ML20138H227
| ML20138H227 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 09/30/1996 |
| From: | Baker G OCALA, FL |
| To: | |
| Shared Package | |
| ML20138H133 | List:
|
| References | |
| NUDOCS 9705070116 | |
| Download: ML20138H227 (196) | |
Text
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- 4nnual '~}inancial I ef0Yb 9er t/ue year enheb September 30,1996
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6 CITY OF OCALA, FLORIDA i
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l COMPREHENSIVE ANNUAL FINANCIAL REPORT l
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! September 30,1996 4
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t Prepared by:
Department of Finance i
l CITY OF OCALA, FLORIDA 1
COMPREHENSIVE ANNUAL FINANCIAL REPORT 1
Year Edded September 30,1996 4
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i City Council i
i j E. L. Foster, Mayor ,
3 Michael A. Finn, President 4
. Michael S. Amsden
, Gerald K. Ergle Richard A. Kesselring l Mary S. Rich i
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City Officials City Manager Scotty J. Andrews Deputy City Manager Richard K. Imvis Assistant City Manager Janet Y. Tutt Assistant City Manager Oel G. Wingo Building Official Donald C. Noxon City Attorney Patrick G. Gilligan :
City Clerk M. Jane Milam l City Engineer B. William Ten Broeck Electric Utility Director Dean G. Shaw Finance Director Glen L. Baker Fire Chief William E. Woods Fleet Management Director Glenn A. Stephens GolfDirector Joseph Moses, Jr.
Human Resources Director Carolyn V. Ingham Internal Auditor Eric J. Lewerenz Library Director Julia H. Sieg M.I.S. Director Chester K. Holloway Planning Director Paul K. Nugent Police Chief Morrell Deen Acting Public Works Director Daryl J. Poole ,
Purchasing Director James W. Crosby Rect:ation and Parks Director David J. Pritchard Risk Manager Leonard A. Baker, Jr.
Water and Sewer Director Henry K. Hicks
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INTRODUCTORY SECTION
- This Section contains the following Subsections
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i Table of Contents
- Letter of Transmittal !
j Certificate of Achievement I for Excellence in Financial Reporting i City of Ocala Organization Charts l-l l
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i CITY OF OCALA, FLORIDA ,
l COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended September 30,1996 s
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$ CONTENTS i
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PEQ INTRODUCTORY SECTION LEITER OF TRANSMITTAL . ... .. .... ... ... ....... ........ ... ......................... ........... i ,
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING .. ........... .xiii CITY OF OCALA ORGANIZATION CHARTS . . . . . . . . . . . . . . . . . . . . . . . . . ................................xv i FINANCIAL SECTION REPORT OF INDEPENDENT ACCOUNTANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..1 GENERAL PURPOSE FINANCIAL STATEMENTS (COMBINED STATEMENTS - OVERVIEW)
Combined Balance Sheet - All Fund Types and Account Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Combined Statement of Revenues, Expenditures and Changes in Fund I Balance - All Governmental and Expendable Trust Fund Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 i
Combined Statement of Revenues and Expenditures - Budget and Actual - General, l Special Revenue, Capital Project and Expendable Trust Fund Types . . . . . . . . . . . . ..... .. . .. . .. 10 Combined Statement of Revenues, Expenses and Changes in Retained Eartungs -
All Proprietary Fund Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Combined Statement of Changes of Plan Net Assets - All Pension Trust Funds . . . . . . . . . . . . . . . . . . . . . . . . . 19 Combined Statement of Cash Flows - All Proprietary Fund Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 l
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FINANCIAL SECTION - CONTINUED INDIVIDUAL FUND AND COMBINING STATEMENTS - BY FUND TC E Special Revenue Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 64 ;
Combining Statement of Revenues, Expenditures and Changes in Fund Balance . . . . . . . . . . . . . . . . . . . . 66 Combining Schedule of Revenues and Expenditures and Changes in Fund !
Balance - B udget and Actual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 8 Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual:
Occupational License Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...... ........... . . . . . 73 Central Florida Regional Library Fund .......... .............................................74 Parking / Parks Enforcement Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..............................76 !
Downtown Development Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 Local Gasoline Tax Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8
- Stormwater Utility Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 0 SHIP Local Housing Assistance Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 -
Debt Service Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 Combining Statement of Revenues, Expenditures and Changes in Fund Balance . ... ......... ......... 85 )
Capital Project Funds:
Combinin g Balance S heet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 8 Combining Statement of Revenues, Expenditures and Changes in Fund Balance . . . . . . . . . . . . . . . . . . . . . . 90 Combining Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual: l Capital Improvement Construction Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 Optional Gas Tax Construction Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Capital Improvement Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...............93 1995 Capital Improvement Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...... ............. .. ...... 100 Enterprise Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 Combining Statement of Revenues, Expenses and Changes in Retained Earnings .. . .... . . . . . . 10 8 Combining Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I 10 i
Inarnal Service Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I 16 Combining Statement of Revenues, Expenses and Changes in Retained Earnings ......... ........... . I17 l Combining Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I 18 Trust and Agency Funds: !
Combining Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... 122 Combining Statement of Revenues, Expenditures and Changes in Fund Balance - :
Expendable Tru st Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 i Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - -Expendable Trust Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 Combining Statement of Plan Net Assets - Pension Trust Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 ,
Combining Statement of Changes in Plan Net Assets - Pension Trust Funds . . . . . . . . . . . . . . . . . . . . . . 129 Statement of Changes in Assets and Liabilities - Agency Fund . . . . . . . . . . . . . . . . . ............. 130 ;
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I FINANCIAL SECTION - CONTINUED General Fixed Asset Account Group:
l Schedule of General Fixed Assets by Source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 Schedule of General Fixed Assets by Function and Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 3 1 Schedule of Changes in General Fixed Assets by Function and Activity ..... .. ...... .. . ....... 134 )
l STATISTICAL SECTION q i
Required Supplementary Information:
Historical Trend Information for Pension Trust Funds - Schedule of Funding Progress . . . . . . . . . . . . . . . . . 136 l Historical Trend Information for Pension Trust Funds - Schedule of Contributions from l Employer and Other Contributing Entities ... ..... ... ... .... ... ...... ............ . . . . . . 13 7 l l
l General Governmental Revenues and Other Financing Sources By Source - Last Ten Fiscal Years . .... ... 138 l
General Governmental Expenditures and Other Uses By Function - Last Ten Fiscal Years . . . . . .. .. 140 Property Tax Levies, Tax Collections and Assessed Valuations - Last Ten Fiscal Years . .. .. . . . .. . ... 142 l
Property Tax Rates and Levies - Direct and Overlapping Governments - Last Ten Fiscal Years . . . . . . . . . 14 3 Special Assessment Collectione - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 4 Computation of Legal Debt Margin .... ....... .... . .... . . .. . .. . . .. . . . . 145 Schedules of Bond Coverage:
Schedule of Electric System Revenue and Revenue Refunding Bonds, l Series 1977,1983,1988,1989A and 1989B Coverage - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 14 6 Schedule of Water and Sewer Revenue and Reftmding Revenue Bonds, i Series 1968,1983,1985A,1985B,1986,1988,1995 and 1996, and Anticipation ,
Notes Coverage - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . . . . . . . . . . . . . . . . 14 8 Schedule of Utility Systems Subordinate Refunding Revenue Bonds, Series 1992A and 1992B, Coverage - Last Ten Fiscal Years . . . . . . . . . . . . . . .. . . . . . . . . .. . 150 Schedule of Refunding and Improvement Excise Tax Bonds, Series 1965 and 1972, Coverage - Last Ten Fiscal Years . ...... ... .... .... . ... . .. . 151 Schedule of Capital Improvement Revenue and Refunding Revenue Bonds, Series 1982 and i 1986, and Capital Ir.1provement Revenue, Revenue Refunding and Refunding Revenue Certificates, Series 1986,1988,1993 and 1995 Coverage - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 152 Schedule of Optional Gas Tax Revenue Bonds, Series 1989, and Optional Gas Tax Refunding Revenue Bonds, Series 1992 Coverage - Last Ten Fiscal Years .. .. .... . ...... 154 Computation of Direct and Overlapping General Obligation Debt . ... . .. ....... . . . ... . . .. 155 i
! Miscellaneous Statistical Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...... . . . . . . . . . . . . . . . . . . . . . . . . . . 15 6 4
- Demographic Statistics . . . . . . . . . . . . . . . . . . ........ .. ..... ... ... .. . . . .... . . . .. . 157 i
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STATISTICAL SECTION - CONTINUED List of Ten Largest Taxpayers - 1995 Tax Roll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 8 Schedule of Insu rance in Force . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...................159 Property Value, Construction and Bank Deposits - Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 List of O fficeri S alaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162 Summary iDebt Service Requirements to Maturity - All Bonded Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163 ,
Statement of Bonded Debt and Interest:
Capital Improvement Revenue Refunding Certificates, Series 1988 ................ ......... ........... 164 Capital Improvement Refunding Revenue Certificates, Series 1993 . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . 165 Capital Improvement Revenue Certificates, Series 19 95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166 Electric System Revenue Refunding Bonds, Series 1989B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167 Optional Gas Tax Refunding Revenue Bonds, Series 1992 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168 Utility Systems Subordinate Refunding Revenue Bonds, Series 1992A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169 Utility Systems Subordinate Refunding Revenue Bonds, Series 1992B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 Water and Sewer Revenue Bonds, Series 1995 . . . . . . . . . . . . . . . . . . . . . . . . . .............................171 Water and Sewer Refunding Revenue Bonds, Series 19 9 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 2 Analysis of Sewerage System Capital Improvement Fund Established for Florida Department of Environmental Regulation Grant #621080 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 l
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FINANCE DEPARTMENT N j "**m'r l
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_. P.O. BOX 1270, OCALA FLORIDA 34478-1270 l (352) 629-8501 + Fax (352) 690-2025 s
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e Jcnuary 24, 1997 l
City Manager and Council City Hall Ocala, Florida 34478 Ladies and Gentlemen:
The comprehensive annual financial report (CAFR) of the City of i Ocala, Florida, for the fiscal year ended September 30, 1996, is horeby submitted.
The presentation of the CAFR is controlled by and is the responsibility of the City. We believe that the report accurately cnd fairly presents the financial position, results of operations of all fund types and cash flows of proprietary fund types of the City in conformity with generally accepted accounting principles.
All disclosures necessary to enable the reader to gain an j understanding of the City's financial activities have been j included. The report is structured to be of interest to the public, local government officials, state agencies and the banking and financial community in general.
The CAFR is presented in three sections: introductory, financial and statistical. The introductory section contains the table of contents, this transmittal letter, the certificate of achievement for excellence in financial reporting for the 1995 CAFR and the City's organizational charts. The financial section includes the general purpose financial statements, combining, individual fund and account group financial statements and cchedules by fund type, as well as the auditors' report on the financial statements and schedules. The statistical {
osction includes selected financial and demographic information l which is designed to enhance the reader's understanding of the l City's past and of its future potential.
All funds and account groups of the City of Ocala are included in ;
this report. The City provides a full range of general l carvices, including police and fire protection; general government; culture and recreation; construction and maintenance of y highways, streets and infrastructure and library services. The j Library serves Marion and Levy Counties, with the Ocala branch functioning as headquarters.
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In order to provide both financial support and a vested higher quality of service to its citizens, the City also owns and operates, for public service, eleven enterprise funds as follows:
two championship golf courses with a total of 45 holes and clubhouse facilities, garbage and trash pick-up service (both back door and curbside), water and sanitary sewer services, a membership tennis facility, electric utility service, an airport (Ocala Regional Airport / Jim Taylor Field), an emergency training facility, an adult athletic complex, a foreign trade zone, a broadband communications network and a municipal trailer park. The financial activities of all municipal boards and commissions are included in the Citys financial state. ants.
The Ocala Housing Authority has not met the established criteria for inclusion in the reporting entity, and accordingly, is excluded from this report. The Community Redevelopment Agency is included because of City Council's ability to significantly influence their operations.
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The City of Ocala is situated in north-central Florida, approximately equidistant from Jacksonville, Daytona, Orlando and Tampa. It is centrally located in Marion County and is the county seat. During the past decade, the City and surrounding areas have grown at a fast pace. Available land, independent water supply, relatively low taxes, moderate climate and proximity to larger cities and to popular tourist attractions continue to be the underlying causes of the growth. In the past few years, various reports and studies have shown Ocala to be one of the fastest growing areas in the nation.
Horse-breeding, dominated by thoroughbreds and Arabians, is a maj or industry in the Ocala area. The tourist industry is also ver/ apparent. Disney World has constructed its first satellite information center in Ocala so that visitors can take care of all their needs before reaching Disney World.
Hotels, restaurants and shopping areas have sprung up near the information center. To the immediate east of Ocala is the Silver Springs Attraction which is visited by thousands each year and is renowned for many films such as Tarzan and James Bond movies and the Sea Hunt television series. K-Mart has selected Ocala as the location for a distribution center, which started its operations in 1991. Other industries in the Ocala area include service indrstries and some light manufacturing.
The growth surge experienced in the 1980's has continued into the 1990's but at a slower pace. The growth potential of the City j continues to be virtually limitless. The recession, which has i affected the entire country, has also been felt in the City of Ocala, especially in the areas of construction and tourismi however, the City has still experienced growth. The growth is challenging to the City since it demands increased services, but places a 1 I
financial strain on the revenues of the City. The recession, which l
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, 1 has caused some shrinking revenues, has forced the City to reevaluate the needs and wants of its citizens, while at the same time providing consistent levels of service.
de10B_INIIl6IlygS Eer__1bs__YsaE. In preparing the 1996 budget, the City's focus, l at City Council's direction, was to maintain the lowest j millage rate while continuing to provide quality service to the l citizens of Ocala, to provide quality utility services at )
competitive rates and to provide a competitive benefit package to l employees. Other budget and management obj ect ives for 1996 l included the promotion and support of downtown revitalization measures and activities, the support of employee involvement in
! community activities, the continuation of the Public Information l Program to provide citizens with working knowledge of local j governments, the development of mechanisms and procedures to ensure that departmental goals and obj ectives are met and the continuation of the exploration of public and private cooperative efforts to ;
better service the citizens of Ocala.
In order to accomplish some of the obj ect ives, a wage study was approved and conducted during 1995 and implemented during fiscal year 1996. Four new positions were authorized in the budget: a criminal analys: in the Police Department and an equipment operator in the Recreation Department of the City's General Fund, a ,
substation shop equipment worker in the Electric System Revenue l Fund, and a PC specialist in the M.I.S. Department of the Internal l Service Fund. >
l l l During fiscal year 1995, five-year master plans for road proj ects l snd for water and sewer proj ects were completed. Ongoing l improvement proj ects have continued in the electric and water and sewer systems. For the past ten years, the City has levied an additional mill of ad valorem taxes of which three quarters have been for road improvements and the remaining one quarter has been l for public safety capital outlay. For the past few years, the City and Marion County have shared the costs of improvements of l some maj or arterial streets.
Est__the__Euturg. The City will be continuing the electric system, the water and sewer system and the street improvement and expansion programs which have already been started and will strive i
to provide consistent levels of service for the citizens of Ocala.
I The City is also continuing its program of renovating existing City buildings. A master plan of the Municipal Services Complex, which was built in 1984, addressed additions to
, the complex. The renovation and expansion or relocation of the Police Department is also being considered. The most
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significant and demanding task for the future is the implementation of the Comprehensive Plan of the City of Ocala, required by the 1985 Local Government Comprehensive which is i
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, Planning Act. The plan, which was submitted to the State of Florida j by the May 1, 1991 deadline, is a tool for growth management and 2
affects virtually all City departments.
i The plan has twelve required and two optional elements: future land une, traffic circulation, housing, sanitary sewer, solid waste, I storm water management, potable water, groundwater recharge, i conservation, parks and recreation, capital improvements, inter-governmental coordination, community redevelopment area and historical preservation. Fiscal year 1996 was the fourth year of
- the implementation of the Capital Improvements Element of the 4
Comprehensive Plan, which covers the five-year period from 1993
- through 1997.
l Deggriment_Eggggt The Building, Zoning and Licensing Department, i which has a budgeted staff of 23 full-time employees, is charged
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with enforcing and establishing codes and ordinances in the City, i related to building, zoning, occupational licensing, contractor certification, signs, health and safety, minimum housing standards and many other related responsibilities. The responsibilities of
. this department are becoming increasingly more complex as new rules ;
j and regulations are implemented by local, state and national governments. Asbestos abatement, radon gas control and hazardous l waste control are a few areas that require additional and mandatory i job training.
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Enforcement activities are typically an unpopular segment of ,
government. The City's Building Department practices a philosophy l of helping citizens or contractors through the mare of regulations l and has created a "one-step permitting" process. A citizen in need j of building permits comes to one location where the zoning approval
- is obtained, plan reviews are performed, permits are written, i
inspection reports are available, certificates of occupancy are 1 processed and occupational licenses are sold. Some of these items I can take place concurrently, thereby greatly streamlining the tedious business of building departments.
Other activities performed by the Building Department for citizens include change of occupancy inspections, which are completed by electrical inspectors who are also licensed fire inspectors. These inspections occur whenever buildings change hands either with new tenants or owners or when the type of business changes. Other types of inspections done include inspections for compliance of zoning requirements and sub-standard housing inspections, whereby older or j deteriorated housing is brought up to minimum standards. l 1
Three years ago the Insurance Service Organization (ISO) began i' rating building departments on their performance. This is based on quality of personnel, training, and our policies and procedures. It is apparent our efforts are appropriate, as we received the highest rating possible. These ratings are important from a building " Life Safety" standpoint, but as well as keeping insurance premiums at a minimum for the citizens of Ocala through the proper enforcement of building codes.
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i The Building, Zoning and Licensing Department is usually not 1
recognized for the good work that it does and should be commended i for helping the public through a tedious process and also for the quality and professionalism which has helped to minimize insurance premiums.
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)l ElN6N91AL_INE0BM6110N i in developing, maintaining and evaluating the City's accounting 2
system, consideration is given to internal accounting controls i designed to ensure that the City's assets are protected from loss, 1
theft or misuse and to ensure that adequate accounting data is
- compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. The internal control structure is designed to provide reasonable, but not I absolute, assurance that these obj ec t ives are met. The concept of j reasonable assurance recognizes that
- (1) the cost of a control should not exceed the benefits likely to be derived, and (2) the valuation of costs and benefits requires estimates and j udgments by j management. The City's chart of accounts substantially complies with i the Uniform Accounting System as prescribed by Chapter 3A-61 of the ;
Florida Administrative Code.
Bydggiggy_Qggiggls. Budgetary control is maintained on an annual allotment basis, based upon prior working capital and on revenue projections for the current year. Both expenditures and encumbrances are recorded against budgeted appropriations. At mid-year, City department heads are required to reassess their appropriations for the remainder of the year, from which a full budget revision is prepared and submitted to City Council for approval. The entire budget process is coordinated by a full time budget manager. After the end of the year, unliquidated purchase order balances, as of September 30, are j reappropriated in the form of a supplemental appropriation resolution, which is adopted by City Council. This resolution also includes a carry-forward for major proj ects not completed in the previous year which are not covered by purchase orders. All items in this resolution are subj ect to a working j capital availability test. Monthly reports are distributed to the various departments to keep them informed of their year to date expenditures, encumbrances and funds available.
9309E91 _99YSE0mggigl__Egggliggg. The following schedule presents a summary of general fund, special revenue fund and debt service fund revenues and other financing sources for the fiscal year ended September 30, 1996 and the percentages of increases and decreases in relation to revenues and other financing sources for the fiscal year ended September 30, 1995.
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.. _ _ . . . - .---= - _ -- - . . - - - . - . . _ . . -
Increase Percent
% of (Decrease) Increase
__ eenuni_____Islal____frem_1225__L0esreasel Revenues:
Property taxes $ 7,819,975 17.07% $ 181,761 2.38% ,
Utility service tax 4,791,403 10.46 4,791,403 100.00 Other taxes 1,673,396 3.65 164,630 10.91 l State revenue charing 976,879 2.13 6,059 .62 l Other intergovernmental l revenues 9,518,146 20.78 1,366,583 16.76 I Parking meters and I facilities 57,052 .13 4,177 7.90 l
Licenses and permits 800,587 1.75 28,551 3.70 Fines and forfeitures 580,973 1.27 (471,885) (44.82)
Charges for services 2,405,949 5.25 78,775 3.39 Interest 1,632,089 3.56 164,825 11.23 i
Gifts and other _____222t225_____thE_______1431 469_ 92.86 Total revenues 30,554,424 66.70 6,458,348 Other financing sources:
l Operating transfers from other funds __1522562416___33239____[12244t1411 (10.26)
Total revenues and other financing sources _$45tg19tg4Q__100 1 00%_$__4 t 214 t 292_
The utility service tax, $4,791,403, is a new revenue in fiscal year 1996. On September 5, 1995 the City Council adopted Ordinance l #2551, enacting a 10% tax on the purchase of electricity within the l City effective October 1, 1995. The $164,630 (10.91%) increase in other taxes is attributable primarily to larger taxable revenue bases related to franchise fees and to the telecommunications tax.
, The $181,761 (2.38%) increase in property taxes is the result of a l slightly higher tax rate combined with an increased assessed
- valuation.
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The $1,366,583 (16.76%) increase in other intergovernmental revenues was caused by increased grant activity as well as by an increased l contribution from Marion County for funding the Central Florida The $471,885 (44.82%) decrease in fines and Regional Library.
forfeitures is the evidence of a drop in the crime rate which resulted in substantially lower court fine and confiscation revenues during fiscal year 1996.
Gifts and other increased by $143,469 (92.86%), primarily because of surplus land sales and increased donations during 1996. The
$164,825 (11.23%) increase in interest i nc o;ne is attributable to the j continuation of a short-term investment program intended to maximize earnings on investments. The $1,744,141 (10.26%) decrease in operating transfers from other funds was caused by a decrease in the transfer from the Electric Fund as a result of the utility service 4
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l tcx and by a transfer from the General Fund to the L ocal Gasoline Tax Fund for street projects.
Tha following schedule presents a summary of General Fund, Special Ravenue Fund and Debt Service Fund expenditures and other financing ;
uaes for the fiscal year ended September 30, 1996 and the l parcentages of increases and decreases in relation to expenditures l cnd other financing uses for the fiscal year ended September 30, 1 1995. I Increase Percent
% of (Decrease) Increase
___emguni_____Igin1____frem_1222__.10scr!2asel Current:
C^'eral government c:J administration $ 4,141,798 9.52% $ 390,943 10.42%
Public safety 15,621,375 35.90 809,104 5.46 Public works 4,732,747 10.08 200,856 4.43 Culture and recreation 4,259,453 9.79 320,378 8.13 Housing rehabilitation 375,194 .86 76,491 25.61 Nondepartmental 143,264 .33 55,332 62.93 ,
Other 490,795 1.13 (64,084) (11.55)
Intergovernmental 159,835 .37 18,017 12.70 Ccpital outlay 3,497,923 8.04 337,750 10.69 Ocbt service:
Principal 1,665,000 3.83 90,000 5.71 Interest and agents' fees __11 9E2tg52____4 1 51_______35t222_ 1.86 Tetal expenditures 37,050,241 85.16 2,270,709 Other financing uses: l Operating transfer to !
other funds __st455t 425___14t g4____1tE22ts22_ 35.11 j Total expenditures and i ether financing uses $43t hggt21E__1ggtpg%_$_31 24at331_
Gcneral government and adminiciration expenditures increased by l
$390,943 (10.42%), which is attributable partly to the l implementation of the wage study and cost of living increases and pcrtly to increased legal costs and to increased grant activities classified as general government. The $809,104 (5.46%) increase in public safety expenditures is a direct result of the wage study and cest of living increases. The City has also added new police officers toward the end of the year through the COPS grant.
l The primary reason for the $200,856 (4.43%) increase in public works l cxpenditures was the effect wage study and cost of living increases l which was offset by a reduction in operating costs. Culture and rcereation expenditures increased by $320,378 (8.13%), caused partly by the wage study and cost of living increases and partly by vii
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increased purchases of library books and by expenditures related to I a new branch library.
The $76,491 (25.61%) increase in housing rehabilitation was the l result of 11 structures being fully rehabilitated and 25 partially rehabilitated during 1996 as compared to 14 full and 9 partial rehabilitations during 1995. Nondepartmental expenditures increased by $55,332 (62.93%), which was caused by the clean-up of identified contaminated sites. The $64,084 (11.55%) decrease in other expenditures is the result of fewer grant activities being classified in this category. The $18,017 (12.70%) increr.se in intergovernmental expenditures is also related to grant activity.
Capital outlay expenditures increased by $337,750 (10.69%),
primarily because of the purchase of police vehicles related to the COPS grant. The $90,000 (5.71%) increase in principal payments is attributable to scheduled debt service payments. The $1,677,622 (35.11%) increase in operating transfers to other funds was caused primarily by a transfer from the General Fund to the Local Gasoline l Tax Fund for street proj ects.
Gggggg1_Eggd_Beleggez The fund balance of the general fund at September 30, 1996 is $8,242,979, a 0.19% decrease from 1995. The decrease was caused primarily by the effect of the implementation of the wage study. The general fund balance is equivalent of 77 working days of expenditures.
Enigtgrige_Ogggg11gog. The City of Ocala operates eleven distinct enterprise funds: Electric System, Water and Sewer, Sanitation, Municipal Golf Course, Fort King Tennis Court, Municipal Trailer Park, Ocala Regional Airport, Florida Emergency Training Facility, Adult Athletic Complex, Foreign Trade Zone and Communications. The Enterprise funds are well run and continue to be the backbone of financial support of general government operations.
The Electric System Revenue Fund is the combination of the formerly consolidated Electric Revenue and Bulk Power Supply Revenue Funds.
During fiscal 1990, Electric System Revenue Bonds, Series 1989A, were l issued for the acquisition and construction of improvements to the electric system. The improvements are expected to be completed in fiscal 1997. The electric system continues to be efficiently managed and operated, and had a debt service coverage of 9.87 for the year ended September 30, 1996.
The Water and Sewer Fund, is the City's second largest enterprise fund. For the year ended September 30, 1996, the Water and Sewer Fund had a debt service coverage ratio of 6.89. Gradual rate increases starting in early fiscal 1991 have helped this fund.
The Sanitation Fund is responsible for trash and garbage pick-up in the City. During the year, sanitation rates had to be increased since there were increased operating costs. The fund is financially sound and had a net income of $170,720 during fiscal 1996.
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_ . _ _ _ _ . _ . . _ _ _ . . - . . . ~ _
_ _ _ . _ _ _ . _ . . _ _ _ _ _ _ _ _ . - - _ . _ _ . _ - . __ y l i The Municipal Golf Course Fund had a net loss for the year ended ,
September 30, 1996 of $189,261* however, this fund should improve in the future.
The Ocala Regional Airport Fund had a net loss of $334,166 in 1996. There are expansion programs under way at the Airport, most of which are Aubstantial'.y funded by federal and state grants. Although the airport is not presently self-supporting, it is an important part of our community and should imprcve in the future.
The Fort King Tennis Court Fund experienced a net loss of $356 during fiscal 1996. This fund, although small, is well-run and should continue to improve in the future.
The Municipal Trailer Park Fund continues to improve. During 1996 it had a net income of $19,753.
The Florida Emergency Training Facility Fund, which involves the l construction, future operation and maintenance of an emergency facility adj acent to the City's airport, was started in fiscal 1993 During 1996, this fund had a net income of $172,706.
The Adult Athletic Complex Fund includes the construction, operations and maintenance of the Ocala Regional Sportsplex. The first phase of this complex was completed in June 1995. During 1996, this fund had a net income of $9,432.
Two new enterprise funds were started during fiscal year 1996: the Foreign Trade Zone Fund, which had a net loss of $16,737, and the Communications Fund, which had a net income of $4,403. Both funds should grow and improve in the future.
I ESD8190_Irus1_,Eugd__ Opera 11ggs. The combined Pension Trust Funds improved during 1996. The combined funds had a net appreciation in l the fair value of investments of $5,117,351 caused by the valuation l of investments to market value as of September 30, 1996 as well as l
by realized gains and losses during the year.
l l l D3 h1__6dministra11gn. At September 30, 1996, the City had '
l 0124,340,000 in outstanding serial and term bonds and certificates. Of this amount, $86,145,000 are associated with enterprise funds and $38,195,000 are associated with governmental funds. All of the City's issues are insured. Although the City may issue general obligation debt in an amount up to 20% of the assessed valuation of the taxable real and personal property in the City according to article IX, section 9.02, of the City Charter, there is no general obligation debt outstanding. 1 During the year, the City issued $5,000,000 Capital Improvement
} Revenue Certificates, Series 1995, to finance certain capital
- proj ects of the City. The certificates are fully insured and are 1 secured by certain non-ad valorem revenues. The City also issued f $5,000,000 Water and Sewer Revenue Bonds, Series 1995, for the t
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acquisition and construction of additions, improvements and i extensions to the City's water and sewer system, and $12,170,000 l Water and Sewer Refunding Revenue Bonds, Series 1996, for the '
forward refunding of the City's outstanding Water and Sewer !
Refunding Revenue Bonds, Series 1988. Both of these issues are i fully insured and are secured by the net revenues of the water and sewer system. The City defeased the $11,900,000 of the refunded '
bonds by depositing sufficient funds with an escrow agent for the purpose of the current refunding on October 1,1996 at a redemption price of 102% plus accrued interest to the redemption date. The defeasance resulted in a present value savings of $1,345,623, even though there was a $849,985 extraordinary loss for accounting '
purposes which has been deferred over the life of the old bonds.
Casb__U2Daggme01 Cash temporarily idle during the year was l invested in the State Board of Administration Local Government '
Surplus Trust Fund, which is an investment pool administered by the State of Florida. Although the City is authorized by Florida Statutes to invest in obligations of U. S. l agencies and in interest-bearing time deposits and savings accounts in banks and in savings and loan associations, we have found that the State Board of Administration has historically had competitive rates and we can withdraw funds on demand. At September 30, 1996, our investments with the State Board of ;
Administration were earning 5.39% During fiscal 1993, the City hired Barnett Banks Trust Company, N.A. as its short-term investment ;
manager in order to maximize investment earnings. t The City's pension fund investments have been administered by the firm of Manning and Napier of Rochester, New York for several years. In January 1991, because of the size of the combined funds, the pension fund investments were equally split for administration by Manning and Napier and by Barnett Banks Trust Company, N.A. of ;
Jacksonville, Florida. In April 1994, the investments of the Ocala Employees' Retirement Fund were separated from those of the Firefighters' and Polico Officers' Supplemental Pension Plans; and Templeton Global Equity Management was added as the international fund equity manager in July 1994 for the General Plan. The 1 pension fund investments consist of bonds, debentures, common !
stocks, U.S. Treasury obligations, mutual funds and short-term investments. ;
Bisk____dnoassment. The Risk Management Department was i established through an interlocal agreement between the City of .
Ocala and Marion County for the purpose of the procurement of insurance, either through insurance companies or through self-insurance, and for the purpose of providing safety training programs. Information on the City's insurance coverage can be found in the Statistical Section of this report. The Risk Management Department is doing very well, both in insurance monitoring and procurement and in safety training.
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OIBEB_INE0BM6I1ON IDd!990d901__6udit. The City Charter and Florida Statutes require an independent audit of the books, financial records and transactions of all administrative departments of the City by a Certified Public Accounting Firm selected by the City Council. The auditors' report on the general-purpose financial statements and combining and individual fund statements and schedules is included in the financial section of this report.
8w!rds. The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Ocala, Florida for its comprehensive annual financial report for the fiscal year ended September 30, 1995. The Certificate of Achievement is a prestigious national award recognizing conformance ,
with the highest standards for preparation of state and local government financial reports.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and l efficiently organfred comprehensive annual financial report, whose contents conform to program standards. Such CACR must satisfy both generally accepted accounting principles and applicable l 1egal requirements.
A Certificate of Achievement is valid for a period of one year only.
The City of Ocala has received a Certificate of Achievement for i the last fourteen consecutive years (fiscal years ended 1982-1995.) We believe our current report continues to conform to the Certificate of Achievement program requirements, and we are submitting it to GFOA.
The City was awarded the Distinguished Budget Presentation Award by the Government Finance Officers Association of the United States and Canada for its annual budgets for the fiscal years beginning October 1, 1987 through 1995. In order to receive this award, which is valid for a period of one year only, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan cad as a communications medium.
During 1995, the City received the All-America City designation from the National Civic League. The award program annually recognizes ten communities for grass-roots activism and collaborative problem solving by the public, private and nonprofit sectors. A total of I 145 communities from 39 states applied for the designation. The applications were narrowed to 30, and representatives from those l communities participated in an awards competition in Cleveland in l l June. Ten award recipients were selected based on that competition.
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4 In addition to being named an All-America City, Ocala also was named i fifth best place in the country to live by Money Magazine in 1995. ]
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l Achegwlegggmggig. The preparation of this comprehensive annual financial report was made possible by the dedicated service of the entire staff of the Finance Department. Sincere appreciation is extended to specific individuals who worked diligently throughout the audit: Diane M. Mcdonald, Deputy Finance Director; Wayne C. Hodge, Chief Accountant; Prudy L. Waite, Accountant and Robert D. Naugler, Financial Analys+/ Grant :
Supervisor. Appreciation is also extended to Eric Lewerenz, the City's Internal Auditor; to Barbara Edwards Kays, Budget Manager and ,
to Coopers & Lybrand L.L.P., our external auditors, for their ascistance in this effort. !
In closing, without the leadership and support of the City Manager, Deputy City Manager, Assistant City Managers and City Council, whose continued interest in good fiscal City government is an invaluable asset to our community, preparation of this report would not have been possible.
Respectfully submitted, i
Glen . Baker Finance Director
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Cer:lElCa:e or Acaievement for Exce. .ence in Financia.
Reaor:ing Presented to City 0:: Ocala, F oric a For its Comprehensive Annual Financial Report i for the Fiscal Year Ended September 30,1995 A Certificate of Achievement for Excellence in Financial i Reporting is presented by the Government Finance Officers )
Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest i standards in government accounting I and financial reporting.
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Executive Director l
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ORGANIZATIONAL STRUCTURE Ocala Marion County k
All AmericaCity j f CITY COUNCIL MAYOR l CLERK l CITY ATTORNEY l AUDITOR l CITY MANAGER POUCE l ELECTRIC '
' BUDGET l j l FINANCE, j I
DEPUTY I ASSISTANT ASSISTANT j CITY MANAGER CITY MANAGER l WATER & i SEWER l CDBG/ l HUMAN DOWNTOWN AIRPORT I
RKSl l PURCHASING l LIBRARY l l FIRE l
" $K FLEET MA GEMENT OR T N MANAGEMENT SYSTEMS l
RECR TION ' I
& PARKS i
BUILDING I
OF o C SUBSTANCE ABUSE f PREVENTION GOW g
' O 4 y
ENGINEERING ,
- A
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+, &
COUNTL xv
OCALA BOARDS AND COMMISSIONS CITIZENS OF OCALA O.
( CITY COUNCIL MAYOR n
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HISTORIC MUN. CODE COMW. DEV. BOARD OF TENNIS gggp MRPORT ZON!NG BD.
PRES. BOARD ENF. BOARD ADV. BOARD OF ADJ. EXAMINERS BOARD COMMISSION MUNICIPAL GOtf BOARD PINE OAKS GOLF BOARD
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- UBRARY mh HOUSING TREE COMMISSION MUNICIPAL ARTS a -
PLANNING ZONING PUBUC
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- RECREATION
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i FINANCIAL SECTION :
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This Section contains the following Subsections: z Report of Certified Public Accountants Z ,
General. Purpose Financial Statements %
Individual Fund and Combining Statements - By Fund Type k; Q.
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1 l Cooaers l &Lyarand a professeonal services firm Report ofIndependent Accountants I
The Honorable Members of City Council I
City of Ocala, Florida l
l We have audited the accompanying general-purpose fmancial statements of the City of Ocala, Florida, as '
! of and for the year ended September 30,1996. These general-purpose fmancial statements are the responsibility of the City of Ocala, Florida, management. Our responsibility is to express an opinion on these general-purpose fmancial 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 l we plan and perform the audit to obtain reasonable assurance about whether the general-purpose fmancial
- statements are free of material misstatement. An audit includes examining, on a test basis, esidence supporting the amounts and disclosures in the general-purpose fmancial statements. An audit also includes l assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general-purpose fmancial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the general-purpose fmancial statements referred to above present fairly, in all material respects, the fmancial position of the City of Ocala, Florida, as of September 30,1996, and the results of l its operations and the cash flows ofits proprietary fund types for the year then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated January 24,1997 on our consideration of the City of Ocala's internal control structure and a report dated January 24,1997 i on its compliance with laws and regulations.
As described in Note 3 to the general-purpose fmancial statements, the City of Ocala, Florida, adopted l
Governmental Accounting Standards Board Statements No. 25 and No. 27, and changed its method of tecounting and reporting its pension trust funds. l Our audit was made for the purpose of forming an opinion on the general-purpose fmancial statements taken as a whole. The combining and individual fund and account group financial statements and i 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 Ocala, Florida. Such information
! has been subjected to the auditing procedures applied in the audit of the general-purpose fmancial
- statements and, in our opinion, is fairly presented in all material respects in relation to the general-purpose l fmancial statements taken as a whole, d
Coopers & Lybrand L L P. is a member Of coopers & Lybrand internatOnd a hmited habikty assOCsation incorporated in swcerland
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l The infonnation presented in the Statistical Section is presented for purposes of additional anal / sis and is not a required part of the general-purpose financial statements. Such infonnation has not been subjected to the auditing procedures applied in the audit of the general-purpose financial statements r4 accordingly, .
we express no opinion on it.
