financing a portion of the acquisition 'and construction of certain additions, expansions and improvements to the City's water and~ sewer system; and the $10,775,000 Water and Sewer - Refunding Revenue Bonds, Series 1985B, 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 a(ter 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 reqvirements consist of the interest payments made for the Series 1985A and she Series 1985B bonds (before the advance refunding of the portion of the Series 1985A bonds) net 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 bonds.

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(5) In - July 1988, the City issued the $12.450,000 Water and Sewer Refunding Revenue Bonds, Series 1988, for the purpose of advance refunding the outstanding Water and Sewer Refunding Revenue - Bonds, Series 1985B. The .

refunded bonds are'ne longer considered outstanding debt of the City since an escrow acenuut was created for them; end, therefore, all debt service requirements subsequent to 1988 will be er:cluded from the determination of debt service coverage. The first interest payment on the Series 1988 bonds occurred in October 1988,

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CITY OF OCALA, FLORIDA SCHEDULE OF REFUNDING AND IMPROVEMENT EXCISE TAX BONDS, SERIES 1965 AND 1972, COVERACE LAST TEN FISCAL YEARS Pledged Revenues Debt Service Requirements (1)

Total Revenue Occupa- Available tional Cigarette for Debt Prin- Cover-YSar License Tax Se rvic e cipal Interest Total age 1981 $ 249,312 $ 308,993 $ 558,305 $ 210,000 $ 168,483 $ 378,483 1.48 1982 273,635 311,719 585,354 220,000 158,420 378,420 1.55 1983 292,546 335,334 627,880 230,000 148,250 378,250 1.66 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 1.9) 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 386,809 422,576 809,385 315,000 58,990 373,990 2.16 (1)- The- final maturity of the Refunding and Improvement Excise Tax Bonds. Series 1965, was in fiscal year 1986.

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QTY OF OCALA, FLORIDA SCHEDULE OF STREET IMPROVEMENT REVENUE BONDS COVERACE SERIES 1965, isui. 1975 AND 1978 LAST TEN FISCAL YEARS Special Assessment Collections Debt Service Requirements Available for Year Debt Se rvice (l) Principal . Interest Total Coverage 1981 $ 57,963 $ 150,000 $ 36,100' $ 186,100 .31 1982 48,354 -

26,350 26,350 1.84 1983 53,647 50,000 26,350 76,350 .70 1984 31,543 100.000 23,350 123,350 .26 1985 41,979 -

16,600 16,600 2.53 1986 24,010 - 16,600 16,600 1.45 1987 12,030 200,000 16,600 216,600 .06 1988 7,202 -

3,600 3,600 2.00 1989 27,285 60,000 3,600 63,600 .43 1990 (2) (2) (2) (2) (2)

(1) Includes collections on the special assessment levies pledged to re-tire these bonds (i.e. - Series 9,000; 10,000; 13,000; 14,000; 15,000; 16,000; 17,000; 24,000; 26,000; and 27,000).

(2) Final payments of principal and interest for this issue were made during fiscal 1989.

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CITY OF OCALA._ FLORID _A A

$31EDULE OF CAPITAL IMPROVEMENT REVI% E AND RETUNDING REVENUE BONDS.

SERIES 1982 AND 1986, AND CAPITAL IMPROVEMENT REVENUE AND REVENt'E REFUNDING CERTIFICATES, SERIES 19P6 AND 1988 COVERAGE 1,AST TEN FISCAL YEARS Pledged Revenues _

Local Gove rnment Occupational Guaranteed Mobile lla l f-Ce n t Franchise  !.icense Entitle- llome Year Sales Tax Fees Tax (1) ment (2) Licenses 1983 $ 1,04f 671 $ 360,540 $ 292,546 $ 641.621 $ 17.863 1984 1,257,07? 311,281 300,791 643,622 25.754 1985 1,346,284 298,084 128,964 643,622 32,116 1986 1,414,157 275,654 340.013 643,622 31,857

. 1987 1,! J.964 292.968 362,960 643,622 28,696 1988 1.C 3.635 314,227 349.663 643.622 27.015 1989 1.638,812 333,517 176,590 643.622 28,903 1990 1,875,964 344,210 386,809 643,622 26,375 (1) Subject to a prior lien on 1965 and 1972 Refunding and Improvement Excise Tax Bonds.

(2) The mi'timum amount of state r',enue 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 Revetxe Bonds, Series 1982, were sold in December. 1982; and the first principal payment oc curre:I in October, 1984. The outstanding portion of this issue was advance refunded in August, 1986 by the Capital Improvement Refunding Revenue Bonds. ,ince an escrow account was established for the redemption of this issue, the 198, issue v111 not be included in the debt service requirements af cer 1986.

(4) The Capital Improvement Refunding Resenue 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 October 1, 1987. This issue places a senior lien on the plcdged revenues.

