ML20082D356

City of Bushnell,Fl General Purpose Financial Statements for Fy Ended Sept 1990

ML20082D356
Person / Time
Site:	Crystal River
Issue date:	09/30/1991
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 9107230421
Download: ML20082D356 (54)

Text

CITY OF llUSIINELL, FLORIDA GENEllAL PUllPOSE FINANCIAL STATENIENTS FOlt Tile FISCAL YEAll ENDED SEPTEN11tElt 30,1990 Vi .: J 3 3 ,- ?

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1 CITY OF DVDHNELL, FLORIDA CITY COUNCIL AND OFFICIALS ,

SEPTEMBER 30, 1990 Mayor-Councilman . . . . . . . . . . . . Joe P. Strickland, Jr.

.Vico-Mayor- . . . . . . . . . . . . . . . . . . R. Jerry Eubanko Councilman . . . . .. . . . . . . . . . . . . . . . Dale Swain Councilman . . . . . . . . . . . . . . . . . . . Billy Williams Councilman . . . . . . . . . . . . . . . . . . . . Robin Johnson City Manager . . . . . . . ._ . . . . . . . . . . . Vicento Ruano City Clerk . . . . . . . . . . . . . . . . . . Judith C. Muller C.ity Attorney . . . . - . . . .. . . . . . . . . . . Drian'Eubanks i

CITY OF DUDHNELL, FLORIDA GENERAL PURPOSE FINANCIAL STATEMENTS AND MANAGEMENT LETTER SEPTEMBER 30, 1990 TABLE OF CONTENTD Page NumbpI INTRODUCTORY DECTION city council and officials i Tablo of contents11-111 FINANCIAL DECTION Independent Auditor's Report 1-2 Conoral Purpose Financial Statemento:

Combined Balanco Shoot--All Fund Types and Account Groups 3-5 Combined Statomont of Revenuos, Expenditurca, and Changos in Fund Balancou--All Governmental Fund Typon G Combined Statomont of Revenues, Expenditurca, and Changea in Fund Halancoa--Hudget and Actual--Conural and Special Revonuo Funda 7 Combined Statomont of Revenaca, Expennon, and Changco in Retained Earnings--All Proprietary Fund Typoa 8 Combined Statomont of Changes in Financial Pocition--All Proprietary Fund Types 9 Notes to Financial Statomonta 10-25 Combining and Individual Fund Financial Statements:

9pateral Fund Compara*' /c Balanco Shocta 26 Comparative Statomont of Revenuca, Expenditures and Changea in Fund Dalance 27 ii

TABLE OF CONTENTS (Continued) Page Numbet Comparative Statement of Revenues, Expenditures, and Changes in Fund Balances--Budget and Actual 28-29 Statement of Revenues--Budget and Actual 30-31 Statement of Expenditures--Budget and Actual 32-36 Everareen Cemetery Spgplal Reve.nue Fund Comparative Balance Sheets 37 Comparative Statements of Revenues, Expenditures, and Changes in Fund Balances 36 f,nternrigp Funds Combining Balance Sheet 39-41 Combining Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit) 42 Combining Statement 'f Changes in Financial Position 43-44 Age,nev Funds Combining Ba.1.ance Sheet 45 BUPPLEMENTARY INFORMATION Auditor's Report on Compliance Based on an Audit

.of the General Purpose Financial Statements Performed in Accordance With Government Auditing Standards 46 Auditor's Report on Internal Control structure Related Matters Noted in a Financial Statement Audit Conducted in Accordance with Government Auditing Standards 47-48 Auditor's Letter to Management 49-50 iii .

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FINANCIAL SECTION

DAVID C. LOGAN Certified Public Accountant December 21, 1990 INDEPENDENT.hDDITOR'S REPORT Honorable Mayor and Memberu of the City Council City of Bushnell Hushnell, Florida I have audited t4e accorpe Ty.ng general purpose financial state-ments of the City or ILahnell, Florida, as of and for the year ended Septembs r 3G, 1990, as listed in the Table of Contents.

Theno financial statements are the responsibility of the City of Dushnell's ma.1agnt.or.t. My responsibility is to express an opinion

.on these fina4cial ttitenants based on my audit.

Except as diSCaJu d in the following paragraph, I conducted my audit in accordance with generally accepted auditing standards.

Those standard = tect ire that I plan and perform the audit to obtain reasonable arrlarice about whether the financial statements are free of material '-statement. An audit includes examining, on a test basis, eviden a supporting the amounts and disclosuren in the financial . statements. An audit also includes assessing the accounting principles used and nignificant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

I was unable to examine sufficient evidential matter to determine if property, plant and equipment and the provisions for deprecia-tion recorded in the Electric Utility Fund and the fixed assets recorded in the general fixed assets account group are fairly presented at cost or estimated historical cost, due to insufficient detail within the City's property records.

In my opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary had I been able to determine the propriety of amounts recorded as property, plant and equipment and the provisions for depreciation in the Electric Utility Fund and the propriety of amounts recorded as fixed assets

-in the general fixed assets account group, the general purpose 3425 Lake Center Drive

• Mount Dora, Florida 32757 * (904) 383-3500

• Fax (904) 383-5441 1

Ilonorable Mayor and Membora of the City Council December 21, 1990 Page 2 financial statemento referred to above present fairly in all materia' respects, the financial position of the City of Buchnell, Florida, ao of September 30, 1990, and the results of its opera-tions and the changen in financial position of its proprietary fund typen for the year then ended, in conformity with generally accepted accounting principles.

My audit was made for the purpose of forming an opinion on the general purpose financial statements taken an a whole. The combining, individual fund, and individual account group financial statements and achedules listed in the Table of Contento are presented for purposou of additional analysis and are not a required part of the general purpose financial statements of the City of Buchnell, Florida. Such information han been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in my opinion, is fairly stated in all material respecto in relation to the general purpose financial statements taken as a whole.

42 M hs f Logan David C.

certifled Public Accountant 41 2

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GENERAL PURPOSE FINANCIAL STATEMENTS

Png2 1 of 3 CITY OF BUSENELL,. FLORIDA COMBINED BALANCE SHEET--ALL FUIC TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1990 AND.1989 (WITH COMPARATIVE TOTALS FOR SE~rTIM3ER 30,1989)

. Goi?.RNMENTAL FROPRIETARY FIDUCIARY ACCOUNT GROUPS FUND TYPES FUND TYPES FUND TYFES. GENERAL .GENERsL TOTALS SPECIAL AGENCY: FIXED LONG TETJi (MEMORANDUM ONLY)

GENERAL REVENUE ENTERPRISE FUND' ASSETS DEBT 1990 1989 i ASSETS AND OTHER DEBITS Assets:

Cash S 262,581 S 2,134 S 277,953 S 2,699 $ S -S 545,367 5 549,172 Receivable (Net of' allowance for uncollectibles):

Interest 1,476 1,476. .436-Taxes 31,172 31,172 '28,623 '

Accounts 203,852 203,852 186,845 Intergovernment31 23,169 23,169 17,235 . ,

W Due From Other Funds 1,193 1,193 153 <

Inventeries, at Cost 1,314 74,800 76,114 85,695 L

. Prepaid Expenses 7,740 7,740 Restricted Assets:

Cash and Investeents 240,120 373,919 614,039 556,073 Property and Equipment, at cost (Net, where-applicable, of accumulated depreciation) 2,178,128 773,657 2,951,785 2,858,825 Other Assets. 7,794 7,794 S,545 1 i

Other Debits:

~

i Amount to be Provided for Retirerent of General Long .. ,

Term Debt 137,832 137,832, 139,824 Tctal Assets and Other DebitsS 318,236 5 242,254 5 3,126,855 S 2,699 5 773,657 5 137,832 5 4,601,533 S.4,431,426  ;

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(Continued on Following Page) i

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-CITY.OF BUSENELL,' FLORIDA'-

COMBINED BALANCE SHEET--ALL FUND. TYPES MID ACCOUNT GROUPS -

SEPTEMBER 30, 1990 A*;D 1989-(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989)

GOVEPNv. ENTAL PROPRIETARY FIDUCIARY ACCOUNT GROUPS FUND TYPES FUND TYPES FUND TYPES GENERAL GENERAL TOTALS SPECIAL- AGENCY FIXED. LONG TERM- (MIMORANDUM ONLY)

.. GENERAL ' REVENUE ENTEPPPISE FUND' ASSETS DEBT 1990 1989 LIABILITIES, EOUITY AND OTHER CREDITS Liabilities:

Accounts Payable' S 23,767 5- S 168,733' S S S S 192,500 S 199,805.

Accrued Liabilities 6,393~ 3,262 9,655- 13,170 Compensated Absences Payable 23,446 23,446 21,876-Due to other funds 1,193 1,193 153 Deferred Revenue 2,288 2,288 2,374-Deposits 675 1,050 2,699 4,424 4,389

" Payable From Restricted Assets:

Customer Deposite 52,649 52,649 49,039-Accrued Interest Payable 11,498 11,498 12,410 Revenue Bends. Payable 35,000 35,000 25,000 volunteer Firefighters Beneficiaries 10,897 Leng Term Revenue Bonds Payable -

Series 1976 (Net) 281,781 281,781 305,757 Notes Payable 344,877 137,832 482,709 498,761 Total Liabilities 33,123 1,050 922,439 2,699 137,832 1,097,I43 1,143,631 r

(Continued on Following Page)

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P;ge.23 of 3 CITY OF BUSHNELL, FLORIDA COMBINED BALANCE SHEET--ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1990 AND 1989 (WITH COMPARATIVE TOTALS FOR SCPTEMBER 30,- 1989)

GOVERNMENTAL PROPRIETARY FIDUCIARY ACCOUNT GROUPS FUND TYPES FUND TYPES FUND TYPES GENERAL GENEFAL TOTALS SPECIAL A.GENCY FIXED LONG TERM -(MEMORANDUM ONLY)

GENERAL REVENUE ENTERPRISE FUND ASSETS DEBT :1990 1989 LIABILITIES. EOUITY AND OTHER CREDITS (Continued)

Equity and Other Credits:

Contributed Capital $ $ S 1,079,200 S S S S 1,079,200 5 1,076,188 Investment .in General Fixed Assets 773,657 .773,657 739,314 Retained Earnings:

Feserved 274,772 274,772 241,752 f Unreserved 850,444 850,444 687,093

• Fund Balances:

Reserved 2,064 240,120 242,184' 319,742 ,

Unreserved 283,049 1,084 284,133 223,706 Total Equity and Other Credits 285,113 241,204 2,204,416 773,657 3,504,390 3,287,795 Total Liabilities, Equity and Other Credits S 318,236 S 242,254 S 3,126,855 S 2,699 $ 773,657 5 137,832 S 4,601,533 S 4,431,426 See Accompanying Notes to Financial Statements e

CITY OF BUSHNELL, FLORIDA COMDINED STATEdENT OF REVENUES, EXPENDITURES, AND CitANCES IN FUND BALANCES--ALL GOVERNMENTAL FUND TYPES YEARS ENDED SEPTEMBER 30, 1990 (WITH COMPARATIVE TOTALS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1989)

TOTALS SPECIAL (MEMORANDUM ONLY)

QENEBAL BEVENME 1990 12.3_2 Riv:nues:

Texen S 262,000 S S 262,000 S 248,150 Licenses & Permits 10,883 10,883 14,315 Intergovernmental 225,179 225,179 241,818 Charges for Services 714 8,050 8,764 7,592 Fines & Forfeito 23,583  ?' '

18,192 Miscellaneoua Revenue 23,660 27,150 58,897 Total Revenueo 546,019_ 35,210 5 088,964 Expendituren General Government 176,245 176,.'45 172,483 Public Safety 310,674 310,u.4 277,962 Physical Environment 2,701 12,227 14,92t 18,764 Transportation 112,755 112,755 106,607 Economic Environment 10,931 10.931 8,000 Culture & Recreation 94,889 04,889 230,602 Debt Service:

Principal 20,190 20.,190 12,426 Intereat 9,557 9,557 3,143 Total Expenditurep 737,942 12,227 750,169 829,987 Excsos (Deficiency) af Revenues over ( U nde.r )

Expendituren (191,923) 22,983 (160,940_), (241,023)_

Othsr Financing Scarces Operating Transfors In 140,000 140,000 138,246 Loan Proceeds 11,853 11,853 103,547 Total Other Financing Sources 151,853 151,853 241,793 Excsso (Deficiency) of Revenuou and Other Financing Sources Over other Expendituren (40,070) 22,983 (17,087) 770 Fund Balances October 1 325,227 218,221 543,448 542,281 Increase (Decrease) in Inventory Reserven (44) (44) 397 Fund Balances September 30 5 285,113 S 241,204 S 526,317 S 543,448 L

s See Accompanying Not es to Financial Statements 6

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. ~ CITY OF BUSHNELL, FLORIDA COM8INED STATEMENT OF REVENUES, EXPENDITURES, AND CHANCES IN .l

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FUND BALANCES--BUDGET AND ACTUAL -

GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED SEPTEMBER 30, 1990 i

VARIANCE FAVORABLE BUuGETED ACTUAL (UNFAVORABLE) l Rsysnuess I

-Texes S 242,760 S 262,000 S 19,240 Licer.ses and Permits 11,827 10,883 (944)

Intergovernmental 238,624 225,179 (13,445)

> Charges for Services 700 8,764 8,064 Fines and Forfeits 16,500 23,583 7,083 Miscellaneous Revenue 21,000 50,820 29,820 Total Revenues 531,411 501,229 49,818

. Expenditures:-

General Government' 175,613 176,245 (632)

Public Safety 306,090 310,674 (4,S84)

Physical Environment 2,450 14,928 (12,478)

Transportation 115,979 112,755 3,224 Economic Environment 10,931 10,931 Culture and Recreation 97,488 94,889 2,599 Debt Service:

Principal 20,000 20,190 (190)

Interest 10,000 9,557 443 C- Total Expenditures 738,551 750,169 (11,618)

' Excess (Deficiency) of Revenues Over (Under) Expenditures (207,140) (168,940) 38,200 Other Financing Sourc68:

Operating Transfers In 140,000 140,000

-Loan-Proceeds- 15,000 11,853 (3,147)

Proceeds From Sale of Assets 1,000 (1,000)

Total Other Financing Sources 156,000 151,853 (4,147)

Excess (Deficiency) of Revenues

-and Other Financing Sources over. Expenditures (51,140) (17,0a7) 34,053 Fund Balances October 1 '543,448 E43,448 Increase (Decrease) in Inventory (44) (44)

~ LFund Balances September 30 S 492,308 5 526,317 S 34,009 See Accompanying Notes to Financial Statements 7

l CITY OF DUSHNELL,.F10hTOA. j COMBINED STATEMENT OF REVENUES,-EXPUISEA, AMD CilANGES IN. '

-RETAINED EARNINGS--ALL P90PHJEhtRY PVND TYPES YEAR ENDED-SEPTEMP7a 30, 1990 (WITil COMPARATIVE TOTALS FOR Tile FISCAL YEhR ENDED JMPTEMBER 30, 1909) 1910 12.0.2

-Operating Ravenuen Chargos for Services $ _1,602,408 $ 1,400,885 Operating Expenoon:

Purchased Power 752,309 746,386 j-Salaries 165,759 148,559 Employeo Bonofite 61,615 53,095 ,

Profonolonal Services 39,259 48,404 operating Supplies- 32,171 31,217 Other Current Chargen 68,719 48,476 Depreciation 94,b17 82,300-Landfill 34,722 28,925 l State Utility Tax 20,336 16,189 Total Operating Expenaco 1,269,407 1,203,551 LOperating Income 333,001 197,334 Non-Operating Revenue (Expenoo):

Intoroot Earned 41,090 36,389 ,

Gain on Salo of. Equipment 14,500 Intercat Expenso and Fiscal Chargea (51,151) ($2,865)

' Total Non-Operating Revenuen (Exponne) 3,439 (16,476)

Incomo Before Transfore 336,440 180,858 Operating. Transfers.(Out) (140,000)' (138,246)

Nat Income. 196,440 42,612 Retained Earnings, October 1 928,776, 886,233 Retained Earni.r.gn, Septembsr 30 $ ,1 _,125,216 928 4 5..--

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Soo Accompanying Notes to Financial Statemento a

CITY OF.BUSHNELL,'FLOL DA COMBINED' STATEMENT OF CllANGES IN FINANCIAL POSITION ALL PROPHIETARY-FUND TYPES YEAR ENDED SEPTEMBER 30, 1990

(WITH COMPARATIVE TOTALS.FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1989)

ENTERPRISE. FUND TYPES 1990 12A2 Sources of Working Capital Net Innomo. $ 196,440 $ 42,612 Pdd- Itema Not Affecting Working Capital:

Depreciation 94,517 82,300-Amortization 751 Oain on Sale of Equipment 14,500 Working Capital Provided By-Operatione 277,208 124,912 Procooda From Sale of Equipment 14,500 contributed Capital 3,012 9,057 Increase in Current Liabilitien iPayable.From Hestricted Aeneta 12,698 4,274

~Decreano in Rostricted Anneta Increapo in Long-Torm Dubt 6,306 Total-Sourcou of Working Capital 307,418 145,349, upon-of Working capitali Acquisition of Property

~ and Equipment 153,204 120,436

. Decrease in Long Term Debt 38,413 32,843 Increano in Restricted Asseta 45,718 17,474

-Total Uson of Working Capital 237,335 170,753 INot-Increane-(Doerease) in Working Capital (Schedulo Dolow) S 70,083 $ (25,404g Elementa of Not Increase (Decreano) in Working Capital:

Ceon s 62,54a s (5,422)

Customer Accounta Keceivable (Not) 18,481 16,652

-Due from Other Fundu 1,040 (121)

Inventorloo (9,536) 32,780 Propaid Expenpoo 7,740 Accounto Payabic (10,436) (65,010)

-Accrued-Liabilitico 1,663 (1,703)

Due to Other Funda- (1,040)

' Current Portion of Long Term Noto-Payablo (2,500)

(377)

Net Increase ~(Decreaco) in Working Capital $ 70,083 $ (25,404) w =~m - --

m _ . -- u See Accompanying Noten to Financial Statements 9

CITY OF IUSENELL, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1990 NOTE 1

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES The City of Bushnell, Florida was incorporated in 195*1 The City operaten undet a council-manager form of government and provides services to its residents in many areas, including public safety (police and fire), highways and streets, utilities, sanitation, culture-recreation, public improvements, and general adminintrative services.

The financial statements of the City of Hushnell, Florida have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) in the accepted standard-setting body for establishing governmental accountinq and financial reporting princi-pino. The more significant of the City of Bushnell, Florida's accounting principles are described below:

A. Reporting Entity In evaluating how to define the government, for financial reporting purposes, management has considered all potential component unite.

The decision to include a potential component unit in the reporting entity was made by applying the criteria set forth in GAAP. The basic--but not the only--criterion for including a potential component unit within the reporting entity la the governing body's ability to exercise oversight responsibility. The most signiticant manifestation of this ability 10 financial independence. Other manifestations of the ability to exurcice oversight responsibility include, but are not limited to, the selection of governing authority, the designation of management, the ability to signifi-cantly intluence operati is, and accountability f or flocal matters.

A second criterion used in evaluation potential component unite to the scope of public service. Application of this criterion involves considering whether the activity benefits the government and/or its citizens, or whether the activity la conducted within the geographic boundarien of the government and is generally available to its citizens. A third criterion used to evaluate potential component unite fer inclusion or exclusion from the reporting entity in the exiatence of special financing relation-ahips, regardleas of whether tha government in able to exercise oversight responsibilition. Based upon the application of these criteria, the following in a brief review of each potential component unit addreened in defining the government's reporting entity.

Included within the reporting entity:

Everareen cometery. Fund A Board of Trustees in appointed by the City Council to administer the affairs of Evergreen Cemetery. The Doard is authorized to sell cemetcry lots and to invest proceeds which are legally reutricted by ordinance. The principal is not subject to expenditure and the interest can be used only for operations, maintenance and improvement of the cemetery.

Rushnell Volunteer Firefiohtern' Trust Fund:

The City council of Bushnell created a fund for donations for the beneficiaries of the estatue of two volunteer firefightern who were killed in the line of duty in February, 1989. The City Council appointed the City Clerk to maintain the fund, 10

CITY CF GiUSENELL, PLORIDA NOTES TO PINANCIAL STATEHENTS SEPTEMBER 30, 1990 NOTE 1

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (Continued) and instructed the City attorney to issue order of disburse-ment to the estato in equal sharea, including all earnings of the fund.

B. Fund Accounting The city uses funds and account groups to report on its financial pooltion and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating trannactions related to certain govern-ment functions or activities.

A fund is a separate accounting entity with a self-balancing set of accounta. Funds are classified into three categories:

governmental, proprietary and fiduciary. Each category, in turn, in divided into separate " fund types".