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<f.l.f Orlando, Florida January 24,1997 i l l 2
GENERAL PURPOSE FINANCIAL STATEMENTS ! (Combined Statements - Overview) ! These basic financial statements provide a summary overview of the financial position of all funds and account groups as well as the operating 1 results of all funds. They also serve as an introduction to the more detail-ed statements that are in the following subsections. l I 1 i i
l l l GENERAL-PURPOSE FINANCIAL STATEMENTS (Combined Statements - Overview) 4 3
i CITY OF OCALA, FLORIDA l COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS September 30,1996 l P Governmental Fund Types Special Debt Capital Aasets and Other Debits ,, Oeneral Revenue Service Project ! i Current Assets: L Cash and investments $ 3,933 $ 537,915 $ -
$ 20,254 l Equity in pooled cash and investment fund 7,377,789 13,676,365 - 3,485,112 +
Accrued interest receivable 80,760 134,797 - 30,563 Accounts and notes receivable, net of allowance for doubtful accounts of $609,433 689,584 111,888 - - l Accrued unbilled revenues - - - - ; Due from other funds 1,235,091 97,831 - - l Interfund loans receivable 3,993 - - - inventories - - - - Due from other governments 789,331 884,920 - 285,182 l Other 12,379 460 - - : Total current assets 10,192,660 15,444,176 - 3,821,111 i Restricted Assets: ! Cash and investments - - 661,400 - Equity in pooled cash and investment fund - - 5,025,009 - ! Accrued interest and dividends receivable - - 47,729 - Due from other governments - - - - Other - - - - l Total restricted assets - - 5,734,138 - Other Aesets: Interfund loans receivable after one year 51,782 - - - i Property, plant and equipment, net - - - - i Issuance costs on long-term debt - - - - , Total other assets 51,782 - - - Other Debits: Amount available in debt service funds - - - - Amount to be provided for retirement of generallong-term debt - - - - Total other debits - Total Assets and Other Debits $ 10,244,642 $ 15,444,176 $ 5,734,138 $ 3,821,111 l l See accompanying notes to Snancial statements, i i s I 4
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Fiduciary . Proprietary Fund Types Fund Types Account Groups Trust General General Totals Internal and Fixed Long-Term (Memorandum l Enterprise Service Agency Assets Debt Only)
$ 5,698 $ 600 $ - $ -
$ 568,400 92,322,559 11,581,098 - - - 48,442,923 l 110,665 106,243 - - - 463,028 l 6,765,676 41,675 - - - 7,608,823 l 5,145,208 - - - - 5,145,208 l 901,395 - - - - 2,234,317 i 149,846 - - - - 153,839 l 2,458,750 144,459 - - - 2,603,209 58,459 164,351 - - - 2,182,243 347,134 52,986 - - - 412,959 28,265,390 12,091,412 - - - 69,814,949 39,618,771 - 76,583,679 - - 106,863.850 87,405,317 - 108,833 - - 32,539,159 l 689,965 - 532,452 - - 1,270,146 2,111,976 - - - - 2,111,976 1,492,544 - - - - 1,492,544 61,318,573 - 77,224,964 - - 144,277,675 !
I 1,111,150 - - - - 1,162,932 183,942,143 16,363,191 - 20,668,240 - 220,973,574 778,198 - - - - 778,198 185,831,491 16,363,191 - 20,668,240 - 222,914,704 1
- - - - 5,734,138 5,734,138 i
- - - - 32,909,481 32,909,481
- - - - 38,643,619 38,643,619 l
$ 275,415,454 $ 28,454,603 $ 77,224,964 $ 20,668,240 $ 38,643,619 $ 475,650,947 l
l ! i ?. 1 i Continued 5 L
CITY OF OCALA, FLORIDA COMBINED 8ALANCE SHEET- CONTINUED ALL FUND TYPES AND ACCOUNT GROUPS September 30,1996 Governmental Fund Types Special Debt Capital Liabilities, Equity and Other Credits General Revenue _ Service Project Current Liabilities: Accounts payable $ 1,108,559 5 325,172 $ - $ 260,034 Claims payable - - - - Compensated absences payable 735,625 37,897 - - Bonds and capitallease payable within one year . - - - Accrued interest payable - - - - Due to other funds 8,865 - - - Customer deposits - - - - Deferred revenue 103,614 632,385 - - Interfund loans payable 6,075 10,028 - - Total current liabilities 1,962,738 1,005,482 - 260,034 Liabilities Payable from Restricted Assets: Accounts payable - - - - Accrued interest payable - - - - Deferred revenue - - - - Bonds and capitallease payable within one year - - - - Decommissioning costs . - - - Deferred compensation - - - - Totalliabilities payable from restricted assets - - - - Interfund Loans Payable After One Year 38,925 68,171 - - Compensated Absences Payable - - - - Bonds and Capital Lease Payable After One Year - - - - Totalliabilities 2,001,663 1,073,653 - 260,034 Equity and Other Credits: Investment in general fixed assets - - - - Contributed equity - - - - Net assets held in trust for pension benefits - - - - Retained earnings: Reserved for debt service - - - - Reserved for renewal and replacement - - - - Total reserved retained earnings - - - - Unreserved - - - - Total retained earnings - - - - Fund balances: Reserved for debt service - - 5,734,138 - Reserved for retirement benefits - - - - Reserved for interfund loans receivable after one year 51,782 - - - Reserved for encumbrances 395,773 1,035,357 - 359,234 Reserved for specified projects 264,974 13,362,453 - - Reserved for capital projects 721 - - - Total reserved fund balances 713,250 14,397,810 5,734,138 359,234 i Unreserved and undesignated fund balances (deficit) 7,529,729 (27,287) - 3,201,843 Total fund balances 8,242,979 14,370,523 5,734,138 3,561,077 Total equity and other credits 8,242,979 14,370,523 5,734,138 3,561,077 Total Liabilities, Equity and Other Credits $ 10.244.642 $ 15.444.176 $ 5,734,138 $ 3,821,111 See accompanying notes to financial statements. 6
l l l 1 Fiduciary ( Proprietary Fund Types Fund Types Account Groups , Trust General General Totals j internal and Fixed Long-Term (Memorandum i i Enterprise Service Agency Assets Debt only) l l l $ 5,845,537 $ 331,022 $ - $ -
$ - $ 7,870,324
- 3,238,642 - - - 3,238,642 l 772,406 155,707 - - - 1,701,635
- 12,020 - - 1,755,000 1,767,020 ,
j 2.484 - - - - 2,484 2,225,452 - - - - 2,234,317 , 3,440,822 - - - - 3,440,822 > 83,905 - - - - 819,904 137,736 - - - - 153,839 12,508,342 3,737,391 - - 1,755,000 21,228,987 i 1,322,461 - 74,837 - - 1,397,298 2,415,334 - - - - 2,415,334 58,912 - - - - 58,912 l [ 5,205,000 - - - - 5,205,000 - l 1,770,234 - - - - 1,770,234
- - 5,934,159 - - 5,934,159 l
10,771,941 - 6,008,996 - - 16,780,937 l ! 1,055,836 - - - - 1,162,932 l - - - - 448,619 448,619 , l 77,980,761 34,361 - - 36,440,000 114,455,122 ; 102,316,880 3,771,752 6,008,996 - 38,643,619 154,076,597 i
- - - 20,668,240 - 20,668,240 44,666,618 7,258,178 - - - 51,924,796 ,
j - - 69,551,206 - - 69,551,206 l ! 8,805,340 - - - - 8,805,340 22,763,067 - - - - 22,763,067 l 31,568,407 - - - - 31,568,407 l 96,863,549 17,424,673 - - - 114,288,222 128,431,956 17,424,673 - - - 145,856,629
- - - - - 5,734,138
- - 1,560,310 - - 1,560,310
- - - - - 51,782
- - - - - 1,790,364
- - 104,452 - - 13,731,879
- - - - - 721
- - 1,664,762 - - 22,869,194
)
- - - - 10,704,285 a - - 1,664,762 - - 33,573,479 173,098,574 24,682,851 71,215,968 20,668,240 - 321,574,350 i
i $ 275,415,454 $ 28.454.603 $ 77,224,964 $ 20,668.240 $ 38,643,619 $ 475.650,947 i 7 t l
CITY OF OCALA, FLORIDA COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE s+ ALL GOVERNMENTAL AND EXPENDABLE TRUST FUND TYPES Year Ended September 30,1996 Governmental Fund Types Special Debt Capital
. General Revenue Service Project Revenues:
Property taxes S 7,781,671 $ 38,304 $ - Utility service tax 4,791,403 - - - Other taxes 1,673,396 - - - State revenue sharing 976,879 - - - Other intergovernmental revenues 4,298,199 5,219,947 - 1,387,912 ; Parking meters and facilities - 57,052 - - Licenses and permits 363,941 436,646 - - Fines and forfeitures 529,119 51,854 - - Charges for services 563,040 1,842,909 - - Interest 603,134 740,654 288,301 356,274 i Gifts 35,589 16,639 - - Other 225,844_ 19,903 - - Total revenues 21,842,215 8,423,908 288,301 1,744,186 Expenditures:
- Current: A General govemment and administration 3.015,124 228,674 - -
Public safety 15,f/21,375 - - 2,310 Public works 3,371,574 1,361,173 - 163,521 Culture and recreation 2,4118,297 1,771,156 - - Housing rehabilitation 375,194 - - - Nondepartmental appropriations 143,264 - - 93,302 , Other 416,878 71,917 - - Capital outlay 1,203,941 2,293,982 - 4,286,633 > Intergovernmental 151,956 7,879 - - Debt service: Principal payments - - 1,665,000 - Interest and paying agents' fees 800 4,918 1,957, % 9 - i Total expenditures 27,690,403 5,737,699 3,622,059 4,545,766 , Excess (Deficiency) of Revenues Over Expenditures (5,848,188) 2,686,209 (3,533,838) (2,801,580) Other Financing Sources (Uses): Operating transfers from other funds 9,089,995 2,127,798 4,038,623 1,372,373 i Operating transfers to other funds (3,139,946) (3,031,322) (284,207) (665,015) [ Proceeds from long-term borrowing - - - 4,766,190 Total other financing sources (uses) 5,950,049 (903,524) 3,754,416 5,473,548 Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses 101,861 1,782,685 420,578 2,671,968 Fund Balance at Beginning of Year 8,259,0S3 12,184,262 5,313,560 3,717,974 Equity Transfers from (to) Other Funds (117,945) 403,576 - (2,828,865) ( Fund Balance at End of Year S 8,242,979 $ 14,370,523 $ 5,734,138 $ 3.561,077 h See accompanying notes to Mnancial statements. 8
.-. .a-..~.--...- . _- ..... . . _ . . . - - - - - . - - . ~ . . . - . . . - ..-. . -
I l l Fiduciary i Fund Type l Totals Expendable (Memorandum Trust only)
$ - $ 7,819,975
- 4,791,403
- 1,673,396
- 976,879
- 10,906.058
- 57,052
- 800,587 l - 580,973
- 2,405,949 86,102 2,074,465
- 52,228 81,852 327,599 167,954 32,466,564
- 5,378 4,147,176
! - 15,623,685
- 4,896,268
- 4,259,453 i - 375,194
- 236,566
- 490,795
! - 7,784,556 l
- 159,835
- 1,665,000
- 1,962,857 5,378 41,601,385 l
162,576 (9,134,821)
- 16,628,789 j -
(7,120,490) ! - 4,766,190
- 14,274,489 162,576 5,139,668 1,502,186 30,977,045
- - (2,543,234)
! $ 1,664,762 $ 33,573,479 i b l 9
CITY OF OCALA, FLORIDA COMBINED STATEMENT OF REVENUES AND EXPENDITURES -BUDGET AND ACTUAL GENERAL, SPECIAL REVENUE, CAPITAL PROJECT AND EXPENDABLE TRUST FUND TYPES f Year Ended September 30,1996 [ GENERAL Adjustments Actual ; to on a ! Budgetary Budgetary i Actual Basis Basis ! Revenues: l Property taxes 5 7,781,671 5 - $ 7,781,671 t Utility service tax 4,791,403 - 4,791,403 ! Other taxes 1,673,396 - 1,673,396 , State revenue sharing 976,879 - 976,879 Other intergovernmental revenues 4,298,199 (1,729,431) 2,568,768 ; Parking meters and facilities - - - , Licenses and permits 363,641 - 363,941 Fines and forfeitures 529,119 - 529.119 . Charges for services 563,040 - 563,040 t Interest 603,134 (2,510) 600,624 , Gifts 35,589 (16,444) 19,145 Other 225,844 (41,449) 184,395 1 Total revenues 21,842,215 (1,789,834) 20,052,381 [ Expenditures: [; Current: General government and administration 3,915,124 (149,296) 3,765,828 i I Public safety 15,621.375 (466,867) 15,154,508 Public works 3,371,574 25,334 3,396,908 ; Culture and recreation 2,488,297 (58,175) 2,430,122 ; Housing rehabilitation 375,194 (375,194) - Nondepartmental appropriations 143,264 (10.417) 132,847 Other 418,878 (332,135) 86,743 Capital outlay 1,203,941 (35,871) 1,168,070 i intergovernmental 151,956 (103,762) 48,194 ! Debt service: Principal payments - . - Interest and paying agents' fees 800 - 800 Total expenditures 27,690,403 (1,506,383) 26,184,020 Excess (Deficiency) of Revenues Over Expenditures (5,848,188) (283,451) (6,131,639) i Other Financing Sources (Uses): Operating transfers from other funds 9,089,995 - 9,089,995 ; Operating transfers to other funds (3,139,946) (6,225) (3,146,171) ! Proceeds from long-term bortowing - - - ! Total other financing sources (uses) 5,950,049 (6,225) 5,943,824 l i Excess (Deficiency) of Revenues and Other Sources , Over Expenditures and Other Uses Before Fund ! Balance Allocation 101,861 (289,676) (187,815) ; Fund Balance Allocation - - - Excess (Deficiency) of Revenues and Other Sources i Over Expenditures and Other Uses 5 101,861 $ (289.676) 5 (187,815) l t i See accompanying notes to financial statements. i 5 10 l
i Variance Final Favorable Budget (Unfavorable)
- $ 7,960,234 $ (178,563) ;
4,361,269 430,134 - 1,588,000 85,396 ! 900,000 (3,121) . 2,682,013 (113,245) l 372,500 (8,559) 732,000 (202,881) 640,450 (77,410) , 700,100 (99,476) 9,943 9,202 186,650 (2,255) 20.213,159 (160,778)
- 3,888,251 122,423 ,
16,041,920 887,412
~
3,402,335 5,427 ; 2,751,079 320,957 ; 200,906 68,059 l 87,489 746 ('
- 3,015,018 1,846,948 :
77,581 29,387 l l l 2,000 2,000 800 . 29,467,379 3,283,359 (9,254,220) 3.122,581 l l 8,963,215 126,780 (3,371,483) 225,312 5,591,732 352,092 (3,662,488) 3,474,673 , 3,662,488 (3,662,488) . $ . $ (187,815) i Continued 11
1 CITY OF OCALA, FLORIDA COMBINED STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL - CONTINUED 1 GENERAL, SPECIAL REVENUE, CAPITAL PROJECT AND EXPENDABLE TRUST FUND TYPES Year Ended September 30,1996 SPECIAL ; Adjustments Actual ; to on s Budgetary Budgetary ; Actual Basis Basis Revenues: ' Property taxes $ 38,304 $ -
$ 38,304 i Utility service tax - - -
i Other taxes - - - State revenue sharing - - - Other intergovernmental revenues 5,219,947 (174,466) 5,045,481 i Parking meters and facilities 57,052 - 57,052 Licenses and permits 436,646 - 436,646 ; Fines and forfeitures 51,854 - 51,854 - Charges for services 1,842,909 - 1,842,909 Interest 740,654 (2,193) 738,461 Gifts 16,639 - 16,639 Other 19,903 - 19,903 Total revenues 8,423,008 (176,659) 8,247,249 , Expenditures: Current General government and administration 226,674 (176,554) 50,120 Public safety - - - Public works 1,361,173 708,376 2,069,549 Culture and recreation 1,771,156 216,213 1,987,369 Housing rehabilitation - - - ; Nondepartrr ental appropriations - - - l Other 71,917 - 71,917 Capital outlay 2,293,982 107,722 2,401,704 Intergovernmental 7,879 - 7,879 Debt service: ' Principal payments interest and paying agents' fees 4,918 - 4,918 Total expenditures 5,737,699 855,757, 6,593,456 Excess (Deficiency) of Revenues Over Expenditures 2,686,209 (1,032,416) 1,653,793 ! Other Financing Sources (Uses): Operating transfers from other funds 2,127,798 - 2,127,798 , Operating transfers to other funds (3,031,322) - (3,031,322) Proceeds from long-term borrowing - - - i Total other financing sources (uses) (903,524) - (903,524) Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses E rore Fund Balance Allocation 1,782,685 (1,032,416) 750,269 Fund Balance Allocation - - - Excess (Def.ciency) of Revenues and Other Sources Over Expenditures and Other Uses $ 1,782.685 $ (1,032,416) $ 750,269 l See accompanying notes to financial statements. l l 1 12
- . _ + - _ _ _ . - - _ _ - - _ _ _ _ _ _ _ _
. .. - .. -- . . . - . . ._. _. _ . . - - - . - - . . . - - - - . . - . _ . . . - ~ . . . ~ . ~ . - -
L i t i > 1 -j l REVENUE l i Variance ! Final ' Favorable l Budget (Unfavorable) [
$ 40,052 $ (1,748)
~
- 6,456,435 (1,410,954) ,
50,000 7,052 413,500 23,146 l ! 46,800 5,054 1,689,000 153,909 767,600 (29,139) 85,927 (69,288) i 19,241 662 9,568,555 (1,321,306) l 57,317 7,197 ! 2,349,448 279,899 2,187,560 200,191 80,289 8,372 7,053,903 4,652,199 7,879 - i 9,620 9,620 l
~
4,918 . 11,750,934 5,157,478 (2,182,379) 3,836,172 2,123,284 4,514 (3,447,051) 415,729 (1,323,767) 420,243 (3,506,146) 4,256,415 3,506,146 (3,506,146) i j s . s 750.269 j l l Continued l l 13 l t
~_ - - . _
CITY OF OCALA, FLORIDA COMBINED ST ATEMENi' OF REVENUES AND EXPENDITURES -BUDGET AND ACTUAL-CONTINUED GENERAL, SPECIAL REVENUE, CAPITAL PROJECT AND EXPENDABLE TRUST FUND TYPES Year Ended September 30,1996 CAPITAL i l Adjustments Actual to on a Budgetary Budgetary Actual Basis Basis Revenues: Property ta)es 8 - $ - $ - UtKity servbe tax - - - Other taxe4 - - - State revenue sharing - - - t Other intrergovernmental revenues 1,387,912 - 1,387,912 Parking meters and facilities - - - Ucenst.s and permits - - - Fines and forfeitures - - - Cha'ges for services - - - Interest 356,274 (20,138) 336,136 + Gifts - - - Other - - - Tota revenues 1,744,186 (20,138) 1,724,048 Expenditures: Current General governrr ent and administration - - - l Public safety 2,310 - 2,310 Public works 163,521 1,867 165,388 Culture and recreation - - - Housing rehabilitation - - - Nondepartmental appiopriations 93,302 (91,002) 2,300 Other . - - Capital outlay 4,286,633 357,367 4,644,000 Intergovernmental - - - , Debt service: Principal payments Interest and paying agents' tees - - - Total expenditures 4,545,766 268,232 4,813,998 Excess (Deficiency) of Revenues Ovar Expenditures (2,801,580) (288,370) (3,089,950) Other Financing Sources (Uses): Operating transfers from other funds 1,372,373 - 1,372,373 Operating transfers to other funds (665,015) 282,248 (382,767) Proceeds from long-term borrowing 4,766,190 (4,766,190) _ Total other financing sources (uses) 5,473,548 (4,483,942) 989,606 Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses Before Fund Balance Allocation 2,671,968 (4,772,312) (2,100,344) Fund Balance Allocation - - - Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses 5 2,671,968 $ (4,772,312) $ (2,100,344) i See accompanying notes to financial statements. l 14 7
. _ _ _ _ _ _ _ _ _ _ . _ _ . _ . . . _ . . _ _ . _ _ _ _ _ _ _ . _ . _ . ~ _ _ _ . . _ _ _ _ _ . _ _ = _ _ _ _ _ . _ . _ _ _ _ . .
1 1 I ! l* i i i l PROJECT ! Variance Final Favorable l Budget (Unfavorable) 1 l 2,033,000 (645,088) 400,800 (64,664) l ! 2,433,800 (709,752) I t l i 15,000 12,690 206,405 41,017 l 2,300 . l 7,858,915 3,214,915 l 8,082,620 3,268,622 (5,648,820) 2,558,870 1,798,196 (425,823) , (382,774) 7 l . . 1,415,422 (425,816) (4,233,398) 2,133,054
)
4,233,398 (4,233,398) 5 . $ (2,100,344) l l Continued 15
)
CITY OF OCALA, FLORIDA COMBINED STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL -CONTINUED GENERAL, SPECIAL REVENUE, CAPITAL PROJECT AND EXPENDABLE TRUST FUND TYPES Year Ended September 30,1996 EXPENDABLE Adjustments Actual to on a Budgetary Budgetary Actual Basis Basis Revenues: i Property taxes S - $ - Utility service tax - - - Other taxes - - - State revenue sharing - - - Other intergovernmental revenues - - - Parking meters and facilities - - - Licenses and permits - - - Fines and forfeitures - - - Charges for services - - - Interest 86,102 (80,118) 5,984 i Gifts - - - Other 81,852 (81,852) - Total revenues 167,954 (161,970) 5,984 Expenditures: Current General government and administration 5,373 - 5,378 Public safety - - - Public works - - - Culture and recreation - - - Housing rehabilitation - - - Nondepartmental appropriations - - - Other - - - Capital outlay - - - Intergovernmental - - - Debt service: Principal payments - - - Interest and paying agents' fees - < - Total expenditures 5,378 - 5,378 Excess (Deficiency) of Revenues Over Expenditures 162,576 (161,970) 606 , Other Financing Sources (Uses): Operating transfers from other funds - - - Operating transfers to other funds - - - Proceeds from long-term borrowing - - - Total other financing sources (uses) - - - Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses Before Fund Balance Allocation 162,576 (161,970) 606 Fund Balance Allocation - - - Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses $ 162,576 $ (161,970) $ 606 See accompanying notes to financial statements. t 16
1 i 1 i TRUST Varlance Final Favorable Budget (Unfavorable) 7,400 (1,416)
~
..~
7,400 (1.416) 7,500 2,122 95,610 95,610 103,110 97,732 (95,710) 96,316
)
l i 1 (95.710) 96,316 , l 95.710 ___ (95.710) I l 1
$ . $ SM 17 l
l
CITY OF OCALA, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES Year Ended September 30,1996 Totals Internal (Memorandum Enterprise Service Only) Operating Revenues Sale of electricity $ 76,301,304 $ - $ 76,301,304 Sale of water 3,809,846 - 3,809,846 Sewer and sanitation service charges 14,895,093 - 14,895,093 Fees and rentals 2,083,864 8,311,869 10,395,733 Commissions 71,471 - 71,471 City and state contributions - 3,351,559 3,351,559 Employee contributions - 1,207,172 1,207,172 Other 2,694,308 314,523 3,008,831 Total operating revenues 99,855,886 13,185,123 113,041,009 Operating Expenses: Purchase of electricity 47,208,982 - 47,208,982 Distribution 7,244,946 - 7,244,946 Operation and maintenance 9,814,048 - 9,814,048 Water and sewer treatment 2,583,693 - 2,583,693 Sewer collection 897,146 - 897,146 Fleet management - 2,741,731 2,741,731 Purchasing and warehousing - 705,318 705,318 Management information system and central services - 948,036 948,036 Building maintenance - 830,337 830,337 Insurance, administration and other 3,821,806 5,555,719 9,377,525 Depreciation and amortization 7,207,159 1,052,382 8,259,541 Economic improvement incentives 822,455 - 822.455 Other 2,366,408 177,264 2,543,672 Total operating expenses 81,966,643 12,010,787 93,977,430 Operating income 17,889,243 1,174,336,, 19,063,579 Non-Operating Revenues (Expenses): Interest income 3,449,196 638,137 4,087,333 Interest expense (4,139,563) (3,994) (4,143,557) Other non-operating revenue 115,365 - 115,365 Total non-operating revenues (expenses) (575,002) 634,143 59,141 income Before Operating Transfers 17,314,241 1,808,479 19,122,720 Operating Transfers: From other funds 975,062 13,4.7 988,541 To other funds (10,286,211) (210,629) (10,496,840) Total operating transfers (9,311,149) (197,150) (9,508,299) Net income 8,003.092 1,611,329 0,614,421 Retained Earnings at Beginning of Year 120,437,852 15,997,399 136,435,251 Equity Transfers to Other Funds (8,988) (184,055) (193,043) Retained Earnings at End of Year 5 128,431,956 $ 17,424.673 $ 145.856,629 See accompanying notes to financial statements. 18
_ . . . .__ . - _ _ ~ . . . _ _ _ _ _ _ _ _ _ _ _ _ _ . _ . _ , _ _ , . _ . . _ _ _ _ _ _ . . _ _ , _ . _ CITY OF OCALA, FLORIDA COMBINED STATEMENT OF CHANGES IN PLAN NET ASSETS ALL PENSION TRUST FUNDS Year Ended September 30,1996 l 1 Additions: Contributions: Employer $ 1,691,615 , State 543,057 Employee 386,222 l Total contributions 2,620,894 l Investment income: i Net appreciation in fair value of investments 5,117,351 l Interest income 1,949,085 Dividend income 870,149 Totalincome on investments 7,936,585 l l Less: Investment management fees (285,581) Net investment income 7,651,004 l Total additions 10,271,898 L Deductions: i PGnsion payments 2,038,619 ' Refunds to employees 67,244 i Administration 91,712 l Total deductions 2,197,575 : Net increase 8,074,323 l Net Assets Held in Trust for Pension Benefits: l Beginning of year 61,476,883 End of year $ 69,551,206 ; I l l l See accompanying notes to financial statements. l l l l l l \ l l 1 l I 19
- j
, I CITY OF OCALA, FLORIDA COMBINED STATEMENT OF CASH FLOWS 1 ALL PROPRIETARY FUND 1YPES Year Ended September 30,1996 i Proprietary Fund Types Totale ? Internal (Memorandum ; Enterprise Service Only) t increase in Cash and Cash Equivalents: Cash Flows from Operating Activities: ,
, Cash received from customers S 99,334,240 $ - $ 99,334,240 [
Cash received from employees - 1,207,172 1,207,172 Cash paid to suppliers for goods and services (63,964,778) (6,626,455) (70,591,233) Cash paid to employees for services (9,508,417) (2,720,699) (12,229,116) Cash received from other funds - 11,787,285 11,787,285 Cash paid forinsurance claims - (1,661,490) (1,661,490) Net cash provided by operaffng activities '5,861,045 1,985 813 27,846,858 [ Cash Flows from Non-Capital Financing Activities: 5 Operating transfers in 975,062 13,479 988,541 [ Operating transfers out (10,286,211) (210,629) (10,496,840) Operating grants 98,482 - 98,482 . Principal rect.hred on loans to other funds 73,638 28,198 101,836 ; Interest received on loans to other funds 31,751 847 32,598 i Principal paid on loans from other funds (139,586) - (139,586) . Interest paid on loans from other funds (29,328) - (29.328) l Loans to other funds (651,640) - (651,640) i
- Net cash used in non-capital financing activities (9,927,832) (168,105) (10,095,937)
Cash Flows from Capital and Related Financing Activities: ! Not proceeds on issuance of bonds 4,668,500 - 4.668,500 j Deposit to escrow agent (529,056) - (529,056) Principal paid on bonds, notes and capital lease payable (5,205,000) (11,142) (5,216.142) ! Interest paid on bonds, notes and capital lease payab!e (5,432,894) (3994) (5,436,888) i Bond issuance costs (135,263) - (135,283) ; Proceeds of loans from other funds 670,415 - 670,415 i Acquisition and construction of capital assets (13,292,333) (2,060,105) (15,352,438) : Contributions received from other governments, 5 developers and customers 5,382,104 - 5,382,104 Not cash used in capital and related financing ,. activities (13,873,547) (2,075,241) (15,948,788)- l Cash Flows from investing Activities: ; Purchase of investments (4,053,621) - (4,053,621) i Proceeds from sales and maturities of investments 9,537,995 - 9,537,995 Interest received 3,645,720 617,948 4,263,668 Net cash provided by investing activities 9,130,094 617,948 9,748,042 Not increase in Cash and Cash Equivalents 11,189,760 360,415 11,550,175 ! t Cash and Cash Equivalents, beginning of year 45,139,019 11,221,283 56,360,302 Cash and Cash Equivalents, end of year s 56.328,779 $ 11,581,698 $ 67,910,477 I r [ See accompanying notes to financial statements. Continued F 20 ! I m_.- __.___ _ .i --_.___a e - - - .___m* _ _ _ _ _ _ _ - - s2 __ '- *_ -+-m_ _ _ . . -_ _ _ .------++.-,.,--e --,-v-.~w w y-
.- -- - - - - . . . . -. . .--_-- - -._ . ~ - _ - . -
CITY OF OCALA, FLORIDA COMBINED STATEMENT OF CASH FLOWS - CONTINUED ALL PROPRIETARY FUND TYPES ! Year Ended September 30,1996 Proprietary Fund Types Totals , Internal (Memorandum ' Enterprise Service Only) Reconcillation of Cash and Cash Equivalents to B11ance Sheet: Total unrestricted cash and investments per the i
- balance sheet $ 12.328,257 $ 11,581,698 $ 23,909,955 Total restricted cash and investments per the balance sheet 57,024,088 - 57,024,088 Total cash and investments 69,352,345 11,581,698 80,934,043
{ Less: Investments not meeting the definition of cash equivalents (13,023,566) - (13,023,566) ' Cash and Cash Equivalents, end of year S 56,328,779 $ 11.581,698 $ 67,910.477 Reconciliation of Operating income to Net Cash Provided by Operating Activities: ) l Operating income $ 17,889,243 $ 1,174,336 $ 19,063,570 l Adjustments to reconcile operating income to l net cash provided by operating activities: Depreciation 7,013.073 1,052,382 8,065,455 Amortization 194,086 - 194,086 (Gain) loss on fixed asset disposals 274,276 (10,194) 264,082 (Increase) decrease in assets: Accounts and notes receivable 171,115 (32,178) 138,937 Accrued unbilled revenue (545,789) - (545,789) I Due from other funds (66,607) - (66,607) ( Inventories (248,098) (387) (248,485) Due from other governments - (148,227) (148,227) Other current assets (139,160) (9,295) (148,455) i Inr:rease (decrease) in liabilities: Accounts payable 200,707 (58,001) 142,706 Claims payable - (2,396) (2,396) Compensated absences payable 116,370 19,773 136,143 l Due to other funds 479,489 - 479,489 ! Customer deposits 188,049 - 188,049 Deferred revenue (2,177) - (2,177) ! Decommissioning costs 336,468 - 336,468 Net Cash Provided by Operating Activities $ 25,861,045 $ 1,985,813 $ 27,846,858 Noncash Capital and Related Financing Activities: . Escrow deposit for defeasance of debt deducted from I bond proceeds $ (12,059,948) $ -
$ (12,059,948) i Bond issuance costs deducted from bond proceeds (92,044) - (92,044)
Acquisition and construction of capital assets included , in accounts payable (1,005,205) (1,005,205) I - Plant and equipment contributed from other funds 120,329 3,598,134 3,718,463 i . Plant and equipment contributed to other funds (8,988) (184,055) (193,043) l Total noncash capital and related financing activities S (13.045,856) $ 3,414,079 $ (9.631,777) See accompanying notes to financial statements. ! l 21 1- -. - . . . .-. - - - - - - - - . - _ .
aw , m as-- .As,--~ .-A.a A- ---m_ m mL4 - <s---m -m.ma-.u~~e as..m.. mms 2,_ __ m ,,_-a e--,L6 m.o+--a,--A_&---,u_ I .i a i, i i l 1 OF og
#'om gl COUNTL 22
. - -- . . ~ . . - -. . -- -
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS l Year Ended September 30,1996
- 1. Reporting Entity and Description of Funds:
A. Reportine Entity I l The City of Ocala, Florida (the " City") operates under a council-manager form of government, l including a six-member City Council comprised of a Mayor (elected at large) and five district l Councilmen and provides the following services as authorized by its charter; public safety, public l works, public utilities, cultun, recreation and community development. In evaluating the City as a reporting entity, management has addressed all potential component units , (traditionally separate reporting entities) for which the City may or may not be fmancially accountable ; l and, as such, be includable within the City's fmancial statements. In accordance with Governmental Accounting Standards Board (GASB) Statement No.14, the City (the pnmary government) is l financially accountable ifit appoints a voting majority of the organization's goveming board and (1) it is able to impose its will on the organization or (2) there is a potential for the organization to provide ; i specific fmancial benefit to or impose specific fmancial burden on the City. Additionally, the primary j l government is required to consider other organizations for which the nature and significance of their , I relationship with the primary government are such that exclusion would cause the reponing entity's financial statements to be misleading or incomplete. Management detennined that the Community Redevelopment Agency is tie only organization that should be included in the City's financial i l statements as a component unit. l l
- 1. Elended Comoonent Unit:
1 Community Redevelopment Acency (CRA) - The Community Redevelopment Agency was created pursuant to Chapter 163.356, Florida Statutes, City Ordinance 2009 and City Resolutions 88-37,88-52 and 89-44. The City Council serves as the CRA Board. Although legally separate, the CRA is appropriately blended as a governmental fund type component unit into the primary government. Separate fmancial statements for the CRA are not presently developed. The City includes advisory boards and commissions within the City in its fmancial statements in circumstances where the City selects the governing authority, designates management, has the ability to influence operations, and has accountability for fiscal matters of the advisory boards and commissions.
- 2. Related Organization:
The City is responsible for appointing the Ocala llousing Authority's board. Ilowever, the City's accountability for this organization does not extend beyond makmg these appointments. i l 1 l 23
__- . . _ . - _ - _ -. . - _ - - - - - -- --- _. - . ~ . - - - - i r CITY OF OCAl A FLORIDA 4 NOTES TO FINANCIAL STATEMENTS - CONTINUED j l Yect Ended September 30,1996 i
- 1. Reporting Entity and Description of Funds - Continued:
B. Description of Funds , The accounting records of the City are organized on the basis of funds and account groups. The operations of each fund are accounted for within a separate set of self-balancing accounts that ; comprise its assets, liabilities, fund equity, revenues, and expenditures or expenses. ss appropriate. ! Government resources are allocated to and accounted for in individual funds based upon the purpose for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped in the accompanying financial statements into seven generic fund types and three broad fund categories: governmental funds, proprietary funds and fiduciary funds. Homogeneous funds are consolidated for purposes of fmancial statement presentation. Interfund transactions and balances are eliminated in the consolidation of homogeneous funds. Other funds which are similar by type but not homogeneous are combined. Interfund transactions and balances are not climinated on funds which are combined rather than consolidated. Governmental Funds - Governmental funds include the General, Special Revenue, Debt Service and Capital Project funds. The measurement focus of governmental funds is determination of fmancial position and sources and uses of resources rather than net income determmation. The funds are maintained on the modified accrual basis of accounting. Generally, only current assets and current l liabilities are included on their balance sheets. Their reported fund balances are considered a measure of available spendable resources. The following is a description of the governmental funds of the City: General Fund - The General Fund is the general operating fund of the City. It is used to account for revenues and current, capital outlay, debt service and intergovernmental expenditures not , specifically required by law or administrative action to be accounted for in another fund. All general property taxes (except for those levied for the Downtown Development Commission and those required to be deposited to the Community Redevelopment Trust Fund), franchise taxes, , licenses, fmes and certain intergovernmental revenues are recorded in this fund. Current, capital : outlay, debt senice and intergovernmental expenditures of the administrative, public safety, public works and numerous other departments ue paid for through this fund. - Special Revenue Funds - Special revenue funds are used to account for the proceeds of specific revenue sources that are legally or admmistratively restricted to expenditure for specific purposes. l Dgbt Service Funds - Debt senice funds are used to account for the accumulation of resources for the payment of principal, interest and related costs of the City's general long-term debt. ! Caoital Project Funds - The capital projects funds are used to account for resources earmarked > for the acquisition and construction of major capital facilities and other project oriented actisities i other than those financed by proprietaiy funds. i i 24 l
t CITY OF OCALA, FLORIDA l NOTES TO FINANCIAL STATEMENTS - CONTINUED 1 ! Year Ended September 30,1996 i
- 1. Reporting Entity and Description of Funds - Continued:
B. Description of Funds - Continued Proprietary Funds - Proprietary funds include enterprise and internal senice funds. He measurement focus of proprietary funds is determination of net income, fmancial position and cash flows. The generally accepted accounting principbs for proprietary funds are similar to those applicable to l businesses in the private secto and thus, these funds are maintained on the accrual basis of accounting. Accordingly, all assets and liabilities associated with their activity are included on their balance sheets.
- Their reported fund equity is segregated into contributed equity and retained eamings components.
l Proprietary funds used by the City are as follows: Enterorise Funds - Enterprise funds are used to account for operations that are financed and ! operated in a manner similar to private businesses where the intent of the governing body is that the costs (including depreciation) of providing certain goods and senices to the general public be fmanced or recovered primarily through user charges or where the governing body has deemed l that periodic determination of net income is appropriate for purposes of monitoring capital l maintenance, accountability or other purposes. l Internal Service Funds - The internal senice funds account for the operation of departments which exist solely to provide senices to other City departments. The revenues of the intemal service funds are derived from user fees and self insurance premiums charged to other City funds. Trust and Acency Funds - The trust and agency funds of the City are pension trust funds, expendable ) trust funds and the deferred compensation fund. The trust funds are used to account for assets held by the City in a trustee capacity, or as an agent for individuals, private organizations, other governments j and/or funds. The measurement focus and basis of accounting of the pension trust funds are similar to i proprietary funds and they are therefore maintained on the accrual basis of accounting. The pension trust funds are utilized to account for the fmancial transactions of the City-administered pension plans. The measurement focus and basis of accounting of the expendable trust funds are similar to govemmental funds and they are therefore maintained on the modified accrual basis of accounting. He agency fund does not measure results of operations, but assets and liabilities are measured on the modified accrual basis of accounting. Account Groups - Fixed assets and long-term liabilities associated with governmental funds are accounted for in the General Fixed Asset and General Long-Term Debt Account Groups. The two account groups are not funds and are concemed only with the measurement of fmancial position. General Fixed Asset Account Group - Fixed assets used in govemmental fund type operations are accounted for in the General Fixed Asset Account Group. Public domain (infrastmeture) general fixed assets consisting of certain improvements other than buildings such as roads, ; sidewalks and drainage systems are not, however, capitalized as general fixed assets. General Lone-Term Debt Account Group - Long-term liabilities expected to be financed from
- governmental funds are accounted for in the General Long-Term Debt Account Group. l 1
25 l
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS -CONTINUED Year Ended September 30,199f
- 1. Reporting Entity and Description of Funds - Continued:
C. GASH Statement No. 20 Election Pursuant to the election option made available by GASB Statement No. 20, pronouncements of the Financial Accounting Standards Board (FASB), issued after November 30,1989, are not applied in the preparation of the financial statements of the proprietary fund types.
