ML20245F629

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City of Leesburg,Fl Comprehensive Annual Financial Rept for Fiscal Yr Ended 880930
ML20245F629
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Site: Crystal River Duke Energy icon.png
Issue date: 09/30/1988
From: Williams J
LEESBURG, FL
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NUDOCS 8905020444
Download: ML20245F629 (133)


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CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT l FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1988 Prepared by:

Finance Department i

James A. Williams, C.P.A.

8905020444 890426 PDR ADOCK0500g2 Finance Director (1)

l TABLE OF CONTENTS (ii) l l

CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1988 TABLE OF CONTENTS (Page One)

PAGE INTRODUCTORY SECTION Title Page i Table of Contents 11 Letter of Transmittal 111 Principal City Officials iv Organization Chart V FINANCIAL SECTION INDEPENDENT AUDITORS' REPORT 1-2 GENERAL PURPOSE STATEMENTS - OVERVIEW (" LIFTABLE" FINANCIAL STATEMENTS)

EXHIBIT 1

Combined Balance Sheet - All Fund Types and account Groups 3-4 2

Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types 5 3 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - General, Special Revenue, and Capital Projects Fund Types 6 4

Combined Statement of Revenues, Expenses and Changes in Retained Earnings - All Proprietary Fund Types and Similar Trust Funds 7 5 Combined Statement of Changes in Financial Position - All Proprietary Fund Types and Similar Trust Funds 8 6 Notes to Financial Statements 9 - 32 COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES l General Fund A-1 Balance Sheet 33

} A-2 Statement of Revenues, Expenditures and Changes in Fund l

Balance - Budget and Actual 34 A-3 Statement of Revenues, Budget and Actual 35 - 36 A-4 Statement of Expenditures, Budget and Actual 37 - 43 A-5 Statement of Other Financing Sources and Uses, Budget and Actual 44

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CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FlSCAL YEAR ENDED SEPTEMBER 30, 1988 TABLE OF CONTENTS (Page Two)

~ PAGE COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued)

Special Revenue Funds .

B-1 Combining Balance Sheet 45 j B-2 Combining Statement of Revenues, Expenditures and  !

Changes in Fund' Balances 46 B-3 Statement of Revenues, Expenditures and Changes in Fund ,

Balance - Budget and Actual - Federal Revenue Sharing Fund 47 B-4 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Community Development Fund 48 1

B-5 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Housing Assistance Fund 49 Debt Service Funds  !

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C-1 Combining Balance Sheet 50 j i

C-2 Combining Statement of Revenues, Expenditures and I Changes in Fund Balances 51 l Capital Projects Funds ,

I D-1 Combining Balance Sheet 52 1 D-2 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 53 D-3 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Airport Improvement Project 54 D-4 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Industrial Park Development 55 D-5 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - City Hall Renovation 56

( D-6 Statement of Revenues, Expenditures and Changes in Fund

! Balance - Budget and Actual - Other Projects 57 l

D-7 Project - Length Schedule of Construction Projects L8

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1 CITY OF LEESBURG, FLORIDA )

COMPREHENSIVE ANNUAL FINANCIAL REPORT l

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1988 1 TABLE OF CONTENTS l (Page Three)

PAGE COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued)

Enterprise Funds E-1 Combining Balance Sheet 59 - 60 l l

E-2 Combining Statement of Operations and Changes in l Retained Earnings (Deficit) 61 E-3 Combining Statement of Changes in Financial Position 62 )

1 Internal Service Fund I F-1 Balance Sheet - Motor Pool Service Fund 63 F-2 Statement of Revenues, Expenses and Changes in Retained Earnings - Motor Pool Service Fund 64 F-3 Statement of Changes in Financial Position - isotor Pool Service Fund 65 Fiduciary Fund Types G-1 Combining Balance Sheet 66 G-2 Combining Statement of Revenues, Expenses and Changes in Fund Balances 67 G-3 Combining Statement of Changes in Financial Position 68 G-4 Statement of Changes in Assets and Liabilities -

Agency Fund 69 Account Groups  !

H-1 Statement of General Fixed Assets By Sources 70 H-2 Statement of General Fixed Assets - By Functions and l Activities 71 H-3 Statement of Changes in General Fixed Assets - By Functions and Activities 72 H-4 Statement of General Long-Term Debt 73

CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1988 TABLE OF CONTENTS (Page Four)

PAGE STATISTICAL DATA (UNAUDI'.'EDj TABLE 1 General Governmental Expenditures By Function 74 2 General Revenues By Source 75 3 Property Tax Levies and Collections 76 4 Assessed Value of Exempt and Taxable Property 77 5 Property Tax Rates - All Overlapping Governments (Per $1,000 of Assessed Value) 78 6 Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita 79 7 Computation of Legal Bonded Debt Margin 80 8 Computation of Direct and Overlapping General Obligation Debt 81 9 Fatio of Annual Debt Service Expenditures For General and Special Revenue Bonded Debt to Total General Expenditures 82 10 Combined Utility Funds - Schedule of Revenue Bond Coverage 83 11 Demographic Statistics 84 12 Property Value, Construction and Bank Deposits 85 13 Principal Taxpayers 86 14 Miscellaneous Statistics 87 15 Corporate Limits and Annexations 88 l

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LETTER OF TRANSMITTAL l

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CITY OF LEESBURG

___ The Complete City

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January 20, 1989 Honorable Mayor and Members of the City Commission City of Leesburg Leesburg, Florida 32748 Ladies and Gentlemen:

The accompanying Comprehensive Annual Financial Report of the City of Leesburg, Florida, for the Fiscal Year ended September 30, 1988, is herewith submitted. This report was prepared by the City's Finance Department.

Responsibility for the accuracy of the presented data and the completeness and fairness of the presentation including all disclosures, rests with the City. We believe the data, ar presented is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its various funds; and that all disclosures necessary to gain the maximum understanding of the City's financial affairs have been included.

Accounting System and Budgetary Control The City's accounting records for general governmental operations are maintained on a modified accrual basis, with the revenues being recorded when available and measurable and expenditures being recorded when the services or goods are received and the liabilities are incurred. Accounting records for the City's utilities and other enterprises are maantained on the accrual basis.

All internal control evaluations occur within the above framework. We believe that the City's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions.

Budgetary control is a general management control function and is accom-modated through the integration of budgetary and financial accounting. Budget-ing is considered to be a system of managerial estimates of projected financial position. Such estimates are compared to actual on a monthly and annual basis.

Corrections to estimates are made by general management and the City Commission.

The Resolution adopting the annual budget sets forth controlling appropriations on a fund total level and prescribes methods for budget amendment.

Notes to the Financial Statement Notes are prepared to provide for a fair presentation and adequate dis-closure in the financial statements. The content of the notes provides post office box 630 leesburg, florido 32749-0630 904-787-4343

Honorable Mayor, Members of the City Commission January 20, 1989 narrative descriptions of accounting methods and practices employed by the City and discloses additional financial data that may be more informative to the statement user.

The Reporting Entity and Its Services The City provides the full range of municipal services contemplated by statute or charter. This includes public safety (police and fire) , highways nd streats, airport operations, sanitation, recreation and cultural servi (' ,

public improvements, comprehensive planning and general administrative services.

In addition, the City operates and maintains electric, water, gas, and waste-water treatment /sariitary sewer utilities.

General Governmental Functions l Revenues, for general government functions included in the General Fund, 1

Special Revenue Funds, the Debt Service Fund and the Capital Project Fund, l totaled $5,344,350. Other financing sources totaling $3,759,995 were comprised of operating transfer from utilities of $2,835,087, transfers to the Debt Service Fund of $491,603, transfers to the Capital Projects Fund of $432,505 to l pay the City's portion of the airport improvements, and City Hall renovation and l $6,042,977 proceeds of the 1987 Re" nding Revenue Bond Issue.

The following table presen 8 the various financing sources for general government and the increase (decrease) over the prior year:

All Governmental Funds Increase 1987 1988 Percent (decrease)

Amount Amount of total from 1987 Financing Sources Revenues:

Taxes $ 1,309,008 $ 1,937,253 21.28 $ 628,245 Licenses and permits 127,984 133,624 1.47 5,640 Intergovernmental revenues:

Shared revenue 1,421,546 1,549,790 17.02 128,244 Operating Grants 551,262 342,825 3.77 (208,437)

Capital Grants 255,075 291,116 3.20 36,041 l Charges for services 157,710 141,168 1.55 ( 16,542)

Fines and forfeitures 159,672 158,356 1.74 ( 1,316) l Other revenues 539,874 790,*i8 8.68 250,344 l Total Revenues 4,522,131 5,344,350 58.70 822,219

! Other Financing Sources:

Debt proceeds 6,042,977 (6,042,977)

Operating transfers 2,975,099 3,759,995 41.30 784,896 Total Other Financing Sources 9,018,076 3,759,995 41.30 (5,258,081)

Total Revenues and Other Financing Sources $13,540,207 $ 9,104,345 100.00 $ (4,435,862)

Honorable Mayor, Members of the City Commission January 20, 1989 Current tax collections were 96.5% of the tax levy, up .3% from last year.

This is the fifteenth consecutive year in which current property tax collections have exceeded 96%. Delinquent tax collections were .2% of the total tax levy.

The ratio (f total collections (current and delinquent) to the current tax levy was 96.7%, an increase of .2% from last year. Allocations of property tax rate (per $1,000 of taxable value) by purpose for 1988 and the preceding two fiscal years are:

Purpose 1986 1987 19E8 General Fund S 3.967 $ 3.967 $ 3.967 General Obligation Debt '

Total tax rate $ 3.967 $ 3.967 S 3.967 l

l The Municipal Airport continued to make significant strides to keep pace l with the growth and development of the community. The most substantial improve-ment consisted of the construction of an additional taxiway. This prcject, ,

utilizing Federal, State, and local funds, provided safe access to a secondary runway and eliminated potentially dangerous situations. Additionally, preliminary action was taken during this period to construct a security fence around the northern border of the airport and acquire land for the expansion of a runway approach zone.

Expenditures for general government functions totaled S9,385,206, which excludes operating transfers of $924,108 Total expenditures increased by

$1,130,476 from $8,254,730 to $9,385,206. Changes in expenditures by function and other financing uses over the preceding year are presented as follows:

Increase 1987 1988 Percent (decrease)

Amount Amount of total from 1987 Expenditures and Other Financing Uses Expenditures by Function:

General Government S 680,647 S 923,257 8.96 $ 242,610 Public Safety 2,616,413 2,793,549 27.10 177,136 Physical Environment 279,504 321,833 3.12 42,329 Transportation 660,875 731,121 7.09 70,246 Economic Environment 322,708 27,679 0.27 ( 295,029)

Human Services 258,447 332,269 3.22 73,822 l Culture and Recreation 1,389,890 1,383,337 13.42 ( 6,553) ,

Capital Projects Fund 1,270,109 2,394,738 23.23  ?,124,629

, Debt Service Fund 776,137 477,423 4.63 ( 298,714) ,

l Total Expenditures By Punction 8,254,730 9,385,206 91.04 1,130,476 Other Financing Uses:

Operating Transfers 385,334 924,108 8.96 538,774 Refunded Debt Escrow Payment 2,251,900 ( 2,251,900)

Total Other Financing Uses 2,637,234 924,108 S.96 ( 1,713,126)

Total Expenditures and Other Financing Uses $10,891,964 S10,309,314 100.00 $( 582,650)

Honorable Mayor, Members of the City Commission January 20, 1989 Long-Term Debt Issues In 1987, the City issued $6,145,000 in refunding and capital improvement bonds to refund the 1984 bond issue and to provide financing for the renovation and expansion of City Hall, development of the Industrial Park, landfill l closure, parking facilities, airport land and facilities, Public Safety Complex, j recreation facilities and drainage improvements.

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In 1985, the City refunded its Utility Revenue Bonds, Series 1977 for

$12,020,000 by the issuance of the $19,999,999 Refunding Utilities Revenue Bonds, Series 1984 which included sufficient amounts to also refund the out-standing $8,500,000 Public Utility Revenue Bond Anticipation Notes,. Series 1980 and to provide $5,700,000 in new money for various Electric, Natural Gas, Water and Wastewater projects. Footnote 4 on page 19 provides additional discussion of the transaction.

For 1988, the utilities ratio of net revenues available to debt service requirements was 4.83 which is a 1.66 increase from 1987.

Cash Management Cash temporarily idle during the year was invested in U.S. Treasury Notes and Bonds of various maturities and in other U.S. obligations. Cash held in checking accounts was invested in overnight repurchase agreements which pay interest daily of 0.5% below the federal funds rate charged to banks. Interest earned by the City tnis year was $1,692,577 an increase of $449,094 from interest earned on temporary investments in Fiscal Year 1987.

Capital Projects Funds The City continued its improvements to the airport through Federal, State and Local grants totaling $291,116 which are being used to build an apron and parking lot for transient aircraft. The City becana the fixed based opcrator and began selling fuel on an interim basis. City Hall renovations were virtually completed. Other projects ir.clude the continued development on the Susan Street Recreational Complex, development of the City Industrial Park and completion of the conceptual design for the downtown parking lot.

City Utilities On the whole the City's electric, water, natural gas, and waste <ater utilities changes in financial position were as expected. The combined utili-ties current asset to current liability ratio was 6.73 for 1988 which compares i favorably with the ratio of 3.29 for 1987 Net income before operating l transfer in 1988 was $6,837,940 compared to $3,509,132 for 1987, an increase of I

S3,328,808 or 94.9%. This performance is primarily due to the stabilization of purchased power costs. Retained earnigs increased from $18,206,734 to j $22,208,787. The net income (loss) for the individual utilities for the periods ending September 30, 1986, 1987 and 1988 was as follows:

Honorable Mayor, Members of the City Commission January 20, 1989 1986 1987 1988 Electric $ 1,373,901 $ 372,546 $ 2,404,990 Gas ( 6,679) 275,257 966,445 Water 87,309 197,997 294,869 Wastewater Treatment and Sanitary Sewer ( 36,008) 73,567 335,749

$ 1,418,523 $ 919,367 $ 4,002,053 The Electric utility has experienced fluctuations in prior years' net inccme due to recent wholesale rate increases, subsequent negotiated reduction, the purchase of its substations to obtain lower rates, and performance varia-tions of the Crystal River #3 Nuclear Generating Plant. Retail rate changes have adjusted the system to these fluctuations.

