ML20206E910

City of Bushnell Fl Comprehensive Annual Financial Rept for Fiscal Yr Ended 980930

ML20206E910
Person / Time
Site:	Crystal River
Issue date:	09/30/1998
From:	AFFILIATION NOT ASSIGNED
To:
Shared Package
ML20206E890	List: 3F0499-09, Forwards FPC Annual Financial Rept & Annual Financial Repts for Eight of Ten Participating co-owners of Crystal River Unit 3 Nuclear Station.Outstanding Annual Financial Rept Will Be Submitted by 990730 ML20206E902 ML20206E910 ML20206E926 ML20206E946 ML20206E956 ML20206E970 ML20206E981 ML20206E989
References
NUDOCS 9905050282
Download: ML20206E910 (100)

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HWANCIALREPORT

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l INTRODUCTORY SECTION l >

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CITY OF BUSHNELL 219 N. Market Street , , 'Bushnell, Florida 33513 P.O. Box 115 i *

(352) 793-2591 I 11t r Fax (352) 793 2711 I

I CITY COUXCIL ELECTED OFFICIALS I

Mayor Joseph P. Strickland Jr. l I Vice Mayor Ronald E. Morris Councilman Billy K. Williams l- Councilman Dale Swain Councilwoman Margaret A Thies City Clerk N. Joy Coleman i

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l AB03030F?:ELS City Manager Vince Ruano I Public Safety Director George (Eddie) Lovett Util; ties Superintendent Herschel Stone l Director of Public Works Ronnie Pitts I

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I CITY OF EUSHNELL, FLORIDA COMPkEHENSIVE ANNUAL FINANCIAL REPORT SE1TEMBER 30, 1998 ,

l TABLE OF CONTENTS I INTRODUCTORY SECTION Eag; I City Council and Officials . . . . . . . . . . . . , . . .

Table of Contents . . . . . . . . . . . .

Letter of Transmittal . . . . . . . . . . . . . . . . . . .

Organizational Chart . . . . . . . . . . . . . . . . . , ,

. . . , , , . , ii_iy v-xiy 1

xy FINANCIAL SECTION I

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I INDEPENDENT AUDITORS' REPORT . . . . . . . . . . . . . . . 1-2 l l

COMBINED STATEMENTS - OVERVIEW: '

Combined Balance Sheet - All Fund Types' I and Account Groups . . . . . . . . . . . . . . . . . . .

Combined Statement of Revenues, Expenditures, 1 3-4 i

l and Changes in Fund Balances - All Governmental I Fund Types . . . . . . . . . . . . . . . . . . . . . . .

Combined Statement of Revenues, Expenditures, 2 5 g and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types . . . . . . . . . . 3 6 Combined Statement of Revenues, Expenses, and Changes in Retained Earnings - All Proprietary I Fund Types . . . . . . . . . . . . . . . . . . . . . . .

Combined Statement of Cash Flows - All Proprietary 4 7 Fund Types - Enterprise Funds . . . . . . . . . . . . . 5 8-9 Statement of Changes in Net Plan Assets - Pension Trust Funds . . . . . . . . . . . . . . . . . . . . . 6 10 NOTES TO FINANCIAL STATEMENTS . . . . . . . . . . . . . . . 11-28 REQUIRED SUPPLEMENTARY INFORMATION:

GENERAL EMPLOYEES' AND POLICE OFFICERS' RETIREMENT PLANS:

Schedules of Contributions From Employar . . . . . . . 29 Schedule of Funding Progress . . . . . . . . . . . . 30 YEAR 2000 COMPLIANCE . . . . . . . . . . . . . . . . 31 Statement /

Schedule COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES GENERAL FUND:

Comparative Balance Sheets . . . . . . . . . . A- 1 32 Statements of Revenues Expenditures and Changes in Fund Balance . . . . . . . . . . . . A- 2 33 Schedule of Revenues Compared to Budget . . . . . . . A- 3 34-35 I Schedule of Expenditures Budget and Actual . . . . A-4 36-37 ii

I, CITY OF BUSHNELL, FLORIDA l COMPREHENSIVE ANNUAL FINANCIAL REPORT '

SEPTEMBER 30, 1998 TABLE OF CONTENTS (continued)

Statement /

Schedule Page SPECIAL REVENUE FUNDS:

Combining Balance Sheet . . . . . . . . . . . . . . . . B- 1 38 Combining Statement of Revenues, Expenditures, f and Changes in Fund Balances . . . . . . . . . . . . . B-2 39  !

l CDBG Fund Statement of Revenues, Expenditures l and Changes in Fund Balances - Budget and j Actual . . . . . . . . . . . . . . . . . . . . . . . . B 3 40 1 l

ENTERPRISE FUNDS: I Combining Balance Sheet . . . . . . . . . . . . . . . C- 1 41-43 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings . . . . . . . . . . . C-2 44 Combining Statement of Cash Flows . . . . . . . . . . . C- 3 45-46 Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Electric Utility Fund . . . . . . . . . . . . . . . . C-4 47 Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Water Utility Fund . . . . . . . . . . . . . . . . . . C- 5 48 Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Sanitation Fund . . . . . . . . . . . . . . . . . . . C-6 49 PENSION TRUST FUNDS:

Combining Balance Sheet . . . . . . . . . . . . . . . . D- 1 50 GENERAL FIXED ASSETS ACCOUNT GROUP:

Schedule of General Fixed Assets -

By Source . . . . . . . . . . . . . . . . . . . . . . E- 1 51 Schedule of Changes In General Fixed Assets -

By Function and Activity . . . . . . . . . . . . . . . E-2 52 Schedule of General Fixed Assets -

By Function and Activity . . . . . . . . . . . . . E-3 53 l

STATISTICAL SECTION '"able f I

General Governmental Expenditures by Function . . . . . . . 1 54 I

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General Governmental Revenue by Source . . . . . . . . . 2 55 General Governmental Tax Revenue by Source . . . . . . . . 3 56 Property Tax Levies and Collections . . . . . . . . . . . 4 57 Assessed, Estimated Actual Value of Property . . . . . 5 58 Property Tax Rates - Direct and l Overlapping Governments . . . . . . . . . . . . . . . . . . 6 59 l iii

I CITY OF CUSHNELL, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT SEPTEMBER 30, 1998 TABLE OF CONTENTS (continued)

Table Pace Principal Taxpayers . . . . . . . . . . . . . . . . . . . . 7 60 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures . . . . 8 61 Schedule of Electric Utility Revenue Debt Coverage . . . . . . . . . . . . . . . . . . . . . . . . 9 62 Schedule of Water Revenue Debt Coverage . . . . . . . . . . 10 63 Demographic Statistics . . . . . . . . . . . . . . . . . . 11 64 Property Values and New Construction . . . . . . . . . . . 12 65 Miscellaneous Statistics . . . . . . . . . . . . . . . . 13 66 Schedule of Insurance Coverage . . . . . . . . . . . . . 14 67-68 REGULATORY AND COMPLIANCE SECTION Schedule of Expenditures of Federal Awards and State Financial Assistance . . . . . . . . . . . . . . . . 69 Independent Auditor's Report on Compliance and on Internal Control Over Financial Reporting . . . . . . . . 70-71 Independent Auditor's Report on Examination of Management's Assertion about compliance with Specified Requirements . . . . . . . . . . . . . . . . . 72 Management Letter . . . . . . . . . . . . . . . . . . . . . 73-76 Management Response . . . . . . . . . . . . . . . . . . . . 77-79 I

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F 7 CITY OF BUSHNELL l 219 N. Market Street , , Bushnell, Florida 33513 i P.O. Box 115 (352) 793-2591 Fax (352) 793-2711 i l

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To the;citize.ns;of The City o.frBushnell::

l The comprehensive annual financial report of the City of Bushnell for the fiscal year .

ended September 30,1998,is hereby submitted. Responsibility for both the accuracy of the l data, and the completeness and fairness of the presentation, including all disclosures, rests with i the city. To the best of our knowledge and belief, the enclosed data are accurate in all material l respects and are reported in a manner designed to present fairly the financial position and results of operations of the various funds and account groups of the city. All disclosures necessary to l enable the reader to gain an understanding of the government's financial activities have been included. l The comprehensive annual financial report is presented in three sections. Introductory, Financial, Statistical. The introductory Section includes this transmittal letter, the city's organizational chart and a list of principle officials. The FinancialSection includes the general-purpose financial statements, combining fund, individual fund & account group financial statements and schedules and the auditors report on the financial statements and schedules.

The Statistical Section includes selected financial & demographic information.

This report includes all funds and account groups of the city. The City of Bushnell

.I provides a full range of general govemmental services. These services include police, fire and code enforcement ; administrative; planning and zoning; maintenance of highways, streets &

! related infrastructure; library, recreation and special events. In addition to general government activities, the governing body exercises, authority over enterprise funds. These funds consist of electric, potable water and sanitation services. These funds maintain their own set of accounts on a full accrual basis.

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ECONOMIC CONDITION AND OUTLOOK Busanellis the County Seat of Sumter County, reported by the University of Florida Bureau of Economic and Business research as

• The fastest growing County in the State of Florida in 1998* . Situated just 50 miles north of Tampa and 50 miles west of Orlando, Bushnell is strategically located between Interstate 75 and the Florida Turnpike. Our location provides easy transportation access to both of these metropolitan areas.

Easily accessible from many areas and being the County Seat in rural Sumter County, l makes Bushnell's market area much larger than it's corporate limits independent market studies l suggest that the population within the market area effected by the City of Bushnell could exceed 50,000 people. In addition to this significant number, traffic studies conducted by the Sumter County Road & Bridge Department indicate average daily traffic counts of 15,000 cars on Main St. ( CR 475) as measured just north of Belt St. These statistics are mentioned only to illustrate  ;

the much larger market forces affecting this r e!! community on a daily basis.

Within tho utility service area, wh,w comprises mostly of the incorporated city limits and some small areas in the unincorporated Sumter County, the City of Bushnell services a total of 984 metered customers,217 of which are commercial customers. Bushnell exhibits steady growth in its commercial sector. Most recently, permits have been issued for the development of a 60-bed nursing home and a new 65,000 square feet, shopping square. Continued community growth and development is expected along Main St. north, and SR 48 west corridor to the 1 - 75 interchange. The SR 48 and I - 75 interchange still has a number of commercial undeveloped parcels of varying size; currently, the city serves only potable water and sanitation services to this area.

Based on current trends and projections, it's anticipated that the interchange area will have the most impact on the commercial sector of the City of Bushnell. As such,it will present the city with significant challenges in order to preserve the highest level of service.

MAJOR INITIATIVES For the Year:

During the fiscal year 98', the City of Bushnell completed and also started, some major 3 construction projects, added a new department and made several purchases of Capital g equipment, all in order to improve on the service delivery or the economic environment for its citizens. The following will highlight some of these major initiatives taken by the city during the fiscal 98':

Central Business District Commercial Revitalization.-

Completion of this project during this fiscal cycle consisted of facade improvement for 18 commercial buildings in the commercial revitalization area (C.R.A.) ; the burial of the electric distribution system; the expansion of water mains; the construction of storm water facilities; construction of sidewalks and curbing; creation of new parking areas; new pavement and decorative amenities through out designated segments of C.R.A. The revitalization project was funded jointly by the city and Community Development Block Grant administered through the state of Florida. The project total was in excess of $ 700,000.00 and was officially completed November 1998.

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I Public Works Comolex' Construction of the Complex officially began in July 1998. The project includes the relocation of the existing facilities to a new location and building with sufficient grounds for future expansion. The proposed building which consist approximately of 6,800 feet will serve as an office, chop and garage; for the sanitation, streets, and parks and recreation departments. This I consituction project is estimated in excess of $ 290,000.00 with a completion date of February 1999.

Electronic and Comouter Cacability:

Obring Fisca/ 96', the City of Bushnell Geographic Information System (G.I.S.), reached its first significant milestone. Encompassing a complete and current data base of all parcels with I in the corporate limits of the City of Bushnell, as well as spatial / graphical data of all streets and parcels inside the city. The GIS will offer a multitude of services and uses to city departments and the general public once fully implemented.

The City of Bushnell initiated its etfort in document imaging, retrieval, and management system by purchasing hardware and software to implement the project. This multi year project was originally set out to image and archive ordinances and resolutions, with an ultimate goal of electronically recording and retrieving all documents and correspondence for the city.

For the Future:

A number of major initiatives for the city are being considered by the city government.

Some initiatives are in more advanced stages than others. This section will highlight briefly, the future major initiatives as follows:

Waste Water System In 1996, the Bushnell City Council commissioned a study committee consisting of 13 citizens to explore the feasibility and desirability of a citywide waste water system. The study committee's final recommendation to the governing body was to proceed with the development of I the system providing it is determined that the system could be economically feasible. Since that time, the City of Bushnell has been found eligible for funding through the Rural Utility Services (R.U.S.) a program of the US Department of Agriculture (U.S.D.A).

In addition, the State of Florida, through a legislative appropriation, has earmarked

$ 700,000.00 to initiate the project. Currently, the project is being considered for final financing at a total project cost of $ 5.5 million dollars with the R.U.S. providing financing in the amount of

$ 4.8 million, with a project start date of approximately May of 1999.

BushnellPublic Librarv The Bushnell City Council recently adopted a resolution authorizing the submittal of a grant application to the Department of State, Division of Library and Information Services for the construction of a new library building of approximately 3,600 square feet with an estimated project cost of $ 600,000.00. This grant is a 50% / 50% match and should the city be successful in .

receiving this grant, the projected start date is anticipated for October 2000.

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l Electric Distribution I

it has been the city's intention, to upgrade the electric distribution system to a more efficient and reliable single voltage system. Currently, the city's system is split. Roughly half of j the system carries a voltage of 13 kV and the remaining carries 4 kV.

i Through a continued effort of upgrading the system it is anticipated that within the next five years, the entire system will be functioning at a 13 kV level. This conversion process has been and is expected to continue to be performed strictly in house with municipal crews. 4 Department Focus I1 l

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Management has selected to highlight its newest department for 1998. In March 1998, )

the City of Bushnell accepted possession of the Bushnell Public Library, originally owned and . j controlled by the Bushnell Public Library Board, a non-profit organization, who's origination dates l' back to the 1940's. Although the City of Bushnell, for many decades, had been the primary economic supporter of the Bushnell Public Library,it was determined by the library board and the governing body of the city that it would be in the best interest of the Library to be owned and l l

operated by the City of Bushnell.

i Since the transfer into the city, a new department of the general fund was created which {

now controls the finances of the library. Extensive cosmetic renovations and improvements have j since been completed on the old building in order to extend its appeal and usability for a few i more years. As mentioned in the previous section of this letter, the city is in the process of )

applying for a grant from the State Division of Library and Information Services in hopes of securing 50 % financing for a new library building.

Currently, the library is staffed by one full time library specialist and two part time assistants. The library maintains a 42 hour4.861111e-4 days <br />0.0117 hours <br />6.944444e-5 weeks <br />1.5981e-5 months <br /> 6 day a week operating schedule accessible to the general public. Over the last 10 months, a significant increase of approximately 250 %, in patron use has been noted. Renewed promotional efforts with various schools, as well as the general public, has contributed to this increase. The city believes the trend will continue, thus making the current building insufficient in the very near future.

FINANCIAL INFORMATION l l

Management of the City of Bushnellis responsible for establishing and maintaining an )

internal control structure designed to ensure that the assets of the city are protected from loss, theft and misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles.