- 2. Summary of Significant Accounting Policies:
The accounting principles and reporting practices of the City conform to generally accepted accounting principles applicable to governmental units. The more significant of these policies and principles are summarized below: A. Basis ofAccountine Accrual Basis - This basis of accounting is utilized for the proprietary and pension trust funds. Under this basis, revenues are recognized in the period earned and expenses are recognized in the period incurred. Modified Accrual Basis - This basis of accounting is utilized by the governmental funds. Under this basis, revenues are recognized when they become susceptible to accrual, that is, when they become both measurable and available to finance expenditures of the fiscal period. All material revenues of the governmental funds, such as other intergovernmental revenues and other taxes, are accrued or deferred, as appropriate. Property taxes are not accrued since they are substantially collected during the period in which they are due. Under the modified accrual basis, expenditures are generally recognized when the liability is incurred, with the following exceptions: Principal and interest on general long-term debt are recognized as expenditures in the debt service funds when due. Prepaid items are reported as current period expenditures rather than allocating the related expenditures to the periods benefited. Inventory of governmental funds is reported as an expenditure in the period purchased. Interest income on special assessments receivable is not accrued. B. Annual Hudrets An annual budget is prepared for all govenunental and proprietary funds except for one special revenue fund (SHIP Local Housing Assistance), one capital project fund (Capital Improvement Construction Fund), one expendable trust fund (Pension Medical Reserve Fund), the agency fund, .and all debt service funds. Some portions of the City's General Fund and special revenue funds which are related to grants, financially non-measurable trial programs, special assessments and other similar activities are not formally budgeted. These activities are monitored by the appropriate City personael. The budget amounts presented in the accompanying fmancial statements for the governmental funds are as originally adopted, or as legally amended, by the City Council during the year ended September 30, 1996 26
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 2. Summary of Significant Accounting Policies - Continued:
B. Annual Hudeets - Continued The City Manager is r.ithorized to transfer budgeted amounts between departments within any fund; however, any budget amendments that alter the total expenditures of any fund must be approved by the City Council. During 1996 the City Council approved various supplemental budget appropriations to provide for unanticipated requirements of the period. Budget appropriations may not be legally exceeded on a fund basis. Appropriations lapse at the end of each fiscal year. The budgets for the governmental funds are adopted on a basis consistent with generally accepted accounting principles (GAAP) except that encumbrances are treated as expenditures. Accordingly, budgetary comparisons presented for the governmental funds in the accompanying fmancial statements are on this non-GAAP budgetary basis. In addition, certain activities accounted for within the governmental funds are not formally budgeted by the City. Therefore, both revenues and expenditures associated with those activities have also been treated as adjustments to convert actual revenues and expenditures of the governmental funds to a budgetary basis in order that the budgetary comparisons reflect only those activities for which legally adopted budgets are prepared. C. Equity in Pooled Cash and Investments ne City maintains a pooled cash and investment fund which allows the various funds of the City to pool monies for investment purposes. The City maintains records to identify the equity of each fund investing in the pool as well as amounts borrowed from the pool. Investment earnings of the pool are recorded as eamed and are allocated to the participating funds based on the respective fund's equity in the pool at the end of each month. D. Cash Flows For purposes of the statement of cash flows, cash and cash equivalents include cash on hand (including equity pooled cash), demand deposit accounts and highly liquid investments (including restricted assets) with a maturity of three months or less when p'irchased. E. Investments Investments, except those of the Pension Trust Funds, are stated at cost, which together with the accrued interest receivable approximates market. Investments of the Pension Trust and Agency Funds consisting of bonds, common stocks, debentures and short-term investments are stated at fair market value based on quoted market prices at the end of the fiscal year. Income from other investments owned by the individual funds is recorded in the respective funds as earned. F. Inventories Inventories held by the proprietary funds consist of golf retail merchandise, equipment and supplies held for maintenance use or for capital improvements and are stated at the lower of average cost or market. Obsolete and unusable items have been reduced to estimated salvage values. 27
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 2. Summary of Significant Accounting Policies - Continued:
G. Property. Plant and Equipment ' l Governmental Funds - General fixed asset additions are recorded as capital outlay expenditures in the ; respective governmental fund and are simultaneously capitalized at cost in the General Fixed Asset l Account Group, except for infrastructure assets which are immovable and of value only to the City. Donated fixed assets are recorded at their fair market value on the date donated. Unit costs of property and equipment recorded in the General Fixed Asset Account Group were established at historical cost or estimated historical cost in a manner similar to fixed assets of proprietary funds. Depreciation is not provided on general fixed assets. Proprietary Funds - Property, plant and equipment of the proprietary funds acquired subsequent to 1977 are carried at historical cost. Those acquired in 1977 and prior years are recorded at estimated historical cost if historical cost is not available. Contributed assets are recorded at their estimated fair i market value on the date donated. The City used appraisals and other estimation techniques (indices) to estimate, when necessary, the original historical cost of the units of property, plant and equipment. Since the development of detail property records, all additions to property, plant and equipment of propriciary funds have been recorded at cost with retirements recorded using the established actual or estimated historical cost (net of accumulated depreciation). Depreciation is provided on all exhaustible assets of proprietary funds on the straight-line method over the following estimated useful lives: Buildings 30 years Extensions and improvements other than buildings 30-60 years Fixtures, vehicles and equipment 5-15 years An annual depreciation rate of 3.6% is applied to the historical cost of Crystal River Unit No. 3 (CR-3). This annual depreciation rate was approved by the Florida Public Service Commission for use by Florida Power Corporation, the majority owner of the project. The City's share of nuclear fuel, which is included in the CR-3 investment account, is amortized on a unit-of-production method at a rate based on actual BTU's of energy produced. Expenditures for maintenance and repairs which do not add to the value of the assets or extend their useful lives are charged to operating expenses as incurred. However, expenditures for repairs and improvements which add to the value or extend the useful life of an asset are capitalized. 28
1 CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED l 1 Year Ended September 30,1996
- 2. Sumrnary of Significant Accounting Policies - Continued:
G. Property, Plant and Eauipment - Continued Capialization ofInterest -In accordance with FASB Statement No. 62, the Electric System and Water and Sewer System enterprise funds capitalize net interest costs on funds borrowed to finance the construction of fixed assets. For the year ended September 30,1996 capitalization of net interest costs I was as follows: Electric Water and System Sewer System Interest expense $ 507.050 $ 568,317 Amortization of bond issuance costs 47,982 15,979 Interest income (121,420) (274,770)
]
Increase in construction in progress $ 433,612 $ 309,526 Capital Leases and Installment Purchase Contracts - Property and equipment and long-term liabilities associated with capital leases and installment purchase contracts of governmental funds are accounted , for in the General Fixed Asset and General Long-Term Debt account groups, respectively. l i The acquisition or constmetion of general fixed assets under a capital lease agreement or installment ! purchase contract is recognized as an expenditure and other financing source and principal and interest expenditures in the governmental funds. Property and equipment and liabilities associated with capital leases and installment purchase contracts of proprietary funds are accounted for and reported in the financial statements of the respective l proprietary fund. ! I1. A ccrued Revenue Revenues of enterprise funds are accrued based on estimated unbilled services provided to customers at the end of the fiscal year. I. Pronerty Taxes Property taxes levied by the City are billed and collected by Marion County and normally attach as an enforceable lien on property as of January 1. Generally taxes are levied on November 1 and are payable on or before June 1. Substantially all property tax billings are collected during the fiscal period billed. The City is permitted under its charter to levy taxes up to $10 per $1,000 of assessed valuation for general government services other than the payment of principal end interest on general long-tenn debt and in unlimited amounts for the payment ofprincipal and interest on long-term debt. Additional taxes assessed for the payment of general long-term debt issues of the City must be approved by the public. The tax rate assessed by the City for tbc year ended September 30,1996 was $5.0881 per $1,000 of assessed property value. l 29
CITY OF OCALA, FLORIDA I i NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 2. Summary of Significant Accounting Policies - Continued:
J. Interfund Payables and Receivables Interfund payables and receivables are non-interest bearing and generally are liquidated monthly (Note 6). Interfund advances are liquidated in accordance with the City Council's resolution and may bear interest (Note 7). K. CompensatedAbsences In governmental funds the amount of compensated absences associated with employee vacations that are recorded as expenditures represent the amounts accmed during the year that would nonnally be liquidated with available spendable resources. The amount of compensated absences associated with employee sick leave is based on the historical annual trend of adjusted sick leave payments made at retirement. Accordingly, the amount of the compensated absence liability that would normally be liquidated with expendable available resources in the next fiscal year is reflected in the fmancial statements of governmental funds. The remainder of the compensated absence liability of govemmental funds is reported in the General Long-Term Debt Account Group. In proprietary funds, the amount of compensated absences associated with employee vacations that are recorded as expenses represent the amounts accmed during the year and the amount of compensated absences associated with employee sick leave is based on the historical anrmal trend of adjusted sick leave payments made at retirement. The liability for compensated absences of these funds is reflected in the respective financial statements. The above accounting conforms to GASB Statement No.16. L. Setf-Insurance Claims Liabilities for reported claims and incurred but not reported claims are estimated based on an actuarial review of claims pending and historical experience. M. Pension Costs Pension plan contributions include provision for normal cost plus an amount sufficient to amortize the past service liability over a thirty-year period. 30
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 2. Summary of Significant Accounting Policies - Continued:
N. Reserves ofRetained Earnines and Fund Balance Reserves of retained earnings on the proprietary funds are created by increases in net assets restricted for debt service and renewal and replacement. There is no reservation of retained earnings for assets set aside for construction under bond indentures. Fund balances of governmental funds are reserved for assets which have been legally segregated for specific future uses or which are not available for expenditure. Open encumbrances at year end are reported as reservations of fund balance to reserve that portion of the current year budget appropriation which has not been recognized as an expenditure or a liability. O. Grants and Contributions Program and capital grants received by governmental funds are recorded in the applicable govenunental fund as receivables and revenues at the time reimbursable costs are incurred and all significant grant restrictions are satisfied. Grant revenues received in advance of meeting all major grant restrictions are deferred. Capital grants for general fixed asset additic ns prior to October 1,1977 l are recorded in the general fixed asset account group as investments by the governmental fund which expended the grant monies. Capital grants for general fixed asset additions subsequent to September 30,1977 are recorded in the general fixed asset account group as contributions from federal or state grants. Capital grants received by proprietary funds are also recorded as receivables when reimbursable project costs are incurred or as deferred credits if the grant money is received in advance of project expenditures. Capital grants and other contributions for fixed asset additions to the proprietary funds prior to October 1,1977 are recorded as additions to retained earnings. Capital grants and other contributions for fixed asset additions to the proprietary funds subsequent to September 30,1977 are recorded as additions to contributed equity. Depreciation on proprietary fund assets purchased with capital grants or other capital contributions is not closed to contributed capital. Contributed assets, including property and equipment, are recorded in proprietary funds and in the general fixed asset account group at fair market value at the time received. l l l l \ 31 l
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 2. Summary of Significant Accounting Policies - Continued:
P. Hand Discounts and Issuance Costs Bond discounts and issuance costs are deferred and amortized over the term of the bonds using the effective interest method. Bond discounts are presented as a reduction of the face amount of the related bonds payable and issuance costs are recorded as other assets. Q. Deferred Loss on Defeasance ofDebt In proprietary fund types, the difference between the reacquisition price (new debt) and the net carrying value of the old debt in a debt refmancing is deferred and amortized as a component ofinterest expense over the shorter remaining life of the old or new debt. The deferred loss on defcasance of debt is presented as a reduction of the face amount of the new bonds payable. R. Administrative Fees Certain administrative expenses are incurred by the City's Electric System Revenue Fund on behalf of the Water and Seur and hvitation funds. The Electric System Revenue Fund charges for these services based on ine receiving fuld's original budgeted appropriations. The reimbursement for these services is recorded as an crerr. ting expense of the Water and Sewer and Sanitation funds and as a reduction of administrative expense of the Electric Revenue Fund. He City's General Fund also incurs certain administrative expenditures on behalf of other funds of the City. The General Fund i.s reimbursed for these expenditures based on actual cost allocations. The amounts reimbursed are recorded as a seduction of expenditures of the General Fund. The related reimbursements are recorded as either an operating expense of the proprietary funds or as an expenditure :,f th governmental funds. S. Encumbrances Encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of monies are recorded in order to resen e a portion of the applicable budget appropriation, is utilized by the governmental funds of the City. Encumbrances outstanding at year end are reported as reserves of fund balance of governmental funds since they do not constitute expenditures or liabilities. They are recognized as expenditures in the period in which the actual goods or senices are received and a liability is incurred. T. Total Columns on CombinedStatements - Overview The columns entitled " Total (s) (Memorandum Only)" included in the General-Purpose Financial Statements (Combined Statements - Oveniew) section of this report are presented only to facilitate financial analysis. These total columns are not comparable to consolidated fmancial information as the basic reporting entity is by fund types which utilize differing bases of accounting. The columns do not present information that reflects fmancial position, results of operations or cch flows in accordance with generally accepted accounting principles. In addition, interfund eliminations iave not been made in the aggregation of this data. 32
= - . = _ _ - - . . - - _ _ - _ - . . _ _ . _ _ _ - - - .
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996 i
- 3. Adoption of New Accounting Pronouncements: l Adoption ofGASB Statements Nos. 25 and 27 On October 1,1995, the City adopted the provisions of GASB Statement No. 25, Financial Reportingfor Defined Benefit Pension Plans and Note Disclosuresfor Defined Contribution Plans, and GASB Statement No. 27, Accounting for Pensions by State and Local Governmental Employers. The implementation of l l GASB Statements '%s. 25 and 27 had no material effect on the net assets held in trust for pension benefits or i I
disclosures of pension information in connection with the City's three pension plans. l l 4. Budget Reconciliation: A. Hudretary Rasis Reconciliation Since the accounting principles applied for purposes of developing data on a budgetary basis differ significantly from those used to present financial statements in conformity with generally accepted accounting principles, a reconciliation of resultant basis, perspective, entity and timing differences in l the excess of revenues and other sources of financial resources over expenditures and other uses of financial resources for the year ended September 30,1996 is presented below: j Governmental Fund Types Special Capital Expendable General Revenue Project Trust Excess (deficiency) of revenues and other sotma of financial resources ovw cxpenditures and other uses of financial resources (budgetary basis) $ (187,815) $ 750,269 $ (2,100,344) $ 606 Adjustments: Encumbrances 395,773 1,035,357 359,234 - Encumbrances of non-formally budgeted activities (119,555) (3,046) - - Non-formally budgeted activities 13,458 105 4,413,078 161,970 Excess (deficiency) of revenues and other sources of financial resources over expenditures and other uses of financial resources (GAAP basis) $ 101,861 $ 1,782,685_ $ 2,671,968 $ 162,576 i B. Excess of Expenditures th'er Appropriations t For the year ended September 30,1996, no expenditures exceeded the budget at the fund level. 33
1 l CITY OF OCALA, FLORIDA l NOTES TO FINANCIAL STATEMENTS - CONTINUED i l Year Ended September 30,1996 i l
- 5. Cash and Investments and Equity in Pooled Cash and investments:
I The City maintains a cash and investment pool that is available for use by all funds, except the pension trust funds and certain other funds required to have separate bank accounts. Each fund type's portion of this pool is displayed on the combined balance sheet as " Equity in pooled cash and investment fund". In addition, l' investments are held separately by several of the City's funds. The deposits and investments of the pension trust funds are held separately from those of other City funds. A. Cash At September 30,1996, the carrying a.nount of the City's deposits was $8,308,353. These deposits, consisting ofinterest bearing and non-interest bearing demand accounts and certificates of deposit, were entirely insured by federal depository insurance or by collateral held by the City's agent pursuant to the Public Depository Security Act of the State of Florida. This Act requires that the City maintain ' deposits only in " qualified public depositories". All qualified public depositories must deposit with the State Treasurer eligible collateral in such amounts as required by the Act. In addition, qualified public depositories are required under the Act to assume mutual responsibility against loss caused by the default or insolvency of other qualified public depositories of the same type. Should a default or insolvency occur, the State Treasurer will implement procedures for payment oflosses according to the , validated claims of the City. Funds not prohibited by bond covenants have pooled their cash balances in order to maxunize . investment earnings. The City's banking arrangeraent provides that the City will pay monthly direct senice charges and will earn interest on collected balances at the etTective federal funds rate less 50 i basis points and adjusted for reserve requirement. B. Investments . 9 Florida Statutes authorize the City to invest in the Local Govemment Surplus Funds Trust Fund, obligations of the U.S. Government, U.S. Govemment Instrumentalities, interest-bearing time deposits . and savings accounts in banks and savings and loans provided such deposits are collateralized as described above, mutual funds investing in U.S. Government securities and repurchase agreements i fully collateralized by U.S. Govemment obligations. Effective October 1,1995, the City adopted its ! own investment policy which conforms to the provisions of Section 218.415, Florida Statutes. This investment policy also authorizes the City to invest in corporate bonds, bankers acceptances, prime L commercial paper, repurchase agreements, collateralized mortgage obligations, yankee securities and eurodollar securities. Assets of the Ocala Firefighters' Supplemental Plan and the Ocala Police Officers' Supplemental Plan may also be invested, under state statute, in corporate bonds, corporate , stocks, commercial paper and life insurance contracts. Cash Management Funds are mutual funds administered by Barnett Banks Trust Company. Investments held in these funds consist of U.S. Govemment and other short-term obligations. These short-term investments are stated at cost, which approximates market. Investment income is , recognized as earned and is allocated to participants of the funds based on their equity participation. 34 .
l l CITY OF OCALA, FLORIDA l NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1936 l
- 5. Cash and Investments and Equity in Pooled Cash and Investments - Continued:
l B. Investments - Continued l The Local Government Surplus Funds Trust Fund is an investment pool administered by the Florida l Shte Board of Administration. Investments held in the Fund consist of short-term federal agency obligations, treasury bills, repurchase agreements, and commercial paper. These short-term investments are stated at cost, which approximates market. Investment income is recognized as earned and is allocated to participants of the fund based on their equity participation. Collateralized mortgage obligations (CM0's) are investments used by the City to maximize yields. The City's CM0's, consisting of planned amortization classes (PAC's) and adjustable rate mortgage pools (ARM's), are based on cash flows from principal and interest payments on underlying mortgages. The PAC's have fixed interest rates; therefore, as interest rates rise, they will decline in value. The ARM's have an adjustable interest rate based on an underlying index; therefore, they will normally retain their value as interest rates change. Although there is market risk in connection with fluctuating interest rates, the City feels that the risk for these types of CMO's is minimal. The City's investments are categorized by type to give an indication of the level of credit risk assumed l by the City at year end. Category 1 includes investments that are insured or registered or for which the i securities are held by the City or its agent in the City's name. Category 2 includes uninsured and j l unregistered investments, with securities held by the counterparty's trust department or agent in the City's name. Category 3 includes uninsured and unregistered investments for which the securities are l held by the counterparty, or by its trust department or agent but not in the City's name. ! Category Category Category Carrying Market 1 2 3 Value Value t U.S. Government 1 l seeunties S - $ 7,452,138 $ 55,302.479 $ 62,754,617 $ 62,655,014 I i Common stocks and debentures - - 70,335,004 70,335,004 70,256,605 l Repurchase agreement - - 1,551,992 1,551,992 1,551,992 1
$ - S 7.452,138 $ 127,189.475 134,641,613 134,463,611 Cash Management Funds 14,752,980 14,752,980 i
Loeal Government Surplus Func's Trust Fund 24,777,227 24,777,227 l l Deferred Compensation l Investments 5,934,159 5,934,159 Total Investments $ 180,105,979 $ 179,927,977 The pension trust funds hold approximately 48% of the investments in Category 3. The types of investments and their levels of risk exposure as of September 30,1996 were typical of those items held during the fiscal year then ended. I 35
CITY OF OCALA, FLORIDA NOTES TO FIN ANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996 l l l I I
- 6. Due From (To) Other Funds:
l The following summarizes the interfund receivables and payables of the v.t September 30,1996: Interfund Interfund Receivable Payable Fund Current Unrestricted Interfund Receivable / Payable: $ 1,235,091_ 3 8.865 General Fund Special Revenue Funds: 8,865 Occupational License 88,966_ Stormwater Utility 97,831_ _ - Enterprise Funds: - 1,237,190 Electric System Revenue 600,108 Water and Sewer 301,287 141,954 Sanitation - Ocala Regional Airport - 801,351 Florida Emergency Training Facility - 44,957 Adult AthleticComplex 901,395_ 2,225,452_
$ 2,234,317_ y,234,317 Total interfund Receivable / Payable
- 7. Interfund Transactions:
On November 10,1987, the City Council approved a Inloan from the Electr September, Municipal Golf Course Fund for the cost of the Pine Oaks Clubhouse i in exce 1988, the actual interfund loan was made for $555,000. f Administration of i rate using the same rate the City receivesfiscal onyearits investm outstanding, with $55,500 classified as long-term. Interfund interest recognize 1996 was $9,043. h On February 14,1989, the City Council authorized f 1989, the amount of this loan, which bears interest at a fluctuating r Administration interest rate, was reduced to $292,000. be repaid over a fifteen-year period. At September 30,1996, l year 1996 was $241,098 with $230,855 classified as long-term. Interfund interest recognized on this loan in fisel
$13,378.
36
i CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 7. Interfund Transactions - Continued:
On July 18,1989, the City Council approved a loan of $60,000 from the General Fund to the Fort King Termis Court Fund for the construction of a new clubhouse facility. In April,1990, the actual interfund loan was made. This interfund loan bears interest at a fluctuating rate using the same rate the City receives on its investments with the State Board of Administration of Florida and is to be repaid over a fifteen-year period. During 1996, this loan was refinanced by a loan approved by City Council on August 13, 1996. Interfund interest recognized on this loan in fiscal year 1996 was $2,449. On April 20,1993, the City Council approved a loan of $79,775 from the Fleet Management Fund to the Municipal Golf Course Fund for the purchase of new gas golf carts. This interfund loan, which was actually made in September,1993, bears interest at a variable interest rate set by the City's Finance Director and is to be repaid over a three-year period beginning m fiscal year 1994. The final principal payment of this loan was made during fiscal year 1996. Interfund interest recognized on this loan in fiscal year 1996 was $847. On June 29,1993, the City Council approved a loan from the Electric System Revenue Fund to the Airport Fund to cover the Airport's portion of the debt service payments through 1998 for various improvements. The first portion of the loan was made in fiscal year 1994 in the amount of $15,000. This interfund loan bears interest at a fluctuating rate using the same rate the City receives on its investments with the State Board ot Administration and is to be repaid during fiscal years 1999 through 2007. At September 30,1996,
$92,060 of the loan is outstanding and is classified as long-tenn. Interfund interest recognized on this loan in fiscal year 1996 was $3,794.
On September 27,1994, the City Council approved a loan of $82,838 from the Electric System Revenue Fund to the Parking / Parks Enforcement Fund for the purchase of an additional parking lot. This loan, which bears interest at 6%, is to be repaid over a ten-year period. At September 30,1996, $69,983 of the loan i balance is outstanding, with $62,955 classified as long-term. Interfund interest recognized on this loan in fiscal year 1996 was $4,416. On October 18,1994, the City Council approved a loan of $9,000 from the Electric System Revenae Fund to the Parking / Parks Enforcement Fund for improvements to the leased First Presbyterian Church parking lot. This loan, which bears interest at 6%, is to be repaid in a minimum of 3 years, depending on the sutTiciency of the revenues from the parking lot. At September 30,1996, $8,216 of the loan is outstanding, with $5,216 classified as long-term. Interfund interest recognized on this loan in fiscal year 1996 was $502. On February 28,1995, the City Council approved a loan of $75,000 from the Electric System Revenue Fund to the Airport Fund for the City's match for the upgrading and reconstruction of an existing hangar at the l Airport. This loan, which bears interest at 7%, will be payable over ten years commencing after the project is completed. The first portion of the loan, $12,605, was made in September,1995. At September 30,1996,
$57,910 of this loan is outstanding and is classified as long-term. Interfund interest recognized on this loan in fiscal year 1996 was $1,231.
On June 20,1995, the City Council approved a loan of $250,000 from the Electric System Revenue Fund to the Airport Fund for .he City's portion of the construction of 28 T-hangars. This loan, which bears interest at l 8%, will be payable over 15 years conunencing after the project is completed. The first portion of this loan,
$14,866, was made in September,1995. At September 30,1996, $128,017 of this loan is outstanding and is classified as long-term. Interfund interest recognized on this loan in fiscal year 1996 was $2,380.
l 37
CITY OF OCALA, FLORIDA l NOTES TO FINANCIAL STATEMENTS - CONTINUED l l Year Ended September 30,1996
- 7. Interfund Transactions - Continued:
On June 20,1995, the City Council approved a loan of $18,777 from the Electric System Revenue Fund to the Airport Fund for the remainder of the City's portion for the reconstruction of a hangar at the Airport. This loan, which bears interest at 8%, will be payable over five years conunencing after the project is completed. At September 30,1996, no portion of this loan had been drawn, and there was no interfund interest recognized in fiscal year 1996. On June 27,1995, the City Council approved a loan from the Electric System Revenue Fund to the Airport Fund to cover the Airport's portion of the debt service payments through 1998 related to the land acquisition in 1993. The first portion of the loan was made in September,1995 in the amount of $81,210. This interfund loan bears interest at a fluctuating rate using the same rate the City receives on its investments with the State Board of Administration and is to be repaid during fiscal years 1999 through 2007. At September 30,1996, $167,712 of the loan is outstanding and i; classified as long-term. Interfund interest recognized on this loan in fiscal year 1996 was $6,548. On July 27,1995, the City Council approved a loan of $10,000 from the Electric System Revenue Fund to the General Fund for the replacement oflights at the Brick City Park football field. His loan, which bears interest at 8%, is to be repaid over a five-year period beginning in fiscal year 1996. At September 30,1996,
$8,000 of the loan is outstanding, with $6,000 classified as long-term. Interfund interest recognized on this loan in fiscal year 1996 was $800.
On December 5,1995, the City Council approved a loan of $15,000 from the Electric System Revenue Fund to the Foreign Trade Zone Fund for the cost of the pre-activation phase of the Foreign Trade Zone project. This loan, which bears no interest, is to be repaid over five years. At September 30,1996, $15,000 of the loan is outstanding, with $12,000 classified as long-term. On May 28,1996, the City Council approved a loan of $10,000 from the Electric System Revenue Fund to the General Fund for the purchase of computer equipment for the Recreation and Parks Department's senior citizen computer program. This loan, which bears interest at 7%, is to be repaid over a three-year period beginning in fiscal year 1997. At September 30,1996, $10,000 of this loan is outstanding, with $6,896 classified as long-term. There was no interfund interest recognized on this loan in fiscal year 1996. On June 11,1996, the City Council approved a loan of $27,000 from the Electric System Revenue Fund to the General Fund for the purchase of a modular home at Cohadjoe Park. This loan, which bears interest at 8%, is to be repaid over fifteen years beginning in fiscal year 1997. At September 30,1996, $27,000 of this loan is outstanding, with $26,029 classified as long-term. There was no interfund interest recognized on this loan in fiscal year 1996. On August 13,1996, the City Council approved a loan of $55,775 from the General Fund to the Fort King Tennis Court Fund for the refinancing of the $43,275 balance at September 30,1996 of the interfund loan approved by City Council on July 18,1989 and $12,500 for resurfacing and lighting the hard courts at the tennis center. His loan, which bears interest at 7%, is to be repaid over ten years beginning in fiscal year 1997. At September 30,1996, $55,775 of this loan is outstanding, with $51,782 classified as long-term. Here was no interfund interest recognized on this loan in fiscal year 1996. 38
CITY OF OCALA, FLORIDA i NOTES TO FINANCIAL STATEMENTS - CONTINUED I Year Ended September 30,1996 i 1
- 7. Interfund Transactions - Continued: ,
On September 24,1996, the City Council approved a loan of $325,000 from the Electric System Revenue ! Fund to the Water and Sewer Fund for specific water and sewer extensions. This loan, which bears no interest, is to be repaid over five years beginning in fiscal year 1997. At September 30,1996, $325,000 of i this loan is outstanding, with $260,000 classified as long-term. l l The following summarizes the interfund loans receivable and payable of the various funds of the City at September 30,1996: j ! Loans Loans i Fund Receivable Payable j Current Unrestricted Interfund Loans ! Receivable / Payable: , General Fund $ 3,993 $ 6,075 l Special Revenue Funds: l Parking / Parks Enforcement - 10,028 Enterprise Funds: Electric System Revenue 149,846 - Water and Sewer - 65,000 f Municipal Golf Course - 55,500 l l Fort King Tennis Court - 3,993 ' ! Ocala Regional Airport - 10,243 Foreign Trade Zone - 3,000 1 149,846 137,736 ; Total current unrestricted interfund , ! loans receivable / payable 153,839 153,839 ! i l ! Interfund Loans Receivable / Payable After One Year: l General Fund 51,782 38,925 l Special Revenue Funds: 1 Parking / Parks Enforcement - 68,171 ! Enterprise Funds: l Electric System Revenue 1,111,150 - i Water and Sewer - 260,000 Municipal Golf Course - 55,500 Fort King Tennis Court - 51,782 ! Ocala Regional Airport - 676,554 Foreign Trade Zone - 12,000 1,111,150 1,055,836 Total interfund loans receivable / payable after one year 1,162,932 1,162,932 Total Interfund Loans Receivable / Payable $ 1,316,771 $ 1,316,771 1 i I 39
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 8. Property, Plant and Equipment:
Property, plant and equipment of the proprietary fund types at September 30,1996 is summarized as follows: Intemal Enterprise Service Funds Funds Buildings $ 5,726,436 $ 11,283,562 , Extensions and improvements other than buildings 183,868,570 1,508,134 Crystal River Unit No. 3 13,772,751 - Fixtures, vehicles and equipment 9,086,433 8,469,508 4 212,454,190 21,261,204 , Less accumulated depreciation (70,625,055) (5,670,059) , 141,829,135 15,591,145 Land 15,205,310 666,645 Construction in progress 26,907,698 105,401
$ 183,942,143 $ 16,363,191 The cost of Crystal River Unit No. 3 (CR-3) represents the City's 1.3333% share of the ownership of a nuclear power generating plant (bulk power supply system) acquired through a participation agreement with Florida Power Corporation (FPC). Under the participation agreement, FPC is acting as agent for the City in the maintenance and operation of the plant. The City is committed to pay its ownership share of the operational costs of the plant as well as capital improvements, nuclear fuel procurements and plant decommissioning costs. For its investment, the City receives the ratio ofits percentage ownership in the net energy output of the CR-3 plant.
In 1976, the City Council adopted resolution 76-44 which authorized the construction of the Municipal ~ Senice Complex to house the operations of the electric, water and sewer and other public works activities of the City. The cost of the Complex has been partially financed by contributions from various City funds and is being accounted for within the internal senice fund since operations of the Complex are funded by user charges to the respective funds utilizing the Complex. During the fiscal year ended September 30,1996, the following changes in general fixed assets occurred: Balance Balance September 30, Retirements & September 30, 1995 Additions Other Deletions 1996 Land $ 3,528,822 3 587,959 $ - $ 4,116,781 Buildings 5,826,211 801,826 - 6,628,037 Equipment 8,893,249 2,149,739 1,128,568 0,914,420 Construction in Progress 1,649,363 9,002 1,649,363 9,002 Total $ 19,897,645 $ 3,548,528 $ 2,777,931 $ 20,668,240 40
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 9. Pension Plans:
The City maintains a single-employer, defmed benefit pension plan which covers substantially all of the City's full-time employees (General Plan), a single-employer dermed benefit pension plan which covers all of its i full-time certified law enforcement officers (Supplemental Police Officers' Plan) and a single-employer defined benefit pension plan which covers all ofits full-time certified firefighters (Supplemental Firefighters' Plan). A. Plan Descriptions and Provisions General Plan - The General Plan is a nonontributory defmed benefit pension plan covering substantially all full-time employees of the City. He amount of the covered payroll for the year ended September 30,1996 was $27,284,106. The City's entire payroll was $28,551,354. Employees are eligible to retire at age sixty-five (65) with ten (10) years of credited service or may elect early retirement with twenty-five (25) years of credited service or at age fifly-five (55) with ten (iC) years of credited service. Employees become vested after ten (10) years of credited service. Employees hired after the age of fifty-five (55) become vested at the later of attainment of the age of sixty-five (65) or completion of five (5) or more years of credited senice. S_u.polemental Police Officers' Plan - The Supplemental Police Officers' Plan is a contributory defined l benefit pension plan covering any person employed full-time in the Ocala Police Department who is certified as a law enforcement of!her in compliance with the provisions of Chapter 943.14 of the I Florida Statutes. The Plan supplements the General Plan which covers all qualified employees of the l City. Florida Statutes Chapter 185 allows contributions to the Plan by the State of Florida. The ! amount of the covered payroll for the year ended September 30,1996 was $4,538,721. A law enforcement officer is eligible to retire on the first day of the month following their sixtieth (60) birthday or may elect to take early .airement upon the completion of twenty-five (25) years of senice or at age fifly (50) and at least ten (10) years of senice and begin receiving a benefit from the Plan l payable until age sixty-five (65). Law enforcement officers become vested in the Plan after ten (10) l years of credited senice. Pursuant to Florida Statutes Section 185.08, an excise tax amounting to 1% of the gross amount of receipts of premiums from policyholders on all premiums collected on casualty insurance policies covering property within the corporate limits of the City is colk cted by the Insurance Commissioner. Such amounts collected by the Insurance Commissioner, less expenses, are contributed annually to the Plan. He City does not contribute to the Plan. The law enforcement officers contribute 2% of their salaries or wages to the Supplemental Police Officers' Plan. i 41
CITY OF OCALA, FLORIDA 1 l NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended Serwnber 30,1996 t
- 9. Pension Plans - Continued:
A. Plan Descriptions and Provisions - Continued l Supolemental Firefighters' Plan - He Supplemental Firefighters' Plan is a contributory dermed benefit f pension plan covering any person employed full-time in the Ocala Fire Department who is certified as a firefighter as a condition of employment in accordance with the provisions of Section 633.35 of the i E Florida Statutes. He Plan supplements the General Plan which covers all qualified employees of the City. Florida Statutes Chapter 175 allows contributions to the Plan by the State of Florida. He l amount of the covered payroll for the year ended September 30,1996 was $3,508,880. : On either the first day of the month following his fifty-fifth (55) birthday or the first day of the month ! following his thirtieth (30) year of credited service, a firefighter is eligible to retire and begin receising a benefit from the Plan payable until age sixty-five (65). Firefighters become vested in the Plan after ten (10) years of credited service. ; Pursuant to Florida Statutes Section 175.101, an excise tax amounting to 2% of the gross amount of l receipts of premiums from policyholders on all premiums collected on casualty insurance policies l covering property within the corporate limits of the City is collected by the Insurance Commissioner.
- Such amounts collected by the Insurance Commissioner, less expenses, are contributed annually to the l Plan. The City does not contribute to the Plan. The firefighters contribute 8.42% of their salanes or !
wages to the Supplemental Firefighters' Plan. Participation - At September 30,1996, participation in the plans consisted of the following: General Police Fire ' Retirees and beneficiaries currently , receiving benefits and terminated employees entitled to benefits not ! yet receiving them g g g Current employees: VeMed 373 71 56 i Nonvested 595 62 44 f Total 968 133 100
)
l 42 , M - - - iv -----6 =-we - , __-______.r- . - _ _ - + _
l CITY OF OCAl.A, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 9. Pension Plans - Continued:
B. Investments ne investments of the two Supplemental Plans are pooled. Interest and dividend income, gains and losses on sale of investments and appreciation or depreciation in fair market value of investments are allocated to the two Supplemental Plans monthly based upon the investment balances of the respective funds at the beginning of each month. Investments of the three plans, consisting of bonds, conunon stocks, debentures and mutual fimds, are stated at fair market value based on quoted market prices at the end of the fiscal year. C. Contributions Required and Contribution Afade ne plans' funding policies provide that annual contributions at actuarially determined rates, expressed as percentages of annual covered payroll, be sufIicient to accumulate sufficient assets to pay benefits when due. The contribution rate for the General Plan is determined using the frozen entry age actuarial funding method. Based upon the October 1,1996 actuarial valuation, the unfunded frozen actuarial accrued liability for the General Plan is $3,104,394. He funding period for the unfunded actuarial accrued liability is 30 to 40 years. For the Police Officers' Plan and Firefighters' Plan, the contribution rate for normal cost is determined using the aggregate actuarial funding method which does not produce a past service liability that is amortized over a fixed number of years. Instead, the value of all projected benefits in excess of current assets is paid off over the future y orking years of the covered l employees. Therefore, this method automatically funds the remaining value of benefits while there are ! still active members. I The most recent actuarial valuation on the General Plan was performed as of October 1,1996. The l most recent actuarial valuations of the two Supplemental Plans were performed as of October 1,1995. Significant actuarial assumptions used include (a) a rate of return on the investment of present and future assets of 8% per year compounded annually, (b) projected salary increases of 6% per year l compounded annually, attributable to seniority increases and inflation, (c) no postretirement benefit increases, and (d) no merit rate increases. The asset valuation method used was the 5-year weighted index. l The contribution requirement for the General Plan for the 1996 fiscal year, determined through an actuarial valuation performed as of October 1,1995, was $1,605,229 (6.09% of current covered l payroll). The pension contribution requirement represents funding for normal cost $1,233,217 (4.7% l of covered payroll), amortization of the unfunded actuarial accrued liability $335,903 (1.3% of covered i payroll), and administrative expenses $36,109. Actual employer contributions amounted to
$1,691,615 (6.2% of current covered payroll). Because of timing, there is a one-year lapse in the funding of the contribution requirements for the General Plan.
l The contribution requirement for the Supplemental Police Officers' Plan for the 1996 fiscal year, detennined through an actuarial valuation performed as of October 1,1995, was $336,179 (10.1% of current covered payroll). He pension contribution requirement represents funding for normal cost
$327,979 (9.9% of covered payroll), and administrative expenses $8,200. Actual employee contributions totalled $90,775 (2.0% of current covered payroll) and actual state contributions amounted to $334,734 (7.4% of current covered payroll).
l 43
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED , Year Ended September 30,1996
- 9. Pension Plans - Continued:
C. Contributions Reautred and Contribution Made - Continued: The contribution requirement for the Supplemental Firefight rs' Plan for the 1996 fiscal year, ! determined through an actuarial valuation perfonned as of Octot er 1,1995, was $342,727 (13.08% of current covered payroll). 'Ihe pension contribution requirement represents funding for normal cost
$334,127 (12.75% cf covered payroll), and administrative -expenses $8,600. Actual employee contributions totalled $295,447 (8.42% of current covered payroll) and actual state contributions amounted to $208,323 (5,9% of current covered payroll).