The Gas, Water and Wastewater Utilities have substantially improved their financial position.

Independent Audit The City Charter requires an annual audit of the books of account, financial records, and transactions of all departments of the City by inde-pendent certified public accountants selected by the City Commission. This requirement has been satisfied and the auditor's opinion has been included in-this report.

Auditors' Report The Auditors' Report sets forth a qualified opinion in the belief that sufficient evidential matter could not be obtained to determine if Enterprise Fund plant assets and General Fixed Assets are fairly presented. We are currently in the process of inventorying our Utility Plant and General Fixed Assets Group of Accounts, and have developed a system to account for additions and deletions on an ongoing basis. We expect to receive an unqualified Auditors' Report in future years.

Ackncw Q ements The preparation of this report :n a timely basis could not be accomplished without Department. the efficient and dedicated services of the entire staff of the Finance We would like to express our appreciation to all members of the Department who assisted and contributed to its preparation. We would also like to thank the members of the City Commission for their interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner.

(c 91' Rex Taylor, City ager NEA0 .

ames A. Wil'lia'ms, City Clerk / Finance Director

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PRINCIPAL CITY OFFICIALS l

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CITY OF LEESBURG, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT l FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1988 l

MAYOR, C. Robert Lovell MAYOR PRO-TEM David L. Connelly CITY COMMISSION Charles C. Strickland C.J. Knowles Sanna Henderson l CITY MANAGER FINANCE DIRECTOR Rex Taylor James A. Williams, C.P.A.

I CITY ATTORNEY CITY AUDITORS R. Dewey Burnsed Purvis, Gray and Company i

ORGANIZATION CHART l

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FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT CITY OF LEESBURG, FLORIDA SEPTEMBER 30, 1988

Purvis Gray &

Comaany INDEPENDENT AUDITORS' REPORT Honorable City Commissioners City of Leesburg Leesburg, Florida We have audited the accompanying general purpose financial statements of the City of Leesburg, Florida, as of and for the year ended September 30, 1988, as listed in the table of contents. These financial statements are the responsibility cf the City's management.

Our respons 111ty is to express an opinion on these financial statements based on our audit.

Except as discussed in the following paragraph, our audit was made in accordance with generally accepted auditing standards and the standards for financial and compliance audits contained in the Standards for Audit of Governmental Organizations, Programs, Activities and Functions, issued by the U.S. General Accounting Office. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the 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 man agement, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We were unable to examine sufficient evidential matter to determine if property, plant and equipment and the provisions for depreciation recorded in the Enterprise Funds and the fixed assets recorded in the general fixed assets group of accounts are fairly presented at cost or e stin.ated historical cost, due to insufficient detail within the City's property records.

In our opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary had we been able to determine the propriety of amounts recorded as property, plant and equipment and the provisions for depreciation in the Enterprise l Funds and the propriety of amounts recorded as fixed assets in the general fixed assets l group of accounts, the general purpose financial statements referred to above present f airly the financial position of the City of Leesburg, Florida, at September 30, 1988, and the results of its operations and the changes in financial position of its proprietary fund types and similar trust funds for the year then ended, in conformity with generally accepted accounting principles.

Certified Public Accountants P.O. Box 23999

  • 222 N.E.1st Street
  • Gainesville, Florida 32602 * (904) 378-2461 Laurd Ridge Professional Center
  • 2347 S.E.17th Street
  • OCala, Florida 32671 * (904) 732 3872 1704 Metropolitan Blvd., Suite 3
  • Tallahassee, Florida 32308 * (904) 385-0554 MiMBER5 OF AMERICAN AND FLORIDA INSTITUTES Of CERTIFif D FURUC ACCOUNTANr5 MEMRER OF AMIRlCAN IN5fifVrt OF CERTIFIED PUBUC ACCOUNTANTS PRIVATE COMPANIES AND 5 E C PR ACTICI StCTIONS

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Honorable City Commissioners City of Leesburg Lsesburg, Florida i

l INDEPENDENT AUDITORS' REPORT (Concluded)

Our audit was made for the purpose of forming an opinion on the general purpose financial statemsnts taken as a whole. The combining, individual fund and account group statements, schedules and statistical data listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statsmsnts of the City of Leesburg, Florida. Such information, except for that portion:

marked "Unaudited," on which we express no opinion, has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, except for the effects of such ~ adjustments, if any, related to the matters discussed in the third paragraph, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole.

Dacember 30, 1988 Ocala, Florida , 4 gg i

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COMBINED BALANCE SHEET l ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1988 ,

CITY OF LEESBURG, FLORIDA GOVERNMENTAL FUND TYPES SPECIAL DEBT CAPITAL GENERAL REVENUE SERVICE PROJECTS ASSETS Equity in Pooled Cash and Investments $3,205,446 $ 30,932 $863,280 $1,227,090  :

Cash and Investments at Market Value l Receivables: l Customer Accounts Allowance For Doubtful Accounts Accrued Interest 30,469 Other Receivables 38,352 64,287 9,902 ,

Due From Other Funds 6,000 Due From Other Governments 163,194 18,514 83,431 l Inventory, At Cost 9,694  !

l Prepaid Expenditures 12,710 .

Restricted Assets:

Equity in Pooled Cash and Investments Property, Plant and Equipment, At Cost General Fixed Assets Accumulated Depreciation i Construction in Progress Estimated Landfill Closure Cost, Net Long-Term Receivables Deferred Issue Cost, Net f Amount Available in Debt Service Funds Amount To Be Provided For Retirement .

of General Long-Term Debt TOTAL ASSETS $3.453.155 1113.733 $863.280 $1.333.133 i1 l

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See accompanying notes.

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EXHIBIT 1 FIDUCIARY PROPRIETARY FUND TYPES FUND TYPE ACCOUNT GROUPS

'fENERAL GENERAL TOTALS INTERNAL TRUST AND FIXED- LONG-TERM (MEMORANDUM ONLY)

ENTERPRISE SERVICE AGENCY ASSETS DEBT 1988 1987

$ 8,240,336 $ 40,225 $ 764,660 $ 14,371,969 $ 11,344,947 11,374,873 11,374,873 10,071,771 5,072,908 5,072,908 4,682,221

( 764,494) ( 764,494) ( 653,915) 163,313 153,825 347,607 345,328 8,373 120,914 199,701 40,174 46,174 1,319,369 265,139 739,744 1,074,101 13,244 1,097,039 1,091,101 12,710 57,906 7,442,395 7,442,395 7,042,620 55,952,628 77,588 56,030,216 52,604,924

$15,904,762 15,904,762 13,399,750 (18,844,699) ( 29,245) (18,873,944) (16,675,062) 303,072 303,072 1,238,074 748,425 748,425 1,148,869 0 20,852 143,062 143,062 155,039

$ 665,880 665,880 651,700 5,937,091 5,937,091 6,021,810 3 59.531.047 $ 101.812 $12.341 10.1 $15.904.762 $6.602.?71 $100.245.798 $ 94.806.749 See accompanying notes.

l COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA GOVERNMENTAL FUND TYPES I

SPECIAL DEBT CAPITAL GENERAL REVENUE SERVICE PROJECTS I i

~ LIABILITIES Accounts Payable $ 270,458 $ 8,190 $ 57,720 Accrued Expenses 170,509 74,211 Customer Advances For Construction Due to Other Governments 79,293 Due to Participants  ;

Due to Other Funds 40,174 6,000 '

Current Portion - Long-Term Liabilities Payable From Restricted Assets:

Customer Deposits Accrued Interest on Revenue Bonds Revenue Bonds Payable  !

Other Notes Payable Matured Interest Payable $197,400 Estimated Landfill Closure Costs Payable Refunding Revenue Bonds Payable, Series 1984 Accrued Interest on Capital Appreciation Revenue Bonds i

Unamortized Discount Unearned Revenues 92,050

  • TOTAL LIABILITIES 573,191 93,483 197,400 131,931 .

I FUND EQUITY Contributed Capital Investment in General Fixed Assets #

i Retained Earnings:

Reserved i Unreserved Fund Balances: '

Reserved 75,626 4,774 665,880 1,201,202 Unreserved 2,804,338 15,476 TOTAL FUND EQUITY 2,879,964 20,250 665,880 1,201,202 TOTAL LIABILITIES AND FUND EQUITY $3.453.155 $113.733 $863.280 $1.333.131 I

See accompanying notes.

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-EXHIEIT 1 (Concludsd) l FIDUCIARY l PROPRIETARY FUND TYPES FUND TYPE ACCOUNT GROUPS GENERAL GENERAL TOTALS INTERNAL TRUST AND FIXED LONG-TERM (MEMORANDUM ONLY)

ENTERPRISE SERVICE AGENCY ASSETS DEBT 1988 1987

$ 1,286,691 $ 1,561 $ 1,624,620 $ 1,781,828 560,591 $ 8,068 $ 432,156 1,245,535 1,577,013 1 105,639 105,639 92,366 i 79,293 91,062 527,753 527,753 471,091 l 46,174 1,319,369 430,000 430,000 346,500 1,127,638 1,127,638 1,110,215 976,392 976,392 976,390 6,095,000 6,095,000 6,145,000 75,815 75,815 100,484 ,

197,400 231,469 860,000 860,000 1,216,618 l 19,999,999 19,999,999 19,999,999 322,894 322,894 229,154

( 106,272) ( 106,272) ( 11),332) 92,050 64,934 25,563,572 8,068 529,314, $ 0 6,602,971 33,699,930 35,642,160 11,646,058 15,979 11,662,037 11,248,784 15,904,762 15,904,762 13,399,750 5,338,365 5,338,365 4,359,338 16,983,052 77,765 17,060,817 13,784,989 11,812,591 13,760,073 13,822,538 2,819,814 2,549,190 33,967,475 93,744 11,812,591 15,904,762 0 _,66.545,868 59.164,589

$ 59.531.047 $101.8122j41.905 t $15.904.762 $6.602.971 $100.245.798 $ 94.806.74$ See accompanying notes.

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                    . COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 1988 CITY OF LEESBURG. FLORIDA-l l

REVENUES Taxes Licenses and Permits Intergovernmental Revenue Shared Revenues Charges For Services Fines and Forfeitures Miscellaneous TOTAL REVENUES EXPENDITURES Current: General Government Public Safety Physical Environment Transportation Economic Environment Human Services Culture / Recreation Capital Projects Debt Service (TOTAL EXPENDITURES) EXCESS (DEFICIENCY) 0F REVENUES OVER (UNDER) EXPENDITURES ( OTHER FINANCING SOURCES (USES) Bond and Note Proceeds Payment to Refunded Debt Escrow Agent Operating Transfers In (Operating Transfers Out) TOTAL OTHER FINANCING SOURCES (USES) EXCESS (DEFICIENCY) 0F REVENUES AND OTHER SOURCES OVER (UNDER) E'CPENDITURES AND OTHER USES FUND BALANCES, BEGINNING OF YEAR FUND BALANCES, END OF YEAR -l l See accompanying notes. .j 1

l EXHIBIT 2 l l GOVERNMENTAL FUND TYPES TOTALS SPECIAL DEBT CAPITAL (MEMORANDUM ONLY) GENERAL REVENUE SERVICE PROJECTS 1988 1987

 $ 1,937,253                                                               $ 1,937,253                                                          $1,309,008 133,624                                                    133,624                                                              127,984
                                $ 342,825                    $    291,116       633,941                                                             806,337 1,549,790                                                       1,549,790                                                           1,421,546 141,168                                                     141,168                                                             157,710 158,356                                                     158,356                                                             159,672 603,848                                      186,370       790,218                                                              539,874 4,524.039            342,825     $          0        477,486  , 5,344,350                                                           4,522,131 l

923,107 150 923,257 680,647 2,793,549 2,793,549 2,616,413-  ; 321,833 321,833 279,504 I 731,121 731,121 660,875 J 27,679 27,679 322,708 22,934 309,335 332,269 258,447 1,383,337 1,383,337 1,389,890 ' 2,394,738 2,394,738 1,270,109 477,423 477,423 776,137 I (6,175,881) (337,164) ( 477,423) (2,394,738) (9.385,206) (8,254,730) l (1,651,842) 5,661 ( 477,423) (1,917,252) (4,040,856) (3,732,599) J l i 0 6,042,977 i 0 (2,251,900) 2,835,887 491,603 432,505 3,759,995 2,975,099 ( 924,108) ( 924,108) _ _ _(385,334) 1,911,779 0 491,603 432,505 2,835,887 6,380,842 259,937 5,661 14,180 (1,484,747) (1,204,969) 2,648,243 2,620,027 14,589 651,700 2,685,949 5,972,265 3,324,022

 $ 2.879.964                    $ 20.250_       $ 665.880    $ 1.201.202   $ 4.767.296                                                         $ 5.972.265 i

See accompanying notes.

COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - l BUDGET AND ACTUAL GENERAL, SPECIAL REVENUE AND CAPITAL PROJECTS FUND TYPES ] FOR THE YEAR ENDED SEPTEMBER 30, 1988 l CITY OF LEESBURG, FLORIDA GENERAL FUND-VARIANCE FAVORABLE BUDGET ACTUAL (UNFAVORABLE) REVENUES Taxes $ 1,858,500 $ 1,937,253 $ '78,753' Licenses and Permits 147,310 133,624 ( 13,686)- Intergovernmental Revenue 1,474,300 1,549,790 75.490 Charges For Services 148,400 141,168 ( 7,232) Fines and Forfeitures 159,600 158,356 ( 1,244) Miscellaneous 572,400 603,848 31,448 TOTAL REVENUES 4,360,510 4,524,039 163,529 EXPENDITURES General Government 990,700 923,107 67,593 ; Public Safety 2,805,100 2,793,549 11,551: Physical Environment 321,800 321,833 ( 33) Transportation' -773,800. -731,121 42,679 Economic Environment 0 0 0. Human Services 25,100 22,934 2,166 . I Culture / Recreation 1,485,700 1,383,337 102,363~! Capital Projects 0 0 'O (TOTAL EXPENDITURES) ( 6,402,200) _( 6.175,881) 226,3g l I l. i EXCESS (DEFICIENCY) 0F REVENUES OVER (UNDER) EXPENDITURES ( 2,041,690) ( 1,651,842) 389,848-OTHER FINANCING SOURCES (USES) Botid Proceeds 0 0 0 Operating Transfers In 2,835,800 2,835,887 87 j (Operating Transfers Out) ( 983,700) ( 924,108) 59,592 TOTAL OTHER FINANCING SOURCES (USES) 1,852,100 1,911,779 59,679 EXCESS (DEFICIENCY) 0F REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES ( 189,590) _ 259,937 449,527 FUND BALANCES, BEGINNING OF YEAR '1,062,078- 2,620,027 1,557,949 FUND BALANCES, END OF YEAR $ 872.488 $ 2.879.964 $ 2.007.476 i l See accompanying notes.  ; l $ l'

EXHIBIT 3 SPECIAL REVENUE FUND TYPES CAPITAL PROJECTS FUND TYPES VARIANCE- VARIANCE FAVORABLE FAVORABLE BUDGET ACTUAL (UNFAVORABLE) BUDGET ACTUAL (UNFAVORABLE)

 $          0   $           0                     $                                     0        $          0 $           0  $               0 0               0                                                           0                   0             0                  0 406,400        342,825                                (                     63,575)                   0             0                  0 0               0                                                           0             325,550       291,116     (       34,434) 0               0                                                           0                   0             0                  0 I

0 0 0 0 0 0 O 0 0 180,000 186,370 6,370 406,400 342,825 ( 63.575) 505,550 477,486 ( 28,064) 0 150 ( 150) 0 0 0 1 0 0 0 0 0 0 l 0 0 0 0 0 0  ; 0 0 0 0 0 0 45,000 27,679 17,321 0 0 0 361,400 309,335 52,065 0 0 0 l 0 0 0 0 0 0 0 0 0 2,589,800 2,394.738 195,062 ( 406,400) ( 337,164) 69,236 (2,589,800) (2,394,738) 195,062 O_ 5.661 5,661 (2,084,250) (1,917,252) 166,998 0 0 0 0 0 0 l 0 0 0 421,050 432,505 11,455 0 0 0 0 0 0 0 0 _. 421,050 432,505 11,455 0 5,661 5,661 (1,663,200) (1,484,747) 178.453 0 14,589 14,589 2,063,198 2,685,949 622,751 9 0 $ 20.250 $ 20.250 $ 399.998 $ 1.201.202 $ 801.204 See accompanying notes. l L_______________________ _ _ _ _ _ _ _ - . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

COMBINED STATEMENT OF REVENUES, EXPENtES AND CHANGES IN RETAINED EARNINGS r ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA OPERATING REVENUES Charges For Services

 ..         Other Operating Revenue Investment Income Contributions TOTAL OPERATING REVENUES O_PERATING EXPENSES Investment Expense Generation and Transmission Purchased Energy Operating and Maintenance Administrative Expenses Depreciation and Amortization Benefit Payments (TOTAL OPERATING EXPENSES)

OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Interest Earnings Interest Expense

    . q     Other Income and Expenses TOTAL NONOPERATING REVENUES (EXPENSES)

INCOME (LOSS) BEFORE OPERATING TRANSFERS OTHER FINANCING SOURCES (USES) Nonoperating Financing Sources (Operating Transfers Out) TOTAL OTHER FINANCING SOURCES (USES) NET INCOME RETAINED EARNINGS / FUND BALANCES, BEGINNING OF YEAR 1 RETAINED EARNINGS / FUND BALANCES, END OF YEAR See accompanying notes. l

EXHIBIT 4

                                                                                                                                                         .l j

l 1 PROPRIETARY FUND TYPES FIDUCIARY FUND TYPES TOTALS I INTERNAL PENSION NONEXPENDABLE (MEMORANDUM'ONLY) I ENTERPRISE SERVICE TRUST TRUST 1988 1987 ]

           $31,418,704                                            $      236,092                                     $ 31,654,796      $ 28,407,945         3 336,011                                  $       8,480                             344,491           318,973       '

865,137 $ 48,172 913,309 886,349 826,058 848,434 1,674,492 1,514,173 31,754,715 236,092 1,699,675 896,606 34,587,088- 31.127,440 216,827 216,827 206,709 1,241,819 1,241,819 1,125,528 14,311,007 14,311,007 15,402,217, 3,966,410 3,966,410 3,594,033-2,029,837 241,764 85,306 158,946 2,515,853 2,180,542 2,149,206 4,374 2,153,580 1,927,897 197,692 524,382 722,074 657,096 (23,698,279) ( 246,138) ( 499,825) (- 683,328) (25,127,570) (25.094,022) 8.056,436 ( 10,046) 1,199,850 213.278 9,459.518 6,033,418-1,093,309 1,093,309 746,772 ( 2,060,731) ( 2,060,731) ( 1,941,579)  ! ( 2,467) -( 2,467)' 101,511 .j ( 969,889) 0 0 0 ( 969,889) ( 1,093,296) 7,086.547 ( 10,046) 1,199,850 213.278 8,489,629 4,940,122 14,241 14,241 0 ( 2,835,887) ( 2,835,887) ( 2,589,765)- ( 2,835,887) 14,241 0 0 ( 2,821,646) ( 2,589,765). i 4,250,660 4,195 1,199,850 213,278 5,667,983 2,350,357 18.070,757 73,570 9,841,269 558,194 28,543,790 26,193,433

             $22.321.417                                          $       77.765  $ 11.041.119       $      771.472  $ 34.211.773       $ 28.543.790-See accompanying notes.

COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION j ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA l SOURCE OF WORKING CAPITAL Operations: Net Income Items Not Affecting Working Capital: Depreciation and Amortization Working Capital Provided By Operations Decrease in Restricted Assets Net Increase in Current Liabilities Payable From Restricted Assets Decrease in Other Assets Contributed Capital Increase in Landfill Closure Liability Plant Retirements Accrued Interest on Capital Appreciation Revenue Bonds TOTAL SOURCE OF WORKING CAPITAL USE OF WORKING CAPITAL Increase in Restricted Assets Additions to Property and Equipment Additions to Nuclear Fuel Increase in Landfill Closure Costs Decrease in Long-Term Liabilities (TOTAL USE OF WORKING CAPITAL) INCREASE IN WORKING CAPITAL (BELOW) CHANGES IN WORKING CAPITAL ~BY COMPONENT Current Assets - Increase (Decrease): Cash and Investments Customer Accounts (Net) Accrued Interest Due From Other Funds Inventory Current Liabilities - Decrease (Increase): Accounts Payable Accrued Expenses Customer Advances For Construction Due to Other Funds Current Portion - Long-term Liabilities INCREASE IN WORKING CAPITAL (ABOVE) See accompanying notes. EXHIBIT 5 PROPRIETARY FUND TYPES FIDUCIARY FUND TYPES TOTALS INTERNAL PENSION NONEXPENDABLE (MEMORANDUM ONLY) ENTERPRISE SERVICE TRUST TRUST 1988 1987

 $ 4,250,660     $        4,195     $   1,199,850       $     213,278  $ 5,667,983     $ 2,350,357 2,483,066            4,374                                           2,487,440        2,519,776 6,733,726            8,569         1,199,850             213,278     8,155,423        4,870,133 317,071                                                              317,071          158,241 17,425                                                               17,425           87,287 183,/98                                                              183,798             2,312 413,253                                                              413,253          649,650 25,728                                                               25,728           43,117 98,800                                                               98,800           84,315 7,789,801            8,569         1,199,850             213,278     9,211,498        5,895,055 716,846                                                              716,846          211,754 2,412,637           46,822                                           2,459,459        2,729,874 95,642                                                               95,642          281,431 356,618                                                              356,618           46,315 (3,581,743)      (     46,822)                  0                  0  ( 3,628,565)     ( 3,269,374) 4.208.018     (     38.2_52)       1.199.850             213.278     5.582.933        2.625.681 3,257,476     (     46,854)        1,246,440             301,998     4,759,060        2,794,331 280,108                        (     55,070)       (    90,334)      134,704          808,460 12,221                                                                12,221          11,316

( 457,015) ( 457,015) 258,082 390 ( 275) 115 281,392 271,675 8,729 1,614 282,018 ( 863,404) 465,520 ( 241) 465,279 ( 402,760) ( 13,273) ( 13,273) ( 10,180) 474,456 388 8,480 483 324 ( 255,056) ( 83,500) ( 8. a00) 3,500

 $ 4.208.058     $(      38.253)    $    1.199.850      $     213.278  $ 5.582.933      $ 2.625.681 l

See accompanying notes.

NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA NOTE 1 - S_UMMAR'l 0F SIGNIFICANT ACCOUNTING POLICIES The City of Leesburg is a Florida municipality governed by an elected five-member City Commission. The City provides services to its citizenc including fire and police protection, electric, gas, water, wastewater < sanitation, parks and recreation, streets and other general governments l activities. The City Council is governed by the City Charter and by state an0 local laws and regulations. The City Council is responsible for thc establishment and adoption of policy. The execution of such policy is thc responsibility of the Council appointed City Manager. The accounting policies of the City of Leesburg, Florida, conform to generall5 accepted accounting principles for governmental entities. The following is 6 i summary of significant accounting policies. Reporting Entity The basic critsrion for including an agency, institution, authority, or othet organization in a governmental unit's reporting entity is the exercise of oversight responsibility over such agencies by the governmental unit's electe officials. Oversight responsibility is defined to include, but is not limite: to: financial interdependency; selection of governing authority; designation os management; ability to significantly influence operations; accountability foi fiscal matters and other factors including special financing relationships, There are no entities over which the City exerts any type of influence and accordingly, the accompanying general purpose financial statements include onl: the fund types and account group of the City itself. Fund Accounting The accounting system and financial reporting of the City are organized as operated on a fund basis. A fund is defined as a fiscal and accounting entit; with a self-balancing set of accounts recording cash and other financi6 resources, together with all related liabilities and residual equities o: balances, and changes therein wnich are segregated for the purpose cf carryia on specific activities or attaining certain objectives in accordance wit 1 special regulations, restrictions, or limitations. Fund and Account Group Categories The categories of funds and account groups of the City are summarized @ follows: (1) Governmental Type Funds are those through which most governmes functions typically are financed. The acquisition, use, and balances @ expendable financial resourcee and the related current liabilitio (except those accounted for in proprietary funds) are accounted f@: through governmental type funds. Governmental funds used by the C1S are as follows: General Fund - to account for all financial resources which are n@ required to be accounted for in another fund. (Continued) _9_

Ie i l ( NOTES TO FINANCIAL STATEMENTS I CITY OF LEESBURG. FLORIDA (Continued) l NOTE 1 - SUFMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fund and Account Group Categories (Continued) (1) (Concluded) Federal Revenue Sharing Fund, Community Development Block Grant, and Housing Assistance Program Fund - these funds are Special Revenue Funds which account for the proceeds of specific revenue sources (other than special assessments, expendable trusts, or for major capital projects) j that are legally restricted to expenditures for spccified purposes. I Debt Service Fund - used to account for the accumulation of resources for, and the payment of, principal and interest for general long-term , debt. i l 1 Capital Projects Funds - are used to account for financial resources to be J used for the acquisition or construction of major capital facilities (other i than those financed by Proprietary Funds, Special Assessment Funds and Trust Funds). l l (2) Proprietary Funds are used to account for a government's ongoing activities which are similar to tLase found in the private sector. The two types of proprietary funds used by the City are: Enterprise Funds are used 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. Enterprise funds of the City are as follows: Electric Utility Fund Gas Utility Fund Water Utility Fund Sanitary Sewer and Wastewater Treatment Fund Sanitation Services Fund Internal Service Funds are used to account for the financing of goods and

services provided by one department to other departments of the City on a cost-reimbursement basis. The Motor Pool Service Fund is the Internal l

Service Fund operated by the City. l (3) Fiduciary funds are used to account for assets held in a trustee capacity for others. The City's fiduciary ft.nds are as follows: Munit. pal Police Officers' Retirement Trust Fund Municipal Firemen's Retirement Trust Fund General Employees' Pension Plan General Employees' Health Insurance Fund Workmen's Compensation Insurance Fund i Deferred Compensation Fund (Continued) NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 1 -