The internal control structure is designed to provide reasonable, but not absolute, assurance that l these objectives are met. The concept of reasonable assurance recognizes that (1) the cost of a j control should not exceed the benefits likely to be derived; (2) the valuation of costs and benefits I requires estimates and judgments by management. {

Budgeting Controls.

The City of Bushnell maintains budgetary controls, the objective of these budgetary , {

controls is to ensure compliance with legal provisions embodied in the annual appropriated I budget approved by the City Council. Activities of the general fund, special revenue funds and enterprise funds are included in the annual budget. A five-year capital expenditure plan is reviewed every year and incorporated into the budget. The level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) is established by function or department within any individual fund.

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1 As demonstrated by the statements and schedules included in the financial section of this report, the City of Bushnell continues to meet its responsibility for sound financial management.

GeneralGovemment Functions. The following schedule presents a summary of general fund revenues for the fiscal year ended September 30,1998, 1998 Percent Revenues Amount of Total Ad Valorum $ 93,779 7%

Local Option Gas Tax $ 298,895 23 %

Utility Taxes $ 243,798 18 %

Franchise Fees $ 71,762 5%

License & Permits $ 25,446 3%

intergovernmental $ 258,313 19%

Charges for Services $ 5,388 1%

Fines & Forfeitures $ 23,348 3%

Transfer in $ 212,000 16%

Miscellaneous $ 69,560 5%

TotalRevenues: $ 1,302,289 It is evident by the table above that the General Fund derives the vast majority of its revenue from outside sources; such as, intergovernmental, revenue sharing, or transfers from enterprise funds. The larger sources of intergovernmental funds are; state revenue sharing, cigarette tax, local option gas taxes, local govemment sales surtax, state sales tax.

I Intergovernmental revenue sources provide for 19% of the operating funds for the city.

intergovernmental transfers are derived from electric, water & sanitation with a make up of 16%

I of the revenues to general fund.

Other large self generated revenue sources for the General Fund are the utility tax &

franchise fees. Currently a 10% utility tax is charged on all services that are provided with in the municipal limits, excluding telecommunications, which are calculated at a municipal rate of 7%.

- Franchise fees are aM remitted by companies providing services within the municipal limits, at varying percentage of gross sales.

[ lt is notable that the ad valorum taxes are fairly insignificant to the city as a revenue source. The city has rolled back its tax levy for many years.

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e The following schedule presents a summary of general fund expenditures for the fiscal year ended September 30,1998:

Percent Expenditures Amount of Total Legislative $ 27,887 1%

Administrative $ 236,695 15%

Legal $ 23,954 1%

Police $ 337,184 22 %

Fire $ 139,340 9%

Code Compliance $ 38,863 3%

Streets S 528,629 35 %

Industrial Development $ 9,000 1%

Cemetery $ 12,682 1%

Library $ 9,298 1%

Parks & Recreation S 106,538 8%

Special Events $ 33,027 3%

TotalExpenditures2xpenses: $ 1,503,097 The table above shows that the expenditures within the Police & Street departments are fairly significant in comparison to the other expenditures. The expenditures for the special events include the annual fall festival and the yearly summer youth program. The library expenditure has increased from prior years due to the current transfer of the ownership of the library to the City of Bushnell as mentioned earlier in this report.

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I SpecialRevenues. j COBG: The Community Development Block Grant,is a fund created for the purpose of )

administering the CDBG, described earlier in the letter, to fulfill the administrative requirements of the grant.

The BushnellEverareen Cemeterv The Cemetery fund is a fund created for the purpose of operating and maintaining the Bushnell Evergreen Cemetery. Under Section 9-1 through 9-26 in Chapter 9 of the Code of Ordinance's, the city is required to fund the maintenance on a perpetual basis for the Cemetery.

Percent REVENUES: Amount ot total Lots Sales and Contributions: $ 15,890 44 %

Miscellaneous: $ 20.386 56%

TOTAL REVENUES: $ 36,276 EXPENDITURES / EXPENSES:

Operations & Maintenance: $ 17,840 100 %

TOTAL EXPENDITURES! EXPENSES: $ 17,840 Enterprise Operation:

Electric The City of Bushnell has owned and operated it's own electric services since the 1920's. The electric department has been a continued source of revenues for the General fund of the city. The city's electric distribution system is one of the smallest found in the state of Florida, with an average customer base of approximately 935 electric customers and a service territory of 11/2 miles.

Percent REVENUES: Amount oftotal Electric Sales: $ 1,863,515 98 %

Miscellaneous: $ 35.646 02 %

TOTAL REVENUES: $ 1,899,161 EXPENDITURES / EXPENSES:

Operations & Maintenance: $ 1,398,763 87%

Interest & Debt Service: $ 7,250 02 %

Transfers (out): $ 187.000 11 %

TOTAL EXPENDrTURES/ EXPENSES: $ 1,593,013 page 7 xi

Water City of Bushnell water system consists of two well fields with a combined rated capacity of 4.8 million gallons per day. Currently, the city's average daily flow is only 10% of maximum natural capacity. The city services customers within and out of its municipal territory.

Percent REVENUES: Amount oftotal Water Sales: $ 371,517 93%

Miscellaneous: $ 8.436 07 %

TOTAL REVENUES: $ 397,953 EXPENDITURES / EXPENSES:

Operations & Maintenance: $ 278,354 90%

Interest & Debt Services: $ 15,487 05%

Transfers (out): $ 15.000 05%

TOTAL EXPENDirURES/ EXPENSES: $ 308,841 Sanitation: The City provides sanitation services to customers by residential curbside  !

pick up and commercial rear loading containers on a twice a week basis. Disposal takes place at the Sumter County recycling and composting facility.

Percent REVENUES: Amount oftotal Sanitation Sales: $ 261,928 97 %

Miscellaneous: $ 6.384 03 %

TOTAL REVENUES: $ 268,312  !

EXPENDITIJRES/ EXPENSES:

Operations & Maintenance: $ 239,506 95 %

Interest: $ 67 01 %

Transfers (out): $ 10.000 04 %

TOTAL EXPENDITURES / EXPENSES: $ 249,573 t

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Pension Plan & Trust Fund Operations:

The City of Bushnell provides its employees with retirement benefits. Employees hired after January 1,1996 are on the Regular Employees Pension Plan (REPP) . Police Officers hired after January 1,1996 were placed on the Police Officers Pension Plan (POPP). The POPP is a Chapter 185 plan which entitles the City to the .85% insurance premium tax on real estate.

I Both plans are defined benefit plans, with similar benefits as offered by the Florida Retirement System ( FRS). The REPP is currently contriouted to at 8.8%. The POPP is currently contributed to at 19% with a 1% contribution from the employee. Contributions are calculated on the employees salary.

The City of Bushnell offers an additional deferred compensation plan defined by the IRS as a 457 B. Participation within this plan is voluntary. Participating employees currently receive a 10% match from the city on money deposited into the plan. The investments within this plan are self directed by the employee and maintained by the Public Employees Benefit SerWces Corporation (PEBSCO) for the employees.

DebtAdministration:

All funds of N City of Bushnell have significantly low levels of debt. The 1976 Bond

.I Series of the City com: "ed Wator & Electric System was defeased two years ahead of schedule in October 1997 which gnificantly decreased debt service within these respective funds.

Thet :tric and water departments have participated in a pooled loan program with Florida Municipa' ower Agency. ' This program enabled the City of Bushnell to finance ,

certain improvement: the electric & water systems. This program offers a variable interest rate which is monitored b. aaff on an ongoing basis with the program consistently yielding favorable ]

interest rates. '

All other 1 ; of the City are secured through locallending institutions and are usually for short term fir : 3 rest rate.

Cash Manage '

Cash a; 7ts during the year 1998 were invested in demand deposits, certificates of deposit, and poo nvestments. The pension trust fund's investments were within certificates of deposits. The a- :ge yield on investments, except for the pension trust fund, was 5.4%. The

pension trust fur :hieved a yield rate of 2.3% for the same period. The city eamed interest revenue of S 77 3.37 on all investments for the year ended September 30,1998.

The city avestment policy is to minimize credit and market risks while maintaining a competitive yie' n its portfolio. Accordingly, deposits were either insured by federal depository insurance or cc aeralized. All collateral on deposits was held either by the city, its agent or financialinstitut a's trust department in the government's name.

I Risk Management:

In 1998, the City of Bushnell initialed a managed care program for workers' l compensation. This program provides the city with a system that controls fraud and routes t

medical services. By Participating within this managed care program, a premium credit was I provided by the carrier, in addition, various risk control techniques, including employee accident prevention training, have been implemented during the year to minimize accident related losses.

Coverage is currently maintained for workers' compensation claims through the Florida League of Cities.

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I OTHER INFOR WATION IndependentAudit:

State statutes require an annual audit by independent certified public accountants. The accounting firms of Linda L. Thigpen P.A. and Shumacker, Johnston & Ross P.A. was selected by the City of Bushnell's audit committee. In addition to meeting the requirements set forth in state statutes, the audit also was designed to meet the requirements of the federal Single Audit Act of 1984 and related OMB Circular A-133. The auditor's report on the general-purpose financial statements and combining and individual fund statements and schedules are included in the financial section of the report.

Awards:

Safety Award: The City has received numerous electric safety awards. The first safety award was presented to the City by the Florida Municipal Electric Agency to the Utility l Department for recognition of a perfect safety record without reports of accidents. The City has a received this award for 11 consecutive years.

Tree Citv USA: The Tree City USA award was first presented to the City in 1994. The city has continued to receive this award to the present. This award requires an annual Arbor Day Celebration, the planting of trees, and the implementation of a tree preservation policy as well as an annual application documenting levels of expenditures to maintain the program.

Outstandino Rural Communitv. The State of Florida issued its first annual Outstanding Rural Community Award of the Year to the City of Bushnell. This award highlights one rural community with population under 8,000 for a project that significantly impacts the communities quality of life. In 1992, the City of Bushnell submitted the Kenny Dixon Sports Complex as the project for this award.

Acknowledgments:

The preparation of the comprehensive annual financial report on a timely basis was made possible by the dedicated service of the entire staff of the Administrative Department. Each member of the department has our sincere appreciation for the contributions made in the preparation of this report. We should also like to thank the Mayor and the Commissioners for their interest and support in planning and conducting the financial operations of the city in a responsible and progressive manner.

Sincerely, i

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W a~

Vince Ruano, y o eman, CMC, AAE City Manager Vity Clerk Page 10 xiv

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FINANCIAL SECTION I

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r Shumacker, Johnston & Ross, PA LINDA L. THIGPEN, P.A.

Certified Public Accountants CERME ME AWMM

' J. Cecil Shuanacker,CPA 911 North Boulevard West - LINDA L. THIGPEN, CPA P.O. Box 2155 Robert E. Johnston, CPA Leesburg, Florida 34748 Bushnell, Florida 33513 W. Chet Ross, CPA Phone 052) 326-2161 TEL:(352) 793-8885 Fax (352) 326-0740 FAX:(352) 568-1179 INDEPENDENT AUDITORS' REPORT March 9,1999 Honorable Mayor and Members of the City Council City of Bushnell, Florida We have audited the accompanying general-purpose financial statements and the combining and individual fund and account group financial statements of the City of Bushnell, Florida as of September 30,1998, and for the year then ended, as listed in the table of contents. These financial statements are the responsibility of the City of Bushnell's management. Our responsibility is to express an opinion on these financial statements based on our audit.

The individual fund financial statements of the City of Bushnell, Florida as of September 30,1997, were audited by other auditors whose report dated December 23,1997, expressed an  ;

unqualified opinion on those statements.

We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by manage-ment, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the general-purpose financial statements referred to in the first paragraph present fairly, in all material respects, the financial position of the City of Bushnell, Florida as of September 30,1998, and the results ofits operations and the cash flows ofits proprietary

fund types for the year then ended in conformity with generally accepted accounting princi-I ples. Also, in our opinion, the combining and individual fund and account group financial statements referred to in the first paragraph present fairly, in all material respects, the financial position of each of the individual funds and account groups of the City of Bushnell, Florida, as of September 30,1998, and the results of operations of such funds and the cash flows of individual proprietary fund types for the year then ended in conformity with generally accepted accounting principles, f-1 L

4 City of Bushnell March 9,1999 Pace 2 E g

In accordance with Government Auditing Standards, we have also issued a report dated March 9,1999 on our consideration of the City of Bushnell's internal control over financial reporting and on our tests ofits compliance with certain provisions oflaws, regulations, contracts and g grants.

5 Our audit was conducted for the purpose of forming an opinion on the general-purpose financial statements taken as a whole and on the combining and individual fund and account group financial statements. The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, and is not a required part of the general-purpose financial state-ments. Such information has been subjected to the auditing procedures applied in the audit of the general-purpose financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the general-purpose financial statements taken as a whole. The accom-panying information listed under Statistical Section in the table of contents is presented for the purpose of additional analysis and is not a required part of the financial statements of the City of Bushnell, Florida. Such information has not been subjected to the auditing procedures ,

applied in the audit of the general-purpose, combining and individual fund and account group financial statements, and, accordingly, we express no opinion on it.

I h ta m fa, TOl)nJ h (~ WoL( hA- '

YMde- h Oh Shumacker, Johnston & Ross, PA Linda L. Thigpen, PA i

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I' i Shumacker, Johnston & Ross, PA LINDA L. THIGPEN, P.A. j

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CITY OF BUSHNELL, FLORIDA Exhibit 2 COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES--ALL GOVERNMENTAL FUND TYPES YEARS ENDED SEPTEMBER 30, 1998 (WITH COMPARATIVE TOTALS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1997)

TOTALS SPECIAL (MEMORANDUM ONLY)

GENERAL EEVENUE 129,8 12.2.2 Revenues:

Taxes S 708,234 S S 708,234 S 577,880 Licenses & Permits 25,446 - 25,446 14,891 Intergovernmental 258,313 - 258,313 385,963 Grant Revenue 2,830 246,270 249,100 233,684 Charges for Services 5,388 - 5,388 3,074 Fines & Forfeits 23,348 - 23,348 34,834 Interest and Miscellaneous 66,730 47,224 113,954 112,377 Total Revenues 1,090,289 293,494 1,383,783 1,362,703 Expenditures:

Currents l General Government 288,536 - 288,536 279,604 E Public Safety 515,387 - 515,387 469,726 Physical Environment 12,682 17,840 30,522 258,109 Transportation 528,629 257,218 785,847 201,520 Economic Environment 9,000 - 9,000 13,000 Culture & Recreation 148,863 - 148,863 289,541 Total Expenditures 1,503,097 275,058 1,778,155 1_,511,500 Excess of Revenues Over Expenditures (412,808) 18,436 (394,372) (148,797)

Other Financing Sources:

Debt Proceeds 290,000 - 290,000 -

Operating Transfers In 222,000 - 222,000 222,000 Total other Financing Sources 512,000 - 512,000 222,000 Excess (Deficiency) of Revenues and Other Financing Sources Over (Under) Expenditures 99,192 18,436 117,628 73,203 Fund Balances, Beginning of Year 772,524 362,785 1,135,309 1,062,106 Residual Equity Transfer (Out) (36,510) -

(36,510) -

Fund Balances, End of Year S 835,206 5 381,221 S 1,216,427 S 1,135,309 l

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[ I CITY OF BUSHNELL, FLORIDA Exhibit 4 l

COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN I RETAINED EARNINGS--ALL PROPRIETARY FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 1998 l (WITH COMPARATIVE TOTALS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1997) l Operating Revenues:

Charges for Services S 2,496,960 5 2,372,418 Operating Expenses:

Cost of Sales and Services 1,460,954 1,401,259 Administration 277,005 228,557 Depreciation 178,664 190,996 Total Operating Expenses 1,916,623 1,820,812 Operating Income 580,337 551,606 Non-Operating Revenue (Expense):

Interest Income 50,466 33,809 Interest Expense (19,469) (32,251)

Other Debt Service Costs (3,335) (902)

Total Non-Operating Revenues (Expenses) 27,662 656 N t Income Before Transfers 607,999 552,262 Other Financing (Uses)

Operating Transfers Out (222,000) (222,000)

Nst Income 385,999 330,262 R tained Earnings Zeginning of Year 2,295,623 1,965,361 R5tained Earnings I

End of Year S 2,681,622 S 2,295,623 I

The notes to the financial statements are an integral part of this statement. 1 I

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CITY OF LUSHNELL, FLORIDA Exhibit 5 COMBINED STATEMENT OF CASH FLOWS (Page 1 of 2)

ALL PROPRIETARY FUND TYPES - ENTERPRISE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1998 (WITH COMPARATIVE TOTALS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1997)

ENTERPRISE 1998 1997 Cash Flows From Operating Activities:

Cash Received From Customers S 2,579,641 5 2,272,664 Cash Paid To Employees (232,023) (203,958)

Cash Paid to Suppliers (1,447,660) (1,440,542)

Net Cash Provided By Operating Activities 899,958 628,164 Cash Flows From Noncapital Financing Activities:

Operating Transfers Out to Other Funds (222,000) (222,000)

Cash Flows From Capital and Related Financing Activities:

Acquisition and Construction of Capital Assets (179,291) (315,637) l Principal Payments and Bonds (157,847) (95,612) 3 Interest Paid (18,284) (34,613)

Contributed Capital 52,301 -

Deferred Debit (36,510) -

Net Cash (Used In) Capital and Related Financing Activities (339,631) (445,862)

Cash Flows From Investing Activities:

Interest Received 50,466 33,809 Net (Decrease) Increase in Cash and Cash Equivalents 388,793 (5,889)

Cash and Cash Equivalents, Beginning of Year 1,017,186 1,023,075 Cash and Cash Equivalents, End of Year S 1,405,979 S 1,017,186 Presented in the Accompanying General-Purpose J Financial Statements as:

Unrestricted Cash S 1,248,903 $ 508,769 {

Restricted Cash 157,076 508,417 Total Cash S 1,405,979 5 1,017,186 I

1 ll '

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The notes to the financial statements are an integral part of this statement.

B  :

1 CITY OF SUSHNELL, FLORIDA Exhibit 5 COMBINED STATEMENT OF CASH FLOWS (Page 2 of 2)

ALL PROPRIETARY FUND TYPES - ENTERPRISE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1998 (WITH COMPARATIVE TOTALS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1997)

ENTERPRISE 1998 1997 R; conciliation of Operating Income to Net Cash Provided by Operating Activities:

Operating Income $ 580,337 $ 551,606 Adjustments to reconcile operating income to net cash provided by operating activities:

I Depreciation and Amortization (Increase) Decrease in Accounts Receivable (Increase) Decrease in Due From Other Funds 178,664 79,654 6,135 190,996 (102,004)

(20,440)

(Increase) Decrease in Inventories 1,448 (37,712)

I (Increase) Decrease in Other Assets Increase (Decrease) in Accounts Payable Increase (Decrease) in Other Accrued Expenses 1,895 23,845 11,027 1,865 14,189 4,235 Increase (Decrease) in Due to Other Funds (18,037) 28,066 I Increase (Decrease) in Deferred Credit Increase (Decrease) in Compensated Absences Payable 28,498 3,455 (12,143) 7,256 Increase (Decrease) in customer Deposits 3,037 2,250 Total Adjustments 319,621 76,558 I Net Cash Provided by Operating Activities S 899,958 $ 628,164 I

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6 The notes to the financial statements are an integral part of this statement.

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CITY OF BUSHNELL, FLORIDA Exhibit 6 COMBINED STATEMENT OF CHANGES IN NET PLAN ASSETS PENSION TRUST FUNDS YEARS ENDED SEPTEMBER 30, 1998 (WITH COMPARATIVE TOTALS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1997)

PENSION TRUST FUNDS GENERAL POLICE EMPLOYEES' OFFICERS' RETIREMENT RETIREMENT TOTALS GENERAL FUND 1998 J_19.7 Additions:

Contributions:

Employer S 7,766 $ 9,127 $ 16,893 S 8,953 Employee -

893 893 220 State -

26,773 26,773 8,422 Miscellaneous 82 361 443 85 Total Additions 7,848 37,154 45,002 17,680 Net Increase 7,848 37,154 45,002 17,680 Net Assets Held in Trust for Pension Benefits:

October 1, 1997 4,212 16,784 20,996 3,316 September 30, 1998 $ 12,060 $ 53,938 $ 65,998 $ 20,996 I,

The notes to the financial statements are an integral part of this statement.

10

I CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1998 NOTE 1

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES The City of Bushnell (the " City") is a political subdivision of the I State of Florida located in Sumter County. The City operates under a council - manager form of government. The legislative branch of the City is composed of a four (4) member elected council, and an elected mayor. The Mayor and City Council are governed by the City Charter and I ty state and local laws and regulations. The Mayor and City Council are responsible for the establishment and adoption of policy. The execution of such policy is the responsibility of the City Manager. The City provides services to its residents in many areas, including public safety (police and fire), highways and streets, utilities, sanitation, culture and recreation, public improvements, and general administrative services.

I The accompanying general purpose financial statements present the combined financial positions and results of operations of the various fund types and account groups and the cash flows of the proprietary fund types for all funds of the City.

The following policies of the City conform to generally accepted accounting principles as applicable to governments. The following is a summary of the significant policies.

Reporting Entity The accompanying general-purpose financial statements present the financial position, results of operations and cash flows of the I applicable fund types and account groups governed by the Mayor and City Council of the City in accordance with governmental accounting standards. The reporting entity for the City (the primary government) contains one separate legal entity (component unit) for which the City I council has financial accountability. Financial accountability is present if the City Council appoints a voting majority of a component unit's governing body and has the ability to impose its will on that organization of if there is a potential for the organization to provide I specific financial benefits to, or impose specific financial burdens on, the City.

Evergreen Cemetery Fund A Board of Trustees was created by City ordinance and is appointed I by the City Council to administer the affairs of Evergreen Cemetery.

One member of the City Council must be on the Board of Trustees. The Board of Trustees is authorized to sell cemetery lots and to invest I proceeds which are legally restricted by ordinance. The principal is not subject to expenditure and the interest can be used only for operations, maintenance and improvement of the cemetery. The Evergreen Cemetery is a blended component unit and is included la the City's reporting entity as a special revenue fund.

Basis of Presentation f The City maintains its accounting records in accordance with the principles and policies applicable to governmental units eet forth by the Governmental Accounting Standards Board (GASB), as well as generally accepted accounting principles (GAAP) as promulgated by the American Institute of Certified Public Accountants and the Financial Accounting Standards Board (FASB). The proprietary funds do not apply FASB statements and interpretations issued after November 30, 1989.

Fund Accounting The accounting system and financial reports of the City are organized and operated on a fund basis. A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts recording cash 11

E-CITY OF BUSENEIJ , FLORIDA l NOTES TO THE FINANCIAL STATEMENTS g SEPTEMBER 30, 1998 NOTE 1

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (continued) and other financial resources, together with all related liabilities and residual equities or balances, and changes therein which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations.

Fund and Account Group Categories The categories of funds and account groups of the city are summarized as follows:

Governmental fund types are those through which most government functions typically are financed. The acquisition, use, and balances of expendable financial resources and the related current liabilities (except those accounted for in the proprietary funds) are accounted for E through governmental type funds. Governmental funds used by the city E are as follows:

- General Fund - To account for all financial resources which are not required to be accounted for in another fund.

• Special Revenue Funds - To account for the proceeds of specific revenue sources that are restricted to expenditures for specified purposes.

Proprietary funds are used to account for the City's ongoing activities which are similar to those found in the private sector.

a Enterprise Funds - To account for activities that are operated in a manner similar to private businesses where the costs of providing goods and services are primarily recovered through user charges.

Fiduciary fund types are used to account for assets held in a trustee capacity for others.

• Pension Trust Funds - To account for the accumulation of resources to be used for retirement payments to employees.

Account groups record and control the City's general fixed assets and 3 general long-term debt. The account groups are not funds and do not The g

reflect available financial resources and related liabilities.

following account groups are maintained by the City:

. General Fixed Assets - To account for property and equipment not used in proprietary fund operations.

• General Long-Term Debt - To account for unmatured principal of long-term special obligation indebtedness, notes and capital leases payable, and compensated absences which are not the specific liability of a proprietary fund.

Measurement Focus Governmental fund types (general and special revenue) are accounted for on a " spending" or " financial flow" measurement focus. This means that only current assets and current liabilities are generally included on the balance sheets. Reported fund balance (net current assets) is considered a measure of "available, spendable, or appropriable resources." Governmental fund type operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets.

12

CITY OF BUSENEII, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1998 NOTE 1

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Proprietary fund types are accounted for on a " cost of services" or

" capital maintenance" measurement focus. This means that all assets and all liabilities (whether current or noncurrent) associated with its activity are included on its balance sheet to provide an indication of the economic net worth of the funds. The reported fund equity (net I total assets) is segregated into contributed capital and retained earnings components. The proprietary fund types operating statement presents increases (revenues) and decreases (expenses) in net total assets.

Pension trust funds are accounted for like proprietary funds.

Basis of Accounting l Governmental fund type revenues and expenditures are recognized on the modified accrual basis. This method recognizes revenues in the <

accounting period in which the fund liability is incurred (except I unmatured interest on general long-term debt, which is recognized when due).

l Governmental fund type revenues that are susceptible to accrual include utility service taxes, franchise fees, federal and state shared I revenues, and reimbursements from grants for authorized expenditures through September 30.

Proprietary fund revenues and expenses are recognized on the accrual l basis. Revenues are recorded when earned, and expenses are recorded when incurred.

i Fiduciary funds of the City consist of pension trust funds which are accounted for on the accrual basis.

Transfers Transfers are recognized in the accounting period in which the interfund receivable and payable arise. Transfers are made from the utility funds to finance operations of the general fund.

Grants - Proprietary Funds Unrestricted grants, entitlements or shared revenues received are reported as nonoperating revenues. Such resources externally restricted for capital acquisitions or construction are reported as contributed capital. Operating expenses include depreciation on all depreciable fixed assets (including those financed by grants).

Cash and Cash Equivalents The City considers all demand deposits as well as all highly liquid investments (including restricted assets) with a maturity of three months or less when purchased to be cash equivalents.

Investments I

In all funds, except the pension trust funds, investments are stated at amortized cost. The investments of the pension trust funds are stated at market value.

I Receivables Utility operating revenues are generally recognized on the basis of cycle billings rendered monthly. The amount of services delivered after the last billing date and up to September 30 is estimated and accrued at year end.

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CITY OF BUSHNELL, FLORIDA l NOTES TO THE FINANCIAL STATEMENTS E SEPTEMBER 30, 1998 NOTE 1

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Inventories and Prepaid Items Inventories held by the utility funds are priced by the weighted average cost method at the lower of cost or market. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items.

Cost Reimbursements certain personal services and operating expenses recorded in various funds and departments are a result of services performed and expenses /

expenditures incurred for the benefit of other funds and departments.

In order to better reflect various funds' and departments' actual costs, a cost reimbursement is recorded as a reduction in expenditures or expenses. The funds and departments that benefit from the services and '

expenses / expenditures record a cost reimbursement as an increase in expenditures or expenses.

Proprietary Fund Fixed Assets Proprietary fund fixed assets are recorded at historical cost. Donated E fixed assets are recorded at fair market value on the date received. 3 Depreciation is computed by the straight-line method over the estimated useful lives of the assets as follows:

Useful Lives Electric Utility Fund Buildings 32 Years Improvements Other Than Buildings 25 to 40 Years Machinery, Equipment and Vehicles 6 to 12 Years Investment in Crystal River No. 3 Nuclear Plant 28 Years Water Utility Fund Improvements Other Than Buildings 25 to 101 Years Buildings 50 Years Equipment 25 Years Sanitation Fund Equipment 7 Years General Fixed Assets General fixed assets purchased are recorded as expenditures in the governmental fund types at the time of purchase. Such assets are capitalized at cost in the general fixed assets group of accounts. The City's policy is not to capitalize public domain fixed assets such as streets, right-of-ways, sidewalks, drainage systems and similar assets.

Donated fixed assets are valued at their estimated fair market value at the time of acquisition. Depreciation is not provided on general fixed assets.

Bond Discounts and Issuance Costs Bond discounts and insurance costs for proprietary fund types are deferred and amortized over the term of the bonds using the straight-line amortization method which produces a result not significantly different from the interest method. Bond discounts are presented as a ,

I reduction of the face amount of bonds payable, whereas issuance costs are recorded as deferred charges.

Compensated Absences The City accrues accumulated compensated absences for governmental and proprietary funds. Compensated absences are recorded in the govern-mental fund types as an expenditure for the amount accrued during the 14 I

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CITY OF BUSHNEII, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1998 NOTC 1

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (continued) year that would normally be liquidated with expendable available financial resources. The remainder of the liability is reported in the general long-term debt account group. The proprietary funds accrue compensated absences in the period they are earned.

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

Deferred Revenues Deferred revenues include amounts collected before the revenue recognition criteria are met and receivables which, under the modified accrual basis of accounting, are measurable but not yet available. The deferred revenues will be recognized as revenue in the fiscal year they are earned or become available. The deferred items consist primarily of grant revenues, over collected electric power cost adjustments, and for monies collected for use in future decommissioning of the Crystal River No. 3 Nuclear Power Plant.

Reserves Fund balances are reserved as follows:

General Fund Drug Interdiction S 13,271 Total General Fund $ 13,279 Specia?. Revenue Funds Reserve For Perpetual Care - Cemetery $381,221 Total Special Revenue Funds $381,221 Pension Trust Funds Reserved For Pension Benefits S 65,998 Total Pension Trust Funds S 65,998 Budgeting The City's procedures in preparing and adopting the annual budget are as follows:

• The City Manager is responsible for preparing a proposed operating budget for all governmental funds and proprietary funds for the upcoming year prior to September 30, that includes estimated revenues, proposed expenditures, and other financing sources and uses.

Public hearings are held to obtain taxpayer comments and suggestions.

I The budget is enacted through passage of a resolution.

l

• The City Manager is authorized to transfer budgeted amounts within any fund, but may not revise total fund expenditures without the approval of the City Council. The budgetary data presented is in agreement with the originally adopted budget as amended by the City f Council.