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Total Court Revenus Fines Available and for Debt Debt Service Requirenents (3) (4) (5) (6) forfeitures Se rvic e Principal Interest Total Coverage

$ ?81,500 $ 2,642,741 $ - $ -

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.*8 607.365 3,848,809 575,000 1.236,591 1,811.591 2.12 612,535 3,889,515 810,000 1,372,694 2,182.594 1.78 (5) The Capital improvement Revenue Certificatese Series 1986, were sold in J *,y, 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 will not be included in the debt service requirements after 1988.

(6) The Capital improvement Revenue Refunding Certiffcates, Series 1988, were sold in 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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7-- -+v7-m- ,---ae-e,g .--surrvm'- *r-7""*

CITY OF OCALA. FLORIDA SCHEDULE OF POLLt' TION CONTROL REVENt'E liONDS. SERIES C. COVERAGE LAST TEN FISCAL YEARS Revenue Available Debt Service Requirements for Debt Year Se rvice (l) Principal Interest Total Coverage 1981 $ 1.232.081 $ 65.000 $ 117.791 $ 182.791 6.74 1982 (2) (2) (2) (2) (2) 1983 (2) (2) (2) (2) (2) 1984 (2) (2) (2) (2) (2) 1985 (2) (2) (2) (2) (2) 1986 (2) (2) (2) (2) (2) 1987 (2) (2) (2) (2) (2) 1988 (2) (2) (2) (2) (2) 1989 (2) (2) (2) (2) (2) 1990 (2) (2) (2) (2) (2)

(1) The 11.000 series special assessment levy, sewer availability charges, and state revenue sharing were pledged to retire these bonds.

(2) The remaining principal amount of the pollution control bonds after 1981 debt service requirements were met ( $ 1. 91$ ,000) were retired in 1981 through an advanced refunding transaction under the full cash defeasance method.

The City legally satisfied its obligation with the creation of an irrevocable escrow account using cash and investments in the debt se rvic e funds of the refunded bonds and a portion of the proceeds of the k'ater and Sewer Revenue Bonds. Series 1979-2 Anticipation Notes. The balance on deposit in the escrow account. including related interest earnings, will provide amounts sufficient for future payment of all principal and interest on the refunded bonds, in accordance with the original maturity schedule.

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l CITY OF OCALA, FLORIDA SCHEDULE OF OPTIONAL CAS TAX REVENUE BONDS,

_ SERIES 1989, COVERAGE LAST TEN FISCAL YEARS Pledged Revenue- j Six Cent Optional Debt Ser" ice Requirements (1)

Year Gas Tax Principal . Interest Total Coverage 1989 $ 1.790,008 $ - $ 234,560 $ 234,560 7.63 1990 1,745,142 - 1,005,255 1,005,25$ 1.74 (1) The Optional Gas Tax Revenue Bends,. Series 1989, were sold in February,  !

1989. The first interest payment occurred in June, 1989, and the first principal payment will occur in December, 1990. -

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-CITY OT OCALA, FLORIDA COMPUTATION OF DIRECT AND OVERLAPPING CENERAL OBLIGATION DEBT (2)

SEPTEMBER 30, 1990 Bonds Applicable to City of Ocala Covernmental Unit Outatanding I'e rc en t ( 1 ) , Amount School District of Marion County Gersral Obligation Bonds. Series 1987 $ 56,380,000 31.18% $ 17,577,753 Total ~0verlapping Debt $ $6.180.000 M% $ 17.577.751 (1) Represents ' the f raction of assessed valuation of taxable property in the City of Ocala _ over the asses :ed valuation of taxable property -in MarAon County.

(2) The City of Ocala did not have any general obligatioti debt outstanding during the fiscal year ended September 30. 1990.

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CITY OF OCALA. TLORIDA MISCEl.LANEOUS STATISTICAL DATA l

SEPTEM!!LR 10, 1990 Date of Incorporation February 4 1869 City Charter Adopted January 28 1885 form of Government Council / Manager Area of City 30.95 square miles ,

Miles 01 Streets, Sidewalks and Bikepaths: ,

Streets - Paved 219.71 miles Streets - Unpaved 41.27 miles Sidewalks (2) $1.84 miles Bikepaths 18.05 miles Miles of Sewers:

Storm 42.61 miles Sanitary 263.21 miles Force .44 1n 44.02 miles Lift Stations 83 Building Permits (October 1989 -

September 1990) (1):

Permits Issued 5.042 Permit Value $79.012.473 Fire Protection: '

Stationa 4 Employees - Sworn 105 Employees - Civilian /

Fire and rescue response time (minutes) 3 Police Protection Stations 1 Employees - Sworn 123 Employees - Reserve 17 Employees - Civilian 62

-Vehicular Patrol Units - Marked Vehicles 70

- Motorcycles 6

- other Vehicles 44 Rocreation -

Activity areas 90 Land area (acres) 340 Activity centers 6 Pools 2 (1) Includes plumbing, gas, electrical, sewer, heating, air conditioning, refrig-eration. .ventila. *on 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 Transportation but located inside the city limits.