D. Historical TrendInformation: Historical trend infonnation is presented to help users assess the Plan's funding status on a going-concern basis, assess progress made in accumulating assets to pay benefits when due, and make comparisons with other public employee retirement systems. Historical trend information is presented as required supplementary information in the Statistical Section of the Comprehensive Annual Financial Report. 1
- 10. Proprietary Funds - Long-Term Debt: l Enterprise Funds - Following is a maturity schedule of outstanding debt of the enterprise funds:
Series 1989B Series 1992A Series 1992B series 1995 Series 1996 Utility Utility Electric Systems Systems Water System Subordinate Subordinate Water and Sewer Fiscal Revenue Refunding Refunding and Sewer Refunding Total Year Ended Refunding Revenue Revenue Revenue Revenue Principal September 30, Bondo Bonds Bonds Bonds Bonds Due 1997 $ 1,630,000 $ 1,305.000 $ 2,270,000 $ -
$ - $ 5,205,000 1998 1,745,000 1,375,000 2,385,000 5,000 380,000 5,890,000 1999 1,740,000 1,440,000 1,365,000 10,000 395,000 4,950,000 2000 - 1,525,000 - 10,000 410,000 1,945,000 2001 - 1,610,000 - 10,000 435,000 2,055,000 ;
2002-2021 - 40,350,000 10,235,000 4.965.000 10.550,000 66.100,000 Totallong-term debt 5,115,000 47,605,000 16,255,000 5,000,000 12,170,000 86,145,000 Less: Current portion 1,630,000 1,305,000 2,270,000 - - 5,205,000 I Unamortized bond discount 5,960 1,313,054 426,393 188,297 180,639 2,114,363 Unamortized dsferred ! loss on defeasance of debt _
- - . 844,876 844.876 ,
Totallong-te.7n F$ ion $ 3,479,o20 $ 44.986.946 $ 13,558,607 $ 4,811,703 $ 11,144,485 $ 77,980,761 Interest rate 6.70- 6 90 % 5 00-6.50 % 5.00 6.25 % 3,75 550% 465-600% P 44 i
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 10. Proprietary Funds - Long-Term Debt - Continued:
Electric System Revenue Rehmdine Bonds. Series 1989B - The Electric System Revenue Refunding Bonds, Series 1989B, were issv.d in October,1989, and consisted of $13,000,000 serial bonds l maturing from October 1,1990 through 1998. He proceeds of ' tis it ue were used to advance refund the Power System Revenue Bonds, Series 1977, and the Power Supply Revenue Refunding Bonds, i Series 1988. 1 Maior Debt Provisions - De major provisions of the resolution authorizing the issuance of the ; Electric System Revenue Refunding Bonds, Series 1989B, are as followed-
- 1) He debt obligation and related interest are collateralized by a pledge of the net revenues of the Electric system.
l
- 2) He City will establish and maintain rates which will provide pledged revenues in each l fiscal year equal to 100% of the costs of operation and maintenance of the Electric System, the required reserve amounts, debt senice on all outstanding obligations which are junior and subordinate to the bonds, and 125% of the debt senice requirement on the bonds and parity debt senice components.
- 3) He City will deposit into the Operation and Maintenance Fund, on or before the 25th day of each month, amounts necessary for the cost of operation and maintenance fc .oe next ensuing month.
1
- 4) He City shall deposit into the Sinking Fund, on or before the 25th day of each month, an amount equal to one-sixth of the next semi-annual interest payment and one-twelfth of the i next annual principal amount.
- 5) ne City will deposit into the Electric Renewal and Replacement Fund, on or before the j 25th day of each month, one-twelfth of an amount not less than five percent of the gross revenues of the system for the preceding fiscal year, l l
l l l i l l l ! ) i i i i 45
. _ _ _ m_~ _ . _ ___ __ _ _ . ___ _ _ _ _ . __. __-.__. _ _ _ _ _ _ _ _ _ _
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 10. Proprietary Funds - Long-Term Debt - Continued:
Utility Systems Subordinate Refimdine Revenue Bonds. Series 1992A and 1992B - The Utility Systems Subordinate Refanding Revenue Bonds, Series 1992A and 1992B, were issued in March, 1992. The Series 1992A issue consisted of $23,415,000 in serial bonds maturing from October 1, t 1992 through 2006 and of $28,465,000 in term bonds maturing from October 1,2010 through 2015. The Series 1992B issue consisted of $28,435,000 in serial bonds maturing from October 1,1992 through 2006. He proceeds of these issues were used to advance refund the Water and Sewer I Revenue Bonds, Series 1985A, the Water and Sewer Refunding Revenue Bonds, Series 1986, and the Electric System Revenue Bonds, Series 1989A. Maior Debt Provisions - ne major debt provisions of the resolution authorizing issuance of the Utility Systems Subordinate Refunding Revenue Bonds, Series 1992A and 1992B, are as follows: 1
- 1) ne debt obligation and related interest are collateralized by a pledge of the Water and Sewer Surplus Revenues and the Electric Surplus Revenues.
- 2) The City shall establish and maintain rates which will provide pledged revenues in each fiscal year sufficient to pay 125% of the maximum debt senice requirement on the Series -
1992 bonds and 100% of all other reserves and payments required.
- 3) The City will deposit into the Sinking Fund, on or before the 25th day of each month, an i amount equal to one-sixth of the next semi-annual interest payment and one sixth or one-twelfth, as applicable, of the next principal payment.
Water and Sewer Revenue Bonds. Series 1995 - The Water and Sewer Revenue Bonds, Series 1995, were issued in October,1995, and consisted of $155,000 serial bonds maturing from October 1,1997 through 2011 and $4,845,000 term bonds maturing on October 1,2020. The proceeds of this issue are being used primarily to finance the cost of acquisition and construction of additions, improvements and extensions to the City's water and sewer system. Maior Debt Provisions - The major provisions of the resolution authorizing the issuance of the Water and Sewer Revenue Bonds, Series 1995, are as follows:
- 1) The debt obligation and related interest are collateralized by a pledge of the net revenues of the Water and Sewer system.
- 2) The City will establish and maintain rates which will provide net revenues in each bond l year sufficient to pay 100% of the debt senice requirement and 100% of all resen>e or other payments. including the cost of operation and maintenance of the system.
- 3) The City will deposit into the Operation and Maintenance Fund, on or before the 25th day of each month, an amount necessary to make the balance equal to one-fourth of the budgeted cost of operation and maintenance expenses for the current fiscal year. l
- 4) The City shall deposit into the Sinking Fund, on or before the 25th day of each month, an amount equal to one-sixth of the next semi-annual interest payment and one-twelf& of the next annual principal amount.
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l CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED l Year Ended September 30,1996
- 10. Proprietary Funds - Long Term Debt - Continued:
Enterprise Funds - Continued-
- 5) The City will deposit into the Water renewal and replacement fund, on or before the 25th day of each month, one-twelfth of an amount not less than five percent of the gross revenues of the system for the preceding fiscal year.
- 6) The City will allocate to the Sewer renewal and replacement fund on a monthly basis, an amount sufficient to pay at least one-twelfth of the annual amount required by the Florida Administrative Code Section 17.50-17(2) to be on deposit.
Water and Sewer Refimdine Revenue Bonds. Series 1996 - The Water and Sewer Refunding Revenue Bonds, Series 1996, were issued in July,1996, and consisted of $1,620,000 serial bonds maturing on October 1,1997 and 1998 and $10,550,000 term bonds maturing on October 1,2005,2010 and 2015. The proceeds of this issue were used primarily for the forward refunding of the City's outstanding Water and Sewer Refunding Revenue Bonds, Series 1988. l The City defcased the $11,900,000 of the 1988 bonds by depositing sufficient funds with an escrow agent for the purpose of the current refunding on October 1,1996 of the refundable bonds at a tedemption price of 102% of the principal amount plus accrued interest to the redemption date. The defeasance resulted in an extraordinary loss of $849,985 which has been deferred and will be amortized over the life of the old bonds. The defcasance resulted in the following: Annual average savings $ 123,023 Aggregate future value savings 2,337,436 Present value savings
- 1,345,623
- discounted using average interest cost of 5.95%
Major Debt Provisions - The major provisions of the resolution authorizing the issuance of the Water and Sewer Refunding Revenue Bonds, Series 1996, are as follows:
- 1) The debt obligation and related interest are collateralized by a pledge of the net revenues of the Water and Sewer system.
1
- 2) The City will establish and maintain rates which will provide net revenues in each bond year sufficient to pay 100% of the debt senice requirement and 100% of all reserve or other payments, including the cost of operation and maintenance of the system.
- 3) The City will deposit into the Operation and Maintenance Fund, on or before the 25th day of each month, an amount necessary to make the balance equal to one-fourth of the budgeted cost of operation and maintenance expenses for the current fiscal year.
- 4) He City shall deposit into the Sinking Fund, on or before the 25th day of each month, an I
amount equal to one-sixth of the next semi-annual interest payment and one-twelfth of the next annual principal amount. l l 47
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 10. Proprietary Funds - Long-Term Debt - Continued:
Enterr> rise Fsmds - Continued-
- 5) The City will deposit into the Wew renewal and replacement fund, on or before the 25th day of each month, one-twelu of an amount not less than five percent of the gross revenues of the system for the preceding fiscal year,
- 6) The City will allocate to the Sewer renewal and replacement fund on a monthly basis, an amount sufficient to pay at least one-tweln of the annual amount required by the Florida Administrative Code Section 17,50-17(2) to be on deposit.
Following is a schedule of debt service requirements to maturity for all outstanding bonded debt of the City's enterprise funds as of September 30,1996: Series 1989B Series 1992A Series 1992B Series 1995 Series 1996 Utility Utility Electric Systems Systems Water System Subordinate Subordinate Water and Sewer Total Fiscal Revenue Refunding Refunding and Sewer Refunding Principal Year Ended Refunding Revenue Revenue Revenue Revenue and interest September 30 Bonds Bonds Bonds Bonds Bonds Due 1997 $ 1,923,325 $ 4,203,865 $ 3,154,200 $ 273,688 $ 512,567 $ 10,067,645 1998 1,924,390 4,205,490 3,150,440 278,594 1,059,688 10,618,602 1999 1,800,030 4,195,860 2,031,576 283,300 1,056,471 9,367,237 2000 - 4,199,280 629,720 282,900 1,052,045 6,163,945 2001 - 4,194,890 629,720 282,488 1,056,125 6.163.223 2002 - 4,192,903 629,720 282,062 1,046,750 6,151,435 2003 - 4,188,455 2,390,270 281,630 1,053,700 7,914.055 2004 - 4,176,202 2,382,200 281,185 1,048,850 7,888,497 2005 - 4,180,931 2,381,225 280,730 1,047,350 7,890,236 2006 - 4,168,888 2,376,094 280,265 1,053,750 7,878,997 2007 - 4,167,450 2,366,719 279,790 1,048,050 7,862,009 2008 - 4,161,750 - 279,305 1,045,400 5,486,455 2009 - 4,153,437 - 278,810 1,045,500 5,477,747 2010 - 4,154,400 - 278,305 1,043,200 5,475,905 2011 - 4,143,988 - 282,660 1,043,350 5,469,998 2012 - 4,140,625 - 281,873 1,042,838 5.465,336 2013 - 4,138,750 - 281,062 1,041,775 5,461,587 2014 - 4.124,375 - 280.238 1,043,100 5,447,713 2015 - 4,121,719 - 279,412 1,036,812 5,437,943 2016 4,114,687 - 278,588 1,037,775 5,431,050 2017 - - 1,099,525 - 1,099,525 2018 - - 1,095,987 - 1,095,987 2019 - - 1,094,838 - 1,094,838 2020 - - 1,090,937 - 1,090,937 2021 - - - 1,089,15'., - 1,089,150 Total $ 5 647,745 $ 83 327,945 $ 22,121,944 $ 11,077.322 $ 20.415.096 $ 142.590,052 48 t
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS -CONTINUID, Year Ended September 30,1996
- 10. Proprietary Funds - Long-Term Debt - Continued:
Internal Service Fund Capital Lease - The City has entered into a lease-purchase agreement to purchase a copier. Information relative to the capitallease is as follows: Asset capitalized $ 89,053 Less accumulated amortization (28,200) Net book value of asset $ 60,853 l Amortization of assets under capital leases for the year amounted to $17,811 and is included in depreciation , expense. l The following is a schedule by years of future minimum lease payments under capital leases, together with the present value of the net minimum lease payments, as of September 30,1996: l Year Ending September 30, 1 l l 1997 $ 15,136 1998 15,137 1999 15,136 2000 7,568 l Total minimum lease payments 52,977 Less amount representing interest (6,596) Present value of net minimum lease payments 46,381 Less: Current portion (12,020) Totallong-term portion S 34,361 l I l i 1 j 49
CITY OF OCALA, FLORIDA i NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996 ,
- 11. General Long-Term Debt: .
The following is a summary of changes in the City's general long-term debt for the year ended September 30, 1996: General General Debt Balance at Long-Term Long-Term Service Balance at October 1, Debt Debt Funds September 30, 1995 Additions Retired Operatioris 1996 Amounts Availablein Debt Service Funds S 5,313,560 $ -
$ - $ 420,578 $ 5,734,138 Amount to be Provided:
Term bonds 2,425,000 - - - 2,425,000 f Serial bonds 8,627,284 - (615,000) (9,287) 8,002,997 Term certificates 12,320,000 3,665,000 - - 15,985,000 Serial certificates 6,174,156 1,335,000 (1,050,000) (411,291) 6,047,865 l Compensated absences payable 397,905 50,714 - - 448,619 29,944,345 5,050,714 (1,665,000) (420,578) 32,909,481 ' Total Amount Available and to be Provided $ 35,257,905 $ 5,050,714 $ (1,665,000) $ - $ 38,643,619 , General Long-Term Debt Payable: Term bonds $ 2,425,000 $ - S - $ - $ 2,425,000 Serial bonds 10,700,000 - (615,000) - 10,085,000 Term certificates 12,320,000 3,665,000 - - 15,985,000 Serial certificates 9,415,000 1,335,000 (1,050,000) - 9,700,000 Compensated absences payable 397,805 50,714 - - 448,519 Total General Long-Term Debt Payable $ 35,257,805 $ 5,050,714 $ (1,665,000) $ - $ 38,643,519 f 50
l CITY OF OCALA, FLORIDA l NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996 l i
- 11. General Long-Term Debt - Continued, i General long-term debt matures as follows:
! Capital Capital Improvement Optional Gas Improvement Capital Revenue Tax Refunding Refunding improvement Fiscal Refunding Revenue Revenue Revenue Total Year Ended Certificates Bonds Certificates Certificates Principal September 30, Series 1988 Series 1992 Series 1993 Series 1995 Due 1997 $ 1,120,000 $ 635,000 $ -
$ - $ 1,755,000 1998 1,200,000 660,000 - - 1,860,000 1999 - 690,000 - - 690,000 i
2000 - 725,000 440,000 80,000 1,245,000 2001 - 755,000 460,000 80,000 1,295,000 2002-2023 - 9,045,000 17,465,000 4,840,000 31,350,000
$ 2,320,000 5 12,510,000 5 18,365,000 5 5,000,000 $ 38,195,000 Inte. rest rate 6.90-7.15 % 3.60-6.00 % 3.90-5.25 % 4.00 - 5.375 %
The City's charter limits the aggregate amount of eneral E obligation bonds outstanding to twenty percent (20%) of the assessed valuation of the taxable real and personal property in the City At September 30,1996, there was no general obligation debt outstanding. CapitalImprovement Revenue ReMmdine CertiMeates - In August,1988, the City Council authorized the issuance of $7,505,000 Capital Improvement Revenue Refunding Certificates, Series 1988. The Certificates were issued in the authorized amount during August,1988. The proceeds of this issue were used to advance refund the Capital Improvement Revenue Certificates, Series 1986, and to finance certain capital projects of the City. 'Ihe bonds are collateralized by a lien upon and pledge of certain non-ad valorem revenues of the City. Optional Gas Tar Rehmdine Revenue Bonds - In December,1992, the City Council authorized the issuance of not exceeding $17,500,000 Optional Gas Tax Refunding Revenue Bonds, Series 1992. The bonds were issued in the amount of $14,340,000 during December,1992. The proceeds of this issue were used to refund the City's Optional Gas Tax Revenue Bonds, Series 1989, These bonds are collateralized by a lien upon and a pledge of the proceeds of the six cent optional gas tax. l l 51 1
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 11. General Long-Term Debt - Continued: <
CapitalImprovement Re6mdine Revenue Certi// cates - In December,1993, the City Council authori::cd the issuance of not exceeding $18,500,000 Capital Improvement Refunding Revenue Certificates, Series 1993. The certificates were issued in the amount of $18,365,000 during December,1993. The proceeds of this issue were used to refund the $10,835,000 outstanding balance of the Capital Improvement Refunding Revenue Bonds, Series 1986, and to finance certain capital improvements in the City. 'Ihese certificates are collateralized by a lien upon and a pledge of certain non-ad valorem revenues of the City. CapitalImprovement Revenue Certi// cates - In September,1995, the City Council authorized the issuance of
$5,000,000 Capital Improvement Revenue Certificates, Series 1995. The certificates were issued in the amount of $5,000,000 during October,1995. The proceeds of this issue are being used to finance certain capital projects of the City. The bonds are collateralized by a lien upon and pledge of certain non-ad valorem revenues of the City.
Debt service requirements to maturity for all outstanding general long-term debt are as follows: Capital Capital Improvement Optional Gas improvement Capital Revenue Tax Refunding Refunding improvement Total Fiscal Refunding Revenue Revenue Revenue Principal Year Ended Certificates Bonds Certificates Certifiestes and Interest September 30, Series 1988 Series 1992 Series 1993 Series 1995 Due 1997 $ 1,284,200 $ 1,305,489 $ 898,062 $ 260,536 $ 3,748,287 1998 1,285,800 1,302,953 898,062 260,536 3,747,351 1999 - 1,302,476 898,062 260,536 2,461,074 2000 - 1,303,395 1,329,482 338,936 2,971,813 2001 - 1,296,018 1,331,702 335,636 2,963,356 2002 - 1,300,565 1,327,765 337,130 2,965,460 2003 - 1,296,265 1,332,528 333,454 2,962,247 2004 - 1,298,245 1,330,848 334,559 2,963,652 2005 - 1,296,887 1,327,518 335,349 2,959,754 2006 - 1,291,988 1,332,258 335,814 2,960,060 2007 - 1,292,812 1,325,283 335,944 2,954,039 2008 - 1,288,800 1,326,538 335,729 2,951,067 2009 - 1,285,250 1,325,733 335,159 2,946,142 2010 - 1,287,500 1,323,148 339,096 2,949,744 2011 - - 1,322,719 337,528 1,660,247 2012 - - 1,324,131 335,571 1,659,702 2013 - - 1,844,400 196,994 2,041,394 1 2014 - - 1,837,869 196,994 2,034,863 2015 - - 1,839,500 196,994 2,036,494 2016 - - 1,839,125 196,994 2,036,119 2017 - - 1,835,000 196,994 2,031,994 2018 - - 1,832,000 196,994 2,028,994 2019 - - 1,834,750 196,994 2,031,744 2020 - - - 1,019,284 1,019,284 2021 - - - 1,017,656 1,017,656 2022 - - - 1,018,475 1,018,475 2023 - - - 1,016,606 1,016,606
$ 2,570,000 $ 18.148,643 $ 32.816,483 $ 10402,492 $_64,137,618 52
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUEQ Year Ended September 30,1996 l
- 11. General Long-Term Debt - Continued:
In April, 1983, $2,500,000 Industrial Development Revenue Bonds were issued. The proceeds of the bonds are being used by an independent real estate developer for the construction of a commercial project within an area of the City designated as blighted. The bonds, which mature in 1999, do not represent debt or an obligation of the City and are collateralized solely from the gross revenues of the completed project. The completed project and all revenues derived therefrom, subsequent to the payment of all debt service requirements, belong exclusively to the developer. In January, 1994, $3,500,000 Student Housmg Revenue Bonds were issued. The proceeds of the bonds are being used by the Central Florida Community College Foundation to acquire real property and to construct student housing facilities. The bonds, which mature in 2014, do not represent debt or an obligation of the City and are collateralized solely from the gross revenues of the completcd project. The completed project and all revenues derived therefrom, subsequent to the payment of all debt service requirements, belong exclusively to the Foundation. In December, 1994, $1,920,000 Health Care Facilities Revenue Bonds were issued. The proceeds of the bonds are being used by the Hospice of Marion County, Inc. to build an administrative effice complex. The bonds, which mature in 2009, do not represent debt or an obligation of the City and are collateralized v.,lely from the gross operating revenues. The completed project and all revenues derived therefrom, subsegr.ent to the payment of all debt senice requirements, belong exclusively to Hospice.
- 12. PriorYear Defeasance of Debt:
The City has defeased certain bonds by placing the proceeds of new bonds in an irrevocable trust to proside for all future debt senice payments on the old bonds. Accordingly, the trust account assets and the liability l for the defeased bonds are not included in the City's financial statements. At September 30,1996, !
$156,800,000 of bonds outstanding are considered defcased, as follows: 1 Govemmental Funds: :
Capital Improvement Refunding Revenue Bonds, Series 1986 $ 9,740,000 Optional Gas Tax Revenue Bonds, Series 1989 11,620,000 21,360,000 Enterprise Funds: Electric System Revenue: Power Supply Revenue Bonds, Series 1977 7,020,000 Power Supply Refunding Revenue Bonds, Series 1988 4,800,000 Electric System Revenue Bonds, Series 1989A 23,340,000 Water and Sewer: l Water and Sewer Refunding Revenue Bonds, Series 1983 6,575,000 i Water and Sewer Refunding Revenue Bonds, Series 1985A 33,805,000 Water and Sewer Refunding Revenue Bonds, Series 19858 10,430,000 j Water and Sewer Refunding Revenue Bonds, Series 1986 37,570,000
- Water and Sewer Refunding Revenue Bonds, Series 1988 11,900,000 4
135,440,000 2 ! $156.800,000 53
CITY OF OCAL.A, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 13. FinanClal Segment Information of Enterprise Funds:
Each of the City's enterprise operations is accounted for within a separate fund. Over 90% of the combined assets, revenues, and expenses of the enterprise funds are attributable to utility funds used to account for the - transactions of the City's electric and bulk power, water and sewer, and sanitation systems, Other enterprise funds are used to account for the operations of golf, tennis, trailer park, airport facilities, a sports complex, foreign trade and a fiber optics network provided for the benefit of the general public, Following is a , summary of significant financial information of the enterprise funds: Electric System Water and Revenue Sewer Sanitation Other , Total Current Assets 5 20,228,641 $ 6,494,818 $ 875,879 $ 666,052 $ 28,265,390 Current Liabilities 10,436,262 371,622 394,370 1,306,088 12,508,342 Working Capital $ 9,792,379 $ 6,123.196 5 481,509 $ (640,036) $ 15,757,048 Property, Plant and Equipment: Additions $ 5,627,716 $ 4,605,615 $ 131,859 $ 5.865,363 $ 16,230,553 Deletions g$ 300,715 $ 181,940 $ 68,186 $ 2,093,988 Total Property, Plant and Equipment, not $ 74,195,150 g$ 895,174 $ 22.666,201 $ 183,942,143 Restr6cted Assets $ 25 916,231 $ 33,443.263 $ - $ 1,959,079 $ 61,318.573 Total Assets g $126,724 503 $ 1,771,053 $ 25,291,332 $ 275,415,454 i Liabilities Payable from Restricted Assets 5 6.358.229 $ 3,346,399 $ - $ 1,067,313 $ 10,771,941 ; Bonds and Other Long-Term Liabilities 5 17,0g $ 61,203,134 $ - $ 795,836 $ 79,036,597 Total Fund Equity S 87,796,448 $ 61,803,348 $ 1,376,683 $ 22.122.095 $ 173.098.574 Total Operating Revenues 5 78,245,851 $ 12,852,887 5 6,425.127 $ 2,332,021 8 99,855,886 Operating Expenses (less depreciation and amortization) 60,798,992 5,766,441 5,888,123 2,305,928 74,759,484 Depreciation and amortization 3,561.675 2,779,035 235.504 630,945 7,207,159 - Operating income (Loss) 13,885,184 4,307,411 301,500 (604,852) 17,889,243 Operating Transfers From Other Funds 286,045 13,636 17,241 658,140 975,062 Operating Transfers To Other Funds (9,263,264) (348,066) (227,810) (447,071) (10,286,211) Interest income 1,457,294 1,928,251 27,675 35,976 3,449,196 Interest Expense (839,856) (3,260,037) - (39,670) (4,139,563) Other Non-Operating Revenue - - 52.114 63,251 115,365 Net income (Loss) $ 5,53 403 $ 2,641,195 $ 170,720 $ (334.226) $ 8,003,092 Equity Transfers to Other Funds $ (8,988) $ - $ - $ (8.988) Capital Contributions L 3&423 $ 1,742.004 $ - $ 5,181,837 $ 7.282,273 Interfund loans payable and long-term debt ofindividual enterprise funds are presented in Notes 7 and 10, 54
- - - . . - - - . - . . . - .- . . - -.~ -- - . _ . - . . . . . - . . _ . .
t CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED j Year Ended September 30,1996
- 14. Reserved Retained Earnings:
4 ! The following is a reconciliation of the reserved retained earnings to the net restricted assets of enterprise 8 funds as of September 30,1996: i j Total Restricted Assets $ 61,318,573 1 i Less: ) Restricted assets set aside for construction j under bond indentures (19,253,731) Liabilities payable from restricted assets (10,771,941) Add: Liabilities payable from restricted assets set i aside for construction under bond ' indenture 275,506 Total reserved retained eamings $ 31,568,407 l I 15. Operating Deficits and Fund Deficits: A. Following is a summary of net losses of individual proprietary funds and deficiencies of revenues and ! other sources over expenditures and other w:es of individual governmental funds for the year ended September 30,1996 which are included in the accompanying combined financial statements: Proprietary Funds Net Loss Enterprise Funds: Municipal Golf Course $ 189,261 Fort King Tennis Court 356 Ocala Regional Airport 334,166 Foreign Trade Zone 16,737 Intemal Service Funds: Intemal Service 147,846 Self-Insurance 213,262 Govemmental Funds Deficiency Special Revenue Funds: Downtown Development $ 8,851 Stormwater Utility 110,485 Debt Service Funds: 1988 Improvement Certificates 1,225 Capital Project Funds: Optional Gas Tax Construction 222,901 Capital improvement Fund 332,334 55
. . . _ ~ . _ . . . - . . - . . - - - ~ . - - _ _ - - - .. . - - . - - _ - .
CITY OF OCALA, FLORIDA , NOTES TO FINANCIALEIATEMENTS -CONTINUED Year Ended September 30,1996
- 15. Operating Deficits and Fund Deficits - Continued: i
)
B. Following is a summary of accumulated deficits of indisidual proprietary funds and deficit fund balance of individual governmental funds as of September 30,1996 which are included in the accompanying combined financial statements: Accumulated Deficit / l Deficit Fund Balance Proorietary Funds Ocala Regional Airport $ 182,494 I I he deficit in the Ocala Regional Airport Fund was caused primarily by the construction of capital improvements to the Airport. Revenues derived from some of the projects will commence in fiscal year i 1997. t Foreign Trade Zone $ 16,737 The deficit in the Foreign Trade Zone Fund was caused by expenses of a new fund being funded by an interfund loan. Future revenues will pay the debt senice requirements as well as increase the retained earnings of this fund. Self-Insurance $ 95,779 The deficit in the Self-Insurance Fund is the result of ob'.aining actuarially determined estimates for the claims loss reserves for self-insurance as of September 30,1996 that met the criteria for accrual as a liability combined with increased health insurance premium costs. He City has initiated a funding plan that will increase the charges to the various funds and should provide sufficient monies to eliminate the fund deficit. Govemmental Fund ! Parking / Parks Enforcement $ 24,241 He deficit in the Parking / Parks Enforcement Fund is the result of obtaining an additional parking lot funded by an interfund loan. Future revenues from this lot will pay the debt senice requirements as well as increase the fund balance of this fund. L t 56
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED t Year Ended September 30,1996 j 1
- 16. Contributed Capital:
During the year ended September 30,1996, contributed equity increased as follows: l Contributed Contributed CapRai Capital October 1, Other Other September 30, 1995 Govemments Developers customers Funds 1996 Enterprise Funds: Airport $ 9,451,514 $ 439,992 $ - $ - $ 2,384 $ 9,893,890 Golf 3,853,439 - - - - 3,853,439 Sanitation 8,515 - - - - 8,515 Water and Sewer 16,789,411 114,274 1,627,730 - - 18,531,415 Electric 5,753,331 - - 358,432 - 6,111,763 I Florida Emergency ! Training Facility 1,528,135 4,621,516 - - - 6,149,651 Adult Athletic Complex - . - - 117,945 117,945 Total Enterprise Funds S 37,384,345 $ 5,175,782 $ 1,627,730 $ 358,432 $ 120.329 $ 44,666,618 t Intemal Sernce Funds: ' intemal Service $ 3,639,643 $ - $ - $ - $ 3,598,134 $ 7,237,777 . l Self Insurance 20,401 - - - - 20.401 Totallntemal Service Funds g$ -
- $ - S 3.598.134 g !
1
- 17. Equity Transfers: :
The following is a summary of equity transfers made during the fiscal year ended September 30,1996: Equity Transfers To/(From) Increase in Other Funds Contributions General Fund 5 117,945 $ - Special Revenue Fund: , Local Gasoline Tax (403,576) - Capital Projects Funds: ! Capital improvement Construction 403,576 - l Capital imptovement 2,425,289 - Enterprise Funds: Electric System Revenue 8,988 - Ocala Regional Airport - 2,384 Adult Athletic Complex - 117,945 Internal Service Funds: Internal Service - 3,598,134 j Floet Management 184,055 - 4 General Fixed Asset Account Group 982,186 -
- $ 3,718,463 S 3,718,463
! 57 l
CITY OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 17. Equity Transfers - Continued:
Hese equity transfers resulted primarily from additions made to the Municipal Services Complex, the City's radio communicadon system and the Adult Athletic Complex being paid for by other funds, as authorized by City Council, and from the transfer of the residual balance in a capital project construction fund for a specific street project to a special revenue fund. l
- 18. Deferred Compensation Plan:
The City has a deferred compensation plan, created in accordance with Internal Revenue Code Section 457, in which all employees are eligible to participate. Deferred compensation amounts withheld from participating , employees' pay are not taxable as current income until withdrawn from the plan. Annual contributions by a participant may not exceed the lesser of $7,500 or 33 1/3% ofincludable compensation. As required under Internal Revenue Code Section 457, all amounts of compensation deferred, all property or rights to property purchased with amounts deferred, and any income earned or gains on property remain assets of the City subject to the claims ofits general creditors. Participants' rights under the plan are equal to those of general creditors of the City in an amount equal to the fair market value of the deferred account for each participant. The City has the duty of due care that would be required of an ordinary prudent investor. At September 30,1996, the market and carrying value of the deferred compensation investments in the City's Agency Fund was $5,934,159. i
- 19. Risk Management: l i
ne City has established a self-insurance fimd (an internal service fund) to account for the City's self-insured j programs. This fund is used to account for the City's workers' compensation, general liability, automobile t liability, disability income replacement, medical and dental programs. He City uses a combination of self-insurance and private insurance to protect itself against risks which cannot be eliminated. The City has general liability insurance with a $100,000 retention per claimant and $200,000 retention per occurrence with limits of $1,000,000. The City has workers' compensation insurance with a $250,000 deductible per occurrence with lirnits of $5,000,000. He disability income replacement, dental programs and j auto liability programs are fully self-insured. The City's employee health insurance program was fully self-insured through February,1994, after which it is fully insured except for the prescription program which is fully self-insured. He City had no significant reductions in insurance coverage during the fiscal year ended September 30,1996. 58
- - . - . - - - _ _ _ - . - - -=-.-_ - -. - - - . - _
CITY OF OCALA, FLORIDA
@TES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996
- 19. Risk Management - Continued:
All departments of the City participate in the program. Payments are made by various funds to the Self Insurance Fund based on past experience of the amounts needed to pay current year claims. For the year ended September 30,1996, the City obtained actuarially determined estimates of the total claims loss reserves for all self-insurance risks. The claims liability of $3,238,642 reported in the Fund at September 30,1996 is ! based on the requirements of Governmental Accounting Standards Board Statement No.10 which requires that a liability for unpaid claims costs, including estimates of costs relating to incurred but not reported claims, be accrued when insured events occur. In addition, there have been no settlements which exceeded the City's insurance coverage in any of the past three fiscal years. Changes in the Fund's claim liability amount during the past five fiscal years is as follows: Current Year Claims and Balance Beginning-of- Changes in Claim at Fiscal Fiscal-Year-Llability Estimates Payments Year End l l 1990-1991 $ 1,006,663 $ 2,585,632 $ 2,337,168 $ 1,255,127 l 1991-1992 1,255,127 4,228,590 2,678,431 2,805,286 1992 1993 2,805,286 3,229,012 3,279,465 2,754,833 1993-1994 2,754,833 1,998,808 2,373,987 2,379,654 1 1994-1995 2,379,654 2,218,527 1,357,143 3,241,038 1995-1996 3,241,038 1,659,094 1,661,490 3,238,642
- 20. Commitments and Contingent Liabilities: !
Economic Improvement Incent/ves - The City has designated a portion of the savings resulting from the ; decision to purchase power through the Florida Municipal Power Agency to be set aside for economic improvement incentives. The funds are utilized to encourage local businesses to remain in Ocala and to l attract existing businesses to relocate to Ocala to create new employment opportunities and, thereby, increasing City revenues through electric utility usage and an expanded tax base. During the year ended September 30,1995, the City entered into an agreement with a large manufacturer which provides for certain payments to be made on their behalf as a result of creation of new jobs. Furthermore, the City has agreed to pay $500,000 per year for the next three succeeding years on behalf of this large manufacturer provided that these new jobs are maintained in accordance with the agreement. Payments under this agreement, as well as other economic incentive payments, amounted to $822,455 for the year ended September 30,1996. Grants - The City receiv significant fmancial assistance from federal agencies primarily in the form of capital grants. The disbursement of funds received under these programs generally requires compliance with terms and conditions specified in the grant agreements and is subject to audit by the grantor agencies.
- Disallowed claims, if any, resulting from such audits may become liabilities of the City. However, in the l
opinion of management, disallowed claims, if any, will not have a material effect on the City's financial
- statements.
) 59
l j C11Y OF OCALA, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED Year Ended September 30,1996 l l 20. Commitments and Contingencies - Continued: Litication - Various suits and claims arising in the ordinary course of City operations are pending against the l City of Ocala. While the ultimate effect of such litigation cannot be ascertained at this time, the City does not expect any of these routine items to have a material impact on the financial condition of the City. I Other Commitments - Outstanding commitments of governmental funds are presented in the accompanying combined financial statements as reserves of fund balance. The outstanding commitments of the Internal l Senice and Enterprise Funds as of September 30,1996 were $203,497 and $5,841,184, respectively. These I conunitments, which are not recorded in the anancial statements are evidenced by signed purchase orders and contracts which were entered into prior to September 30,1996. Purchased Power Contract - The City presently purchases power exclusively from Florida Municipal Power i Agency (FMPA) through the 230 kv State-wide bulk power system. Additionally, since 1977, the City has I become the owner of an undivided 1.333% or 11 MW share of the 825 MW Crystal River Nuclear Plant No. 3 (CR-3) ! The City has an All Requirements Power Supply Project Contract (" Requirements Contract") with FMPA which requires FMPA to sell and deliver to the City and the City to purchase from FMPA all electric power that the City requires in excess of the amount the City receives from its percentage ownership interest in l CR-3. The Requirements Contract expires in 2025, but automatically extends for additional five-year terms unless either party notifies the other ofits decis.on not to extend the Requirements Contract. The City pays for electric power under the Requirements Contract at the rates set forth in the applicable rate schedule of FMPA, which FMPA may revise from time to time. 60
i l l-l i i l l l l l
^
I 1 l INDIVIDUAL FUND AND COMBINING STATEMENTS
- BY FUND TYPE l These financial statements provide a more detailed view of the i
" General Purpose Financial Statements" presented in the preceding subsection.
Combining statements are presented when there are more than one fund of a given fund type. k l - l f ! ? g
.heh.4, 4.-.. 6a.-h4-._J.m__2_A___4 4._m4d_d. a.. A.u_ .. . . . . L - a m,4 ._-, _Sw .m.4 -4 aJ-=+-hd-.6- -4 446 h -.*M A.4L h ai .a.' 4-....mA J a.1 i
i i 1 l 1 I I I l l INDIVIDUAL FUND AND COMBINING STATEMENTS BY FUND TYPE l I l l i I i 1 r I 61
4 OF o O
- =ms.