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fund and Account Group Categories (Concluded) (4) Account Groups record and control' the government's general fixed assets and general long-term debt. The account groups ' are not funds and do ' nog reflect available financial resources and related 1.t abilities. Thc following account groups are maintained by the City. General Fixed Assets - to account for property and equipment not used is Proprietary Fund operations or accounted for in Trust Funds. General Long-Term Debt - to account for unmatured principal of long-tere general obligation indebtedness that is not a specific liability . of 6 Proprietary or Fiduciary Fund. Measurement Focus The accounting and reporting treatment applied to the fixed assets and long-te25 liabilities associated with a fund are de' ermined by its measurement focus < Governmental Fund Types - General, Special Revenue, Debt Service and Capitaj Projects Funds are accornted for on a " spending" or " financial flow" measuremen( focus. This means that .only current assets and current liabilities arc generally included on their balance sheets. Their reported fund balance (ne{ current assets) is considered a measure of "available spendable resources.C Governmental Fund Type operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses in net current assets. Accordingly, such statements are said- to present.t summary of sources and uses of "available, spendable resources" during a period, Fixed assets used in Governmental Fund Type operations (general fixed assets; are accounted for in the General Fixed Assets Account Group, rather than it governmental funds, and long-term liabilities expected to be financed fro: Governmental Fund Types are accounted for in the Gene al Long-Term Debt Accou@ Group. The Proprietary Funds are accounted for on a ' cost of services or "capite: maintenance" measurement focus. This means that all assets and all liabilities (w ather current or noncurrent) associated with its activity are included on iti balaiae sheet. The reported fund equity (net total assets) is segregated int < contributions and retained earnings components. The Proprietary Fund operatitq statement presents increases (revenues) and decreases (expenses) in net tota assets. Basis of Accounting Governmental Funds revenues and expenditures are recognized on the modifie accrual basis. This method recognizes revenues in the accounting period & which they become available and measurable. Expenditures are recognized & the period in which the fund liability is incurred (except unmatured interes on general long-term debt which is recognized when due).. Governmental Fund Type revenues that are susceptible to accrual include proper @ taxes, franchise fees, Federal and State revenue sharing revenues, as reimbursements from grants for authorized expenditures through September'30. (Continued)

NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued)  ; I NOTE 1 -

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (Continued) ) l Basis of Accounting (Concluded) I Budget data, when presented in the financial statements, is prepared on the same j basis of accounting as described for each fund. Encumbrances outstanding at ) year end are deemed cancelled and amounts sufficient to re-establish the commitment are included in the appropriations for the subsequent year. Fund balances are reserved within the General Fund for invertory and prepaid i expenditures ($2,268), police expenditures ($6,096) and road and streets ($1,737); within the Debt Service Fund ($665,880) for retirement of debt; and witP the Capital Projects Fund ($1,201,202) for construction; within the Special Revenue Funds for capital improvements ($4,774). Proprietary Fund revenues and expenses are recognized on the accrual basis. Revenues of the enterprise funds are recognized on the basis of services rendered. Billinb cycles of the Utility Funds and Sanitation Services Fund which overlap September 30 are prorated based upon meter reading dates. Total unbilled revenues for the combined Utility Funds and Sanitation Services Fund amount to $1,841,699 at September 30, 1988. Fiduciary Funds of the City consist of nonexpendable Pension Trust and Self-Insurance Funds and are accounted for on the accrual basis and a Deferred Compensation Agency Fund which is accounted for on the modified 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, and the General Fund makes transfers to the Special Revenue Fund, Debt Service Fund, and Capital Projects Funds. Grants-Proprietary Funds Unrestricted grants, entitlement 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. Investments In all funds, except the Pension Trust Funds, investments are stated at amortized cost. In accordance with Statement of Financial Accounting Standards No. 35 - Accounting and Reporting By Defined Benefit Pension Plans, i the investments within the Pension Trust Funds are stated at market value. Inventories Inventories held by the Utility, Sanitation Services and Motor Pool Funds are priced by the weighted average cost method. Inventory shown in the General Fund consists of expendable supplies and Police Department gasoline held for consumption and gasoline held for resale at the municipal airport. The amount thereof has been recorded for information purposes as an asset, offset by a reserve of an equal amount. (Continued)

l 1 NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA. i (Continued) NOTE 1 -

SUMMARY

OF SIGNIFICANT ACCOUNTING FOLICIES (Continued) l Accounts Receivable Customer accounts receivable are presented at estimated net. realizable value. j The allowance method is used for determining estimated uncollectible accounts. Amortization Bond issue costs are amortized over the life of the bonds.

         , Cost Recovery / Contributions 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 betterL reflect the various funds and departments' actual costs, a cost recovery is recorded as a reduction in expenditures or expenses. . The funds and departments which benefit from the services and expenses / expenditures record a cost; contribution as an increase in expenditures or expenses.

Fixed Assets (Proprietary Funds)- Fixed assets (Proprietary Funds) are recorded at historical cost. Depreciation is computed by the straight-line method over the estimated-useful lives of the assets as follows- 1 l Utility Funds: -! Buildings 10 to 50 Years i Improvements Other Than  ! Buildings 20 to .0 5 Years 1 Machinery, Equipment and Vehicles 4 to-20 Years i Nuclear Fuel 5 Years 1 Sanitation Services Fund: l Equipment 5 to 10 Years  ; Vehicles 5 to 7 Years Motor Pool Service Fund: Equipment 3 to 10 Years Vehicles 6 Years General Fixed Assets General fixed assets purchased are recorded-as expenditures in the Governmental _ Fund Types at the time of purchase. Such assets are' capitalized at cost in the. General Fixed Assets group of accounts. The City's policy is not to report 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 value at the time of acquisition. GeneralFixedAssetsincludetheCity's) cost of assets of Leesburg Regional Medical Center. Depreciation is notl provided on General Fixed Assets.

                                                                                                                          -(Continued) i i

1 1 J

I NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 1 -

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Compensated Absences The City accrues accumulated compensated absences for Governmental and Proprietary Funds. Compensated absences are, recorded in the Governmental Fund Types as an expenditure for the amount accrued during the year that would normally be liquidated with expendable available- financial resources. The remainder of the liability is reported in the General Long-Term Debt Account Group. The Proprietary Fund Type accrues compensated absences in the period they are earned. Personnel policies allow employees to accumulate a maximum of 90 days vacation leave and 90 days sick leave. Upon termination, employees are paid for their accrued vacation leave ' and 25% of their accrued sick leave' balance. Accrued vacation and sick leave benefits for the various funds at September 30, 1988, are as follows: VACATION SICK PAY Internal Service Fund

                                                                                                              ~
                                                                                                                                                                    $ 5,836       $ 2,232 Enterprise Funds:

Electric Utility Fund 49,440 47,391 Gas Utility Fund 22,452 13,073 Water Utility Fund 18,628 16,300 Wastewater Treatment Fund 41,724 23,901 Sanitation Services Fund 21,894' 13,963 Governmental Type Funds 271,257 160,Pg TOTAL $431.231 $2774 3 Budgeting The City's procedures in preparing and adopting the annual budget are as follows: (1) The City Manager is responsible for preparing a proposed operating budget for the upcoming year prior to September 30, that includes-estimated revenues, proposed expenditures, and other financing sources and uses. (2) Public hearings are held to obtain taxpayer comments and suggestions. The budget is enacted through passage of a resolution. (3) The City Manager is authorized to transfer budgeted amounts within any fund, but may not revise total fund expenditures without the approval of the City Commission. The budgetary data presented is in agreement with the originally adopted budget as amended by the City Commission. l (4) Formal budgetary integration is employed as a manegement control device l during the year for substantially all funds. Budgets are adopted on a basis consistent with generally accepted accounting principles. Total budgeted fund expenditures within the governmental type funds may not be exceeded legally. Appropriations lapse at the end of the year. Encumbrance accounting is not used by the City. (Continued)

NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORlDA (Continued) NOTE 1 -

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Total Columns on the Combined Statements - Overview Tooal columns on the Combined Statements - Overview are captioned Memorandug Only to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial' position, resultc of operations, or changes in financial position in conformity with generall3 accepted accounting principles. Neither is such data comparable to e consolidation. Interfund eliminations have not been made in the aggregation of this data. Minor reclassifications of 1987 amounts have been made te enhance comparison to 1988. Property Taxes Under Florida law, the assessment of all properties and the collection of all county, municipal and school board property taxes are consolidated in thc offices of the County Property Appraiser and County Tax Collector. The law: of the state regulating tax assessment are also designed to assure 8 consistent property valuation method statewide. Flcrida Statu s permit municipalities to levy property taxes at a rate of up to 10 mills. The tax levy of the City is established by the City Commission prior te October 1 of each year and the Lake County Property Appraiser incorporate { the City millages into the total tax levy, which includes the County and th: County School Board tax requirements. All property is reassessed according to its fair market value January 1 o: each year. Each assessment roll is submitted to the Executive Director o: the State Department of Revenue for review to determine if the rolls meet al: of the appropriate requirements of the Florida Statutes. All taxes are assessed on November 1 of each year or as soon therefafter e the assessment roll is certified and delivered to the County Tax Collector All unpaid taxes become delinquent on April 1 following the year in whicl they are assessed. Discounts are allowed for early payment at the rate of & in the month of November, 3% in the month of December, 2% in the month @ January and 1% in the month of February. The taxes paid in March are withos discount. On or prior to June 1 following the tax year, certificates are sold for al delinquent taxes on real property. After sale, tax certificates bem interest of 18% per year or at any lower rate bid by the buyer. Applicatie for a tax deed on any unredeemed tax certificates may be made by th certificate holder af ter a period of two years. Unsold certificates are hel by the County. Delinquent taxes on personal property bear interest of 18% per year until th tax is satisfied either by seizure and sale of the property or by th five-year statute of limitations. The City does not accrue its portion of the County-held tax sale certificate or personal property tax warrants because such amounts are not measurable at available as of the balance sheet date. (Continued) i l NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) i NOTE 1 -

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (Continued) .l Due From Other Governments l Due from other governments consists primarily of - current shared and grant i revenues due from the State of Florida and Federal government. All' amounts , are considered completely collectible. l

           . Deposits and Investments                                                               I The City's Charter and bond ordinances require that all City monies be deposited or invested in accordance with the laws of the State of Florida.

The City maintains a cash and investment pool that is available for use by l all ' funds , except the Pension Trust ' Fund. Each fund type's portion of' this ' pool is displayed on the combined balance sheet as " Equity in pooled cash and ) investments." The deposits and investments of the Pension Trust and Agency .l Funds are held separately from those of other City funds. Deposits At year end, the carrying amount of the City's ' deposits was $3,472,594 and-the bank balance was $3,602,201. All of the City's deposits, except the Pension Trust and Agency Funds, are maintained in banks and financial institutions which are covered by the Florida Security for Public Deposits Act; Chapter 280 of the Florida Statutes, which requires that each public depository must maintain eligible collateral having a market value equal to fifty percent of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held by the depository during the twelve months immediately preceding the date of any computation of the balance. As such, the depository is not required to hold collateral in the City's name nor specify which collateral is held for the City's benefit. l The Public Deposit Security Trust Fund, . as created under the laws of the State of Florida, would be required to pay the City for any deposits not covered by depository insurance or co1Aateral pledged by the depository as previously described. Investments

A summary of the carrying amount and market value of all City investments j follows

CARRYING MARKET AMOUNT VALUE Pooled Investments Sun Bank Repurchase Agreement, Collateralized By Treasury Note and Federal Home Loan Bank Bond $ 2,865,000 $ 2,865,000 State Board of Administration of Florida, Local Government Pooled Investment Account 8,205,910 8,205,910 U.S. Treasury Bills 263,662 263,662 U.S. Treanury Notes 6,995,780 7,169,844 U.S. Treasury Bonds 1,427,648 1,312,937 (Continued) NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLOR 1DA (Continued) NOTE 1 -

SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES (Concluded) i l Investments (Concluded) l CARRYING MARKET AMOUNT VALUE Pencion Trust and Agency Fund Investments Corporate Stocks $ 1,043,420 $ 1,043,420 , Colporate Bonds 3,863,165 3,863,165 U.S. Treasury Notes and Municipal Bonds 2,629,500 2,629,500 Collective Trust Funds 2,422.558 2,422,558 TOTAL INVESTMENTS $29.716.643 $29.775.996 Carrying Amount of Deposits (Above) $ 3,472,594 i Carrying Amount of Investments (Above) 29,716,643 ' TOTAL $33.189.237 Shown in the Accompanying Combined Balance Sheets As: Equity in Pooled Cash and Investments $14,371,969 Cash and Investments at Market Value 11,374,873 Restricted Assets: Equity in Pooled Cash and Investments 7,442,395 TOTAL $ 33.189. 23_77 l All the above investments, except the Pension Trust and Agency Funds, arel insured or registered, or held by the City ot its agent in the City's name. The1 State Board of Administration deposits in Tallahassee are maintained in an investment pool which invests primarily in commercial paper, repurcha agreements, bankers acceptance notes and U.S. Government obligations. At!.' September 30, 1988, the pool consisted of 925 individual accounts maintained ' by 448 local government participants with total investments of $4.3 billion. NOTE 2 - RESTRICTED ASSETS AND RESERVED RETAINED EARNINGS Utility Funds - Lond Service Requirements As of September 30, 1988, bond. funding requirements are current. The Refunding Revenue Bond Resolutions ' required the establishment of the following accounts: Refunding Revenue Bond Debt Service In accordance with terms of the-bond resolution, the City deposits cash monthly into a separate account, to fund upcoming principal and interest payments on the bonds. Such. cash and investments are reflected in the financial statements asl restricted assets. (Continued) !

