ML20082Q316
| ML20082Q316 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 09/30/1994 |
| From: | Williams J LEESBURG, FL |
| To: | |
| Shared Package | |
| ML20082Q295 | List: |
| References | |
| NUDOCS 9504280150 | |
| Download: ML20082Q316 (157) | |
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Comprehensive Annual Financial Repon City of Leesburg, Florida For thefiscal year ended September 30,1994 with Report ofIndependent Certified Public Accountants I
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Prepared by:
i James A. Williams, CPA Finance Director i
9504280150 950424 PDR ADOCK 05000302 I PDR
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e Introductory Section i
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City of Leesburg, Fiorida Comprehensive Annual Financial Report For the fiscal year ended September 30,1994 l
Mayor David L. Connelly
, Mayor - Pro - Tem C. J. Knowles City Commission Sanna Henderson C. Roben Lovell William L. Polk City Manager Finance Director Rex Taylor James A. Williams, CPA City Attorney City Auditors R. Dewey Burnsed Emst & Young LLP r
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City of Leesburg, Florida j a
Comprehensive Annual Financial Report ;
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For the fiscal year ended September 30,1994 i
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i Table of Contents
- Introductory Section ,
a Pri n c ip al Ci t y O ffici al s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .i -
Ta b l e o f Co n t e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iii - vii !
Le t t e r of Tran s mi ttal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 6 I Organ izati on Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 f
Certificate of Achie vement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 l t
Financial Section .
Report of Independent Certified Public Accountants. ... .. .. .. ...... .. .... ... ..... . .. .... .. . ..... . 13 I i
General Purpose Financial Statements l i
i Combined Balance Sheet - All Fund Types and Account Groups...... . ............... 16 - 19 :
Combined Statement of Revenues, Expenditures and Changes l in Fund Balances - All Governmental Fund Types....... .... ..................... ..... 20 - 21 1 Combined Statement of Revenues, Expenditures and Changes f
in Fund Balances -Budget and Actual- All Govemmental l Fu n d Type s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 - 2 3 j
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Combined Statement of Revenues, Expenses and Changes in j Retained Eamings/ Fund Balances - All Proprietary Fund Types j an d Pen si on Tms t Fund s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 l
Combined Statement of Cash Flows - Mi Proprietary Fund Types............................ 25 i Notes to Firiancial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 6 - 63 i
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City of Leesburg, Florida :
Comprehensive Annual Financial Report l t
For the fiscal year ended September 30,1994 l r
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Table of Contents !
Required Supplementary Information
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Revenues by Source - Expenses by Type - Pension Trust Funds..................... 66 - 67 Pension Benefit Obligation Information - Pension Trust Funds ............................. 68 i
Combining and Individual Fund and Account Group Statements and Schedules _
l General Fund f B al an c e S he e t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 0 l
Statemen'. of Revenues, Expenditures and Changes in Fund l
Balance - Budget andActual.............................................................71 l Schedule of Revenues - B udget and Actual.. .................................................. 72 Sehedule of Expenditures - Budget and Actual- By Depanment............................ 73 Special Revenue Funds l
Combining B alance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 :
Combining Statement of Revenues, Expenditures and Chan ges in Fund B alances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 Statements of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual
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i Community Development Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 l Housing Assistance Fund...................................................................79 c j S t ormwate r Fu nd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 l
A ffordable Housing Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 ;
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City of Leesburg, Florida i f
Comprehensive Annual Financial Report j i
For the fiscal year ended September 30,1994 i P
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Table of Contents I t
i Combining, Individual Fund and Account Group Statements and Schedules (continued)
. Eraerprise Funds j i
Combining B alance S heet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 - 87
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Combining Statement of Revenues, Expenses and Changes in ;
Re tained Earnin gs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 8 - 89
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Combining Statement of Cash Flows.............. .... ...............................90-91 l!
Internal Service Funds Combining Balance S heet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .................94 t
Combining Statement of Resenues, Expenses and Changes in g Re tai ned Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 5 Combining S tatement o f Cash Flows . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 i
Fiduciary Fund Types !
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Combining B alance S heet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 8 - 99 }
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Combining Statement of Revenues, Expenses and Changes in !
Fu nd B alances - Pension Trust Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 100 Statement of Changes in Assets and Liabilities -
A g e n c y Fu n d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 01 l i
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City of Leesburg, Florida Comprehensive Annual Financial Report For the fiscal year ended September 30,1994 Table of Contents i l
Combining, Individual Fund and Account Group Statements and Schedules (continued)
Account Groups Schedule of General Fixed Assets By Source . .. . .... . .. . ... .... .. . . . . . . . . . . . .. .. . . . .. .. 104 Schedule of General Fixed Assets -By Function and Activity.. .... ..... ...............105 Schedule of Changes in General Fixed Assets - By Fu nction and A ctivity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 Schedule of General Long-Term Debt. ...... .. .... . .................................107 Statistical Section Table 1 General Government Expenditures by Function and Other Uses.. ......112 - 113 2 General Revenues by Source and Other Financing Sources . . ... ..... 114 - 115 3 Property Tax Levies and Collections...... ............... ............. .. 116 - 117 i 4 Assessed Value of Exempt and Taxable Propeny . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I 18 5 Property Tax Rates - All Direct and Overlapping Governments.. ... .. .. . 119 6 Computation of Overlapping General Obligation Debt........... . ........... 120 7 Ratio of Annual Debt Service Expenditures for General and Special Revenue Bonded Debt to Total General Ex penditure s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . L1 i 8 Combined Utility Funds - Schedule of Revenue B o n d Co ve ra g e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .122 - 123 9 De mographic S tatistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 10 C o n s t ru c tio n Pe rmit s an d V al u e s....... ..... .. .... . .. .. .. .. .. ... . . . . . . .. ... . . .. . 125 11 Principal Tax payers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 12 Miscellaneous S tatistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 13 Corporate Limits and Annexations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 vi
City of Leesburg, Florida Comprehensive Annual Financial Report For the fiscal year ended Septemb':r 30,1994 Table of Contents '
Other Reports Section Report ofIndependent Certified Public Accountants on Compliance .
Related to the G eneml Purpose Financial S tatements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 Repon ofIndependent Certified Public Accountants on Supplementary Infonnation - Schedule of Federal Financial Assistance........................... .... .. ....... 133 Sched ule of Federal Financial A ssistance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 Repon ofIndependent Certified Public Accountants on Compliance With Specific Requirements Applicable to Major Fedem] Financial A s s i stan ce Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .137 - 138 S ched ule of Findin gs and Questioned Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 Repon ofIndependent Certified Public Accountants on Compliance with the General Requirements Applicable to Federal Fixncial A s s i s t a n c e P ro g r a m s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 Repon ofIndependent Cenified Public Accountants on Internal Control Structure Used in Administering Federal Financial Assistance Programs..........................143 - 145 Report ofIndependent Cenified Public Accountants on Supplementary Information -Schedule of State Financial Assistance .......... ..............147 ,
Schedule of State Financial Assistance . . .. ... . ......... ........ ... . . . . . . . . . . . . . . . . . . . . . . . . 14 9 P
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CITY :
OF '
LEESBURG The Complete Oty l
February 27, 1995 To the Citizens of the CITY OF LEESBURG:
The comprehensive annual financial report of the CITY OF LEESBURG for the fiscal year ended September 30, 1994, is hereby submitted. Responsibility for ,
both the accuracy of the data, and the completeness and fairness of the -
presentation, including all disclosures, rests with the City. To the best of our ,
knowledge and belief, the enclosed information is accurate in all material i respects and reported in a manner designed to present fairly the financial position and results of operations of the various funds and account groups of the City. All disclosures necessary to enable the reader to gain an understanding
, of the City's financial activities have been included. I The comprehensive annual financial report is presented in three sections: i introductory, financial, and statistical. The introductory section includes this transmittal letter, the City's organizational chart and a list of principal ;
officials. The financial section includes the general purpose financial j statements and the combining and individual fund and account group financial statements and schedules, as well as the auditor's report on the financial statements and schedules. The statistical section includes selected financial I
and demographic information, generally presented on a multiyear basis. t This report includes all funds and account groups of the City of Leesburg.
The City provides a full range of services, which include police and fire protection; sanitation services; storm water drainage; the construction and !
maintenance of streets and infrastructure; recreational activities and cultural events. In addition to general government activities, the City provides a full l range of utility services, including electric, natural gas, water and wastewater treatment.
f post office bor 490630 e leesburg. florida 34749-0630 I
To the Citizens of the City of Leesburg, Florida ECONOMIC CONDITION AND OUTLOOK The City of Leesburg is located in the central part of the state, and is part of the Greater Orlando Metropolitan Statistical Area (MSA). The economic condition and outlook of the City has brightened with significant increases in industrial leasing, employment generating activity, and new commercial building !
activity. New construction continues to show economic growth over previous 1
years. Commercial development provided over 105 full and part time jobs; industrial leasing created over 145 full time jobs, effectively bringing the areas' industrial vacancy rate below two percent.
MAJOR INITIATIVES With the adoption of the 1994 fiscal year budget, the City Commission made a commitment to expand city-wide economic development activities to create more and better jobs for our citizens, stability for their families, and prosperity for the community.
In March 1993, the City hired its first full time Economic Development Director, specifically to attract new industry to Leesburg and assist existing businesses to remain in Leesburg and expand. The City hopes to diversify its !
service based job economy by creating more semi-skilled and skilled positions at higher wages. By doing so, they also hope to stabilize and enhance property values and to stabilize taxes.
FINANCIAL INFORMATION ,
Management of the City is responsible for establishing and maintaining an internal control structure designed to insure that the assets of the City are protected from loss, theft or misuse and to ensure that adequate accounting material is compiled to allow for preparation of financial statements in conformity with generally accepted accounting principles. The internal control structure is designed to provide reasonable, but not absolute, assurance that '
these objectives are met. The concept of reasonable assurance recognizes that:
(1) the cost of controls should not exceed the benefits likely to be derived; and .
(2) the valuation of costs and benefits requires estimates and judgments by management.
Budgeting controls. In addition, the City maintains budgetary controls. The objective of these budgetary controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the City Commission. The resolution adopting the annual budget sets forth control of appropriations on a fund total level and prescribes methods for budget amendment.
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To the Citizens of the City of Leesburg, Florida As demonstrated by the statements and schedules included in the financial section of this report, the City continues to meet its responsibility for sound financial management. As with the financial section, all dollar amounts presented in the remainder of this letter are expressed in thousands. ;
General Government Functions. The following schedule presents a summary of general fund, special revenue funds, debt service fund and capital project fund financing sources for the fiscal year ended September 30, 1994, and the amount and percentage of increases and decreases in relation to prior year financing '
sources.
Increase Percent of Percent (Decrease) Increase Financing Sources Amount of Total frca 1993 (Decrease)
Revenues:
Taxes 3,114 24.26 190 6.50 Licenses and Permits 218 1.70 21 10.66 Intergovernmental Revenues:
Shared revenue 1,587 12.36 80 5.31 ,
Operating grants 705 5.49 84 13.53 Capital grants 29 0.23 15 107.14 Charges for services 453 3.53 ( 38) ( 7.74) 1.34 17.81 Fines and Forfeitures 172 26 Other revenues ,
490 3.81 (207) (29.70)
Total Revenues 6,768 52.72 171 2.59 Other Financing Sources:
Operating Transfers 6,070 47.28 393 6.92 i
Total Other Financing Sources 6,070 47.28 393 6.92 Total Revenues and Other ;
Financing Sources 12,838 100.00 564 4.60
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The most significant increase in actual continued revenue sources was derived from taxes. This was due to increased economic growth within the City. ;
Tax rates have remained constant. j The following schedule presents a summary of general fund, special revenue funds, debt service fund and capital proj ect fund expenditures and other financing uses for the fiscal year ended September 30, 1994, and the percentage of increases and decreases in relation to prior year amounts.
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To tha Citizens of the City of Lassburg, Florida !
Increase Percent of f Expenditures and Percent (Decrease) Increase l Other Financing Uses Amount of Total from 1993 (Decrease)
Expenditures by function:
General Government 924 7.46 168 22.22 Public Safety 4,446 35.86 259 6.19 Public Works 1,321 10.66 (198) (13.03) :
Community Development 196 1.58 16 8.89 i Human Services 675 5.45 56 ( 9.05) i Physical Environment 219 1.77 ( 22) ( 9.13) l
' Culture and Recreation 2,085 16.82 138 7.09
. Capital Projects Fund 714 5.76 498 230.56 Debt Service 569 4.59 7 1.25 l Total Expenditures by Function 11,149 89.95 922 9.02 !
Other Financing Uses: .
Operating Transfers 1,245 10.05 18 1.47 Total Other Financing Uses 1,245 10.05 18 1.47 :
r Total Expenditures and j Other Financing Uses 12,394 100.00 940 8.21 l
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The largest significant increase in expenditures occurred within the Public 'l Safety function. This was due primarily to the increased costs of personal !
services.
1 General Fund Balance. The fund balance of the general fund increased by l
$229,000 or 5.45 per cent of the fund balance at the beginning of the year. !
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Enterprise Operations. The City's enterprise operations are comprised of six 1 separate and distinct activities: Electric utility, Gas utility, Water utility, l Sanitary Sewer and Wastewater Treatment utility, Sanitation Services, and j Communication Services. l t
The utilities are still experiencing modest growth. Operating revenues ;
increased by 2.73 percent and operating expenses increased by 2.60 percent. j Operating income increased by 3.27 percent. Operating income is 20.35 percent of l operating revenues. l i
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To ths Citizens-of the City of Leesburg, Florida Sanitation services experienced a 1.93 percent decrease in operating revenues for the year. Operating expenses increased by 74.08 percent. This resulted in j operating loss of $1,325,000 compared to operating income of $189,000 for the- !
previous fiscal year. This increase in operating expenses was due in part to I recognition of previously disputed tipping fees and additional costs of the ,
- landfill closure. I Communication services is a fiber optics communication system. Although l operating revenues were only $20,000 for this fiscal year, there is' potential for significant growth in the future.
Pension Trust Funds Operations. The City operates' three defined benefit pension plans: the General Employees' Pension Fund, the Municipal Police {
Retirement Trust Fund and the Municipal Firemen's Retirement' Trust Fund. All j investments are managed by outside fund managers. The operations of the three pension plans declined in 1994, due to substantial decreases in the value - of j investments during the year.
l Debt Administration. In 1987, the City issued $6,145,000 in refunding and l capital improvement revenue bonds. Of this amount, $5,195,000 remained outstanding -l at September 30, 1994. ;
i In 1989, the City issued $21,810,000 of Refunding Utilities Revenue Bonds, {
Series 1989 to refund $18,140,000 of the $20,000,000 Refunding Utilities Revenue j Bonds, Series 1984. At year end, there was $20,585,000 outstanding on the 1989 series and $1,260,000 on the 1^84 series, plus $1,151,000 in accrued interest on !
the 1984 Series Capital Apprec ation Bonds. f 1
The City had no general obligation bonds outstanding as of September 30, 1994. )
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During fiscal years 1992 and 1993, the City entered into equipment lease purchase agreements for $676,000. The total minimum lease payments remaining outstanding as of September 30, 1994 is $251,000.
Cash Management. Cash temporarily idle during the year was invested in obligations of the U;S. Treasury, the State Board of Administration Local Government Investment Poo'1, and repurchase agreements. Interest earned by the City this year, excluding pension trust funds, totaled $1,773,000, which is $219,000 more than the previous year.
, Risk Management. The City maintains two risk management programs for employee health insurance and workers' compensation. These two separate internal service funds are supported by employer contributions. The employee health insurance program is also supported by employee contributions. Third party coverage is
, currently maintained for workers' compensation claims greater than $400,000 and for employee health insurance claims greater than $40,000.
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To the Citizeas of the City of Leesburg, Florida Independent Audit. The City charter and State statutes require an annual audit by independent certified public accountants. The firm of Ernst & Young was selected by the City Commission. The auditor's report on the general purpose financial statements and combining and individual fund statements and schedules is included in the financial section of this report.
Awards. The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its comprehensive annual financial report for the fiscal year ended September 30, 1993. This was the fourth consecutive year that the City has received this prestigious award. In order to be awarded a Certificate of Achievement, the City published an easily readable and efficiently organized comprehensive annual financial report. This report satisfied both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate.
Acknowledgements. The preparation of the comprehensive annual financial report on a timely basis was made possible by the dedicated service of the entire staff of the Finance department. Each member of the department has our sincere appreciation for the contribution made in the preparation of this report.
Also without the interest and support of the members of the City Commission, preparation of this report would not have been possible.
Sincerely,
/ un Rex Taylor City Manager p?)W I "' "
James A. Williams City Clerk / Finance Director RLB/dr City ol' Leesburg, Florida Organization Chart September 30,1994 '
City Commission City Clerk &
Finance Director City Manager City Attorney i.
h Finance Purchasing Department Department Fire Police Parks &
Department L brary Department Recreation Water & Gas Community &
Wastewater Engineering & Personnel Electric Department Economie Treatment Public Works Department Department Development
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i The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Leesburg for its Comprehensive Annual Financial Report for the fiscal year ended September 30.1993. The Cenificate of Achievement is the highest form of recognition for excellence in state and local l govemment financial reponing.
l In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily I readable and efficiently organized Comprehensive Annual Financial Repon, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements.
A Cenificate of Achievement is valid for a period of one year only. We believe our current report continues to conform to the Cenificate of Achievement Program requirements, and we are
! submitting it to GFOA.
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Cer:1::1Ca:e 0:-
Achievemen:
- or .1XCO. .ence in Financia Re oor:ing Presented to City of Leesaurg, F orica For its Comprehensive Annual Financial Report for the Fiscal Year Ended September 30,1993 A Cenificate of Achievement for Excellence in Financial Reporting is presented by the Govemment Finance Officers Association of the United States and Canada to govemment units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in govemmen: accounting and financial reporting.
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I President wmExecutive Director 9
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Financial Section Report ofIndependent Certified Public Accountants General Purpose Financial Statements Required Supplementary Information Combining, Individual Fund and Account Group Statements and Schedules l
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INERNST& YOUNG LLP cenir,c u uw a aoununu none: a en um suite 1700 390 North Orange Avenue '
Odando, Florida 32801-t 671 i
Report ofIndependent Certified Public Accountants Honorable City Commission City of Leesburg, Rorida j
i We have audited the accompanying general purpose financial statements of the City of Leesburg, Rorida, as of and for the year ended September 30,1994 as listed in the table of ,
contents. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audit.
l We conducted our audit in accordance with generally accepted auditing standards and Govemment Auditing Standards issued by the Comptroller General of the United States. :
Those standards require that we plan and perfonn the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and '
disclosures in the financial statements. An audit also includes assessing the accounting [
i principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. ,
In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of Leesburg, Borida, as of i September 30,1994, and the results of its operations and the cash flows ofits proprietary l fund types for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining, individual fund and account group statements and schedules listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Leesburg, Borida. Such information has been subjected to the auditing procedures :
applied in the audit of the general purpose financial statements and,in our opinion,is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. The statistical section has not been audited and we express no opinion on it. ;
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i General Purpose Financial Statements 1
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City of Leesburg, Florida ;
Combined Balance Sheet All Fund Types and Account Groups September 30.1994 (in snousands)
Governmental Fund Types Special Debt Capital General Revenue Service Projects Assets and other debits Equity in pooled cash and cash equivalents 5 4.863 5 384 5 ES9 5 2.054 Cash and investments with trustees - - - -
Receivables:
Customer accounts -unbilled -
15 - -
billed -
21 - -
allowance for doubtful accounts - - - -
Accrued interest 124 -
Other 15 59 - -
Due from other funds - - - - ,
Due from other governments 255 2
inventory 8 - - -
Prepaid expenditures / expenses - - - -
Restricted assets:
Equity in pooled cash and cash equivalents - - _ _
investments - - - - ;
Property, plant and equipment - - - -
General Axed assets - - _ -
Accumulated depreciation - - - -
Construction in progress - - - -
Estimated landn!! closure cost. net - - - -
Unamortized bond issue costs - - - - t Rights to purchase power - - - -
Cry stal River decommissioning trust account - - - -
Amount available in debt service funds - - - -
Amount to be provided for retirement ,
of generallonF term debt - - - -
Total anets and other debits 5 5.265 5 479 5 639 5 2.056 See cavmpanysng notes.