- i i
l I i I 62
CITY OF OCALA, FLORIDA SPECIAL REVENUE FUNDS Special Revenue Funds - Special revenue funds are used to account for the proceeds of specific revenue sources that are legally or administratively restricted to expenditure for specific purposes. Special revenue funds used by the City are: OccupationalLicense Fund - Business license and permit revenues are recorded in this fund. Central Flortua Recional Library Famd - This fund is used to account for federal, state and county contributions, and General Fund subsidies which are restricted for the operation of the regional library. Parkine/ Parks Enforcement Fund - This fund accounts for the proceeds from the City's parking system and for the enforcement of the City's parks ordinance for the implementation of fines. Downtown Development Fund - This fund accounts for property taxes levied against downtown property owners. Local Gasoline Tar Famd - This fund accounts for street related maintenance and improvement projects financed by the City's share oflocal gasoline taxes. These taxes are required by law to be used to maintain streets. Stormwater Utility Fund This fund accounts for resources collected which are to be used for additions to, improvements to and maintenance of the storm drainage system. SHIP Local Housine Assistance Frmd - This fund accounts for the receipt and uses of funds received from the Florida " local housing assistance tmst fund" for the State Housing Initiative Partnership (low income housing). 63
I CITY OF OCALA, FLORIDA COMBINING BALANCE SHEET SPECIAL REVENUE FUNDS j l September 30,1996 ! l Central Occu- Florida , pational Regional l Assets License Library 1 Cash and investments $ 449,757 $ 88,108 l Equity in pooled cash and investment fund - 831,207 Accrued interest receivable - 6,074 Accounts and notes receivable 115 - Due from other funds 8,865 - Due from other Govemments - - Other current assets - 376 ; i Total Assets S 458,737 $ 925,765 i Liabilities and Fund Balances ! Liabilities: Accounts payable $ - $ 36,335 Compensated absences payable - 23,110 Deferred revenue 271,101 - Interfund loans payable within one year - - Interfund loans payable after one year - - Totalliabilities 271,101 59,445 Fund Balance: Reserved for encumbrances - 221,286 Reserved for specified projects 187,636 645,034 Total reserved fund balance 187,636 866,320 i Unreserved and undesignated (deficit) - - Total fund balance (deficit) 187,636 866,320 Total Liabilities and Fund Balances $ 458,737 $ 925,765 l l 1 1 64
.. . - - . . . .-. _ - - _ . . _ - - _ - . - = - . . . -.
l P:rking/ Local SHIP Local Parks Downtown Gssoline Stormwater Housing Enf!rcement Development Tax Utility Assistance Total _
$ 50 $ -
$ 537,915 56,428 50,878 8,306,233 4,360,909 70,710 13,676,365 498 501 87,086 40,087 551 134,797 ,
- - - 111,773 - 111,888
- - - 88,966 - 97,831
- - 880,684 4,236 - 884,920
- - - 84 -
460
$ 56,926 $ 51,429 $ 9,274,003 $ 4,606,055 $ 71,261 $ 15,444,176 l
$ 1,569 $ 6,817 $ 74,275 $ 206,114 $ 62 $ 325,172 1,399 - - 13,388 - 37,897
- - 290,085 - 71,199 632,385 10,028 - - - - 10,028 68,171 - - - - 68,171 81,16_7__ 6,817 364,360 219,502 71,261 1,073,653 ;
i
- - 679,453 131,572 3,046 1,035,357 l
- 44,612 8,230,190 4,254,981 - 13,362,453
- 44,612 8,909,643 4,386,553 3,046 14,397,810 l (24,241) - - - (3,046) (27,287) l (24,241) 44,612 8,909,643 4,386,553 - 14,370,523
$ 56,926 $ 51,429 $ 9,274,003 $ 4,606,055 $ 71,261 $ 15,444,176 i
I l 65
CITY OF OCALA, FLORIDA COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE SPECIAL REVENUE FUNDS Year Ended September 30,1996 i Central Florida Occupational Regional i License Library :
)
Revenues: Property taxes $ - $ - Other intergovemmental revenues . 1,776,694 Parking meters and facilities - - l Licenses and permits 436,646 - l l Fines and forfeitures - 43,309 Charges for services - - ! Interest 17,562 20,055 ; Gifts - 4,312 i Other 700 9,517 i l Total revenues 454,908 1,853,887 ' l l Expenditures: Current: l General govemment and administration - - l Public works - - l Culture and recreation - 1,771,156 l Other - - Capital outlay - 46,902 Intergovemmental - 7,704 i Debt service: Principal payments - - Interest - - Total expenditures - 1,825,762 i Excess (Deficiency) of Revenues Over Expenditures 454,908 28,125 Other Financing Sources (Uses); Operating transfers from other funds - 400,000 Operating transfers to other funds (350,000) - Total other financing sources (uses) (350,000) 400,000 Excess (Deficiency) of Revenues and Other Sources Over l Expenditures and Other Uses Before Fund Balance Allocation 104,908 428,125 Fund Balance Allocation - - Excess (Deficiency) of Revenues and Other Sources Over ! Expenditures and Other Uses 104,908 428,125 ; Fund Balance (Deficit) at Beginning of Year 82,728 438,195
- Equity Transfers from Other Funds - -
l Fund Balance (Deficit) at End of Year $ 187,636 $ 866,320 I 66
_ . . - = . . - - _ - - _ _ _ - - . - . _- . - _ . . .. . I 1 l l t 1 i f Parking / Loctal SHIP Local ; Parks Downtown Gasoline Stormwater Housing ! Enforcement Development Tax Utility Assistance Total i
$ 38,304 $ -
$ 38,304
- - 3,096,885 171,902 174,466 5,219,947 57,052 - - - - 57,052
- - - - - 436 646 i 8,545 - - - - 51,854 !
- - - 1,842,909 - 1,842,909 )
2,381 3,236 448,521 246,811 2,088 740,654
- - - 12,327 - 16,639 8,030 284 1,212 160 - 19,903 .
76,008 41,824 3,546,618 2,274,109 176,554 8,423,908 l
- 50,120 - - 176,554 226,674
- - 393,853 967,320 - 1,361,173
]
- - - - - 1,771,156 71,917 - - - - 71,917
- 380 829,426 1,417,274 - 2,293,982 175 - - - 7,879 4,918 - - - - 4,918 76,835 50,675 1,223,279 2,384,594 176,554 5,737,699 (827) (8,851) 2 323,339 (110,485) - 2,686,209 28,000 - 1,699,798 - - 2,127,798
- - (2,681,322) - - (3,031,322) ;
28,000 - (981,524) - - (903,524) j 27,173 (8,851) 1,341,815 (110,485) - 1,782,685 I 27,173 (8,851) 1,341,815 (110,485) - 1,782,685 (51,414) 53,463 7,164,252 4,497,038 - 12,184,262 1
- - 403,576 - - 403,576
$ (24,241) $ 44.612 $ 8,909,643 $ 4,386.553 $ - $ 14.370,523 67
CITY OF OCALA, FLOR!DA COMBINING SCHEDULE OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE -BUDGET AND ACTUAL SPECIAL REVENUE FUNDS Year Ended September 30,1996 Central Occu- Florida Parking / pational Regional Parks License Library Enforcement Revenues: Property taxes $ - Otherintergovemmental revenues - 1,776,694 - Parking meters and facilities - - 57,052 Licenses and permits 436,646 - - Fines and forfeitures - 43,309 8,545 Charges for services - - - Interest 17,562 20,055 2,381 Gifts - 4,312 - Other 700 9,517 8,030 Total revenues 454,908 1,853,887 76,008 Expenditures: Current: General govemment and administration - - - Public works - - - Culture and recreation - 1,771,156 - Other - - 71,917 Capital outlay - 46,902 - Intergovemmental - 7,704 - Debt service: Principal payments - - - Interest - - 4 918 Total expenditures - 1,825,762 76,835 Excess (Deficiency) of Revenues over Expenditures 454,908 28,125 (827) Other Financing Sources (Uses); Operating transfers from other funds - 400,000 28,000 Operating transfers to other funds (350,000) - - Total other financing sources (uses) (350,000) 400,000 28,000 Excess (Deficiency) of Revenues and Other sources Over Expenditures and Other Uses Before Fund Balance Allocation 104,908 428,125 27,173 Fund Balance Allocation - - - Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses 104,908 428,125 27,173 Fund Balance (Deficit) at Beginning of Year 82,728 438,195 (51,414) Equity Transfers from Other Funds - - - Fund Balance (Deficit) at End of Year $ 187.636 $ 866,320 $ (24,241) i I 68 ,
l Actual Adjustments Total Actual D:wntown Local SHIP Local to a on a Develop- Gasoline Stormwater Housing Budgetary Budgetary ment Tax Utility Assistance Total Basis Basis
$ 38,304 $ - $ - $ -
$ 38,304 $ - $ 38,304
- 3,096,885 171,902 174,466 5,219,947 (174,466) 5,045,481
- - - - 57,052 - 57,052
- - - - 436,646 - 436,646
- - - - 51,854 - 51,854
- - 1,842,909 - 1,842,909 - 1,842,909 3,236 448,521 246,811 2,088 740,654 (2,193) 738,461
- - 12,327 - 16,639 - 16,639 284 1,212 160 - 19,903 - 19,903 41,824 3,546,618 2,274,109 176,554 8,423,908 (176,659) 8,247,249 50,120 - - 176,554 226,674 (176,554) 50,120
- 393,853 967,320 - 1,361,173 708,376 2,069,549
- - - - 1,771,156 216,213 1,987,369
- - - - 71,917 - 71,917 380 829,426 1,417,274 - 2,293,982 107,722 2,401,704 175 - - - 7,879 - 7,879
- - - - 4,918 - 4,918 50,675 _ 1,223,279 2,384,594 176,554 5,737,699 855,757 6,593,456 (8,851) 2,323,339 (110,485) - 2,686,209 (1,032,416) 1,653,793 l
- 1,699,798 - - 2,127,798 - 2,127,798
- (2,681,322) - - (3,031,322) - (3,031,322)
- (981,524) - - (903,524) - (903,524)
(8,851) 1,341,815 (110,485) - 1,782,685 (1,032,416) 750,269 l l l (8,851) 1,341,815 (110,485) - 1,782,685 $ (1,032,416) $ 750,269 l 53,463 7,164,252 4,497,038 - 12,184,262
- 403,576 - - 403,576 $ 44,612 $ 8,909,643 $ 4,386,553 $ - $ 14,370,523 Continued 69 i
CITY OF OCALA, FLORIDA COMBINING SCHEDULE OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - CONTINUED SPECIAL REVENUE FUNDS l Year Ended September 30,1996 l ! Final Total Central Actual on a Occu. Florida Budgetary pational Regional Basis License Library Revenues: Property taxes $ 38,304 $ - Other intergovemmental revenues 5,045,481 - 1,776,694 Parking meters and facilities 57,052 - - Licenses and permits 436,646 413,500 - Fines and forfeitures 51,854 - 38,000 Charges for services 1,842,909 - - Interest 738,461 19,000 9,000 Gifts 16,639 - 73,600 Other 19,903 800 11,716 Total revenues 8,247,249 433,300 1,909,010 Expenditures: Current: General govemment and administration 50,120 - - Public works 2,069,549 - - Culture and recreation 1,987,369 - 2,187,560 Other 71,917 - - Capital outlay 2,401,704 - 303,951 Intergovemmental 7,879 - 7,704 Debt service: ; Principal payments - - - Interest 4,918 - - Total expenditures 6,593,456 - 2,499,215 Excess (Deficiency) of Revenues Over Expenditures 1,653,793 433,300 (590,205) i Other Financing Sources (Uses): Operating transfers from other funds 2,127,798 - 400,000 Operating transfers to other funds (3,031,322) (350,000) - Total other financing sources (uses) (903,524) (350,000) 400 000 ; Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses Before Fund Balance Allocation 750,269 83,300 (100,205) Fund Balance Allocation - (83,300) 190,205 l Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses $ 750,269 $ - $ - I l 70
)
Budget Parking / Local Variance Parks Downtown Gasoline Stormwater Favorable Enforcement Development Tax Utility Total (Unfavorable)
$ 40,052 $ -
$ 40,052 $ (1,748)
- - 4,507,839 171,902 6,456,435 (1,410,954) 50,000 - - - 50,000 7,052
- - - - 413,500 23,146 8,800 - - - 46,800 5,054
- - - 1,689,000 1,689,000 153,909 1,800 3,800 462,000 272,000 767,600 (29,139)
- - - 12,327 85,927 (69,288) 6,425 300 - - 19,241 662 67,025 44,152 4,969,839 2,145,229 9,568,555 (1,321,306) i
- 57,317 - - 57,317 7,197
- - 1,299,911 1,049,537 2,349,448 279,899
- - - - 2,187,560 200,191 80,289 - - - 80,289 8,372 386 4,997,658 1,751,908 7,053,903 4,652,199 175 - - 7,879- -
9,620 - - - 9,620 9,620 4,918 - - - 4,918 - 94,827 57,878 6,297,569 2,801,445 11,750,934 5,157,478 (27,802) (13,726) (1,327,730) (656,216) (2,182,379J 3,836,172 I 28,000 - 1,695,284 - 2,123,284 4,514
- - (3,097,051) - (3,447,0 3 415,729 28,000 - (1,401,767) - (1,323,767) 420,243 198 (13,726) (2,729,497) (656,216) (3,506,146) 4,256,415 (198) 13,726 2,729,497 656,216 3,506,146 (3,506,146) !
$ - $ - $ 750,269 !
l l i 1 71
l i l l 0F o c COUNT 4' y 72
, . - . - = .. - -- . - - . . ._ . -_ .. ,- - . CITY OF OCALA, FLORIDA SCHEDULES OF REVENUES. EXPENDITURES AND CHANGES IN l FUND BALANCE -BUDGET AND ACTUAL t SPECIAL REVENUE FUNDS Year Ended September 30,1996 l OCCUPATIONAL LICENSE FUND l l Variance l Final Favorable l Actual Budget (Unfavorable) l l l RIvInues Licenses and permits 436,646
$ $ 413,500 $ 23,146 l Int: rest 17,562 19,000 (1,438)
Other 700 800 (100) l Total revenues 454,908 433,300 21,608 OthIr Financing Uses: Operating transfers to other funds (350,000) (350,000) - ! Excess (Deficiency) of Revenues Over Other Uses l BIfore Fund Balance Allocation 104,908 83,300 21,608 l l Fund Balance Allocation - (83,300) 83,300 l Excess of Revenues Over Other Uses 104,908 $ - $ 104,908 Fund Balance: , Beginning of year 82,728 l l ! End of year $ 187,636 l l l i l I i l l 4 Continued 73 l
___ _ _ _ _ ~ . _ . . _ - _ _ . _ ___..___. ._._- _ _..._. CITY OF OCALA, FLORIDA SCHEDULES OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - CONTINUED SPECIAL REVENUE FUNDS Year Ended September 30,1996 CENTRAL FLORIDA REGIONAL Adjustments Actual to on a ' Budgetary Budgetary . Actual Basis Basis , Revenues: Intergovemmental revenues $ 1,776,694 $ - $ 1,776,694 [ Fines and forfeitures 43,309 - 43,309 ! Interest 20,055 (105) 19,950 Gifts 4,312 - 4,312 Other 9,517 - 9,517 Total revenues 1,853,887 (105) 1,853,782 Expenditures: ; Current - Culture and recreation 1,771,156 216,213 1,987,369 ; Capital outlay 46,902 5,073 51,975 r intergovemmental 7,704 - 7,704 Total expenditures 1,825,762 221,286 2,047,048 Excess (Deficiency) of Revenues Over Expenditures 28,125 (221,391) (193,266) Other Financing Sources: l Operating transfers from other funds 400,000 - 400,000 Excess (Deficiency) of Revenues and Other Sources Over Expenditures Before Fund Balance Allocation 428,125 (221,391) 206,734 Fund Balance Allocation - - - Excess (Deficiency) of Revenues and Other Sources Over Expenditures 428,125 $ (221,391) $ 206,734 Fund Balance: BeOlnning of year 438,195 l End of year $ 866,320 i s t' 74
l 1 i Ll!RARY FUND Variance Final Favorable ! Cudget (Unfavorable)
$ 1,776,694 $ -
38,000 5,309 9,000 10,950 73,600 (69,288) . 11,716 (2,199) 1,909,010 (55,228) 2,187,560 200,191 303,951 251,976 7,704 - 2,499,215 452,167 i (590,205) 396,939 400,000 - t (190,205) 396,939 l 190,205 (190,205) I
$ - $ 206,734 j i
! l ? l l Continued l 75
CITY OF OCALA, FLORIDA SCHEDULES OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE -BUDGET AND ACTUAL -CONTINUED ; SPECIAL REVENUE FUNDS i Year Ended September 30,1996 i PARKING / PARKS ENFORCEMENT FUND Variance Final Favorable Actual Budget (Unfavorable), Revenues: Parking meters and facilities $ 57,052 $ 50,000 $ 7,052 [ Fines and forfeitures 8,545 8,800 (255) In'n est 2,381 1,800 581 Other 8,030 6,425 1,605 Total revenues 76,008 67,025 8,983 Expenditures: Current- other 71,917 80,289 8,372 Debt service: , Principal - 9,620 9,620 Interest 4,918 4,918 - Total expenditures 76,835 94,827 1Mp2_ Excess (Deficiency) of Revenues Over Expenditures (827) (27,802) 26,37S Other Financing Sources: Operating transfers from other funds 28,000 28,000 - Excess of Revenues and Other Sources Over Expenditures Before Fund Balance Allocation 27,173 198 26,975 Fund Balance Allocation - (198) 198 Excess of Revenues and Other Sources Over ; Expenditures 27.173 $ -
$ 27,173 Fund Balance (Deficit):
Beginning of year (51,414) End of year S (24.241) b l Continued 76 -
C11Y OF OCALA, FLORIDA SCHEDULES OF REVENUES. EXPENDITURES AND CHANGES IN { FUND BALANCE - BUDGET AND ACTUAL -CONTINUED SPECIAL REVENUE FUNDS Year Ended September 30,1996 DOWNTOWN DEVELOPMENT FUND Variance Final Favorable Actual Budget (Unfavorable) Rsvtnues: Property taxes $ 38,304 $ 40,052 $ (1,748) Interest 3,236 3,800 (564) Other 284 300 (16) : Total revenues 41,824 44,152 (2,328) Expenditures: Current - General govemment and administration 50,120 57,317 7,197 Intergovemmental 175 175 - 1 Capital outlay 380 386 6 l Total expenditures 50,675 57,878 7,203 Excess (Deficiency) of Revenues Over Expenditures B; fore Fund Balance Allocation (8,851) (13,726) 4,875 l Fund Balance Allocation - 13,726 (13,726) l D:ficiency of Revenues over Expenditures (8,851) $ - $ (8,851) Fund Balance: Beginning of year 53,463 l , End of year $ 44,612 i = l I l l l I 77 l
l CITY OF OCALA, FLORIDA ) l SCHEDULES OF REVENUES. EXPENDITURES AND CHANGES IN i FUND BALANCE -BUDGET AND ACTUAL-CONTINUED SPECIAL REVENUE FUNDS Year Ended September 30,1996 LOCAL GASOLINE TAX Adjustments Actual to on a Budgetary Dudgetary Actual Basis Basis ! Revenues: Intergovemmental revenues $ 3,096,885 $ - $ 3,096,885 Interest 448,521 - 448,521 Other 1,212 - 1,212 Total revenues 3,546,618 - 3,546,618 Expenditures: Current - Public works 393,853 679,453 1,073,306 Capital outlay 829,426 - 829,426 Total expenditures 1,223,279 679,453 1,902,732 Excess (Deficiency) of Revenues Over Expenditures 2,323,339 (679,453) 1,643,886 Other Financing Sources (Uses): Operating transfers from other funds 1,699,798 - 1,699,798 Operating transfers to other funds (2,681,322) - (2,681,322) Total other financing sources (uses) (931,524) - (981,524) Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses Before Fund Balance Allocation 1,341,815 (679,453) 662,362 Fund Balance Allocation - - - Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses 1,341,815 $ (679,453) $ 662,362 Fund Balancs at Beginning of Year 7,164,252 Equity Transfers from Other Funds 403,576 Fund Balance at End of Year $ 8,909,643 i I 78
l l ! FUND l l Variance i Final Favorable l Cudget (Unfavorable)
$ 4,507,839 $ (1,410,954) 462,000 (13,479) :'
- 1,212 4,969,839 (1,423,221) 4 1,299,911 226,605 l 4,997,658 4,168,232 I 6,297,569 4,394,837 (1,327,730) 2,971,616 l
1,695,284 4,514 (3,097,051) 415,729 (1,401,767) 420,243 (2,729,497) 3,391,859 2,729,497 (2,729,497)
$ - $ 662,362 i
l l t ! l i i Continued 79 i
_ . - .. - _~. _ ._- .- -_ 1 l CITY OF OCALA, FLORIDA l SCHEDULES OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE -BUDGET AND ACTUAL -CONTINUED SPECIAL REVENUE FUNDS Year Ended September 30,1996 P STORMWATER UTILITY Adjustments Actual to on a Budgetary Budgetary Actual Basis Basis Revenues: Intergovemmental revenues $ 171,902 $ -
$ 171,902 Charges for services 1,842,909 - 1,642,909 interest 246,811 - 246,811 Gifts 12,327 - 12,327 C4her 160 - 160 Total revenues 2.274,109 - 2,274,109 >
Expenditures: Current - Public works 967,320 28,923 996,243 Capital outlay 1,417,274 102,649 1,519,923 Total expenditures 2,384,594 131,572 2,516,166 Excess (Deficiency) of Revenues Over Expenditures Before Fund Balance Allocation (110,485) (131,572) (242,057) Fund Balance Allocation - - - Excess (Deficiency) of Revenues Over Expenditures (110,485) $ (131,572) $ (242,057) Fund Balance: Beginning of year 4,497,038 End of year S 4,386,553 l 1 s .,
)
I l l l l l l 80 l _J
. -. . . _ . _ . . = . . . - , . . . - _ . . _ . . .
I I l l l I i FUND Variance Final Favorable Rudget (Unfavorable)
$ 171,902 $ -
1,689,000 153,909 272,000 (25,189) 12,327 - 160 2,145,229 128,880 l 1,049,537 53,294 1,751,908 231,985 2,801,445 285,279 (656,216) 414,159 656,216 (656,216) 5 -
$ (242,057) j i
l l Continued 81
.. - -. - . , _ .- ~ _ . . _ . .. __. ._. . _ _ _ . .
CITY OF OCALA, FLORIDA SCHEDULES OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL- CONTINUED SPECIAL REVENUE FUNDS l I Year Ended September 30,1996 l SHIP LOCAL HOUSING ASSISTANCE FUND Adjustments Actual l to on a Budgetary BLdgetary Actual Basis Basis Revenues: Intergovemmental revenues $ 174,466 $ (174,466) $ - Interest 2,088 (2,088) _ Total revenues 176,554 (176,554) - Expenditures: Current - General govemment and administration 176,554 (17G,654) - Total expenditures 176,554 (176,554) - Excess (Deficiency) of Revenues Over Expenditures - $ - Fund Balance: Beginning of year - End of year $ - 82
l l l CITY OF OCALA, FLORIDA i DEBT SERVICE FUNDS l t l l Debt Service Funds - Debt senice funds are used to account for the accumulation of resources for the payment of l principal, interest and related costs of the City's general long-term debt. Debt senice funds used by the City are: l l 1988 Improvement Cert /Bcates Fund - This fund is used for the payment of principal, interest and related l costs of the Capital Improvement Revenue Refunding Certificates, Series 1988. ;
- 1993 Improvement Certi4 cates Fund - This fund is used for the payment of principal, interest and related i
costs of the Capital Improvement Refunding Revenue Certificates, Series 1993. 1995 Improvement CertiMcates Fimd - This fund is used for the payment of principal, interest and related costs of the Capital Improvement Revenue Certificates, Series 1995. l l Optional Gas Tar Bonds Fund - This fund is used for the payment of principal, interest and related costs of the Optional Gas Tax Revenue Bonds, Series 1989, and of the Optional Gas Tax Refunding Revenue Bonds, Series 1992. i l l { i l l l l 4 l 1 J 83
. . . - . . - - . . . . - . _ _ - . . - . - - . - . . _ - . . - . . - - - . - . . . ~
C11Y OF OCALA, FLORIDA COMBINING BALANCE SHEET DEBT SERVICE FUNDS September 30,1996 1988 1993 1995 Optional improvement improvement improvement Gas Tax , Assets Certificates Certificates Certificates Bonds Total Restricted cash and investm,ents $ 82.100 $ 449,032 $ 130,268 $ -
$ 661,400 Restricted equity in pooled cash and investment fund 1.298,967 1,383,056 279,046 2,C33,940 5,025,000 Restricted accrued interest receivable 11,533 14,031 3,202 18,063 47,729 l
l Total Restricted Assets $ 1,392.600 $ 1,847,019 5 412,516 $ 2,082,003 $ 5,734,138_ l Fund Balances Fund Balance: Reserved for debt service $ 1,392,600 $ 1,847,019 $ 412,516 $ 2,082,003 $ 5,734,138 l l Total Fund Balances $ 1,392,600 $ 1,847,019 $ 412,516 $ 2,082,003 $ 5,734,138_ i l 1 l r ( i t t
.I f
?
84
CITY OF OCALA, FLORIDA COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE DEBT SERVICE FUNDS Year Ended September 30,1996 1988 1993 1905 Optional l Improvement improvement improvement Gas Tax Certificates Certificates Certificates Bonds Total Revinues: Interest $ 78,639 $ 91,509 $ 19,665 $ 98,488 $ 288,301 l i ExpInditures: Dibt Service: i
- Bond principal payments 1,050,000 - - 615,000 1,665,000 i Bond interest and paying l
l agents' fees 237,184 899,148 124,255 696,552 1,957,139 Total expenditures 1,287,184 899,148 124,255 1,311,552 3,622,139 D ficiency of Revenues Over Expenditures (1,208,545) (807,639) (104,590) (1,213,064) (3,333,838) l 1 l Othir Financing Sources (Uses)- l Operating transfers from other funds 1,285,425 898,062 536,271 1,318,865 4,038,623 Operating transfers to other funds (78,105) (90,423) (19,165) (96,514) (284,207) Total other financing sources (uses) 1,207,320 807,639 517,106 1,222,351 3,754,416 l Exc:ss (Deficiency) of Revenues l and Other Sources Over Expenditures and Other Uses (1,225) - 412,516 9,287 420,578 l Fund Balance: 1 Brginning of year 1,393,825 1,847,019 - 2,072,716 5,313,560 l End of year $ 1,392,600 $ 1,847,019 $ 412,516 $ 2,082,003 $ 5,734,138 l l 85
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]
86 l
CITY OF OCALA, FLORIDA CAPITAL PROJECT FUNDS Capital Proiect Funds - He Capital Projects Funds are used to account for resources earmarked for the acquisition and construction of major capital facilities and other project oriented activities other than those fmanced by proprietary funds. Capital project funds used by the City are: CapitalImprovement Construction Fund - The Capital Improvement Construction Fund is used to account for the resources carmarked for the acquisition of right-of-way and the construction of and hnprovements to N.E.14th Street, which is a major arterial street project. Optional Gar Tax Construction Fund - This fund is used to account for resources earmarked for construction of and improvements to several roadways exclusive of the N.E.14th Street project. Cavital Improvement Fund - This fund is used to account for the resources earmarked for the acquisition , and construction of certain capital improvements funded by the new money portion of the Capital l Improvement Refunding Revenue Certificates, Series 1993. l t 1995 Capital Improvement Fund - his fund is used to account for the resources earmarked for the acquisition and construction of certain capital improvements funded by the Capital Improvement Revenue Certificates, Series 1995. l l l l I i I l i 87 l
-,-.r
CITY OF OCALA, FLORIDA COMBINING BALANCE SHEET CAPITAL PROJECT FUNDS September 30,1996 Capital Optional Improvement Gas Tax Assets Construction Construction Cash and investments 3 - $ - Equity in pooled cash and investment fund - - Accrued interest receivable - - i Due from other govemments - 285,182 t Total Assets $ - $ 285,182 ' Liabilities and Fund Balances , Current Liabilities: Accounts payable $ -
$ 213,621 Totalliabilities - 213,621 Fund Balance:
Reserved orencumbrance - 347,864 Unreserej and undesignated (deficit) - (276,303) Total fund balance - 71,561 Total Liabilities and Fund Ba!.:nces $ - $ 285,182 f [ 88 I'
i I i j J l i l l ! l l l l l l 1995 l Capital Capital l improvement Improvement Total 3 20,254 $ -
$ 20,254 306,337 3,178,775 3,485,112 1,442 ' 29,121 30,563
- - 285,182
$ 328,033 $ 3,207,896 $ 3,821,111
$ 45,582 $ 831 $ 260,034 45,582 831 260,034 11,370 - 359,234 271,081 3,207,065 3,201,843 282,451 3,207,065 3,561,077
$ 328,033 $ 3,207,896 $ 3,821,111 89
. _ _ _ .--_ _ . . _ _ . . . . _ _ . . ~ _ . . , _ _ _ . . _ - - _ _ . _ _ . _ _ . . .
1 CITY OF OCALA, FLORIDA 1 1 COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN i FUND BALANCE CAPITAL PROJECTS FUNDS ! Year Ended September 30,1996 l Cap!tal Optional improvement Gas Tax Capital Construction Construction improvement Revenues: Otherintergovemmental revenues $ - $ 1,387,912 $ - Interest 20,138 - 106,244 Total revenues 20,138 1,387,912 106,244 Expenditures: Current: Public safety - - - Public works - 163,521 - Nondepartmental appropriations - - 2,300 1 Capital outlay - 2,809,750 177,266 Total expenditures - 2,973,271 179,566 Excess (Deficiency) of Revenues Over Expenditures 20,138 (1,585,359) (73,322) Other Financing Sources (Uses): Operating transfers from other funds - 1,362,458 - Operating transfers to other funds - - (259,012) Proceeds from long-term borrowing - - - Total other financing sources (uses) - 1,362,458 (259,012) Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses Before Fund Balance Allocation 20,138 (222,901) (332,334) Fund Balance Allocation - - - Excess (Deficiency) of Revenues and Other Sources l Over Expenditures and Other Uses 20,138 (222,901) (332,334) i ! Fund Balance at Beginning of Year 383,438 294,462 3.040,074
- Equity Transfers to Other Funds (403,576) - (2,425,289) l Fund Balance at End of Year $ -
$ 71,561 $ 282,451 l
i l . I 90
. ~ - . - _-. ._ .-. __ __ _ _ . . _ _ _ _ . . . _ - . .. _ - _. - _ . - . ..
n i l l 1995 Capital improvement Total 8 - $ 1,387,912 229,892 356,274 229,892 1,744,186 2,310 2,310
- 163,521 91,002 93,302 1,299,617 4,286,633 1,392,929 4,545,766 (1,163,037) (2,801,580)
- 9,915 1,372,373 !
(406,003) (665,015) j 4,766,190 4,766,190 ! 4,370,102 5,473,548 l 3,207,065 2,671,968 1 3,207,065 2,671,968 1
- 3,717,974
- - (2,828,865) 1 l $ 3,207,065 $ 3,561,077 i
i i l 91
CITY OF OCALA, FLORIDA COMBINING SCHEDULE OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE -BUDGET AND ACTUAL CAPITAL PROJECT FUNDS Year Ended September 30,1996 Capital Optional Improvement Gas Tax Capital Construction Construction improvement Revenues: Other intergovemmental revenues $ - $ 1,387,912 $ - Interest 20,138 - 106,244 Total revenues 20,138 1,387,912 106,244 Expenditures: Current: Public safety - - - Public works - 163,521 - Nondepartmental appropriations - - 2,300 Capital outlay - 2,809,750 177,266 Total expenditures - 2,973,271 179,566 Excess (Deficiency) of Revenues Over Expenditures 20,138 (1,585,359) (73,322) Other Financing Sources (Uses): Operating transfers from other funds - 1,362,458 - Operating transfers to other funds - - (259,012) Proceeds from long-term borrowing - - - Total other financing sources (uses) - 1,362,458 (259,012) Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses Before Fund Balance Allocation 20,138 (222,901) (332,334) Fund Balance Allocation - - - Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses 20,138 (222,901) (332,334) Fund Balance at Beginning of Year 383,438 294,462 3,040,074 Equity Transfers to Other Funds (403,576) - (2,425,289) Fund Balance at End of Year $ -
$ 71,561 $ 282,451 92
ACTUAL Adjustments Actual ! 1995 to a on a Variance Capital Budgetary Budgetary Final Favorable Improvement Total Basis Basis Budget (Unfavorable)
$ - $ 1,387,912 3 - $ 1,387,912 $ 2,033,000 $ (645,088) 229,892 356,274 (20,138) 336,136 400,800 (64,664) 229,892 1,744,186 (20,138) 1,724,048 2,433,800 (709,752) 2,310 2,310 - 2,310 15,000 12,690
- 163,521 1,867 165,388 206,405 41,017 91,002 93,302 (91,002) 2,300 2,300 -
1,299,017 4,286,633 357,367 4,644,000 7,858,915 3,214,915 1,392,929 4,545,766 268,232 4,813,998 8,082,620 3,268,622 (1,163,037) (2,801,580) (288,370) (3,089,950) (5,648,820) 2,558,870 9,915 1,372,373 - 1,372,373 1,798,196 (425,823) j' (406,003) (665,015) 282,248 (382,767) (382,774) 7 4,766,190 4,766,190 (4,766,190) - - - 4,370,102 5,473,548 (4,483,942) 989,606 1,415,422 (425,816) 3,207,065 2,671,968 (4,772,312) (2,100,344) (4,233,398) 2,133,054 l
- - - - 4,233,398 (4,233,398)
'3,207,065- 2,671,968 $ (4,772,312) $ (2,100,344) $ - $ (2,100,344)
- 3,717,974
- (2,828,865)
$ 3,207,065 $ 3,561,077 i
o 93 { w__--_-__. . . .. . -
t I OF og : COUNTL l 94
._ . . - . ---- . - - - . . .- ~.
CITY OF OCALA, FLORIDA SCHEDULE 8' OF REVENUES. EXPENDITURES AND CHANGES IN EUND BALANCE - BUDGET AND ACTUAL CAPITAL PROJECT FUNDS Year Ended September 30,1996 CAPITAL IMPROVEMENT CONSTRUCTION FUND Adjustments Actual to on a Budgetary Budgetary Actual Basis Basis R;v:nues: Interest $ 20,138 $ (20,138) $ - Total revenues 20,138 (20,138) - Excess of Revenues 20,138 $ (20,138) $ - Fund Balance at Beginning of Year: 383,438 Equity Transfens to Other Funds (403,576) Fund Balance at End of Year $ - l l l Continued 95
CITY CF OCALA, FLORIDA SCHEDULES OF REVENUES. EXPENDITURES AND CHANGES IN J FUND BALANCE -BUDGET AND ACTUAL-CONTINUED CAPITAL PROJECT FUNDS Year Ended September 30,1996 OPTIONAL GAS TAX CONSTRUCTION Adjustments Actual to on a Budgetary Budgetary Actual Basis Basis Revenues: Other intergovemmental revenues 5 1,387,912 $ - $ 1,387,912 Total revenues 1,387,912 - 1,387,912 Expenditures: Current- Public works 163,521 1,867 165,388 Capital outlay 2,809,750 345,997 3,155,747 Total expenditures 2,973,271 347,864 3,321,135 Excess (Deficiency) of Revenues Over Expenditures (1,585,359) (347,864) (1,933,223) Other Financing Sources: Operating transfers from other funds 1,362,458 - 1,362,458 Deficiency of Revenues and Other Sources Over Expenditures Before Fund Balance Allocation (222,901) (347,864) (570,765) Fund Balance Allocation - - - Deficiency of Revenues and Other Sources Over Expenditures (222,901) $ (347,864) $ (570,765) Fund Balance: Beginning of year 294,462 End of year S 71,561 96
1 1 l l I f J l FUND Variance Final Favorable Budget (Unfavorable) l l 5 2,033,000 $ (645,088) l 2,033,000 (645,088) 206,405 41,017 ; 3,894,907 739,160 i 4,101,312 780,177 l 1 (2,068,312) 135,089 1 i 1,778,196 (415,738) l
,(290,116) (280,649) 290,116 (290,116) l
$ (570,765) )
Continued 97
l CITY OF OCALA, FLORIDA SCHEDULES OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - CONTINU1Q
\
CAPITAL PROJECT FUNDS l 1 Year Ended September 30,1996 l l CAPITAL IMPROVEMENT Adjustments Actual I to on a ! Budgetary Budgetary Actual Basis Basis Revenues: Interest $ 106,244 $ -
$ 106,244 Total revenues 106,244_ - 106,244 Expenditures: ,
Current: Nondepartmental appropriations 2,300 - 2,300 Capital outlay 177,266 11,370 188,636 Total expenditures 179,566 11,370 190,936 Excess (Deficiency) of Revenues Over Expenditures (73,322) (11,370) (84,692) Other Financing Uses: Operating transfers to other funds (259,012) - (259,012) Excess (Deficiency) of Revenues Over Expenditures and Other Uses Before Fund Balance Allocation (332,334) (11,370) (343,704) Fund Balance Allocation - - - Deficiency of Revenues Over Expenditures and Other Uses (332,334) $ (11,370) $ (343,704) Fund Balance at Beginning of Year 3,040,074 Equity Transfers to Other Funds (2,425,289) Fund Balance at End of Year $ 282,451 f 98
. -. . . . - . . - . - . - . . -- . . . - - . ~ . -
l i l l I FUND Variance Final Favorable Tudget (Unfavorable) l
$ 130,800 $ (24,556) -
130,800 (24,556) i l l 2,300 - 2,643,008 2,454,372 , 2,645,308 , _2J54,372 , (2,514,508) 7,429,816 , 1 (259,012) - (2,773,520) 2,429,816 2,773,520 (2,773,520) i
$ (343,704) i l
J I a Continued f 99 i
1 1 l CITY OF OCALA, FLORIDA SCHEDULES OF R6 VENUES. EXPENDITURES AND CHANGES IN i FUND BALANCE - BUDGET AND ACTUAL - CONTINUED l CAPITAL PROJECT FUNDS , 1 Year Ended September 30,1996 1995 CAPITAL IMPROVEMENT Adjustments Actual l to on a Budgetary Budgetary Actual Basis Basis Revenues: Interest $ 229,892 $ -
$ 229,892 i
Total revenues 229,892 - 229,892 r Expenditures: i Current: Public safety 2,310 - 2,310 Nondepartmental appropriations 91,002 (91,002) - Capital outlay 1,299,617 - 1,299,617 5 Total expenditures 1,392,929 (91,002) 1,301,927 Excess (Deficiency) of Revenues Over Expenditures (1,163,037) 91,002 (1,072,035) Other Financing Sources (Uses): Operating transfers from other funds 9,915 - 9,915 Operating transfers to other funds (406,003) 282,248 (123,755) Proceeds from long-term borrowing 4,766,190 (4,766,190) - Total other financing sources (uses) 4,370,102 (4,483,942) (113,840) Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses Before Fund Balance Allocation 3,207,065 (4,392,940) (1,185,875) Fund Balance Allocation - - - Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses 3,207,065 $ (4,392,940) $ (1,185,875) Fund Balance at Beginning of Year - Fund Balance at End of Year $ 3,207,065 t I 100 {
_ _ _ . . . . . . _ _ . . _ _ _ . _ _ _ . . _ _ . . _ _ _ - . _ _ . . . . _ . _ . _ = _ . _ _ . . ._. _ _ _ _ _ _ . 1 l l l l l FUND Variance Final Favorable Rudget (Unfavorable) l
$ 270,000 $ (40,108) 270,000 (40,108) 15,000 12,690 l '1,321,000 21,383 1 1,336,000 34,073 (1,066,000) (6,035) l l 20,000 (10,085)
(123,762) 7 l (103,762) (10,078) (1,169,762) (16,113) i i 1,169,762 (1,169,762)
$ . $ (1,185,875) l i )
i 101
_a a _ , _i,__ - , a ,.A a . 6*.m. --u..L e A -J--.ma aA._h.m%3 aa e.- _ , 44A _ 4.4,Ea 6_ _ _ . _ _s_. -4_A..= __.4--.a_..m_ l
)
'l 4 OF og s _._ ,I COUNTV-102
CITY OF OCALA, FLORIDA ENTERPRISE FUNDS Enterprise Funds - Enterprise Funds are used to account for operations that are financed and operated in a manner similar to private businesses where the intent of the governing body is that the costs (including depreciation) of l providing certain goods and services to the general public be fmanced or recovered primarily through user charges or where the governing body has deemed that periodic determination of net income is appropriate for purposes of l monitoring capital maintenance, accountability or other purposes. l Electric System Revenue Fund - This fund is used to account for the construction, operation and maintenance of the City-owned portion of CR-3 and the City-owned electric system as well as sales of electricity and other services to the general public. Electricity rates charged to customers are set by City Council within the rate structure established by the Florida Public Service Commission. Water and Sewer Fund - This fund accounts for the construction, operation and maintenance of the City-owned water and sewer system. Sanitation Fund - This fund accounts for the operation and maintenance of the City's refuse collection system. l l Municipal GolfCourse Fund - This fund accounts for the construction, operation and maintenance of the City's golf courses. Fort Kine Tennis Court Fund - This fund accounts for the operation and maintenance of the Fort King tennis courts. Municinal Trailer Park Fund - This fund accounts for the operation and maintenance of the City-owned trailer park. Ocala Reelonal Airport (Jim Tavlor Field) Fund - This fund accounts for the construction, operation and maintenance of the City's airport. Florida Emercency Traintne Facility Amd - This fund accounts for th: construction, operations and maintenance of an emergency training facility adjacent to the City airport. Adult Athletic Compler Mmd- This fund accounts for the construction, operations and maintenance of the j , Ocala Regional Sportsplex. The first phase of this complex opened in June,1995. l Foreten Trade Zone Amd -This fund accounts for the activation and operation of Foreign Trade Zone i #217. The grant of authority was approved by the Foreign Trade Zones Board in Washington, D.C. on
- August 7,1996.