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, ~. . _ . ._.. .- -_ . _ , . _ . . _ _ _ _ _ . _ _ _ . _ . _ _ _ _ . . _ , . . ~ . _ . _ _ . - - - . -

CITY OF OCALA. FLORIDA DEMOGRAPHIC STATISTICS POPULATION (1)

_ YEAR CITY OF OCALA MARION COUNTY 1981 37,489 129,300 1982 38,265 135,100 1983 38,636 141,991 1984 39,094 148,864 1985 41,120 157,853 1986 42,298 166,606 1987 43,267 174,614 1988 44,386 182,329 1989 45,814 190,742 1990 42,045 194,833 Sources: 1982 Florida Statistical Abstract (for years 1981 and 1982). From information on file with the Bureau of Business and Economic Research -

University of Florida, Gainesville (for years 1983 through 1990).

POPULATION PROJECTIONS

• YEJA MARION COUNTY STATE OF FLORIDA 1995 220,500 14,647,800 2000 263,800 15.899,400 2005 287,700 16,975,600 2010 314,000 17,998,300 2020 359,600 19,942.200 Source: Bureau of Business and Economic Research - University of Florida, Gainesville. Figures for years subsequent to year 2020 are unavailable,

% POPJLATION BY ACE GROUP

• YEAR MARION COUNTY STATE OF FLORIDA 0-14 19.3 19.2 15-44 37.5 42.5 45-64 22.4 20.7 65 + 20.8 17.6 Source: 1990 Florida Estimates of Population, Bureau of Business and Economic Research, University of Florida.

• Figures are not maintained for individual cities within Marion County.

(1) On April 1, 1989, Ocala ranked 32nd in population size amon,1 florida cit;es:-

Marion County radel 18th in population among Florida counties; and Marion County -nked 3',th fu population density among Florida counties.

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CITY OT OCAl.A. FLORIDA LIST OF TI'N LARGEST TAXPAYERS 1989 TAX ROLL Percent '

of Total Assessed Assessed City Tax Taxpayer Type of Business Valuation Valuatten 11111(1)(2)

1. United Telephone Telephone of Florida Communications $ 50,019,643 3.82% $ 254,100

2. Paddock Mall Regional Shopping Associates Center 24,647,027 1.88 125,207

3. Marion Community General Hospital Care

!!ospital 15,695.162 1.20 79,731

4. Dayco Products, Manufacturing 11,931,807 .91 60,614 Inc.

5. Atreco-Fla.,

Inc. Hilton Hotel 10,309,282 .78 52,371

6. Ocala Hall Local Shopping Center Associates 9.367,832 .72 47,589

7. C.C. Ocala Joint Venture Local Shopping Center 8,755,012 .67 44,475

8. Paddock Park Apartment Complex Apartments 8,378,720 .64 42,564

9. Cotter & Co. Warehousing and Dist. 7,728,974 .59 39,263

10. Six Gun Plaza Regional Shopping Center 6,529.628 .50 13.171 153,363,087 11.71 779,085 Total Assessed Value Other Taxpayers 1,156,670.492 88.27 5.875.886 Total Assessed Value $ 1.310.033.579 -100.00% $ 6.654.971 (1) City of Ocala taxpayers pay City, County, School Board and certain water district levies. The City levy only is shown here.

(2) Excludes property tax levies of the Downtown Development Commission.

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C CITY OF OCALA, FLORIDA SCHEDttLE OF INSL'RANCE IN FORCE SEPTEMBER 30, 1990 Deductible Self Limit of Company Policy # _ Type of Coverage Retention Coverage City of Ocala self-insured Workers' compen- - $ 250,000 sation Travelers BT (1) $$715 Police and fire- -

$ 20,000 fighters accidental death and dis-memberment Travelers BT (1) 55715 Police and fire- -

$ 50,000 fighters intentional death and dismember-ment MacCabees G12974 Employee life, AD - Various as and D, specified in policy City of Ocala Self-insured Disability income -

60% of replacement income Florida Municipal Liability Self-Insurers Fund WEXS-216 Workers' Compen- $250,000 $5,000,000 sation Excess Lloyds WEXS-316 All risk property $10,000 - Per 100,000 Schedule bridges Insurance Co. of APIO87260 Airport liability $1,000 $5,000,000 North America per occurrence Florida Municipal FML 246 General liability $100.000 $1,000,000 Liability Self- per person Insurers Program ,

$200,000 per occurrence

$10,000 $1,000,000 Auto liability

" "- Law enforcement $100,000 per $1,000,000 officers and public person officials $200,000 per liability EMT occurrence

.. Fire legal - $ 50,000 (Continued) 128

CITY OP OCA!A. FLORIDA QtEDULEOrINSURANCEINFORCE SEPTEMBER 30, 1990 (Continued)

Deductible Self Limit of Company Policy # Type of Coverage Retention Cover y American JC9208 Employee $$0,000/ case Various as General Insurance health coverage - speciffed in policy State Auto Mutual 4054 Blanket honesty None $ 25,000 per Insurance Company bond employee Loxington PC539-1675 Legal liquor $2,500.00 $ $00,000 Insurance Company liability Hartford AT-9429840-02 Boiler / Machinery $25,000 or $ 5,000,000 Steam Boiler (transformers)- per schedule Surety Bonda Required by Ordinance Amount City Manager - Scotty J. Andrews $ 95,000 State Automobile Mutual Insurance Company - #78059 Finance Director - Robert F. Sprinkle $ 95,000 State Automobile Mutual Insurance Company - #78058 129

.~ ,_ _ _ - . _ . _ . . . _ _ . _ _ _ . . _ _ _ . _ . , _ _ _ . . . __ _ _. _._ . _ _ _ _._ , _.