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Fiduciary Totals Proprietary Fund Types Fund Type Account Groups (Memorandum Onlyn General General Internal Trust and Fixed Long-Term Enterprise Service Agency Assets Debt 1994 1993 I
5 22.885 5 2.495 - - -
5 33.570 5 29.490 5 23.353 - -
23.353 - 23.077 2.052 - - - -
2.067 2.383 2.838 - - - -
2.859 2.846 (461) - - - -
(461) (453) 117 -
175 - -
416 306 249 - - -
323 95 15 - - - -
15 6 257 213 1.027 54 - - - 1,0g9 979 56 6.966 - - - -
6.966 7.151 3.864 - - - -
3.864 3.868 84.521 132 - - - 84,653 81.302 5 22.469 -
22.469 21.573 (29.553) (94) - - -
(29.647) (27.252) 2.866 - - - -
2.866 2.7%
204 - - - -
204 4g7 262 - - - -
262 294 53 - - - -
53 55 957 - - - -
957 836 5 714 714 701 5.280 5.280 5.452 5 9.w.n t 3 5 2.836 5 23.528^ 5 22.469 5 5.994 5 162.129 5 150.173 i
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City of Leesburg. Florida Combined Balance Sheet All Fund Types and Account Groups September 30.1994 (m thousands) :
Governmental Fund Types Special Debt Capital General Revenue Senice Projecu !
Llibilities Accounts payable 5 304 -
- 5 5 Accrued expenses 408 - - -
Customer advances for construction - - - -
Due to other governments - 5 104 - -
Due to other funds - - - -
Estimated arbitrage rebate payable - - -
2 Deferred compensation payable - - - -
Estimated land fill closure cost payable - - - -
Payable from restricted assets:
Customer deposits - - - -
Accrued interest on rewnue bonds - - - -
Current portion - revenue bonds - - - -
Claims payable - - - - .
Notes payable - - - -
Capitallease payable - - - -
Matured interest payable -
- 5 175 -
Revenue bonds payable - net - - - -
Compensated absences 4 - - -
Unearned revenues 115 - -
23 Landfill post. closure costs payable - - - -
Decommissioning costs - - - -
Total Liabihties 831 104 175 77 Fund equity and other credits Contributed capital - - - -
Investment in general fixed assets - - - -
Retained earnings:
Resened - - - -
Unreserved - - - -
Fund balances:
Reserved 94 44 714 1.979 ,
Unreserved 4.340 331 - -
Total fund equity and c ther credits 4.434 375 714 1.979 Total liabilities, fund equity and other credits 5 5.265 5 479 5 889 5 2.05t.
See carunpanying notes.
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Fiduciary Totals Proprietarv Fund Types Fund Type Account Groups (Memorandum Only!
General General Internal Trust and Fixed Long-Term Enterprise Service Agenry Assets Debt 1994 1993
$ 2.103 - - -
- 5 2.459 $ 1.957 1.358 5 13 - - -
1.779 1.057 123 - - - -
123 61 104 195 15 - - - -
15 6 2 2
- - 5 1.407 - - 1,407 1.306 467 - - - - 467 637 1.384 - - - -
1.384 1.435 781 - - - -
781 814 885 - - - -
885 820 489 - - - 489 427 2.365 - - - -
2.365 2.630 218 - - - 5 17 235 444 175 180 21.927 - - -
5.195 27.122 27.980 l
782 756 729 138 137 1.503 - - - -
1.503 -
1.453 - - - -
1.453 1.162 34.382 502 1.407 -
5.W4 43.672 41.979 18.144 16 - - -
18.160 16.195
- $ 22.469 -
22.469 21.572 6.806 2.167 - - -
8.973 8.679 39.081 151 - - -
39.232 38.730 22.121 - -
24.952 24.693
- - - - - 4.671 4.323 N.031 2.334 22.121 22.469 - 118.457 114.194
$ 95.613 5 2.836 5 23.528 5 22.469 5 5.994 5 162.129 $ 150.173 19 f
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.,4 . .s. a=...-> s n n ,6 m - +. w. _ , a - J a s .2 i
i City of Leesburg, Florida i
Combined Statement of Revenues, Expenditures and Changes in Fund Balances
[
All Governmental Fund Types )
For the year ended September 30,1994 (in thousands) l Governmental Fund Types 'i Special Debt Capital .
General '
Revenue Service Projects ,
i Revenues - ;
- Taxes S 3.114 - -- - '
Licenses and permits 218 - - - i Intergovernmental 1,587- S 705 -
S _ 29 I Charges for services 158 295 -
- t Fines and forfeitures 172 - -
- [
Miscellaneous: i Interest 200 9 5 19 70 ';
Other 185 7 - - ,
Total revenues 5.634 1.016 19 99 >
Expenditures i Current: ,
General government 924 - -
Public safety 4,446 - -
- y Public works 1,321 - - -
l Community development 196 - - -
l Human services -
675 - -
l Physical environment -
219 - -
I Culture / recreation 2,085 - - -
Capital projects - -- - 714 l Debt service: i Principal 10 32 170 - .
Interest 2 2 353 -
Total expenditures 8,984 928 523 714 7
Excess of revenues over (under) expenditures (3,350) 88 (504) (615) ,.
Other financing sources (uses) l Operating transfers in 4,824 -
517 729 i Operating transfers out (1.245) - - -
7 Total other financing sources 3.579 -
$17 729 Excess of revenues and other sources over I (under) expenditures and other uses 229 88 13 114
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Fund balances, beginning of year 4.205 287 701 1.865 Fund balances, end of year S 4,434 5 375 5 714 5 1,979 i
See accompanying notes.
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Totals (Memorandum Only) 1994 1993 5 3.114 $ 2.924 218 197 2.321 2.143 453- 486 172 146 298 331 192 370 6.768 6.597 924 756 4.446 4.187 1.321 1.519 196 180 675 619 219 241 2.085 1.947 714 216 212 19I i 357 371 11.149 10.227 (4.381) (3.630) 6.070 5.677 (1.245) (1.226) ,
4.825 4.451 l
444 821 7.058 6.237 ,
$ 7.502 5 7.058 -
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i City of Leesburg. Florida Combined Statement of Revenues. Espenditures and Changes in Fund Balances Budget and Actual All Govemmental Fund Types For the year ended September 30.1994 (m Ihmaand.s)
General Special Revenue ,
\ ariance Varrance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable)
' Revenues Taxes 5 3.043 5 3.114 5 71 - - -
Licenses and permits 206 218 12 - - -
Intergovernmental 1.510 1.587 77 5 1.524 5 705 5 (819)
Charges for services 162 158 (4) 299 295 (4)
Fines and forfeitures 155 172 17 - - -
Miscellaneous:
Interest 180 200 20 9 9 -
Other 196 185 (I1) 8 7 (1)
Totai revenues 5.452 5.634 182 1.164 0 1.010 (824:
Empenditures Current:
General government 1.015 924 91 - - -
PulJie safety 4.383 4.446 (63) - - -
Pubhc works 1.406 1.321 85 - - -
Commumiy development 200 196 4 - -
Human services - - -
1.534 675 859 Phpical environment - - -
228 219 9 Culture /recreauon 2.141 2.085 56 - - -
Capital projects - - - - - -
Debt service:
Prmeipal 10 10 -
32 32 -
Interest 2 2 -
2 2 -
Total espenditures 9.157 h.%4 173 1.796 928 868 Enceu of revenues over t under n expenditures (3.705) (3.350) 355 44 88 44 Other fmancing sources tuses)
Operatmg transfers in 4.844 4.824 (20) - - -
Operatmg transfers out (1.278) (1.245) 33 - - -
Total other tmancing sources (uses) 3.566 3.579 13 - - - )
Encew of reienues and other sources os er s underi espenditures and other uws (139) 229 368 44 88 44 Fund balances. begmning of year 4.205 4.205 -
287 287 - I l und balances.end of year 5 4.006 5 4.434 5 36h 5 331 5 375 5 44 4
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I)ebt Service Capital Projects Variance \ ariance Favorable Favorable lludget Actual (Unfavorable) Budget Actual (Unfavorable)
- 5 601 5 29 5 (572) 5 17 5 19 5 2 58 70 12 I~ 19 2 659 99 t$60 1.598 714 884 170 170 - - - -
161 353 10 - - -
533 523 10 1.598 714 864 f516n (504) 12 (939) (615) 324 516 517 1 745 729 (16) 5th SlT I 745 729 al6 13 13 (194) 114 308 701 701 -
1.865 1 R65 -
5 70s 5 714 5 13 5 1.671 5 1.979 5 30k l
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City of Leesburg, Florida Cornbined Statement of Revenues. Expenses and Changes in Retained Earnings / Fund Balances All Proprietary Fund Types and Pension Trust Funds For the year ended September 30.1994 fin thousands)
Proprietary Fund Types Fiduciary Fund Type Totals Internal Pension 61emorandum Only)
Enterprise Service Trust 1994 1993 Operating revenues:
Charges for services 5 40.023 5 2.645 - 5 42.668 5 41,188 Other operating 512 - -
512 568 Investment income -
- 5 867 867 1,380 Unreahredincrease(der- ^ 1) m fair value of invest .ats - -
(664) (664) 1.269 Contnbutions - -
979 979 959 Total operating revenues 40.535 2445 1.182 44.362 45.364 OperatinF expenses:
Power Feneration and transmission 1,028 - - 1,028 1,573 ;
Purchased energy 18.693 - - 18,693 17.704 j Operating and maintenance 7,812 552 -
8.364 7.269 General and administrative 2.386 66 185 2.637 2,435 Depreciation and amortization 4,119 10 - 4,129 3.548 Claims expense - 1,018 -
1.018 1,222 Benefit payments - -
836 836 532 Total operating expenses 34.038 1.646 1.021 36.705 34.283 i
Operating income 6.497 999 161 7.657 11.081 Nonoperating revenues (expenses):
Interest earn:nFs 1,390 83 -
1.473 1.223 Interest expense . (1,901) - - (1,901) (1,957)
Other income and expenses 55 - -
55 390 Tot.it nonoperating revenues (expenses) (456: 83 -
(373) (3446 locome before operating transfers 6.041 1.082 161 7.284 10.737 OperatinF transfers out (4.372) (453) -
(4.825) (4.451)
Net income 1.669 629 161 2,459 6,286 Retained earninFs/ fund balances. beginning of year 45.721 1.689 21,960 69,370 63.084 Adjustment (1.503) - -
(1.503) -
Retained earninFs/ fund balances (deficit), end of year 5 45.887 5 2.318 5 22.121 5 70.32o 5 69.370 l
l See aavmpanying notes. '
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3 City of Leesburg. Flonda l
Combined Staternent of Cash Flows All Proprietary Fund Types For the year ended September 30.1994 (in thousands)
Proprietarv Fund Tyw Totals le.ernal Glemorandum Onlyi Enterprise , service 1994 1993 f4et cash provided by operating activities 5 11.416 5 1611 5 12227 5 11.663 Cash flows taned for nnncapital financing activities Operaung transfers from other funds - - -
140 Operaunt transfers to other funds (4.372 t453 84 8256 14.591 t Wet cash used for noncapital financing acuvmes ed.372 t453e s 4.825i 44 451:
Cash flows from (used for) capital and related financing attivities interest paid on capital leases (18) -
(18) (24)
Interest paid on revenue bonds (I.687) -
(1.687) (1.721)
Acquisition and construcuon of capital assets (3.501) (38 (3.504i C.536)
Pnncipal paid on capital lease (1778 -
(177) (158)
Pnncipal paid on bond matunues (820) -
(820) (205)
Pnncipal paid on note payable C55) -
(255) (235)
Capital coninbuied 1.262 -
1262 660 Proceeds from notes payable - - - 384 Nel cash used for capital and rel.ited financing acuvities (5.1%i (33 t 5.19% (3.835 t 1 Cash flows from (used for) investing activities Purchase of mvestment secunues - - -
(51!)
Imerent on investments 1.395 83 1.478 1.207 Purctaw of Crystal River decommission investments (120) - t120n (I15)
Net cash flow from mvesung activines 1.275 83 1.358 581 Ne mercase m cash and cash equivalents 3.123 439 3.562 3.958 Cash nd cash equivalents as termning of year 26.728 2.057 28.7 0 24.827 Cash and cash equivalents at end of year 5 29 851 1 2.49s 5 32.34ti 5 28.785 Iteconciliation of operating income to net cash presided by operating activities '
Oper.aung mcome '
5 6.497 5 999 5 7.496 5 8.173 Adiumaments to reconcile operaung income to net Cash provided by operaung activines; Depreciauon and amoruzauon 4.!!9 10 4.129 3.548 Bad debt espen e 133 - 133 203 Nonoperstmg mcome 144 -
144 460 Nonoperaung empense (89) -
(89) (75) l Increase idecreae) m customer accounts 170 -
170 (364)
Increase (decrenes m due from other funds (91 -
(9) 37) increase in inventory (100i (12 (!!2) (102)
Increase m miscellaneous receivables - Q49) (249) -
Decrease m prepaid espenses - - - 4 increase m accounts payable $16 -
516 63 Decrease (mcRases m due to other funds 9 -
9 (371)
Decrease m estimated landfdl closure costs payable (629) -
(629) (365) increase m clasms psymble - 61 61 33 Increase m accrued expenses 645 2 647 '
7 Decrease m customer advances for construction 62 -
62 20 increme (decrease) m customer deposits t$2) - (52) 49 Wet cash provided by operstmg acuviues 5 t 1.416 5 st1 5 12.227 5 11.663 Significant transactions not affecting cash
- Acmets acquired by capiti lease -5 -
-5 216 Waterhewer imes conenbuted by developers 5 580 -5 580 125 Comntnmons from other funds 123 -
123 18 Decrease m carrying value of assets comnbuted in pnor years - - - t122) 5 703 5 -5 703 5 237 See accompanymg notesses 25-
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t City of Leesburg, Florida Notes to Financial Statements !
September 30,1994 ;
' 1. Summary of Significant Accounting Policies f i
The City of Leesburg is a Florida municipality governed by an elected five member City l*
Commission. The City was established by the adoption ofits Charter in the Laws of Florida, Chapter 9820,1923. The City provides services to its citizens including fire and !
police protection, electric, gas, water, wastewater, sanitation, parks and recreation, streets and other general governmental activities. The City Commission is govemed by the City !
Charter and by state and local laws and regulations. The City Commission is responsible for the establishment and adoption of policy. Th ' execution of such policy is the ;
responsibility of the Commission-appointed City Manager. ,
The accounting policies of the City of Leesburg, Florida, conform to generally accepted i accounting principles for governmental entities. The following is a summary of significant accounting policies.
Reporting Entity The accompanying financial statements present the financial position, results of operations l and cash flows of the applicable fund types and account groups govemed by the City i Commission of the City of Leesburg, Florida in accordance with governmental accounting standards. The reporting entity for the City (the primary govemment) includes all ;
component units for which the City Commission has financial accountability. Financial accountability is present if the City Commission appoints a voting majority of a component -
unit's goveming body and has the ability to impose its will on that organization or if there is a potential for the organization to provide specific financial benefits to, or impose specific .
financial burdens on, the City. ;
Fund Accounting ;
I The accounting system and financial reports of the City are organized and operated on a fund basis. A fund is defined as a fiscal and accounting entity with a self-balancing set of i accounts recording cash and other financial resources, together with all related liabilities :
and residual equities or balances, and changes therein which are segregated for the purpose .
of canying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations.
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City of Leesburg, Florida Notes to Financial Statements (continued)
- 1. Summary of Significant Accounting Policies (continued)
Fund and Account Group Categories The categories of fr.nds and account groups of the City are summarized as follows:
(1) Governmental Fund Types are those through which most govemment functions
,- typically are financed. The acquisition, use, and balances of expendable financial resources and the related current liabilities (except those accounted for in proprietary funds) are accounted for through govemmental type funds. Governmental funds used by the City are as folicws:
General Fund -To account for all financial resources which are not required to be accounted forin another fund.
Special Revenue Funds -To account for the proceeds of specific revenue sources that are legally restricted to expenditurec for specified purposes.
Debt Service Fund - To account for the accumulation of resources for, and the payment of, principal and interest for general long-term debt.
Capital Projects Funds - To account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds and Trust Funds).
1 (2) Proprietary Fund Types are used to account for the City's ongoing activities which are similar to those found in the private sector.
Enterprise Funds - To account for activities that are operated in a manner similar to j
private businesses where the costs of providing goods and services are primarily j recovered through user charges.
Internal Service Funds -To account for the financing of goods and services provided by one department to other departments of the City on a cost-reimbursement basis.
(3) Fiduciary Fund Types are used to account for assets held in a trustee capacity for others.
Pension Tmst Funds -To account for the accumulation of resources to be used for retirement payments to employees.
Agency Fund -To account for assets held for the benefit of third parties.
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I City of Leesburg, Florida l Notes to Financial Statements (continued) {
- 1. Summary of Significant Accounting Policies (continued) 5 Fund and Account Group Categories (continued)
(4) Account Groups record and control the City's general fixed assets and general long-term debt. The account groups are not funds and do not reflect available financial
'{
resources and related liabilities. The following account groups am maintained by the City:
General Fixed Assets -To account for property and equipment not used in i Proprietary Fund operations.
- General Long-Term Debt -To account for unmatured principal oflong-term .special I obligation indebtedness, notes and capital leases payable and compensated absences I which are not a specific liability of a Proprietary Fund. l t
Measurement Focus [
t Governmental Fund Types - General, Special Revenue, Debt Service and Capital Projects !
Funds are accounted for on a " spending" or " financial flow" measurement focus. This means that only current assets and current liabilities are generally included on the balance sheets. Reported fund balance (net current assets) is considered a measure of"available, {
spendable, or appropriable resources." Govemmental Fund Type operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. !
The Proprietary Funds Types are accounted for on a cost of services or " capital maintenance" measurement focus. This means that all assets and all liabilities (whether 1 current or noncurrent ) associated with its activity are included on its balance sheet to j provide an indication of the economic net worth of the funds. The reported fund equity (net i total assets)is segregated into contributed capital and retained eamings components. The l Proprietary Fund Types operating statement presents increases (revenues) and decreases I (expenses) in net total assets. l l
The Pension Trust Funds are accounted for like proprietary funds. Agency Funds are I custodial in nature (assets equal liabilities) and do not involve a measurement of results of operations.