Communications Amd- This fund accounts for the construction, operations and maintenance of the City's broadband communications (fiber optics) network. Phase I of this system was started in fiscal year 1996. 103
\
CITY OF OCALA, FLORIDA COMT)lNING BALANCE SHEET ENTERPRISE FUNDS Septerr.ber 30,1996 Electric Municipal System Water Golf Assets Revenue and Sewer Sanitation Course Current Assets: Cash and investments $ 2,300 $ 450 $ -
$ 2,798 Equity in pooled cash and investment fund 5,599,890 5,655,771 510,439 397,846 Accrued interest receivable 50,775 48,249 5,523 4,348 Accounts and notes receivable 6,639,488 102,283 - 171 Accrued unbilled revenues 5,145,208 - - -
Due from other funds - 600,108 301,287 - Interfund loans receivable 149,846 - - - Inventories 2,296,022 87,143 - 75,585 Due from other govemments . - 58,469 - Other current assets 345,112 814 171 994 . Total current assets 20,228,641 6,494,818 875,879 481,742 Restricted Assets: Cash and investments 10,208,157 19,410,614 - - Equity in pooled cash and investment fund 14,279,907 13,125,410 - - Accrued interest receivable 184,993 504,972 - - . Due from other governments - 152,897 - - l Other 1,243,174 249,370 - - Total restricted assets 25,916,231 33,443,263 - - Interfund Loans Receivable After One Year 1,111,150 - - - Property, Plant and Equipment, net 74,195,150 86,185,618 895,174 4,851,270 Issuance Costs on Long-Term Debt 177,394 600,804 - - Total Assets $ 121,628.566 $ 126,724,503 $ 1,771,053 $ 5.333.012 9 i t t 104
I l l Florida , Fort King Municipal Ocala Emergency Adult Foreign l Tennis Trailer Regional Training Athletic Trade Communi. Court Park Airport Facility Complex Zone cations Total S 50 $ 100 $ - $ -
$ 5,698 22,864 102,835 - - - 1,492 31,422 12,322,559 ,
93 931 746 - - - - 110,665 ! 66 - 23,668 - - - - 6,765,676 '
- - - - - - - 5,145,208 -
l
- - - - - - - 901,395
- - - - - - - 149,846 ,
- - - - - - - 2,458,750 ,
- . - - . - - 58,459 i 22 21 - - - - - 347,134 23,095 103,887 24,414 1,492 31,422 28,265,390
(. - - I I P
- - - - - - - 29,618,771 l
- - - - - - - 27,405,317 i - - - - - . . 689,965
- - 235,725 1,723,354 - - - 2,111,976
- - - - - - - 1,492,544 l - - 235,725 1,723,354 - - - 61,318,573
- - - - - - - 1,111,150 l
84,848 47,827 10,404,919 6,625,429 647,387 - 4,521 183,942,143
- - - - - - - 778,198
$ 107,943 $ 151,714 $ 10,665,058 $ 8,348,783 $ 647,387 $ 1,492 $ 35,943 $ 275,415,454 1
i l Continued 105 1
,- _ . . . - . . - - - _ _ . ~ - . . .- . .. I l \ CITY OF OCALA, FLORIDA l COMBINING BALANCE SHEET - CONTINUED j ENTERPRISE FUNDS l September 30,1996 1 Electric Municipal System Water Golf Llabilities and Fund Equity Revenue and Sewer Sanitation Course Current Liabilities: - Accounts payable $ 5,343,265 $ 132,560 $ 259,934 5 51,077 Compensated absences payable 410,725 165,302 134,436 51,772 Accrued interest payable 2,484 - - - Due to other funds 1,237,190 - - - Customer deposits 3,440,822 - - - Deferred revenue 1,776 8,760 - 67,605 Interfund loans payable - 65,000 - 55,500 Total current liabilities 10,436,262 371,622 394,370 225,954 Liabilities Payable from Restricted Assets: Accounts payable 43,555 212,578 - - Accrued interest payable 644,440 1,770,894 - - Deferred revenue - 57,927 - - Revenue bonds payable within one year 3,900,000 1,305,000 - - Decommissioning costs 1,770,234 - - - Totalliabibties payable from restricted assets 6,358,229 3,346,399 - - Interfund Loans Payable After One Year - 260,000 - 55,500 . I Revenue Bonds and Notes Payable After One Year 17,037,627 60,943,134 - - Totalliabilities 33,832,118 64,921,155 394,370 281,454 Fund Equity: Contributed equity 6,111,763 18,531,415 8.515 3,853,439 Retained earnings: Reserved for debt service - 8,805,340 - - Reserved for renewal and replacement 16,512,289 6,250,778 - - Total reserved retained earnings 16,512,289 15,056,118 - - Unreserved (accumulated deficit) 65,172,396 28,215,815 1,368,168 1,198,119 Total retained earnings (accumulated deficit) 81,684,685 43,271,933 1,368,168 1,198,119 Total fund equity (accumulated deficit) 87,796,448 61,803,348 1,376,683 5,051,558 Total Liabilities and Fund Equity $ 121,628,566 $ 126,724,503 $ 1,771,053 $ 5.333,012 l I 4 106 t
e i i i l I l l b I I l Florida Fort King Municipal Ocala Emergency Adult Foreign ! Tcnnis Trailer Regional Tralning Athletic Trade Communi-Court Park Airport Facility Complex Zone cations Total I
$ 1,076 $ 2,203 $ 15,258 5 654 $ 4,741 $ 3,229 $ 31,540 $ 5,845,537 l 818 1,506 2,262 3,507 2,078 - - 772,408 j
- - - - - - - 2,484 !
- - 141,954 801,351 44,957 - - 2.225,452
- - - - - - - 3,440,822 .
- - 5,558 - 206 - - 83,905 3,993 - 10,243 - - 3,000 - 137,736 5,887 3,709 175,275 805,512 51,982 6,229 31,540 12,508,342
- - 100,848 965,480 - - - 1,322.461 I
- - - - - - - 2,415,334 ;
- - 985 - - - - 58,912 !
- - - - - - - 5,205,000 l
- - - - - - - 1,770,234
- - 101,833 965,480 - - - 10,771,941 51,782 - 676,554 - - 12,000 - 1,055,836
- - - - - - - 77,980,761 57,669 3,709 953,662 1,770,992 51,982 18,229 31,540 102,316,880
- - 9,893,890 6,149,651 117,945 - - 44,666,618
- - - - - - - 8.805,340
- - - - - - - 22,763,067
- - - - - - - 31,568,407 50,274 148,005 (182,494) 428,140 477,460 (16,737) 4,403 96,863,549 50,274 148,005 (182,494) 428,140 477,460 (16,737) 4,403 128,431,956 50,274 148,005 9,711,396 6,577,791 595,405 (16,737) 4,403 173,098,574 I
$ 107,943 $ 151,714 $ 10,665,058 $ 8,348,783 $ 647,387 $ 1,492 $ 35,943 $ 275,415,454 l
i I i ! 107
1 CITY OF OCALA, FLORIDA J l COMBINING STATEMENT OF REVENUES. EXPENSES AND CHANGES IN RETAINED EARNINGS ENTERPRISE FUNDS Year Ended September 30,1996 l Electric Municipal System Water Golf Revenue and Sewer Sanitation Course Operating Revenues: Sale of electricity 5 76,301,304 $ - Sale of water - 3,809,846 - - l Sewer and sanitation service charges - 8,548,062 6,347,031 - Fees and rentals - 9,380 - 1,660,624 Commissions - - - 16,444 Other 1,944,547 __ 485,599 78,096 178,191 Total operating revenues 78,245,851 12,852,887 6,425,127 1,855,259 Operating Expenses: I Purchase of electricity 47,208,982 - - - Distribution 6,685,528 559,418 - - Operation and maintenance 2,216,645 - 5,530,658 1,632,691 Water and sewer treatment - 2,583,693 - - Sewer collection - 897,146 - - Administration 2,113,546 1,272,789 305,351 89,217 Depreciation sid amortization 3,561,675 2,779,035 235,504 254,754 Economic improvement incentives 822,455 - - - Other 1,751,836 453,395 52,114 109,063 Total operating expenses 64,360,667 8,545,476 6 123,627 2,085,725 Operating income (Loss) 13,885,184 4,307,411 301,500 (230,466) Non-Operating Revenues (Expenses): Interestincome 1,457,294 1,928,251 27,675 26,760 Interest expense (839,856) (3,260,037) - (9,890) Other non-operating revenue - - 52,114 _ Total non-operating revenues (expenses) 617,438 (1,331,786J 79,789, 16,870 Income (Loss) Before Operating Transfers 14,502,622 2,975,625 381,289 (213,596) Operating Transfers: From other funds 286,045 13,636 17,241 211,364 To other funds (9,263,264) . (348,066) (227,810) (187,029) j Total operating transfers (8,977,219) (334,430) (210,569) 24,335 Net income (Loss) 5,525,403 2,641,195 170,720 (189,261) Retained Eamings, beginning of year 76,168,270 40,630,738 1,197,448 1,387,380 Equity Transfers to Other Funds (8,988) - - - Retained Eamings (Accumulated Deficit), end of year M $ 43.271.933 $ 1.368.168 $ 1.198.119 108 l
1 i Florida Fort King Municipal Ocala Emergency Adult Foreign Tennis Traller Regional Training Athletic Trade Communi-Court Park Airport Facility Complex Zone cations Total l
$ - $ - $ 76,301,304
- - - - - - - 3,809,846
- - - - - - - 14,895,093 60,711 88,078 157,955 25,333 81,783 - - 2,083,864
- - 55,027 - - - - 71,471 1 234 7,177 - 463 - - 2,694,308 60,712 88,312 220,159 25,333 82,246 - - 99,855,886
- - - - - - - 47,208,982
- - - - - - - 7,244,946 54,460 67,580 152,938 - 96,039 16,737 46,300 9,814,048
- - - - - - - 2,583,693
- - - - - - - 897,146
- - - 40,903 - - - 3,821,806 5,062 2,259 300,099 53,053 15,643 - 75 7,207,159 i
- - - - - - - 822,455 1
- - - - - - - 2,366,408 !
59,522 69,839 453,037 93,956 111,682 16,737 46,375 81,966,643 1,190 18,473 (232,878) (68,623) (29,436) (16,737) (46,375) 17,889,243 903 5,144 3,169 - - - - 3,449,196 (2,449) - (27,331) - - - - (4,139,563)
- - 63,251 - - - - '115,365 (1,546) 5,144 39,089 - - - - (575,002)
(356) 23,617 (193,789) (68,623) (29,436) (16,737) (46,375) 17,314,241
- 250 115,551 241,329 38,868 - 50,778 975,062
- (4,114) (255,928) - - - - (10.286,211)
- (3,864) (140,377) 241,329 38,868 - 50,778 (9,311,149)
(356) 19,753 (334,166) 172,706 9,432 (16,737) 4,403 8,003,092 50,630 128,252 151,672 255,434 468,028 - - 120,437,852 I
- - - - - - - (8,988)
$ 50,274 5 148,005 $ (182,494) $ 428,140 $ 477,460 $ (16,737) $ 4,403 $ 128,431,956_ ,
1 ! l 109 ; t I !
--. . .. . .- - .. .- - - - .. - - . - . - .~ - . - . -
CITY OF OCALA, FLORIDA I COMBINING STATEMENT OF CASH FLOWS ENTERPRISE FUNDS Year Ended September 30,1996 Electric Municipal l System Water Golf Revenue and Sewer Sanitation Course , Cash Flows from Operating Activities: Cash received from customers $ 77,658,661 $ 12,801,821 $ 6,410,333 $ 1,852,928 ' Cash paid to suppliers for goods and services (55,741,592) (3,162,500) (3,934,583) (887,836) ! Cash paid to employees for services (4,095,775) (2,409,368) (1,877,760) (945,046) Net cash provided by(used in) operating activities 17,821,294 7,229,953 597,990 20,046 Cash Flows from Non-Capital Financing Activities: Operating transfers in 286,045 13,636 17,241 211,364 Operating transfers out (9,263,264) (348,066) (227,810) (187,029) ' Operating grants - - 35,231 - l Principal received on loans to other funds 73,638 - - - ' Interest received on loans to other fuads 31,751 - - - Principal paid on loans from other funds - - - (83,698) i Interest paid on loans from other funds - - - (9,890) '; Loans to other funds (651,640) - - - Net cash provided by(used in) non-capital financing activities (9.523,470) (334,430) (175.338) (69,253) i Cash Flows from Capital and Related Financing Activities: Net proceeds on issuance of bonds - 4,668,500 - - Deposit to escrow agent - (529,056) - - Principal paid on bonds (3,690,000) (1,515,000) - - Interest paid on bonds (1,390,288) (4,042,606) - - Bond issuance costs - (135,283) - - Proceeds ofloans from other funds - 325,000 - - Acquisition and construction of capital assets (4,641,776) (4,419,659) (129,929) (44,648) i Contributions received from other governments and developers 358,432 1,644,485 - - Net cash provided by (used in) capital j and related financing activities (9,363,632) (4,003,619) (129,929) (44,648) Cash Flows from Investing Activities: Purchase of investments (217,000) (3,836,621) - - Proceeds from sales and maturities of investments 5,544,032 3,993,963 - - 1 Interest received 1,504.184 2,082.407 23,950 27,005 ) Net cash provided by investing activities 6,831,216 2,239,749 23,950 27,005 Not increase (Decrease) in Cash and Cash Equivalents 5,765,408 5,131.653 316,673 (66,850) Cash and Cash Equiva!ents, beginning of year 21,553,056 22,808,816 193,766 467,494 Cash and Cash Equivalents, end of year $ 27,318,464 $ 27,940,469 $ 510,439 $ 400,644 110 ,
l
)
l l Florida l Fort K!ng Municipal Ocala Emergency Adult Foreign Tcnnis Trailer Regional Training Athletic Trade Communi-Court Park Airport Facl ity Complex Zone cations Total
$ 60,646 $ 88,312 $ 353,754 $ 25,333 $ 82,452 $ -
$ - $ 99,334,240 (18,664) (34,564) (104,475) (2,771) (53,953) (13,508) (10,332) (63,004,778)
(36,591) (32,118) (48,479) (36,503) (22,349) - (4,428) (9,508,417) 5,391 21,630 200,800 (13,941) 6,150 (13,508) (14,760) 25,861,045 250 115,551 241,329 38,868 - 50,778 975,062
- (4,114) (255,928) - - - - (10,286,211)
- - 63,251 - - - - 98,482
- - - - - . - 73,638
. . - - - - - 31,751 (46,523) - (9,365) - - - - (139,586)
(2,449) - (16,989) - - - - (29,328) ;
- - - - - - - (651,640) j l
(48,972) (3,864) (103,480) 241,329 38,868 - 50,778 (9,927,832) !
- - - - - - - 4,668.500 (529.056)
- - - - - - - (5,205,000) .
- - - - - - - (5,432,894) j
- - - - - - - (135,283) !
55,775 - 274,640 - - 15,000 - 670,415
- (2,314) (665,812) (3,338,581) (45,018) - (4,596) (13,292,333)
- - 267,994 3,111,193 - - - 5,382,104 55,775 (2.314) (123,178_), (227,388) (45,018) 15,000 (4,596) (13,873,547)
- - - - - - - (4,053,621)
- - - - - - - 9,537,995 864 4,887 2,423 - - - - 3,645,720 864 4,887 2,423 - - - - 9,130,094 13,058 20,339 (23,435) - - 1,492 31,422 11,189,760 e 9,856 82,596 23,435 - - - -
_ 45,139,019
$ 22,914 $ 102,935 $ - $ - $ -
$ 1,492 $ 31,422 $ 56,328,779 i
Continued 111
CITY OF OCALA, FLORIDA l COMBINING STATEMENT OF CASH FLOWS - CONTINUED ENTERPRISE FUNDS Year Ended September 30,1996 l Electric Municipal i System Water Golf l Revenue and Sewer Sanitation Course Reconciliation of Cash and Cash Equivalents to Balance Sheet: Total unrestricted cash and investments per the balance sheet $ 5,602,190 $ 5,656,221 $ 510,439 $ 400,644 Total restricted cash and investments per the balance sheet 24,488,064 32,536,024 - - Total cash and investments 30,090,254 38,192,245 510,439 400,644 Less: Investments not meeting the definition of cash equivalents (2,771,790) (10,251,776) - - Cash and Cash Equivalents, end of year 5 27,318,464 $ 27,940.469 $ 510,439 $ 400,644 Reconciliation of Operating income (Loss) to Net Cash Provided by (Used in) Operating Activities: Operating income (loss) $ 13,885,184 $ 4,307,411 $ 301,500 $ (230,466) Adjustments to reconcile operating income (loss) to cash provided by operating activities: Depreciation 3,456,636 2,689,988 235,504 254,754 Amortization 105,039 89,047 - - (Gain) loss on fixed asset dispossi 181,538 45,028 47,497 213 (Increase) decrease in assets: Accounts and notes receivable 176,965 5,124 - 109 Accrued unbilled revenue (545,789) - - - Due from.other funds - (51,813) (14,794) - Inventories (223,548) (13,997) - (10,553) Other current assets (295,707) 154,723 (171) 1,774 increase (decrease) in liabilities: Accounts payable 160,381 (14,052) 19,560 (2,032) Compensated absences payable 74,317 22,871 8,894 8,687 Due to other funds 319,985 - - - Customer deposits 188,049 - - - Deferred revenue 1,776 (4,377) - (2,440) Decommissioning costs 336,468 - - - Net Cash Provided by (Used in) Operating Activities 5 17,821,294 $ 7,229,953 $ 597,990 $ 20,046 Noncash Capital and Related Financing Activitics: Escrow deposit for defeasance of debt deducted from bond proceeds $ - $ (12,059,948) $ - $ - Bond issuance costs deducted from bond proceeds - (92,044) - - Acquisition and construction of capital assets included in accounts payable - - - - Plant and equipment contributed from other funds - - - - Plant and equipment contributed to other funds (8,988) - - - Total noncash capital and related financing activities 5 (8,988) $ (12,151,992) $ - $ - 112
1 1 1 j l i Florida Fort King Municipal Ocala Emergency Adult Foreign i Tennis Trailer Regional Training Athletic Trade Communi. Court Park Airport Facility Complex Zone cations Total l l l l
$ 22,914 $ 102,935 $ - $ - $ -
$ 1,492 $ 31,422 $ 12,328,257
! l
- - - - - - - 57,024,088 22,914 102,935 - - - 1,492 31,422 69,352,345 ,
I l
- . - - - - - (13,023,566) l l
$ 22,914 $ 102.935 5 - $ -
$ - $ 1,492 $ 31,422 $ 56,328,779 l
l 3 1,190 $ 18,473 $ (232,878) $ (68,623) $ (29,436) $ (16,737) $ (46,375) $ 17,889,243 i 1 5,062 2,259 300,099 53,053 15,643 - 75 7,013,073
- - - - - - - 194,086
- - - - - - - 274,276 (66) - (11,017) - - - - 171,115
- - - - - - - (545,789)
- - - - - - - (66,607)
(248,098) (22) 243 - - - - - (139,160) (781) 314 211 208 2,129 3,229 31,540 200,707 8 341 (227) 1,421 58 - - 116,370
- - 141,954 - 17,550 - - 479,489
- - - - - - - 188,049
- - 2,658 - 206 - -
(2,177)
. - - - - - - 336,468
$ 5,391 $ 21,630 $ 200,800 $ (13,941) $ 6,150 $ (13,508) $ (14,760) $ 25.861,045
$ (12,059,948)
- - - - - - - (92,044)
- - (100,848) (904,357) - - -
(1,005,205) j J
- - 2,384 - 117,945 - - -120,329 l
- - - - - - - (8,988)
$ - $ - $ '(98,464) $ (904.357) $ 117,945 $ - 5 - $ (13,045,856) f l
l l ; I 113 l
A 1 i OF O c c COUNTO i l l 1 i 114 l
j CITY OF OCALA, FLORIDA ! t-INTERNAL SERVICE FUNDS ! l Internal Sgrvice Funds - He Internal Service Funds account for the operation of departments which exist solely to - ! provide services to other City departments. He revenues of the Internal Service Funds are derived from user fees ; and selfinsurance premiums charged to other City funds. He Intemal Service Funds used by the City are: l i Internal Service Fund - His fund accounts for the operation of the management information system, central senices, building maintenance, clinic and purchasing and warehousing departments. Fleet Manacement Fund - nis fund accounts for the operation of the fleet management department, which ; is responsible for replacing, specifying, acquiring, maintaining and disposing of approximately 930 units of j gas driven equipment. i l S_ elf-Insurance Fund - His fund accounts for the operation of the risk management department and for the l costs of the City's self-insurance plans. - l l I I l l i { b i 115
CITY OF OCALA, FLORIDA COMBINING BALANCE SHEET INTERNAL SERVICE FUNDS September 30,1996 ; Internal Fleet Self-Assets Service Management Insurance Total i Current Assets: Cash and investments $ 150 $ 300 $ 150 $ 600 Equity in pooled cash and investment fund 1,174,286 7,275,816 3,130,996 11,581,098 Accrued interest receivable 11,726 61,306 33,211 106,243 Accounts receivable 11,511 239 29,925 41,675 , Inventories 76,052 68,407 - 144,459 Due from other govemments 1,861 162,490 - 164,351 Other current assets 1,233 909 50,844 52,986 Total current assets 1,276,819 7,569,467 3,245,126 12,091,412 Propefy, Plant and Equipment, nel 12,311,665 4,014,815 36,711 16,363,191 Total Assets $ 13,588,484 $ 11,584,282 $ 3,281,837 $ 28,454,603 Liabilities and Fund Equity Current Liabilities: Accounts payable $ 87,022 $ 125,427 $ 118,573 $ 331,022 Claims payable - - 3,238,642 3,238,642 Compensated absences payable 102,578 53,129 - 155,707 Capital lease payable within one year 12,020_ - - 12,020 Total current liabilities 201,620 178,556 3,357,215 3,737,391 Capital Lease Payable After One Year 34,361 - - 34,361 Total liabilities 235,931 178,556 _ 3,357,215 3,771,752 Fund Equity: Contributed equity 7,237,777 - 20,401 7,258,178 Unreserved retained eamings (accumulated deficit) 6,114,726 11,405,726 (95,779) 17,424,673 Total fund equity (accumulated deficit) 13,352,503 11,405,726 (75,378) 24,682,851 Total Liabilities and Fund Equity $ 13,588,484 $ 11,534,282 $ 3,281,837 $ 28,454,603 116
. . _ . . _ . _ - . _ . _ . _ _ _ . . . _ _ . _ _ _ _ _ _ . . - _ . _ . . _ _ _ . _ _ . - . _ . _ - . , _ _ _ _ _ ~ . _ - - l t CITY OF OCALA, FLORIDA I l COMBINING STATEMENT OF REVENUES. EXPENSES AND CHANGES IN RETAINED EARNINGS I INTERNAL SERVICE FUNDS ; Year Ended September 30,1996
- internal Fleet Self.
Service Management insurance Total Operating Revenues: Fres and rentals $ 3,179,360 $ 4,541,231 $ 591,278 $ 8,311,869 Employerinsurance contributions - - 3,351,559 3,351,559 ! Employee insurance contributions - - 1,207,172 1,207,172 l Other 64,364 250,159 - 314,523 Total operating revenues 3,243,724 4,791,390 5,150,009 , 13,185,123 ( Operating Expenses: l Fizet management - 2,741,731 - 2,741,731 ! Purchasing and warehousing 705,318 - - 705,318 Management information system and central services 948,036 - - 948,036 Building maintenance 830,337 - - 830,337 Insurance, administration and other - - 5,555,719 5,555,719 Depreciation 597,090 448,032 7,260 1,052,382 l Other 177,264 - - 177,264 Total operating expenses 3,258,045 3,189,763 5,562,979 12,010,787 l Op3 rating income (Loss) (14,321) 1,601,627 (412,970) 1,174,336 Non-Operating Revenues (Expenses): Interest income 63,152 375,277 199,708 638,137 Interest expense (3,994) - - (3,994) Total non-operating revenues (expenses) 59,158 375,277 199,708 634,143 i income (Loss) Before Operating Transfers 44,837 1,976,904 (213,262) 1,808,479 l Operating Transfers: l From other funds 13,190 289 - 13,479 To other funds (205,873) (4,756) - (210,629) Total operating transfers (192,683) (4,467) - (197,150) N t income (Loss) (147,846) 1,972,437 (213,262) 1,611,329 Retained Eamings, beginning of year 6,262,572 9 617,344 117,483 15,997,399 Equity Transfers to Other Funds - (184,055) - (184,055)
- Retained Eamings (Accumulated Deficit),
end of year $ 6.114,726 $ 11,405,726 $ (95,779) $ 17,424,673 i ) i 117
-- ,- , - -- --- ,~
CITY OF OCALA, FLORIDA l COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS Year Ended September 30,1996 Internal Fleet Self-Service Management insurance Total Cash Flows from Operating Activities: Cash received from employees S - $ - $ 1,207,172 $ 1,207,172 Cash paid to suppliers for goods and services (1,203,932) (1,733,842) (3,688,681) (6,626,455) Cash paid to employees for services (1,452,479) (961,190) (307,030) (2,720,699) Cash received from other funds 3,230,575 4,644,003 3,912,707 11,787,285 Cash paid for insurance claims - - (1,661,490) (1,661,490) Net cash provided by (used in) operating activities 574,164 1,948,971 (537,322) 1,985,813 Cash Flows from Non-Capital Financing Activities: Operating transfers in 13,190 289 - 13,479 Operating transfers out (205,873) (4,756) - (210,629) Principal received on loans to other funds - 28,198 - 28,198 Interest received on loans to other funds - 847 - 847 Net cash provided by (used in) non-capital financing activities (192,683) 24,578 - (168,105) Cash Flows from Capital and Related Financing Activities: Principal paid on capital lease payable (11,142) - - (11,142) Interest paid on capitallease payable (3,994) - - (3,994) Acquisition and construction of capital assets (194,518) (1,865,587) - (2,060,105) l Net cash used in capital and related financing activities (209,654) (1,865,587) - (2,075,241) 1 l l Cash Flows from investing Activities-interest received 61,123 364,828 191,997 617,948 i Net cash provided by investing I activities 61,123 364,828 191,997 617,948 Net increase (Decrease) in Cash and Cash Equivalents 232,950 472,790 (345,325) 360,415 ; Cash and Cash Equivalents, beginning of year 941,486 6,803,326 3,476,471 11,221,283 Cash and Cash Equivalents, end of year $ 1,174,436 $ 7,276,116 $ 3,131,146 $ 11,581,698 l I l Continued l i18 1 , l I i
l CITY OF OCALA, FLORIDA i COMBINING STATEMENT OF CASH FLOWS - CONTINUED INTERNAL SERVICE FUNDS Year Ended September 30,1996 l Internal Fleet Self-l Service Management insurance Total i RIconciliation of Operating income (Loss) to l Cash Provided by (Used in) Operating l Activities: Operating income (loss) $ (14,321) $ 1,601,627 $ (412,970) $ 1,174,336 Adjustment to reconcile operating income to cash flows provided by operating activities: Depreciatlon 597,090 448,032 7,260 1,052,382 (Gain) loss on disposal of property, plant and equipment (9,721) 67 (540) (10,194) (Increase) decrease in assets: Accounts receivable (3,428) 840 (D,590) (32,178) Inventories (3,269) 2,882 - (387) Due from other govemments - (148,227) - (148,227) Other current assets (1,078) 586 (8,803) (9,295) increase (decrease) in liabilities: Accounts payable (4,275) 36,557 (90,283) (58,001) Claims payable - - (2,396) (2,396) Compensated absences payable 13,166 6,607 - 19,773 Net Cash Provided by (Used in) Operating Activities $ 574,164 $ 1,948,971 $ (537,322) $ 1,985,813 i Noncash Capital and Related Financing Activities: Plant and equipment contributed from other funds $ 3,598,134 $ -
$ - $ 3,598,134 Plant and equipment contributed to other funds 3 -
$ (184,055) $ -
$ (184,055) f 1
119
l l OF o01 64 s O o( t Ib7
)* % ,,* * * "; f *~
COUNTN-i 1 I 120
CITY OF OCALA, FLORIDA TRUST AND AGENCY FUNDS Trust Funds - The Trust Funds of the City are Pension Trust Funds and Expendable Trust Funds. The Trust Funds are used to account for assets held by the City in a trustee capacity. The measurement focus and basis of accounting of the Pension Trust Funds are similar to Proprietary Funds and they are therefore maintained on the accrual basis of accoanting. The Pension Tmst Funds are utilized to account for the fmancial transactions of the City-administered pension plans. The measurement focus and basis of accounting of the Expendable Trust Funds are similar to governmental funds and they are therefore maintained on the modified accmal basis of accounting. ErnendaMe Trust Funds Pension Medical Reserve Fund - This fund is used to accumulate funds for future retiree benefits. It is being treated as an expendable trust fund until the start of the related benefits. Cpmmunity Redevelopment Trust Fund - The Community Redevelopment Trust Fund is used to account for receipts and transfers of the tax increment fees collected for improving and redeveloping the downtown area. Pension Trust Funds The Ocala Employees' Retirement Fund - This fund provides regular benefits to all active and inactive participants of the former system. l The Ocala Firefichters' Sunnlemental Pension Fund - This fund provides supplemental benefits to qualifying firefighters. The Ocala Police OfEcers' Supplemental Pension Fund - This fund provides supplemental benefits to qualifying police officers. Acency Fund Emnlovees' Deferred Comnensation Fund - Accounts for an IRC Section 457 deferred compensation program open to all City employees and officials. i l l l l t i l 121 l
CITY OF OCALA, FLORIDA COMBINING BALANCE SHEET i TRUST AND AGENCY FUNDS September 30,1996 Expendable Trust Funds Pension Community j Medical Redevelopment Assets Reserve Trust Restricted Assets: ! Cash and investments $ 1,560,310 $ - Equity in pooled cash and investment fund - 108,833 Accrued interest and dividends receivable - 997 Total Restricted Assets $ 1,560,310 $ 109,830 . Liabilities and Fund Equity Liabilities Payable from Restricted Assets: ; Accounts payable $ -
$ 5,378 !