CITY OF OCALA, T1.ORIDA PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS

• LAST TEN FISCAL YEARS Commercial Residential Bank Deposits Cons t ruc tion (l) Construction (l) (in thcusands)

Savings and Number of Number of Loan Units value Units Value Bank (2) Association (1) 1981 94 $ 13.521,570 178 $ 5,926,908 8 456,176 8 369,199 1982 67 4.976,597 90 3.213,700 544,451 408,854 '

1983 110 12,833,638 278 10.387,336 657,995 496,073 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 1986 168 2$,943,361 484 13,682,001 898.714 569,115 1987 144 20,501,586 207 10,956,790 961,160 698,496 1988 125 22.273,533 199 12,073,501 1,099,243 694,452 1989 148 56,245,634 236 13,646,775 1,220.332 749,632 1990 179 42.657,459 204  !!,441,739 1,330,496 768,062 (1) Obtained f rom records maintained by the City of Ocala Building Zoning and Licensing Department.

(2) obtained by Cittrens First Bank of Ocala for the years 1981 through 1984 and by Barnett Bank of Marion County, N. A. for 1985 and from the Florida Bankers.

Association for 1986 through 1990. Figures shown are for Marion County and represent total bank deposits at December 31, for years 1981 through 1983, and at September 30, for 1984 through 1990.

(3) Obtained by Citizens First Bank of Ocala for the years 1981 through 1984 and by Mid-State Federal Savings and Loan Association for 1985 and from the Federal llome Loan Bank for 1986 through 1990. Figures shown are for Marion County and represent total savings and loan association deposits at December 31, for years 1981 through 1983, at March 31, for 1984 through 1986, at June 30, for 1987 and 1988, and at September 30, for 1989 and 1990.

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CITY OF OCALA. FLORIDA i

LIST OF 0FFICERS' SALARIES SEPTEMBER 30 1990 City Manager 1 68.883 Assistant City Manager 58.678 Assistant City Manager 48.203 Building Official 50.047 City Clerk 12.002 City Engineer $3.366 Downtown Development Manager 29.944 Electric Utility Director 57.189 Finance Director 54.800 Fire Chief 43.115 Fleet Management Director 35.261 Golf Director 34.264 Iluman Resources Director 40.234 Internal Auditor 36.914 Management Information System Director 44.026 Planning Director 38.563 Police Chief 56.083 Public Works Director 43.503

~

Purchasing Director 41.101 Recreation an( Parks Director 38.164 Regional Library Director 38.236 Risk Manager 39.304 Acting Water and Sewer Director 34.261 131

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CITY OF OCALA, FLORIDA

SUMMARY

OF DEBT SERVICE REQUIREMENTS TO MAft'RITY All BONDED DEBT 1991 - 2016 (

Improvement

• Refunding Refunding Electric Water and Revenue and System Sewer Revenue Bonds Improvement Revenue and and Optional Total and Revenue Excise Revenue Revenue Gas Tax Principal Fiscal Refunding Tax Refunding Refunding Revenue and

. Year Certificates Bondo Bondo Bonds Bonds _ Interest 1991 $ 2,189,897 $ 366,980 $ 4,593,830 $ 4,526,895 $ 1,344,405 $ 13.022,007 1992 2.'201,543 354,430 4.598,056 4,570,835 1,341,900 1993 2,357,244 197,600 13.066.764 4.588.152 4,568,746 1,342,605 13,054,341 1994 2,547.110 - 4.588,899 1,341,315 4.610.184 13.087,508 1995 2,551,475 - 4,583,767 4.798.321 1,342,815 13,276,37o 1996 2,551,493 - 4.581,205 4,803,953 1,341,885 J 3. 2 7P,536 1997 2,547,205 - 4,574,390 4,798,032 1,338,465 13,r,8,092 1998 2,548,300 -

4,572,538 4.795,295 1,337,322 13,253.455 1999 1.262.875 - 4,357,318 4.790,405 1,333,220 11,743,818 2000 1,258,850 -

2,644,888 4,782,794 1,335,889 10,022,421 2001 1,254,531 - 2,638,013 4.786,665 1,330,251 10,009.460 2002 1,249,819 - 2,639,663 4,775,739 1,331.081 9,996,302 2003 1,250,069 -

2,639,138 4,774,783 1,327,215 9,991,205 2004 1,244,894 - 2,631,263 4.764,598- 1,328,385 9,969,140 2005 1,239,100 -

2,630,513 4.764,451 1,325,115 9,959,179 2006 1,233,625 -

2,620,174 4,758,415 1,322,220 9,93t 434 2007 1,230,000 - 2,614,633 4,750,942 1,319,330 9,914,905 2008 - - 2.613,940 4,746,111 1,316.075 2009 8.676.126