Governmental Funds are used to account for all or most of a government's general activities.

Governmental funds of the city are ao follows:

General Fund - The General Fund in the general operating fund of the City. It is used to account for all financial resourcea, except those required to be accounted for in another fund.

Special Revenue Fund - The Special Revenue Fund is used to account for the proceeds of specific revenue pources (other than expendable trusts, or for major capital projects) that are legally featricted to expenditures for specific purposes.

Proprietary funds are used to account for activities similar to those found in private sector, where the determination of not income in necessary or useful to sound financial administration.

Goods or services from auch activition can be provided either to outside partica (enterprise funds) or to other departmenta or agencies primarily within the government (internal service funds) .

Fiduciary fundo are used to account for assets held on behalf of outside parties, including other governmento, or on behalf of other funds within the government. Agency fundo generally are used to account for annota that the government holda on behalf of othere as their agent.

An account group, unlike a fund, is a financial reporting device designed to provide acccuntability for certain assets and 11abili-tico that are not recorded in the funda because they do not directly affect not expendable available financial resources.

Account Groups maintained by the City are as followas I

General Fixed Assets - Accounts for property and equipment not used in proprietary fund operations or accounted f or in trust funds.

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CITY OF DUSHNELL, TLORIDA NOTES TO FINANCIAL STATEMENT!,

I SEPTEMBER 30, 1990 NOTE 1

SUMMARY

OP SIONIFICANT ACCOUNTING PO!'.CIES (Continued)

Ceneral Long-Term Debt - Accounts for unmatured principal of long- term general obligation indobtedness that is not a upecific liability of a Proprietary or Fiduciary Fund.

C. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its moasuromont focus. All govet.. mental funds are accounted for using a current financial resourcen moaeurement focus. With this measuroment focus, only current assota and current liabilition generally are included on the balance shoct.

Operating statements of theco fundo present increaano (i.e.,

revenues and other financing sourcen) and decroacon (i.e. , expennon and other financial usos) in not current asuete.

All proprietary funds are accounted for on a flow of economic resources moaourement focus. With this measurement .acun, all asuete and all liabilitica annociated with the operation of thope fundo are included on tho balanco aheet. Fund equity (i.e., not tot.al aunoto) la negregated into contributed capital and retained earnings componento. Propriotary fund-type operating utatomonte proeont incruauen (e.g., revenues) and decreacou (e.g., expuneen) in net total ansets.

The modified accrual bania of accounting is used by all govern-mental fund typeu and agoney funds. Under the modified accrual baoin of accounting, revenueo are recognized when uueceptible to accrual (i.e., when they becomo both measurable and available).

"Muasurable" meano the amount of the transact. ion can be dotormined and "available" moano collectible within the current period or poon enough thoroafter to be unod to pay liabilitica of the current period. Billing cycles of the propriotary funds which overlap september 30 are pro-rated based upon motor reading dates.

Expendituros are recorded when the related fund liability is incurrod. Principal and interent on general long-term debt are recorded ao fund liabilition when ilue.

The following revenuel are considered to be suoceptible to accrual:

Cigaretto Tax State Revenue Sharing Proceeds Mobile !!omo Licenso Tax Alcoholic Devorage License Tax Italf Cent Sales Tax Property Taxus Franchloe Taxco Utility Service Taxes Interest Revenue The accrual baalo of accounting is utilized by proprietary fund types. Under this method, revenues are recorded when earned and expennon aru recorded at the time liabilities are incurred.

The City reporto deferred tevenue on its combined balance ahoot.

Deferrtd revenuen arine when a potential revenue does not meet both the "moacurablo" and "available" criteria for recognition in the current period. Deterred revenuen also arine when resourcos are 12

CITY CF CUSENEi.L, FLORIDA NOTED TO FINANCIAL STATEMENTS SEPTEMBER 30 1990 NOTE 1

SUMMARY

OF SIGNIFICANT ACCOUNTINO POLICIES (Continued' received by the government before it has a logal claim to them, as when grant monies are received prior to the incur rence of qualify-ing expenditures. In oubsequent periods, when both revenue recognition criteria are mot, or when the government has a legal claim to the resources, the liability for deferred revenue is removed f rom the combined balance sheet and revenue is recognized.

D. Budgets Budgets are adopted on a basis consistent with generally accepted accounting principles, except that the provision for dopreciation expense is not included in the budget of the proprietary funds.

Annual appropriated budgets are adopted for the general fund.

Annual appropriations lapse at fiscal year end.

Encumbrance accounting, under which purchase orders, contracts, and other commitmento are recorded as expenditureu in order to reserve that portion of the applicable appropriation in not employed by the City for budgetary purposes.

E. Cash and Investments cash includes amounts in demand deposits as well as short-term investments with a maturity date within three months of the date acquired _by the government.

F. Short-Term Interfund Receivables /Payables During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered.

These receivables and payables are clausified as "due to/f rom other funds" on the balance sheet.

G. Inventory Inventories held by the Enterprise Funds are stated at cost using the weighted average method.

H. Prepaid Items Payments made to vendors for service that will benefit periods beyond September 30, 1990 are recorded as prepaid items.

I. Property, Plant and Equipment Property, plant and equipment used in governmental fund type operations are accounted for in the General Fixed Assets Account Group, rather than in governmental funds. No depreciation has been provided on such property, plant and equipment.

All property, plant and equipment are valued at historical cost or estimated historical cout if actual historical cost is not available. Donated property, plant and equipment are valued at their outimated fair value on the date donated.

The City has-adopted the accounting policy of not capitalizing

" infrastructure" -general fixed assets (road, bridges, curbs and gutter, streets and sidewalks, drainage system, lighting systems 13

CITY OF BUSHNELL, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1990 NOTE 1 hUMMARY OF SIGNIFICANT ACCOUNTINO POLICIES (Continued) and similar act.ets that are invuovabl o and of value only to the City).

Depreciation le provided in the ontorpripe fund in amounto sufficient to relate the cost of the dopreciable anseto to operations over their estimated nervice liveu on the straight-line basis. The service lives by type of appet are au follows:

Unoful Life IILhtLGL Electric Utility Fund Dietribution Plant 25-40 yearn Structures and Improvemente 32 yearn Equipmunt 6-12 yuaro Invoutment in Cryotal River #3 Nuclear Plant 20 yearu Water Utility Fund Diutribution Plant 25-101 years Duilding 50 youro Equipment 25 years Sanitation Fund Equipment "1 yearu J. Bond Discounts /Insuance Costa Hond discounta and inauanco costo for proprietary f und t ypen are def erred and amort LEed over the term of t he bondu using a straight-line amortization mothod e>hich produce resulta not utgnittcantly diftorent from the interout method. Bond discountn aru proaontud ao a reduction of thu f ace amount of bondo payablo whereas lueuance conte are recorded as deferred chargen.

K. Compensated Absences

• Vonted or accumuhted v a c. it ! an leave that in expected to be liquidated with expendabic available financial roucurceu to reported as an expenditure .mu a fund liability of the governmental fund that wtil pay it. Amour $n of vestod or accumulated vacation 1 rave that are not expected to be 1ic,uidated wt h expendable available 1inancial resouruaa tin reported in the general long-term debt account gruup. Ho expenditt ro is reported for theue amountu.

Vuoted or accumulated vacatJoV leave of proprietary fundo in recorded as an expenso and liabil tty of those f undo au the benefitu accrue to uployees. In accordknco with the proviolona of Statement of Financial Accountthg Standerds No. 43, accounting for compon-sated absencea, no liability in recorded f or nonventing accumulat-3 ing rightu to receive naid pay benefitu. However, a liability is recognized for that portton of accumulating unid leave bonofito 3 that it lu e st.imated will be takcn au " terminal leave" prior to retirement.

L. Interfund Transactions Qunni-oxternal trannactiona are recounted for as revenuos, expendituren or exponoce. Trannactions that constitute reimburno-14

/

/

t

CITY OF BUStiNELL, TLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1990 NOTE 1

SUMMARY

OF BIGNIFICANT ACCOUNTING POLICIES (Continued) mente to a fund for expendituree/ expenses initially mado from it that are properly applicable to another fund, are recorded as expenditures / expenses in the reimburning fund and as reductions of expenditurea/expensos in the fund that is reimbursod.

All other interfund transactiono, except quasi-external transac-tions and reimburuementa, are reported as transfers. Nonrocurring or nonroutine permanent transfere of equ it y are reported as residual equity tranufers. All other interlund transfers are reported an operating transfore.

H. Grants - Proprietary Funds Unrestricted granto, entitlemente or shared revenues received are reported an non-operating revenueo. Such resources externally routricted for capital acquisitions or construction are reported ao contributed capital. Operating expenoen include depreciation on all grants).

depreciable fixed annets (including thoeu financed by N. Water Line Extension Charges Water line extension charges are made to customero to cover the full cost of the addition. Such charges are recorded as an equity contribution. Costa of the extension are reported as property and equipment and depreciated over the estimated useful life of the auvet.

O. Fund Equity contributed capital is recorded in proprietary funds that have received capital granto or contributions f rom developers, customers or other funds. Reservoo represent those portionu of fund equity not appropriable for expenditureu or legally segregated for a specific future use.

P. Total Columns on Combined Statements--Overview Total columns on the combined statements - overview are captioned Memorandum Only to indicate they are presented only to facilitate financial analysis. Data in these columns are not comparable to a consolidation. Interfund transactions are not eliminated.

Comparative data have not been preacnted in all statemente because this inclusion would make certain statementa unduly complex and difficult to understand.

Q. Comparative Data l

Comparative total data for the prior year have been presented in the accompariying financial utatements in order to provide an underatanding of changes in the government

• a financial position and cperations. However, comparativo data have not been presented in all statemente because their inclusion would make certain state-ments unduly complex and difficult to understand.

I' 15 1

1 i

_m - - - _ - - - _ _ _ - . - . _ _ _ _ _ _ _ _ . _ _ . - _ _ _ _ - _ _ _ - _ _ _ _ _ - _ _ - - _ - _ _ - - _ _ - - _ - _ . _ _ - _ _ _ _ - - - _ - _ _ _ _ _ _ _ _ - _

l l

CITY OF BUSHNELL. FLORIDA NOTES TO FINANCIAL STATEHENTS SEPTE.HBER 30, 1990 NOTE 2 LEGAL COMPLIANCE - BUDGETS Prior to October 1, the City Manager submits to the City Council a proposed operating budget for the fiscal year commencing October 1. The operating budget includen proposed expenditures and the means of financing them. After submission of the proposed operating budget, workshops are held and public hearings are conducted to obtain taxpayer comments. Prior to October 1, the budget la legally enacted through pannage of a resolution. Any transfers of budgeted amounts between departments within any fund and any revisions that alter the total expenditures of any fund must be approved by the Council.