Deferred compensation - - Totalliabilities - 5,378 Fund Equity: ! Net assets held in trust for pension benefits , Reserved fund balance for retirement benefits 1,560,310 - Reserved fund b.alance for specified projects - 104,452 Total fund equity 1,560,310 104,452 Total Liabilities and Fund Equity $ 1,560,310 $ 109,830 ! I J 1 122 l l
_. ..m_ _ . _ . . _ . . . _ _ . - . - i i i r l 1 l l Pension Trust Funds Agency Fund { Police i Firefighters' Officers' Employees' Supplemental Supplemental Deferred ' Retirement Pension Pension Compensation Total '
$ 52,113,558 $ 6,717,379 $ 10,258,273 $ 5,934,159 $ 76,583,679 :
- - - - 108,833 4
375,270 61,803 94,382 - 532,452
$ 52,488.828 $ 6,779,182__ $ 10,352,655 $ 5,934,159 $ 77,224,964 i
$ 47,807 $ 11,339 $ 10,313 $ - $ 74,837
- - - 5,934,159_ 5,934,159 47,807 11,339 10,313 5,934,159 6,008,996 !
l 52,441,021 6,767,843 10,342,342 - 69,551,206
- - - - 1,560,310 ,
- - - - 104,452 '
52,441,021 6,767,843 10,342,342 - 71,215,968 t S 52,488,828 $ 6,779,182 $ 10,352,655_ $ 5,934,159 $ 77,224,964 1 \ l o q l 123
e - pa- _h-J M -4.A_, _. Ja _. 4 m4-aa _ 4 -A .ats_e. - -. A...m~w E -,-amm-- =m4 h ---*-e - e - - 4 4 --r a } 4 1 l J 1 i 9 l l } < i } Y 1 l I 5 1 1 i OF o i % ooo u wim us [ i
$o# COUNTt
- o+
} 1 124
l i CITY OF OCALA, FLORIDA 1 l COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE l EXPENDABLE TRUST FUNDS Year Ended September 30,1996 Pension Community Medical Redevelopment Reserve Trust Total Rsvinues: Interest $ 80,118 $ 5,984 $ 86,102 Other 81,852 - 81,852 Totai revenues 161,970 5,984 167,954 Expenditures: Current: General govemment and administrative - 5,378 5,378 Total expenditures - 5,378 5,378 Exc ss of Revenues Over Expenditures Before Fund Balance Allocation 161,970 606 162,576 l Fund Balance Allocation - - - Excess of Revenues Over Expenditures 161,970 606 162,576 l Fund Balance, beginning of year 1,398,340 103,846 1,502,186 Fund Balance, end of year $ 1,560,310 $ 104,452 $ 1,664,762 l i l l l l 4 4
- 125
CITY OF OCALA, FLORIDA COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE -BUDGET AND ACTUAL EXPENDABLE TRUST FUNDS Year Ended September 30,1996 Pension Community Medical Redevelopment Reserve Trust Revenues: Interest $ 80,118 $ 5,984 Other 81,852 - Total revenues 161,970 5,984 Expenditures: Current: General govemment and administrative - 5,378 Capital outlay - - Total expenditures - 5,378 Excess (Deficiency) of Revenues Over Expenditures Before Fund Balance Allocation 161,970 606 Fund Balance Allocation - . Excess (Deficiency) of Revenues Over Expenditures 161,970 606 Fund Balance, beginning of year 1,398,340 103,846 Fund Balance, end of year $ 1,560,310 $ 104,452 1
)
126 l
Adjustments Actual to a on a Variance Total Budgetary Budgetary Final Favorable Actual Basis Basis Budget (Unfavorable)
$ 86,102 $ (80,118) $ 5,984 $ 7,400 $ (1,416) 81,852_. (81,852) - - -
167,954 (161,970) 5,984 7,400 (1,416) 5,378 - 5,378 7,500 2,122
- - - 95,610 95,610 5,378 - 5,378 103,110 97,732 162,576 (161,970) 606 (95,710) 96,316
- - - 95,710 (95,710) 162,576 $ (161,970) $_ __,606 $ - $ 606 1,502,186 Q64,762 l
127
)
CITY OF OCALA, FLORIDA 7
)
COMBINING STATEMENT OF PLAN NET ASSETS PENSION TRUST FUNDS
]
Year Ended September 30,1996 J Police Firefighters' Officers' Employees' Supplemental Supplemental ] s Assets Retirement Pension Pension Total Cash and Cash Equivalents $ 2,675,244 279,749 427,212 $ 3,382,205
$ $ ]
. Receivables: Interest and dividends receivable 375,270 61,803 94,382 531,455
}
Investments, at fair value: Mutual funds 1,495,492 306,067 467,402 2,268,961 q Common stock 24,776,718 3,166,275 4,835,296 32,778,289 1 Govemment obligations 16,552,685 2,073,499 4,082,765 23,308,949 Intemational stock 4,997,741 - - 4,997,741 Non-govemment obligations 1,615,678 291,789 445,598 2,353,065 Totalinvestments 49,438,314 6,437,630 9,831,061 65,707,005
]
J Total Assets 52,488,828 6,779,182 10,352,655 69,620,665 Llabilities Accounts Payable 47,807_ 11,339 10,313 69,459
]
Net Assets Held in Trust for Pension Benefits $ 52,441,021 $ 6,767,843 $ 10,342,342 $ 69,551.206 q j J
]
]
n J l 2 128 1 \
1 I CITY OF OCALA, FLORIDA COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS l PENSION TRUST FUNDS Year Ended September 30,1996 Police Firefighters' Officers' Employees' Supplemental Supplemental Retirement Pension Pension Total Additions: Contributions: Employer $ 1,691,615 $ -
$ - $ 1,691,615 State - 208,323 334,734 543,057 Employee - 295,447 90,775 386,222 Total contributions 1,691,615 503,770 425,509 2,620,894 investment income:
Net appreciation in fair value of investments 3,807,127 518,696 791,528 5,117,351 Interest income 1,386,212 224,048 338,825 1,949,085 Dividend income 761,734 43,259 65,156 870,149 Totalincome on investments 5,955,073 786,003 1,195,509 7,936,585 Less: Investment management fees (204,691) (32,311) (48,579) (285,581) Net investment income 5,750,382 753,692 1,146,930 7,651,004 Total additions 7,441,997 1,257,462 1,572,439 10,271,898 Deductions: Pension payments 1,419,708 426,903 192,008 2,038,619 Refunds to employees - 62,154 5,090 67,244 Administration 47,361 24,960 19,391 91,712 Total deductions 1,467_069 514,017 216,489 2,197,575 Net increase 5,974,928 743,445 1,355,950 8,074,323 N:t Assets Held in Trust for Pension Benefits: Beginning of year 46,466,093 6,024,398 8,986,392 61,476,883 End of year $ 52,441,021 $ 6,767,843 $ 10,342,342 $ 69,551,206 129
. . .~ - _ _ . . = - - - . .- . . - . - - - _ - - - . . . . _ . _ . . ._
CITY OF OCALA, FLORIDA STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUND Year Ended September 30,1996 Deferred Compensation Fund Investments $ 5,934,159
)
Deferred Compensation Payable, beginning of year $ 4,798,661 Add: Employee contributions 831,528 Income on investments 573,44S Less: Withdrawa s and terminations (261,837) , Administration fees (7,639) 1 Total Deferred Compensation Payable, end of year $ 5,934,159 l l l 1 1 130
w J .- m - A _ss_ , . - r--_ t d a GENERAL FIXED ASSET ACCOUNT GROUP 1 'i 131
CITY CF OCALA, FLORIDA ) i j SCHEDULE OF GENERAL FIXED ASSETS BY SOURCE l i September 30,1996 l GeneralFixed Assets: Land $ 4,116,781 Buildings 6,628,037 Machinery and equipment 9,914,420 Construction in progress 9,002 Total general fixed assets $ 20,668,240 l Investment in General Fixed Assets by Source: Bond proceeds $ 1,744,689 Federal and state grants 1,559,337 General fund 14,011,733 l Special revenue funds 1,539,192 Capital projects funds 1,696,951 Contributions 115,343 Other 995 Total investment in general fixed assets $ 20,668,240 l 1 132
l CITY OF OCALA, FLORIDA ;
$_qHEDULE OF GENERAL FlXED ASSETS BY FUNCTION AND ACTIVITY !
i September 30,1996 1 Machinery
- and l F_ unction and Activity Total Land Buildings Equipment l GIneral Govemment and Administration
l Legislative $ 3,311 $ -
$ 3,311 Executive 139,425 16,025 8,od0 115,040 Finance 37,027 -
433 36,594 Purchasing 1,465 - - 1,465 Personnel and safety 32,303 - 1,233 31,070 Planning 656,816 165,236 321,473 170,107 Building inspection 172,906 - - 172,906 Total general govemment and administration 1,043,253 181,261 331,499 530,493 Public Safety: Police protection 4,941,492 584,828 818,541 3,538,123 Fire protection 3,541,805 32,290 1,201,383 2,308,132 Other public safety 16,869 - - 16,869 ; Total public safety 8,500,166 617,118 2,019,924 5,863,124 l Public Works: Flood control 679,537 1,063 2,000 676,474 Engineering 1,072,999 458,746 197,604 416,649 i Highway and street construction 1,116,269 - 9,100 1,107,169 Total public works 2,868,805 459,809 208,704 2,200,292 Culture and Recreation: Library 649,509 - 148,782 500,727 Recreation 1,919,456 3,905 1,139,265 776,286 Total culture and recreation 2,568,965 3,905 1,288,047 1,277,013 r Nondepartmental 5,678,049 2,854,688_, 2,779,863 43,498 Total General Fixed Assets Allocated to Functions 20,659,238 $ 4,116,781 $ 6,628,037 $ 9,914,420 Construction in Progress 9,002 Total General Fixed Assets $ 20,668.240 l 1 133
l l CITY OF OCALA, FLORIDA l SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY 1 l Year Ended September 30,1996 I l General General ) Fixed Assets Fixed Assets l September 30, September 30, Function and Activity 1995 Additions Deletions 1996 General Govemment and Administration: Legislative $ 3,311 $ -
$ 3,311 Executive 123,821 17,548 1,944 139,425 Finance 27,051 15,542 5,566 37,027 Purchasing 1,465 - - 1,465 Personnel and safety 32,303 - - 32,303 Planning 659,248 1,345 3,777 656,816 Building inspection 171,988 41,551 40,633 172,906 Total general govemment and administration 1,019,187 75,986 51,920 1,043,253 Public Safety:
Police protection 2,818,555 2,763,639 640,702 4,941,492 Fire protection 3,512,427 253,311 223,933 3,541,805 Other public safety _ 13,627 3,242 - 16,869 Total public safety 6,344,609 3,020,192 864,635 8,500,166 Public Works: Flood contro! 608,623 91,816 20,902 679,537 Engineering 1,031,001 78,294 36,296 1,072,999 Highway and street construction 1,162,735 30,927 77,393 1,116,269 Total public works 2,802,359 201,037 134,591 2,868,805 Culture and Recreation: Library 606,167 43,342 - 649,509 Recreation 1,833,995 162,241 76,780 1,919,456 Total culture and recreation 2,440,162 205,583 76,780 2,568,965 Nondepartmental 5,641,965 36,726 642 5,678,049 Construction in Progress 1,649,363 9,002 1,649,363 9,002 Total General Fixed Assets $ 19,897,645 $ 3,548,526 $ 2,777,931 $ 20,668,240 l l 134
,x, of 3
STATISTICAL SECTION Statistical schedules differ from financial statements because
, they usually cover more than one fiscal year and may pre- .
. sent nonaccounting data. These schedules reflect social and ,
economic data and financial trends of the government. a m e U a m n L d O z t"
l i 1 l l l l STATISTICAL SECTION l l 1 1 i 135
l l CITY OF OCALA, FLORIDA l REQUIRED SUPPLEMENTARY INFORMATION j HISTORICAL TREND INFORMATION FOR PENSION TRUST FUNDS SCHEDULE OF FUNDING PROGRESS (1) Actuarial , Accrued ! Actuarial Liability Unfunded UAAL as a ! Value (AAL) Frozen AAL Funded Covered Percentage of Fiscal of Asseta Entry Age * (UAAL) Ratio Payroll Covered Payroll Year (a) (b) (b - a) (a/b) (c) [ (b - a) / c ] General Plan: 1996 $ 49,420,418 $ 52,524,812 $ 3,104,394 94.09 % $ 27,595,962 11.25 % 1995 " 43,877,931 47,088,273 3,210,342 93.18 26,378,138 12.17 1994 38,705,966 42,014,408 3,308,442 92.13 25,855,900 12.80 1993 35,879,550 39,278,825 3,399,275 91.35 24,393,777 13.94 1992 32,381,066 35,678,042 3,296,976 90.76 24,550,973 13.43 1991 28,755,174 31,894,188 3,139,014 90.16 23,440,198 13.39 The frozen entry age actuarial cost method does not have a defined AAL after the initial year. The AAL was created by adding the UAAL (which is defined under the frozen entry age method) to the actuarial value of assets. The asset information reported for the October 1,1995 Actuarial Report was subsequently revised. i Supplemental Firefiohters' and Police Officers' Plan: l The aggregate actuarial cost method is used in determining the funding requirements and does not identify or separately i amortize unfunded actuarial liabilities. These liabilities are amortized through the normal cost. l (1) Actuarialinformation as of the latest actuarial valuation is as follows: Valuation date: General plan October 1,1996 ! Supplemer9 ; ens October 1,1995 Actuarial cost 4 #. A: General plan Frozen entry age Supplemental plans Aggregate Amortization method: General plan Level percent open Supplemental plans N/A Remaining amortization period: l General plan 16 years (weighted) ! Supplemental plans N/A l Asset valuation method (all plans) 5-year weighted index Actual assumptions (all plans): Net investment rate of return
- 8.0%
Projected salary increases
- 6.0%
- Includes inflation at 4.0%
Cost-of-living adjustments 0.0% a 4 136
CITY OF OCALA, FLORIDA REQUIRED SUPPLEMENTARY INFORMATION HISTORICAL TREND INFORMATION FOR PENSION TRUST FUNDS SCHEDULE OF CONTRIBUTIONS FROM EMPLOYER AND OTHER CONTRIBUTING ENTITIES l l Annual Required Fiscal Contribution Percentage Year (City) Contributed General Plan: 1996 $ 1,605,229 100.00 %
- 1995 1,569,609 100.00 1994 1,457,067 100.00 ,
1993 1,628,421 100.00 1,630,744 l 1992 100.00 l 1991 1,458,511 100.00 l Annual Annual Required Required Fiscal Contribution Percentage Contribution Percentage Year (Employees) Contributed (State) Contributed Sucolemental Firefiahters' Plan: 1996 $ 295,447 100.00 % $ 227,726 100.00 % 1995 272,757 100.00 166,829 100.00 1994 262,246 100.00 160,400 100.00 1993 256,329 100.00 141,864 100.00 1992 256,131 100.00 141,754 100.00 1991 233,150 100.00 129,036 100.00 Annual Annual Required Required Fiscal Contribution Percentage Contribution Percentage Year (Employees) Contributed (State) Contributed Sucolemental Police Officers' Plan: l 1996 $ 90,774 100.00 % $ 315,335 100.00 % 1995 91,226 100.00 327,957 100.00 i 1994 78,052 100.00 280,987 100.00 1993 76,281 100.00 286,054 100.00 1992 72,641 '00.00 370,851 100.00 1991 34,822 . .,0.00 316,880 100.00 I 137
CITY OF OCALA, FLORIDA , GENERAL GOVERNMENTAL REVENUES AND OTHER FINANCING SOURCES BY SOURCE fil LAST TEN FISCAL YEARS I 1987 1988 1989 1990 Property taxes $ 4,413,746 $ 5,073,641 $ 6,161,242 3 6,505,843 Utility service tax - - - - ) Other taxes 710,945 763,823 786,021 801,394 Intergovemmental revenues 6,342,097 6,829,455 7,041,160 6,982,067 , Licenses and permits 677,805 673,596 690,456 736,411 Fines and forfeitures 532,498 710,301 740,603 734,132 Charges for services and off-street parking 245,690 223,742 1,348,168 1,497,702 ; Operating transfers from other funds 10,928,043 11,532,925 14,277,023 14,321,507 Bond and note proceeds - 7,542,626 - - Interest income 756,439 889,965 1,567,581 1,545,540 Miscellaneous 1,571,289 1,067,093 112,908 261,093 i Total $ 26,178,552 $ 35,307,167 $ 32,725,162 $ 33,385,689
\
(1) This schedule includes revenues and other financing sources of the General Fund, Special Revenue Funds and Debt Service Funds. Interfund revenues have not been eliminated between these funds. 138
l l l l 1991 1992 1993 1994 1995 1996
$ 7,091,592 $ 7,149,471 $ 7,270,662 $ 7,575,276 $ 7,638,214 $ 7,819,975 l
- - - - - 4,791,403 l 825,622 884,258 1,409,034 1,502,077 1,508,766 1,673,396 l 7,489,550 6,989,818 7,360,769 9,214,202 9,122,383 10,495,025 651,013 631,461 604,787 763,066 772,036 800,587 812,701 967,438 873,112 891,455 1,052,858 580,973 1,479,127 1,897,707 2,025,300 2,246,292 2,380,049 2,463,001 l 15,609,360 16,694,506 17,411,663 17,944,570 17,000,557 15,256,416
- 42,922 14,143,855 11,749,269 - -
1,394,582 1,048,948 780,108 1,130,987 1,467,264 1,632,089 178,115 286,064 277,420 271,518 154,506 297,975
$ 35,531,662 $ 36,592,591 $ 52,156,710 $ 53,288,712 $ 41,096,633 $ 45,810,840 l
4 1 i I. f i l l l 139
CITY OF OCALA, FLORIDA i GENERAL GOVERNMENTAL EXPENDITURES AND OTHER USES BY FUNCTION (1) I LAST TEN FISCAL YEARS l l 1987 1988 1989 1990 , General govemment and administration S 2,398,717 $ 2,462,279 $ 2,872,897 $ 3,168,947 l Public safety 7,529,924 8,030,705 9,519,499 10,759,495 l Public works 2,690,444 2,707,074 3,435,091 3,466,758 ! Culture and recreation 2,806,405 2,728,031 2,998,445 3,376,898 '
- Nondepartmental 1,259,245 1,973,860 330,614 389,988 i l Debt service 2,153,331 6,011,761 2,485,187 3,619,989 !
Capital outlay 2,537,305 2,501,826 1,979,521 4,834,530 Operating transfers to other funds 3,865,642 4,176,731 3,477,913 3,764,846 Miscellaneous 329,074 666,543 665,631 871,121 Total $ 25,570,087 $ 31,258,810 $ 27,764,798 $ 34,252,572 ; (1) This schedule includes expenditures and other financing uses of the General Fund, Special Revenue Funds j and Debt Service Funds. Interfund expenditures have not been eliminated between these funds. l 1 i 140 4
i d i 1991 1992 1993 1994 1995 1996
$ 3,469,028 $ 3,339,215 $ 3,388,158 $ 3,570,694 $ 3,750,855 $ 4,141,798 11,677,768 12,438,951 12,621,517 13,296,158 14,812,271 15,621,375 3,655,998 3,915,990 3,933,610 4,242,507 4,531,891 4,732,747 3,508,653 3,740,232 3,771,641 3,826,126 3,939,075 4,259,453 474,371 381,785 428.063 151,883 87,932 143,264 3,949,011 3,941,987 16,791,576 15,843,482 3,501,935 3,627,857
-4.122,771 4,174,687 2,262,339 1,939,122 3,160,173 3,497,923 4,242,111 4,900,835 5,015,385 4,923,349 4,777,853 6,455,475 829,112 805,283 2,250,678 1,130,298 995,400 1,025,824
$ 35,928,823 $ 37,638,965 3 50,462,967 $ 48,923,619 $ 39,557,385 $ 43,505,716 I
i i e 141 4 s
.- . , - . - - . -. . .. . - . . . . . _ - - . ~ . . _ - - . - .- --. ..
l CITY OF OCALA, FLORIDA PROPERTY TAX LEVIES, TAX COLLECTIONS AND ASSESSED VALUATIONS (3) 1 l LAST TEN FISCAL YEARS 1 l 2 Ratio 4 Assessed Current Total (2) of Tots! Fiscal Valuation Tax Rate in Total Tax Tax Tax Collemons Uncollected Year (100% at Market) Mills (3) Levy (1) Collections Collections to Tax Levy Taxes i 1987 $ 971,042,837 4.65 3 4,527,718 $ 4,199,267 $ 4,373.759 96.6 $ 328,451 1988 1,096,194,648 4.65 5,112,811 4.765,369 5,027,371 98.3 347,442 , 1989 1,235,655,356 5.08 6,287,092 5,662,203 6,114,815 97.3 624,889 1990 1,310,033,579 5.08 6,667,187 5,956,404 6,459,659 96.9 710,783 1991 1,399,122,711 5.17 7,244,086 6,592,981 7,043,228 97.2 651,105 1 1992 1,426,577,239 5.14 7,340,847 6,677,841 7,101,641 96.7 663,006
! 1993 1,501,855.447 4.92 7,402,331 6,837,706 7,223,752 97.6 564,625 1994 1,514.377,939 5.03 7,623,382 7.136,533 7,529,041 98.8 486,849 1995 1,556.395,804 5.03 7,836,849 7,289,707 7,595,038 96.9 547,142 2
1996 1,574,831,300 5.09 8,041,653 7,474,513 7,781,671 96.8 567,140 I Source: Marion County Tax Collector and City Finance Department i .; (1) Includes penalties under Section 193.072 of the Florida Statutes. (2) . Tax collections include current and delinquent taxes, and tax cenificates and payments to local governments for homestead exemptions. (3) Excludes property tax levies of the Downtown Development Commission. l l l l l 142
. - - . . - . ._ - ~ - . _- ... - . - - .. . - . - . _ . - . _ - . - - . .
CITY OF OCALA, FLORIDA PROPERTY TAX RATES AND LEVIES - DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARS Millaae Rates Water Management Fiscal Year City County School Districts Total ! 1987 4.65 3.59 7.70 0.32 16.26 1988 4.65 3.83 7.70 0.33 16.51 1989 5.08 4.35 7.88 0.36 17.67 1990 5.08 4.98 7.93 0.35 18.34 1991 5.17 5.66 9.21 0.36 20.40 1992 5.14 6.04 9.29 0.36 20.83 1993 4.92 6.05 9.41 0.36 20.74 1994 5.03 6.10 9.58 0.47 21.18 1995 5.03 5.74 9.88 0.48 21.13 1996 5.09 5.40 9.75 0.48 20.72 Tax Levies Fiscal Year City (1) County (2) School (2) Districts (2) Total 1987 $ 4,518,262 $ 3,486,044 $ 7,477,030 $ 310,734 $ 15,792,070 1988 5,100,594 4,198,426 8,440,699 361,744 18,101,463 1989 6,277,129 5,375,101 9,736,964 444,836 21,834,030 1990 6,654,971 6,523,967 10,388,566 458,512 24,026,016 1991 7,233,464 7,919,035 12,885,920 503,684 28,542,103 1992 7,328,327 8,616,527 13,250,505 510,715 29,706,074 1993 7,389,129 9,086,225 14,132,460 540,668 31,148,482 , 1994 7,611,869 9,237,705 14,507,741 711,758 32,069,073 1995 7,823,068 8,933,712 15,377,191 747,070 32,881,041 1996 8,027,264 8,504,089 15,354,605 755,919 32,641,877 (1) Does not include penalties under Section 193.072 of the Florida Statutes. (2) The tax levies for overlapping governments reflect each government's millage applied to the total assessed l valuation within the City's corporate boundaries. l I 143
CITY OF OCALA, FLORIDA SPECIAL ASSESSMENT COLLECTIORf, LAST TEN FISCAL YEARS Collections Total New Liens and Outstanding Fiscal Year Assessed Adjustments Assessments (1) 1987 $ 12,959 $ 158,409 $ 794,389 1988 28,300 175,308 647,381 1989 6,000 90,243 563,138 1990 106,229 159,966 509,401 ,1 1991 - 97,955 411,446 1992 - 164,554 246,902 1993 13,679 68,822 191,759 1994 - 59,140 132,619 1995 - 16,916 115,703 i 1996 - 7,336 108,367 (1) Does not reflect reserves for uncollectible special assessment lesies. l l l l
)
l l l 144
CITY OF OCA!A, FLORIDA COMPUTATION OF LEGAL DEBT MARGIN l September 30,1996 l ' f Assessed Value (100% at market as of January 1,1996) $ 1,574,831,300 i i Debt Limit: 20% of Assessed Value $ 314,966,260 Amount of General Obligation Debt Outstanding - Legal Debt Margin $ 314,966,260 , t In accordance with Article IX, Section 9.02, of the City of Ocala Charter, the " aggregate amount of general obligation bonds of the City outstanding at any one time shall not be greater than twenty percent (20%) of the i assessed valuation of the taxable real and personal property in the City according to the latest assessment of such ; real and personal property", i l ! l : 1 r l 8 l i
)
l
]
} 145 l l
CITY OF OCALA, FLORIDA SCHEDULE OF ELECTRIC SYSTEM REVENUE AND REVENUE REFUNDING BONDS. SERIES 1977.1983.1988.1989A AND 1989B COVERAGE LAST TEN FISCAL YEARS Net Revenue Available for Debt Debt Service Requirements (2) (3) (4) (5) (6) Year Service (1) Principal Interest Total Coverage 1987 $ 14,371,791 $ 1,045,000 $ 1,769,218 $ 2,814.218 5.11 1988 14,891,027 1,105,000 1,160,385 2,265,385 6.57 1989 16,936,544 1,190,000 1,469,607 2,659,607 6.37 1990 20,319,802 1,435,000 1,698,359 3,133,359 6.48 1991 22,421,756 1,845,000 2,748,830 4,593,830 4.88 1992 21,664,962 1,965,000 2,633,056 4,598,056 4.71 1993 21,524,640 1,260,000 663,780 1,923,780 11.19 1994 23,081,766 1,345,000 582,353 1,927,353 11.98 1995 22,733,287 1,435,000 494,065 1,929,065 11.78 : 1996 19,025,573 1,530,000 396,038 1,928,038 9.87 (1) Represents gross operating revenues and interest income less gross operating expenses, excluding amortization and depreciation, of the electric system. 1 (2) In August,1977, the City issued the following refunding bonds: ; Power Supply Revenue Bonds, Series 1977 $ 11,180,000 Electric Revenue Bonds, Series 1977 7,850,000 4 Special Obligation Bonds, Series 1977A 10,990,000 S 30,020,000 The refunding bonds were issued to effect the advance refunding of the following issues: Electric Revenue Certificates, Series 1959 $ 240,000 Electric Revenue Certificates, Series 1962 1,145,000 Electric Revenue Certificates, Series 1967 2,140,000 Electric Revenue Certificates, Series 1972 5,725,000 Power Supply Revenue Bonds, Series A1975 10,000,000
$ 19,250,000__
The proceeds derived from the sale of the refunding bonds were placed in an irrevocable escrow account which, together with related interest earnings, will provide sufficient amounts to satisfy not only the remaining debt service requirements, in accordance with the original maturity schedules, on the refunded bonds, but the Special Obligation Bonds, Series 1977A as well. Accordingly, the refunded bonds and the Special Obligation Bonds, Series 1977A are not considered outstanding debt of the City in consideration of the escrow account created and, as such, all debt service requirements on the refunded bonds and the Special Obligation Bonds, Series 1977A have been excluded from the deternunation of revenue bonds coverage. Continued 146
1 CITY OF OCALA, FLORIDA SCHEDULE OF ELECTRIC SYSTEM REVENUE AND REVENUE REFUNDING BONDS. SERIES 1977.1983.1988.1989A AND 1989B COVERAGE - CONTINUED (3) In August,1983, the City issued the $13,480,000 Power Supply Revenue Bonds, Series 1983. The first principal payment occurred in October,1987. Proceeds from this issue are being used for the acquisition and construction of a new substation, supenised control data acquisition system and for other improvements to the bulk power system. (4) In March,1988, the City issued the $14,350,000 Power Supply Revenue Refunding Bonds, Series 1988 for the purpose of advance refunding the outstanding Power Supply Revenue Bonds, Series 1983. He refunded bonds are no longer considered outstanding debt of the City since an escrow account was created for them; and, therefore, all debt senice requirements subsequent to March,1988 for the refunded bonds have been excluded from the detennination of debt senice coverage. He first principal and interest payments on the Series 1988 Bonds occurred in October,1988. (5) In October,1989, the City issued Electric System Revenue Bonds, Series 1989A in the amount of
$28,425,000 and Electric System Revenue Refunding Bonds, Series 1989B in the amount of $13,000,000.
He 1989B Bonds were issued for the purpose of advance refunding the City's outstanding Power Supply Revenue Bonds, Series 1977 and the City's outstanding Power Supply Revenue Refunding Bonds, Series 1988. He refunding bonds are no longer considered outstanding debt of the City because an escrow account was created for them; and, therefore, all debt service requirements subsequent to October,1989 for the refunded bonds have been excluded from the determmation of debt senice coverage. He proceeds of the 1989A Bonds are being used to fund the cost of the acquisition system and certain infrastructure improvements related thereto. He first interest payments on the Series 1989A and 1989B Bonds occurred in April,1990; the first principal payments were made October 1,1990. (6) In March,1992, the City issued the $28,435,000 Utility Systems Subordinate Refunding Revenue Bonds, Series 1992B, for the purpose of refunding the outstanding Electric System Revenue Bonds, Series 1989A. The refunded bonds are no longer considered outstanding debt of the City since an escrow account was created for them; and, therefore, all debt senice requirements subsequent to 1992 will be excluded from the determmation of debt senice coverage. Since the Series 1992B Bonds, as well as the Utility Systems Subordinate Refunding Revenue Bonds, Series 1992A, are payable from a lien upon the surplus revenues of the City's Water and Sewer System and the City's Electric System, the debt senice coverage for those two issues is shown in a separate schedule for 1993 and subsequent years. 147
CITY OF OCALA, FLORIDA SCHEDULE OF WATER AND SEWER REVENUE AND REFUNDING REVENUE BONDS. SERIES 1968, 1983.1985A.1985B.1986.1988.1995 AND 1996. AND ANTICIPATION NOTES COVERAGE LAST TEN FISCAL YEARS Net Res,enue Available )' for Debt Debt Service Requirements Year Service (1) Principal Interest Total Coverage d 1987 $ 5,690,844 $ 245,000 (3) $ 4,129,150 (3) $ 4,374,150 1.30 1988 8,047,236 165,000 (4) 4,118,735 (4) 4,283,735 1.88 1989 7,738,769 315,000 3,790,133 4,105,133 1.89 1990 6,778,281 425,000 4,004,180 4,429,180 1.53 1991 7,383,205 555,000 3,971,896 4,526,896 1.63 1992 8,076,099 640,000 3,930,831 4,570,831 1.77 1993 8,426,555 - (5) 948,311 (5) 948,311 8.89 1994 8,177,122 45,000 946,928 991,928 8.24 1995 8,592,135 245,000 937,825 1,182,825 7.26 1996 9,041,538 260,000 (6)(7) 1,051,660 (6)(7) 1,311,660 6.89 (1) Represents gross operating revenues less gross operating expenses, excluding amortization and depreciation, I of the water and sewer system. Additional pledge revenues are the collections, including interest and penalties, on the 11,000 series special assessment levy, which were also pledged to retire the refunded 1974 Pollution Control Bonds, Series C (this pledge does not pertain to the debt issued after 1978); 31,000 series of assessments (1979 and 1979-2 note issues only); unlevied public service tax (all issues); interest earnings ! on investments and any income realized from such investments of the sinking, sinking reserve, and renewal and replacement funds (1983,1985A,1985B,1986 and 1988 issues); and water and sewer system development charges and interest earnings on development charges (1985A and 1986 issues for years prior to 1990). (2) 'Ihe 1979-2 Anticipation Notes matured on July 1,1983 and the related principal was secured by the
$11,200,000 Water and Sewer Refunding Revenue Bonds, Series 1983, which were issued in June,1983.
Proceeds from the sale of the 1983 Bonds were used to advance refund the 1968 Water and Sewer Revenue Bonds (remaining principal after July 1,1983 maturity is excluded from debt service requirement above) and , refund the 1979-2 Anticipation Notes, the principal of which is excluded from debt service requirements above. Remaining proceeds are being used for the acquisition and construction of additions, extensions and improvements to the water and sewer system. Continued 148
CITY OF OCALA, FLORIDA SCHEDULE OF WATER AND SEWER REVENUE AND REFUNDING REVENUE BONDS. SERIES 1968. 1983.1985A 1985B.1986.1988.1995 AND 1996. AND ANTICIPATION NOTES COVERAGE -CONTINUED LAST TEN FISCAL YEARS (3) In October,1985., the City issued the $37,080,000 Water and Sewer Revenue Bonds, Series 1985A for the purpose of financing a portion of the acquisition and construction of certain additions, expansions and improvements to the City's water and sewer system; and the $10,775,000 Water and Sewer Refunding Revenue Bonds, Series 1985B for the purpose of advance refunding the outstanding Water and Sewer Refunding Revenue Bonds, Series 1983. In April,1986, the City issued the $40,820,000 Water and Sewer Refunding Revenue Bonds, Series 1986 for the purpose of advance refunding the portion of the Water and Sewer Revenue Bonds, Series 1985A, stated to mature on and after October 1,19P4. He refunded bonds are no longer considered outstanding debt of the City since escrow accounts were created for them; and, therefore, all debt senice requirements for the refunded bonds have been excluded from the determination of debt senice covemge. For fiscal 1986, the debt senice requirements consist of the interest payments made for the Series 1985A and the Series 1985B Bonds (before the advance refunding of the portion of the Series 1985A Bonds), net of the accrued interest received at the time of bond closing. For fiscal 1987, the debt service requirements consist of the principal and interest for the 1985A,1985B and 1986 Bonds. (4) In July,1988, the City issued the $12,450,000 Water and Sewer Refunding Revenue Bonds, Series 1988 for the purpose of advance refunding the outstanding Water and Sewer Refunding Revenue Bonds, Series 1985B. The refunded bonds are no longer considered outstanding debt of the City since an escrow account was created for them; and, therefore, all debt senice requirements subsequent to 1988 will be excluded from the determination of debt senice coverage. The first interest payment on the Series 1988 Bonds occurred in October,1988 and the first principal payment occurred in October,1993. (5) In March,1992, the City issued the $51,880,000 Utility Systems Subordinate Refunding Revenue Bonds, Series 1992A, primarily for the purpose of refunding the outstanding Water and Sewer Revenue Bonds, 1 Series 1985A and Water and Sewer Refunding Revenue Bonds, Series 1986. He refunded bonds are no longer considered outstanding debt of the City since an escrow account was created for them; and, therefore, all debt senice requirements subsequent to 1992 will be excluded from the determination of debt senice coverage. Since the Series 1992A Bonds, as well as the Utility Systems Subordinate Refunding Revenue Bonds, Series 1992B, are payable from a lien upon the surplus revenues of the City's Water and Sewer System and the City's Electric System, the debt senice coverage for these two issues is shown in a separate schedule for 1993 and subsequent years. (6) In October,1995, the City issued the $5,000,000 Water and Sewer Revenue Bonds, Series 1995, prunarily for the purpose of fmancing the cost of acquisition and construction of additions, improvements and extensions to the City's water and sewer system. The first interest payment on the Series 1995 Bonds occurred in April,1996 and the first principal payment will occur in October,1997. (7) In July,1996, the City issued the $12,170,000 Water and Sewer Refunding Revenue Bonds, Series 1996, primarily for the purpose of forward refunding the outstanding Water and Sewer Refunding Revenue Bonds, Series 1988. The refunded bonds are no longer considered outstanding debt of the City since an escrow account was created for them; and, therefore, all debt senice requirements subsequent to 1996 will be excluded from the determination of debt senice charge. He first interest payment on the Series 1996 Bonds will occur in October,1996 and the first principal payment will occur in October,1997. 149
CITY OF OCALA, FLORIDA _ SCHEDULE SERIES 1992A OF UTILITY AND 19928. COVERAGE SYSTEMS SUBORD
, LAST TEN FISCAL YEARS Net Revenue Available for Debt Year _
Debt Service Requirements Service (1) Principal Interest 1993 $ 27,079,104 Total } _ Coverage 1994 $ 1,785,000 $ 4,814,527 28,339,607 $ 6,599,527 1995 3,140,000 4,520,538 28,213,532 7,660,538 4.10 1996 3,255,000 24,827,413 4,107,890 3.70 3,415,000 7,362,890 3,953,546 7,368,546 3.83 3.37 (1) Represents the surplus revenues of the City's Electric System and f h available after the payment of the debtoteservice onds. requirements on the sen i 1 i 150
CITY OF OCALA, FLORIDA SCHEDULE OF REFUNDING AND IMPROVEMENT EXCISE TAX BONDS. SERIES 1965 AND 1972. COVERAGE LAST TEN FISCAL YEARS Total Revenue Available Occupational Cigarette for Debt Year License Tax Service Principal Interest Total Coverage 1987 $ 362,960 $ 388,381 $ 751,341 $ 275,000 $ 103,150 $ 378,150 1.99 1988 349,663 417,874 767,537 285,000 89,125 374,125 2.05 1989 376,590 419,394 795,984 300,000 74,590 374,590 2.12 1990 386,809 422,576 809,385 315,000 58,990 373,990 2.16 1991 386,804 392,594 779,398 325,000 41,980 366,980 2.12 1992 380,567 383,621 764,188 330,000 24,430 354,430 2.16 1993 365,591 409,788 775,379 190,000 7,600 197,600 3.92 1994 - - - - - - - 1995 - - - - - - - 1996 - - - - - - - (1) The final maturity of the Refunding and improvement Excise Tax Bonds, Series 1965 was in fiscal year 1986. (2) The final maturity of the Refunding and improvement Excise Tax Bonds, Series 1972 was in fiscal year 1993. i 151
CITY OF OCALA, FLORIDA SCHEDULE OF CAPITAL IMPROVEMENT REVENUE AND REFUNDING REVENUE BONDS. SERIES 1982 AND 1986. AND CAPITAL IMPROVEMENT REVENUE. REVENUE REFUNDING AND REFUNDING REVENUE CERTIFICATES. SERIES 1986.1988.1993 AND 1995 COVERAGE LAST TEN FISCAL YEARS Pledged Revenues Total Local Revenue Government Occupational Guaranteed Mobile Court Available Half cent Franchise License Entitlement Home Fines and for Debt Year Sales Tax Fees Tax (1) (2) Licenses Forfeitures Service 1987 $ 1,539,964 $ 292,968 $ 362,960 $ 643,622 $ 28,696 $ 427,981 $ 3,296,191 1988 1,833,635 314,227 349,663 643,622 27,015 595,245 3,763,407 . 1989 1,858,812 333,517 376,590 643,622 28,903 607,365 3,848,809 l 1990 1,875,964 344,210 386,809 643,622 26,375 612,535 3,889,515 1991 1,735,149 392,588 386,804 643,622 24,768 701,281 3,884.212 1992 1,662,566 458,619 380,567 643,622 25,231 787,389 3,957,994 1993 1,764,593 488,574 365,591 643,622 16,025 732,964 4,011,369 1994 1,997,084 542,026 367,467 643,622 15,457 735,266 4,300,922 1995 2,106,763 497,871 378,545 643,622 16,913 660,082 4,303,796 1996 2,196,321 573,247 436,646 643,622 21,030 507,069 4,377,935 (1) Subject to a prior lien on 1965 and 1972 Refunding and improvement Excise Tax Bonds through fiscal year 1993. (2) The minimum amount of state revenue sharing funds to be received by the City in accordance with the provisions of the State of Florida Revenue Sharing Act. (3) He Capital Improvement Revenue Bonds, Series 1982 were sold in December 1982; and the first principal payment occurred in October,1984. The outstanding portion of this issue was advance refunded in August, 1986 by the Capital Improvement Refunding Revenue Bonds. Since an escrow account was established for the redemption of this issue, the 1982 issue will not be included in the debt service requirements after 1986. 4
)
(4) He Capital Improvement Refunding Revenue Bonds, Series 1986 were sold in August,1986. The first interest payment for this issue was on October 1,1986, and the first principal payment was on October 1, 1987. His issue places a senior lien on the pledged revenues. The outstanding portion of this issue was a refunded in December,1993 by the Capital Improvement Refunding Revenue Certificates, Series 1993. Since an escrow account was established for the redemption of this issue, the 1986 bonds will not be included in the debt service requirements for 1994. ( l l l 152
Debt Service Requirements (3) (4) (5) (6) (7) (8) Principal interest Total Coverage
$ 900,000 $ 851,101 $ 1,751,101 1.88 1,195,000 1,184,385 2,379,385 1.58 575,000 1,236,591 1,811,591 2.12 810,000 1,372,694 2,182,694 1.78 865,000 1,324,897 2,189,897 1.77 930,000 1,271,543 2,201,543 1.80 1,145,000 1,212,244 2,357,244 1.70 1,410,000 1,058,229 2,468,229 1.74 980,000 1,201,352 2,181,352 1.97 1,050,000 1,258,467 2,308,467 1.90 (5) ne Capital Improvement Revece Cenificates, Series 1986 were sold in July,1986. The first interest.
payment was on October 1,1986, and the first principal payment was on April 1,1987. His issue constitutes ajunior or subordinate lien on the pledged revenues. he outstanding portion of this issue was advance refunded in August,1988 by the Capital Improvement Revenue Refunding Cenificates, Series 1988. Since an escrow account was established for the redemption of this issue, the 1986 certificates will not be included in the debt service requirements after 1988. (6) The Capital Improvement Revenue Refunding Cenificates, Series 1988 were sold in August,1988. The first principal and interest payments were made on April 1,1989. This issue constitutes a junior or subordinate tien on the pledged revenues until the senior debt, the Capital Improvement Refunding Revenue Bonds, Series 1986, was refunded in December,1993. (7) ne Capital Improvement Refunding Revenue Cenificates, Series 1993 were sold in December,1993. He first interest payment was made on April 1,1994, and the first principal payment will be made on October 1, 1999. His issue is on a parity with the Capital Improvement Revenue Refunding Cenificates, Series 1988. (8) The Capital Improvement Revenue Certificates, Series 1995 were sold in October,1995. The first interest payment was made on April 1,1996, and the first principal payment will be made on October 1,1999. This issue is on a parity with the Capital Improvement Revenue Refunding Certificates, Series 1988 and with the
. Capital Improvement Refunding Revenue Cenificates, Series 1993.