- - 2,607,380 4.736,152 1,312.085

. 8,655,617 2010 -- - 2,599.4~' 4,729,821 1,311,805 8,641,047:

2011 - -

4,717,700 -

4.717,700 2012 - -

4,708,656 - 4,70o,656 2013 - - -

4,706,011 -

4,706.001 2014 - - -

4,688,600 - 4,688,600 2015 - - -

4,6/5,330 - 4.675,330 2016 - - -

4.669.124 -- 4,669,124 Total $- g Z1f g $ M $ M.917.181 $ 122.798.548 $ 26.673.183 $ 210,976.15j

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4 CITY OP OCALA, FLORIDA

_ CAPITAL IMPROVEMENT RErltNDING REVENt1E BONDS. SERIES 1986, SINEING Fl'ND CAPITAL IMPROVEMINT Hell'ND1hG REVEht'E bONt8, St:kj ES 1986 STATEMENT OF BONDED DEBT AND INTEREST SEPTEMBER 30, 1990

~

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, 1990, $1,015,000 of the serial bonds have been retired. The schedule below shows the actual maturities for the outstanding serial bonds and the debt service requirements for the t e rm 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.

Sales tax revenues, franchise fees, occupational license taxes, the guaranteed entitlement portion of state revenue sharing funds, mobile home licenses and court fines and forfeitures are pledged to retire these bonds.

e Proceeds of this issue are being used primarily for the advance refunding of the Capital Improvements Revenue !!onds, Series 1982 and for a portion of the costs of paving and four-laning NE 14th Street from Silver Springs lioulevard to Magnolia Avenue.

Fiscal Interest Principal Interest Interest Year Rate Ne 10-1 Due 10-1 Due 4-1 Total 1991 5.80 $ 415,000 $ 434,624 $ 422,588 $ 1,272,212 1992 6.10 440,000 422,589 409,169 1,271,758 1993 6.35 465,000 409,169 394,405 1,268,574 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 24s '63 1.258,850 2001 7.75 805,000 240,362 209,t69 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 2007 5.00 1,200,000 30,000 - 1,230,000 Total $ 12.645.000 $ 4. 571.550 $ L 138.930 $ Zh 357.480

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CITY OT OCA1A, F1,0RIDA CAPITA 1. IMPROVEMENT REVENUE REFUNDING CERTIFICATES, SERIES 1988, S!NKING ,

f VOND CAPITAL IMPROVEMENT REVENUE REFUNDING CEP.TIFICATEb STRIES 19F8 j STATEMENT OF BONDED DEBT AND INTERES]

SEPTEMBER 30, 1990 .

This 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, 1990, $615,000 of the  ;

cortificates have been retired. The outstanding certificates will mature as listed

.below. The paying agent and certificate registrar is Citizens and Southern Trust ,

Company-(Georgia), National Association in Atlanta, Georgia.

Sales tax revenues, franchise fees, occupational license taxes, the guaranteed ontitlement portion of state revenue sharing funds, nobile home licenses and court fines and forfeitures are pledged' to retire these certificatest however, the lien and p1_odge for payment of the certificates is junior and subordinate to the lien upon and ths pledge of the pledged revenues for the payment of the City's Capital Improvtment R2 funding Revenue Bonds, Series 1986.

Th2 certificates were issued primarily to advance refund the outstanding portion of the Capital Improvement Revenue Certificates, Series 1986 and to pay the cost of various.  :

, capital improvement projects of the City. '

Fiscal Interest principal Interest Interest

-Yaer Rate Due 4-1 Due 10-1 Due 4-1 Total 1991 6.20 $ 450.000 $ 233,843 $ 233,842 $ 917,685 1992 6.35 490,000 219,893 219,892 929,785 ,

1993 6.50 680,000 204,335 204,335 1,088,670 r 1994 6.65 ~920,000 182,235 182,235 1,284,470 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 Total $ 61890.000 $ J.235.276 $ 1.235.274 $ 9.3601530 i

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CITY OF OCAIA, FLORIDA EXCISE TAX SINKING FUND REFUNDING AND IMPROVEMENT EXCISE TAX !)0NDS - 1972 ISSUE STATEMEhT OF BONDED DEBT AND INTERF.ST SEPTEMBER 30, 1990  ;

t This issue consists of 500 $5,000 bonds. Bonds numbered I through 331 have been i retired. The bonds are retired serially according to the retirement . schedule i below. The paying agent is Sun Firet National Bank of ' '.ando, Florida.  !

Occupations) license and cigarette tax revenues are pledged to retire these i leonds.

o Proceeds of this issue - were used for arterial street improvements, fire head quarters addition, new fire station, City building renovation, water plant number one and an electric operating and warehousing facility.

e Fis"1 Interest Bond Principal Interest Interest Year Rate Numbers Due 7-1 Due 1-1 Due 7-1 Total

-1991 5.4 332-396 5 325,000 $ 20.990 $ 20,990 $ 366.980  !