Dudgeted amounto presented agree with the original adopted budget as amended during the year by City Council.

A formal budget is not adopted for the Evergreen Cemetery Fund and Volunteer Firefightern Trust Fund.

NOTE 3 DEPOSITS AND INVESTMENTS Deposits - At year end, the carrying amount of the City's deposito was

$1,068,593 and the bank balance was $1,063,762. All of the bank balance was coverud by federal depository insurance or by a state collateral incurance pool held by the Treasurer, State of Florida, in the Public Deposit Security Trust Fund established in accordance with Chapter 280 of the Florida Statutes.

Investmente -

The City's investments are categorized an either (1) insured or registered or for which the securities are held by the City or its agent in the City's name, (2) uninsured and unregietered for which the securities are held by the broker's or dealer's truut department or agent in the City's name, or (3) uninaured and unregistered for which the securitien are held by the broker or dealer, or by itu truut department or agent but not in the government's name.

Cateqorien Carrying Market 1  ? 3 _ Amount valuo U.S. Government Securitles -

5 9_0, A 13 S_ -

S00,all Son,479 NOTE 4 RECEIVABLES Receivables at September 30, 1990 co..dist of the following:

General Enterprine '[qt;nl Receivables:

Interest S - S 1,476 S 1,476 Taxen 31,172 - 31,172 Accounta -

209,852 209,852 Intergovernmentol 23,169 - 23,169 Gross Peceivables 54,341 211,328 265,669 Less - Allowances for Uncollectibles -

(6,000) 6,000 Not Total Receivablea 554,141 S?n%,1?R S?s4,669 16

CITY OF CUS[NELL, FLORIDA NOTES TO FINANCIAL STATEMENTS i SEPTEMDER 30, 1990 l

NOTE 4 RECEIVABLES (Continued)

Under Florida law, the anneaement of all properties and the collection of all county, municipal and school board property taxes are consoli-dated in the offices of the County Property Apprsiser and the County T4x Collector. The laws of the State regulating tax assessment are also designed to assure a consistent property valuation method state wide. State statutes permit municipalities to levy property taxes at a rate of up to 10 mills. The millage rate assessed by the City f or the fiscal year ended September 30, 1990, was 3.012.

All property to assessed according to its f air market value on January 1 of each year. Each assessment roll is submitted to the Executive Director of the State Department of Revenue for review to determine if the rolla meet all of the appropriate requiremonte of State statuen.

The current year taxes for the ficeal year, beginning October 1, are bLlled On April in the month of November and are due no later than March 31.

1, all unpaid amounts bccome delinquent and are subject to intercat'and penalties.

follows:

Discounts are allowed for early payment as November 4%

December 3%

January 2%

February 11 March 05 Delinquent taxes on real property bear interent of 18% per year. On or prior to June 1 of the following tax year, certificaten are nold for all delingeent taxes on real property. After sale, tax certificates bear interest of 18% per year or at any lower rate bid by the buyer.

Application for a tax deed on any unrodeomud tax certificates may be made by the certificate holder after a period of two years.

Delinquent taxes on personal property bear interest of 18% per year until the tax la satinfled either by seizure and pale of the property or by the five year statute of limitations.

The amount of delinquent or uncollected property taxes at year end was immaterial. The City's Tax Calendar la as followes valuation Date: January 1 Levy Date: November 1 Due Date March 31, Succeeding Year Lion Date: April 1, Succeeding Year NOTE 5 BOND SERVICE REQUIREMENTS / RESTRICTED A3 SETS UTILITIES SYSTEM REVENUE BONDS SERIES 1976 Ao of September 30, 1990, hond nervice requirements are current. The following la a summary of the restricted acoeta related to the Utilities System Revenue Bonds Series 1976.

Egyenue Honda Debt Service - The City deposits cash monthly into 4 eeparate account to fund upcoming principal and interest payments in accordance with the bond resolt . ion. Such cash and inveatmento are reported au restricted anseto.

17

. .. . ..-o ., , . . m. ~ . . _ _ _ . _ - . - _ _ _ _ _ _ _ . - . . - _ . _ - _ . . . . - . _ . _ ,

r~ ,!

CITY GF BUSENELL, FLORIDA-NOTES To FINhWCIAL STATEMENTS SEPTEMBER 30, 1990. i NOTE 5 BOND SERVICE REQUIREMENTS / RESTRICTED ASSETS (Continued)

Renewal and Replacement - The bond resolution requires a monthly I deposit for. renewal and replacement (extensions, enlargements or additione to, or the replacement of capital assets of the facili- '

ties and emergency repairs thereto or unusual costs of operation and maintenance). The required monthly contribution is computed at-1/12 of 9 percent of the prior year's groes revenue, however, no further deposita are required when the balance on hand equals 10 percent of the - outstanding principal balance of the revenue bonde.

CUSTOMER DEPOSITS Customer deposits have been restricted to indicate the amount is not available-for the financing of current utility operations.

NOTE 6 PROPERTY, PLANT AND EQUIPMENT A summary of changes in general fixed asauts follows:  ;

BALANCE BALANCE 10/1/89 ADDITIONS DISPOSALS 9/30/90 l Land $284,309 $ -

$284,309 ,

Buildings- _

139,871 - -

139,871 i Improvements 15,702 14,425 30,127 Machinery and Equipment 299,432 19,938 - 319,350

$739,114 $_14,343 $ -

$771,6%7

- A summary of Proprietary Fund Type property and equipment at September 30, 1990 follows:

ELECTRIC WATER UTILITY UTILITY SANITATION FUND FUND _ FUND TOTAL Land S 2,300 5 18,090 _$ -

$ 20,390-Distribution Plant 934,198 583,475 -

1,517,673 Duildinga 11,181 134,436 -

145,617 Equipment- 171,521 681,755 119,296 972,572 Cryntal River #3.

.. I nvestment 274,396 - - 274,396-I',3934596 1,417,756 119,296 2,930,648 Accumulated Depreciation _L417,962) (246,975). f87,583) (752,520)

$ 97%,634 $1,170,7R1 $ 31,711 $2,178,12R 18

, - - , , . , ., , , ,w, .e,, v.-,-y---- -yr-<www -

CITY CF CUSRNELL, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1990 NOTE 7 OPERATING LEASE The City is committed under a lease for a fire truck. This leaoe is considered for accounting purposes to be an operating icase. The lease expenditure for the year ended September 30, 1990 totalled $12,493.

Future minimum loane payments for this lease in ao follows:

Yea 3 Endina Amodnt 1991 S12,493 1992 12,493 1993 12,493 1994 12u43Q S49,972 4 NOTE 8 LONO-TERM DEBT The following 10 a summary of the bonde payable and general long-term debt:

Proprietary Fuu!LL2H2-lCDILpebt Utilition System Pevengg,g.gndo serien 1976 - S50L AQ2 The 1976 bonde are coupon bonde in denomintions of $5,000 each and are collateralized by a pledge of the grosa revenues of the utilitico oyatom.

The bond liability is recorded accord' use of the original proceeds au follows - Electric Utility Ft 'rcent; Water Utility Fund 14 percont. Combined bond maturitit. '.o re* t rateo are an follows:

MATURITY COUPON . .rAL APRIL 1 lE _&oUNT Term Donda 1990 7.3% $ 10,000 1991 7.3% 25,000 1992 7.3% 25,000 1993 7.3s 30,000 1994 7.3% 30,000 1995 7.3% 35,000 1996 7.3% 35,000 1997 7.3% 40,000 1998 7.3% 45,000 WATER ELECTRIC 1999 7.3s 50,000 m FUND Total Principal Balance Outstanding 325,000 45,500 279,500 Loss; Unamortizud Discount and Isuue Costa At2_12 1.148 7.071

$316,7R1 $44,157 $772,479 Total Remaining Interest S116,481 $19,17R $117,A05 The term bondo due in 1999 are subject to mandatory redemption by lot beginning April 1, 1990, in the amounta lioted above.

19 I

CITY OF BUSHNELL, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1990 NOTE 8 LONO-TERM DEBT (Continued)

The term bonds which were due on April 1,1990 in the remaining amount of $10,000 were not presented for payment an of September 30, 1990 and are, therefore, included as outstanding.

Mater Pund -

Florida Municloal Power Aconqv -

Initial Pooled Loan Proiect The City has entered into a financing agrooment with the Florida >

Municipal Power Agency (FmPA). Interest in payable monthly at a variable rate (currently 5.50s plus a 1.25% administration fee) and principal in due annually on July 1 ao follows:

1991 10,000

-1992 10,000 4 1993 10,000 1994 10,000 1995 10,000 1996 10,000 1997 10,000 1998 10,000 1999 15,000 2000 15,000 2001 15,000 2002 15,000 2003 15,000 2004 20,000 2005 20,000 '

2006 20,000 2007 20,000 2000 25,000 2009 25,000 2010 25,000 2011 _2.0,000

$716,000 i

Water Fund Mortoace Note Pavable - Bennie Harrison The following is a.achedulu of the mortgage note payable to Bennie ',

.Harriuon:

Remaining Principal MErfSL 1991 1,000 390 1992 1,000 325 1993 1,000 260 1994 1,000 195 1995 1,000 130 1996 1,000 55 l

$6,000 $1,36; ,

Principal and intorest (at 61/21) payments are due annually on January

31. The balance in collateralized by Water Fund land. ,

i 20 l

l l

l CITY OF CUSENELL, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1990 l

NOTE 8 LONO-TERM DEST (Continued)

EQL9 Pavable - Florida National Bank I l

The City has financed radio equipment at Florida Nat.ional Bank. The note la payable in monthly installmentu including interest at 10%. The balance of the note at September 30, 1990 was $2,877.

General Loitq-lgnL,,Ds)21.