                                                                                                                             )

NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 2 - RESTRICTED ASSETS AND RESERVED RETAINED EARNINGS (Concluded) Refunding Revenue Bond Reserve In addition to debt cervice deposit requirements, the bond resolution requires a reserve account to be used only to pay principal and interest in the event the monies in the sinking fund are insufficient therefore. Deposits into this account are l to be made until the amount of deposit equals the maximum amount of I principal and interest becoming due in any ensuing fircal year. l

                                                                                             )

Rene'ral and Replacement The City must make monthly deposits to a j separate account which is restricted for paying the. ' costs of extensions, I enlargements or additions to, or replacement of capital assets and emergency repairs thereto. The deposit requirement is 1/12 of 5% of the I year's gross revenues after deducting the cost of purchased energy. , 1 Bond Proceeds - Construction Account The proceeds of the bond issue have been segregated and are restricted to payment of acquisition and construction costs of capital improvement projects. Designated Retained Earnings The depreciation, potable water and wastewater treatment accounts are funds set aside by city management. They should be distinguished from rese rve s , since managerial plans are subject to change and may never be legally authorized or result in actual expenditures. NOTE 3 - GENERAL FIXED ASSETS AND PROPERTY, PLANT AND EQUIPMENT l l A summary of changes in general fixed assets follows: l BALANCE BALANCE 10/1/87 ADDITIONS DELETIONS 09/30/88 Land $ 2,207,097 $ 2,077 $ 2,209,174 Buildings 5,284,884 75,301 5,360,185 Improvements Other Than Buildings 2,035,498 1,197,733 3,233,231 l Equipment and Vehicles 3,029,817 287,277 $ 98,052 3,219,042 842.454 Construction in Progress 1,440,074 399,398 1,883,130 TOTAL $13.399.750 $3.002.462 j 497.450 $15.904.762 (Continued) NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 3 - GENERAL FIXED ASSETS AND PROPERTY, PLANT AND EQUIPMENT (Concluded) A summary of proprietary fund type property, plant and equipment at September 30, 1988, follows: INTERNAL ENTERPRISE SERVICE Intangible Plant $ 79,231 Land 1,133,226 Buildings 3,238,869 Improvements Other Than Buildings 44,828,204 Equipment 6,673,098 $ 77,588 Construction in Progress 303,072 TOTAL 56,255,700 77,588 (Accumulated Depreciation) (18,844,699) (29,245)I NET $ 37.411.001 $ 48.343 Capitalized Interest The City has included net capitalized interest expense (income) in the cost of its utility plant and general fixed assets, financed from the proceeds of ' certain tax-exempt bond issues. The amounts of net capitalized interest expense (income) for the years ended September 30, 1988 and 1987, were $0 and $(39,615), respectively. NOTE 4 - LONG-TERM LIABILITIES The following is a summary of all long-term liabilities of the City. Utility Funds Refunding Utilities Revenue Bonds, Series 1984, Dated September 1, 1984, Issued September 27, 1984 $19.999 9_9,9 The 1984 bonds are fully registered bonds in denominations of $5,000 and are collateralized by a pledge of the net revenues of the utilities system. Bond maturity datas and debt service requirements are as follows: (Continued)

NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 4 - LONG-TERM LIABILITIES (Continued) BOND MATURITIES DEBT SERVICE REQUIREMENTS TOTAL BOND TERM AND (INCOME MATURITIES CAPITAL REQUIRED FROM AND DEBT DUE SERIAL APPRECIATION SECURITY SECURITY INTEREST SERVICE 10/1 BONDS BONDS PURCHASES PURCHASES) EXPENSE REQUIREMENTS 1989 $ 474,150 $( 148,294) $ 1,952,863 $ 2,278,719 . 1990 511,029 ( 185,831) 1,952,863 2,278,061 1991 553,176 ( 226,256) 1,952,863 2,279,783 1992 595,322 ( 269,775) 1,952,863 2,278,410 1993 $ 600,000 ( 313,913) 1,952,863 2,238,950 l 1994 650,000 ( 313,913) 1,900,363 2,236,450 i 1995 705,000 ( 313,913) 1,841,863 2,232,95b ! 1996 770,000 ( 313,913) 1,776,650 2,232,737 1997 845,000 ( 313,913) 1,703,500 2,234,587 l 1998 $ 925,000 ( 313,913) 1,621,113 2,232,200 l 1999 1,020,000 ( 313,913) 1,528,613 2,234,700 ' 2000 1,120,000 ( 313,913) 1,426,613 2,232,700 2001 1,230,000 ( 313,913) 1,314,613 2,230,700 , 2002 1,360,000 ( 313,913) 1,190,075 2,236,162 ! 2003 1,500,000 ( 313,913) 1,050,675 2,236,762 2004 1,655,000 ( 313,913) 896,925 2,238,012 ; 2005 609,999 (4,118,913) 5,762,289 2,253,375 2006 1,505,000 727,288 2,232,288 2007 1,660,000 571,144 2,231,144 2008 1,830,000 398,919 2,228,919 2009 2,015,000 209,056 2,224,056 l TOTALS $4.800.000 $ 15.199.999 $2.133.677 $(8.716.025) $ 33.684.014 $ 47.101.665 Capital Appreciation Bonds l The original bond issue amount of $19,999,999 contains $609,999 of capital appreciation bonds which at maturity (October 1, 2005) will be worth a total of $5,645,000. The total value of the capital appreciation bonds as of September 30, 1988, is $932,893, which is composed of the maturity value of

                                           $5,645,000 less the unearned discount of $4,712,106.          This is presented in the accompanying financial statements as follows:

l 1 i Bonds Payable (Part of $19,999,999) $609,999 I l Accrued Interest On Capital Appreciation Bonds 322,894 TOTAL $932.893 Subsequent Event - Utilities Bond Refunding  ; On December 15, 1988, the City passed an ordinance which provides for the  ! refunding of a portion of the Utility Revenue Bonds. Series 1984. The existing { debt of $19,999,999 less the 1993 and 1994 serial bonds and the capital l appreciation bonds of $1,859,999 will be refunded by new bonds having a face i 1 (Continued) 1

1

                                                                                                                                'l I

J NOTES TO FINANCIAL STATEMENTS CITY OF LEEST RG, FLORIDA (Continued) NOTE 4 - LONG-TERM LIABILITIES (Continued)- 1 Subsecuent Event - Utilities Bond Refunding (Concluded) f value of $21,810,000. .In addition, .to estimated present value savings'of $1.3 ' million, the refunding will allow the- City to transfer cash held . in the City's. restricted debt service reserve. account of $2,279,783 to the City's construction ' account. The following is a summary of the estimated sources and uses of funds associated l with the refunding bonds: 1 i SOURCE OF FUNDS Face Amount of New. Bonds $ 21,810,000 Accrued Interes: 175,286 q (Underwriters Discount) _. ( 285,711) (Original Issue Discount) ( -9,600) TOTAL SOURCE OF FUNDS (NET) 21.689.975 USE OF FUNDS I Deposit to Debt Service Account 175,286.f Deposit to Escrow Trust Fund For Refunded Bond Defeasance Bond Insurance Premium Payments 21,167,200.) 193,729 Issue Costs 153,760 TOTAL USE OF FUNDS $ 21.689.975

                                                                                                                                -)

Estimated Landfill Closure Costs The City will be closing its present landfill. site around 1990-1991 at i an , estimated total cost of $1,572,334. An asset and related liability have been j recorded in the balance sheet of the City's Sanitation - Fund - to ' reflect thisI cost and related liability. The cost of the closure will-be. financed by user 1 fees. The closure cost is being amortized over the period ~ (six years) that rates are increased to pay off future long-term. debt and other associated. costs.3 A summary of the carrying value of the closure cost asset and' liability follows: ' CLOSURE: COST ASSET LIABILITY Original Estimated Cost, September 30,_1985 '$11,723,303 -$ 1,723,303-1 (Adjustment of Original Estimate)' ( 150,969) -( 150,969)- (Accumulated Amortization) ( 823,909) -0 ('.. .282'334) (Costs Paid) , Balance, September 30, 1988 $ 748.425 $ 1.290.000'l A summary of reductions in the estimated liability follows: 1989  :$ 430,000 1990 430,000 1991 430.000. TOTAL $1.290.000 < (Continued)

NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued)

                                                                                                                      -l NOTE 4 - LONG-TERM LIABILITIES (Continued)

General Long-Term Debt A summary of all general long-term debt of the City as of September- 30, 1988, follows: e Note Payable, Uncollateralized, Due in Monthly Installments of $2,123 Including Interest at 8%. $ 48,815 Mortgage Notes-Payable, Collateralized By Real Estate, Due ._ in Annual Installments of $1,000 With Interest at 4% 15,000 Mortgege Note Payable, Collateralized By.Real Estate, Due in Annual'Insta11ments of $3,000 With Interest At 10% 12,000 l Refunding and Capital Improvement Revenue Bonds Payable, ' Issued in April, 1987, Interest From 4% to 7% 6,095,000.- Employee Compensated Absences Payable at September 30, 1988 432,156 TOTAL $6.602.971 Maturities of General Long-Term Debt Maturities of general long-term debt for years ending September 30, are as follows: 1989 $ 160,000 1990 165,500 1991 155,315 1992 154,000 1993 161,000 Thereafter 5,807,156' TOTAL $6.602.971 The following is a summary of changes in general long-term debt for the year ended September 30, 1988: BALANCE BALANCE OCTOBER 1, SEPTEMBER 30, 1987 ADDITIONS DEDUCTIONS 1988 Refunding and Capital Improvement Bonds $6,145,000 $ 50,000 $ 6,095,000 Mortgages and Notes l Payable 100,484 24,669- 75,815 Employee Compensated Absences Payable 428,026 $ 4,130 432,156: TOTAL $ 6.673.510 $ 4.130 $( 74.669) $ 6.602.971 l (Continued) l

I NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLOR'DA~~~ (Continued) NOTE 4 - LONG-TERM LIABILITIES (Continued) Refunding and Capital Improvement Bonds During April 1987, tne City issued $6,145,000 of Refunding and Capits Improvement Revenue Bonds to provide funds for certain Improvement Projects, as the refunding and payment of the City's Refunding and Capital Improvemes Revenue Bonds, Series 1984. The 1987 Bonds are fully registered bonds without coupons in denominations @

                             $5,000 each and are collateralized by a pledge of Local Government Half-Cea Sales Tax Revenue and income of certain investments.

In a related but separate transaction,. the City also defeased the $85,0@ remaining balance of the 1960 Public Revenue Certificates, with an $88,02 payment from existing City funds to the bond escrow agent. A summary of the debt service requirements of the 1987 Refunding and Capite Improvement Bonds follows: PAYABLE INTEREST ASSOCIATED TOTAL OCTOBER 1, RATE PRINCIPAL INTEREST DEBT SERVICE 1988 4.25% $ 135,000 $ 394,805 $ 529,803 1989 4.50% 140,000 389,067 529,067 1990 4.75% 145,000 382,767 527,767 1991 5.00% 150,000 375,880 525,88@ 1992 5.20% 160,000 368,380 528,383 1993 5.40% 170,000 360,060 530,063 1994 5.60% 180,000 350,880 530,880 1995 5.80% 190,000 340,800 530,800 1996 6.00% 200,000 329,780 529,782 1997 6.20% 210,000 317,780 527,781 1998 6.30% 225,000 304,760 529,761 1999 6.40% 240,000 290,585 530,583 2000 6.50% 255,000 275,225 530,223 2001 7.00% 270,000 258,650 528,65C 2002 7.00% 290,000 239,750 529,75C 2003 7.00% 310,000 219,*50 529,45C 2004 7.00% 330,000 197,750 527.752 2005 7.00% 355,000 174,650 529,652 2006 7.00% 380,000 149,800 529,80$ 2007 7.00% 405,000 123,200 528,202 1308 7.00% 435,000 94,850 529,85G 2009 7.00% 465,000 64,400 529,40G 2010 7.00% 455,000 31,850 486,85G TOTAL 16.095.000 ,$ 6.01).119 } 12.130.111 (Continued:

l l NOTES TO FINANCIAL STATEMENTS i CITY OF LEESBURG, FLORIDA l (Continued) j NOTE 4 - LONG-TERM LIABILITIES (Concluded) A summary of all long-term debt previously defeased and no longer a liability 6f the City follows: l BALANCE SEPTEMBER 30, PROPRIETARY FUND TYPES - UTILITY FUNDS 1988 Utilities Revenue Certificates, Series 1959 $ 200,000 i Utilities Revenue Certificates, Series 1962 185,000 Utilities Revenue Certificates, Series 1965 100,000 Utilities Revenue Certificates, Series 1970 200,000 ' l Utilities Revenue Certificates, Series 1975 1,460,000 i Utilities Revenue Certificates, Series 1977 12,020,000 Utilities Revenue Certificates, Series 1977A 420,000 l TOTAL PROPRIETARY FUND TYPES - UTILITY FUNDS 14,585,000 l GENERAL LONG-TERM DEBT GROUP OF ACCOUNTS l 1960 Public Revenue Certificates 45,000 l Refunding and Capital Improvement Bonds, i Series 1984 2,125,000 l TOTAL GENERAL LONG-TERM DEBT GROUP OF ACCOUNTS 2,170,000 TOTAL DEFEASED DEBT - ALL FUNDS AND ACCOUNT GROUPS $ 16.755.000 NOTE 5 - ELECTRIC POWER AGREEMENTS Crystal River Unit #3 Participation Agreement l The City is a participant in an agreement with Florida Power Corporation which was entered into on July 31, 1975. Under terms of the agreement, the City acquired an 0.8244% ownership interest and generation entitlement share l in the nuclear steam electric generating unit. Participants are entitled to l energy output of the unit based upon their respective generation entitlement share. Florida Power Corporation has been appointed by the participants to act as their agent and has sole authority to manage, control, maintain and operate the unit. Operating costs of the unit, in general, are shared in proportion to each generation entitlement share on a monthly basis. Common and external facilities of the generating unit are solely owned by Florida Power Corporation and participants share in the operating and maintenance expenses of such facilities. Nuclear fuel payments are required of participants in advance. The participation agreement provides for reversion of the ownership interest of the unit to Florida Power Corporation upon retirement from service. The book value of the investment included in Utility Plant in Service amounts to

                                                                                         $4,061,843 as of September 30, 1988.