1992 5.1 397-462- 330.000 12,215 12.215 354.430 -

1993 -4.0 463-500 190,000 3.800 3,800 197.600 f

-Total $ gg $ 37.005 $ 37.005 $ 919.010 i

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CITY OF OCALA. F10RIDA ELECTRIC SYSTEM REVENUE RONDS, SERIES 1989A STATEMENT OF BONDED DEBT AND INTEREST SEPitM6Ek 30, 1990 r

In October 1989, the $28,425,000 Electric System Revenue Bonds, Series 196?A vere sold.

This issue consists of 89.800,000

• in serial bonds of which $8,345,000 mature on October 1, 1990 through 1998 and $1.455,000 mature on October 1, 2001 and of

$18,625,000 in term bonds of which. $2,625,000 mature October 1, 2000, $5,010,000 mature October 1, 2004 and $10,990,000 mature October 1, 2009. The schedule below shows the actual maturities for the serial bonds and the debt service requirements for the term bonds. The bonds are fully registered and were issued in denominations of $5,000 or  ;

eny integral multiple thereof. The paying agent and bond registrar is Cittrens and '

Southern Trust Company (Georgia), National Association in Atlanta, Georgia. 1 The payment of principal and interest on the Series 1989A bonds is secured by a lien on the net revenues derived from the operation of the City's electric system, The proceeds of this issue are being used to finance the cost of the acquisition and  ;

co..struction of additions, extensions and improvements to the electric system of the City and certain infrastructure improvements related thereto.

t i

Ficcal Interest Principal Interest Interest Year Rate _Due 10-1 Due 10-1 Due 4-1 Total 1991 6.000 $ 725,000 $ 980,335 $ 958,563 $ 2,663,898 770,000 958,585 934,885 2,663,470 1992 6.150 1993 6.200 820,000 934,907 909,465 2,664.372 1994 6.300 870,000 909,487 882,060 2,661,547 1995 6.400 920,000 882,082 852,620 2,654,702 1996 6.550 980,000 852,642 820,525 2.653,167 1997 6.700 1,045,000 820,547 785,518 2,651,065 1998 6.800 1,115,000 785,540 747,608 2,648,148 ,

1999 6.900 1.100.000 747.630 709,658 2,557,288  !

2000 7.000 1,270,000 709,680 665,208 2,644.888 2001 7.000 1,355,000 665,230 617,783 2,638,013 2002 7.000 1,455,000 617,805 566,858 2,639,663 2003 7.000 1,560,000 556,880 512,258 2,639,138 2004 7.000 1,665,000 $12,280 453,983 2,631,263 2005 7.000 1,785,000 454,005 391,508 2.630,513 2006 7.125 1,905,000 391.530 323,644 2,620,174 2007 7.125 2,040,000 323,662 250,971 2,614,633 -

2008 7.125 2,190,000 250,985 172,955 2.613,940 2009 7.125 2.345,000 172,964 89,416 2,607,380 2010 7.125 2,510.000 89.421 - 2.599,421 Total $ 2_8 425.000 $ 12.626.19Z $ 114645.486 $ 57.696.683

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CITY OF OCA1.A, F1,0RIDA F1.ECTRIC SYS1EM REVENUE REFUNDING BONDS, SERIES 19898 STATEMENT OF BONDED DEBT AND INTEREST SEPTEMBER 30, 1990 In October 1989, the $13,000,000 Electric System Revenue Refunding Bonda, Series 1989B were sold. 1his issue consists crf $13,000,000 in serial bonds which mature on October le 1990 through 1998. The schedule below shows the actual maturities and the debt setvice requirements for the serial bonds. The bonds are fully registered and were issued in denominations of $5,000 or any integral multiple thereof. The paying ,

egent 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 net 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 1991 6.00 $ 1,120,000 $ 421.766 $ 388.166 $ 1,929.932 1992 6.15 1,195,000 388,166 351,420 1,934,586 1993 6.20 1,260,000 351,420 312,360 1,923.780 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 - 1,800,030 Total $ 13.000 222 $J2j21,jjl $ J.899.366 $ j7.22024R8

./

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CITY OF OCALA, T10RIDA WATER AND SEVER REVENUE BONDS SINKING FUND WATER AND SEVER REVENUE BONDS - SERIES 1985A  !

STATEMENT OF BONDED DEBT AND INTEREST SEP1 EMBER 30 t 19,90  !

In . 0ctober 1985, the $37,080,000 Water and Sewer Revenue Bonds. Series 198$A. were sold. This issue consists of $7,070,000 in serial bonds maturing on October 1, 1988

[

through 2000, $9,135,000 in term bonds maturing on October 1, 2007 and $20,875,000 in term bonde maturing on October 1, 2015. The bonds are fully registered and were issued  ;

in denominations of $5,000 or any integral multiple thereof. _The paying agent and bond '

regiotrar is The Cittrens and Southern h'ational Bank in Atlanta, Ceorgia.