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L City of Leesburg, Florida Notes to Financial Statements (continued)
- 1. Summary of Significant Accounting Policies (continued)
Hasis of Accounting Governmental Fund Types revenues and expenditures are recognized on the modified accrual basis. This method recognizes revenues in the accounting period in which they become available and measurable. Expenditures are recognized in the period in which the :
fund liability is incurred (except unmatured interest on general long-term debt which is recognized when due).
Govemmental Fund Type revenues that are susceptible to accrual include property taxes, franchise fees, Federal and State revenue sharing revenues, and reimbursements from grants for authorized expenditures through September 30.
Proprietary Fund revenues and expenses are recognized on the accrual basis. Revenues are recorded when earned, and expenses are recorded when incurred. l Fiduciary Funds of the City consist of Pension Trust Funds which are accounted for on the accrual basis and a Deferred Compensation Agency Fund which is accounted for on the modified accrual basis.
Transfers 1
i Transfers are recognized in the accounting period in which the interfund receivable and payable arise. Transfers are made from the utility funds to finance operations of the General Fund, and the General Fund makes transfers to the Special Revenue, Debt Service, and Capital Projects Funds.
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l Grants-Proprietary Funds l l
Unrestricted grants, entitlements or shared revenues received are reponed as nonoperating .l revenues. Such resources externally restricted for capital acquisitions or constmetion are reponed as contributed capital.
i Cash Equivalents For purposes of the statements of cash flows, the City considers all highly liquid investments (including restricted assets) with a maturity of three months or less when purchased to be cash equivalents.
1 1
City of Leesburg, Florida Notes to Financial Statements (continued)
- 1. Summary of Significant Accounting Policies (continued)
Investments .
In all funds, except the Pension Trust Funds and the Deferred Compensation Agency Fund, investments are stated at amonized cost. The investments of the Pension Tmst Funds and the Deferred Compensation Agency Fund are stated at market value.
Receivables Utility operating revenues are generally recognized on the basis of cycle billings rendered monthly. The amount of services delivered after the last billing date and up to September 30 i is estimated and accmed at year end.
Inventories Inventories held by the Utility, Sanitation Services and Motor Pool Funds are priced by the weighted average cost method at the lower of cost or market. Inventory shown in the General Fund consists of expendable supplies and Police Department gasoline held for consumption and gasoline held for resale at the municipal airport. General Fund inventories are valued at cost as determined on the first-in. first-out method. Inventory is accounted for by use of the consumption method.
Amortization Bond issue costs and discounts are amortized over the life of the bonds using the effective interest method.
Cost Reimbursements Cenain personal services and operating expenses recorded in various funds and departments are a result of services performed and expenses / expenditures incurred for the benefit of other funds and depanments. In order to better reflect the various funds' and depanments' actual costs, a cost reimbursement is recorded as a reduction in expenditures or expenses. The funds and depanments which benefit from the services and expenses / expenditures record a cost reimbursement as an increase in expenditures or expenses.
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City of Leesburg, Florida Notes to Financial Statements (continued) l
- 1. Summary of Significant Accounting Policies (continued) ,
Proprietary Funds Fixed Assets Proprietary Funds Fixed Assets are recorded at historical cost. Donated fixed assets are recorded at fair market value on the date received. Depreciation is computed by the straight- i line method over the estimated useful lives of the assets as follows: i Useful Life Utility Funds:
Buildings 10 to 50 years Improvements other than buildings 20 to 50 years <
Machinery, equipment and vehicles 4 to 20 years Nuclea. ~ 5 years Sanitnion vices Fund:
Equipment 5 to 10 years Vehicles 5 to 7 years !
Motor Pool Service Fund:
Equipment 3 to 10 years V ~ deles 6 years ,
General Fixed Assets General fixed assets purchased are recorded as expenditures in the Governmental Fund ;
Types at the time of purchase. Such assets are capitalized at cost in the General Fixed Assets group of accounts. The City's policy is not to capitalize public domain fixed assets such as streets, right-of-ways, sidewalks, drainage systems and similar assets. Donated fixed assets are valued at their estimated fair market value at the time of acquisition. ,
Depreciation is not provided on General Fixed Assets.
t Compensated Absences i
The City accrues accumulated compensated absences for Govemmental and Proprietary !
Funds. Compensated absences are recorded in the Governmental Fund Types as an expenditure for the amount accrued during the year that would normally be liquidated with expendable available financial resources. The remainder of the liability is reported in the i General Long-Term Debt Account Group. The Proprietary Funds acenic compensated absences in the period they are camed. Personnel policies allow employees to accumulate a maximum of 90 days vacation leave and 90 days sick leave. Upon termination, employees .
are paid for their accrued vacation leave and 25% of their accrued sick leave balance.
h.- , - - - , + - - ,-
City of Leesburg, Florida 1
Notes to Financial Statements (continued) t
- 1. Summary of Significant Accounting Policies (continued)
Encumbrances Encumbrances represent contractual commitments in the form of purchase orders and ;
contracts. Such encumbrances are not recorded as current year expenditures. They will become expenditures upon vendor performance and will be charged against the ensuing .
year's budget. Encumbrances outstanding at year end are deemed cancelled and amounts
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sufficient to re-establish the commitment are included in the appropriations for the i subsequent year.
Reserves k
Fund balances are reserved within the General Fund for police education and other !
expenditures, fire expenditures, Citizens Utility Relief Effort (C.U.R.E.) program, and l recreation expenditures; within the Special Revenue Funds for capital improvements and
- housing assistance; within the Debt Service Fund for retirement of debt; and within the ,
Capital Projects Fund for construction. l Budgeting The City's procedures in preparing and adopting the annual budget are as follows: l (1) The City Manager is responsible for preparing a proposed operating budget for the ,
upcoming year prior to September 30, that includes estimated revenues, proposed !
expenditures, and other financing sources and uses.
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(2) Public hearings are held to obtain taxpayer comments and suggestions. The budget is ,
enacted through passage of a resolution.
(3) The City Manager is authorized to transfer budgeted amounts within any fund, but may not revise total fund expenditures without the approval of the City Commission. '
The budgetary data presented is in agreement with the originally adopted budget as :
amended by the City Commission.
(4) Formal budgetary integration is employed as a management control device during the year for substantially all funds. Budgets are adopted on a basis consistent with generally accepted accounting principles. Total budgeted appropriations within a governmental fund type may not be exceeded legally. Appropriations lapse at the end -
of the year. Budget data, when presented in the financial statements,is prepared on the same basis of accounting as that prescribed for the fund. ;
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City of Leesburg, Florida Notes to Financial Statements (continued)
- 1. Summary of Significant Accounting Policies (continued)
Budgeting (continued) l During the year the City made supplemental budget appropriations which increased or decreased the budgets as indicated below:
Original Final Increase Etim13 Adopted Amended (Decrease)
(in thousands)
General $10,650 S10.435 S (215)
Special Revenue 1,293 1,796 503 Debt Service 533 533 -
Capital Projects 2,963 1,598 (1,365) -
Combined Statements " Memorandum Only" Total Columns Total columns on the Combined Statements are captioned Memorandum Only to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present Snancial position, results of operations, or cash flows in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. ,
Interfund eliminations have not been made in the aggregation of this data. Minor reclassifications of 1993 amounts have been made to enhance comparison to 1994.
Property Taxes !
Under Florida law, the assessment of all propenies and the collection of all county, municipal and school board property taxes are consolidated in the offices of the County Property Appraiser and County Tax Collector. The laws of the state regulating tax assessment are also designed to assure a consistent property valuation method statewide.
Florida Statutes permit municipalities to levy property taxes at a rate of up to 10 mills.
The tax levy of the City is established by the City Commission prior to October 1 of each year and the Lake County Property Appraiser incorporates the City millages into the total tax levy, which includes the County and the County School Board tax requirements.
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City of Leesburg, Florida Notes to Financial Statements (continued) i
- 1. Summary of Significant Accounting Policies (continued) ;
Property Taxes (continued) l All propeny is reassessed according to its fair market value January 1 of each year. Each !
assessment roll is submitted to the Executive Director of the State Depanment of Revenue t for review to determine ifit meets all of the appropriate requirements of the Florida Statutes.
Taxes are assessed on November 1 of each year or as soon thereafter as the assessment roll is certified and delivemd to the County Tax Collector. Unpaid taxes become delinquent on April 1 following the year in which they are assessed. Discounts are allowed for early payment at the rate of 4% in the month of November,3% in the month of December,2% in the month of January and 1% in the month of February. The taxes paid in March are :
without discount.
On or prior to June I following the tax year, cenificates are sold for all delinquent taxes on real propeny. After sale, tax cenificates bear interest of 18% per year or any lower rate bid by the buyer. Applicetion for a tax deed on any unredeemed tax cenificates may be made by ;
the certificate holder after a period of two years. Unsold certificates are held by the County.
Delinquent taxes on personal propeny bear interest of 18% per year until the tax is satisfied either by seizure and sale of the property or by the five-year statute oflimitations.
The City does not accme its portion of the County-held tax sale cenificates or personal property tax warrants because such amounts are not measurable and available as of the balance sheet date.
Rounding All amounts in the financial section have been rounded to the nearest thousand dollars.
Zeros are shown when amounts are stated in the narrative text but are not presented othenvise.
1
City of Leesburg, Florida Notes to Financial Statements (continued)
- 2. Deposits and Investments Deposits All of the City's deposits are maintained in banks and financial institutions which are covered by the Florida Security for Public Deposits Act (the Act); Chapter 280 of the '
Florida Statutes. The Act established a multiple financial institution collateral pool with the ability to assess member institutions to satisfy the claims of governmental entities if any member financial institution fails. This ability to assess provides protection which is similar to depository insurance.
Investments Florida Statutes, the City Chaner and investment policies authorize the investment of funds in time deposits or savings accounts of financial institutions approved by the State Treasurer, obligations of the United States Govemment and certain instruments guaranteed by the United States Govemment. Investments may also include repurchase agreements and deposits with the State Board of Administration pool. Revenue bond covenants also restrict the type and maturities ofinvestments in bond-related funds.
Investments of the Municipal Police Officers' Retirement Trust Fund may be held in bonds, stocks, or other evidence of indebtedness issued or guaranteed by a corporation under the laws of the United States provided the corporation meets cenain rating and profitability criteria. During the year and at September 30,1994, the Fund owned investments with a carrying value (at market) of $92,000 which are not among the authorized investments described above.
Investments of the Municipal Firemen's Retirement Trust Fund and the General Employees' Pension Fund may be invested in accordance with Florida Statutes as previously described. During the year and at September 30,1994, the Municipal Firemen's Retirement Tmst Fund owned investments with a carrying value (at market) of $143,000 which are not among the authorized investments described above.
City of Leesburg, Florida
- Notes to Financial Statements (continued) ;
- 2. Deposits and Investments (continued)
Investments (continued) [
A summary of the canying amount and market value of all City investments classified by I category of credit risk follows:
Category of Risk Carrying Market !
1 2 3 Amount Value (in thousands) g Pooled Investments:
Sun Bank Repurchase Agreement - -
5 5.598 5 5,598 $ 5,598 i U.S. Treasury Bills, Notes and Bonds - - 11,863 11,863 11,848 i
Pension Trust and Agency Fund Investments:
}
Corporate Stocks - - 5,644 5.644 5,644 ;
Corporate Bonds - - 6,251 6,251' 6,25I U.S. Treasury Notes and Municipal Bonds - -
2.906 2.906 2.906 f Total 5 - 5 - $ 32.262 '
i State Board of Administration of Florida.
Local Government Pooled Investment Account 26,428 26.428 ,
Money Market Fund - Pension Investment 434 434 Mutual Fund Investments - Deferred +
Compensation 1,407 1,407 i Mutual Fund Investments - Pension investment 257 257 i Collective Trust Funds - Pension Investment 6.454 6.454 Total investments 567.242 567.227 '
Carrying Amount of Deposits $ 511
- Decommissioning Trust Deposit 957 Carrying Amount of Investments (Above) 67.242 Total 68.710 Shown in the accompanying combined bal.ince sheets as:
Equity in Pooled Cash and Investments $ 33,570 Cash and investments at Market Value 23,353 Restricted Assets:
Equity in Pooled Cash, Cash Equivalents and investments 10.830 Crystal River Decommissioning Trust Account 957 ,
Total 568.710
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l City of Leesburg, Florida Notes to Financial Statements (continued) l i
i
- 2. Deposits and Investments (continued)
Investments (continued)
Levels of credit risk assigned to the above investments are based on an evaluation in accordance with GASB Statement 3 to give an indication of the level of risk assumed at I
year-end. Categog 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. Categog 2 includes uninsured and unregistered investments with securities held by the counterpany's tmst depanment or agent in the City's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counter pany, or by its trust department or agent, but not in the City's name, The State Board of Administration deposits in Tallahassee are maintained in an investment pool which invests primarily in commercial paper, repurchase agreements, bankers, acceptance notes and U.S. Government obligations.
The following pension investments, excluding U.S. government and U.S. government guaranteed obligations, exceed 5% of the net assets available for pension benefits:
f Percent of Net Assets i Available for I Market Benefits (in thousands)
Police:
NationsBank Public Employee Equity Fund S2,383 61.1 %
SunBank High Grade Bond Fund 1,490 38.2
I City of Leesburg, Florida Notes to Financial Statements (continued)
- 2. Deposits and Investments (continued)
Investments (continued)
Percent of Net Assets Available for Market Benefits (in thousands)
Firemen's:
NationsBank Public Employee Equity Fund $2,642 58.6%
NationsBank Shon-Term Government Fund 246 5.5 NatinsBank Public Employee Fixed Income fund 1,193 26.4 General Employees':
- SunBank High Grade Bond Fund 782 5.8 1
- 3. Fixed Assets A summary of changes in general fixed assets follows: ,
Balance Balance October 1, September 30, 1993 Additions Deletions 1994 (in thousands) {
f Land S 2,407 5 57 - S 2,464 Buildings 8,023 76 S (5) 8,094 ,
improvements other than ,
buildings 4,882 148 - 5,030 ;
Equipment and vehicles 5,398 685 (139) 5,944 l Construction in progress 863 145 (71) 937 !
Total $21.573 S1,111 S(215) S22,469 :
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City of Leesburg, Florida !
Notes to Financial Statements (continued) l
- 3. Fixed Assets (continued) ;
A summary of proprietary fund type property, plant and equipment at September 30,1994, follows: I Internal Enterprise Service Funds Funds i
(in thousands)
Land S 4,129 -
i Buildings 4,725 S 28 Improvements other than buildings 10,123 -
j Equipment 65,086 104 Nuclear fuel 458 -
S84.521 S132 .:
- 4. Interfund Account Individual fund interfund receivable and payable balances at year-end are as follows:
Interfund Interfund ;
Receivable Payable ;
(in thousands) l Enterprise Funds:
Sanitation services SIS -
Communication sen' ices -
$15 S15 S15
City of Leesburg, Florida Notes to Financial Statements (continued)
- 5. Long-Term Liabilities The following is a summary of all long-term liabilities of the Proprietary Funds at September 30,1994:
(in thousands)
Utility Funds:
Refunding Utilities Revenue Bonds, Series 1984, dated September 1,1984, issued September 27,1984 S 1.260 Accrued interest through September 30,1994 on Series 1984 Capital Appreciation Bonds 1,151 Refunding Utilities Revenue Bonds, Series 1989, dated December 1,1988, issued January 11.1989 20.584 Total bonds payable 22,995 Less: Unamonized discount 183 Current maturities 885 Total bonds payable - net 21,927 Plus: Initial Pooled Loan Project with Florida Municipal Power Agency ,
2.365 Total utility funds debt S24.292 The 1984 and 1989 bonds are fully registered bonds in denominations of $5,000 and are collateralized by a pledge of the net revenues of the utilities system. Bond maturity dates and debt service requirements for the combined 1984 and 1989 issues are as follows:
Total Bond (Sinking Maturities Total Debt Fund and Debt Due Service Securities Service October 1 Principal Interest Bonds Income) Requirements (in thousands) 1994 5 885 $ 1.561 5 2,446 5 (314) 5 2.132 1995 955 1,487 2.442 (314) 2,128 1996 1,020 1,424 2.444 (314) 2,130 1997 1.090 1.355 2,445 (314) 2,131 1998 1,160 1,280 2.440 (314) 2,126 Thereafter 21.770 7.651 29.421 (6.002) 23.420 Total 526.880 514.758 541.638 5(7.572) 534.067
' City of Leesburg, Florida l
Notes to Financial Statements (continued) !
- 5. Long-Term Liabilities (continued) l (in thousands) i Total principal above S26,880 !
Less: Unearned interest (discount) on Capital Appreciation Bonds from !
October 1,1994 through October 1,2005 3,885 Total S22,995 i i
Capital Appreciation Bonds i The 1984 bond issue contains $610,000 of capital appreciation bonds that will mature on ]
October 1,2005 at 55,645,000. The carrying value of the capital appreciation bonds as of l September 30,1994 is $1,761,000, which is composed of the maturity value of .j
$5,645,000 less the unearned discount of S3,884,000. This is displayed in the !
accompanying general purpose financial statements as follows:
y (in thousands} }
Bonds payable (Part of 1984 Series) S 610 Accrued interest on Capital Appreciation Bonds 1.151 I Total S1.761 I Utilities Revenue Bonds The Refunding Utilities Revenue Bonds, Series 1984 and 1989, resolutions provide for:
(1) Establishment and maintenance of various accounts within the Utilities Enterprise Fund -
(a) Constmetion Account records the cost of the project financed by the bonds; i (b) General Revenue Account records all income or earnings derived from the system; (c) Operation and Maintenance Account records the cost of operation and I maintenance; j (d) Debt Service Account and 2003 Term Bonds Debt Service Subaccount record a'l the debt service requirements of the issues, which includes the principal, interest and reserve requirements; 1
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i City of Leesburg, Florida i
Notes to Financial Statements (continued) j
- 5. Long-Term Liabilities (continued)
Utilities Revenue Bonds (continued) l (e) Reserve Account records the amounts needed to cure deficiencies in the Debt Service Account;and (f) Renewal and Replacement Account records the cost of extensions, improvements or additions to, or the replacement of capital assets. .
I (2) Restrictions on the use of cash from operations in order of priority - l (a) Deposits are made to the Operations and Maintenance Account monthly and !
equal one-twelfth (1/12) of the annual amount budgeted for the payment of such ,
cost of operation and maintenance.
(b) Deposits to the Debt Service Account and the 2005 Term Bonds Debt Service Sub-accounts are to be made monthly and equal to one-sixth (1/6) of the interest coming due on the next semiannual interest payment date, one-twelfth (1/12) or one-sixth (1/6) of the principal coming due on the next principal payment date ,
for those bonds maturing annually or semi-annually, respectively, one-twelfth (1/12) of the amortization installments and the unamortized principal balances of ,
the Term Bonds coming due during the current bond year, and one-sixth (1/6) of the Sinking Fund Deposit due on the next purchase date under the Securities Purchase Agreement.
(c) Deposits to the Reserve Account are required each month until an amount equal i to the maximum bond service requirement is accumulated.
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(d) Deposits to the Renewal and Replacement Account are required in each month equal to one-twelfth (1/12) of 5% of the gross revenues for the preceding fiscal ;
year except that, for the electric and gas funds, energy supply costs may be deducted from gross revenues before the deposit requirement is calculated.