- Formal budgetary integration is employed as a management control device curing the year for substantially all funds. Budgets are

CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS ~l SEPTEMBER 30, 1998 l

NOTE 1

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (continued) adopted on a basis cor. stent with generally accepted accounting principles, except that t .e provision for depreciation expense is not included in the budget af the proprietary funds. Total budgeted appropriations within a governmental fund type may not be exceeded legally. Appropriations lapse at the end of the year. Budget data, l when presented in the general-purpose financial statements is j prepared on the same basis of accounting as that prescribed for the I fund. A 1998 annual operating budget was not prepared for the j Pension Trust Funds. j During the year, the City made supplemental budget appropriations which increased or decreased the budgets as indicated below Original Final Increase Governmental Funds Adopted Amended (Decrease) 1 l

General Fund $1,711,520 $1,715,180 $ 3,660 Special Revenue Funds 226,631 377,326 150,695 Total Governmental Funds $1,938,151 $2,092,506 $154,355 Original Final Increase Proprietary Funds Adopted Amended (Decrease)

Enterprise Funds 41,976,977 $2,063,477 $ 86,500 Total Proprietary Funds $1,976,977 $2,063,477 $ 86,500 Water Line Extension Charges Water line extension charges are made to customers to cover the full cost of the addition. Such charges are recorded as an equity contribu-tion. Costs of the extension are reported as property and equipment and depreciated over the estimated useful life of the asset.

Fund Equity contributed capital is recorded in proprietary funds that have received capital grants or contributions from developers, customers or other funds. Reserves represent those portions of fund equity not apprcpriable for expenditures or legally segregated for a specific future use.

Total Columns on Ccabined Statements Total columns on the combined statements are captioned " Totals (Memorandum Only)" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operatione, or cash flows in conformity I

with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data.

Comparative Data comparative total data for the prior year have been presented in the l accompanying financial statements in order to provide an understanding l of changes in the City's financial position and operations. However, l comparative data have not been presented in all statements because their inclusion would make certain statements unduly complex and dif ficult to understand. Minor reclassifications of 1997 amounts have been made to enhance coniparison to 1998.

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CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 3J', 1998 NOTE 1

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Property Taxes Under Florida law, the assessment of all properties and the collection of all county, municipal and school board property taxes are consoli-dated in the offices of the County Property Appraiser and County Tax Collector. The laws of the state regulating tax assessment are also designed to assure a consistent property valuation method statewide.

Florida Statutes permit municipalities to levy property taxes at a rate of up to 10 mills. The millage rate assessed by the City for the fiscal year ended September 30, 1998 was 2.147 mills.

The tax levy of the City is established by the City Council prior to October 1 of each year and the Sumter County Property Appraiser incorporates the City millages into the total tax levy, which includes the County and the County School Board tax requirements.

All property is reassessed according to its fair market value January 1 of each year. Each assessment roll is submitted to the Executive Director of the Florida Department of Revenue for review to determine if it meets all of the appropriate requirements of the Florida Statutes.

Taxes are assessed on November 1 of each year or as soon thereafter as the assessment roll is certified and delivered to the County Tax Collector. Unpaid taxes become delinquent on April 1 following the year in which they are assessed. Discounts are allowed for early payment at the rate of 4% in the month of November, 3% in the month of December, 2% in the month of January, and 1% in the month of February. The taxes paid in March are without discount.

On or prior to June 1 following the tax year, certificates are sold for all delinquent taxes on real property. After sale, tax certificates bear interest at 18% per year or any lower rate bid by the buyer.

Application for a tax deed on any unredeemed tax certificates may be made by the certificate holder af ter a period of two years. Unsold certificates are held by the County.

Delinquent taxes on personal property bear interest of 18% per year until the tax is satisfied either by seizure and sale of property or by the Five-year statute of limitations.

The City does not accrue its portion of the County held tax sales certificates or personal property tax warrants because such amounts are not measurable and available as of the balance sheet date.

NOTE 2 DEPOSITS AND INVESTMENTS Deposits At year end, the carrying amount of the City's cash deposits was

$2,705,390 and the bank balance was $2,771,307. All cash deposits were held in qualified public depositories and were covered by federal depository insurance or by the Florida Security for Public Depos'its Act (the Act); Chapter 280 of the blorida Statutes. The Act established a multiple financial institution collateral pool with the ability to assess member institutions to satisfy the claims of governmental entities if any member financial institution fails. This ability to assess provides protection which is similar to depository insurance.

Investments Governmental investments are generally required to be categorized as either: (1) insured or registered for which the securities are held by 17

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l CITY OF BUSENELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1998 l

NOTE 2 DEPOSITS AND INVESTMENTS (continued) ll l the City or its agent in the City's name; (2) uninsured and unregistered for which the securities are held by the broker's or dealer's trust department or agent in the City's name; or (3) uninsured and unregistered for which the securities are held by the broker or dealer, or by its trust department or agent, but not in the City's name. All of the city's investments are limited to certificates of deposit and are classified as cash deposits, as discussed in the preceding paragraph.

NOTE 3 RECEIVABLES l Accounts receivable at September 30, 1998 are as follows:

General Enterprise Fund Funds Utility Taxes and Franchise Fees S 59,756 $ -

Customer Accounts Receivable, Net of Allowance for Uncollectibles - $2,000 - 404,303 Net Receivables S 59,756 $404,303 NOl'E 4 RESTRICTED ASSETS Nuclear Decommissioning The Florida Public Service Commission requires utilities to set aside monies to pay the estimated future cost of dismantling or decommission-ing nuclear power plants. The City has set aside such monies in the custody account with a third party trustee.

Customer Deposits l Customer deposits have bean restricted to indicate that the amount is 3 not available for the financing of current utility operations.

NOTE 5 PROPERTY, PLANT AND EQUIPMENT Changes in General Fixed Assets The following is a summary of changes in the general fixed assets account group during the fiscal year:

Balance Deletions Balance October 1 and September 30, 1997 Additions Iransfers 1998 l l

Land S 486,170 S 200 S

- S 486,370 Buildings 274,630 179,878 - 454,508 Improvements Other .

Than Building 473,870 33,597 - 507,467 l Machinery and Equipment 750,223 120,867 - 871,090 '

I Total $1,984,893 $334,542 S

- $2,319,435 18 I

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l l CITY OF BUSENELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1998 l NOTE 5 PROPERTY, PLANT AND EQUIPMENT (continued)

The following is a summary of the Proprietary Fund Type, plant, I property, and equipment at September 30, 1998:

Electric Water Utility Utility Sanitation Fund Fund Fund Totals )

Land S 2,300 S 18,090 $ -

S 20,390 Buildings 217,044 439,541 656,585 I

Improvements other Than Building 1,713,783 1,083,435 -

2,797,218 Machinery and Equipment 304,507 486,319 213,940 1,004,766 l Total 2,237,634 2,027,385 213,940 4,478,959 Less: Accumulated Depreciation 903,158 669,793 169,818 1,742,769 l Net $1,334,476 $1,357,592 $ 44,122 S2,736,190 NOTE 6 LONG-TERM LIABILITIES The following is a summary of all long-term liabilities of the Proprietary Fund Types - Enterprise Funds at September 30, 1998.

Florida Municipal Power Agency (FMPA) - Initial Pooled Loan Project The City has entered into a financing agreement with the FMPA. Interest is payable monthly at a variable rate (currently 3.60% plus a 1.15% administration fee). Final maturity is July 1, 2011. $356,000 Water Fund note Payable - AmSouth Bank of Florida I During the 1994-95 fiscal year, the city borrowed

$150,000 from AmSouth Bank of Florida to finance construction of 5,800 feet of water main extension along State Road 48. This note is collateralized with monthly payments of principal and interest beginning on July 2, 1995, and ending on June 2, 2005 (120 payments). The interest rate on the note is fixed at 5.98% per annum, with total monthly payments being

$1,663.82. The city made a $50,000 early payment on the note principal in March 1996. Final maturity is May 2, 2001. 49,652 I Total Loans and Notes Payable (Current Maturities)

Long-Term Portion 405,652 (58,882)

$346,770 The following represents the debt service requirements to matu'rity of all the City's propriety fund types - Enterprise Funds as of September 30, 1998 including total future interest payments.

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CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATENENTS SEPTENBER 30, 1998 NOTE 6 LONG-TERN LIABILITIES (continued)

Year Electric Utility. Fund Water Utility Fund Ending AmSouth 9/30 FMPA Loan FMPA Loan Bank Note Total 1999 $ 28,161 S 25,813 $ 19,966 S 73,940 2000 32,161 28,169 19,966 80,408 2001 31,162 27,465 13,958 72,585 2002 22,723 22,723 2003 22,174 22,174 2004 26,625 26,625 2005 25,893 25,893 2006 25,161 25,161 2007 24,429 24,429 2008 28,697 28,697 2009 27,782 27,782 2010 26,867 26,867 2011 26,952 26,952 91,596 338,750 53,890 484,236 Less:

Amounts Representing Interest (4,246) (70,100) (4,238) (78,584)

Current Principal Portion (26,205) (18,795) (13,882) (58,882)

Long-Term Debt S 61,145 $249,855 S 35,770 $346,770 Crystal River III Decommissioning Trust Fund Federal law requires that an external trust fund be created to E accumulate amounts to pay for the future plant decommisaloning. The 5 City contributes to a common trust fund, maintained by FMPA, for all its members that own a portion of the Crystal River III Nuclear Generating Unit. As of September 30, 1998, the City has a balance in the trust fund of $82,929.

Crystal River III Nuclear Decommission Cost Payable The City is responsible for its share of the future costs to decommis-sion the Crystal River III Nuclear Generating Unit. The City is accruing this cost over the expected useful life of the plant. A summary of the activity in the liability account is as follows:

Balance, September 30, 1997 $74,897 1997 Accrual 8,032 Balance, September 30, 1998 $82,929 NOTE 7 GENERAL LONG-TERN DEBT Bank Note Payable - Community National Bank on August 25, 1997, the City borrowed $290,000 from Community National Bank of Pasco County for the purpose of financing the construction of the City's new public works building. The loan is collateralized by a first lien on 50% of the annual local option gas tax revenue, with a minimum annual collateral of $90,000.

The loan is payable in semi-annual principal payments nf $14,500 plus accrued interest at 4.88% beginning June 1, 1999, and i; due December E, 1, 2008. Annual debt service requirements for the loan are as follows: E(l i

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I CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1998 l 1

l NOTE 7 GENERAL LONG-TERM DEPT (continued)

Xgag Princioal I Interest Total 1999 $ 14,500 S 11,070 $ 25,570 2000 29,000 13,224 42,224 2001 29,000 11,795 40,795 2002 29,000 10,365 39,365 2003 29,000 8,935 37,935 2004 29,000 7,506 36,506 2005 29,000 6,076 35,076 I 2006 2007 2008 29,000 29,000 29,000 4,647 3,217 1,787 33,647 32,217 30,787 2009 14,500 357 _14,979 I S290,000 $ 78,979 S368,979 Bank Note Payable - Community National Bank j On July 15, 1994, the City borrowed $150,000 from Community National l Bank of Pasco County, payable in monthly payments of $1,597, including '

interest at 5.00%, beginning August 15, 1994. The loan is due July 15, 2004 and is unsecured. Remaining annual debt service requirements are i as follows: I Xgar Principal Interest Total 1999 S 14,686 S 4,472 S 19,158 2000 15,437 3,721 19,158 2001 16,227 1,931 19,158 2002 17,057 2,101 19,158 2003 17,930 1,228 19,158 2004 14,004 325 14,329

$ 95,341 $ 14,778 S110,119 The following is a schedule of changes in General Long-Term Debt for the year ended September 30, 1998:

Balances Principal Balances 10/01/97 Additions Reductions 9/30/98 Community National Bank S -

$290,000 $ -

$290,000 I Community National Bank Capital Lease obligation Compensated Absences 109,291 72,576 66,920 6,318 (13,950)

(72,576) 95,341 73,238

$248,787 $296,318 $(86,426) $458,579 NOTE 8 COMPENSATED ABSENCES Accumulated unpaid vacation and sick pay benefits are accrusd when incurred in proprietary funds. Such amounts are not accrued in governmental funds. At September 30, 1998, the general long-term debt group of accounts included $73,238 vacation and sick pay.

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CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1998 l a

l I

NOTE 8 COMPENSATED ABSENCES (continued)

Accumulated unpaid vacation and sick pay in Enterprise Funds are as follows at September 30: j 1998 1997 Electric Utility Fund $28,668 S26,866 Water Utility Fund 20,503 19,119 Sanitation Fund 5,499 5,210 Total S54,670 $51,215 The policy as of September 30, 1998 is to vest up to a maximum accumulation of 1,040 hours4.62963e-4 days <br />0.0111 hours <br />6.613757e-5 weeks <br />1.522e-5 months <br /> of sick leave. Upon voluntary termination, 50% of the accumulated hours are paid to the employee (75% for long-term employees with twenty or more years of full-time service). The City accrues 100% of unpaid vacation pay and 50% of accumulated unpaid sick pay at the employee's current pay rate.

NOTE 9 CONTRIBUTED CAPITAL The changes in the City's contributed capital accounts for its l Enterprise (Proprietary) Funds were as follows:

Electric Water Utility Utility Sanitation Fund Fund Fund Totals Balance, October 1 S176,907 S 905,801 $29,449 S1,192,157 i Additions:

Capital Contribution from Customers -

15,791 - 15,791 Capital Contribution from General Fund - 36,510 -

S 36,510 Balance, September 30 $176,907 S1,038,102 S29,449 $1,244,458 NOTE 10 ELECTRIC POWER AGREEMENTS Crystal River Power Unit No. 3 Participation Agreement The City is a participant in an agreement with Florida Power Corpora-tion, which was entered into on July 31, 1975. Under terms of the agreement, the City acquired a 0.0388% ownership interest and generation entitlement share in the nuclear steam electric generating unit.

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

Florida Power Corporation has been appointed by the participants to act as their agent and has sole authority to manage, control, maintain and operate the unit. Operating costs of the unit, in general, are' shared in proportion to each generation entitlement share on a monthly basis.

Common and external facilities of the generating unit are solely owned by Florida Power Corporation, and participants share in the operating l and maintenance expenses of such facilities in proportion to their 5 generation entitlement share.

The participation agreement provides for reversion of the ownership interest of the unit to Florida Power Corporation on August 1, 2050, or upon retirement from service, whichever occurs first. The book value 22

CITY OF BUSHNELL, FI,ORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1998 NOTE 10 ELECTRIC POWER AGREEMENTS (continued) of the investment included in utility plant in service on September 30, 1998, was $352,762.

Florida Municipal Power Agency (FMPA)

The City is a member of the FMPA, which is a joint action agency formed I

by a number of Florida municipalities for the purpose of providing electric power alternatives for its members.

FMPA is a nonprofit, joint action agency formed pursuant to Florida I Statutes Chapter 163, Parts I and II ("The Interlocal Act" and "The Joint Power Act"). FMPA has the authority to undertake joint power supply projects and to issue tax-exempt bonds or other obligations to finance or refinance the costs of such projects.

Due to the diverse needs of Florida's municipal electric system, FMPA was established as a project-oriented agency. Under this structure, each member has the option whether or not to participate in a project.

I Members may choose to participate in more than one project; however, each of the FMPA's five projects is independent from the other, and no revenues or fund available from one project can be used to pay the costs of any other project.

The City has elected to participate in the "All Requirements Project",

which supplies all the City's power requirements. The agreement will remain in effect until October 1, 2025, with optional successive five-I year renewal periods. Power rates charged to the City by FMPA are subject to a majority vote of the Board of Directors of FMPA.

addition, the city has elected participation in the " Pooled Loan In Project" in which FMPA issues debt, then loans the money to individual systems to finance utility related projects.