(Continued)

NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 5 - ELECTRIC POWER AGREEMENTS (Concluded) Florida Municipal Power Agency The City of Leesburg is a member of the Florida Municipal Power Agene (FMPA). FMPA was created pursuant to Chapter 163, Parts I and II ("Thc Interlocal Act" and "The Joint Power Act") to, among other things, provide f means for the Florida Municipal corporations to cooperate with each other te provide for their present and projected energy needs. The City of Leesbur( has limited oversight authority over the operation of FMPA. This oversight is manifested in the appointment of one member to the 28-member Board ol Directors of FMPA. Furthermore, the City, by agreement, has no equit interest in any of the assets owned by the egency. Additionally, all bond: issued by FMPA are special obligations of the agency, and neither the Statc of Florida nor any political subdivision thereof, nor any city or othet entity which is a member of FMPA, other than FMPA, is obligated to pay th: bonds. Neither the faith and credit nor taxing power of the State of Florid! or any political subdivision thereof or of any such city or other entity cat be pledged to the payment of the outstanding bonds. The City of Leesbur{ participates in the following FMPA projects: St. Lucie No. 2 Power Purchase Agreement The City, through FMPA, has negotiated an agreement with Florida Power as Light Corporation guaranteeing the City the right to purchase up to 2.31 megawatts of generating capacity from the St. Lucie No. 2 nuclear generatisl plant. The plant became operational in 1984. The cost of this agreement he been capitalized and will be amortized over the plant's expected useful life. All-Requirements Power Supply Agreement On February 13, 1985, the City entered into an agreement with FMPA wherek the City will purchase its electric power from FMPA on an all-requiremen@ basis. The agreement will remain in effect until October 1, 2020, with te optional successive ten year renewal periods. Power rates charged to th-City by FMPA are subject to a majority vote of the Board of Directors of FMPA. NOTE 6 - GRANTS The City participates in a number of State and Federal grant program @ principle of which are the following: HUD-DCA Community Development Block Grants HUD Section 8 - Housing Assistance Payments Program FAA-FDOT Airport Improvements Grants These programs are subject to program compliance audits by the grantors e their representatives. The audits of these programs for or including ti year ended September 30, 1988, have not yet been accepted / approved by tk grantors. Accordingly, the final determination of the City's compliance wiB applicable grant requirements will be established at a future date. T1 amount, if any, of expenditures which may be disallowed by the grantis agencies cannot be determined, although the City expects such amounts, i any, to be immaterial. (Continued) NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 7 - SEGMENT INFORMATION FOR ENTERPRISE FUNDS The City operates five enterprise funds. Segment information as of September 30, 1988, is as follows: SANITARY SEWER AND ELECTRIC GAS WATER WASTEWATEF SANITATION UTILITY UTILITY UTILITY TREATMENT SERVICES FUND FUND FUND FUND FUND Operating Revenues $22,731,464 $3,927,778 $1,680,763 $2,045,338 $1,369,372 Depreciation and Amortization 1,399,529 98,170 294,361 365,946 325,060 Operating Income 5,435,872 1,300,765 598,767 513,970 207,062 Operating Transfers To General Fund 2,303,385 292,001 130,001 110,300 0 Net Income 2,404,990 966,445 294,869 335,749 248,607~ Current Year Capital Contributions 182,695 16,335 70,779 143,444 0 Property and Equipment Additions 1,768,633 192,297 171,511 247,508 32,688 Nat Working Capital 5,805,083 1,046,392 1,877,003 2,249,583 425,182 Long-Term Liabilities Payable From Operating Revenues (Net) 12,454,966 1,523,054 3,653,934 2,584,667 860,000 Total Fund Equity 15,946,952 2,600,205 4,085,561 10,781,160 553,597 Total Assets 31,676,142 4,405,853 8,006,002 13,563,595 1,879,455 NOTE 8 - OTHER DISCLOSURES (1) There was no excess of expenditures over appropriations in individual governmental funds. (2) There was no deficit retained earnings / fund balance of individual funds: (3) Individual fund interfund receivable and payable balances: INTERFUND INTERFUND FUND RECEIVABLES PAYABLES General Fund $ 6,000 $40,174 Special Revenue Funds 0 6,000 Trust and Agency Funds 40,174 0 TOTAL $46.174 $46.174 1 NOTE 9 - PENSION PLANS By ordinance, the City has established three single-employer defined benefit pension plans for City employees. The following is a brief description of the plans: (Continued) NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 9 - PENSION PLANS (Continued) Municipal Police Retirement Plan Total payroll for employees covered by the plan for the year ended September 30c 1988, was $789,940; the City's total payroll was $6,780,194. All policemen wh3 have attained eighteen years of age are eligible to participate in the plan. Ac of October 1, 1987, the date of the most recent actuarial report, the plan had the following number of participants: Active Vested 14 Active Nonvested 5 Retired, Disabled, Vested Terminations and Beneficiaries 3 TOTAL NUMBER OF PARTICIPANTS. 5 Participants who have completed 10 years of credited service are 100% vested is their plan benefits at age 45 or later, reduced 5% per year before norma: retirement date. Participants whose service is terminated prior to completing 10 years of credited service are' entitled to the return of their employec contributions without interest. Normal retirement benefits are payable tc participants who have reached the earlier of age 55 and 25 years of credites service, or age 60 and 10 years of credited service. Such benefits are payabic at a rate of 2.75% of average final compensation times the number of years of credited service. The benefits under this plan provide en offset for benefitt paid by the general employee retirement plan, under which the. police officer ( are also covered. The plan also provides for early retirement, disabilit; retirement and death benefits at rates defined in the plan document. Funding of the Police Pension' Fund is provided from policemen contributions-(55 of their annual compensation) and 1% excise tax. The excise tax is levied of gross premiums collected on casualty insurance policies covering property withis the corporate limits of the City. The State collects and contributes the tax tc the fund under Florida Statute 185. The City does not contribute to the fua since policemen contributions and excise - tax monies are suf ficient to fund thc plan. Accumulated employee contributions total $243,834 as of September 3@ 1988. The required City contribution for the year ended September 30, 1988, consistia entirely of normal cost is $53,277. Actual contributions to the plan for th year ended September 30, 1988, are as follows: PERCENTAGE OF AMOUNT COVERED PAYROLL Employee $ 39,497 5.0% State of Florida (Insurance Tax) 77,482 9.8% TOTAL ACTUAL CONTRIBUTIONS $116.979 14.8% The significant actuarial assumptions used to compute the actual contributi@ requirements .are essentially the same as those used to compute the pensi@ benefit obligation. (Continued) NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 9 - PENSION PLANS (Continued) i Municipal Firemen's Retirement Plan l Total payroll for employees covered by the plan for the year ended September 30, 1988, was $645,400; the City's total payroll was $6,780,194. All firemen who have attained age eighteen and completed one year of credited service are eligible to participate in the plan. As of October 1, 1987, the date of the most recent actuarial report, the plan had the following number of participants: l Active 25 Retired 7 Beneficiaries 0 Vested Terminations 2 TOTAL NUMBER OF PARTICIPANTS M Participants who have completed 10 years of credited service are 100% vested in i their accrued retirement benefits. Participants whose service is terminated prior to completing 10 years of credited service are entitled to the return of their contributions plus interest at the rate of 5% compounded annually. Normal retirement benefits are payable to participants who have attained age 55 years l and completed 10 years of credited service. Such benefits are payable at a rate of 2% of final monthly compensation times the number of years of credited service up to a maximum of 35 years. The plan also provides for early retirement, deferred retirement, disability retirement and death benefits at rates defined in the plan document. Firemen contribute 5% of their annual compensation to the plan. A 1% excise tax on fire insurance premiums sold within the corporate limits is remitted to the fund by the State of Florida. The City accrues and contributes an additional amount, as determined by an actuary, to fund annual normal cost and prior service cost amortized over forty years through use of the frozen entry age actuarial cost method. Accumulated employee contributions total $271,880 as of September 30, 1988. The required City contribution for the year ended September 30, 1988, is as follows: AMOUNT Normal Cost $ 60,076 Amortization of Prior Service Cost 28,274 Interest - One-Half Year 3,534 TOTAL REQUIRED CONTRIBUTION $ 91.884 Actual contributions to the plan for the year ended September 30, 1988, are as follows: PERCENTAGE OF AMOUNT COVERED PAYROLL E: loyer $ 49,356 7.5% Employee 32,270 5.0% State of Florida (Insurance Tax) 44,249 6.8% TOTAL ACTUAL CONTRIBUTIONS $ 125.875 ,19.31 The significant actuarial assumptions used to compute the actual contribution requirements are essentially the same as those used to compute the pension benefit obligation. (Continued)

NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 9 - PENSION PLANS (Continued) General Employees' Retirement Fund Total payroll for employees covered by the plan for the year ended September 30, 1988, was $4,741,496; the City's total payroll was $6,780,194. All employees of - the City, excluding commissioners and firemen covered in another plan, are eligible to participate in the plan after reaching age eighteen and completing one year of credited service. As of October 1, 1987, the date of the most recent actuarial report, the plan had the following number of participants. Active 226 Terminated - Vested Benefits 18 Retired 51 l TOTAL NUMBER OF PARTICIPANTS 295 Participants who have completed 5 years of credited serv 1ce are 25% vested in thair pleet benefits, with 5% increases per year until 15 years of service have been reached whereby the participant will be 100% vested. Normal retirement benefits are paid to participants who have reached age 65. Such benefits are t payable at a rate of 1.50% of average final compensation times the number ofa L years of credited service. The plan also provides for early retirement, late retirement, disability retirement and death benefits at rates defined in the plan document. The General Employees' Plan is noncontributory. The City accrues and , contributes an amount, as determined by an actuary, to fund annual normal cost " and prior service cost amortized over forty years. The required City contribution for the year ended September 30, 1988, is as follows: AMOUNT Normal Cost $ 365,777 Amortization of Prior Service Cost 77,756 TOTAL REQUIRED CONTRIBUTION $ 443.533 Actual contributions to the plan for the year ended September 30, 1988, consisting exclusively of employer contributions is $583,204. This represents 12.3% of covered payroll. The significant actuarial assumptions used to compute the actual contribution requirements are essentially the same as those used to compute the pension benefit obligation. Pension Benefit Obligation The amount shown below as the " pension benefit obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and step-rate benefits, estimated to be payable in the future as a result of employee service to date. The measure is intended to help users assess the funding status of the System on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among employers. The measure is the actuarial present value of credited projected benefits and is independent of the funding method used to determine contributions to the System. (Continued)

NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 9 - PENSION PLANS (Continued) The pension benefit obligacion was computed as part of actuarial valuations performed as of October 1, 1987. There is no unfunded pension benefit obligation in any of the City's three plans as illustrated below: MUNICIPAL POLICE MUNICIPAL GENERAL RETIREMENT FIREMEN'S EMPLOYEES' TRUST TRUST RETIREMENT FUND FUND PLAN Pension Benefit Obligation: Retirees and Beneficiaries Currently Receiving Benefits and Terminated Employees Not Yet Receiving Benefits $ 68,749 $ 497,747 $ 1,102,061 Current Employees: Accumulated Employee Contributions Including Allocated Investment Earnings 215,534 297,049 0 Employer-Financed Vested 634,597 1,272,028 0 Employer-Financed Nonvested 93,735 71,234 0 Employer-Financed - Vesting Not Distinguished 0 0 3,376,341 Total Pension Benefit Obligation $ 1.012.615 $ 2.136. An $ 4.478.402 Net Assets Available For Benefits, At Market $ 1.585.113 $ 2.369.136 $ 5.804.756 UNFUNDED PENSION BENEFIT OBLIGATIONS $ 0 $ 0 $ 0 SIGNIFICANT ACTUARIAL ASSUMPTIONS USED: Rate of Return on Investment of Present and Future Assets 7.0% 8.0% 6.0% Projected Salary Increases 5.5% 7.0% 4.0% Three-Year Trend Information Trend information tor actuarial valuations made with the past three years: (Continued)

l NOTES TO FINANCIAL STATEMENTS CITY OF LEESBURG, FLORIDA (Continued) NOTE 9 - PENSION PLANS (Concluded) l Three-Year Trend Information (Concluded) MUNCIPAL I MUNICIPAL POLICE FIREMEN'S GENERAL EMPLOYEES' RETIREMENT. RETIREMENT RETIREMENT TRUST FUND TRUST FUND PLAN 1988 1987 1986 1988 1987 1986 1988 1987 1986 Net Aasets Available For Benefits, As a Percentage of The Pension Benefit Obligation 156% N/A N/A 110% N/A N/A 129% N/A N/A Assets in Excess of Pension Benefit Obligation, As a Percentage of Annual Covered Payroll 72% N/A N/A 36% N/A N/A 28% N/A N/A Employer Contributions As a Percentage of Annual Covered Payroll 0% 0% 0% 7.5% 7.5% 8.7% 12.3% 12.3% 12.3% All contributions made to the above plans for the past three years have either met or exceeded contributions called for by the actuarial valuations. Ten-year trend information required by GASB Statement No. 5, is not available (N/A) for actuarial valuations prior to October 1, 1987. NOTE 10 - SELF-INSURANCE FUNDS Employee Health Insurance Fund Effective October 1, 1984, the City established a self-insurance program for the payment of employee health and medical claims. The program provides for the payment of City and employee contributions into a self-insurance fund, which is managed by the City and its administrative agent. Employee claims up to $37,500 per person are paid from the assets of the self-insurance fund, with amounts in excess of $37,500 up to a maximum of $1,000,000 per year being paid from a reinsu.ance policy purchased by the City. Workmen's Compensation Insurance Fund Effective January 1, 1986, the City established a self-insurance program for the payment of employee Workmen's Compensation claims. The program provides for City contributions into a self-insurance fund whicit is managed by the City and its administrative agent. (Continued)