In April 1986, the Series 1985A bonds were advance refunded by the Water and Sewer Refunding Revenue Bonds, Series 1986, except for the portion of the Series 1985A bonds maturing through October 1, 1993. As of September- 30, 1990,-$420,000 of the bonds have baan retired. The remaining . maturities of the portion which was not advance refunded will occur-in accordance with the retirement schedule below. '

Th2 payment of principal and interest on the Series 198$A bonds is secured by a sentor  ;

lion on the net revenues derived f rom the operation of the water and sewer system, _!

-cortcin sewer system development charges ano certain water system development charges, i Proceeds of this issue are being_used primarily to finance in part the initial coat of ocquisition and construction of certain additions, expsnsions and improvements to the City's water and sewer system.

Fiscal Interest Principal Interest Interest "

Yect Rate Due 10-1 Due 10-1 Due 4-1 Total 1991 7.25 $ 360,000 $ 67,581 $ $4.531 $ 482.112 1992 7.50 435,000 54,531 38,219 . 527,750 1993 7.75 465,000- 38,219 20,200 523,419 1994 8.00 505,000 20,200 - 525,200 Total $ 1.765.000 $ 180.531 $ 112.950 $ 2.058.481 P

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I l

i CITY DE OCAL_A, ELORIDA [

WATER AND SEWLH REVENUE BONDS SINKING FUND t WATER AND SEVER kl: FUNDING REVENUE BONDS, SERIES 1986 STATEMENT OF BONDED DEBT AND INTEREST ,

SEPTEMBER 30, 1990 This issue, which was sold in April,1986, consists of $8,395,000 serial bonds maturing i f rom October 1, 1986 through 2000 and of $32,425,000 term bonds of which $10.985,000 mature on October 1, 2007 and $2,1,440,000 mature on October 1, 2015. As of ,!

September 30, 1990, $770.000 of the serial bonds have been retired. The schedule below shows the actual maturities for the outstanding serini bonds and the debt service :

requirements for the term bonds. The bonds are fully registered and were issued in - i denominations of $5.000 or any integral multiple thereof. The paying agent and bond '

. registrar is The Citizens and Southern National Bank in Atlanta, Georgia. ,

The payunt of principal and interest on the Series 1986 bonds is recured by a senfor-lien on the net revenues derived f rom the operation of the water and sewer system, certain 6 ewer system development charges and certain water system development charges.

Proceeds of this issue were used primarily to advance refund the portion of the Water i and Sewar Revenue Bonds, Series 1985A which are scheduled to mature on and after j

'Octeber 1. 1994 Fiscal Interest Principal Interest Interest ' '

Year Rate Due 10-1 Due 10-1 Due 4-1 Total 1991 5.80 $ 195,000 $ 1,453.564 $ 1,447,908 $ 3.096,472 1992 5.90 205,000 1,447,909 1,441.865 3,094.774 1993 6.10 220,000 1,441,86! 1,435,151 3.097,016

!?94 6.30 230,000 1,435,151 1,427,906 3.093.057 1995 6.45 785,000 1,427,906 1,402.590 3,615.496 1996 6,60 845,000 1,402,590 1,374,705 3,622,295 <

1997 6.75 895,000 1,374,705 1,344.499 3,614.204 (

1998 6.90 960,000 1.344,499 1,311.378 3,615,877  ;

1999 7.00 1.020,000 1,311.379 1,275,678 3,607,057 2000 7.15- 1,095,000 1,275,679 1,236,532 3.607,211-2001 7.20 1,175,000 1,236,532 1,194,232 3,605,764 2002- 7.30 1,260,000 1,194,232 1.148,242 3,602,474 2003 7.30 1.350,000 1.148,242 1,098.967 3,597,209 2004 7.30 1,445,000 1.098,967 1.046,225 3.590,192 2005. 7.30 1.555,000 1,046,225 989.467 3,590,692 2006 7.30 1.665.000 989,467 928,695 3.583,162 2007. 7.30 1,790,000 928,695 863.360 3,582,055 2008 7.30 1,920,000 863,360 793,280 3.576,640 2009 7.40 2.060,000 793.280 717,060 3,570,340 2010. 7.40 2,215,000 717.060 635,105 3,567,165 2011 .7.40 2,375,000 635,105 547,230 3,557,335

-2012 7.40 2,550,000 547,230 452,880 3,550,110 2013 7.40 2,745,000- 452,880 351,315 3.549,195 2014 7.40 2,940,000 351,315 242,535 3,533,850 ,

2015 7.40 3.160,000 242,535 125,615 3.528,150 ,

2016 7.40 3,395,000 125,615 - 3,520,615 l Total $ 40.050.000 $ 26.285.987 $ $ 832.420 $ 91.168.407

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- ~ - , - . , _ , . _ _ . _ _ . . . . - _ _ . _ . . . . _ _ . . . , . _ _ _ . . _ _ , _ . . _ . - . _ . _ . , - -

CITY OF OCALA, FLORIDA WATER AND SEWER REFUNDING REVENUE BONDS, SERIES 1988, SINKING FUND WATER AND SLWER REFUNDING REVENUE BONDS, SERIES 1988 '

STATEMENT OF BONDED DEBT AND INTEREST SEPTEMBER 30, 1990 i

This -issue, which was sold in July 1988, consists of $2.145,000 serial bonda maturing

- f rom 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 i the teru bonds. The bonds are fully registered and were issued in denominations of  ;

i

$5,000 or any integral multiple thereof. The paying agent and bond registrar is Cittrens and' Southern Trust Compar.y (Georgia), National Association in Atlanta, l G3orgia.