NOTE 11 DEFINED BENEFIT PENSION PLANS Florida State Retirement System All full-time employees of the City hired prior to January 1, 1996, participate in the Florida State Retirement System (the System). This I system was created by the Flcrida Legislature and.is a cost-sharing, multiple-employer defined benefit public retirement plan available to governmental units within the State of Florida. The System issued a publicly available financial report that includes financial statements and required supplementary information for the System. That report may I be obtained by writing to the Florida Retirement System, Division of Retirement, 2639-C Uorth Monroe Street, Tallahassee, Florida 32399-1560, or by calling (850) 488-5706.

All full-time employees of the City hired prior to January 1, 1996 are eligible to participate in the System. Special risk employees who retire at or after age 55, with ten years of creditable service; and all other employees who retire at or after age 62, with ten years of creditable service; are entitled to a retirement benefit, ' payable monthly for life, equal to the product of: 1) average monthly compensa-L tion in the highest five years of creditable service; 2) creditable service during the appropriate period; and 3) the appropriate benefit percentage. Benefits fully vest on reaching ten years of service.

p Vested employees may retire after ten years of creditable service and L receive reduced retirement benefits. The System also provides death benefits, disability benefits and annual cost-of-living adjustments.

Benefits are established by Florida Statute.

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CITY OF BUSENEI.L, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1998 NOTE 11 DEFINED BENEFIT Ph.CICM PLANS (continued)

The funding ~ methods and the determination of benefits payable are provided in various acts of the Florida Legislatu e. These acts provide that employers, such as the City, are required to contribute 17,43% of the compensation for regular members, 27.10% for special risk, and 22.24% for senior management through 06/30/98. Beginning 07/01/98 the required contribution rate changed to 16.45%, 25.32% and 24.04% of the member's gross compensation for regular members, special risk and senior management, respectfully. The city's contributions to the System for the years ended September 30,. 1998, 1997, and 1996, were as follows:  ;

e a_g y_e Amount 1998 $102,925 l 1997 S113,744 1996 S115,281 Florida State Retirement System Opt-Out In December 1995, the City Council approved opting out of the Florida State Retirement System effective with all new employees hired after l January 1, 1996. City employees covered under the System at December 31, 1995 will continue to participate in the state System and the City will continue to make contributions on their behalf.

Pension Trust Funds

. Plan Description In January 1996, the City adopted two separate single-employer pension plans, on's for police officers and a general employees' retirement plan that covers substantially all full-time City employees employed after January 1, 1996, pursuant to the City's opt out of the Florida Retirement System. These plans are maintained as pension trust funds and included as part of the City's reporting entity. City ordinance and state law requires contributions to be determined by actuarial studies.every three years. Both plans had actuarial studies performed on a pro forma basis immediately prior to plan adoption, but not since then. Stand-alone financial reports are not issued.

The general employees' retirement plan covers all full-time employees, except for police officers. The plan is noncontributory, and the City provides the full contribution to fund the plan. The annual pension cost related to the plan includes amortization, over a thirty-year period, of a prior service cost established october 13, 1995.

The police officers' retirement plan covers all full-time police officers. The plan is contributory and requires participants to contribute 1% of their salary to the plan. The City provides the balance of contributions required after the participants' contribu-tions. In addition, state funds collected under Florida Statutes Chapter 175 and 185 are contributed to the plan. The pension cost of the Police Of ficers' Retirement Plan includes the amortizatio'n, over a thirty-year period, of prior service costs established October 13, 1995.

Substantially all full-time City employees hired on or after January 1, 1996, are eligible to participate in their respective plans.

Benefits vest af ter ten years of credited service for all employees.

In 1995, an actuarial study was performed before the plan began, which analyzed estimated payroll and premium tax receipts in order to

l l

CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATENENTS SEPTENBER 30, 1998 NOTE 11 DEFINED BENEFIT PENSION PLANS (continued) provide an estimated contribution of the subsequent three fiscal years. A consulting actuary estimates the actuarial present value of accumulated plan benefits. This is the liability that results from applying actuarial assumptions to adjust the accumulated benefits earned by the participants to reflect the time value of money (through discounts for interest) and the. probability of payment (by means of decrements such as for death, disability, withdrawal or retirement) between the valuation date and the expected date of payment.

I Significant actuarial assumptions used to compute the pension obligations follow:

Actuarial Assumptions Used in Valuation General Emoloyees Police Officers Interest to be Earned by Fund 8% Compounded Annually 8% Compounded Annually I Salary Increase Factors (Actuarial 6% Per Yea 6% Per Year Report Does Not I Distinguish Between Inflation, Merit and Seniority)

I Loading None Service Retirement Liabilities are Loaded By 1% to Account For Unused Sick Leave These actuarial assumptions are based on the presumption that the plans will cont.nue. If the plans were to terminate, different actuarial assurptions and other factors might be applicable in determining the actuarial present value of accumulated plan benefits.

Current Year Activity For the year ended September 30, 1998, the general employees' I retirement plan had seven nonvested participants and the police officers' retirement plan had three nonvested participants.

general employee terminated during the year.

One I The City is obligated to contribute to the plans pursuant to the City Code Section 18-4.

the consulting actuary.

The amount of the contributions are certified by During fiscal year 1997-98, the City contributed $7,766 to the general employees' retirement plan and

$9,127 to the police officers' plan.

Plan Assets L. Plan assets are invested in bank deposit accounts. Investment decisions are made by the trustee with direction from the Board of Trustees. Net assets available for benefits at market value for the general employees' and police officers' pension plans at September 30, 1998, were $12,061 and S53,939, respectively.

Ft.nding Status and Progress According to Florida Statutes, Chapters 175, 185, and 112, an actuarial valuation is required once every three years. An actuarial valuation determines the funding necessary to keep the plan solvent.

Because the ef fective date of the City's plan was January 1,1996, an M

25

CITY OF BUSENELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1998 NOTE 11 DEFINED BENEFIT PENSION PLANS (continued) actuarial valuation has not yet been completed and is not required but once every 3 years. In the interim, the City makes contributions based on the estimated actuarial study a noted above. Consequently, ,

certain disclosures required by Government Accounting Standards are I not available.

e Trend Information The supplemental schedules section contains the required historical trend information which provides further information about progress being made in accumulating assets to pay benefits when due. Certain of the requirn, schedules are presented for the years for which the pension benefit obligation is currently available. These schedules )

will expand in comparable years as more information becomes l available. j l

l NOTE 12 DEFERRED COMPENSATION PLAN t The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457 The plan, available to all City employees, permits them to defer a portion of their salary until future years. The deferred compensation plan is not available to employees until termination, retirement, death, or unforeseeable emergency.

In October 1997, the GASB issued Statement No. 32, Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred l Compensation Plans. This statement allows the employer to not report the assets and liabilities in their financial statements if the employer j has met the new criteria of the Internal Revenue Code Section 457 and does not retain fiduciary accountability for the plan assets. During lj!

1998, the City amended its deferred compensation plan to reflect the changes in the Internal Revenue Code and, in the opinion of management, E) '

does not retain fiduciary accountability for plan assets.

Accordingly, the City is implementing GASB Statement No. 32, and is no longer including the assets and liabilities of the deferred compensation fund in its financial statements. There is no effect on the City's overall fund balance or retained earnings, as the plan was an agency fund in which plan assets equals liabilities.

It is the opinion of the City that the City has no liability for losses under the plan but does have the duty of due care.

NOTE 13 RETIREMENT BENEFITS The City allows retired employees to participate in the City's health insurance plan. These retirees are responsible for their premium payments. Currently, there are three retirees participating.

NOTE 14 OTHER DISCLOSURES A. Segment Infonnation for Enterprise Funds The City operates three enterprise funds which provide electric, water, and sanitation services. Segment information for the year ended September 30, 1998, is as follows:

26

CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1998 NOTE 14 OTHER DISCLOSURES (continued)

Electric Water Total Utility Utility Sanitation Enterprise Fund Fund Fund Funds Operating Revenues $1,863,515 S 371,517 $261,928 S2,496,960 Depreciation Expense 99,036 62,848 16,780 178,664 Operating Income 464,752 93,163 22,422 580,337 Operating Transfers (Out) (187,000) (25,000) (10,000) (222,000)

Net Income 306,148 61,112 18,739 385,999 Current Capital contributions - 52,301 -

52,301 Plant, Property and Equipment:

Additions 103,765 71,546 3,980 179,291 Deletions, net of ,

accumulated depreciation - - - -

Total Assets 2,830,915 1,726,012 237,032 4,793,959 Net Working Capital 1,075,118 246,046 172,188 1,493,352 Other Long-Term Liabilities Payable from operating Revenue 61,145 285,625 -

346,770 Total Fund Equity 2,350,103 1,359,667 216,310 3,926,080 Total Retained >

Earnings 2,173,196 321,565 186,861 2,681,622 B. Interfund Receivables and Payables Interfund receivables and payables at September 30, 1998, are as follows:

Interfund Interfund Receivables Payables I General Fund Water Utility Fund Electric Utility Fund S 20,398 19,185 11,902

$ 12,467 19,185 General Employees' Retirement Fund -

1,091 Police Officers' Retirement Fund 1,656 -

CDBG Fund - 20,398 Total Interfund Receivables and Payables S 53,141 S 53,141 C. Interfund Transfers In (Out)

Interfund transfers in (out) at September 30, 1998, are as follows:

Interfund Interfund Transfers Transfers In Out General Fund $222,000 S -

Electric Utility Fund - 187,000 Water Utility Fund -

25,000 Sanitation Fund - 10,000 Total Interfund Transfers In (Out) $222,000 $222,000 27

r CITY OF BUSHNELL, FLORIDA NOTES TO THE FINANCIAL STATENENTS SEPTEMBER 30, 1998 NOTE 14 OTHER DISCLOSURES (continued)

D. Allowances For Doubtful Accounts Allowances for doubtful accounts at September 30, 1998, are as follows:

Electric Utility Fund S 1,000 Water Utility Fund 500 Sanitation Fund 500 Total Allowances For Doubtful Accounts S 2,000 E. Excess of Operating Expenses Over Budgeted Operating Expenses in '

Individual Funds Excess of operating expenses over appropriations in individual funds are as follows at September 30, 1998:

Operating Expenses in Excess of Budgeted Budcet Actual Operatino Excenses Electric Utility Fund $1,397,672 S1,398,763 $ (1,091)

Water Utility Fund S 197,593 S 278,354 S(80,761)

Sanitation Fund S 221,436 S 239,506 $(18,070)

F. Deficit retained earnings / fund balances of individual funds at September 30, 1998: None.

NOTE 15 RISK MANAGEMENT The city is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters. The City transfers risk of loss through the purchase of commercial insurance from the Florida League of Cities, Inc. and independent agencies. Insurance against losses are provided for the following types of risk:

• Eorkers' Compensation and Employer's Liability W Employees' Health Insurance

• General and Automobile Liability

• Real and Personal Property Damage

• Public Officials Liability

• Accidental Death and Disability 1

The city's coverage for workers' compensation is under a retrospectively I rated policy. Premiums are accrued based on the ultimate cost to date I of the City's experience for this type of risk.

NOTE 16 CONTINGENCIES Grants Amounto received or receivable from grantor agencies are subject to audits and adjustment by grantor agencies. If any expenditures are disallowed as a result of these audits, the claims for reimbursement to the grantor agency would become a liability of the City. In the opinion of management, any such adjustments would not be sigaificant.

28

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REQUIRED SUPPLEMENTARY INFORMATION l

GENERAL EMPLOYEES' AND POLICE OFFICERS' RETIREMENT PLANS The following supplemental schedules present trend information regarding the retirement plans for the City's general employees and police officers. This information is necessary for a fair presentation in conformity with generally accepted accounting principles.

YEAR 2000 COMPLIANCE The following supplemental information regarding the City's Year 2000 Project (Y2K issue) is presented in conformance with the Governmental Accounting Standards Board Technical Bulletin 98-1 as amended.

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CITY OF BUSHNELL, FIARIDA YEAR 2000 COMPLIANCE (UNAUDITED)

REQUIRED SUPPLEMENTARY INFORMATION l SEPTEMBER 30, 1998  !

Some of the City's older computer programs were written using two digits rather than four digits to define the applicable year. As a result, those computer programs have time-sensitive software that recognizes a date using "00" as the year 1900 rather than the year 2000. This could cause a system failure or miscalculations causing disruptions of operations, including, among other things, a temporary inability to process transactions, send invo!ces, or engage in similar normal business activities.

The City has a year 2000 task force to determine the status of current personal j computers, software, and other electronic devices (such as the telephone system). l The City's task force has completed an assessment and is currently in both the remediation and testing stages of its year 2000 project. The City has installed new software for its general ledger accounting, accounts payable, and utility billing, and is currently in the testing stage for these software modules. l Additionally, the City is in the process of replacing its software modules for l payroll, fixed assets, and occupational licenses so that all of its computer '

systems will function properly with respect to dates in the year 2000 and thereafter.

Previous to the Y2K issue, the City had made plans to purchase and replace its computer hardware and software programs. As a result, City management is of the opinion that the City has not incurred any additional costs towards resolving the Y2K issue and that no further costs will be incurred in its Y2K project.

The city's task force believes that all of the city's electronic equipment, including validation and testing of changes made, will be 2000 compliant not later than December 1999, which is prior to any anticipated impact on its i operating systems. The City believes that with modifications to any existing i software retained and conversions to new sof tware, the year 2000 issue will not pose significant operational problems for its computer systems. However, if such

.I conversions are not made, or are not completed timely, the year 2000 issue could have a material impact on the operations of the City. i The costs of the project and the date on which the city believes it will complete =

the year 2000 modifications are based on management's and the task force's best estimates, which were derived utilizing numerous assumptions of future events, j including the continued availability of certain resources and other factors. 1 However, there can be no guarantee that these estimates will be achieved, and  !

actual results could dif fer materially from those anticipated. Specific factors j that might cause such material differences include, but are not limited to, the i availability and cost of personnel trained in this area, the ability to timely obtain replacement software and similar uncertainties. I l

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COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES I

I

i This Page Left Intentionally Blank 4

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1 GENERAL FUND l

l The General Fund is used to account for resources tradition- I ally associated with governments which are not required to be accounted for in another fund. The General Fund receives a greater variety and number of taxes than any other fund. The City of Bushnell, Florida General Fund directly services '

general long term debt.

I

CITY OF BUSHNELL, FLORIDA A-1 GENERAL FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 1998 AND 1997 1221 1222 ASSETS Cash S 845,241 S 740,453 Utility Taxes and Franchise Fees Receivable 59,726 57,108 Due From Other Governments 74,355 51,979 . I Due From Other Funds 20,398 -

30 315

.Other Receivablos Total Assets S 999,750 $ 849,855 LIABILITIES AND FUND BALANCE Liabilities:

Due to Other Funds S 12,466 $ -

Accounts Payable 127,576 52,968 Other Accrued Expenses 23,652 23,038 Deposits 850 1,325 l Total Liabilities 164,544 77,331 Fund Balances:

Reserve for Drug Interdiction 13,279 9,810 Fund Balance--Unreserved 821,927 762,714 Total Fund Balance 835,206 772,524 Total Liabilities and Fund Balance S 999,750 $ 849,855 l

l l

The notes to the financial statements are an integral part of this statement.