(3) Early Redemption - ;
The bond resolutions provide for early redemption of outstanding bonds at call rates !
varying from 100% to 105% of the instruments' face value, dependent upon the call date.
City of Leesburg, Florida Notes to Financial Statements (continued)
)
- 5. Long-Term Liabilities (continued)
Utilities Revenue Bonds (continued) ;
(4) Investment Restrictions-(a) Funds are required to be continuously secured in the same manner as state and
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municipal deposits of funds are required to be secured by the Laws of the State !
of Florida; and l (b) All monies deposited shall be continuously invested in direct obligations of, or obligations which are guaranteed by, the United States of America, obligations ofits several agencies, the Local Govemment Surplus Funds Trust Fund, obligations guaranteed by the Govemment National Mongage Association, or time deposits in banks, trust companies or savings and loan associations represented by Certificates of Deposit.
Notes Payable )
l In November 1990, the City entered into a loan agreement with Florida Municipal Power Agency (FMPA) as agent for the Initial Pooled Loan Project to borrow S3,075,000 to l
purchase land for wastewater disposal and future expansion of wastewater facilities.
Principal is being repaid annually commencing on November 1,1991 with the last installment due November 1,2000. Interest is variable and is payable to FMPA on a monthly basis. The following is a schedule of principal payments:
j Yenr (due November) Principal l (in thousands) 1994 S 270 l 1995 290 1996 315 1997 335 1998 360 Thereafter 795 S2.365 i
City of Leesburg, Florida Notes to Financial Statements (continued) l 1
- 5. Long-Term Liabilities (continued)
General Long-Term Debt A summary of all general long-term debt of the City as of September 30,1994, follows:
(in thousands)
Refunding and Capital Improvement Revenue Bonds payable, issued S5,195 in April,1987, interest from 4% to 79c' Obligation under capitallease 17 Employee Compensated Absences Payable 782 Total S5.994 Debt service requirements for general long-term debt other than compensated absences for years ending September 30, are as follows:
(in thousands) 1995 S 538 1996 520 1997 518 1998 515 1999 515 Thereafter 6.019 8,625 Less interest 3.413 Principal S5.212
City of Leesburg, Florida Notes to Financial Statements (continued)
- 5. Long-Term Liabilities (continued)
General Long Term Debt (continued)
The following is a summary of changes in general long-term debt for the year ended September 30,1994:
Balance Balance October 1, September 30, 1993 Add!tions Deductions 1994 (in thousands) l Refunding and Capital l Improvement Bonds $5,365 -
$170 55,195 l
Mortgages and Notes Payable 10 -
10 -
Obligation under capitallease 49 -
32 17 Employee Compensated Absences Payable 729 $53 -
782 Totals S6.153 553 S212 55.994 Refunding and Capital Improvement Bonds In 1987, the City issued $6,145,000 of Refunding and Capital Improvement Revenue Bonds to provide funds for certain improvement projects, and the refunding and payment of the City's Refunding and CapitalImprovement Revenue Bonds, Series 1984.
The 1987 Bonds are fully registered bonds without coupons in denominations of $5,000 each and are collateralized by a pledge of Local Government Half-Cent Sales Tax Revenue and income of certain invesunents.
i The Refunding and Capital Improvement Revenue Bonds, Series 1987 resolution provides for:
(1) Establishment and maintenance of various accounts within the Refunding and Capital Improvement Revenue Bonds Improvement Fund -
(a) Construction Account records the cost of the project financed by the bonds;
- . . -. =_-
e City of Leesburg, Florida
.i Notes to Financial Statements (continued) ,
i
- 5. Long-Term Liabilities (continued) !
Refunding and Capital Improvement Bonds (continued) ,
(b) Revenue Account records all income or earnings derived from the local _
govemment half-cent sales tax; (c) Sinking Fund Account records all debt service requirements which include the interest account and principal account; (d) Reserve Account records the amounts needed to cure deficiencies, if any,in the l Sinking Fund Account; and (e) Guaranteed Entitlement Account records all income or eamings derived from guaranteed state revenue sharing and the amounts needed to cure deficiencies, if any,in the Sinking Fund Account.
(2) Restrictions on the use of cash from operations in order or priority - l l
(a) Deposits to the Sinking Fund Account are to be made monthly and equal one-sixth (1/6) of the interest coming due on the next semiannual interest payment date, one-twelfth (1/12) or one-sixth (1/6) of the principal coming due on the i next principal payment date for those bonds maturing annually or semi- j annually, Tespectively, one-twelfth (1/12) of the Sinking Fund Deposit and redemptic.n premiums of one-sixth (1/6) of the amount sufficient to pay the next fees of the paying agents, registrar and trustee attributable to the bonds.
(b) Deposits to the Reserve Account are required each month until an amount equal to the maximum bond service requirement has been accumulated. i (c) Thereafter, funds in the Revenue Account may be paid to the City and used for j
, any lawful purpose. The proceeds of the Guaranteed Entitlement shall be deposited in the Guaranteed Entitlement Account and used as provided for in the resolution.
(3) Early Redemption -
The bond resolutions provide for early redemption of outstanding bonds at call rates varying from 100% to 102% of the instruments' face value, dependent upon the call ,
date.
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City of Leesburg, Florida Notes to Financial Statements (continued)
- 5. Long-Term Liabilities (continued)
Refunding and Capital Improvement Bonds (continued) f (4) Investment Restrictions -
l (a) Funds are required to be continuously secured in the same manner as state and municipal deposits of funds are required to be secured by the Laws of the State of Florida; and l (b) All monies shall be continuously invested in direct obligations of, or obligations which are guaranteed by, the United States of Amedca, obligations of cenain of its agencies, time deposits in banks, tmst companies or savings and loan associations represented by Cenificates of Deposit or commercial paper, money market funds, bankers acceptance of commercial banks and investment agreements meeting cenain rating criteda.
A summary of alllong-term debt previously defeased and no longer a liability of the City follows:
Balance September 30, 1994 (in thousands)
Proprietary Fund Types - Utility Funds:
Utilities Revenue Certificates, Series 1975 S 265 Utilities Revenue Certificates, Series 1977 11,400 Utilities Revenue Cenificates, Series 1977A 10 Utilities Refunding Revenue Bonds, Series 1984 18.140 Total Proprietary Fund Types - Utility Funds 29,815 General Long-Term Debt Group of Accounts:
Refunding and Capital Improvement Bonds, Series 1984 1,700 Total Defeased Debt - All Funds and Account Groups $31,515
I City of Leesburg, Florida
' Notes to Financial Statements (continued) ;
i
- 5. Long-Term Liabilities (continued)
- Capital Leases I During fiscal years 1993 and 1994, the City entered into equipment lease purchase agreements l for the purchase of various equipment used in the Stormwater and Sanitation Services Funds. !
The leases are payable quanerly over 3 to 5 years at interest rates of 5.57% and 5.39%. ;
l Assets under capital lease used in the Stormwater Fund are capitalized in the General Fixed i Assets Account Group at 593,000. Assets under capital lease in the Sanitation Service Fund are recorded at a cost of $583,000 with S230,000 of accumulated depreciation recorded through [
September 30,1994. !
F The following is a schedule by years of future minimum lease payments by fund under all ,
capital leases together with the present value of the net minimum lease payments as of '
September 30,1994:
r Fund Stormwater Sanitation (in thousands) h Year ending September 30. !
1995 S17 $122 1996 -
50 1997 -
50 ;
1998 -
12 Total minimum lease payments 17 234 Less amount representing interes. -
16 Present value of net minimum lease payments $17 S218
- 6. Operating Leases The City is lessor on various leases of facilities located at the Airport. The leased facilities are included in the $3,552,000 of Airpon assets recorded in the City's General Fixed <
Assets Account Group. The following is a schedule of minimum future lease income on noncancellable operating leases:
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City of Leesburg, Florida Notes to Financial Statements (continued)
- 6. Operating Leases (continued)
Year Total (in thousands) 1995 5 29 1996 29 1997 31 1998 31 1999 30 Thereafter 233 Total minimum lease payments S383
- 7. Estimated Landfill Closure and Postclosure Care Costs The City is in the process of closing its present landfill site with an estimated total cost of S3,008,000. An asset and related liability have been recorded in the balance sheet of the City's Sanitation Fund to reflect this cost and related liability. The cost of the closure will be financed by user fees. The deferred closure cost was previously amonized over the useful life of the landfill except for any current year adjustments to the estimated cost which are expected to be amortized in fiscal year 1994. The liability increases when the estimated cost increases and is reduced as actual costs are paid. A summary of the carrying value of the closure cost asset and liability follows:
Closure Cost Asset Liability (in thousands)
Estimated Cost, September 30,1993 S487 S637 Adjustment of Estimate 459 459 Accumulated Amortization (742) -
Total Annual Costs Paid -
(629)
Balance, September 30,1994 S204 5467 i
During the year the City implemented Statement No.18 of the Govemmental Accounting Standards Board entitled "Accountingfor MunicipalSolid Waste Landfill Closure and Postclosure Care Costs." This statement requires accounting recognition be given to all closure and postclosure care costs during the operating life of the landfill. The City of Leesburg's landfill quit accepting waste prior to the current year so the accounting recognition of postclosure care costs has been recorded as an adjustment of beginning retained earnings.
-4 9-
City of Leesburg, Florida Notes to Financial Statements (continued)
- 7. Estimated Landfill Closure and Postclosure Care Costs (continued)
The $1,503,000 recorded represents the estimated costs of postclosure care for 30 years after closure as required by state and federal laws and regulations. This amount was ,
calculated based on costs in 1994. The actual costs may be higher due to inflation, changes in technology, or changes in regulations.
The City is required to deposit adequate funds into an escrow account before year-end to meet post-closure care costs for the following year. The City is anticipating officially closing the landfill by February 1995, at which time post-closure care would begin.
During the year ended September 30,1992, the City established an escrow subaccount within the City's pooled cash system. The following is a schedule of the transactions in this account during fiscal year 1994:
1 Transaction Date Descriplio_n Amount (in thousands)
September 30,1993 balance Initial deposit $45 Fiscal year 1994 Interest earned 2 September 30,1994 balance S47 The above schedule was prepared in accordance with the requirements of Rule 17-701.630(5)(c) of the Florida Administrative Code.
- 8. Electric Power Agreements Crystal River Unit #3 Participation Agreement The City is a participant in an agreement with Florida Power Corporation. Under terms of the agreement, the City acquired a 0.8244% ownership interest and generation entitlement share in the nuclear steam electric generating unit. Participants are entitled to energy output of the unit based upon their respective. generation entitlement share.
Florida Power Corporation has been appointed by the participants to act as their agent and has sole authority to manage, control, maintain and operate the unit. Operating costs of the -
unit, in general, are shared in proportion to each generation entitlement share on a monthly basis. Common and external facilities of the generating unit are solely owned by Florida Power Corporation and participants share in the operating and maintenance expenses of !
such facilities. Nuclear fuel payments are required of participants in advance. In 2015 when '
the plant is decommissioned, costs of decommissioning will be paid by the participants.
The City is amortizing the expense and recognizing a liability for these costs on a straight line basis over the life of the plant. Florida Municipal Power Agency maintains a trust fund 4
City of Leesburg, Florida Notes to Financial Statements (continued) 8, Electric Power Agreements (continued) ;
Crystal River Unit #3 Participation Agreement (continued) ,
for the plant to which the City is required to contribute annually to pay the future decommissionmg costs. At September 30,1994, the City's portion of the trust fund had a balance of $957,000 and ;
- the liability for decommissioning costs had a balance of $1,453,000.
The panicipation agreement provides for reversion of the ownership interest of the unit to Florida Power Corporation upon retirement from service. The book value of the investment included in Utility Plant in Service on September 30,1994 was $3,475,000. ,
Florida Municipal Power Agency The City of Leesburg is a member of the Florida Municipal Power Agency (FMPA). FMPA was .
created pursuant to Chapter 163, Parts I and II ("The Interlocal Act" and "The Joint Power Act")
to, among other things, provide a means for the Florida Municipal corporations to cooperate with each other to provide for their present and projected energy needs. The City of Leesburg has limited oversight authority over the operation of FMPA. This oversight is manifested in the appointment of one member to the 28-member Board of Directors of FMPA. Furthermore, the i City, by agreement, has no equity interest in any of the assets owned by the agency. The City of Leesburg participates in the following FMPA projects: '
St. Lucie No, 2 Power Purchase Agreement The City, through FMPA, has negotiated an agreement with Florida Power and Light Corporation guaranteeing the City the right to purchase up to 2.326 megawatts of generating capacity from the St. Lucie No. 2 nuclear generating plant. The plant became operational in 1984. The cost of this agreement has been capitalized and is being amortized over the plant's expected useful life.
All Requirements Power Supply Agreement [
The City has an agreement with FMPA whereby the City is purchasing its electric power from FMPA on an all-requirements basis. The agreement will remain in effect until October 1,2020, i with two optional successive ten-year renewal periods. Power rates charged to the City by FMPA are subject to a majority vote of the Board of Directors of FMPA. >
- 9. Segment Information for Enterprise Funds
. The City operates six enterprise funds. Segment information as of September 30,1994, is as follows:
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City.of Leesburg, Florida Notes to Financial Statements (continued)
- 9. Segment Information for Enterprise Funds (continued)
! Sanitation Sewer i Elcetric Water Wastewater Sanitation Communication Utility Gas Utility Utility Treatment Services Services Totals -
(in thousands)
Operating revenues $27,687 $5,275 $2,316 $ 3,103 $2,134 $:20 $40,535 Depreciation and 3, amortization .
2,199 . 174 409 391 939 7 4,i19
';3 Operating income (loss) 4,973 1,145 675 1,016 (I,325) 13 6,497.
, Operating transfers (3,402; (650) (209) (111) - -
(4,372) .
Net income (loss) 1,235 488 347 831 (I,245) 13 1,669 Contributed capital 2,726 445 2,708 11,683 441 142 18,145 Cash and cash equivalents 15,253 3,033 3,884 6,651 1,030 -
29,85I
. Property and equipment additions 1,582 336 1,322 304 58 157 3,759 Net working capital 13,265 2,934 2,756 ' 5.424 (80) (I4) 24,285 Long-term liabilities payable - 14,967' 1,654 3,955 5,169 1,599 -
27,344 Total fund equity (deficit) 35,748 5,875 7,380 15,825 (952)' 155 64,03i !
Total assets 55,4I4 7,890 I i,769 2I 333 2,037 170 98,613 1
,, , - , ..------w m- w m,--~ ~ , , -w, -es,,, ,w- . . , , - a-----, amv r ~~,_m,, - a,w, , , + >~,,..w- - v t ,, w w - 4e ,a ,--m v w .m,-oy-- m.-a n--,->,e--e-~--y--,,,-- -,,w~~ms- -,,,we4 e,-,~~~,,,,,,m~, -,--e
City of Leesburg, Florida Notes to Financial Statements (continued)
- 10. Pension Plans By ordinance, the City has established three single-employer dermed benefit pension plans for City employees. The following is a brief description of the plans:
Municipal Police Retirement Plan Total payroll for employees covered by the plan for the year ended September 30,1994, was $1,312,000; the City's total payroll was S9,736,000. All full-time police officers are eligible to panicipate in the plan. As of October 1,1993, the date of the most recent actuarial repon, the plan had the following number of participants: -
Active vested 13 Active nonvested 28 Retired, disabled, vested terminations and beneficiaries 8 Total number of panicipants 49 Panicipants who have completed 10 years of credited service are 100% vested in their plan benefits at age 45 or later, reduced 3% per year before normal retirement date. Participants whose service is terminated prior to completing 10 years of credited service are entitled to the return of their employee contributions without interest. Normal retirement benefits are payable to panicipants who have reached the earlier of age 50 and 25 years of credited service or age 60 and 10 years of credited service. Such benefits are payable at a rate of 2.75% of average final monthly compensation times the number of years of credited service. The benefits under this plan provide an offset for benefits paid by the general employee retirement plan, under which the police officers are also covered. The plan also provides for early retirement, disability retirement and death benefits at rates defined in the plan document.
Funding of the Police Pension Fund is provided from employee contributions (7.65% of their c.nual compensation) and a 1% excise tax. The excise tax is levied on gross premiums collected on casualty insurance policies covering propeny within the corporate ;
limits of the City. The State collects and contributes the tax to the fund pursuant to Florida Statute 185. The City is not obligated to contribute to the fund. Normally, employee contributions and excise tax monies are sufficient to fund the plan.
The actuarially required contribution for the year ended September 30,1994, consisted entirely of normal cost is $168,000, which represents 12.8% of covered payroll. Actual contributions to the plan for the year ended September 30,1994, are as follows:
City of Leesburg, Florida Notes to Financial Statements (continued)
- 10. Pension Plans (continued)
Municipal Police Retirement Plan (continued)
Percentage of Amount Covered Payroll (in thousands)
Employee S102 7.8%
State of Florida (Insurance Tax) 91 6.9 Total actual contributions S193 14.7 %
The significant actuarial assumptions used to compute funding requirements are essentially the same as those used to compute the pension benefit obligation. The actuarial cost method used to compute the funding requirement is the aggregate actuarial cost method.
Municipal Firemen's Retirement Plan Total payroll for employees covered by the plan for the year ended September 30,1994, was $910,000; the City's total payroll was $9,736,000. All firemen who have attained age eighteen and completed one year of credited service are eligible to participate in the plan. As of October 1,1993, the date of the most recent actuarial report, the plan had the following number of participants:
Active vested 17 Active nonvested 12 Retired 10 Vested terminations 1 Total number of participants 40 Participants who have completed 10 years of credited service are 100% vested in their accrued retirement benefits. Participants whose service is terminated prior to completing 10 years of credited service are entitled to the retum of their employee contributions plus interest at the rate of 5% compounded annually. Normal retirement benefits are payable to participants who have attained age 55 years and completed 10 years of credited service.
Such benefits are payable at a rate of 2.75% of average final monthly compensation times the number of years of credited service. The plan also provides for early retirement, deferred retirement, disability retirement and death benefits at rates defined in the plan document.
- = -. _ . _ . - _.
a City of Leesburg, Florida Notes to Financial Statements (continued) i 10, Pension Plans (continued) :
Municipal Firemen's Retirement Plan (continued) l Firemen contribute 6.5% of their annual compensation to the plan. A 1% excise tax on fire !
insurance premiums sold within the corporate limits is remitted to the fund by the State of i Florida. The City accrues and contributes an additional amount, as determined by an -
actuary, to fund annual normal cost and prior service cost amortized over forty years. The required City contribution for the year ended September 30,1994,is as follows:
Percentage of Amount Covered Payroll :
(in thousands)
Normal cost $110 12.1 %
Amortization of prior service cost 34 3.7 .
Total required contribution 5144 15.8 % i Actual contributions to the plan for the year ended September 30,1994, are as follows:
Percentage of ;
Amount Covered Payroll (in thousands)
Employee S 52 5.7%
Employer 68 7.5 State of Florida (Insurance Tax) 64 7.0 Total actual contributions S184 20.2 %
The significant actuarial assumptions used to compute the actual contribution requirements j' are essentially the same as those used to compute the pension benefit obligation. The actuarial cost method used to compute the funding requirement is the aggregate actuarial cost method. i I
City of Leesburg, Florida i
Notes to Financial Statements (continued)
- 10. Pension Plans (continued) l General Employees' Retirement Fund Total payroll for employees covered by the plan for the year ended September 30,1994, l was S7.217,000; the City's total payroll was 59,736,000. All employees of the City, ,
excluding commissioners and firemen covered in another plan, are eligible to panicipate in ,
the plan after reaching age eighteen and completing one year of credited service. As of October 1,1993, the date of the most recent actuarial repon, the plan had the following number of participants: !