l 153
CITY OF OCALA, FLORIDA SCHEDULE OF OPTIONAL GAS TAX REVENUE BONDS. SERIES 1989. AND OPTIONAL GAS TAX REFUNDING REVENUE BONDS. SERIES 1992 COVERAGE LAST TEN FISCAL YEARS Pledged Revenue - Six-Cent Optional Debt Service Requirements (1) (2) Year Gas Tax Principal interest Total Coverage 1990 $ 1,745,142 $ - $ 1,005,255 $ 1,005,255 1.74 1991 1,829,804 350,000 994,405 1,344,405 1.36 1992 1,945,252 370,000 971,900 1,341,900 1.45 1993 2,060,097 395,000 851,586 1,246,586 1.65 1994 2,065,100 620,000 734,403 1,354,403 1.52 1995 2,077,200 595,000 715,763 1,310,763 1.58 1996 2,156,374 615,000 694,578 1,309,578 1.65 (1) The Optional Gas Tax Revenue Bonds, Series 1989 were sold in February,1989. The first interest payment occurred in June,1989, and the first principal payment occurred in December,1990. The outstanding portion of this issue was advance refunded in December,1992 by the Optional Gas Tax Refunding Revenue Bonds, Series 1992. Since an escrow account was established for the redemption of this issue, the 1989 bonds will not be included in the debt service requirements after 1993. (2) The Optional Gas Tax Refunding Revenue Bonds, Series 1992 were sold in December,1992. The first interest payment occurred in June,1993, and the first principal payment occurred in December,1993. 154
CITY OF OCALA, FLORIDA COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT (2) i September 30,1996 l l l l Bonds Applicable to City of Ocala , 0$vernmental Unit Outstanding Percent (1) Amount : Manon County Limited Ad Valorem Refunding Tax Bonds, Series 1994 $ 9,830,000 28.97 % $ 2,847,751 . School District of Marion County ! General Obligation Bonds, Series 1990 7,930,000 General Obli0ation Refunding Bonds, Series 1992 17,745,000 General Obligation Partial Refunding Bonds, Senes 1993 14,325,000 40,000,000 28.97 11,588,000 : Total Overlapping Debt $ 49,830,000 28.97 % { 14,435,751 (1) Represents the fraction of assessed valuation of taxable property in the City of Ocala over the assessed valuation of taxable property in Marion County. (2) The City of Ocala did not have any general obligation debt outstanding during the fiscal year ended September 30,1996, i I i 155
l CITY OF OCALA, FLORIDA . MISCELLANEOUS STATISTICAL DATA , i I September 30,1996 Date of incorporation February 4,1869 City Charter Adopted January 28,1885 l Form of Govemment Council / Manager Area of City 36.17 square miles j Miles of Streets, Sidewalks and Bikepaths: Streets- Paved 279.46 miles Streets- Unpaved 40.40 miles Sidewalks (2) 72.77 miles Bikepaths 22.35 miles Miles of Sewers: Storm 64.04 miles Sanitary 283.68 miles Force Main 62.81 miles Lift Stations 92 ; Building Permits (October 1995 - September 1996) (1): Permits issued 5,799 < Permit Value $88,511,032 t Fire Protection: Stations 5 Employees- Swom 106 Employees- Civilian 9 Fire and rescue response time (minutes) 4 Police Protection: Stations 3 Employees- Swom 147 Employees- Reserve 13 Employees- Civilian 67 Vehicular Patrol Units - Marked Vehicles 89 '
- Motorcycles 6 l
- OtherVehicles 53 Recreation: l Activity areas 92 l Land area (acres) 468 Activity centers 7 1 Pools 2 l (1) Includes plumbing, gas, electrical, water, heating, air conditioning, refrigeration, ventilation and building !
permits, the latter of which is exclusive of moving and sign pennits. l (2) includes 11.66 miles of sidewalks installed by the Florida Department of Transportation but located inside i the City limits. l l 156 l
l I CITY OF OCALA, FLORIDA i DEMOGRAPHIC STATISTICS POPULATION (1) : Year City of Ocala Manon County > 1987 42,742 176,102 ! 1988 43,538 186,605 l 1989 44,334 196,749 ; 1990 42,045 194,833 l 1991 41,198 200,314 L 1992 41,863 206,642 ! 1993 42,400 213,328 1994 1995 42,920 43,207 217,862 224,612 l 1996 43.332 229,260 ! t Sources: He Bureau of Business and Economic Research - University of Florida, Gainesville (years 1987 through 1990) and the City of Ocala Comprehensive Plan - Planning Department (years 1991 through 1996). j POPULATION PROJECTIONS * ! Year Marion County State of Florida f 1 I 253,900 2000 15,414,900 2005 282,600 16,630,300 l 2010 311,100 17,825,000 + 2015 340,200 19,036,600 > 2020 369,500 20,254,800 Source: Bureau of Business and Economic Research - University of Florida, Gainesville. Figures for years l
- subsequent to year 2020 are unavailable.
j % POPULATION BY AGE GROUP
- Year Marion County State of Florida l t
0-14 18.5 19.3 ; 15-44 34.6 41.2 i 45-64
~
22.3 20.8 . 65 + 24.6 18.7 Source: 1995 Florida Statistical Abstract, Bureau of. Business and Economic Research, University of Florida. ! O Figures are not maintained for individual cities within Marion County. I i (1) On April 1,1995, Ocala ranked 41st in population size among Florida cities; Marion County ranked 17th in l population among Florida counties; and Marion County ranked 30th in population density among Florida
- counties.
l i 157 _ _ _ _ -i
l CITY OF OCALA, FLORIDA LIST OF TEN LARGEST TAXPAYEB). 1995 TAX ROLL Percent of Total ' Assessed Assessed City Tax Taxpayer Type of Business Valuation Valuation Bill (1) (2) , l
- 1. United Telephone Telephone Communications $ 47,361,168 3.01 % & 241,000 of Florida
- 2. K-Mart Corporation Distribution Center 46,893,553 2.98 238,600 I
- 3. Paddock Mall Regional Shopping Center 24,161,295 1.54 122,900 ;
Associates
- 4. Columbia Ocala General Hospital Care 23,362,105 1.48 118,900 Regional Medical Center ,
- 5. Paddock Park Apartment Complex 13,216,043 0.84 67,200 Apartments
- 6. C.C. Ocala Local Shopping Center 10,055,493 0.64 51,200 i Joint Venture
- 7. Wal-Mart Department Store 8,202,761 0.52 41,700 h
- 8. L C Realty (Lowe's) Home improvement Store 8,165,304 0.52 41,500 l 9. Sears, Roebuck Department Store 7,425,391 0.47 37,800
& Co.
- 10. MJ Ocala Hotel Hotel 6,548,086 0.41 33,300 Assoc. (Hilton)
Total Adjusted Value 195,391,199 12.41 994,100 Other Taxpayers 1,379,440,101 87.59 , 7,033,164 Total Assessed Value $ 1,574,831,300 100.00 % $ 8,027,264 i t (1) City of Ocala taxpayers pay City, County, School Board and certain water district lesies. The City lesy only l is shown here. (2) Excludes property tax levies of the Downtown Development Commission. t l l 1 158
f CITY OF OCALA, FLORIDA SCHEDULE OF INSURANCE IN FORCE September 30,1996 t Deductible Self Limit of i Company Policy # Type of Coverage Retention Coverage City of Ocala Self-Insured Workers' Compensation - Statutory ITT Hartford ETB-102113 Police and Firefighters accidental - $ 25,000 death and dismemberment ITT Hartford ETB-102113 Fresh Pursuit - $ 25,000 ITT Hartford ETB-102113 Police and Firefighters intentional -
$ 75,000 death and dismemberment Sh:nandoah Life 07-0009629 Employee Life, AD and D - Various as specified in policy City of Ocala Self-insured Disability income Replacement - 60% of income l Commerce & Industry 6058013 All risk property $ 10,000 As specified j in policy )
American Eagle Group 47984-02 Airport Liability - $5,000,000 per occurrence Florida League FMT 425 General Liability $100,000 $1,000,000 l ! per person per occurrence
$200,000 per occurrence Florida League FMT 425 Public Officials, EMT, Employer $100,000 $1,000,000 Practices Liability per person per occurrence
$200,000 per occurrence l Florida League FMT 425 Fire legal $100,000 $1,000,000 j per occurrence Fl rida League FMT 425 Law Enforcement Liability $100,000 $1,100,000 per claim per person
$1,200,000 per occurrence City of Ocala Self-insured Auto Liability - -
J Continued 159
CITY CF OCALA, FLORIDA SCHEDULE OF INSURANCE IN FORCE - CONTINUED r September 30,1996 Deductible Self Limit of Company Policy # Type of Coverage Retention Coverage City of Ocala Self-insured Auto Physical Damage - Actual cash value 1 Florida Municipal FMIT 425 Auto Physical Damage, High $ 3,000 Replacement l Liability Self- Cost Vehicles cost of vehicle Insurers Policy l NorthBrook CA0493402 Leased Autos $ 500 $100/300/50 Blue Cross / Blue 15920 Employee Health Coverage F"'ly insured Various as Shield of Florida specified in policy City of Ocala Self-insured Prescription Program Fully self- - insured City of Ocala Self-insured Dental Fully self- $1,000 per insured person City of Ocala Self-Insured Blanket Honesty Bond Fully self- - insured Interstate Fire & LQA1000178 Legal Liquor Liability - $300,000 Casualty ) Peerless insurance #SM64908 Bond, Over-weight charge - $10,000 (landfill) Surety Bonds Required by Ordinance Amount i l City Manager- Scotty J. Andrews $95,000 State Automobile MutualInsurance Company - #78059 Finance Director- Glen L. Baker $95,000 State Automobile MutualInsurance ; Company - #78058 l i l I 160 1
CITY OF OCALA, FLORIDA PROPERTY VALUE. CONSTRUCTION AND BANK DEPOSITI LAST TEN FISCAL YEARS Commercial Residential Bank Deposits Construction (1) Construction (1) (in thousands) Number Number Savings and Loan of Units Value of Units Value Bank (2)(4) Association (3)(4) 1987 144 $ 20,501,586 207 $ 10,956,790 $ 961,160 $ 698,496 1988 125 22,273,533 199 12,073,501 1,099,243 694,452 1989 148 56,245,634 236 13,646,775 1,220,332 749,632 1990 179 42,657,459 204 11,441,739 1,330,496 768,062 ' 1991 70 30,114,989 83 5,716,862 1,409,328 800,513 1992 65 24,020,610 68 5,366,231 1,418,489 723,894 1993 35 9,475,119 96 8,105,884 1,422,021 711,342 1994 70 38,309,231 112 10,159,393 2,074,371 85,726 1995 72 32,579,580 119 8,439,036 2,134,528 119,237 1996 51 14,222,885 122 9,314,269 2,332,913 - (1) Obtained from records maintained by the City of Ocala Building, Zoning and Licensing Department. e (2) Obtained by the Florida Bankers Association for 1987 through 1992, and Bamett Bank for 1993 through 1996. Figures shown are for Marion County and represent total bank deposits at September 30 for the years 1987 through 1996. (3) Obtained by the Federal Home Loan Bank for the years 1987 through 1991, the U.S. Sasings and Loan League for 1992, and Barnett Bank for 1993 through 1996. Figures shown are for Marion County and represent total savings and loan association deposits at June 30 for 1987,1988 and 1992, and at September 30 for 1989 through 1991, and 1993 through 1996. ! (4) The swing in deposits from savings and loan associations to banks represents the purchase / merger of l Mid-State Federal Savings and Loan Association by AmSouth Bank and of California Federal Sasings and
- Loan Association by NationsBank during fiscal year 1994, and purchase / merger of Citizens Savings and Loan Association by NationsBank during fiscal year 1996.
161 l
CITY OF OCALA, FLORIDA LIST OF OFFICERS' SALARIES September 30,1996 City Manager $ 89,843 Deputy City Manager 78,587 Assistant City Manager 57,222 Assistant City Manager 54,100 Building Official 64,686 City Clerk 41,535 City Engineer 67,580 Electric Utility Director 78,003 Finance Director 59,995 Fire Chief 58,205 Fleet Management Director 45,041 Golf Diredor 46,392 Human Resource Director 53,245 Intemal Auditor 47,912 Management Information System Director 60,010 Planning Director 52,565 Police Chief 70,647 Acting Public Works Director 46,193 Purchasing Director 53,868 Recreation and Parks Director 51,020 Regional Library Director 40,976 Risk Manager 53,571 Water and Sewer Director 56,673 l 162
CITY OF OCALA, FLORIDA
SUMMARY
OF DEBT SERVICE REQUIREMENTS TO MATURITY ALL BONDED DEBT 1997-2023 l Capits I improve ant Utility Utility Reveni se, Water and Systems Systems Refunding Electric Sewer Subordinate Subordinate Optional Revenue System Revenue and Refunding Refunding Gas Tax Total and Revenue Revenue Refunding Revenue Revenue Refunding Principal Fiscal Refunding Refunding Revenue Bonds Bonds Revenue and lnterest Year Certificates Bonds Bonds Series 1992A Series 1992B Bonds Due 1997 $ 2,442,798 $ 1,923,325 $ 786,255 $ 4,203,865 $ 3,154,200 $ 1,305,489 $ 13,815,932 1998 2,444,398 1,924,390 1,338,282 4,205,490 3,150,440 1,302.953 14,365,953 1999 1,150,598 1,000,030 1,339,7T1 4,195,860 2,031,576 1,302,476 11 828,311 2000 1,668,418 - 1,334,945 4,199,280 629,720 1,303,395 9,135,758 2001 1,667,338 - 1,338,613 4,194,890 629,720 1,298,018 9,126,579 2002 1,664,895 - 1,328,812 4,192,903 629,720 1,300,565 9,116,895 2003 1,665,902 - 1,335,330 4,188,455 2,390,270 1,296,265 10,876,302 2004 1,665,407 - 1,330,035 4,176,202 2,382,260 1,298,245 10,852,149 3005 1,662,867 - 1,328,080 4,180,931 2,381,225 1,296,887 10,849,990 2006 1,668,072 - 1,334,015 4,168,888 2,376,094 1,291,988 10,839,057 2007 1,661,227 - 1,327,840 4,167,450 2,366,719 1,292,812 10,816,048 2008 1,662,267 - 1,324,705 4,161,750 - 1,288,800 8,437,522 l 2009 1,660,B92 - 1,324,310 4,153,437 - 1,285,250 8,423,889 2010 1,662,244 - 1,321,505 4,154,400 - 1,287,500 8,425,649 2011 1,660,247 - 1,326,010 4,143,988 - - 7,130,245 2012 1,659,702 - 1,324,711 4,140,625 - - 7,125,038 3013 2,041,394 - 1,322,837 4,138,750 - - 7,502.981 2014 2,034,863 - 1,323,338 4,124,375 - - 7,482,576 2015 2,036,494 - 1,316,224 4,121,719 - - 7,474,437 2016 2,036,119 - 1,316,363 4,114,687 - - 7,467,169 2017 2,031,994 - 1,099,525 - - - 3,131,519 2018 2,028,994 - 1,095,987 - - - 3,124,981 2019 2,031,744 - 1,094,838 - - - 3,128,582 2020 1,019,284 - 1,090,937 - - - 2,110,221 2031 1,017,656 - 1,089,150 - - - 2,106,806 2022 1,018,475 - - - - - 1,018,475 2033 1,016,606 - - - - - 1,016,606 Total $ 45,988.975 5 5,647,745 $ 31,492,418 $ 83,327,945 $ 22,121,944 $ 18,148,643 $ 206,727,670 I l l l l ) 163 1 l
.-- _ - - - - - - - . . ~ _ _ . - - - - -- _ - - . .
CITY OF OCALA, FLORIDA STATEMENT OF BONDED DEBT AND INTEREST CAPITAL IMPROVEMENT REVENUE REFUNDING CERTIFICATES, SERIES 1988 September 30,1996 His issue, which was sold in August,1988, consists of $7,505,000 in fully registered certificates in denominations of $5,000 and integral multiples thereof. The certificates mature from April 1,1989 through 1998 and are not l subject to redemption prior to their stated maturities. As of September 30,1996, $5,185,000 of the certificates
- have been retired. The outstanding certificates will mature as listed below, ne paying agent and certificate registrar is The Bank of New York, as successor to Citizens and Southern Trust Company (Georgia), National Association in Atlanta, Georgia.
Sales tax revenues, franchise fees, occupational license taxes, the guaranteed entitlement portion of state revenue sharing funds, mobile home licenses and court fines and forfeitures are pledged to retire these certificates; however, the lien and pledge for payment of the certificates is junior and subordinate to the lien upon and the pledge of the pledged revenues for the payment of the City's Capital Improvement Refunding Revenue Bonds, Series 1986. The certificates were issued primarily to advance refund the outstanding portion of the Capital improvement Revenue Certificates, Series 1986 and to pay the cost of various capital improvement projects of the City. Fiscal interest Principal Interest Interest Year Rate Due 4-1 Due 10-1 Due 4-1 Total l 1997 7.00 % $ 1,120,000 $ 82,100 $ 82,100 $ 1,284,200 1998 7.15 1,200,000 42,900 42,900 1,285,800 Total $ 2,320,000 $ 125,000 $ 125,000 $ 2,570,000 l l l Continued 164 l 1
CITY OF OCALA, FLORIDA STATEMENT OF BONDED DEBT AND INTEREST-CONTINUED CAPITAL IMPROVEMENT REFUNDING REVENUE CERTIFICATES, SERIES 1993 September 30,1996 He Capital Improvement Refunding Revenue Certificates, Series 1993, dated December 14,1993, bear interest at 3.90-5.25%. pavable r emi-annually on April 1 and October 1. The certificates, which are fully registered and were issued in demminations of $5,000 or any integral multiple thereof, consist of $6,045,000 of serial certificates and
$12,320,000 of te.m certificates. The principal of and premium, if any, are payable upon presentation and surrender to the paying agent, The Bank of New York, as successor to NationsBank of Georgia, National Association, Atlanta, Georgia.
The Series 1993 Certificates and the interest thereon are payable solely from and secured by a lien upon and pledge of sales tax revenues, franchise fees, occupational license taxes, the guaranteed entitlement portion of state revenue sharing funds, mobile home licenses and court fines and forfeitures. The Series 1993 Certificates are payable on a parity with the City's outstanding Capital Improvement Revenue Refunding Certificates, Series 1988. Proceeds received from the sale of the Series 1993 Certificates, were used primarily to refund the City's Capital improvement Refunding Revenue Bonds, Series 1986, and to finance the costs of acquisition and construction of certain capital improvements in the City. Fiscal Interest Principal Interest Interest Year Rate Due 10-1 Due 10-1 Due 4-1 Total 1997 -
$ - $ 449,031 $ 449,031 $ 898,062 1998 - - 449,031 449,031 898,062 1999 - - 449,031 449,031 898,062 2000 3.90 % 440,000 449,031 440,451 1,329,482 2001 4.00 460,000 440,451 431,251 1,331,702 2002 4.10 475,000 431,251 421,514 1,327,765 l 421,514 411,014 1,332,528 2003 4.20 500,000 2004 4.30 520,000 411,014 399,834 1,330,848 2005 4.50 540,000 399,834 387,684 1,327,518 2006 4.60 570,000 387,684 374,574 1,332,258 2007 4,70 590,000 374,574 360,709 1,325,283 2008 4.80 620,000 360,709 345,829 1,326,538 2009 4.90 650,000 345,829 329,904 1,325,733
> 2010 4.90 680,000 329,904 313,244 1,323,148 2011 5.25 715,000 313,244 294,475 1,322,719 2012 5.25 755,000 294,475 274,656 1,324,131 2013 5.25 1,330,000 274,656 239,744 1,844,400 2014 5.25 1,395,000 239,744 203,125 1,837,869 2015 5.00 1,470,000 203,125 166,375 1,839,500 2016 5.00 1,545,000 166,375 127,750 1,839,125 2017 5.00 1,620,000 127,750 87,250 1,835,000 2018 5.00 1,700,000 87,250 44,750 1,832,000 2019 5.00 1,790,000 44,750 - 1,834,750 Total 5 18,365,000 $ 7.450,257 $ 7,001,226__ $ 32,816,483 ) Continued 165 {
CIT ( OF OCAl A. FLORIDA STATEMENT OF BONDED DEBT AND INTEREST - CONTINUED CAPITAL IMPROVEMENT REVENUE CERTIFICATES, SERIES 1995 September 30,1996 In October,1995, the $5,000,000 Capital Improvement Revenue Certificates, Series 1995 were sold. This issue consists of $1,335,000 in serial cenificates maturing on October 1,1999 through 2011 and of $3,665,000 in term certificates maturing on October 1,2022. He schedule below shows the actual maturities for the serial certificates and the debt service requirements for the term certificates, ne certificates are fully registered and were issued in denominations of $5,000 or any integral multiple thereof. He paying agent and registrar is The Bank of New York. He Series 1995 Certificates and the interest thereon are payable solely from and secured by a lien upon and pledge of sales tax revenues, franchise fees, occupational license taxes, the guaranteed entitlement ponion of state revenue sharing funds, mobile home licenses and court fines and forfeitures. The Series 1995 Certificates are payable on a parity with the City's outstanding Capital Improvement Revenue Refunding Certificates, Series 1988, and Capital Improvement Refunding Revenue Certificates, Series 1993. Proceeds received from the sale of the Series 1995 Certificates are being used primarily to finance the costs of acquisition and construction of certain capital improvements in the City. Fiscal Interest Principal Interest interest Year Rate Due 10-1 Due 10-1 Due 4-1 Total i 1997 - % $ -
$ 130,268 $ 130,260 $ 260,536 l 1998 - - 130,268 130,268 260,536 ;
1999 - - 130,268 130,268 260,536 2000 4.000 80,000 130,268 128,668 338,936 , 2001 4.250 80,000 128,668 126,968 335.636 l 2002 4.250 85,000 126,968 125,162 337,130 I 2003 4.400 85,000 125,162 123,292 333,454 2004 4.500 90,000 123,292 121,267 334,559 2005 4.600 95,000 121,267 119,082 335,349 2006 4.700 100,000 119,082 116,732 335,814 2007 4.800 105,000 116,732 114,212 335,944 2008 4.000 110,000 114,212 111,517 335,729 2009 5.000 115,000 111,517 108,642 335,159 2010 5.100 125,000 108,642 105,454 339,096 2011 5.200 130,000 105,454 102,074 337,528 ; 2012 5.300 135,000 102,074 98,497 335,571 2013 - - 98,497 98,497 196,994 I 2014 - - 98,497 98,497 196,994 2015 - - 98,497 98,497 196,994 2016 - - 98,497 98,497 196,994 2017 - - 98,497 98,497 196,994 2018 - - 98,497 98,497 196,994 ; 2019 - - 98,497 98,497 196,994 1 2020 5.375 845,000 98,497 75,787 1,019,284 1 2021 5.375 890,000 75,787 51,869 1,017,656 2022 5.375 940,000 51,869 26,608 1,018,475 2023 5.375 990,000 26,606 - 1,016,606 l Total 5 5,000.000 $ 2,866,380 $ 2,736,112 $ 10,602,492 Continued 166
-. - _ - -- _ - - _ - _ _ _ . . - . . _ . - _ . - - --_ . ~ _ _ _ _ _ _ . _ - - - -
CITY OF OCALA, FLORIDA STATEMENT OF BONDED DEBT AND INTEREST - CONTINUED ELECTRIC SYSTEM REVENUE REFUNDING BONDS, SERIES 1989B September 30,1996 In October,1989, the $13,000,000 Electric System Revenue Refunding Bonds, Series 1989B were sold. This issue consists of $13,000,000 in serial bonds which mature on October 1,1990 through 1998. As of September 30, 1995, $7,885,000 of these bonds have been retired. The schedule below shows the actual maturities and the debt service requirements for the outstanding serial bonds. The bonds are fully registered and were issued in denominations of $5,000 or any integral multiple thereof. The paying agent and bond registrar is The Bank of New York, as successor to Citizens and 5. 'thern Trust Company (Georgia), National Association in Atlanta, Georgia. The payment of principal and interest .he Series 1989B bonds is secured by a lien on the net revenues derived from the operation of the City's electric system. The proceeds of this issue were used for the purpose of advance refunding the City's outstanding Power System Revenue Bonds, Series 1977, and the City's outstanding Power Supply Revenue Refunding Bonds, Series 1988. Fiscal Interest Principal Interest Interest Year Rate Due 10-1 Due 10-1 Due 4-1 Total 1997 6.70 % $ 1,630,000 $ 173,965 $ 119,360 $ 1,923,325 1998 6.80 1,745,000 119,360 60,030 1,924,390 1999 6.90 1,740,000 60,030 - 1,800,030 Total $ 5,115,000 Q53,355 $ 179,390 $ 5,647,745 l f Continued 167
CITY OF OCALA, FLORIDA ) i STATEMENT OF BONDED DEST AND INTEREST - CONTINUED :
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OPTIONAL GAS TAX REFUNDING REVENUE BONDS, SERIES 1992 September 30,1996 r De Optional Gas Tax Refunding Revenue Bonds, Series 1992, dated December 10,1992, bear interest at 2.75-6.0%, payable semi-annually on June I and December 1. The bonds, which are fully registered and were issued in denommations of $5,000 or any integral multiple thereof, consists of $11,915,000 of serial bonds and )
$2,425,000 of term bonds. As of September 30,1996, $1,830,000 of these bonds have been retired. De principal of and premium, if any, are payable upon presentation and surrender to the paying agent, The Bank of New York, as successor to NationsBank of Georgia, National Association, Atlanta, Georgia.
De Series 1992 Bonds and the interest thereon are payable solely from and secured by a lien and pledge of the { proceeds of the six cent optional gas tax received by *La City. ? Proceeds received from the sale of the Serier,1992 Bonds were used primarily to refund the City's Optional Gas l Tax Revenue Bonds, Series 1989. ; Fiscal Interest Principal Interest interest ) Year Rate Due 12-1 Due 12-1 Due 6-1 Total I l 1997. 4.100 % $ 635,000 $ 341,753 $ 328,736 $ 1,305,489 , 1998 4.400 660,000 328,736 - 314,217 1,302,953 l 1999 4.625 690,000 314,216 298,260 1,302,476 2000 5.000 725,000 298,260 280,135 1,303,395 2001 5.100 755,000 280,135- 260,883 1,296,018 2002 5.300 800,000 260,882 239,683 1,300,565 2003 5.500 840,000 239,682 216,583 1,296,265 2004 5.600 890,000 216,582 191,663 1,298,245 2005 5.625 940,000 191,662 165,225 1,296,887 2006 5.750 990,000 165,225 136,763 1,291,988 2007 5.850 1,050,000 136,762 106,050 1,292,812 2008 6.000 1,110,000 106,050 72,750 1,288,800 2009 6.000 . 1,175,000 72,750 37,500 1,285,250 2010 6.000 1,250,000 37,500 - 1,287,500 Total $ 12,510,000 $ 2,990,195 $ 2,648,448 $ 18,148,643 l e i I L Continued i 168 ! 1
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CITY OF OCALA, FLORIDA STATEMENT OF BONDED DEBT AND INTEREST - CONTINUED UTILITY SYSTEMS SUBORDINATE REFUNDING REVENUE BONDS, SERIES 1992A September 30,1996 I The Utility Systems Subordinate Refunding Revenue Bonds, Series 1992A, dated March 15,1992, bear interest at 3.25-6.50%, payable semi-annually on April 1 and October 1. The bonds are fully registered and were issued in l l ~ denommations of $5,000 or any integral multiple thereof. As of September 30,1996, $4,275,000 of the total issue of $51,880,000 have been retired. The principal of and pretnium, if any, are payable upon presentation and surrender to the paying agent, The Bank of New York, as successor to Nations Bank of Georgia, National Association, Atlanta, Georgia. The Series 1992A Bonds and the interest are payable solely from and secured by a lien on the surplus revenues of the City's Water and Sewer System and Electric System. The proceeds received from the sale of the Series 1992A Bonds were used primarily to refund the City's Water and Sewer Revenue Bonds, Series 1985A and the Water and Sewer Refunding Revenue Bonds, Series 1986. Fiscal Interest Principal Interest Interest Year Rate Due 10-1 Due 10-1 Due 4-1 Total 1997 5.000 % $ 1,305,000 $ 1,465,745 $ 1,433,120 $ 4,203,865 l 1998 5.200 1,375,000 1,433,120 1,397,370 4,205,490 1999 5.400 1,440,000 1,397,370 1,358,490 4,195,860 2000 5.600 1,525,000 1,358,490 1,315,790 4,199,280 ! 2001 5.800 1,610,000 1,315,790 1,269,100 4,194,J90 2002 5.900 1,705,000 1,269,100 1,218,803 4,192,903 1 2003 6.000 1,805,000 1,218,802 1,164,653 4,188,455 2004 6.100 1,905,000 1,164,652 1,106,550 4,176,202 2005 6.125 2,030,000 1,106,550 1,044,381 4,180,931 2006 6.500 2,150,000 1,044,382 974,506 4,168,888 2007 6.250 2,290,000 974,506 902,944 4,167,450 2008 6.500 2,435,000 902,944 823,806 4,161,750 2009 6.500 2,590,000 823,806 739,631 4,153,437 2010 6.500 2,765,000 739,631 649,769 4,154,400 2011 6.500 2,940,000 649,769 554,219 4,143,988 2012 6.250 3,130,000 554,219 456,406 4,140,625 2013 6.250 3,330,000 456,406 352,344 4,138,750 2014 6.250 3.,530,000 352,344 242,031 4,124,375 2015 6.250 3,755,000 242,032 124,687 4,121,719 2016 6.250 3,990,000 124,687 - 4,114,687 Total $ 47,605,000 $ 18,594,345 $ 17,128,600 $ 83,327,945 t i i Continued 169 I_ _ _ _ _ -
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1 CITY OF OCALA, FLORIDA STATEMENT OF BONDED DEBT AND INTEREST - CONTINUED ! UTILITY SYSTEMS SUBORDINATE REFUNDING REVENUE BONDS, SERIES 19928 i September 30,1996
%c Utility Systems Subordinate Refunding Revenue Bonds, Series 1992B, dated March 15,1992, bear interest at 3.25-6.25%, payable semi-annually on April 1 and October 1. The bonds are fully registered and were issued in denominations of $5,000 or any integral multiple thereof. As of September 30,1996, $12,180,000 of the total !
issue of $28,435,000 have been retired. He principal of and premium, if any, are payable upon presentation and surrender to the paying agent, ne Bank of New York, as successor to Nations Bank of Georgia, National Association, Atlanta, Georgia. The Series 1992B Bonds and the interest are payable solely from and secured by a lien on the surplus revenues of the City's Water and Sewer System and Electric System. Proceeds received from the sale of the Series 19928 Bonds were used primarily to refund the City's Electric System Revenue Bonds, Series 1989A. t Fiscal Interest Principal Interest Interest Year Rate Due 10-1 Due 10-1 Due 41 Total 1997 5.000 % $ 2,270,000 $ 470,475 $ 413,725 $ 3,154,200 1998 5.200 2,385,000 413,725 351,715 3,150,440 1999 5.400 1,365,000 351,716 314,860 2,031,576 2000 - - 314,860 314,860 629,720 2001 - - 314,860 314,860 629,720 2002 - - 314,860 314,860 629,720 1 2003 6.000 1,815,000 314,860 260,410 2,390,270 l 2004 6.100 1,920,000 260,410 201,850 2,382,260 2005 6.125 2,040,000 201,850 139,375 2,381,225 2006 6.250 2,165,000 139,375 71,719 2,376,094 2007 6.250 2,295,000 71,719 - 2,366,719 I Total $ 16,255,000 $ 3,168,710 $ 2,698.234 $ 22,121,944
]
b i Continued 170 l 1
CITY OF OCALA, FLORIDA , STATEMENT OF BONDED DEBT AND INTEREST-CONTINUED WATER AND SEWER REVENUE BONDS, SERIES 1995 September 30,1996 l In October,1995, the $5,000,000 Water and Sewer Revenue Bonds, Series 1995 were sold. This issue consists of
$155,000 in serial bonds maturing on October 1,1997 through 2011 and of $4,845,000 in term bonds maturing on October 1, 2020. He schedule below shows the actual maturities for the serial bonds and the debt service
)
requirements for the term bonds. The bonds are fully registered and were issued in denominations of $5,000 or any l integral multiple thereof. He paying agent and registrar is The Bank of New York. l Re Series 1995 Bonds and the interest thereon are payable solely from and secured by a lien upon the net revenues derived from the operation of the water and sewer system on a parity with the Water and Sewer Refunding Revenue Bonds, Series 1996. He proceeds of this issue are being used primarily to finance the cost of acquisition and construction of additions, improvements and extensions to the City's water and sewer system. Fiscal interest Principal Interest interest Year Rate Due 10-1 Due 10-1 Due 41 Total 1997 -
$ 136,844 $ 136,844 $ 273,688 1998 3.75 5,000 136,844 136,750 278,594 1999 4.00 10,000 136,750 136,550 283,300 2000 4.00 10,000 136,550 136,350 282,900 2001 4.25 10,000 136,350 136,138 282,488 2002 4.25 10,000 136,137 135,925 282,062 2003 4.40 10,000 135,925 135,705 281,630 2004 4.50 10,000 135,705 135,480 281,185 2005 4.60 10,000 135,480 135,250 280,730 2006 4.70 10,000 135,250 135,015 280,265 2007 4.80 10,000 135,015 134,775 279,790 2008 4.90 10,000 134,775 134,530 279,305 2009 5.00 10,000 134,530 134,280 278,810 2010 5.10 10,000 134,280 134,025 278,305 2011 5.20 15,000 134,025 133,635 282,660 2012 5.30 15,000 133,635 133,238 281,873 2013 5.50 15,000 133,237 132,825 281,062 2014 5.50 15,000 132,825 132,413 280,238 2015 5.50 15,000 132,412 132,000 279,412 2016 5.50 15,000 132,000 131,588 278,588 2017 5.50 860,000 131,587 107,938 1,099,525 2018 5.50 905,000 107,937 83,050 1,095,987 j 2019 5.50 955,000 83,050 56,788 1,094,838 l 2020 5.50 1,005,000 56,787 29,150 1,090,937 2021 5.50 1,060,000 29,150 - 1,089,150 Total $ 5,000,000 $ 3,107,080 $ 2,970,242 $ 11,077,322 Continued I 171 l
__ _ _ __ - . . _ _ .__ -- __. __ ~ __ CITY OF OCALA, FLORIDA STATEMENT OF BONDED DEBT AND INTEREST-CONTINU8ED WATER AND SEWER REFUNDING REVENUE BONDS, SERIES 1996 l September 30,1996 t
- In July,1996, the $12,170,000 Water and Sewer Refunding Revenue Bonds, Series 1996 were sold. This issue l consists of $1,620,000 in serial bonds maturing on October 1,1997 through 2000 and of $10,550,000 in term j bonds maturing on October 1,2005,2010 and 2015. The schedule below shows the actual maturities for the serial I bonds and the debt service requirements for the term bonds. 'The bonds are fully registered and were issued in denominations of $5,000 or any integral multiple thereof. The paying agent and registrar is The Bank of New York.
The Series 1996 Bonds and the interest thereon are payable solely from and secured by a lien upon the net revenues derived from the operation of the water and sewer system on a parity with the Water and Sewer Revenue Bonds, l Series 1995. The proceeds of this issue are being used primarily for the forward refunding of the City's outstanding Water and Sewer Refunding Revenue Bonds, Series 1988. l Fiscal Interest Principal Interest Interest l Year Rate Due 10-1 Due 10-1 Due 4-1 Total l 1997 -
$ 168,306 $ 344,261 $ 512,567 1998 4.65 380,000 344,261 335,427 1,059,688 ,
1999 4.75 395,000 335,426 326,045 1,056,471 + 2000 4.90 410,000 326.045 316,000 1,052,045 2001 5.00 435,000 316,000 305,125 1,056,125 2002 6.00 450,000 305,125 291,625 1,046,750 2003 6.00 485,000 291,625 277,075 1,053,700 2004 6.00 510,000 277,075 261,775 1,048,850 2005 6.00 540,000 261,775 245,575 1,047,350 2006 6.00 580,000 245,575 228,175 1,053,750 2007 6.00 610,000 228,175 209,875 1,048,050 2008 6.00 645,000 209,875 190,525 1,045,400 2009 6.00 685,000 190,525 169,975 1,045,500 2010 6.00 725,000 169,975 148,225 1,043,200 2011 6.00 770,000 148,225 125,125 1,043,350 ; 2012 5.50 815,000 125,125 102,713 1,042,838 2013 5.50 860,000 102,712 79,063 1,041,775 2014 5.50 910,000 70,062 54,038 1,043,100 2015 5.50 955,000 54,037 27,775 1,036,812 ' 2016 5.50 1,010,000 27,775 - 1,037,775 Total $ 12,170,000 $ 4,206,699 $ 4,038,397 $ 20,415,096 l i i i 172
CITY OF OCALA, FLORIDA ANALYSIS OF SEWERAGE SYSTEM CAPITAL IMPROVEMENT FUND ESTABLISHED FOR FLORIDA DEPARTMENT OF ENVIRONMENTAL REGULATION GRANT #621080 The City received grant number 621080 from the State of Florida Department of Environmental Regulation for a portion of the construction of Sewer Treatment Plant #1. One of the requirements of this grant is that the City provide for a sewerage system capital improvement account to accumulate the equivalent future value of the grant amount adjusted for inflationary cost increases upon completion of the grant-related project. In December,1985, the City adopted ordinance #1810 which addresses this subject in section 5. He amount to be accumulated by the City is $6,020,462.40. Grant condition number 23 requires annual certification that the sewerage system capital improvement account is maintained in accordance with Section 17-501.610 of the Florida Administrative Code. The construction of the grant-related project, Sewer Treatment Plant #1, was completed during fiscal year 1988. Since prepayments to the capital improvement fund are allowed, the City started making deposits in fiscal year 1986. The following schedule shows all activity in the sewerage system capital improvement fund since its inception: Fiscal Interest Balance Year Deposits income September 30, 1987 $ 301,023.12 $ 18,714.00 $ 620,760.24 1988 301,023.12 50,909.96 972,693.32 1989 301,023.12 91,647.90 1,365,364.34 1990 301,023.12 125,170.01 1,791,557.47 1991 301,023.12 42,728.85 2,235,309.44 1992 301,023.12 111,185.27 2,647,517.83 1993 301,023.00 116,575.01 3,065,115.84 1994 301,023.00 133,077.65 3,499,216.49 1995 301,023.00 178,917.78 3,979,157.27 1996 301,023.00 232,147.37 4,512,327.64 i ? f 173
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