32

CITY OF BUSHNELL, FLORIDA A-3 GENERAL FUND COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE YEARS ENDED SEPTEMBER 30, 1998 AND 1997 1.993 1.9.91 Revenues:

Taxes S 708,234 S 577,880 Licenses and Permits 25,446 14,891 Intergovernmental 258,313 385,963 Grant Revenue 2,830 24,297 Charges for Services 5,388 3,074 Fines and Forfeits 23,348 34,834 I Interest and Miscellaneous 66,730 59,979 Total Revenues 1,090,289 1,100,918 Expendituress General Government 288,536 279,604 l Public Safety Physical Environment 515,387 12,682 469,726 15,810 Transportation 528,629 201,520 1 Economic Environment Culture and Recreation 9,000 148,863 13,000 289,541 Total Expenditures 1,503,097 1,269,201 (Deficiency) of Revenues (Under)

Expenditures (412,808) (168,283)

Other Financing Sources:

Debt Proceeds 290,000 -

1 Operating Transfers In:

Electric Utility Fund 187,000 187,000 Water Utility Fund 25,000 25,000 I Sanitation Fund 10,000 10,000 Total Other Financing Sources 512,000 222,000 Excess of Revenres and Other Financing Sources Over Expenditures 99,192 53,717 Fund Balances October 1 772,524 718,807 Residual Equity Transfer (out) (36,510) -

Fund Balances September 30 S _ 835,206 S 772,524 M

The notes to the financial statements are an integral part of this statement.

~

33

f A-3 I

CITY OF BUSHNELL, FLORIDA (Page 1 of 2) g GENERAL FUND g SCHEDULE OF REVENUES COMPARED TO BUDGET YEAR ENDED SEPTEMBER 30, 1998 (WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30, 1997) 1998 VARIANCE FAVORABLE 1997 BUDGET ACTUAL (UNFAVORABLE ACTUAL Taxes:

Ad Valorem Taxes S 97,247 S 93,779 $ (3,468) $ 96,703 Local Government Infrastructure Surtax 103,415 112,048 8,633 106,809 Local Option Gas Tax 201,858 186,847 (15,011) 186,031 Franchise Fees:

Telephone 3,102 2,362 (740) 2,433 Electric 51,756 52,108 352 50,984 Cable TV 13,307 17,292 3,985 17,145 Utility Service Taxes:

Telephone 83,985 75,494 (8,491) 99,256 Gas 14,131 10,573 (3,558) 12,363 Electric 58,820 57,800 (1,020) 57,394 City Utility Tax 99,633 99,931 298 94,711 Total Taxes 727,254 708,234 (19,020) 723,829 Licenses and Permits:

Occupational Licenses 5,541 5,878 337 4,667 Building Permits 11,000 19,568 8,568 10,224 Total Licenses and Permits 16,541 25,446 8,905 14,891 Intergovernmental:

Two-Cent Cigarette Tax 20,020 18,549 (1,471) 18,263 l State Revenue Sharing 54,931 57,104 2,173 54,082 Mobile Home Licenses 5,800 6,477 677 6,403 Alcoholic Beverage License 514 1,145 631 461 Half-cent Sales Tax 66,519 71,053 4,534 67,328 .

l County Fire Fee 50,492 67,217 16,725 51,161 County occupational Licenses 2,700 1,780 (920) 2,232 l Sumter County Gas Tax 35,278 34,988 __, (290) 40,082 5 Total Intergovernmental 236,254 258,313 22,059 240,012 l

l The notes to the financial statements are an integral part of this statement.

34

A-3 CITY OF BUSHNELL, FLORIDA (Page 2 of 2)

GENERAL FUND I SCHEDULE OF REVENUES COMPARED TO BUDGET YEAR ENDED SEPTEMBER 30, 1998 (WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30, 1997)

I 1998 VARIANCE I FAVORABLE 1997 BUDGETED ACTUAL (UNFAVORABLE ACTUAL Grcnt Revenue:

I Federal Law Enforcement Grant S 3,659 5 2,830 $ (829)$ 1,458 FRDAP Grant - - -

22,839 Total Grant Revenue 3,659 2,830 (829) 24,297 charges for Services:

Howing Fees 1,750 40 (1,710) 3,074 I Fall Festival 7,000 5,348 (1,652) 8,811 Total Charges for Services 8,750 5,388 (3,362) 11,885 Fines and Forfeitures:

Fines and Forfeitures 35,000 22,630 (12,370) 34,070 Police Education 800 718 (82) 764 Total Fines and Forfeitures 35,800 23,348 (12,452) 34,834 Miccellaneous:

I Interest Earned 27,900 30,024 2,124 24,817 Rent - Community Building 4,000 3,132 (868) 3,970 Rent - Tower Space -

4,815 4,815 -

i Miscellaneous Sale of Assets 6,000 28,759 22,759 7,763 14,620 Total Miscellaneous 37,900 66,730 28,830 51,170 TOTAL REVENUES S 1,066,158 S 1,090,289 S 24,131 S 1,100,918 I

I I

I

[

r-The notes to the financial statements are an integral part of this statement.

35

A-4 CITY OF BUSHNELL, FLORIDA (Page 1 of 2)

GENERAL FUND SCHEDULE OF EXPENDITURES BUDGET AND ACTUAL YEAR ENDED SEPTEMBER 30, 1998 (WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30, 1997) 4 1998 VARIANCE FAVORABLE 1997 EXPENDITURES: BUDGETED ACTUAL fUNFAVORABLE ACTUAL GENERAL GOVERNMENT:

Legislative Personnel Expenses S 18,000 S 18,000 $ -

S 18,000 Operating Expenses 5,148 5,122 26 4,598 Grants and Aids 5,143 4,765 378 1,650 Total Legislative 28,291 27,887 404 24,248 Financial and Administrative I Personnel Expenses 148,651 151,537 (2,886) 142,451 l Operating Expenses 53,164 48,*77 i 4,987 59,783 l Capital outlay 17,116 17,823 (707) 10,421 Debt Service 19,159 19,158 1 20,755 Total Financial and Administrative 238,090 236,695 1,395 233,410 ,

J Legal Counsel:  !

Operating Expense 22,599 23,954 (1,355) 21,946 TOTAL GENERAL GOVERNMENT 288,980 288,536 444 279,604 PUBLIC SAFETY:

Police DeparttLeats Personnel Expensus 274,923 284,106 (9,183) 267,793 Operating Expenses 51,957 49,419 2,538 58,584 Capital outlay 3,659 3,659 28,993 Total Police Department 330,539 337,184 (6,645) 355,370 Fire Departments Personnel Expenses 19,961 28,080 (8,119) 14,994 Operating Expensen 24,422 25,282 (860) 20,624 Capital outlay 9,650 8,034 1,616 12,877 Debt Service _ 77,945 77,944 1 17,541 Total Fire Department 131,978 139,340 (7,362) 66,036 Building Departments Personnel Expenses 35,509 35,837 (328) 32,676 E Operating Expenses 4,350 2,626 1,724 2,675 Capital Outlay -

400 (400) 12,969 Total Building Department 39,859 38,863 996 48,320 TOTAL PUBLIC SAFETY 502,376 515,387 (13,011) 469,726 The notes to the financial statements are an integral part of this statement.

36

l A-4 j CITY OF BUSHNELL, FLORIDA (Page 2 of 2)

GENERAL FUND SCHEDULE OF EXPENDITURES BUDGET AND ACTUAL YEAR ENDED SEPTEMBER 30, 1998 (WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30, 1997) 1998 VARIANCE FAVORABLE 1997 EXPENDITURES (continued): BUDGETED ACTUAL (UNFAVORABLE ACTUAL PHYSICAL ENVIRONMENT:

Cemetery:

Operating Expenses S 9,514 $ 10,282 S (768)S 13,410 1 Grants and Aid 2,400 2,400 -

2,400 TOTAL PHYSICAL ENVIRONMENT 11,914 12,682 (768) 15,810 TRANSPORTATION:

Road and Street Departments Personnel Expenses 79,299 97,053 (17,754) 70,581 l Operating Expenses Capital Outlay 243,186 375,000 182,176 249,400 61,010 125,600 79,117 51,822 TOTAL TRANSPORTATION 697,485 528,629 168,856 201,520 ECONOMIC ENVIRONMENT:

Grants and Aid 13,000 9,000 4,000 13,000 CULTURE AND RECREATION:

Library:

Personnel Expenses 6,774 4,963 1,811 1

Operating Expenses 3,582 3,335 247 783 Grants and Aid - - -

7,500 Capital Outlay -

1,000 (1,000) -

Total Library 10,356 9,298 1,058 8,283 Parks and Recreation:

I Personnel Expensea operating Expenses 54,455 73,550 34,312 72,226 20,143 1,324 44,237 47,797 Capital Outlay - - -

38,223 FRDAP Grant - Capital Outlay - - -

132,004 Total Parks and Recreation 128,005 106,538 21,467 262,261 Special Events and Other Services:

Operating Expenses 37,406 33,027 _ 4,379 18,997 TOTAL CULTURE AND RECREATION 175,767 148,863 26,904 289,541 TOTAL EXPENDITURES S 1,689,522 S 1,503,097 $ 186,425 S 1,269,201 I

h u

The notes to the financial statements are an integral part of this statement.

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[ 4 SPECIAL REVENUE FUNDS

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Special revenue funds are used to account for specific revenues

{ that are legally restricted to expenditures for particular purposes.

[ Evergreen Cemetery Fund - To account for the proceeds and expendi-tures generated to maintain the City's cemetery.

Community Development Block Grant (CDBG) Fund - To account for the

( receipts awarded and expenditures made in compliance with grant requirements to develop the City's downtown area.

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r*'

F CITY OF BUSHNELL, FLORZDA B-1 I

SPECIAL REVENUE FUNDS COMBIN1u, BALANCE SHEET M SEPTEMBER 30, 1998 AND 1997 EVERGREEN CDBG TOTALS CEMETERY GRANT 1998 1997 S

ASSET _S Current Assets:

Cash $ 383,471 S 5,220 S 388,691 S 383,568 Due From Other Governments - 20,749 20,749 89,673 TOTAL ASSETS S 383,471 S 25,969 $ 409,440 $ 473,241 LIABILITIES AND FUND BALANCES Liabilities:

Accounts Payable S S 5,571 $ S,571 $ 97,330 Due to General Fund -

20,398 20,398 -

Deferred Revenues - - -

11,026 Deposits 2,250 - 2,250 2,100 Total Liabilities 2,250 25,969 28,219 110,456 Fund Balances Reserved Perpetual care 381,221 -

381,221 362,785_

TOTAL LIABILITIES AND FUND BALANCES S 383,471 S 25,969 $ 409,440 $ 473,241 l

\

l The notes to the financial statements are an integral part of this statement.

38

CITY OF BUSHNELL, FLORIDA B-3 I SPECIAL REVENUE FUNDS COMBINING STATEMENTS OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEARS ENDED SEPTEMBER 30, 1998 AND 1997 EVERGREEN CDBG TOTALS CEMETERY GRANT 1998 1997 Revenues Contributions S 8,665 S -

S 8,665 S 8,265 Sale of Cemetery Lots 7,225 -

7,225 4,475 Interest 20,221 -

20,221 19,218 Memorials and Gifts 165 -

165 3,625 Grant Revenue -

246,27C 246,270 209,387 l Other Revenue -

10,948 10,948 16,815 Total Revenues 36,276 257,218 293,494 261,785 2 i

Expenditures  ;

I operating Expenses Capital Outlay 17,840

- 257,218 17,840 257,218 16,097 226,202 j

{

l Total Expenditures 17,840 257,218 275,058 242,299 l l

Excess of Revenues Over Expenditures 18,436 -

18,436 19,486 Fund Balances, October 1 362,785 - 362,785 343,299 Fund Balances, September 30 S 3G1,221 S S 381,221 S 362,785 I

I I

The notes to the financial statements are an integral part of this statement.

39

r CITY OF BUSHNELL, FLORIDA B-3 I

SPECIAL REVENUE FUND - CDBG STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET & ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1998 (WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30, 1997)

VARIANCE FAVORABLE 1996 BUDGETED ACTUAL (UNFAVORhBLE) ACTUAL Revenues:

Grant Revenues S 339,125 S 246,270 $ (92,855) $ 209,387

- 10,948 10,948 16,815 I

Other Revenues Total Revenues 339,125 257,218 (81,907) 226,202 Expenditures Capital outlay 331,912 257,218 (74,694) 226,202 Total Expenditures 331,912 257,218 74,694 226,202 Excess of Revenues Over Expenditures 7,213 -

(7,213) -

Fund Balances, October 1 - - -

Fund Balances, September 30 $ 7,213 S S (7,213) S -

I, I

I The notes to the financial statements are an integral part of this statement.

40

F l

I l-I I i I

ENTERPRISE FUNDS l

Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises, where the intent of the governing body I is that the costs (expenses, -including depreciation) of providing goods or services to the general public on a continuing basis be financed or recorded primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public. policy, management control, account-ability, or other purposes. Certain administrative expenses are paid by the General Fund.

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CITY OF BUSHNELL, FLORIDA C-4 I

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL ELECTRIC UTILITY FUND YEAR ENDED SEPTEMBER 30, 1998 g (WITH COMPARATIVE TOTALS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1997) gj 1998 ll l VARIANCE E FAVORABLE 1997 BUDGETED ACTUAL (UNFAVORABLE) ACTUAL  !

Operating Revenues:

Residential Electric Sales S 644,752 S 611,099 $ (33,653) S 607,903 Commercial Demand Sales 502,047 652,456 150,409 485,996 Commercial Non-demand Sales 599,406 568,878 (30,528) 653,539 Private Area Light Sa1es 14,540 13,010 (1,530) 14,199 Miscellaneous 21,500 18,072 (3,428) 22,976 Total Operating Revenees 1,782,245 1,863,515 81,270 1,784,613 i

operating Expenses j Demand and Energy Charge 1,021,245 984,976 36,269 964,716 -1 I

CR-3 Operations and Maintenance 81,903 78,796 3,107 75,358 Salaries 116,189 105,192 10,997 97,706 Employee Benefits 43,110 40,304 2,806 34,526 I Professional Services 44,000 23,227 20,773 24,526 j Operating Supplies 21,903 8,794 13,109 16,945 j Other current Charges 69,322 58,438 10,884 44,399  ;

Depreciation - 99,036 (99,036) 110,372 j Total Operating Expenses 1,397,672 1,398,763 (1,091) 1,368,548 )

Operating Income 384,573 464,752 80,179 416,065 Non-Operating Revenues (Expe,nses):

Interest Income 21,400 35,646 14,246 26,185 Interest Expense (6,539) (4,402) 2,137 (12,542)

Other Debt Service costs -

(2,848) (2,848) -

Total Non-Operating Revenues (Expenses) 14,861 28,396 13,535 13,643 Net Income Before Transfers 399,434 493,148 93,714 429,708 Operating Transfers (Out) (137,000) (187,000) -

(187,000)

Net Income S 212,434 306,148 $ 93,714 242,708 Retained Earnings, October 1 1,867,048 1,624,340 Retained Earnings, September 30 S 2,173,196 S 1,867,048 Il The _.s to th. ,1_1a1 stae__. ar. an 1 egra1 pa o, this atat__. g 47

CITY OF BUSHNELL, FLORIDA C-5 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL WATER UTILITY FUND YEAR ENDED SEPTEMBER 30, 1998 I (WITH COMPARATIVE TOTALS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1997) 1998 VARIANCE FAVORABLE 1997 BUDGETED ACTUAL (UNFAVORABLE) ACTUAL Operating Revenues:

Residential Water Sales S 144,297 S 139,410 $ (4,887) S 135,490 Commercial Water Sales 167,732 173,777 6,045 155,973 Penalties and Reconnections 15,500 20,681 5,181 18,062 Water Connection Fees 4,500 1,530 (2,970) 3,870 Capacity Reservation Charges 17,500 I Miscellaneous 10,050 22,959 13,160 5,459 3,110 5,250 14,455 Total Operating Revenues 359,579 371,517 11,938 333,100 Operating Expenses:

Salaries 89,138 92,491 3,353 72,780 I Employee Benefits 39,625 34,647 (4,978) 30,342-Professional Services 19,000 38,074 19,074 17,071 Operating Supplies 10,500 4,179 (6,321) 13,900 1 Other Current Charges 39,330 46,115 6,785 35,621 Depreciation -

62,848 62,848 63,433 Total Operating Expenses 197,593 278,354 80,761 233,147 Operating Income 161,986 93,163 (68,823) 99,953 Non-Operating Revenues (Expenses):

Interest Income 4,800 8,436 3,636 4,233 Interest Expense (17,822) (15,000) 2,822 (20,100)

Other Debt Service Costs -

(487) (487) -

Total Non-Operating Revenues (Expenses) (13,022) (7,051) 5,971 (15,867)

N;t Income Before Transfers 148,964 86,112 (62,852) 84,086

( Operating Transfers (Out) (25,000) (25,000) -

(25,000)

N;t Income $ 123,964 61,112 S (62,852) 59,086 R:tained Earnings, October 1 260,453 201,367 f Ratained Earnings, September 30 S 321,565 $ 260,453 l

L The notes to the financial statements are an integral part of this statement.