PRINCIPAL BALANCE

__9/30/90 Hortgage Payable, secured by first mortgage on sports complex real estate, due in toonthly payments of $570, interest at 74.2% of prevailing prime rate (7.424 at September 30, 1990) $ 91,450 Note Payable, collateralized by radio equipment, duo in monthly paymontu of $165, including interest at 10.007% 1,555 Accumulated unpaid vacation & alck pay accrual (Note 1K) 32,602 Note Payablo, collateralized by fire truck, due in monthly paymente of 5730, including interent at 6.3% 4,306 Note Payable, collateralized by 1989 Ford Crown Victoria, due in monthly payments of S484, including intereau at 10.5% 7.839

$137,832 i

L During the year ended September 30, 1990, the-following changen occured in liability reported in the general long-tonn debt account group BALANCE RALANCE 0

1.jl/89 M101T,1ONS DJREQSALS 9/30/90 Mortgage Payable S 98,290 $ -

S G,840 $ 91,450 Noton Payable 15,197 11,653 13,350 13,700 l Accumulated unpaid vacation and sick pay accrual 26.337 6,345 -

_AZuiq2

$139,874 $1R,14A $20,100 $137,83?

l-l l

21

[ CITY OF CUSENELL, FLORIDA NOTES TO FINANCIAL STATENENTS  !

SEPTEMBER 30, 1990  !

NOTE 9 ACCUNULATED UNPAID VACATION AND SICK PAY BENEFITS Accumulated unpaid vacation and sick pay benefits are accrued when incurred in proprietary fundo. Such amounto are not accrued in governmental funds. At September 30, 1990, governmental fund liabili-tion included 532,682 in vacation and sick pay (see Note 8). This amount is included in the General Long form Debt Group of Accounts.

Accumulated . unpaid vacation and sick pay in Enterprise Funda are as follows: 1 9/30/90 9/30/89 Electric Utility Fund $12,964 $11,197

, Water Utility Fund 9,060 7,736 Sanitation Fur.d _J,422 2,943

$23,446 $21,876

City policy as vf September 30,-1990, is to allow up to a maximum accumulation of 1,040 hours4.62963e-4 days <br />0.0111 hours <br />6.613757e-5 weeks <br />1.522e-5 months <br /> of alck leave. Upon voluntary termination one half (1/2) of the accumulated hours are paid to tne employee. The City accrues 100 percent of unpaid vacation pay and 50 percent of accumulated unpaid sick pay at the employee *e current pay rate.

NOTE 10 ELECTRIC POWLR AGREEMENTS ,

Crystal Power Unit #3 Participation Agreement:

The City is a part.icipant in an agreement with Florida Power Corpora-tion which waa entered into on July 31, 1975. Under terme of the agreement, the City acquired a 0.0388% ownership interest and genera-tion entitlement share in the nuclear steam electric generating unit.

Participants are entitled to energy output of the unit based upon their roupoctive generation entitlement share.

Florida Municipal Powar. Agency:

The City is a member or the Florida Municipal Power Agency (FmPA) which is a joint action agency formed by a number of Florida municipalities for the purpose of dispatching electric power.

NOTE 31 . PENSION FUND All full-time employees participate in the State of Florida Retirement System, a multiple employer Public Employee Retirement System (PERS).

The = payroll for employees covered by the System for the year ended September 30, 1990 waa approximate,1y $ 394,063; the City'a total payroll was approximately 5419,433.

Regular class employees, which includes all employees except law enforcement officern and firefighters who have attained age 62 .

completing 10 or more years of service, or regardless of age completing '

30 years of service are eligiblo for retirement benefits. The calcula-tion of monthly benefits is based on average final compensation (AFC) ,

as defined in the plan. Retirement bonofits range f rom 1.60% of AFC por year of service to 1.68% of AFC based upon retirement age or length of service.

22

CITY OF BUSHNELL, FLORIDA NOTES TO FINANCIAb STATEMENTS SEPTEMBER 30, 1990 NOTE 11 PENSION FUND (Continued)

Special' risk claan employees, which includes law enforcement officoro and firefightere who have attainod age 55 completing 10 years of apecia'l rink cervice, or age 52 with 25 years special risk service, or 25 years continuous special risk service regardlene of age, or 30 years of any creditable service regardless of age are eligible for retirement benefito. The calculation of monthly benefits is based on AFC arJ range from 2.004 per year of service to 3.00% of AFC based upon oorvice porlod.

u Active employoco who become disabled and have completed the length of service an defined in the plan receive a minimum benefit of 42% of AFC for in-lino-of-duty and 25% of AFC for regular dioability.

If an active amployen dies in the line-of-duty, a member'n spoose will receive a monthly benefit of one-half the member's rnonthly e61ary at F

b

. death for his or her lifetima until remarriage. If the spouso dica without remarrying, the beaufit will continue to the member's children until the youngout reachos age lo, or until married, if earlier. If

'b omployoo in terminated by death other than .in-line-of-duty beforo completion of 10 years of nervice, the designated beneficiary will L receive a ref und of any retiruwnt contributions. If the member has 10 or more years of cervice, the surviving spouse or oligible bonoficiary may receive a refund of contributions paid by the member or a lifetimo

- monthly benetit calculated as though the member had retired on the dato of doath, b

^ Retiroment coverage is for employee non-contributory. Employero pay all cont ribut ion s . Employer contributions for the fiscal year onded E-

" haptember 30, 1990 were 13.90% for regular membora and 17.50% for opocial riek membora, and totalled $63,402.

The 'penelon benefit obligation" in a standardized disclosure measure of the procent value of pension benotite, adjuuted for the offects of projected salary incroauos and stop-rate bonofita, ostimated to be payable in the future an a result of employee nervice to dato. The i

measure, which la the actuarial procent value of credited projected benefitu in inter.ded to help unero annona thu Systom's funding statua on a going-concern bania, ascesa progroup comparloonn among PERS and employers. The Syntem doen .not make separate measuremento of assetn and penolon benefit obligation for individual employern. The pension benefit ooligation at July 1, 3989 (the date of the latest actuarial valuation) for the System na a whole was $21.4 billion. The System's

-net aceots avhilable for benefita on that date (valued at markot) waru

$16.1 billion, leaving an unf unded pona ton benefit obligation of $1.13

- bil'l ion . The city's fincal year 1990 contribution as a percent of total contributiono required of all participating entitinu has not been determinod.

Ton year historical trend information presenting the PERS progress in accumulating sufficient assets to pay benefits when due is prouented in the PERS June 30, 1989 Annual Report.

U 23 '

CITY OF BUSHNELL, FLORIDA NOTES TO FINANCIAL STATEMF.WTS-SEPTEMBER 30, 1990 NOTE 12 OT11ER DISCLOSURES Excese of expenditures over appropriations in individual governmental funde:

General Fund $40,070 Deficit retained earnings of individual funds:

Water Utility Fund $16,400 Segment Information for Enterprise Funds:

The City maintains three enterprise funds which provido electric, water and sanitation servicca. Segment information as of September 30, 1990 is ao follows:

-l l

ELECTRIC WATER  !

UTILITY UTILITY SANITATION

_. FUND _ FUND._ FlfND TOTAL Operating Revenuee $1,296,674 $ 175,043 $130,691 $1,602,408 Oepreciation &

Amortization 44,273 42,704 8,291 95,268 Operating Income 302,292 2,029 28,600 333,001 Operating Transfers In (Out)- 120,000 10,000 10,000 140,000 Net Income (Loon) 209,810 (33,773) 20,403 196,440 Current Year capital contributiona -

3,012 -

3,012 Property & Equipment Additione 129,586 7,064 16,554 152,656 Total Asseta 1,764,967 1,264,753 97,135 3,126,855 Net Working Capital 256,877 50,593 59,033 366,503

-Bonda Payable Not Payablo from operating Revenues 242,329 39,452 -

281,781 Total Equity 1,256,700 856,970 90,746 2,204,416 24

, . =. .- . -.

CITY OF DUSHNELL, FLORIDA NOTES To FINANCIAL STATENENTS SEPTEMBER 30, 1990 NOTE 12 OTHER DISCLOSURES (Continued)

INTERFUND INTERFUND FUND REFE1VAULES EhrhDLES.

General Fund $- $-

Electric Utilit) Fund 153 1,040 Water Utility Fund itQAQ 153

$1.191 $1,193 Interfund transfers: lu qui ceneral Fund $140,000 $ -

Electric Fund -

120,000 Water Utility Fund -

10,000 Sanit.ntion Fund -

10,000

$140.000 $140,000 Allowances for Doubtful Accounta Electric Utllity Fund $ 5,200 Water Utility Fund 600 Sanitation Fund 200

$ 6,000 NOTE 13 NON-HONETARY TRANSACTION On December 9, 1988, the City contracted with Sumter correctional Institute (S.C.I.) to convey a 1973 Chevrolet dump truck and a 1967 Chevrolet bucket truck in the exchange for inmato labor.

The parties agreed that the value of the vehicles was $40,000. S.C.I.

agree to provido labor at the rate of $3.77 per man-hour for a total of 10,612 man-houro.

At September 30, 1990, S.C.I. had provided 2,589 hours0.00682 days <br />0.164 hours <br />9.738757e-4 weeks <br />2.241145e-4 months <br /> labor, for a balance remaining of 8,023 hours2.662037e-4 days <br />0.00639 hours <br />3.80291e-5 weeks <br />8.7515e-6 months <br />.

25

COMDINING AND INDIVIDUAL FUND FINANCIAL STATEMEt"0

GENERAL FUND The General Fund is used to account for resourcos traditionally capociated with governments which are not required to be accounted for in another fund. The Conoral Fund receives a greater variety and number of taxes than any other fund. The City of Bushnell, Florida Gonoral Fund directly servicou general long term debt.

CITY OF BUSHNELL, FLORIDA GENERAL FUt3D '

COMPARATIVE DALANCE FHEETS SEPTEMBER 30, 1990 AND 1989  ;

1 122g 1989 i ASSETS cash $ 262,L81 $ 329,160 Utility Taxes and Franchino t Foes Receivable 31,172 20,623 Due Prom other covernments 23,169 17,235 I Inventories, at Coat 1,314 1,350 Total Assets $ 310,236 $ 376,304 -

i LIAuf LITIES AND FUND DALbj{Cgg Liabilities:

[

Accounta Payable $ 23,767 $ 43,0P3 Accrued Liabilition 6,393 4,300 Deposita 676 600 .