Th3 payment of principal and interest on the Series 1988 bonds is secured by a lien on the net revenuer derived from the operation of the water and sewer systeal however, the i lien on the pledged revenues for the Series 1988 bonds is junior and subordinate to the - '

S3 ries 1985A and Series 1986 bonds.

Proceeds of this- issue were used primarily to advance refund the Water and Sever Refunding Revenue Bonds, Series 19858.  !

e Fiocal Interest Principal Interest Interest-Year Rate Due 10-1 Due 10-1 Due 4-1 Total 1991 -

$ - $ 474,155 $ 474,156 $ 948,311 1992 - - 474,155 474,156 948,311 1993 - - 474,155 474,156 948,311 1994- -6.15 45,000 474,155 472,772 991,927 1995 6.30 245,000 472,771 465,054 1.182.825  ;

1996 6.50 260,000 465,054 456,604 1,181,658 <

1997 6.70 280,000 456,604 447,224 1.183.828

_1998 -6.80 295,000 447,224 437,194 1,179,418 1999 6.90 320,000 437,194 426,154 1,183,348  ;

2000_ 7.00 335,000 426,154 414.429 1,175,583 2001 7.10 -365,000- 414.429 401,472 1,180,901 r 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 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  !$5,728 1,158,546 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.' "

Total $ 12.450.000 $ 8.797.902 $ 8. 3_2 3._7 58 $ 29.571,169 .

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I CITY OF OCAl.A, FLORIDA  ;

i OPTIONAL CAS TAX REVEN1fE BONDS, SERIES 1989 l

STATEMENT. 0F BONDED DEHT AND INTEREST  !

SEPTEMBER 30, 1990 i

I i

This issue consists of $14.085,000 serial bonde maturing f rom December 1,1990  !

through 2010, as shown in the schedule below. The bonds are fully registered  ;

and were issued in denaminations of $5,000 or any integral multiple thereof. ,

The paying agent and bondregistrar is Citizens and Southern Trust Company '

(Georgia), National Association in Atlanta, Georgia.

The payment of principal and interest on the Series 1989 bonds is secured by a ,

lien upon and pledge of the proceeds of the six cent optional gas tax received by the City.

i The series 1989 bonds were issued to provide funds for the purposes of financing the cost of the acquisition and construction of certain transportation improvements within the City.

e Fiscal Interest Principal Interest Interest Year Rate Due 12-1 Due 12-1 Due 6-1 Total 1991 6.20 $ 350,000 $ 502,627 $ 491.778 $ 1,344,405 1992 6.30 370,000 491,777 480.123 1,341,900 1993 6.40 395,000 480.122 467,483 1,342,605 <

1994 6.50 -420,000 467,482 453,833 1,341,315 1995 6.60 450,000 453,832 438,983 1,342.815 '

1996 6.70 480.000 438,982 422,903 1,341,885 1997 6.80 510,000 422,902 405,563 1,338,465 '

1998 6.90' 545,000 405,562 386,760 1,337 4322 1999 7.00 580,000 386,760 366,460 1,333,220 2000 7.05 625,000 366,460 344,429 1,335,889 2001 7.10 665,000 344,429 320,822 1.330,251 2002 7.15 715,000 320,821 295,260 1,331.081 2003 7.40 765,000 295,260 266,955 1,327,215 .

2004- 7.40 825,000 266,955 236,430 1,328,385 2005 7.40 885,000 236,430 203,685 1.325.115 2006; 7.40 950,000 203,685 168,535 1,322,220 2007 7.40 1,020,000 168,535 130,795 1,319,330

'2008 7.40 1,095,000 130,795 90,280 1,316.075 '

2009 7.40 1.175,000 90.280 46,805 1,312.085 2010- 7.40 1,265,000 46.805 - 1,311,805 Total 5 14.085.000 $ 6.520.501 $-6.017.882 $ 26.623.383

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CITY OF OCALA, FLORIDA  ;

)

ANALYSlr OF SEWERAGE SYSTEM CAPITAL _

IMPROVEMENT TUND ESTABLISHED FOR FLORIDA DEPARTMENT OF ENVIRONMENTAL RECULATION GRANT #621080 The City received grant number 621080 from the State of Florida Department of Environmental Regulation 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 increast upon completion of the grant-related proj ect. In December 1985, the City adopted i ordinance #1810 - which addresses this subject in section $ . 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 itnprovement account is maintained in accordance with Section 17-501.610 of the Florida Administrativa Code.- e

'the construction of the grant-related project, Sewer Treatment- Plant dl, 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 activity in the severaga system capical improvement fund since its inception:

Fiscal Interest Balance Year Deposits _In c ome' 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 >

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