48

~

CITY OF BUSHNELL, FZ,ORIDA C-6 SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN

=

RETAINED EARNINGS - BUDGET AND ACTUAL SANITATION FUND YEAR ENDED SEPTEMBER 30, 1998 l (WITH COMPARATIVE TOTALS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1997) E 1998 VARIANCE FAVORABLE 1997 BUDGETED ACTUAL (UNFAVORABLE) ACTUAL Operating Revenues Residental Garbage S 115,493 S 123,290 S 7,797 S 116,215 Commercial Garbage 134,250 134,420 170 135,708 Miscellaneous 2,332 4,218 1,886 2,782 Total Operating Revenues 252,075 261,928 9,853 254,705 Operating Expenses:

Salaries 50,163 48,821 1,342 44,963 Employee Benefits 28,931 24,903 4,028 23,215 Professional Services 4,150 4,181 (31) 3,781 Operating Supplies 6,000 10,199 (4,199) 5,386 Other Current Charges 18,466 18,484 (18) 16,149-Depreciation -

16,780 (16,780) 17,191 Landfill 113,726 116,138 (2,412) 108,432 Total Operating Expenoes 221,436 239,506 (18,070) 219,117 operating Income 30,639 22,422 (8,217) 35,588 Non-Operating Revenues (Expenses): g Interest Income 2,300 6,384 4,084 3,391 g Interesc Expense (414) (67) 347 (511)

Total Non-Operating Revenues (Expenses) 1,886 6,317 4,431 2,880 Net Income Before Transfers 32,525 28,739 (3,786) 38,468 Operating Transfers (Out) (10,000) (10,000) - (10,000)

Net Income S 22,525 18,739 S (3,786) 28,468 Retained Earnings October 1 168,122 139,654 Retained Earnings, September 30 $ 186,861 S 160,122 I

The notes to the financial statements are an integral part of this statement.

49

l l

I I

PENSION TRUST FUNDS General Employees' Retirement Fund - To account for the accumula-I tion of resources to be'used appropriate amounts and times for retirement annuity payments at in the future and also the adminis-trative costs of the system. Resources are contributed by the I general and enterprise funds actuarial studies.

at amounts determined by triennial I Police Officers' Retirement Fund - To account for the accumulation of resources to be used for retirement annuity payments at appropriate amounts and times in the future and also the adminis-trative costs of the system. Resources are contributed by the I state and plan participants, with additional funds needed to meet actuarially determined amounts provided by the general fund.

I I n I

E w

w

. . . . . _ _ . . - . . . . . . . . . ____ .a

CITY OF BUSHNELL, FLORIDA D-1 FIDUCIARY FUND TYPES COMBINING BALANCE SHEET SEPTEMBER 30, 1998 (WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1997)

PENSION TRUST FUNDS GENERAL POLICE EMPLOYEES' OFFICERS' RETIREMENT RETIREMENT TOTALS FUND FUND 1998 1997 ASSETS Cash S 13,151 $ 52,283 S 65,434 S 12,574 Due From Other Funds -

1,655 1,655 1,091 Due From Other Governments - - - 8,422 Total Assets S 13,151 $ 53,938 $ 67,089 $ 22,087 LIABILITIES AND FUND EOUITY Liabilities:

Due to Other Funds S 1,091 $ -

$ 1,091 $ 1,091 Total Liabilities 1,091 - 1,091 1,091 Net Assets:

Reserved for Pension Benefits 12,060 53,938 65,998 20,996 Total Liabilities and Fund Ba1an.e $ 13,151 5 53,938 5 67,089 $ 22,087 i

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ll 50

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{

1 CITY OF BUSHNELL, FLORIDA 2

GENERAL FIXED ASSETS ACCOUNT GROUP To account for fixed assets not used in enterprise fund operations. i

CITY OF BUSHNELL, FLORIDA E-1 SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCES E

m FOR THE YEAR ENDED SEPTEMBER 30, 1998 1938 GENERAL FIXED ASSETS:

S 486,370 Land Buildings 454,508 Improvements - Other Than Buildings 507,468 Equipment and Furniture 871,089 TOTAL GENERAL FIXED ASSETS S 2,319,435 INVESTMENT IN GENERAL FIXED ASSETS:

General Fund Revenues S 2,215,148 Federal Grants 1,457 State Grants 102,830 i i

TOTAL INVESTMENT IN GENERAL FIXED ASSETS S 2,319,435

)

I i

l I

The notes to the financial statements are an integral part of this statement.

51

fl l

l CITY OF BUSHNFLL, FLORIDA E-2

( SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS

! BY FUNCTION AND ACTIVITY FOR THE YEAR ENDED SEPTEMBER 30, 1998

' GENERAL GENERAL FIXED FIXED ASSETS ASSETS

, FUNCTION AND ACTIVITY. 10/1/97 ADDITIONS DELETIONS 9/30/98 GENERAL GOVERNMENT--

Financial and Administrative S 352,151 S 17,823 $ 8,256 $ 361,718

' Legislative 2,873 - - 2,873 TOTAL GENERAL GOVERNMENT 355,024 17,823 8,256 364,591 PUBLIC SAFETY:

Law Enforcement 266,451 11,915 - 278,366 Fire Control 311,736 9,943 - 321,679 Protective Inspections 12,969 400 - 13,369 TOTAL PUBLIC SAFETY 591,156 22,258 - 613,414 PHYSICAL ENVIRONMENT: ,

cemetery 68,023 - - 68,023 TOTAL PHYSICAL ENVIRONMENT 68,023 - - 68,023

, TRANSPORTATION:

Road and Streets. 117,656 268,564 - 386,220 TOTAL TRANSPORTATION 117,656 268,564 - 386,220 CULTURE / RECREATION:

Library - 7,223 - 7,223 Parks & Recreation 806,434 26,930 - 833,364 Special Facilities:

Community Building 46,600 - - 46,600 TOTAL CULTURE /

RECREATION 853,034 34,153 - 887,187 TOTAL GENERAL FIXED ASSETS $ 1,984,893 $ 342,798 S 8,256 S 2,319,435 l

The notes to the financial statements are an integral part of this statement.

52

r CITY OF BUSHNELL, FLORID & E-S SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITE FOR THE YEAR ENDED SEPTEMBER 30, 1998 IMPROVEMENTS EQUIPMENT OTHER THAN AND TOTAL QNR BUILDINGS BUILDINGS FURNITURE FUNCTION AND ACTIVITY l

GENERAL GOVERNMENT:

Financial and 90,253 Administrative S 361,718 $ 167,985 S 103,480 $ -

S 2,873 - - - 2,873 Legislative TOTAL GENERA 4 364,591 167,985 103,480 - 93,126 GOVERNMENT PUBLIC SAFETY:

278,366 60,426 - 4,523 213,417 Law Enforcement J 321,679 6,300 - 315,379 (

Fire Control -

Protective Inspections 13,369 - - - 13,369 613,414 60,426 6,300 4,523 542,165 TOTAL PUBLIC SAFETY PHYSICAL ENVIRONMENT: -

Cemetery 68,023 68,023 - -

TOTAL PHYSICAL ENVIRONMENT 68,023_ 68,023 - -

TRANSPORTATION:

386,220 14,250 175,878 33,596 162,496 Roads and Street

' l 386,220 14,250 175,878 33,596 162,496 TOTAL TRANSPORTATION CULTURE / RECREATION:

7,222 200 4,000 - 3,022 Library 833,365 157,922 135,814 469,349 70,280 Parks & Recreation Special Facilities:

Community Building 46,600 17,564 29,036 -

TOTAL CULTURE /

887,187 175,686 168,850 469,349 73,302 RECREATION TOTAL GENERAL S 2,319,435 5 486,370 5 454,508 $ 507,468 $ 871,089 FIXED ASSETS

}

The notes to the financial statements are an integral part of this statement.

53

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I Table 3 CITY OF BUSHNELL, FLORIDA GENERAL GOVERNMENT TAX REVENUES BY SOURCE (1)

I LAST TEN FISCAL YEARS Sales Use Fiscal Property Franchise Utility Fuel and Total Year Taxes Fees Taxes Taxes Gas Taxes Taxes 1989 $ 77,990 $ 41,779 5 128,381 S -

S -

S 248,150 1990 79,999 42,300 139,701 - -

262,000 1991 86,753 64,835 143,849 50 1 1992 87,982 49,199 155,823 -

295,487 293,004 1993 180,046 52,061 175,359 - -

407,466 1994 90,213 55,850 206,020 -

117,845 469,928 1995 92,993 55,796 224,986 -

131,076 504,851 1996 94,340 58,618 233,307 -

149,952 536,217 1997. 96,703 70,562 263,724 146,891 577,880 l

1998 93,779 71,762 243,798 -

298,895 708,234 I (1) Includes General and Special Revenue Funds.

I I

I I

I I

I I

56

Table 4 CITY OF BUSHNELL, FLORIDA PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS Percent Delinquent Total Percent of Total Fiscal Total Current of Levy Tax Tax Tax Collections Year Tax Levy Collections Collected Collections Collections to Tax Levy 1989 5 83,658 $ 77,990 93 $ *

$ 77,990 93 1990 87,032 79,999 92

• 79,999 92 1991 90,013 86,753 96

• 86,753 96 1992 90,332 87,982 97

• 87,982 97 1993 93,469 87,871 94

• 87,871 94 1994 94,536 90,213 95

• 90,213 95 1995 97,083 92,993 96

• 92,993 96 1996 97,598 94,340 97

• 94,340 97 1997 99,741 96,703 97

• 96,703 97 1998 98,259 93,526 95 253 93,779 95

• Information not available.

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I Table 6 CITY OF BUSHNELL, FLORIDA PROPERTY TAX RATES DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARS Total Fiscal Total State and County Year City M111 age Millage Total 1989 3.010 18.94 21.950 1990 2.850 19.49 22.500 1991 2.700 19.48 22.180 1992 2.700 19.91 22.610 1993 2.530 19.95 22.470 1994 2.490 20.23 22.710 1995 2.380 20.09 22.460 1996 2.350 20.09 22.440 1997 2.180 20.14 22.330 1998 2.147 20.08 22.227 Information Source:

City Millage Records Sumter County Property Appraiser 1

I. \

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I 59

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I Table 7 g CITY OF BUSHNELL, FLORIDA

{ PRINCIPAL TAXPAYERS.

SEPTEMBER 30, 1998 I

Percent of Assessed Total Assessed Owner Valuation Valuation l

1. ' Metal Industries $ 4,094,660 9.162% j

2. Sumter Center 2,227,000 4.983% l

3. Wal-Mart, Inc. 1,348,520 3.018%

4._ Bushnell Elderly' Housing 865,110 1.936%

5. Bushnell R.R.H. Ltd. 816,940 1.828%

6. Wayne Wetzel Mobile Homes, Inc. 685,860 1.535%

1. First Union Bank 488,190- 1.092%

8. Community National Bank 389,310 0.871%

9. U.S. Postal Service 392,900 0.879%

10. Josephine Ramsey 541,890 1.213%

$ 11,850,380 26.517%

Information Source:

Sumter County, Florida Property Appraiser's Office

)

4 l

1 i

60

I Table 8 CITY OF BUSHNELL, FLORIDA RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES LAST TEN FISCAL YEARS Total Total (1) Ratio of Fiscal Debt General Debt Service to Total Year Principal Interest Service Expenditures General Expenditures 1799 $ 12,426 $ 3,143 $ 15,569 $ 829,987 1.88%

1990 20,190 9,557 29,747 750,169 3.96%

1991 21,174 5,311 26,485 1,074,468 2.46%

1992 26,774 13,469 40,243 1,008,487 3.99%

1993 31,549 14,220 45,769 1,294,374 3.54%

1994 91,128 8,940 100,068 1,287,605 7.77%

1995 23,723 14,640 38,363 1,088,362 3.52%

1996 23,527 13,172 36,700 1,265,015 2.90%

1997 25,813 12,483 38,296 1,511,500 2.53%

1998 86,526 10,576 97,102 1,778,155 5.46%

(1) Includes General and Special Revenue Funds.

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Table 11 CITY OF BUSHNELL, FLORIDA DEMOGRAPHIC STATISTICS LAST TEN FISCAL YEARS I

Per Fiscal Capita Median School Unemployment' Year- Population Income Age EnrJ11 ment Rate / Percent 1989 1,474 $ 11,403 39.7 1,302 7.10%

1990 1,998 11,757 40.1 1,330 7.50%

1991 -1,995 12,534 40.3 1,322 8.40%

1992 2,107 13,021 40.4 1,352 8.40%

1993 2,212 13,529 40.6 1,390 7.10%

1994 2,263 13,995 40.3 1,415 6.90%

1995 2,273 14,473 40.6 1,447 5.90%

1996 2,358 14,967 41 1,551 5.60%

1997 2,384 15,364 40 1,702 3.30%

1998 2,423 15,640 41.5 1,627 2.50%

Information Source:

Sumter County Development Council i

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ll ll Table 12 CITY OF BUSHNELL, FLORIDA PROPERTY VALUES AND NEW CONSTRUCTION LAST TEN FISCAL YEARS New New Total Estimated Fiscal Construction Construction Property i Year Units Estimated Value Value l 1989 34 S 1,344,346 $ 32,676,318 1990 21 783,758 35,914,224 1991 54 2,324,266 29,221,445 1992 18 849,047 39,375,260 1993 27 1,155,429 43,532,718 1994 22 831,128 44,720,199 1995 24 1,024,398 48,089,555 1996 25 806,752 49,430,921 1997 13 528,244 52,575,937 1998 13 421,900 55,699,290 Information Source:

City Building Department

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Table 13 CITY OF BUSHNELL, FLORIDA MISCELLANEOUS STATISTICS SEPTEMBER 30, 1998 Date of Incorporation 1911 Form of Government Council - Manager j l

Area in Square Miles 1.95 Miles of Streets 18.1 )

Fire Protection: Volunteer Number of Stations 1 i Number of Firemen and Officers 18 Police Protection:

Number of Stations 1 )

Number of Policemen and Officers 9 I

Education: 1 High School l 1 Elementary School Municipal Water Departments l Number of Consumers 915 Average Daily consumptions (gallons) 466,000 Miles of Water Mains 18 Municipal Electric Department Number of Consumers 896 Average Daily Consumption (kwh usage) 532 ('

Miles of Electric Lines 18.1 I

Sanitation Department:

Average Number of Customers 634 Building Pormits Issued 79 Recreation and Culture - Parks: 1 with 30 Acres 1 with 5 Acres Employees 26 Information Source:

City Records 1

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I l REGULATORY AND COMPLIANCE SECTION I

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I CITY OF BUSHNELL, FLORIDA i

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE FOR THE YEAR ENDED SEPTEMBER 30, 1998 I FZDERAL AWARDS Federal Federal through Federal Grantor / CFDA Federal Federal State i Procram Title Number Revenues Excenditures Receipts Pass through the Florida Dept.

of Community Affairs:

Community Development Block Grant (total grant $500,000) "

Contract #96DB-1E-05-70-02-C05 14.228 $246,270 $246,270 $335,944 Local Law Enforcement Block Grant (total grant $2,830)

Contract #98-CJ-8W-05-70-02-002 16.592 2.830 2,830 2,830 Total Federal Awards $249,100 $249,100 338,774 STATE OF FLORIDA PROGRAMS State Agency / Project State Procram Title Number Receipts State of Florida Dept. of Environmental '

Protection:

Florida Recreation Development Assistance Program (total grant $100,000) F9603 10,000 I Total State Financial Assistance $348,774 I

NOTE: This schedule was prepared using the accrual basis of accounting I for Federal Revenues and Federal Expenditures, and the cash basis for Federal through State Receipts and State Receipts.