Doferred Havenuo 2,200 2,374  !

r Total Liabilities 33,12_3 51,157 Fund Dalancess Reserve for Petty Cash' 750 750 Roservo for-Inventorica 1,314 1,350 t Fund Dalance--Unroporved 203,049 323,119_, I TotT1 Fund Halancon _ 205,313 325,227  ;

Total'Liabilitloo and Fund Balances $ 310,236 $ 376,304 t

5 Soo Accompanying Notes to Financial Statemento 26

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

CITY OF BUSl114 ELL, FI,ORIDA GE!1ERAL FUt4D COMPARATIVE STATEMENT OF PEVENUES, EXPENDITUltES, AliD l

CilA!4GES IN iUND BALAldCES j YFARS ENDED SEPTEMBElt 30, 1990 AND 1909 121Q 173 2 Rovenuest Taxes $ 262,000 $ 240,150 Licenses and Permita 10,083 14,315 Inturgovernmental 225,179 241,810 Chargsu for Surviceo 714 2,792 Finns and Forfeite 23,583 10,192 Hincollaneoup Hovenue 23,660 29,971 Total Rovenuou $46,019 555,230 Exponditurus General Government 176,245 172,483 Public Safety 310,674 277,962 Physical Environment 2,701 5,913 Trannportation 112,755 106,607 Economic Environmont 10,931 0,000 Culturo and Itocroation 94,009 230,602 Dubt Servico Principal 20,190 12,427 Interest 9,557 3,142 Total Exponditurus __737,942 017,136 Excous (Deticiency) of Itovenuca Over (Undor) Expendituroo ___191,923)

( (261,090)

Other Financing Sources Operating Transfers In:

Electric Utility Fund 120,000 118,246 Water Utility Fund 10,000 10,000 Garbago Fund 10,000 10,000 Loan Proconda 11,853 103,547_

Total Gther Financing Sources 151,853 241,793__

Excess (Deficiency) of Revenues and Other Financing Soarcos over (Under) Expenditures (40,070) (20,105)

Fund Dalances October 1 325,227 344,935 Increano (Docreano) in Inventory Rosorvo (44) 397 Fund Balancon Sept--Ser 30 $ .285,113. , . - _ . $ 325,22.7.g g ;,.

See Accompanying Notes to Financial Statomonte

?7

I I Page 1 of 2 CITY OF BUSFJ: ELL, FLORIDA GENERAL FUND COMPARATIVE STATEMENT OF REVENUES, EIPENDITURES, AND CHANGES IN FU';D BALANCES-BUDGET AFD ACTUAL YEARS ENDEO SEP~EF3ER 30, 1990 AND 1989 l

i VARIM;CE l

VARIA' ICE 1990 FAVORABLE 19E9 FAVDPABL ACTUAL (UNFAVO?AELE1 B'.'. DG i u s AC CAL WNFAVO?AB BUDGETED Revenues: 9,459 242,760 262,000 $ 19,240 5 238,691 5 246,150 $

Taxes S 5 11,E27 JO,ES3 (944) 13,608 14,3J5 707 Licenses and Permits 16,657 238,624 225,179 (13,445) 225,161 241,818 Intergovernmental 1,792 700 714 14 1,000 2,792 Charges for Services 16,500 23,583 7,083 18,600 18,192 (EOS)

Fines and Forfeits (5,269) 21,000 23,660 2,660 35,240 29,971 Miscellaneous Revenue 546,019 14,6CS 532,500 555,238 22,738 Total Revenues 531,411

? Expendituree: 172,483 3,705 175,613 176,245 (632) 176,158 General Government 7,932 306,090 310,674 (4,594) 285,894 277,962 Public Safety 2,450 2,701 (253) 5,910 5,913 (3)

Physical Environment 106,607 2,596 115,979 112,755 3,224 109,203 Transportation 10,931 10,931 8,000 8,000 l Economic Environment 97,488 94,ES9 2,599 230,466 230,602 (136)

Culture and Recreation Debt Service: 3,573 20,000 20,190 (190) 16,000 12,427 Principal 10,000 9.557 443 3,000 3,142 (142)

Interest 737,942 609 S34,661 817,136 17,525 Total Expenditures 738,551 Excess (Deficiency) of Revenues 40,2E3 (207,140) (191,923) 15,217 (302,161) (261,898)

Over (Under) Expenditures (Continued on Following Page)

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Page 1 of 2 l CITY OF DOS!!NELL, FLORIDA OENERAL FUND STATEMENT OF REVENUES l DVDGET AND ACTUAL j YEAR ENDED SEPTEMBER 30, 1990 (WITil COMPARATIVE ACTUAL RESULTS FOR Tile YEAR ENDED SEPTEMBER 30, 1989)

VARIANCE PRIOR FAVORADLE YEAR Bf,YJJit,1% DUDGETED ACIl%L 1UNPAY21@DLlil ACT1%L Taxept Ad Valorem $ 79,700 $ 79,999 $ 299 $ 77,990 Franchise Foom Telephone 1,100 1,177 77 1,047 Electric 35,000 37,519 2,519 37,365 Cable TV 3,500 3,604 104 3,367 Utility Service Taxest Tolophone 9,500 11,108 1,608 10,276 Oao 8,000 6,754 (1,246) 6,514 Electric 41,000 44,059 3,059 43,618 Fuel Oil 60 42 (18) 64 City Utility Tax 60,000 72,323 12,323 61,536 City Utilition Surcharge 4,900 5,349 449 4,867 Dankruptcy 66 _

66 1,506 Total Taxes 242,760_ 262,000 19,240 248,150 Licensen arVLJ1rmitc Occupational Licenses 4,800 4,182 (618) 4,873 Duilding Pormito 7,000 6,683 (317) 9,420 Other 27 18 (9) 22 Total Licensen and Permito 11,827 10,883 (944) 14,315 Intercovernmental Revenuot Two Cont Cigaretto Tax 13,013 12,944 (69) 13,014 State Revenue Sharing 36,546 36,546 38,417 Mobile llomo Licent.en 5,500 3,884 (1,616) 4,589 Alcoholic Dcverage License 1,400 1,613 213 406 Five Cent Saleu Tax 31,950 30,614 (1,336) 30,455 county Fire Peo 41,965 41,965 38,725 State Grant 4,385 4,385 8,220 Share of County Occupational Licenso 2,500 1,835 (665) 2,874 Rebate on Municipal Vehiclos 750 805 55 732 Sumtor County Two Cent Oss Tax 105,000 90,588 (14,412) 104,3B6 Total Intergovernmental Revenue $ 238,624 $ 225,179 $ (13,445) $ 241,818 (Continued on Following Page) 30

Page 2 of 2 CITY Of DUSliNELL, FLORIDA GENERAL PUND STATEMENT OF REVENUES DVDGET AND ACTUAL YEAR ENDED SEPTEMBER 30, 1990 (WITH COMPARATIVE ACTUAL RESULTS FOR THE YEAR ENDED SEPTEMBER 30, 1989)

VARIANCE PRIOR FAVORABLE YEAR RFAIRVE EV110ITID ACllir LUlifAYREAllLId AC1.UAL Charoes For Services Mowing Fees S 700 $ 714 5 14 $ 942 Fire Calla 1,850 Tott.1 Charges For Services _

700 714 14 2,792 Finco and Forf eituren '

Fines and Forf eituro:: 16,000 22,878 6,878 17,646 Police Education 500 705 205 546 Total Finos and Forfeitures _16,500 23,583 7,083 18,192 tilanglianeous Revenues:

Interest Earned 12,000 11,968 (32) 13,739 Rent 3,000 3,125 125 3,100 Miecollaneous 6,000 8,567 2,567 13,132 21,000 23,660 2,660 29,971 Total Revenue S ,531,3 1 $ 546,019 S 14,600_ $ _555,238 Stee Accompanying Notes to Financial Statemente 31

Page 1 of 5 CITY OF DUSHNELL, FLORIDA GENERAL FUND i STATEMENT OF EXPENDITURES DVDGET AND ACTUAL YEAR ENDED SEPTEMBER 30, 1990 (WITH COMPARATIVE ACTUAL RESULTS FOR Tile YEAR ENDED SEPTEMBER 30, 1989)

VARIANCE PRIOR FUNCTION / ACTIVITY / FAVORABLE YEAR SUBACTIVITY/OIMEgI ItQQg1TEQ hglifAL 111N FAVORABLE ) hQ11%L Qeneral Government Scryl gjtt Logialativo Council Fees $ 10,000 $ 10,800 $ $ 8,875 Operating 4,601 4,395 206 4,141 Capital Outlay _

2,873 Total Conoral Govo"nment Services 15,401 15,195 206 15,889 Financial and Administrativos Executivo Salary 66,407 66,557 (150) 61,176 Regular Salary 15,000 15,875 (75) 14,552 FICA Taxes 6,173 6,281 (108) 5,722 Retirement 12,289 12,240 49 10,689 Workmon's Componnation 630 476 154 521 Group Inouranco 7,770 7,097 601 6,803 Profosaional Servicon 4,500 3,219 1,201 0,499 Accounting & Auditing 4,500 7,414 (2,914) 7,212 Contractual Servicon 4,000 6,554 (2,554) 5,107 Travel & Por Diom 2,200 2,756 (556) 1,268 Communication Serviceo 1,750 1,946 (196) 1,754 Utilition 2,100 2,464 (164) 2,050 conoral Inouranco 2,800 3,947 (1,147) 2,527 Other current Chargos 4,550 4,221 329 4,569 office supplica 2,400 1,547 853 2,321 Operating supplion 3,500 4,173 (673) 2,950 Pepair & Maintenaneo 4,200 192 4,000 754 Dooke, Publicationa and Homberships 1,200 976 224 953 Capital Outlay 2,100 1,995

_ _ 105 5,775 Total Financial and Administrativo 148,877 149,930 _ 1,053)

( 145,282 Legal Counsol 11,335 11,120 11,312 215_

Total General Government Servicoe $ 175,613 $ 176,245 $ (632) $ 172,483 (Continued on Following Page)

U

Pagu 2 of 5 CITY OF llVSilliELL, FLORIDA GEf4ERAL }Ul4D STATEMEliT OF EXFENDITURES DVDGET AliD ACTUAL YEAR Et4DED SEPTEMBEft 30, 1990 (W1711 COMPARATIVE ACTUAL ltESULTS FOR Tile YEAR ELIDED SEPTEMBER 30, 1989)

VAltI alice PRIOlt FUtiCTIOli/ ACTIVITY / l'AVORAULL YEAft SUD ACTIVITY /OIUJ:1'T I!1!1ETIJ2 ACIVAL LV141AYO1Bl!1FJ ACIVAL public Safety Police Department:

Exocutive Salarlea $ 29,950 $ 29,954 $ (4) $ 27,66b Regular Salarion 97,030 96,994 844 70,933 Other Salarion 1,000 1,100 (188) 3,523 llo11 day Pay 2,140 108 1,952 -