Active vested 182 :
Active nonvested 101 :
Terminated - vested benefits 38 Retirees and beneficiaries 74 Total number of par'idpants X l Participants who have campleted 5 years of credited service are 25% vested in their plan benefits with 5% increases per year until year 10 and then 10% increases per year until 15 l years of service have beca reached whereby the panicipant will be 100% vested. Normal retirement benefits are paid to participants who have reached age 65. Such benefits are !
payable at a rate of 2% of final monthly compensation times the number of years of credited service. The plan also prs,vides for early retirement, late retirement, disability retirement and death benefits at rates defined in the plan document. ,
The General Employees' Plan is noncontributory. The City accrues and contributes an amount, as determined by an actuary, to fund annual normal cost and prior service cost ,
amonized over forty years. The required City contribution for the year ended September 30.1994, is as follows:
- Percentage of l Amount Covered Payroll ;
(in thousands)
Normal cost $211 2.9%
Amortization of prior service cost 177 2.5 Total required contribution $388 5.4 %
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City of Leesburg, Florida e I
Notes to Financial Statements (continued) l l
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- 10. Pension Plans (continued) r General Employees' Retirement Fund (continued)
Actual contributions to the plan for the year ended September 30,1994, consisting l exclusively of employer contributions is $602.000. This represents 8.3% of covered .i payroll. f The significant actuarial assumptions used to compute the actual contribution requirements are essentially the same as those used to compute the pension benefit obligation. The
- actuarial cost method used to compute the tegte red funding is the frozen entry age actuarial l cost method.
Pension Benefit Obligation l
The amount shown below as the " pension benefit obligation" is a standardized disclosure .l measure of the present value of pension benefits, adjusted for the effects of projected salary {
increases and step-rate benefits, estimated to be payable in the future as a result of employee service to date. The measure is intended to help financial statement users assess !
the funding status of the System on a going-concern basis, assess progress made in j accumulating sufficient assets to pay benefits when due, and make comparisons among i employers. The measure is the actuarial present value of credited projected benefits and is independent of the funding method used to determine contributions to the System. !
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City of Leesburg, Florida Notes to Financial Statements (continued)
- 10. Pension Plans (continued)
Pension Benefit Obligation (continued)
The pension benefit obligation was computed as part of actuarial valuations performed as of October 1,1993, Municipal General Police Municipal Employees' Retirement Fireman's Retirement Trust Fund Trust Fund Fund Total '
(in thousands)
Pension Benefit Obligation:
Retirees and Beneficiaries Currently Receiving Benefits and Terminated Employees Not Yet Receiving Benefits S 871 5 954 52,704 5 4,529 Current Employees:
Accumulated Employee Contributions Including Allocated Investment Earnings 463 511 54 1,028 Employer - Financed Vested 1,401 2,073 3,775 7,249 Employer - Financed Nonvested 234 206 3,400 3.840 Total Pension Benefit Obligation 2,969 3,744 9,933 16,646 Net Assets Available For Benefits, at Market 3,900 4.509 13,551 21,960 Assuts in Excess of Pension Benefit Obligations S 931 5 765 53,618 5 5,314
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City of Leesburg, Florida Notes to Financial Statements (continued)
- 10. Pension Plans (continued)
Pension Benefit Oblir,ation (continued) i Three-year historical information about the plans is as follows: :
Municipal General Police Municipal Employees' Retirement Fireman's Retirement l Trust Fund Trust Fund Fund i
Net assets available for benefits as a percentage of the pension benefit !
obligation .j 1994 131.3 % 120.4 % 136.4 % !
1993 131.6 113.9 131.0 !
1992 129.5 117.2 119.8 l Assets in excess of the pension benefit i obligation as a percentage of annual :
covered payroll >
1994 70.9 84.1 50.1 1993 66.0 54.5 39.1 l 1992 67.6 59.5 23.0 Employer contributions as a percentage of l annual covered payroll <
1994
- 7.5 8.3 1993
- 7.5 8.3 i 1992
- 7.5 8.3 !
Employer contributions were made in accordance with actuarially determined requirements in each of the years presented above.
Significant Actuarial Assumptions Used:
Rate of Retum on Investment of Present i and Future Assets 8.0% 8.0% 8.0% ,
Projected Salary Increases: !
From inflation 2.0 3.0 4.5 From merit and seniority 3.5 4.0 1.0 i
- = Not Applicable i
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f City of Leesburg, Florida !
Notes to Financial Statements (continued)'
- 10. Pension Plans (continued) !
Pension Benefit Obligation (continued) i Ten-year historical trend information which can be used to evaluate the plans' progress in accumulating assets to pay pension benefits as they become due, is included in the Required Supplementary Information section of the City's comprehensive annual financial report.
Municipal Firemen's Retirement Plan The Plan was amended, effective April 1,1994, as follows:
The benefit formula was changed from 2.25% to 2.75% of average monthly l compensation.
Ernployee contributions were changed from 5.0% to 6.5% of basic compensation.
The above changes resulted in an increase of S38.000 in the required contribution for fiscal year 1994. The pension benefit obligation icreased $266,000.
General Employees' Retirement Fund The Plan was amended, effective October 1,1993, as follows: ;
Active employees who are 100% vested are provided additional benefit service j equivalent to their time spent in military service, with a maximum of four additional years.
1 The above amendment had no effect n the required contribution for fiscal year 1994. The pension benefit obligation increased $179,000.
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City of Leesburg, Florida Notes to Financial Statements (continued)
- 11. Self-Insurance Funds A. Employee Health Insurance Fund:
The City maintains a self-insurance program for the payment of employee health and medical claims. The program provides for the payment of City and employee contributions into a self-insurance fund, which is managed by the City and its administrative agent. Employee claims up to $40,000 per person are paid from the assets of the self-insurance fund; claims in excess of $40,000, up to a maximum of
$960.000 per employee per year, are paid from a reinsurance policy purchased by the City.
1 B. Workers' Compensation Insurance Fund:
l The City maintains a selfinsurance program for the payment of employee Worker's Compensation claims. The program provides for City contributions into a self-insurance fund which is managed by the City and its administrative agent.
Employee claims up to S400,000 per occurrence are paid from the assets of the self-insurance fund with amounts in excess of $400,000 per occurrence being paid from a reinsurance policy purchased by the City. J C. Liabilities for known claims and incurred but not reported claims:
Current Year Italance Claims and Balance October 1, Changes in Claims September 30, 1993 Estimates Paid 1994 (in thousands)
Employee Health I Insurance Fund S 82 S 945 $832 S195 Workers' Compensation Insurance Fund 346 73 125 294 S428 S t.018 5957 S489 i
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City of Leesburg, Florida Notes to Financial Statements (continued)
- 12. Contributed Capital The following is a summary of changes in contributed capital during the current year:
Balance Balance October 1, September 30, 1993 Additions Deletions 1994 (in thousands)
Enterprise funds:
Electric utility S 2,397 S 329 -
S 2,726 Gas utility 65 380 -
445 Water utility 2,009 699 -
2,708 Sanitary sewer and wastewater 11,249 434 -
11,683 Sanitation services 441 - -
441 Communication services 18 123 -
141 Total enterprise funds $16,179 $1,965 S -
S18.144 _ - -
Internal service funds:
Motor pool S 16 S -
S .- S 16
- 13. Deferred Compensation Fund The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The Plan, available to all City employees, permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency.
All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, propeny, or rights are (until paid or made available to the employee or other beneficiary) solely the propeny and rights of the City (without being restricted to the provision of benefits under the plan),
subject o$. to the claims of the City's general creditors. Panicipant's rights under the plan are equai Tnose of1 , neral creditors of the City in ar emount equal to the fair market value of the deferred amount for each panicipant.
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City of Leesburg, Florida Notes to Financial Statements (continued)
- 13. Deferred Compensation Fund (continued)
It is the opinion of the City that the City has no liability for losses under the plan but does ;
have the duty of due care that would be required of an ordinary prudent investor. The City ;
believes that it is unlikely that it will use the assets to satisfy the claims of general creditors !
in the future.
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! 14. Contingencies and Commitments A. The City participates in a number of State and Federal grant programs, including the i
following: l IIUD Section 8 - Housing Assistance Payments Program These programs are subject to program compliance audits by the grantors or their representatives. The audits of these programs as of and including the year ended September 30,1994, have not yet been accepted / approved by the grantors.
Accordingly, the final determination of the City's compliance with applicable grant requirements will be established at a future date. The amount, if any, of expenditures which may be disallowed by the granting agencies cannot be detennined although the City expects such amounts,if any, to be immaterial.
B. The City has been identified by the NAACP of Lake County and various other plaintiffs in a civil rights suit. No specific monetary claims are stated in the suit. At this time, the ultimate outcome of this matter cannot be determined.
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l Required Supplementary Infonnation Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Ten-year trend information may be found on the following pages.
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1 City of Leesburg, Florida Required Supplementary Information Revenues by Source- Expenses by T)Te r Pension Trust Funds :
Last Ten Fiscal Years (in thousands)
Revenues by Source Employer Employee State Investment Contributions Contributions Contributions Income i blunicipal Police Retirement i 1994 5 - 5 102 S 91 5 55 1993 -
119 34 137 ;
1992 -
78 78 24 ;
1991 -
73 87 26 *!
1990 -
66 87 51 1989 -
46 87 295 1988 -- 39 77 162 1987 -
35 72 53 1986 -
38 63 212 1985- -
39 49 147 i alunicipal i Firemen's Retirement j 1994- S 68 5 52 5 64 5 76 ;
1993 69 46 57 125 1992' 64 43 51 31 1991 64 43 52 40 l 1990 59 39 48 33 l 1989 53 35 48 341 ;
1988 49 32 44 233 l 1987 67 32 40 84 1986 63 30 36 308' 1985 60 28 34 240 l
General Employees' l
. Retirement '
1994 5 602 $ - $ - $ 635 j 1993 585 - -
632 1992 592 - -
671' 1991 646 - - 647 1 1990 565 - -
363 1989 529 - -
836 1988 583 - -
253 1987 512 - -
499 1986 477 - -
759 1985 431 - -
518 l l
Employer Contribution as Expenses by Type a Percentage lienefit of Covered 1 Payments Refunds Other Payroll 5 101 5 -
S 30 N/A 68 -
32 N/A 19 -
40 N/A 9 -
44 N/A 14 - -
N/A 16 -
25 N/A 20 -
10 N/A 19 - 4 N/A 11 26 3 N/A 25 -
3 N/A 5 379 5 - S 24 7.57c I86 -
22 7.57c 100 -
24 7.57c 153 -
22 7.57c 83 -
22 7.59c 75 -
20 7.57c 62 -
12 7.57c 45 -
6 73%
43 1,407 7 8.77c 28 -
7 8.77c S 356 5 - 5 131 8.3c/c 277 -
116 8.37c 258 -
96 8.37c 179 -
98 10.17c 158 -
82 10.1 %
130 -
72 10.1 % ,
1i6 -
64 12.3 %
99 -
49 12.37c 86 -
45 12.37c 93 -
42 12.4 %
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City of Leesburg, Florida .
Required Supplementary informa. ion Pension Benefit Obligation Infom stion Pension Trust Funds All Available Years
~
(m shousands)
Pension Assets in Net Assets Benefit (1) As a Excess of (3) As a Available for Obligation Percentage (Unfunded) Covered Percentage ,
Benefits (1) (PBO) (2) Of(2) PBO(3) Payroll (4) of(4) i blunicipal i Police e Ec11rement 1994 $ 3,900 $ 2.969 131.3 % $ 931 $ l.312 70.9 % r 1993 3.395 2.580 131.6 % 805 1.234 66.0 % .
1992 2,949 2,277 129.5 % 672 993 67.6 % !
1991 2,385 1,527 156.2 % 858 954 90.0 9
. Stunicipal ,
Firemen's !
Retirement i 1994 $ 4.509 5 3,744 120.4 % $ 765 $ 910 84.1 % i I993 4,093 3,594 113.9 % 499 916 54.5 %
1992 3,630 3,122 117.2 % 509 855 59.5 % ,
I991 3,115 2,791 111.6 % 324 857 37.8 % ;
General Employees' f
l'snilon 1994 $ 13.551 $ 9,933 136.4 % $ 3.618 $ 7,217 50.1 % - !
1993 11,566 8.826 131.0 % 2.739 7,012 39.1%
1992 9.854 8.225 119.8 % 1,630 7,100 23.0 % i I991 8,352 5.996 139.3 % 2,356 6.348 36.8 %
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N/A = Not Available Looking at the pension benefit obligation, or the unfunded portion (or assets in excess) of the pension benefit obligation,in isolation can be misleading. Expressing net assets available for benefits as a percentage of the pension benefit otligation provides one !
indication of the extent to which a pension fund is funded. Analysis of this percentage over time indicates wheth tr the pension fund is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the pension fund.
Expressing the unfunded pension benefit obligation (or assets in excess of the pension benefit obligation) as a percentage of the annual covered payroll approximately adjusts for the efrects ofinflation and aids analysis of funding progress. Ger.: rally, the smaller the unfunded percentage, the stronger the pension fund.
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General Fund The General Fund accounts for all revenues and expenditures of the City which are not required to be accounted for in other funds. It receives a greater variety and number of taxes and other general revenues than any other fund.
h 4 e.- 4.S.A3 - - *-i-- 4,4 4.4--- 7- --#-s .----e >- A4e-k M--a b., m: A m am u City of Leesburg, Florida :
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-General Fund l Balance Sheet September 30,1994 -
(in thousands)
- 1994 1993 Assets Equity in pooled cash and cash equivalents S 4,863 S 4,718 l Due from other governments 255 211 Assessments receivable 3 4
' Other accounts receivable (net of allowance for doubtful :
accounts of S3 for 1994 and 1993) 12 23 Interest receivable 124 -
Prepaid insurance -
56' !
Inventories 8 9 .
Total assets S 5,265 S- 5,021 .
Liabilities and fund balance Liabilities:
Accounts payable S 304 S 371 j
- Accrued wages and payroll tax 408 332 ;
Unearned license revenue i15 113 ;
Compensated absences 4 -
i Total liabilities 831 816 Fund balance: l Reserved: 1 For police education 4 1 l For police expenditures 82 102' For police communication tower 6 -
l For fire expenditures 1 -
l For C.U.R.E. program 1 1 .
For prepaid insurance -
56
- Unreserved 4,340 4,045 -
Total fund balance 4,434 4,205 ,
Total liabilities and fund balances S 5.265 - $ 5,021 l t
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City of Leesburg, Florida General Fund Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual For the year er.ded September 30.1994 (in thousands)
Variance Favorable 1993 Budget Actual (Unfavorable) Actual Revenues:
Taxes $ 3.043 $ 3.114 5 71 5 2.924 Licenses and permits 206 218 12 197 Intergovernmental 1,510 1,587 77 1,507 Charges for services 162 158 (4) 190 Fines and forfeitures 155 172 17 146
, hiiscellaneous:
Interest 180 200 20 259 Other 196 I85 (l1) 370 Total revenues 5.452 5.634 182 5.593 Expenditures Current:
General government 1.015 924 91 756 Public safety 4,383 4.446 (63) 4,187 Public works 1.406 1,321 85 1.519 Comrnunity development 200 196 4 180 Culture / recreation 2,141 2,085 56 1,947 Debt service 12 12 -
1
' Total expenditures 9.157 8.984 173 8.590
- Deficiency of revenues over t under) expenditures (3.705) (3.350) 355 (2.997) l Other financing sources (uses)
Operating transfers in 4,844 4.824 (20) 4.451 ;
Operating transfers out (1.278) (1.245) 33 (1.227) 1 Total other financing sources 3.566 3.579 13 3.224 ;
Excess (deficiency) of revenues and i other sources over (under) ;
expenditures and other uses (139) 229 368 227 Fund balance, beginning of year 4.205 4.205 -
3.978 Fund balance, end of year 5 4.066 5 4.434 $ 368 5 4.205 1
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4 City of Leesburg, Florida General Fund Schedule of Revenues -Budget and Actual For the year ended September 30.1994 (in thousands)
Variance Favorable 1993 Budget Actual (Unfavorable) Actual Revenues:
Taxes:
Ad Valorem 5 2,193 5 2.216 5 23 5 2.134 Local option sales 745 790 45 733 Franchise fees 105 108 3 57 Total taxes 3.043 3.114 71 2.924 Licenses and permits: -
Licenses 135 137 2 126 -
Building permits 42 53 11 44 Other permits - 29 28 (1) 27 Total hcenses and permits 206 218 12 197 InterFovernmental:
State Frants 27 49 22 -
State shared revenues 913 943 30 937 County shared revenues 31 49 18 35 Fuel rebate 14 14 -
14 Local option taxes $25 532 7 521 Total intergovernmental 1.510 1.587 77 1.507 Charges for services:
General govemment charges 12 14 2 21 Other public safety charges 3 2 (1) 2 Other physical environment charges 2 -
(2) 12 Culture and recreation 145 142 (3) 155 ;
Total charges for services 162 158 (4) 190 l
]
Fines and forfeitures:
Coun fines 116 134 18 107 Library fines 15 16 1 15 Other fines and forfeitures 24 22 (2) 24 Total fines and forfeitures 155 172 17 146
]
Miscellaneous:
Sales - forfeited property -
8 8 72 )
Interest 180 200 20 259 j Rents and royalties 109 115 6 192 l Sale of city propeny and :
insurance compensation 24 25 1 23 Other 48 28 (20) 73 ,
Contributions 15 9 (6) 10 j Total miscellaneous revenues 376 385 9 629 l Total revenues 5 5.452 5 5.634 5 182 5 5.593 l
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City of Leesburg, Florida General Fund Schedule of Expenditures - Budget and Actual- By Department i
For the year ended September 30.1994 (in thousands)
Variance Favorable 1993 Budget Actual (Unfavorable) Actual Expenditures:
General Government:
City Commission 5 75 5 73 5 2 5 61 Executive offices 529 484 45 357 Finance department 286 245 41 205 Personnel service offices 89 91 (2) 84 Purchasing department 36 31 5 49 Total general government 1.015 924 91 756 Public safety:
Police department 2.824 2.835 (11) 2,658 Fire department 1.559 1,611 (52) 1.529 Total public safety 4.383 4.446 (63) 4.187 i Public works 1,406 1,321 85 1,519 Cc.mmunity development 200 196 4 180 Culture and recreation:
Library services 650 626 24 573 Recreation 1.491 1.459 32 1.374 Total culture and recreation 2.141 2.085 56 1.947 Debt service 12 12 -
1 Total expenditures 5 9.157 5 8.984 5 173 5 8.590
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Special Revenue Funds Community Development Fund - To account for the collection of housing assistance loans previously made. Proceeds accumulated from such collections may be reloaned to new program participants in the future, llousing Assistance Fund -To account for federal monies designated for housing cost assistance to low and moderate income families and the related administrative costs of the program.