NOTES TO FINANCIAL STATEMENTS j CITY OF LEFSBURG, FLORIDA J (Concluded) ], NOTF 10 - SELF-INSURANCE FUNDS (Concluded) Workmen's Compensation Insurance Fund (Concluded) Employee claims up to $150,000 per occurrence are paid from the assets of the self-insurance fund with amounts in excess of $150,000 per occurrence being paid from a reinsurance policy purchased by the City. The financial position and results of operations of the self-insurance funds are presented in the Fiduciary Fund Section of the Combining Financial Statements. l NOTE 11 - DEFERRED COMPENSATION FUND Certain City employees have the opportunity to participate in a deferred compensation plan under Section 457 of the Internal Revenue Code. Currently, there are nine (9) participants. Since deterred compensation funds remain an asset of the City until participan.s are eligible to receive benefits, such amounts are legally l subject to claims of the City's general creditors. The financial activity of ) the plan is presented in the Fiduciary Fund section of the combining financial l statemente. NOTE 12 - CONIINGENT LIABILITY l The City of Leesburg has been identified by the Environmental Protection , l Agency as a potentially responsible party at two hazardous waste sites. While  ! it appears that the City will have some responsibility to the EPA for clean-up j I efforts at the sites, the amount of the City's liability cannot be determined at this time. i 1 1 1 1 i I i I i I

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i l; GENERAL FUND Ths General Fund accounts for all revenues and expenditures of the City which are not  ; required to be accounted for in other funds. It receives a greater variety and number of ) taxec and other general revenues than any other fund. { t a l I l l

EXHIBIT A-1 GENERAL FUND BALANCE SHEET SEPTEMBER 30, 1988 WITH COMPARATIVE AMOUNTS FOR SEPTEMBER 30, 1987 CITY OF LEESBURG,30RIDA ASSETS 1988 1987 ASSETS Equity in Pooled Cash Investments $ 3,205,446 '$2,217,242 Dua From Other Governments 163,194 74,643 , Assessments Receivable 2,931 2,981 i Other Accounts Receivable (Net of Allowance For Doubtful Accounts l of $3,924 for-1987 and 1986) 35,421 21,894 l Interest Receivable 30,469 30,469 Dus From Other Funds 6,000 486,529 Supplies Inventory at Cost 2,268 3,871 Inventory For Resale - Airport Fuel 7,426 0 Ptepaid Expenditures 0 57,906 TOTAL ASSETS 3.453.155 2.895.535 LIABILITIES AND FUND BALANCE LIABILITIES Accounts Payable 270,458 61,961 Accrued Wages and Payroll Tax 169,609 81,104 Dua to Other Funds 40,174 67,309 Deposits 900 200 Unearned License Revenue 92,050 64,934 TOTAL LIABILITIES 573,191 275,508 FUND BALANCE Ree arved:

     'or Inventory and Prepaid Expenditures                                                      2,268       61,777 For Police Education                                                 4,146         5,554 For Police Expenditure                                               1,950         5,269 For Roads and Streets                                                1,737        11,873 For Fire Expenditures                                                5,000                     0 For Infrastructure                                                  60,525                     0 Unreserved                                                        2,804,338     2,535,554 l

TOTAL FUND BALANCE 2,879,964 _2,620.C27 TOTAL LIABILITIES AND FUND BALANCE $ 3.453.155 $2.895.535

EFHIBIT A-2 h GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA l VARIANCE FAVORABLE 1987 BUDGET ACTUAL (UNFAVORABLE) ACTUAL j REVENUES  ! Taxes $ 1,858,500 $ 1,937,253 $ 78,753 $ 1,309,008 Licenses and Permits 147,310 133,624 ( 13,686) 127,984 i Shared Revenues 1,474,300 1,549,790 75,490 1,421,546 ; Charges For Services 148,400 141,168 ( 7,232) 157,710 Fines and Forfeitures 159,600 158,356 ( 1,244) 159,672 Miscellaneous 572,400 603,848 31,448 408,305 , TOTAL REVENUES 4,360,510 4,524,039 163,529 3,584,225 ' l EXPENDITURES General Government 990,700 923,107 67,593 679,147 Public Safety 2,805,100 2,793,549 11,551 2,616,413 i Physical Environment 321,800 321,833 ( 33) 279,504 Transportation 773,800 731,121 42,679 629,066 Human Services 25,100 22,934 2,166 24,230 ' Culture / Recreation 1,485,700 1,383,337 102,427 1,389,890 i (TOTAL EXPENDITURES) ( 6,402,200) ( 6,175,881) ( 226,383) ( 5,618,250) ; EXCESS (DEFICIENCY) 0F REVENUES OVER (UNDER) EXPENDITURES ( 2,041,690) ( 1,651,842) 389,912 ( 2,034,025) ' OTHER FINANCING SOURCES (USES) ' operating Transfers In 2,835,800 2,835,887 87 2,589,285 (Operating Transfers Out) ( 983,700) ( 924,108) 59,5,28 ( 385,334)j TOTAL OTHER FINANCING SOURCES l (USES) 1,852,100 1,911,779 59,615 2,203,951 EXCESS (DEFICIENCY) 0F REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES ( 189,590) 259,937 449,527 169,926 FUiiD BALANCE, BEGINNING OF YEAR 1,062,078 2,620,027 1,557,949 2,450,101 FUND BALANCE, END OF YEAR $ 872.488 $ 2.879.964 $ 2.007.476 $ 2.620,027

EKHIBIT A-3 GENERAL FUND STATEMENT OF REVENUES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE 1987 BUDGET ACTUAL (UNFAVORABLE) ACTUAL l REVENUES l Taxes Ad Valorem $ 1,405,900 $ 1,405,625 $( 275) $ 1,272,549 Local Option Sales 416,500 489,950 73,650 0 Frenchise Fees 36,300 41,678 5,378 36,459 Total Taxes 1,858,500 1,937,253 78,753 1,309,008 Licenses and Permits Professional and Occupational 64,700 61,618 ( 3,082) 60,621 Building Permits 59,500 46,367 ( 13,133) 41,504 Other Permits 23,110

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25,639 2,529 25,859 Total Licenses and Permits 147,310 133,624 ( 13,686) 127,984 Shared Revenues Insured Agents - County Licenses 1,500 1,450 ( 50) 1,775 Comprehensive Plan DCA 20,000 20,018 18 0 Two-cent Cigarette Tax 76,500 77,069 569 75,462 State Revenue Sharing 390,000 407,877 17,877 405,266 Mobile Home Licenses 19,100 20,026 926 19,186 Alcoholic Beverage License 16,000 15,730 ( 270) 15,868 Municipality Share of County j Impact Collection Fees 5,000 3,594 ( 1,406) 5,199 Rebate on Municipal Vehicles 8,900 11,451 2,551 9,344 Local Option Gas Tax 356,000 380,603 24,603 355,433 Municipality Share of County occupational Licenses 33,000 33,055 55 32,444 Half-Cent Sales Tax 452,800 478,852 26,052 399,316 One Percent Fuel Tax 95,500 100,065 4,565 102,253 lotal Shared Revenues 1,474,300 1,549,790 75,490 1,421,546 Charges For Sertices Gsneral Government Charges 9,100 10,322 1,222 11,821 Other Public Safety Charges 10,300 7,732 ( 2,568) 15,413 Police Dispatch Fees 3,100 1,690 ( 1,410) 3,400 Other Physical Environment Charges 2,600 7,074 4 474 3,613 Libraries 11,500 10,792 ( 708) 12,037 Progrem Activities Fees 70,600 60,831 ( 9,769) 67,702 Swimming Pools 13,200 18,471 5,271 16,650 Othar Recreation Fees 2,000 2,302 302 2,968 Marina Charges 2,000 1,562 ( 438) 1,808 Community Building 24,000 20,392 ( 3,608) 22,298 Total Charges For Services 148,400 141,168 ( 7,232) 157,710 (Continued) 1 EXHIBIT A-3 (Conclud:d) I GENERAL FUND STATEMENT OF REVENUES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE 1987 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES (Concluded) Fines and Forfeitures Court Fines $ 120,600 $ 119,063 $( 1,537) $ 120,865 Library Fines 6,300 6,353 53 6,011 Other Fines and Forfeitures 32,700 32,940 240 32,796 Total Fines and Forfeitures 159,600 158,356 ( 1,244) 159,672 Miscellaneous Revenues  ; Contributions 0 0 0 500 ) Interest, Including Profit on Investments 342,300 365,897 23,597 320,991 Rents and Percentages 27,700 27,660 ( 40) 26,250 Airport Rental 33,000 47,120 14,120 31,098 i Airport Operations 63,100 53,239 ( 9,861) 0 , Sale of Furniture and Equipment 10,700 10,519 ( 181) 24,319 ( Sale of City Property 88,600 88,605 5 0 i Other Income 5,500 4,036 ( 1,464) 3,467 i Insurance Compensation 0 272 272 1,680 i Trust Fund Contributions 1,500 6,500 5,000 0! Total Miscellaneous Revenues , 572,400 603,848 31,448 408,305 i TOTAL REVENUES $ 4.360.510 $ 4.524.039 $ 163.529 $ 3.584.225

EXHIBIT A-4 I i GENERAL FUND

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STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL I FOR THE YEAR ENDED SEPTEMBER 30, l988 ' WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED. 3EPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA VARIANCE l FAVORABLE 1987 I FUNCTION / ACTIVITY /SUBACTIVITY/0BJECT BUDGET ACTUAL (UNFAVORABLE) ACTUAL j EXPENDITURES Gzneral Government Services L*gislative: City Comission: Personal Services $ 28,300 $ 28,726 $( 426) $ 27,855 i Operating Expenses 23,500 24,470 ( 970) 29,155 l Cost Recovered ( 25,900) ( 25,900) 0 ( 29,100) Total City Comission 25,900 27,296 ( 1,396) 27,910 f' Boards and Comissions: Personal Services 15,500 14,667 833 11,399 Operating Expenses 13,100 9.117 3,983 12,481 l Capital Outlay 1,000_ 1,000 0 0 1 Total Boards and Comissions 29,600 24,784 4,816 23,880 Total Legislative 55,500 52,080 3,420 51,790 1 Executive: City Manager's Office: Personal Services 168,800 165,379 3,421 162,472 Operating Expenses 30,000 37,037 ( 7,037) 29,827 Capital Outlay 4,800 0 4,800 0 Cost Recovered ( 122,200) ( 122,200) 0 ( 117,000) Total City Manager's Office 81,400 80,216 1,184 75,299 City Clerk / Finance Director: Personal Services 135,000 130,972 4,028 87,240 Operating Expenses 19,000 '21,722 ( 2,722) 28,533 Capital Outlay 10,000 10,005 ( 5) O Cost Recovered ( 123,000) ( 123,000) 0 ( 97,400) Total City Clerk / Finance Director 41,000 39,699 1,301 18,373 l Total Executive 122,400 119,915 2,485 93,672 i Finance and Administrative: l Accounting Office: Personal Services 172,700 172,258 442 165,196 Operating Expenses 32,200 31,867 333 '31,980 Capital outlay 4,000 3,005 995 553 Cost Recovered ( 125,300) ( 125,300) 0 ( 118,600) Total Accounting Office 83,600 81,830 1,770- 79,129 Collections Office: Personal Sr.rvices 95,700 95,982 ( 282) 84,832 Operating Expenses 25,200 24,597 603 22,898 Cost Recovered ( 90,700) ( 90,700) 0 ( 79,400) Total Collections Office 30,200 29,879 321 28,330 1 (Continued) L __ _____ ____ _

EXHIBIT A-4 (Continued) GENERAL FUND , STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA 1 l i VARIANCE FAVORABLE 1987 FUNCTION / ACTIVITY /SUBACTIVITY/0BJECT BUDGET ACTUAL (UNFAVORABLE) ACTUAL EXPENDITURES (Continued) General Government Services (Continued) Finance and Administrative: (Concluded) j Data Processing: Personal Services $ 89,700 $ 91,180 $( 1,480) $ 80,812 . Operating Expenses 56,600 44,253 12,347 24,312 i Capital Outlay 25,000 25,281 ( 281) 6,749 . Cost Recovered ( 137,000) ( 137,000) 0 ( 107,600)  ! Total Data Processing 34,300 23,714 10,586 4,273 l Customer Service:  ! Personal Services 159,100 158,223 877 162,043 Operating Expenses 47,700 45,011 2,689 44,396 , Capital Outlay 25,000 1,192 23,808 0  ! Cost Recovered ( 231,800) ( 204,426) ( 27,374) ( 204,300) Total Customer Service 0 0 0 2,139 g Meter Reading: Personal Services 105,800 105,236 564 89,510  ! Operating Expenses 17,700 16,997 703 16,754 i Cost Recovered ( 123,500) ( 122,233) ( 1,267) ( 104,500) i Total Meter Reading 0 0- 0 1,764 j Purchasing Office: Personal Services 62,800 63,388 ( 588) 61,741  ; Operating Expenses 15,200 15,134 66- 16,182 l Capital Outlay 1,400 1,367 33 11,744  ! Cost Recovered ( 69,900) ( 69,900) 0 ( 79,200) l Total Purchasing Office 9,500 9,989 ( 489) 10,467 l' Personnel Office: Personal Services 91,100 91,306 ( 206) 73,000 i Operating Expenses 14,200 10,149 4,051 10,521 i Capital Outlay 0 0 0 6,290  ! Cost Recovered ( 47,400) ( 47,400) 0 ( 45,300) l Total Personnel Office 57,900 54,055 3,845 44,511  ? Total Finance and Administrative 215,500 199,467 16,033 170,613  ! Legal Services- 1 City Attorney's Office: Operating Expenses 62,100 52,854 9,246 67,635 Cost Recovered ( 31.100) ~ ( 31,100) 0 ( 35,000) Total Legal Services 31,000 21,754 9,246 32,635 ~ l 1 (Continued)  ! l l l