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[ Shumacker, Johnston & Ross, PA LINDA L. THIGPEN, P.A.

Certified Public Accountants CERTIFIED PUBLIC ACCOUNTANT J. CecG Shimmachar, CPA 911 North Boulevard West LINDA L. T1HGPEN, CPA P.O. Box 2155 Robert E. Jahada=, CPA Leesburg, Florlds 34748 Bushnell, Florida 33513 C. Chet Ross, CPA Phone (352) 326-2161 TEL:(352) 7934885 Fax (352)32 4740 FAX:(352) 5681179

[

INDEPENDENT AUDITORS' REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING

[ BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

[

March 9,1999 Honorable Mayor and Members of the City Council City of Bushnell, Florida We have audited the general purpose financial statements of the City of Bushnell, Florida, as of and for the year ended September 30,1998, and have issued our report thereon dated March 9,1999, included under the heading INDEPENDENT AUDITORS' REPORT.

We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States.

Comoliance As part of obtaining reasonable assurance about whether the City of Bushnell's general purpose financial statements are free of material mi3 statement, we performed tests ofits

[ compliance with certain provisions oflaws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those

[ provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of out tests disclosed no instances of noncompliance that are required to be reported herein under Government Auditing Standards.

Internal Control Over Financial Reportine

[ In planning and performing our audit, we considered the City of Bushnell's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and not to provide

{ assurance on the internal control over financial reporting. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal r

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Il City of Bushnell March 9,1999 Pace 2 I

control over financial reporting that might be material weaknesses. A material weakness is

{

a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts

)

j that would be material in relation to the general purpose financial statements being audited i may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control i over financial reporting and its operation that we consider to be material weaknesses.

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This report is intended for the information of the City Council, management and Federal j awarding agencies and pass-through entities. This restriction is not intended to limit the i distribution of this report, which is a matter of public record.

I' bky&% W4$fl / Ynuht Y 'gh AA Shumacker, Johnston & Ross, PA Linda L. Thigpen, PA l

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Shumacker, Johnston & Ross, PA LINDA L THIGPEN, P.A.

Shumacker, Johnston & Ross, PA LINDA L. THIGPEN, P.A.

Certified Public Accountants CERTIFIED PUBLIC ACCOUNTANT J. Cecu Shumacker, CPA 911 North BoulevardWest 1.INDA L THIGPEN, CPA P.O. Box 2155 Robert E. Johnston,CPA Ieesburg,Morida 34748 Bushnell, Florida 33513 W. Chet Ross, CPA Phone (352) 326-2161 TEL: (352) 793-8885 Faz (352) 326-0740 FAX:(352) 5681179 INDEPENDENT AUDITORS' REPORT ON EXAMINATION OF MANAGEMENT'S ASSERTION ABOUT COMPLIANCE WITII SPECIFIED REQUIREMENTS March 9,1999 .

Honorable Mayor and Members of the I City Council City of Bushnell, Florida I

We have examined management's assertion included in its representation letter dated March 9, 1999, that the City of Bushnell, Florida complied with the allowable cost requirements of the grants and aids appropriations identified in the Schedule of Expenditures of Federal Awards and State Financial Assistance for the year ended September 30,1998. Management is responsible l for the City of Bushnell, Florida's compliance with those requirements. Our responsibility is to express an opinion on management's assertion about the City's compliance based on our examination.

I Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the City's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the I City's compliance with specified requirements.

In our opinion, management's assertion that the City of Bushnell, Florida complied with the I allowable cost requirements of the grants and aids appropriations identified in the Schedule of Expenditures of Federal Awards and State Financial Assistance during the year ended September 30,1998 is fairly stated, in all material respects.

~

This report is intended for the information of the City Commission, management, and applicable state and federal agencies. However, this report is a matter of public record and its distribution is not limited. A Sww~$^YO*Alw)& h %N , Y Y- y% 0A.

Shumacker, Johnston & .Ross, PA Linda L. Thigpen, PA 72 L - ' .

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Shumacker, Johnston & Ross, PA LINDA L. THIGPEN, P.A.

Certified Public Accountants CERTIFIED PUBLIC ACCOUNTANT J. Cecu Shumacker CPA 911 North BoulevardWest UNDA L TIDGPEN, CPA P.O. Box 2155 Robert E. Johnston, CPA Leesburg. Florida 34748 Bushnell, Florida 33513 W. Chet Ross, CPA Phone (352)326 2161 TEL:(352) 7934885 Fax (352) 326-0740 FAX:(352) 5681179 MANAGEMENT LETTER March 9,1999 Honorable Mayor and Members of the City Council City of Bushnell, Florida The following comments and recommendations are provided as required by Chapter 10.554, Rules of the Auditor General for the State of Florida.

1. There were no inaccuracies, irregularities, shortages, defalcations, and/or I violations oflaws, rules, regulations or contractual provisions reported in the preceding annual financial audit.

2. The recommendations made in the preceding annual financial audit report have )

been satisfactorily addressed by the City, except for the following items:

Evergreen Cemetery Fund The Evergreen Cemetery fund of the City is maintained and operated by a volunteer association that handles all financial functions of the fund. The '

volunteer association's treasurer alone keeps all records, approves payments, writes and signs checks, and receives the bank statements. In prior years, the annual audit has been the only time that the financial activity and records of the  ;

I fund are received and analyzed by the City.

During 1996, the City began the process of obtaining a copy of the monthly checking account bank statement. And, in 1998, a second signature was required on all checks. However, we recommend that the City continue working with the l volunteer association to perform a more in-depth financial review and perform a j reconciliation of the bank statement on a monthly basis.

l Internal Financial Reporting l Our audit indicates that the City does not generate summnized financial l statements for each fund during the year for review by the City Coucil and key management. Information regarding the City's assets, liabilities, revenues and i

l 73

City of Bushnell March 9,1999 Pace 2 expenses and comparative budgets should be summarized to provide all interested parties key financial information to aid in decision making.

Accordingly, we recommend that the City take steps to create summarized internal use financial statements as soon as practical.

3. The City is not and, during the fiscal year, has not been in a state of financial emergency as a consequence of conditions described in Section 218.503(1),

Florida Statutes.

4. The financial report filed with the Department of Banking and Finance pursuant to Section 218.32(1)(a), Florida Statutes is in agreement with the annual financial audit report for the year ended September 30,1998.

5. The management letter is not for a Clerk of the Circuit Court (not applicable).

6. We have made the following recommendation.to improve the City's present financial management, accounting procedures, and internal controls:

Year 2000 Project The City has taken a proactive position on the year 2000 issue, and has completed many phases of the conversion to a year 2000 compliant computer system. However, the City is still currently.using the old utility billing and occupational licenses, and payroll software programs, which must be replaced, converted and tested to complete its year 2000 project. We recommend that :he City continue its proactive focus and financial commitment to timely complete the computer system conversion in order to minimize the potential adverse effects, if any, the year 2000 may impose on City operations.

Bank Reconciliations Our audit indicates that the City does not prepare, on a timely basis, bank reconciliations that agree to the general ledger. Since cash receipts are not integrated with the City's general ledger software package, reconciling the cash accounts would help insure that deposits and all other cash transactions are recorded in the proper accounting period.

Similarly, we would recommend that the City determine how to best integrate the cash receipts with the general ledger, instead of compiling the cash receipts .

externally on spread sheets and subsequently recording the receipts as one large entry to the general ledger. This integration would possibly save time, provide sufficient detail to financial statement users and provide a more appropriate internal audit trail.

Shumacker, Johnston & Ross, PA LINDA L E9GPEN, P.A.

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m City of Bushnell

. March 9,1999 Page 3 Police Pension Fund Based on Sec. 2-56(a)l, of the City's Code of Ordinances; "One percent of the respective salary of each member shall be deposited to the trust on a pre-tax basis

-in accordance.with.the provisions of Section 414(h)(2) of the Internal Revenue Code. Such deferred compensation shall.be collected and deposited to the trust no less frequently than monthly." Our audit indicates that qualified contributions withheld from Police Officer's pay under' the plari were not deposited 'to the trust account in the required period.

Safeguarding Assets _

During the course of our audit, we noted various penalties and interest assessed to the City by Federal and State authorities for late and insufficient payments of both payroll taxes and sales taxes. We would recommend that the City institute i procedures for prevention of future occurrences of this nature.

l

7. We did not discover any violations oflaws, rules, regulations or contractual provisions within the scope of the financial audit. J

8. We did not discover any illegal or improper expenditures within the scope of the financial audit.

9. a. Accounting procedures appear to be proper and adequate, except for the recommendation for improving accounting procedures with regard to Bank Reconciliations as hereintofore mentioned in comment number 6 above,

b. Financial transactions were properly recorded.

c. We did not discover any other inaccuracies, irregularities, shortages or defalcations.

10. The name of the primary government is the City of Bushnell, Florida, created by

. charter under the legal authority of the Laws of Florida 57-1205 and the Evergreen Cemetery by City Ordinance.

'We would like to take this opportunity to express our appreciation for the courtesies

' extended to our staff during the course of this audit. If you should have any questions or l comments about the contents of this management letter, please do not hesitate to contact us.

l Sh===ck e, Johnston & Ross, PA 75 UNDA L THIGPEN, P.A.

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l I City of Bushnell March 9,1999

! Pace 4 This report is intended solely for the use of management, the City Council, and the State of Florida Auditor General and should not be used for any other purpose. This restriction is not intended to limit the distribution of this report which, upon acceptance by the City Council, is a matter of public record.

S & b s, O W ) Yt<- 1 Shumacker, Johnston & Ross, PA 9Ia h $ .] h9 p d Linda L. Thigpen, PA I

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F l Cr1Y OF BUSHNELL B EI 8L 219 N. Market Street , , Bushnell, Florida 33513 P.O. Box 115 5 (352) 793-2591 Fax (352) 793-2711 Flf F I March 26,1999 TO: Honorable Mayor and Council Members FROM: Vince Ruano and Joy Coleman RE: Management response to the auditor's management letter and reports.

Honorable Council Members:

I This letter of explanation, or rebuttal, is being offered in accordance with the " Rules of the Auditor General" in particular, Chapter 10.500 thereof.

I Specifically, this letter responds to Linda Thigpen, PA & Shoemaker, Johnston, & Ross, PA

" Management Letter Comments" dated March 23, 1999 In their report, Linda Thipgen, PA &

I Shoemaker, Johnston, & Ross, PA, made several recommendations for improvement in different areas of the City's accounting functions. The specific areas identified in their recommendations am as follows:

PRIOR YEAR COAS(ENTS

> Evergreen Cemetery

> InternalFinancialReporting CURRENT YEAR COAS[ENTS:

> Bank Reconciliation

> Police Pension Fund

> Safeguarding Assets The management of the city recogali.es that the recommendations of the auditor's report are beneficial and achievable, therefore, this letter will be without rebuttal. Our cocunents will hence be restricted to explanatory I comments, implementation plans or recommendations for the abost identified areas.

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l PRIOR YEAR COASfENTS:

> EVERGREEN CEMETERY FUND Management agrees with the auditors recommendation for the need of more in-depth financial .

review of the Bushnell Evergreen Cemetery financial activities by the City. j i

Traditionally, the Cemetery Board of Trustees and its treasurer has had total control and custody of these City funds. With no oversight by the Council or management of the fund activities, for the exception of a year end financial report to the City by the Board's treasurer.  !

This fiscal year, the city began receiving bank statements, copics of canceled checks & deposit tickets which allows staff to complete a bank reconciliation of the various accounts. Staffintends to compare the treasmes annual report provided and those developed by the staff. Management feels that these additional steps proside for I

enhwed safeguards of the City of Bushnell Cemetery Accounts.

> INTERNAL FINANCIAL REPORTING The city has incently received the window's based version of general ledger. This new program has the capability to create concise financial reports necessary for the City Council & key management to make sound financial decisions. These reports will be generated and presented to council on a reoccurring basis starting with the April 1999 regular council meeting.

CURRENT YEAR COASfENTS:

> BANK RECONCILIATION The city currently has fifteen bank accounts that are reconciled on a monthly basis. Thirteen of these accounts agreed to the general ledger. The Police Officers Pension Plan and Payroll Accounts were reconciled but did not agreed to the general ledger balance. The discrepancies were so noted on the check register reconciliation sheet but not posted to general ledger in the correct accounting period. Staff will work more diligently to insure that all postings are performed within the correct accounting period.

4 With the current window's general ledger there is a cash receipts program which is integrated with general ledger. This program is currently being tested by the staff. When the program meets management's {

i approval, the current spreadsheet for cash receipts will be abandoned and the integrated cash receipts will be utilized for postmg general ledger. This will provide sufficient detail to the financial statement user without the need to refer to an external spreadsheet.

> POLICE PENSION FUND The one percent contributions made by police officers to the Police OfIicers Pension Plan was made on a quarterly basis with the city's portion of the contribution. Staff perceived Section 2-56(c), referencing city contributions, to be inclusive of ALL contributions. Staff did nct realize the one percent contribution was regulated under Section 2-56 (a) 1, which requires monthly deposits These applicable sections have been brought to the attention of the staff responsible for the disbursement of pension contributions. Therefore, all future contributions will be made on a timely basis.

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> SAFEGUARDING ASSETS A new electronic payroll system instituted by the US Department of Treasury became effective during this !

fiscal year, altering the method of which F I C A and withholding are paid. Lack of vigilance over the new system resulted in the two late payments of these taxes. Staff recognizes the need for increased communication to properly and timely repon these ps3ments.

Tids letter along with the general purpose financial statement for fiscal year ending September 30,1998 will be filed with the public records of the City of Bushnell and the State of Florida Auditor General's Office.

ly snhminM

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