Stormwater Fund - To account for revenues and expenditures related to stormwater management (i.e., the collection, storage and dispersal of rainwater).
Affordable Housing Fund - To account for federal, state, and local monies designated for construction and rehabilitation of housing for low and moderate income families and the related administrative costs of the program.
I' City of Leesburg. Florida Special Revenue Funds Combining Balance Sheet September 30.1994 l
(m shousandst Community llousing Attordable Totals Development Assistance Stormwater flousine 1994 1993 Assets Equity en pooled cash and cash equivalents $ 11 $ 108 $ 261 5 4 5 384 5 379 Housing assistance loans 59 - - -
59 59 Accounts receivable - - 36 -
36 44 Total assets 5 70 $ 106 297 4 5 479 5~ 482 Llibilities and fund balances Liabilities:
Due to other governments 5 59 $ 45 5 - 5 - S 104 5 195 Totalliabihties 59 45 - -
104 193 Fund balances:
Reserved.
For capitalimprovements 11 - - -
1I 9 For housing assistance - 33 - -
33 -
Unreserved - 30 297 4 331 278 Total fund balances 11 63 297 4 375 287 Total habihties and fund balances 5 70 $ 108 5 297 5 4 5 479 3 482 76-
City of Leesburg. Florida Special Revenue Funds Cornbining Statement of Revenues. Expenditures and Changes in Fund Balances 77 the year ended September 30.1994 (m thousandn l-Community llousing Affordable Totals i
Development Assistance Stormwater Housing 1994 1993 Revenues:
latergovernmental 5 2 5 6% - 5 7 5 705 5 622 Physical environment -
- $ 295 -
295 297 Interest - ! 8 -
9 8 Miscellaneous revenue - - - 7 7 -
Total revenues 2 097 303 14 1.0 t o 927 l Expenditures:
Phy sical environment - -
219 -
219 241 Iluman services -
665 -
10 675 619 Debt service - -
34 - 34 34 l Totalexpenditures -
6o5 253 to 928 894 Excess of revenues over expenditures 2 32 50 4 88 33 l Fund balances. befinning of year 9 31 247 - 287 254 Fund balances, end of year 5 11 $ 63 5 297 5 4 5 375 5 287 l
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City of Leesburg, Florida
- Community Development Fund Statement of Revenues, Expenditures and Changes in Fund Balance - 1 Budget and Actual i
For the year ended September 30,1994 (in thousands) :
Variance Favorable 1993 i Budget Actual (Unfavorable) Actual -
Revenues:
Intergovernmental S 650 5 2 S (648) S 2 ,
Total revenues 650 2 (648) 2 Expenditures Human services 650 -
650 -
- Total expenditures 650 -
650 -
Excess of revenues over expenditures -
2 2 2 Fund balance. beginning of year 9 9 -
7' Fund balance, end of year S 9 5 11 $ 2- S 9
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City of Leesburg, Florida Housing Assistance Fund Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual For the year ended September 30,1994 (in thousands)
Variance Favorable 1993 Budget Actual (Unfavorable) Actual Revenues:
Intergovernmental:
HUD contributions S 666 S 696 5 30 5 619 Interest 2 1 (1) 3 Total revenues 668 697 29 622 Expenditures:
Human services:
Welfare:
Personal services 49 49 -
45 Operating expenditures 619 616 3 574 Total expenditures 668 665 3 619 Excess of revenues over expenditures -
32 32 3 Fund balance, beginning of year 31 31 -
28 Fund balance, end of year S 31 S 63 $ 32 S 31 I
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City of Leesburg, Florida Stormwater Fund Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual For the year ended September 30,1994 (in thousands) ,
Variance Favorable 1993 Budget Actual (Unfavorable) Actual Revenues:
Intergovernmental - -
S 1 Physical environment:
Utility fees S 299 5 295 5 (4) 297 Interest 7 8 1 5 Total revenues 306 303 (3) 303 Expenditures:
Physical environmen::
Stormwater:
Personal senices 30 30 -
29 Operating expenditures 143 136 7 130 Capital outlay 55 53 2 82 Debt senice 34 34 -
34 Total expenditures 262 253 9 275 Excess of revenues over (under) expenditures 44 50 6 28 Fund balance, beginning of year 247 247 -
219 Fund balance, end of year 5 291 5 297 5 6 S 247 i I
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City of Leesburg, Florida '!
- Affordable Housing Fund i Statement of Revenues, Expenditures and Changes in Fund Balance -- l Budget and Actual i For the year ended September 30,1994 I
(in thousands) j I
Variance ;
Favorable - 1993 l Budget Actual (Unfavorable) - Actual ;
Revenues: i Intergovernmental $ 208 5 7 5 (201) $ -
l Miscellaneous 8 7 (1) -
! Total revenues 216 14 (202) -
f Expenditures: }
Human services: ;
Personal services 200 -
200 -
j Operating expenditures 16 10 6 - !
Total expenditures 216 10 206 -
Excess of revenues over (under) expenditures - 4 4 -
[
i Fund balance, beginning of year - - - -
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Enterprise Funds Utility Funds - The Electric, Gas, Water, and Sanitary Sewer and Wastewater Treatment Funds account for the provision of these utility services to customers within the City's service area. All activities necessary to provide such services are accounted for in these funds, including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collectica.
Sanitation Services Fund -To account for the collection, transport and disposal of solid waste for residential and commercial customers in the City.
Communications Services Fund - To account for the provision of communications services to customers in the City.
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City of Leesburg, Florida Enterprise Funds Combining Balance Sheet September 30,1994 (in thousands)
Electric Gas Water Utility Utility Utility Assets Current assets Equity in pooled cash and cash equivalents S 11,652 5 2.657 5 2,409 Receivables:
Customer accounts -unbilled 1,526 129 119 billed 2,083 258 137 Allowance for doubtful accounts (419) (22) (7)
Accrued interest 72 9 21 Due from other funds - - -
Inventory 808 80 131 Totai current assets 15,722 3.111 2,810 Restricted assets Equity in pooled cash and cash equivalents:
Debt sen' ice account 1,075 132 315 Renewal and replacement account 1,310 185 660 ,
impact fees account - -
421 Customer deposits account 1,216 59 79 Insestments:
Debt senice account 2,381 292 697 Total restricted assets 5,982 668 2,172 Property, plant and equipment Propeny, plant and equipment 46,258 5,808 11,342 Nuclear fuel 458 - - '
46,716 5,808 11,342 Less: Accumulated depreciation and amortization (16.150) (2,158) (4,645) 30,566 3,650 6,697 Construction in progress 1,997 444 51 32,563 4.094 6,748 Other assets Estimated landfill closure costs - net - - -
Unamonized bond issue costs 137 17 39 Rights to purchase power 53 - -
Crystal River decommissioning trust account 957 - -
1,147 17 39 Total assets S 55,414 5 7,890 5 11,769 Page 1 of 2 Other Sanitary Enterprise Sewer and Total Fund Wastewater Combined Sanitation Communication Totals Treatment Utility Services Services 1994 1993 5 5,137 5 21,855 5 1,030 -
5 22,885 5 19,576 '
164 1,938 114 - 2,052 2,364 209 2,687 151 -
2.838 2,82)
(l3) (461) - -
(46I) (453) 15 117 - -
117 118 15 -
15 6 8 1,027 - - 1,027 927 5.520 27,163 1,310 - 28,473 25,359 223 1,745 - - 1,745 1,708 708 2,863 - - 2,863 3.176 553 974 - -
974 833 30 1.384 - - 1,384 1,435 494 3,864 - - 3,864 3,868 2.00S 10.830 - - 10,830 11.020 19,054 82,462 1.423 5 178 84,063 80,878 458 - -
458 270 19,054 82,920 1,423 178 84,521 81,148 (5.692) (28,645) (900) (8) (29.553) (27.143) 13,362 54,275 523 170 54,968 54,005 374 2.866 - - 2,866 2,707 13,736 57.141 523 170 57,834 56,712 204 -
204 487 69 262 - -
262 294 53 - -
53 55 957 - -
957 836 69 1,272 2(M - 1,476 1.672 5 21.333 5 96,406 5 2.037 5 170 $ 98.613 5 94.763 City of Leesburg, Florida ,
Enterprise Funds ,
Combining Balance Sheet September 30.1994 (in thousands)
Electric Gas Water Utility Utility Utility Llibl!!tles and fund equity Current liabilities Accounts payable 5 1,213 5 143 -
Accrued expenses 1,139 33 5 45 Customer advances for constmetion 105 -
9 Due to other funds - - - -
Current ponion of capital lease obligation - - -
Estimated landfill closure cost payable - - -
Total current liabilities 2.457 176 54 Current liabilities (payable from restricted assets)
Customer deposits 1,216 59 79 Accrued interest on revenue bonds 481 59 141 Current ponion, bonds payable 545 67 160 Total current liabilities (payable from restricted assets) 2.242 185 380 Long term liabilities
- Notes payable - - -
Capital lease obligation -long-tenn portion - - -
Refunding revenue bonds payable 12.918 1,581 3,779 Accrued interest on capital appreciation revenue bonds 709 87 208 Less: Unamonized discount (113) (14) (32) !
Landfill post-closure costs payable - - - ,
Decommissioning costs 1.453 - -
Total long-term liabilitics 14.967 1,654 3.955 Total liabilities 19.666 2.015 4.389 Fund equity Contributed capital:
Other governments 18 6 77 Customers and developers 2,708 439 2,631 Other funds - - - r Total contributed capital 2.726 445 2,708 t Retained earnings:
Resened:
Debt senice 2.430 298 711 Renewal and replacement 1,310 185 660 !
Unreserved (deficit) 29.282 4.947 3.301 Total retained earnings (deficit) 33.022 5.430 4.672 Total fund equity (deficit) 35.748 5.875 7.380 ;
Total liabilities and fund equity 5 55.414 S 7.890 $ 11,769 !
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'i Other Sanitary - Enterprise
. Sewer and Total Fund Wastewater Combined Sanitation Communication Tot #.s l Treatment ' Utility Services Services 1994 1993 !
I 5 1,356 5 747 -
S 2,10" $ 1,536
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$ 87 1,304 54 - 1,358 714 9 123 - -
123 61 5 15 15 6 '
122 -
122 177 467 -
467 637 -l 96 2,783 1,390 15 4,188 3.181 ;
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30 1,384 - - 1,384 1,434 ;
100 781 - -
781 814 [
l13 885 - -
885 820 243 3,050 - - 3,050 3,068 i
2.365 2,365 - - 2,365 2,620 !
96 - 96 218 [
2.681 20,959 - - 20,959 21,845 .
I47 1,151 - - 1,151 974 ;
(24) (l83) - -
(l83) (204) j
- - 1,503 -
1.503 -
j
- 1,453 - -
1.453 1,162 '
5,169 25,745 1,599 - 27,344 26,615 >
5,508 31,578 2,989 15 34,582 32,864 i 8,012 8,113 - - 8,113 8,113 3,657 9,435 - - 9,435 7,592 l 14 14 441 141 596 473 i1,683 17,562 441 141 18 I44 16,178 *
$04 3,943 - - 3,943 3,943 708 2,863 - - 2,863 3,176 ,
2,930 40,460 (1,393) 14 39,081 38,602 ,
4,142 47,266 (1,393) 14 45,887 45,721 l
15,825 64,828 (952) 155 64,031 61,899 i 5 21,333 5 96,406 5 2,037 5 170 $ 98.613 $ 94,763
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City of Leesburg Enterprise Funds Combining Statement of Revenues. Expenses and Changes in Retained Earnings For the year ended September 30,1994 (in thousands}
Electric Gas Water Utility _
Utility Utility Operating revenues:
User charges 5 27,347 5 5,208 5 2.276 Other operating revenue 340 67 40 Total operating revenues 27.687 5,275 2.316 Operating expenses:
Power generation and transmission 1,028 - -
Purchased energy 15,589 3,104 -
Supply and pumping 144 Treatment - -
388 Distribution and collection 1,919 215 248 Customer accounts 764 249 237 General and administrative 1,215 388 215 Operating expenses - - -
Depreciation and amortization 2.199 174 409 Total operating expenses 22.714 4,130 1.641 Operating income (loss) 4.973 1.145 675 Nonoperating revenue (expense): ,
Interest income 775 126 184 Other nonoperating income 60 3 20 Interest expense (1,100) (135) (321) ,
Other nonoperating expense (71) (1) (2) l Total nonoperating revenue (expense) (336) (71 (119)
Income tlow) before operating transfers 4.637 1,138 556 1 1
Operating transfers:
Transfers out (3.402) (650) (209) l Net income (loss) 1,235 488 347 l l
Retained camings, beginning of year 31,787 4,942 4,325 l Adjustment - - -
Retained eamings (deficit), end of year S 33.022 $ 5.430 $ 4.672 i
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Other Sanitary Enterprise Srwer and Total Fund Westewater Combined Sanitation Communication Tctals Treatment Utility Services Services 1994 1993 S 3,038 $ 37,869 5 2,134 5 20 5 40,023 5 38,970 65 512 - -
512 568 3.103 38,381 2,134 20 40.535 39.538
- 1,028 - - 1,028 1,573
- 18,693 - - l 8,693 17,704 157 301 - -
301 324 651 1,039 - -
1.039 959 108 2,490 - -
2,490 2,382 212 1,462 - - 1,462 1,483 568 2,386 - -
2.386 2,209
- - 2,520 -
2.520 1,615 391 3.173 939 7 4.119 3.537 2.087 30.572 3.459 7 34.038 31,786 1.016 7.809 (1.325) ,13 6.497 7.752 l
256 1.341 49 -
1.390 1,165 12 95 49 -
144 472 (327) (1,883) (18) -
(1,901) (1,957)
(151 (89) - -
(89) (82)
I 174) ($36) 80 -
(456) (402) 942 7.273 (1,245) 13 6.041 7.350 (l11) (4.372) - - (4,372) (4.200) 83l 2,901 ( t,245) 13 1,669 3,150 3.311 44,365 1,355 1 45,721 42,571 (1.503) - (1,503) -
5 4.142 $ 47.266 $ (1,393) S 14 5 45.887 $ 45,721 l
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City Ne :vg, Florida ),
i Enterpise Funds '
Combining Statement of Cash Flows For the year ended September 30,1994 (in thousands >
l Electric Gas Water Utilltv Utility Utilits Net cash provided by (used for) operating activities 5 7.868 5 1.231 5 1.121 Ccwh flows used for noncapital financing activities Operaung transfers out to other funds (3.402) (650) (209)
Net cash used for noncapital financing acuvities (3.402) (650) (20W Cash flows from (uud for) capital and related financing activities interest paid on capital lease - - -
interest paid on revenue bonds (983) (120) (288)
Acquisiuon and 6 - rucuon of capital assets (2.020) (772) (476)
Pnncipal paid on capitas sease - - -
Pnncipal paid on bond matunties (505) (62) (148)
Prmcipal paid on note payable - - -
Capital contnbuted 329 380 251 Proceeds from notes payable - - -
Net cash used for capital and related financing activities (3,179) (574) (661)
Cash flows from insesting activities Purchase of mvestment secunues - - -
Interest on investments 778 126 185 Purchase of Crystal River decommission mvestments (1201 - -
Net cash flows from investmg acuvines 658 12o 185 Net increase (decrease) m cash and cash equivalents I945 133 436 Cash und cash equnalents at berm nng of year 13.308 2.900 3.448 Cash and cash equivalents at end of year 5 15.253 5 3.033 5 3.884 lleconciliation of operating income tioss) to nel cash
{
presided b,s insed forl operating activities Operaung meome (loss 1 5 4.973 5 1.145 5 675 Ad iustments to reconcile operating income to net cash provided by tused lori operaung activines:
Depreciauon and amomzauon 2.199 174 409 Ilad debt expense 119 4 3 Nonoperaung mcome 60 3 20 Nonoperaung expense (7!) (!) (2)
Decrease a mercase) in customer accounts 213 (D) 5 Increase in due from other funds - -- -
Increase m mventory (98) - -
Decrease m prepaid expenses - - -
Increase (decreaselin accounts payable (210) (21) -
Increase m due to other funds - - -
Decrease m esumated landfill closure costs payable - - -
Increase (decrease)in accrued expenses 660 (18) 7 Decrease in customer advances for construction 53 - 9 Ilnerease) decrease in customer deposits (30) (18) (5)
Net cash provided by (used for)operaung acuviues 5 7.868 5 1.231 5 1.lF Significant transactions not aficeting cash ,
Assets acquired by capital lease 5 -
5 - -
Water / sewer imes contributed by developers - -
5 448 Decrease m carrying value of assets contnbuted in pnor years - - -
Contnbuuons from other funds - - -
5 -
5 -
5 448
Other Sanitary Enterprise Sewer and Total Fund Wastewater Combined Sanitation Communication Totals Treatment Utility Services Senices 1994 1993 5 1.400 $ I1.620 5 (233) 5 29 5 11.416 5 l1.206 (liI) (4.372) - -
(4.372) (4.2001 i (lij) (4.372) - -
44.372 (4.200)
(18) -
(18) (24)
(296) (l.687) - -
(1.687) (1.721)
!!88) (3.456) (16) (29) (3.501) (2.527) i (177) -
(177) (158) I (105) (820) - -
(820) (205)
(255) (255) - -
(255) (235) 302 1.262 - -
1.262 660
- - - - - 384 (542) (4.956) (211) (29) 15.196) (3.826)
(511) 257 1.346 49 -
1.395 1.149 (120) - -
(120) (115) 257 1.226 49 -
1.275 523 1.004 3.518 (395) -
3.I23 3.703 5.647 25.303 1.425 -
26.728 23.025 5 6.651 5 28,821 $~ 1.0To~ $ -
5 29.851 5 26.726 5 1.016 5 7.809 5 (1.325) 5 13 5 6.497 5 7.752
- 39) 3.173 939 7 4.119 3.537 5 131 2 -
133 203 12 95 49 -
1 44 469 (l5) (89) - -
(89) (75)
(1) 180 (10) -
170 (364) ;
(9) -
(91 371 j (2) (100) - -
(KJ0) (91)
- - - - 4 (231) 747 -
516 63 9 9 (371)
(629) -
(629) (365) !
(7) 642 3 -
645 4 62 - -
62 20 1 (52) - -
(52) 49 5 1.4t u 5 11.620 5 (233 5 29 5 11.416 $ 11.206 5 - - -
5 216 5 132 5 580 - -
5 580 125 (122)
- - - 5 123 123 18 5 132 5 5h0 5 -
5 123 5 703 5 237
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Internal Service Funds Motor Pool Service Fund -To account for the costs of operating a maintenance facility for automotive equipment used by other City depanments.
1 General Employees' Health Insurance Fund -To account for the costs of providing health insurance to all covered City employees.
Workers' Compensation Insurance Fund - To account for the costs of providing workers' compensatico insurance to all covered City employees.
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i City of Leesburg, Florida ,
Internal Service Funds Combining Balance Sheet
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September 30.1994 i
(in thousandsb :
l General I Employees' Workers' Motor Pool Health Compensation . Totals - :
Service Insurance Insurance 1994 1993
- Current assets: '
Equity in pooled cash and cash equivalents 5 88 5 698 $ 1,709 5 2.495 5 2.056 - !
Miscellaneous accounts receivable - 249 -
249 - t inventory 54 - -
54 42
. Total current assets 142 947 1.709 2.798 2.098 !