Incontivo Pay 2,500 2,200 220 2,200 FICA Taxon 10,020 10,072 ($2) 7,040 Retiremont Contributions 25,107 24,141 1,046 17,644 Croup Insuranco 17,561 16,035 1,526 11,552 Workmen's Compensation 6,501 4,756 1,745 4,770 contractual Servicou 2,350 4,405 (2,055) 2,790 Travel & Por Diem 2,500 2,357 143 2,392 Communication and Phone 1,750 1,479 271 3,691 Utilition 3,000 3,613 (613) 3,144 Innurance--General 6,793 7,794 (1,001) 6,651 Repair & Maintenance 4,500 6,357 (1,057) 4,619 other Curront Chargen 1,750 2,465 (715) 1,009 Offico supplica 750 506 164 307 operating Supplios 12,000 14,210 (2,210) 12,000 Polico Education 1,300 1,500 (200) 036 11ooks and Membershipo 225 154 71 699 Aid to Governmental Agencien 1,750 (1,750)

Diserotionary Fund 500 500 -

Capital Outlay 19,500 15,053 4,447 16,640 Total Po1 Leo Departmont $ 249,615 $ 247,411 $ 2,204 $ 199,073 (Continued on Following Page) 33

I Pagu 3 of 5 CITY OF BUSlit4 ELL, FLOH1r GEt4ERAL FUl4D STATEMEldT OF EXPEtiD3TUREli BUDGET At4D ACTUAL l YEAR E!4DED SEPTEMBER 30, 1990 (WITil COMPARATIVE ACTUAL RESULTS FOlt Tile YEAR Ef4DED SEPTEMBER 30, 1989)

VARI A14CE PRIOR FU!JCTION/ ACTIVITY / FAVORADLE YEAR EQ[$CTIV1TY/Q1Qfg1 I!MpfGT1FJ hClitM LitlifMQJBJ1Lfd EQIk1AL Fire Department Executivo Salaries S $ 2,425 S (1,425) S Personal Allowancea 9,300 7,904 1,456 9,186 FICA Taxes 69 (69)

Retiremont 142 (142)

Group Incurance 36 (36)

Workmen's cotopensation 2,287 1,902 385 1,891 Communication Servlees 400 400 0 676 Hentale 12,493 12,493 0 Insuranco 5,982 6,863 (881) 6,229 Repair & Maintenance 4,480 5,997 (1,517) 17,923 Other Current Chargen 400 902 (502) 2,012 Books and Memberehips 475 737 (262)

Operating Supplice 8,000 10,645 (2.645) 20,935 Offico Supplica 200 106 94 483 Training 0 708 School & Training 1,000 421 1,179 1,024 Capital Outlay 500 1,471 (971) 8,665 Total Fire Department 46,177 52,513 (6,336) 69,732 Duilding Inspector Regular Salariou 6,440 6,715 (275) 976 FICA Taxes 512 (512) 73 Profonolonal Sorviceo 658 0 658 Contracted Fee 400 880 (480) 4,185 Travel & Por Diem 2,550 2,550 0 3,065 Dues & Publicatione 250 93 157 58 0

Total Building Inupector 10,298 10,750 (452) 8,357 Total Public Safety S 306,090 $ 310,674 $ (4,584) $ 277,962 (Continued on Following Page) 34

Pago 4 of 5 CITY OF BUSl!NELL, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES BUDGET AND ACTUAL YEAR ENDED JEPTEMBER 30, 1990 (WITH COMPARATIVE ACTUAL RESULTS FOR Tile YEAR ENDED SEPTEMBER 30, 1989)

VARIANCE PRIOR FUNCTION / ACTIVITY / FAVORABLE YEAR EllybCTIVITY /OflJECT ILUDO FTED hq1VM LUBIAVORADLE ) hg1V.M Jhsical Environroent :

Comotory Utility Servico S 150 $ 241 S (91) S 108 Other Current Chargoo 2,300 2,460 (160) 2sB45 Land Acquisition 2,960__

Total Physical Environment 2,450 2,701 (251) _

5,913 Tranot> ort a t iont Road & Stroot Del ;rtment Executivo Salary 12,982 14,074 (1,092) 13,025 Regular Salary ',370 10,910 (3,540) 7,906 Other Salarica 1,200 1,293 (93) 1,320 Utilities -

FICA Taxon 1,019 2,002 (383) 1,671 Retiremont Contributione 3,222 3,816 (594) 3,165 Group Inourance 3,452 3,653 (201) 2,905 Workmon'n Compensation 2,287 1,902 385 1,891 General Insuranco 1,480 1,597 (117) 1,579 Contractual Services 12,400 8,105 4,295 13,100 Ropair & Maintenance b,000 2,420 2,500 5,223 Other current Chargos 2,050 304 1,746 449 operating Supplion 4,$00 4,676 (176) 4,399 Street Lights -

Electricity 32,417 33,202 (785) 25,555 Capital Outlay 26,000 24,801 1,199 24,419 Total Transportation 115,979 112,755 3,224 106,607 Econom(c Environment v; Profoosional Services 2,931 2,931 Mincellaneous Contribution f3umter County Industrial Development Authority 8,000 0,000 0,000 Total Economic Environment S 10,931 S 10,931_ $ $ 8,000 (Continued on Following Page) 35

Pago 5 of 5 CITY OF DVSilNELL, FLOHIDA GENERAL FUND STATEMENT OF EXPENDITURES DVDGET AND ACTUAL YEAR ENDED SEPTEMBER 30, 1990 (WITil COMPARATIVE ACTUAL RESULTS FOR Tile YEAR ELIDED SEPTEMBER 30, 1989)

VARIANCE PRIOR FUNCTION / ACTIVITY / FAVORADLE YEAR EMDACTIVIT1/OllJECT hEEQETED ACTUAL IUNFAVORABL]Q hCTUAL pulture and_Ecgrration1 Library:

Aid to Privato Organizationo $ 6,000 $ 6,000 $ $ 6,000 Utility Services 450 354 96 445 Total Library 6,450 6,354 96 6,445 Parks & Recreation:

Exocutivo Salary 3,000 2,755 245 2,373 Regular Salarios 2,100 1,046 1,054 692 FICA Taxos 383 290 93 230 Rotirement Co,)tribution.1 762 573 189 447 Workmon's compensation 365 317 48 J03 contractual Servicca 4,000 29,239 (25,239) 8,656 Profossional Services 20,000 2,083 17,917 Group Insurance 840 419 429 371 Utilition 7,200 7,679 (479) 6,513 Rontalu 1,500 1,237 263 1,822 Repair & Maintenance 4,000 1,400 2,600 1,170 Other Current Chargos 100 2,461 (2,361)

Operating Supplico 4,000 3,405 595 4,071 Conoral Insuranco 1,920 2,186 (266) 1,932 Capital Outlay 23,000 16,845 6,155 24,421 Land Acquisition 157,019 Total Parks and Recreation 73,178 71,935 1,243 210,020 special Events:

Operating 17,860 16,600 1,260 14,137 Total Culture and Rocroation 97,480 _ 94,889_ 2,599 230,602 Ecbt Service:

Principal 20,000 20,190 (190) 12,426 Interect 10,000 9,557 3,143 443_

Total Debt Servico 30,000 29,747 253 15,569 Total Expenditurne $ - .738,551- S -.37,942-7 $.

.-.609 $ ,=817,136-See Accompanying Notes to Financial Statomonta 36

BPECIAL REVENUE FUND FINANCIAL STATEMENTS Evergreen Cemetery

CITY OF DUSilNELL, FLORIDA EVERGREEN CEMETERY SPECIAL REVENUE FUND COMPARATIVE DALANCE SilEETS SEPTEMBER 30, 1990 AND 1989 112E 12.EE ASSETS Cash $ 2,134 $ 1,705 Interent Receivable 436 Restricted Annutes cash and Invuotmente 240,120 216,975 S

m 242,254_ $ 219,1_9,6 LIABILITIES AND FUND BALANCES Liabilities:

Deposits $ 1,050 $ 976 Fund Dalancos Reserved: Perpetual Care 240,120 217,411 Unreserved 1,004 010 241,204_ 210,221 TOTAL LIABILITIES AND FUND DALANCES $ _2,42,25_4

$ 219,196 See Accompanying Notes to Financial Statemento 37

CITY OF BUSHNELL, FLORIDA EVERGREEN CEMETERY SPECIAL REVENUE FUNJ COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES I

FOR THE YEARS ENDED SEPTEMBER 30, 1990 AND 1989 1990 1989 Revenuess contributione S 8,801 S 12,514 Sale of cemetery Loto 8,050 4,800 Interest Earned 17,992 16,152 Memorial Gifts and Trust 367 260 Total Revenues 35,210 33,726 Expenditures Operating and Maintenance 10,114 12,851 Capital Outlay 2,113 -

Total Expenditures 12,227 12,851 Excess of Revenueo Over Expenditures 22,983 20,875 Fund Balances October 1 218,221 197,346 Fund Balances September 30 $ 241,2,04 S _218_,221_,

See Accompanying Notes to Financial Statemento 38

I I

i ENTERPRISE FUNDS Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business ontorprises--whore the intent of the governing body is that the costs (expenses, including . depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic datormination of revenues carned, expensos incurred, and/or not incomo is appropriate for capital maintenanco, public policy, anagement control, accountability, or other purposes, certain administrativo expensos are paid by the General Fund.

I l

Page I cf 3 CITY OF BUSHNELL, FLORIDA ENTERPRISE FDCS COMBINING BALANCE StissA EEPTEMBER 30, 1990 (WITii COMPAUsTIVE TOTAI.S FOR SEPTEMBER 30, 1989)

ELECTRIC WATER M ALS UTILITT UTILITY SANITATION SEPTEM3EP 30 FUND FU'i3 FUND 1990 1989 ASSETS Current Assets: 215,405 181,640 $ 45,105 5 51,209 5 277,953 5 Cash and Cash Equivalents 5 178,752 18,452 14,124 211,328 169,745 Customer Accounts Feceivable (6,000) (2,900)

Allowance for Doubtful Accounts (5,200) (600) (200) 153 1,040 1,193 153 Due From Other Funds 84,337 67,093 7,417 290 74,800 Inventories, at Cost 7,740 7,740 Prepaid Expenses 430,179 71,414 65,422 567,014 426,740 Total current Assets y Festricted Assets, Cash and Investrents: 30,00.

31,667 31,667 Tiuclear Decomissioning 95,181 90,152 14,764 104,916 Debt Service 153,977 184,687 IE4,687 Penewal and Replace =ent 49,039 52,649 52,649 Custorer Depcsits Total Festricted Assets, Cash 14,764 373,919 328,201 and Inves+m nts 359,155 Property and Equipeent, at Cost: 2,6CS,637 1,393,596 1,417,756 119,296 2,930,648 Utility Plant in Service (666,126)

(417,962) (246,975) (87,583) (752,520)

Accu =21ated Depreciation Total Property and Equipment (Net 2,119,511 975,634 1,170,781 31,713 2,178,128 cf 7 n2aulated Depreciation)

Other Assets: 7,794 S,545 7,794 Loan Cost (Net)

S 1,764,967 5 1,264,753 $ 97,135 5 3.126,655 5 2,942,997 Total Assets (Continued en Following Page)

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Fage 3 of 3 CITY OF BUSF5 ELL, FIDRIDA ussrr2 RISE FUNDS COM3INING BAI.ANCE snmsa SIFTEF3ER 30, 1990 (WITH CCMFA2.ATIVE TOTALS FCR SEF~IF3ER 30, 1999)

ELEu xIC WATER TOTALS UTILITY UTILITY SA*:ITATION SEF E"_3E? 30 FUND FCC 1 e: a 1990 19E9 LIABILITIES A*C FU'O EO"I~T (Continued)

Fund Equity:

5 176,391 5 673,370 5 29,449 5 1,079,200 $ 1,076,188 Centributed Capital Retained Earnings (Deficit):

266,518 8,254 274,772 241,752 Feserved 813,801 (I4,654) 61,297 E50,444 697,093 Unreserved 1,090,319 (16,400) 61,297 1,125,216 926,845 Total Retained Earnings a

w 1,256,700 656,970 90,746 2,204,41f 2,005,033 Total Fund Equity Total Liabilities and 5 1,764,967 5 1,264,753 5 97,135 5 3,126,855 5 2,942,997 Fund Equity l

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Fage 2 cf 2 CITY OF BUSENELL, FLORIDA COMBINING STATEMENT OF CIUu%ES IN FINANCIAL POSITION Ezu w PR15E FCCS YEAR EC ED SEPTEM2ER 30, 1990 l (WITH COMPARATIVE TOTALS FOR THE FISCAL YEAR ENDED SEPTD'EER 30, 1989) l ELECTRIC WATER TOTALS UTILITY UTILITY SANITATION EEPHMEER 30 FUND FUND FUND 1990 1989 Elements of Net Increase (Decrease) in working Capital:

Cash 5 93,359 5 (38,249) S 7,438 $ E2,548 $ (5,422) 15,029 2,122 1,330 18,481 16,652 Accconts Feceivable (Net)

Due From Other Funds 1,040 1,040 (121)

(6,632) (2,969) 65 (9,536) 32,780 Inventory 7,740 7,740 Prepaid Expenses Accounts Payable (40,252) 28,642 974 (10,436) (65,010) 1,194 (1,147) 1,616 1,663 (1,783)

Accreed Liabilities Due to Other Funds (1,040) (1,040) g Current Fortion of Note Fayable (68) (148) (161) (377) (2,500)

S 69,330 S (10,509) 5 11,262 5 70,C33 $ (25,404) ,

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l See Accorrpanying Notes to Financial State:nents

AGENCY PUNDS FINANCIAL STATEMENTS Dail Bond Fund

CITY OF BUSMNELL, FLORIDA AGENCY FUNDS DALANCE SHEET SEPTEMBER 30, 1990 t (WITl! COMPARATIVE TOTALS 70R SEPTEMBER 30, 1989)

TOTALS DAIL DOND SEPTEME!ER 30 rDND 1990 1989 11DftfuTE cash $ 2,699 $ 2,699 2,014 Rear.ricted Annotes cash 10,897 Total Asseto 2,699 2,699 13,711 klMllkill%1 Liabilities:

DeposLta 2,699 2,699 2,814 Payable From Rostricted Assets 10,897 Total Liabilities S 2,699 $ 2,699 13,711 ma==.mw.m See Accomparying Notes to Financial Statements 45

SUPPLEMENTARY 3NFORMATION DAVID C. LOGAN Certified Public Accountant I

December 21, 1990 1

AUDITOR'S RFf0RT ON COMPLIANCE BASED ON M1 AED.lT OF THE GENERAL PURPOSE FINANCI AL STATEliDITH PERFORMED IN ACCORDANCE WITil COVERNMENT AUDITING STAl!QMiDfz lionorable Mayor and Members of the City Council City of Bushnell Bushnell, Flor.ida I have audited the general purpose financial statements of the City of Bushnell, Florida, as of and for the year ended September 30, 1990, and have issued my report thereon dated December 21, 1990.

I conducted my audit in accordance with generally accepted auditing standards and Governmental Auditing Standards, issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain reasonablo assurance about whether the general purpose financial statements are free of material misstatement.

Compliance with laws, regulations, contracts, and grants applicable to the City of Bushnell, Florida, is the rouponsibility of the management of the City of Bushnell. As part of obtaining reason-able assurance about whether the general purpose financici st.atements are free of material misstatements, I performed tests of the city's compliance with certain provisions of laws, regulations, contracts, and grants. Ilowever, my objective was not to provide an opinion on overall compliance with such provisions.

The results of my tests indicate that, with respect to the items tested, the City of Bushnell, Florida compiled, in all material respects, with the provisions referred to in the preceding paragraph. With respect to items not tested, nothing came to my attention that caused me to believe that the City had not complied, in all material respects, with those provisions.

This report is intended for the information of the management of the City of Bushnell, Florida and the State of Florida Auditor General. Thin restriction is not intended to limit the distribu-tion of this report, which is a matter of public record.

k (-

David C. Lo an Certified Public Accountant 3425 Lake Center Drive

• Mount Dora, Florida 32757 * (904) 383-3500

• Fax (904) 383-5441 ac

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

I DAVID C. LOGAN Certified Public Accountant l

December 21, 1990 MIDITOR'S REPORT ON INTERNAL CONTROL STRUCTURE REQTED MTTERS }{QTLD IN A FINA11CI AL.JTA1TJill{T_bODIT col {D_UCTEQ IN ACCpj(DANCE WITil GOVERNMENT AUDITING STANDARDS Honorable Mayor and Members of the City Council City of Bushnell Dushnell, Florida I have audited + be general purpose financial statements of the City of Bushnell, F w ida for the year onded September 30, 1990, and have issued my rtport thereon dated December 21, 1990.

I conducted my audit u accordance with generally accepted auditing standards and Govern;uent Auditing Standarda, issued bu the comptroller General of the United States. Those standards regt; ired that I plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements a.o free of material misstatement.

In planning and performing my audit of the general purpose financial statements of the City of Bushnell, Florida, for the year ended September 30, 1990, I considered the internal control structure in order to determino my auditing procedures for the purpose of expressing my opinion on the general purpose financial statements and not to provide assurance on the internal control structure.

The management of the City of Bushnell, Florida is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purposu financial statements in accordance with generally accepted accounting principios. Because of inherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not ce 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 design and operation of policies and procedures may deteriorate.

3425 Lake Cen'er Drive

• Mount Dora, Florida 32757 * (904) 383-3500

• Fax (904) 383-5441 47

Honorable Mayor and Members of the City Council December 21, 1990 Page 2 For the purpose of this report, I have classified the significant internal contro! structure policies and procedures in the following categories: cc.in and cash equivalents; revenue, receivables and receipts of governmental funds; service revenue and receivables of proprietary funds; expenditures for goods and services, and accounts payable; payroll and related liabilities; end property, equipment, and capital expenditures. My study included all of the control categories listed above.

The purpose of my study and evaluation was to determine the nature, timing, and extent of the auditing procedures necessary for expressing an opinion on the entity's financial statements. My study and evaluation was more limited than would be necessary to express an opinion on the system of internal accounting control taken as a whole or on any of the categories of controls identified above.

My consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that night be material weaknesses under standards established by the Ameri.:an Institute of Certified Public Accountants. n material weakness is a reportable condition in which the design or operation of one or more of the specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of perform bg their assigned functions. I noted no matters involving the ircccnal control structure and its operation that I consider to be macerial weakaesses as defined above.

However, I noted matters involving the internal control structure

.nd its operation that I have reported to the management of the City of Bushnell in a separate letter dated December 21, 1990.

This report is intended solely for the use of the management of the City of Bushnell, Florida and the State of Florida Auditor General and should not be used for any other purpose. This restriction is not intended to limit the distribution of this report which is a matter of public record, an-~$ ^

David C. Logan Certified Public Accountant 48

1 l

l DAVID C. LOGAN l Certilled Public Accountant December 21, 1990 AUDITOR'S LETTER TO MANAGEMERT Honorable Mayor and Members of the City Council City of Bushnell Bushnell, Florida I have audited the general purpose financial scatements of the City of Bushnell, Florida as of and for the year ended September 30, 1990, as listed in the Table of Contents, and have issued my report thereon dated December 21, 1990.

The following comments are pursuant to the Rules of the Auditor General Chapter 10,550:

1. Any or all irregularities reported in the proceding annual fiscal audit have been corrected.

2. Recommendations made in the preceding year's annual financial audit have been followed except for: (see asterisk in 3 below)

3. To improve the City's fine:cial management, accounting proce-dures, and internal control, we recommend:

• A. Service revenue and receivables of nronrietary funds

1. A routine should be established to reconcile customer accounts receivable detail records with the general ledger control account monthly. During the year, one month's revenue was posted twice and one month's revenue was not posted. I prepared adjusted annual entries to correct the postings.

This lack of existence of control resulted in a material misstatement of the City's financial statements for several months.

4. I did not discover any violations of laws, rules, or regulations within the scope of the financial audit.

5. There were no illegal or improper expenditures within the scope of the financial audit.

3425 Lake Center Drive

• Mount Dora, Florida 32757 * (904) 383-3500

• Fax (904) 383-5441 49

Honorable Mayor and Members of the City Council December 21, 1990 Page 2

6. Other matters which have not been mentioned in the preceding sections of this report or the Independent Auditor's Report on Internal Control Structure or the Independent Auditor's Report 4 on Compliance:

a. Improper or inadequate accounting procedures - none. i

b. Failures to properly record financial transactions - only routine audit entries,

c. (, ::er inaccuracies, irregularities, shortages, and defalca-tions discovered by the auditor - none.

7. The financial report filed with the Department of Banking and Finance pursuant to Section 218.32, Florida Statutes, is in agreement with the annual financial audit report for the year ended September 30, 1990.

M h0 David C. Loga Certified Public Accountant r

50

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