Property, plant and equipment
- Buildmgs 28 - -
28 28 i Machinery and equipment IN - -
104 126 Less accumulated depreciation (94) - -
(94) (108) 38 - -
38 46 t Total assets $ 180 $ 947 $ 1.709 $ - 2.836 $ 2.144
{
Liabilities Accrued expenses $ 13 -
- $ 13 $ 11 Claims payable - $ 195 $ 294 489 428 Totalliabilities i3 195 294 502 439 !
f Fund equity i Coninbuted capital- General Fund 16 - -
16 16 Retained carnings:
Reserved for insurance ~- 752 1.415 2.167 1.561 Unreserved 151 - -
151 127 Total retamed e.irnmps 151 752- 1.415 2.318 1.689 Total tund equit3 167 752 1.415 2.334 1.705 Total haNhties and fund equit) $ 180 $ 947 $ 1.709 $ 2.836 $ 2.144 f
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1 City of Leesburg, Florida ;
Internal Service Funds ;
Combining Statement of Revenues, Expenses and Changes in Retained Earnings j-;
Year ended September 30.1994 lin thousands)
General 1 Employees' . Workers' Motor Pool Health Compensation Totals i Service Insurance Insurance 1994 1993 Operating revenues:
Charges for services 5 269 5 1,690 $ 686 $ 2,645 _5 2.218- ;
Operating expenses: _
i Personal services 139 - -
139 130 .
Other cervices and charfes 16 - -
16 14 Materials and supplies 81 - -
81 90 Depreciation 10 - -
10 11
- Claims expense -
945 73 1,018 1.222 ,
Administrative expenses -
41 25 66 57 i insurance premiums -
237 79 316 273 ;
1,223
^
Total operating expenses 246 177 1,646 1,797 Operating income 23 467 509 999 421
?
Nonoperating income:
Investment income -
24 59 83 55 ,
1 Income before operating transfers 23 491 568 1,082 479 Operating transfers out - -
(453) (453) (251)-
f Net income 23 491 115 629 228 h
Ret.uned earnmys, beginmng of year 128 261 1.300 1,689 1.461 Retained earmnps. end of year $ 151 5 752 5 1.415 5 2.318 $ 1.689 l
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I City of Leesburg, Florida Intemal Service Funds ,
Combining Statement of Cash Flows Year ending September 30,1994 ;
r (in thousands)
General Employees' Workers' Motor Pool llealth Compensation Totals Service Insurance lasurance 1994 1993 Nxt cash provided by operating activities S 23 $- 331 5 457 $ 811 5 457 Ccsh flows used by capital and related financing activities r Acquisition and construction of capital assets (3) - -
(3) (9) ;
Cash flows used by noncapital and related finIncing activities Operating transfers from other funds - - - - 140 Operating transfers to other funds - -
(453) (453) (3M9)
Net cash used by noncapital and related financing activities - -
(453) (453) (251) ,
Czsh flows from investing activities interest on investments -
24 59 83 58 Net increase in cash and cash equivalents 20 -355 64 439 255 Cash and cash equivalents at beginning of year 68 343 1.646 2.b57 1.802 - l Cash and cash equivalents at end of year '
5 88 5 698 $ 1.709 $ 2.495 $ 2.057 Reconciliation of operating income to net cash provided by operating activities Operanng mcome $ 23 $ 467 5 509 $ 999 5 421 ;
Adjustments to reconcile operstmg income to net cash provided by operating activities:
Depreciation 10 - -
10 11 increase in miscellaneous receivables -
(249) -
(249) .-
(Increasel m inventory (12) - -
(12) (11)
Increase (decrease) in claims payable -
113 (52) ' 61 33 increase in accrued expenses 2 - -
2 3 ,
Net cash provided by operating activities 5 23 $ 331 5 457 $ 811 .$ 457 ,
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l Fiduciary Fund Types Pension Trust Funds -To account for the accumulation of resources to be used for retirement payments to employees. Resources are contributed by the City, panicipating employees and the State.
Agency Fund -To account for the assets and liabilities of the Deferred Compensation Plan. Assets represent amounts earned by employees who have elected to defer a portion of their compensation to a later date.
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i City of Leesburg, Florida !
Fiduciary Fund Types Combining Balance Sheet September 30,1994 *
(in thousands)
Pension Trust Funds !
Municipal Municipal Police Firemen's General Retirement Retirement Employees' '
Trust Trust - Retirement Assets -
Cash and investments with trustees S 3,996 5 4.306 S 13,644 Accrued interest receivable 6 9 160
' Total assets S 4,002 5 4.315 5 13,804 Liabilities and fund equity Liabilities: i Deferred compensation payable Total liabilities - - -
Fund equity: ,
Fund balances reserved for employee benefits S 4,002 S $ 13,804 4.315_ '
Total liabilities and fund equity S 4,002 .S 4,315 5 13,804 f
Agency Fund Deferred Total Compensation 1994 1993
$ 1,407 5 23,353 5 23,077 1 175 189 -
S 1,407 5 23,528 5 23.266 S 1.407 5 1,407 5 1,306 1,407 1,407 1,306
- 22,121 21.960 ;
5 1.407 5 23.528 5 23.266 I
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.. . .. - . . . ~ . . _ ~ . - - . - , - . . _ - - - _ , .
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City of Leesburg. Florida '
- Pension Trust Funds - !
ComSining Statement of Revenues, Expenses and Changes in Fund Balances For the year ended September 30,1994 (m thousands) - l
?
a Pension Trust Funds - l Municipal Municipal ,
Police Firemen's General ;
Retirement Retirement Employees' Totals . i Trust Trust Retirement 1994 1993 Revenues: -
- Investment income: i Unrealized increase (decrease)in '
fair value ofinvestments S' 28 $ 11 5 (703) $ '(664) 5 1,269 ,
I interest and dividend income 55 76 635 766 895 {
Gain (loss) on sale of .j investments-net (43) (62) 206 101 _ 485
{
Totalinvestment income 40 25 138 203 2.649 ;
. Contributions: I Employer -
68 602 670 654' !
Employee 102 52 -
154 165- !
State of Florida 91 64 - 155 140- I Total contributions 193 184 602 979 959 ;
Total revenues 233 209 740 1.182 3.608 Expenses: ;
llenefit payments 101 379 356 836 532 l Administrative expenses 30 24 f 131 185 169 Total expenses 131 403 487 1.021 701 Net income (loss) 102 (194) 253 161 2.907 lt Fund balances. beginninF of year 3.900 4.509 13.551 21.960L 19.053 j Fund balances, end of year 5 4.002 5 4.315 $ 13.804 $ 22.121 S,,_. 21.960 -
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City of Leesburg, Florida !
Fiduciary Fund Types !
Agency Fund .
Statement of Changes in Assets and Liabilities i
For the year ended September 30,1994 ;
(in thousands)
Balance Balance October 1, September 30, '
1993 ' Additions Deductions 1994 ;
Assets investments $ l.3 % 5 132 $ 31 5 1,407 Total assets $ 1,306 5 132 5 31 5- 1,407 l i
Liabilities !
Deferred compensation payable S 1,306 5 132 5 31 5 1,407 l
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Total liabilities $ 1.306 5 132 5- 31 'S 1,407 l
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Account Groups Account Groups are used to establish accounting control and accountability for the City's general fixed assets and the unmatured principal ofits general long - term debt. These account groups are not funds; they do not reflect available financial resources and related liabilities.
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City of Leesburg, Florida Schedule of General Fixed Assets by Source
, (in thousands) i September 30 1994 1993 General fixed assets Land S 2,464 S 2,407 Building 8,094 8,023 Improvements other than buildings 5,030 4,882 Equipment and vehicles 5,944 5,398 Construction work in progress 937 863 Total general fixed assets S 22.469 5 21,573 Investments in general fixed assets General obligation bonds and revenue certificates S 5,854 S 5,858 Capitalized bond interest 29 29 Capital projects funds:
Economic development adminstration grants 430 430 Special improvement fund 63 63 11ospital construction fund 2,174 2,174 Federal, state and local grants 4,105 4,058 General fund revenues 8.305 7,609 Special revenue fund revenues 824 826 Utility revenue fund revenues 70 70 Gifts and other 615 456 Total investment in general fixed assets S 22,469 S 21,573 i
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City of Leesburg. Florida Schedule of General Fixed Assets -By Function and Activity September 30,1994 kn thousands)
Improvements Equipment Other Than and Function cad Activity Total Land Buildings Huildings Vehicles General end government Legislative 5 801 5 676 5 120 -
S 5 Executive 178 - - -
178 Financial and adrrunistrative 505 -
112 5 30 354 Other general government 2.262 66 1.808 194 194 Total general government 3.746 742 2.040 233 731 Public safity Law enforcement 1,516 100 380 66 970 Fire control I,137 5 298 15 819 Detention and correction 5 - - -
5 Protective inspection 37 - - -
37 Total pubhc safety 2.695 105 678 bl 1.831 j Physicil environment 936 -
67 223 646 l
I Transport tion Roads and streets 892 161 54 190 487 Airport 3,552 385 60 3.073 34 ParLin; facihties 37 37 - - -
Total transportation 4.48i 583 It4 3.263 521 Economic environment 305 185 - 86 34 Iluman ser16ces 2.182 31 2.148 -
3 Culture and recreation Community building 418 -
418 -
Libraries 2.200 51 965 - 1,184 Parks and recreanon 3,098 578 930 739 851 Cultural scruces 319 232 64 3 Special recreational facihties NI 78 226 254 53 Mote 4torris house 397 11I 276 10 Other culture and recreation 114 - -
37 77 Total culture and recreation 7.187 818 3.047 1.144 2.17s Total by function and activity 21,532 5 2.4M 5 s.094 $ 5.030 $ 5.944 Construction uork in progress 937 Total rencrat fixed assets 5 22.469 i
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_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___________J
City of Leesburg, Florida Schedule of Char.ges in General Fixed Assets - By Function and Activity For the year ended September 30.1994 fm shousands)
General General Fixed Assets Rxed Assets Function and Activity 10/1/93 Additions Deductions 9/30/94 General and government Legislative 5 799 5 2 - 5 801 Enceutive 183 1 5 6 178 Fmancial and administrative 459 71 25 505 Other general rovernment 2.217 48 3 2.262 Total Feneralgovernment 3.658 122 34 3.746 Public safety Law enforcement 1.432 139 55 1.516 Fire control 1.121 17 I 1,137 Detennon and correction 5 - -
5 Protective mspection 37 1 1 37 Total public safety 2.595 157 57 2.695 i Physical Environment 868 87 19 936 Transportation Roads and streets 758 155 21 892 Airport 3.541 11 -
3.552 i Parking facilities 37 - - 37 Total transportation 4.336 loo 21 4.481 Economic ensironment 305 - - 305 Iluman ser$ ices 2.179 3 -
2.182 Culture and recreation Community building 418 -- -
418 l#raries 2.095 105 -
2.200 ParLs and resteatinn 2,906 205 13 3.093 Cultural eruces 319 - -
319 Srceial recreannnal lacilitics 641 - -
641 N101ealorra house 342 55 - 397 Other culture and recreation 48 66 -
114 1olal suiture and recreation 6.769 431 13 7.lb7 Construstmn work in progress 863 145 71 937 lotal rencral thed anets 5 21.573 5 1.111 5 215 5 22.404
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City of Leesburg, Florida Schedule of General Long-Term Debt f (in thousands)
September 30 l 1994 1993 !
Amount available and to be provided for the p:yment of general long-term debt Serial and term bonds - Public improvement !
revenue bonds and certificates: l Amount available in debt service fund S. 714 S 701 Amount to be provided 4.481 4.664 Total serial and term bonds 5,195 5,365 '
t Other long-term liabilities -
Amount to be provided 799 787 Total available and to be provided S 5.994 5 6.152 Generallong-term debt payabic
. Refunding and capital improvement revenue bonds, Series 1987 S 5,195 S 5,365 ,
Employee compensation absences payable 782 729 :
Real estate notes payable -
10 Capital lease payable 17 48 Total general long-term debt payable S 5.994 5 6,152 i
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Statistical Section .
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Statistical Data Statistical data are presented to provide greater detailed information than reponed in the preceding financial statements. This information in many cases has been spread throughout the repon and is brought together here for greater clarity. Statistical data are not necessary for fair presentation in conformity with generally accepted accounting principles.
The City has had no general obligation debt outstanding during the past ten years.
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City of Leesburg, Florida General Governmental Expenditures by Function and Other Uses (1)
Last Ten Fiscal Years (in thousands)
Fiscal General Pnblic Physical Community Year Government Safety Environment Public Works Development 1985 $ 592 $ 2,257 5 251 $ 795 $ 21 1986 641 2,491 336 710 56 1987 681 2,616 280 661 323 1988 923 2.794 322 731 28 1989 806 2,932 303 918 85 f 1990 600 3,392 441 887 131 1991 679 3,725 105 1,528 169 1992 708 4,102 281 1,403 174 1993 756 4,187 241 1,519 180 1994 924 4.446 219 1,321 196 i
(I) includes General. Special Revenue and Debt Service Funds.
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Tchte 1 Iluman Culture and Debt Sliscellanous Services Recreation Service and Other Total 5 167 5 1,356 5 1.916 5 305 5 7.660 4
222 1,300 316 346 6.418 258 1.390 776 385 7.370 332 1,383 447 924 7.884 i
428 1.538 557 1.222 8.789 441 1,688 524 1,770 9.874 531 1,821 533 1,228 10.319 620 1,877 542 1,168 10.875 6I9 1.947 562 1.227 11,238 I 675 2,085 569 1,262 11.697 i i
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City of Leesburg, Florida General Revenues by Source and Other Financing Sources (1)
Last Ten Fiscal Years (in thousands)
Licenses Charges Fiscal and for Year Taxes Permits Intergovernmental Senices 1985 5 1,053 $ 127 5 1,369 5 159 1986 1,176 127 1,572 142 1987 1,309 128 1,973 158 1988 1,937 134 1,893 141 1989 2,132 181 1,591 157 1990 2,635 175 1,917 152 1991 2,503 149 2,014 311 1992 2,930 168 2,121 466 1993 2,924 197 2,129 487 1994 3,114 218 2,292 453 (1) includes General, Special Revenue and Debt Service Funds.
(2) In 1985, the Ambulance Services and Refuse and Garbage revenues are shown in Enterprise Fund.
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l Table 2 I
f Fines and Miscellaneous Forfeitures and Other Transfers Total S 144 5 2,318 S 2,654 $ 7,824 157 379 3,164 6,717 160 408 2,917 7,053 158 604 3,366 8,233 166 668 4.014 8,909 214 717 3,994 9,804 207 800 4.386 10,370 187 753 4,857 11,482 146 653 4.896 11,432 172 420 5,341 12,010
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City of Leesburg, Florida ;
1 Property Tax Levies and Collec:Jons Last Ten Fiscal Years Percent of Delinquent ;
Fiscal Total Current Tax Levy Tax Year Tax Levy * - Collections
- Collected ' Collections
- j 1985 $ 1,050 $ 1,017 96.8 % S 5 !
1986 1,183 1,142 96.5 % 2 1987 1,318 1,268 96.2 % 4 [
1988 1.453 1,402 96.5 % 3 1989- 1,514 1,461 96.5 % 3 :
1990 1,883 1,802 95.7 % -
1991 1,890 1,776 93.9 % 14 h i
1992 2,175 2,029 93.3 % 87 i 1993 2,177 2,077 95.4 % 56 ,
i 1994 2,292 2,150 93.8 % 65 !
4 (1) Property tax assessments and collections are performed for the City by Lake County. This information was not available from Lake County. j (2) Section 197.012, Florida Statutes, allows a discount for early payment of 4% in November, 3% in December,2% in January and 1% in February.
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Table 3 Percent of Total Tax Outstanding Total Tax Collections Delinquent Collections
- To Tax Levy Taxes (1)
S 1,023 97.4 % -
1,144 96.77c -
1,272 96.5 % -
1,405 96.7 % -
1,464 96.7 % -
1,802 95.77c -
1,790 94.77c -
2.116 97.37c -
2.133 98.07c -
2.215 96.67c -
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City of Leesburg. Florida Table 4 I
Assessed Value of Exempt and Taxable Property Last Ten Fiscal Years fm shousands)
Esempt Fiscal Assessed Centrally Taxable Assessed Year Valuation Real Personal Assessed Total Valuation 1985 $ !!4.586 $ 195.711 3 68.171 5 749 5 364.631 5 379.217 1986 118.761 224.234 73.561 433 398.228 416.989 1987 118.421 247,101 84.595 052 332.348 450.769 1988 121.598 271.482 94.174 716 366.372 487.970 1989 124.250 282.164 98.959 408 381.531 505.781 1990 137.851 301.844 115.838 652 418.334 556.185 199l 140.970 307.735 111.582 675 419.992 560,962 1992 146,940 355.401 127.311 674 483.386 630.326 1993 171.067 352.537 130,832 298 483.667 654.734 j
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1994 174.959 358.898 150.270 199 509.367 684.326 Notes (li Chapter 193. Flonda Statutes requires that all property shall be assessed at just or fair market value as of January I of each year.
All cases are due and payable on November I and become delmquent on April 1 of the subsequent year. Discounts are allowed at the rate of 4% m the month of November. 3% in December 2% in January and 1% in February.
Charier 193. Florida Statutes. provides that all items of inventory On personal property) shall be assessed at 10% of just valuation, cwert Foods m-process and raw materials, w hich shall be assessed at 1%. Furthermore, agncultural properues are assessed at aprwultural value as opposed to fair market value for non-agneultural property.
C6 thiimaied actual value is not available.
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City of Leesburg, Florida Table 5 Property Tax Rates - All Direct and Overlapping Governments (Per $1,000 of Assessed Value)
Last Ten Fiscal Years Northwest Water Water Fiscal School Ambulance Ilospital Conservation Management Yerr City District County District District Authority District Total 1985 3.967 5.606 3.272 0.412 0.966 0.047 0.28I I4.551 1986 3.967 6.415 3.492 0.226 0.706 0.040 0.318 15.164 1987 3.967 6.608 3.400 0.190 1.000 0.300 0.319 15.784 1988 3.967 7.477 3.400 0.188 1.000 0.350 0.517 16.899 1989 3.967 7.742 3.800 0.223 0.964 0.838 0.281 17.815 1990 4.500 8.451 4.938 0.223 0.887 0.621 0.346 19.966 1991 4.500 8.749 4.938 0.223 1.000 0.771 0.358 20.539 1992 4.500 8.880 4.938 0.223 1.000 0.751 0.358 20.650 1993 4.500 9.005 4.864 0.222 1.000 0.740 0.358 20.689 1994 4.500 8.938 5.135 0.222 1.000 0.517 0.470 20.782 P
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1 City of Leesburg, Florida Table 6 Computation of Overlapping '
- General Obligation Debt (1)
September 30,1994 (in snousands)
Applicable to the i City of Leesburg Government Unit Outstanding Percent (2) Amount Lake County School District Education Bonds S 6,730 11.27 % S 758 e
Lake County Sales Tax Revenue Bonds 30,825 11.27 % 3,474 .
Lake County School District Certificates of Participation 27,230 11.27 % 3,069 ;
(1) The City of Leesburg did not have any general obligation debt outstanding during the fiscal year ended September 30,1994. ,
(2) Represents the fraction of assessed valuation of taxable property in the City of Leesburg over ~ ,
assessed valuation of taxable property in Lake County.
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City of Leesburg, Florida Table 7 Ratio of Annual Debt Service Expenditures For General and Special Revenue Bonded Debt to Total General Expenditures -
Last Ten Fiscal Years (in thousands)
Ratio of Debt Total Service to Fisez! Debt Tctal General Total General Ye:r Principal (1) Interest (1) Service (1) Expenditures (2) Expenditures 1985 5 40 $ 269 5 309 $ 5,130 6.02 1986 87 229 316 5,756 5.48 1987 476 300 776 6.208 12.50 1988 75 403 478 5,613 7.33 1989 159 398 557 7,009 7.95 1990 140 384 524 7.708 6.80 1991 145 378 523 8368 6.11 1992 150 371 521 9,707 5.36 I993 160 367 527 10,011 5.26 1994 170 353 523 10,435 5.01 (1) includes Refunding and Capital Improvement Revenue Bonds, Series 1987, which are Special Obligation Bonds.
(2) Excludes Operating Transfers Out.
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City of Leesburg, Florida Combined Utility Funds Schedule of Revenue Bond Coverage Last Ten Fiscal Years (in thousands)
Operation and Fiscal Gross Maintenance Net Year Revenues Costs (1) Revenue 1985 S 28,403 5 22,111 S 6,292 1986 28,960 21,105 7,855 1987 28,429 21,218 7,211 1988 31,677 20,712 10,965 1989 33,523 21,912 11,611 1990 35,524 22,420 13,104 1991 36,915 24,571 12,344 1992 36,530 24,851 11,679 1993 38,477 26,635 11,842 1994 39,722 27,399 12,323 (1) Excludes interest expense and depreciation.
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Debt Service Requirements Sinking Principal Interest Fund Total Coverage '
S 2,116 5 317 5 2,433 2.59
- 1,953 327 2,280 3.45 1,953 323 2,276 3.17
- 1,953 318 2,271 4.83
- 1,896 474 2,790 4.16 S. 185 1,664 511 2,360 5.55 195 1,653 553 2,401 5.14 205 1,641 595 2,441 4.79
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2,446 5.04 i
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City of Leesburg, Florida Table 9 -
Demographic Statistics ;
Last Ten Years Per Fiscal Capita School Unemployment ;
Year Population (1) Income (2) Enrollment (3) Rate (4) 1985 14,063 $ 13,910 4,896 10.80 %
1986 14,457 14,820 N/A 7.70 %
1987 14,659 15.557 N/A 6.40% --
'I988 14,743 16,408 N/A 5.60 %
1989 14,939 17,432 4,763 6.20 %
1990 14,912 17,673 4,795 7.90 % -
I991 15,174 N/A 4,932 8.90% -
I992 15,063 N/A 4,930 10.0 %
1993 14.963 N/A 4,975 6.90 %
1994 15.005 N/A 4,997 N/A i
N/A = Not Available.
Data Sources (1) U.S. Census Bureau, Bureau of Business and Economic Research.
(2) Data for Lake County was obtained from the U.S. Department of Commerce, Economic Analysis ;
as published in the Florida Statistical Abstract. i (3) Annual school census by Board of Education. Figures represent elementary and secondary public schools. Students in community colleges are not included.
t (4) U.S. Depanment of Labor - These estimated figures are based on the County as a whole. No individual figures are available for the City of Leesburg.
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7 City of Leesburg, Florida Table 10 >
Construction Permits and Values Last Ten Fiscal Years Commercial Construction (1) Residential Construction (1)
Fiscal Number of Number of Yezr Permits Value Units Value (in thousands) (in thousands) 1985 25 5 7,188 230 $ 6,146 1986 25 4,376 135 4,357 1987 34 11,742 119 4,801 1988 20 6,875 144 5,166 '
1989 22 13,566 420 15,751 1990 8 3,461 65 2,324 ;
I991 6 2,303 43 2,490 1992 14 4,267 22 1,934 1993 20 9,866 31 2,776 I994 13 7,741 56 3,007 (1) Based on building permits issued by City Depanment of Building and Zoning Codes.
Property values are estimated construction costs. Commercial construction includes all non-residential construction.
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l City of Leesburg, Florida Table 11 Principal Taxpayers September 30,1994 !
a Percentage of Assessed Total Assessed Taxpayers Type of Business Valuation Valuation (in thousands)
Coca-Cola - Foods Division Citrus processing S 68,429 13.43 %
United Telephone of Florida Telephone 38,283 7.52 %
Lake Port Properties Retirement community 17,482 3.43 %
Citizens National Bank Banking 8,526 1.67 %
SunBank,N.A. Banking 5,045 0.99 % ,
Leesburg Daily Commercial Newspaper publisher 4,100 0.81 % !
Wal Mart Stores Department Store 4,073- . 0.80 % ;
i Walling Enterprises Shopping Center 3,717 0.73 % .
Excel Mortgage Funding Shopping Center 3,424 0.67 % ,
Mid-Florida Freezer, Inc. Warehouse 2,853 0.56 %
i Leesburg Associates Shopping Center 2,827 0.55 %
Scripps Howard Cable Service Cable Television 2,822 0.55 %
Leesburg Marketplace Shopping Center 2,789 0.55 %
S 164,370 32.26 % <
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t City of Leesburg, Florida Table 12 Miscellaneous Statistics September 30,1994 ,
Miles of Paved Streets 79.6
- Number of Street Lights 1,823 Fire Protection: 1 Number of Stations 2 >
Number of Firemen and Officers 31 ;
Police Protection.
Number of Stations - 2 :
Number of Policemen and Officers - 48
' Education (Elementary Only):(1)
Attendance Centers (Public Schools Only) 4 Number of Classrooms 101 Number of Teachers - 140 ;
Number of Students 2,031 Municipal Water Department: l
. Number of Consumers - Residential 7,172 !
Average Daily Consumption 316 Gallons Miles of Water Mains 330 i
Municipal Gas Department: !
Number of Consumers - Residential 6,857 Average Daily Consumption 0.846 therms Miles of Gas Mains 223 l
Municipal Electric Department: !
Number of Consumers - Residential 13,996 l
Average Monthly Consumtpion 973 kwh J Miles of Primary Electric Lines within the City 342 ,
Wastewater and Sanitary Sewers: 'i Sanitary Sewers 145 Miles i Storm Sewer 17.7 Miles i Building Permits issued 686 Recreation and Culture: i Number of Parks 9 with 225 Acres .j Number of Libraries 1 1 Number of Volumes 135,000 r
Total Employees for the City Overall:
Full-time Employees 365 Part-time Employees 20
- (1) Elementary includes grades K through 5.
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City of Leesburg, Florida Table 13 l l
Corporate Limits and Annexations LastTen Fiscal Years Fiscal- Annexation Corporate Limits Year Acres Acres Square Miles :
1985 93.02 6,661.35 10.49 ,
1986 288.43 6,949.78 10.94 i t
1987 230.25 7,180.03 11.30 1988 62.00 7,242.03 11.32 >
1989 4.70 7,246.73 11.41 1990 310.42 7,557.15 11.89 1991 3,823.00 11,380.15 17.78 1992 522.02 11,902.17 .I8.60 '
i 1993 658.21 12,560.38 19.62 1994 13.86 12,574.24 19.65 l
Source {
- City of Leesburg; Department of Planning and Community Development ;
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Other Reports Section
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DERNST& YOUNG LLP a aana ,m-n<,n,, una07 ema Suite 1700 390 North Orange Avenue Orlando, Florida 32801-1671 Report ofIndependent Certified Public Accountants l on Compliance Related to the i General Purpose Financial Statements .
I Honorable City Commissioners l
City of Leesburg, Florida i i
We have audited the general purpose financial statements of the City of Leesburg, Florida :
as of and for the year ended September 30,1994, and have issued our report thereon dated i December 30,1994.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement.
Compliance with laws, regulations, contracts, and grants applicable to the City of l Leesburg, Florida,is the responsibility of City of Leesburg, Florida's, management. As ,
part of obtaining reasonable assurance about whether the general purpose fm' ancial l statements are free of material misstatement, we performed tests of the City of Leesburg, I Florida's compliance with cenain provisions of laws, regulations, contracts, and grants. l However, the objective of our audit of the general purpose financial statements was not to (
provide an opinion on overall compliance with such provisions. Accordingly, we do ne: l express such an opinion.
The results of our tests indicate that, with respect to the items tested, the City of Leesburg, I Florida complied, in all material respects, with the provisions 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 had not complied, in all material respects, with those provisions. 1 This repon is intended for the information of management, the City Commission, and agencies providing state and federal financial assistance. However, this report is a matter of l l
public record and its distribution is not limited.
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CERNST& YOUNG LLP O Certified Public Accountants a Phone: 407 872 6600 suite 1700 390 North Orange Avenue Orlando, Flonda 32801-1671 Report ofIndependent Certified Public Accountants on Supplementary Information Schedule of Federal Financial Assistance Honorable City Commissioners City of Leesburg, Florida We have audited the general purpose financial statements of the City of Leesburg, Florida as of and for the year ended September 30,1994, and have issued our report thereon dated December 30,1994. These general purpose financial statements are the responsibility of City of Leesburg, Florida management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Govemment Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial t'atements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
Our audit was made for the purpose of forming an opinion on the general purpose financial statements of the City of Leesburg, Florida, taken as a whole. The accompanying Schedule of Federal Financial Assistance is presented for purposes of additional analysis and is not a required part of the general purpose financial statements. The information in that schedule has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole.
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City of Leesburg, Florida Schedule of Federal Financial Assistance For the fiscal year ended September 30,1994 Federal CFDA Federal Federal Federal Grantor / Program Title Number Revenues Expenditures Major Program Department of Housing and Urban Development Section 8 Existing Housing Cenificate Program 14.156 $355,333 $331,633 Section 8 Housing Voucher Program 14.156 341,322 333,514 Total Department of Housing and Urban Development 696,655 665,147 Non major Programs Pa3s-through State of Florida Depanment of Transportation State Safety Office, Traffic Safety Section Subgrant
- Police Car #-94-05-11-06 18,925
- 18,925
- Total Federal Financial Assistance S715,580 5684,072 A police car was received directly from the grantor. No cash was received or disbursed by the City.
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r EBERNST& YOUNG LLP ceacnuuaoununu w a m u,oo Suite 1700 3'JO North Orange Avenue Orlando, florida 32t101-1671 Report ofIndependent Certified Public Accountants on Compliance with the Specific Requirements Applicable to Major Federal Financial Assistance Programs i
Honorable City Commissioners City of Leesburg, Morida We have audited the general purpose financial statements of the City ofleesburg, Morida as of and for the year ended September 30,1994, and have issued our report thereon dated December 30,1994.
We also have audited the City of Leesburg, Florida's compliance with the requirements governing types of services allowed or unallowed; cligibility; reporting; special tests and provisions; and claims for advances and reimbursements that are applicable to its major federal financial assistance program, which is identified in the accompanying schedule of federal financial assistance, for the year ended September 30,1994. The management of the City of Leesburg, Morida is responsible for the City of Leesburg, Borida'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 of compliance with those requirements 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 ofState 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 examining, on a test basis, evidence about the City of Leesburg, Rorida's compliance with those requirements.
We believe that our audit provides a reasonable basis for our opinion.
The results of our audit procedures disclosed an immaterial instance 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.
In our opinion, the City of Leesburg, Florida complied, in all material respects, with the requirements goveming types of services allowed or unallowed; cligibility; reporting; special tests and provisions; and claims for advances and reimbursements that are applicable to its major federal financial assistance program for the year ended September 30,1994.
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__ _ _ _ _ , _ _ - _ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ' " - " ' - - - - - - - - - - - - - " - - - ^ - - - - " - - - - - ----- ---- ' - - - - - - - - - -
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' I This report is intended for the information of agencies providing federal financial assistance !
and management. However, this repon is a matter of public record and its distribution is l 4- notlimited. '
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City of Leesburg Schedule of Findings and Questioned Costs Year ended September 30,1994 -
l Compliance Questioned ;
Requirement Finding Cost '
i Housing Voucher Tenant utility allowance of a Section 8 recipient was calculated $192 ;
Subsidiary based on a more expensive utility than actually used. In addition, the total calculated allowance was incorrectly ,
transferred from the calculation worksheet to the voucher i payment schedule. Because of these errors, the recipient received $16 per month in excess of the appropriate allowance for a period of 12 months. Thus, this individual has received -
$192 in excess of appropriate allowance. j l
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1 OERNST& YOUNG LLP o cn,ir,a euuanuaunn, a n-a0r en wm Suite f 700 390 North Orange Avenue Orlanckt Monda 32801 1671 l
l 1 Report ofIndependent Certified Public Accountants i on Compliance with the General Requirements l Applicable to Federal Financial Assistance Programs l
I l Honorable City Commissioners !
l City of Leesburg, Florida l We have audited the general purpose financial statements of the City of Leesburg, Florida as of and for the year ended September 30,1994, and have issued our report thereon dated December 30,1994.
i We have applied procedures to test the City of Leesburg, Florida's compliance with the following requirements applicable to its federal financial assistance programs, which are identified in the schedule of federal financial assistance, for the year ended September 30, 1994: Political activity, civil rights, cash management, federal financial reports, dmg-free workplace, allowable cost / cost principles, and administrative requirements.
Our procedures were limited to the applicable procedures described in the Office of Management and Budget's Compliance Supplementfor Single Audits ofState and Local 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 Leesburg, Florida's compliance with the requirements listed in the preceding paragraph. Accordingly, we do not expmss such an opinion.
With respect to the items 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 Leesburg, Florida, had not complied,in all material respects, with those requirements.
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This report is intended for the information of agencies providing federal financial assistance, the City Commission, and management. However, this report is a matter of public record and its distribution is not limited.
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OERNST& YOUNG LLP O cedMed Public Anountants o Itone: 407 872 6600 Suite 1700 3?O North Orange Avenue Orlando, F londa 32801-1671 4
Report ofIndependent Certified Public Accountants on Internal Control Structure Used in Administering Federal Financial Assistance Programs Honorable City Commissioners City of Leesburg, Florida We have audited the general purpose financial statements of the City of Leesburg, Florida as of and for the year ended September 30,1994, and have issued our report thereon dated December 30,1994. We have also audited the City of Leesburg, Florida's compliance with requirements applicable to its major federal financial assistance program and have issued our repon thereon dated December 30,1994.
We conducted our audits in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General of the United States; and Office of Management and Budget (OMB) Circular A-128, Audits ofState and Local Govemments. Those standards and OMB Circular A-128 require that we plan and perform the audit to obtain reasonable asseance about whether the general purpose financial statements are free of material misstatement and about whether the City of Leesburg, Florida complied with laws and regulations, noncompliance with which would be material to its major federal financial assistance program.
In planning and performing our audits for the year ended September 30,1994, we considered the City of leesburg, Florida's intemal control structure in order to determine our auditing procedures for the purpose of expressing our opinions on the general purpose financial statements of City ofleesburg, Florida and on its compliance with requirements applicable to its major program and to repon on the internal control structure in accordance with OMB Circular A-128. This report addresses our consideration ofinternal control structure policies and procedures relevant to compliance with requirements applicable to federal financial assistance programs. We have addressed internal control structure policies and procedures relevant to our audit of the general purpose financial statements in a separate report dated December 30,1994.
The management of the City ofleesburg, Florida is responsible for establishing and maintaining an internal control stmeture. In fulfilling this responsibility, estinates and judgmen's 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 pmvide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management's authorization and recorded properly to
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permit the preparation of general purpose financial stateraents in conformity with generally accepted accounting principles, and that federal financial assistance programs are managed in compliance with applicable laws and regulations. Because of inherent limitations in any internal control structure, errors, irregularities, or instances of noncomp'iance may nevertheless occur and not be detected. Also, projection of any evaluattun 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.
For the purpose of this report, we hat . Classified the significant internal control structure policies and procedures used in admr.astering federal financial assistance programs in the following categories:
Administrative Coritrols Internal Accounting Controls GeneralRequirements Political activity -
Cash Receipts Civil rights -
Cash Disbursements Cash management
- Payroll Federal financial reports Drug-free Workplace Act Allowable cost / cost principles Administrative requirements Specific Requirements Types of services
- Eligibility of participants Reporting Special tests and provisions Claims for advances and reimbursement For all the intemal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and determined whether they have been placed in operation, and we assessed control risk.
During the year ended September 30,1994, the City of Leesburg, Florida expended 97%
of its total federal financial assistance under one major federal financial assistance program.
We performed tests of controls, as required by OMB Circular A-128, to evaluate the effectiveness of the design and operation ofintemal control structure policies and procedures that we considered relevant to preventing or detecting material noncompliance with specific requirements and general requirements, that are applicable to the City of Leesburg, Florida's major federal financial assistance program, which is identified in the accompanying schedule of federal financial assistance. Our procedures were less in scope
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than would be necessary to render an opinion on these intemal control struct' ire policies and procedures. Accordingly, we do not express such an opinion.
Our consideration of the intemal control stmeture policies and procedures used in administering federal financial assistance programs would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material wealmess is a reportable condition in which the design or operation of one or more of the specific in:emal control structure elements does not reduce to a relatively low level the risk that noncompliance with laws and regulations that would be material to a federal financial assistance program may cccur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operation that we consider to be. material weaknesses as defmed above.
- However, we noted other matters involving the internal control structure and its operation that we have reported to the management of the City of Leesburg, Florida in a separate letter dated December 30,1994.
This report is intended for the information of agencies providing federal financial assistance and management. However, this report is a matter of public record and its distribution is not limited.
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OERNST& YOUNG LU' a cea a n m u- m e a m m ssw suite 1/00 390 North Orange Avenue Orlando, florida 32801-1671 i l
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Report ofIndependent Certified Public Accountants l on Supplementary Inforrnation Schedule of State Financial Assistance Honorable City Commissioners City of Leesburg, Florida We have audited the general purpose financial statements of the City ofIeesburg, Florida as of and for the year ended September 30,1994, and have issued our report thereon dated December 30,1994. These general purpose financial statements are the responsibility of City of Leesburg, Florida management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presenuition. We believe that our audit provides a reasonable basis for our opinion.
Our audit was made for the purpose of forming an opinion on the general purpose financial statements of the City of Leesburg, Florida, taken as a whole. The accompanying Schedule of State Financial Assistance is presented for purposes of additional analysis and is not a acquired part of the general purpose financial statements. The information in that schedule has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole.
&+ LLP December 30,1994
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City of Leesburg, Florida Schedule of State Financial Assistance For the fiscal year ended September 30,1994 State State .
State Grantor Grant Number Revenues Expenditures Florida Depanment of State Division of Libraq and Information Services DLIS-94-I-02-B-02-E S 3,750 S 3,750 Florida Department of Conununity Affairs- Emergency Management 93-EO-2U-06-45-02-035 11,555 -
Recycling and Education Grant N/A 20,391 20,391 Florida Division of Historical Resources:
Historic Presenation Grants:
Leesburg Survey Project N/A 15,000 30,353 Mote - Morris House Roof Replacement N/A 12,500 54,749 State Housing Initiative Partnership (SHIP) Program Fund N/A 7,000 7,000 TotalState Assistance $70,196 SI16,243 N/A = Not Available
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