EXHIBIT A-4 I (Continuzd) l GENERAL FUND STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 198L WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE 1987 FUNCTION / ACTIVITY /SULACTIVITY/ OBJECT BUDGET ACTUAL (UNFAVORABLE) ACTUAL EXPENDITURES (Continued) Gnneral Government Services (Continued) Community and Economic Development: Personal Services $ 76,200 $ 71,491 $ 4,709 $ 49,189 Operating Expenses 22,400 20,779 1,621 14,'54 Capital Outlay 3,200 3,174 26 1,832 Cost Recovered ( 25,500) ( 25,500) 0 ( 16,300) Total Community and Economic Development 76,300 69,944 6,356 49,275 Warehouse Services: Personal Services 77,000 77,545 ( 545) 74,558 Operating Expenses 7,300 7,568 ( 268) 9,034 Capital Outlay 7,600 7,468 132 793 Cost Recovered ( 80,900) ( 80,900) 0 ( 76,700) Total Warehouse Services 11,000 11,681 ( 681) 7,685 j Printing and Reproduction: Personal Services 23,300 23,258 42 22,070 Operating Expenses 1,600 270 1,330 602 Capital Outlay 0 0 0 0 Cost Recovered ( 8,700) ( 8,700) 0 ( 9,300) Total Printing and Reproduction 16,200 14,828 1,372 13,372 Public Information Office: Personal Services 19,500 19,970 ( 470) 18,292 Operating Expenses 21,800 17,810 3,990 18,571 Capital Outlay 0 0 0 600 1 Cost Recovered ( 20,700) ( 20,700) 0 ( 18,700) Total Public Information Office 20,600 17,080 3,520 18,763 l Civic Functions Support: ' Grants and Aids 77,500 76,333 1,167 76,568 Public Buildings:

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Personal Services 122,100 117,724 4,376 104,182 ) Operating Expenses 61,600 56,406 5,194 64,527 Capital Outlay 2,900 2,875 25 3,412 Cost Recovered ( 28,000) ( 28,000) 0 ( 28,700)

                                         ~~                                                                     j Total Public Buildings                      158,600      149,005                9,595        143,421         '

l I (Continued) I _--__-___-____A

1 EXHIBIT A-4 (Continusd) GENERAL FUND j STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL l FOR THE YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR WDED SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA , j VARIANCE FAVORABLE 1987  ; FUNCTION / ACTIVITY / S"B ACTIVITY / 0BJ ECT BUDGET ACTUAL (UNFAVORABLE) ACTUAL i EXPENDITURES (Continued) General Government Services ~~ (Concluded) Switchboard:  !

      ~~

Personal Services $ 12,500 $ 11,370 $ 1,130 $ 15,028 1 Operating Expenses 24,900 22,860 2,040 25,036  ! Capital Outlay 0 0 0 0  ! Cost Recovered ( 18,700) ( 18,700) 0 ( 21,500) Total Switchboard 18,700 15,530 3,170 18,564 Elections: Operating Expenses 200 191 9 796 Miscellaneous and Contingencies: Operating Expenses 187,200 175,299 11,901 1,993 Total General Government Services 990,700 923,107 67,593 679,147 Public Safety Law Enforcement: Police Department: Personal Services 1,325,800 1,330,433 ( 4,633) 1,198,148 Operating Expenses 239,100 248,295 ( 9,195) 225,092 Capital Outlay 85,100 82,012 3,088 68,392 , Total Law Enforcement 1,650,000 1,660,740 ( 10,740) 1,491,632 j 1 Fire Control: Fire Department: , Personal Services 958,500 955,118 3,382 921,711 ) Operating Expenses 89,300 85,161 4,139 89,751 l Capital Outlay 44,500 32,975 11,525 54,165 Total Fire Control 1,092,300 1,073,254 19,046 1,065,627 Protective Inspections: Building and Inspections: Personal Services 88,600 87,881 719 83,638 Operating Expenses 15,300 12,974 2,326 11,155 Capital Outlay 800 600 200 5,661 Cost Recovered ( 41,900) ( 41,900) 0 ( 41,300) 59,154 l l- Total Protective Inspections 62,800 59,555 3,245

otal Public Safety 2,805,100 2,793,549 11,551 2,616,413 (Continued) l

EXHIBIT A-4 (Continu:d) I GENERAL FUND STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE 1987 FUNCTION / ACTIVITY /SUBACTIVITY/0BJECT BUDGET ACTUAL (UNFAVORABLE) ACTUAL EXPENDITURES (Continued) Physical Environment Other Physical Environment: Engineering: Personal Services  ? 199,000 $ 195,131 $ 3,869 $ 147,476 Operating Expenses 16,000 18,060 ( 2,060) 13,893 1 Capital Outlay 7,600 20,481 ( 12,881) 11,998 j Cost Recovered ( 167,000) ( 167,000) 0 ( 131,200) l Total Engineering 55,600 66,672 ( 11,072) 42,167 j Public Works Office: ' Personal Services 89,800 89,775 25 83,351 Operating Expenses 23,300 21,830 1,470 21,117 Capital Outlay 1,600 1,538 62 6,762 Cost Recovered ( 28,700) ( 28,700) 0 ( 30,400) $ Total Public Works Office 86,000 84,443 1,557 __, 80,830 Grounds and Beautification: Personal Services 108,200 107,014 1,186 98,534 Operating Expenses 63,700 55,403 8,297 56,614 Capital Outlay 8,300 8,301 ( 1) 1,359 Total Grounds and Beautification 180.200 ___y 1170,718 9,482 156,507 Total Physical Environment 321,800 321,833 ( 33) 279,504 Transportatfan Roads and Streets: Street Maintenance: 1 Personal Services 136,100 137,006 ( 906) 123,757 Operating Expenses 227, 00 224,591 2,809 220,389 Capital Outlay 11,100 14,318 ( 3,218) 8,967 Total Street Maintenance 374,(00 375,915 ( 1,315) 353,113 Street Lighting: Personal Services 35,700 33,783 1,917 27,748 Operating Expenses 147,600 141,616 5,984 123,268 Capital Outlay __2,500 2,109 491 10,295 Total Street Lighting 165,900 177,508 8,392 161,311 Traffic Control: Personal Services 35,500 3S,394 106 29,630 Operating Expenses 24,000 25,442 ( 1,442) 21,511 Capital outlay 600 5,39 61 1,828 Total Traffic Control 60,100

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61,375 ( 1,275) 52,969 Total Roads and Streets 620,600 614,798 5,002, 567,393 (Continued)

EXHIBIT A-4 (Continusd) GENERAL FUND STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE 1987 FUNCTION / ACTIVITY /SUBACTIVITY/0BJECT BUDGET (UNFAVORABLE) ACTUAL

                                                       .. ACTUAL                                        1 l

EXPENDITURES (Continued) Transportal g (Concluded) Airport Maintenance: i Personal Services $ 23,000 $ 22,970 $ 30 $ 20,088 I operating Expenses 76,700 41,172 35,528 41,585 , Capital Outlay 1,000 3.159 ( 2',159) 0 , Total Airport Maintenance 100,700 67,-^i 33,399 61,673 Airport Operations: , Personal Services 11,700 12,922 ( 1,222) 0 Operating Expenses 40,800 36,100 4,700 0 l Total Airport Operations 52,500 49,022 3,478 0 l Total Transportation 773,800 731,121 42,679 629,066 Human Services  ! Animal Control: Personal Services 24,500 22,859 1,641 21,557 Operating Expenses 600 75 525 2,673 I Total Human Services 25,100 22,934 2,166 24,230 l Culture and Recreation s Library: l Personal Services 233,700 209,834 21,866 202~982 Operating Expenset 75,200 74,360 840 65,790 l Capital Outlay 52,800 53,649 ( 849) 42,848 Total Library 361,700 337,843 o ,857 311,620 Parks and Recreation: recreation Office: Personal Services 254,800 238,491 16,309 235,312 l Operating Expenses 118,300 101,123 17,177 99,775 Capital Outlay 15,000 13,603 1,397 6,093 Total Recreation Office 388,100 353,217 34,883 341,180 1 Swimming Pools: Personal Services 39,400 45,739 ( 6,339) 36,829 1 Operating Expenses 60,700 50,489 10,211 60,384 j Capital Outlay 0 0 0 114,307 l Total Swimming Pools 100,100 96,228 3,872 , 211,520  : Parks and Canals: Personal Services 314,800 299,679 15,121 265,223 , Operating Expenses 68,200 59,250 8,950 52,027 ! Capital Outlay 15,200 14,029 1,171 6,876 4 Total Parks and Canals 398,200 372,958 25,242 324,126 (Continued) . EXHIBIT A-4 (Concluded) GENERAL FUND ' STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1988

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WITH COMPARATIVE" ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE 1987 FUNCTION / ACTIVITY / SUB ACTIVITY / 0BJ ECT BUDGET ACTUAL (UNFAVORABLE) ACTUAL EXPENDITURES (Concluded) Culture and Recreation (Concluded) l Parks and Recreation: (Concluded) Athletic Fields: Personal Services $ 68,200 $ 69,516 $( 1,316) $ 60,809 Operating Expenses 64,200 56,051 8,149 55,280 Capital Outlay 14,600 9,463 5,137 2,435 Total Athletic Fields 147,000 135,030 11,970 118,524 Total Parks and Recreation 1,033,400 957.433 75,967 995,350 Cultural Services: i Cultural Arts Building: ' Operating Expenses 4,500 2,909 1,591 4,158 l Capital Outlay 0 0 0 545 Total Cultural Services 4,500 2,909 1,591 4,703 Special Recreational Facilities: Community Building: Personal Services 59,400 61,259 ( 1,559) 54,706 Operating Expenses 26,200 23,502 2,698 20,699 Capital Outlay 500 391 109 2,812 Total Special Recreational Facilities 86,100 85,152 948 78,217 Total Culture and Recreation 1,485,700 1,383,337 102,363 1,389,890 TOTAL EXPENDITURES $6.402.200 $ 6.175.881 $ 226.319 $ 5.618.250 1 EXHIBIT A-5 l GENERAL FUND ] STATEMENT OF OTHER FINANCING SOURCES AND USES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1988  ; WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIPA } VARIANCE l FAVORABLE 1987 FUNCTION / ACTIVITY /SUBACTIVITY/0BJECT BUDGET ACTUAL (UNFAVORABLE) ACTUAL OTHER FINANCING SOURCES (USES) i 1 Operat!ng Transfers In: j Electric Utility Fund $ 2,303,300 $ 2,303,385 $ 85 $ 2,146,804 j Gas Utility Fund 292,000 292,001 1 224,301 i Water Utility Fund 130,000 130,001 1 135,850 l Sanitary Sewer and Wastewater Treatment Fund 110,500 110,500 0 82,330 (Operating Transfers Out): Debt Service Fund ( 562,600) ( 491,603) 70,997 ( 327,586) : C apital Projects Fund ( 421,100) ( 432,505) ( 11,405) ( 57,748) e i TOTAL OTHER FINANCING SOURCES i (USES) } 1.852.100 $ 1.911.779 1_ 59.679 $ 2.203.951 l l i j l i l SPECIAL REVENUE FUNDS . l 1 \ Special Revenue Funds are used to account for the proceeds of specific revenue sources t (other than special assessments, expendable trusta, or for major capital projects) that , are legally restricted to expenditure for specified purposes. Certain administrative expanses are paid by the General Fund. l l l l l L-_ _ -

                                                                                                            ]

EXHIBIT B-1 4 SPECIAL REVENUE FUNDS l COMBINING BALANCE SdEET SEPTEMBER 30, 1988 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA ASSETS FEDERAL REVENUE COMMUNITY HOUSING SHARING DEVELOPMENT ASSISTANCE TOTALS FUND FUND FUND 1988 1987 ASSETS Equity in Pooled Cash and i Investments $ 30,;3' $ 30,932 $ 39,539 Due From Other Governments $ 18,514 0 18,514 387,261 Housing Assistance Loans 64,287 0 64,287 66,217 TOTAL ASSETS $ 0 82.801 192232 _113 131 _423.017-LIABILITIES AND FUND BALANCES LIABILITIES

                                                                                                             }

Accounts Payable 7,740 450 8,190 31,156 { Dua to Other Funds 6,000 0 6,000 356,210 1 Due to Other Governments 64,287 15,006 79,293 91,062 TOTAL LIABILITIES 0 78,027 15,456 93,483 478,428 s For Capital Improvements 4,774 0 4,774 953 I Unreserved: Existing Housing 0 14,023 14,023' 13,636 Voucher Program 0 1,453 1,453 0 { TOTAL FUND BALANCES 0 4,774 15,476 20,250 14,589  ? TOTAL L1 ABILITIES AND FUND BALANCES 0 $ 82.801 $ 30.932 $113.733 $493.017 l f I i 1 l l I I i I j

EXHIBIT B-2 SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30, 1988  ; WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987 l CITY OF LEESBURG, FLORIDA , I i FEDERAL REVENUE COMMUNITY HOUSING  ! SHARING DEVELOPMENT ASSISTANCE TOTALS FUND FUND FUND 1988 1987 REVENUES

                                                             $ 311,325 $ 34':,825                                                   $ 551,262       l Intergovernmental Revenue     $           0   $     31,500                                                 ,

l EXPENDITURES General Government Services 150 0 0 150 1,500 ; Transportation 0 0 0 0 31,809 Economic Environment 0 27,679 0 27,679 322,708 Human Services 0 0 309,335 309,335 234,217 (TOTAL EXPENDITURES) ( 150) ( 27,679) ( 309,335) (337,164) (590,234) EXCESS (DEFICIENCY) 0F REVENUES OVER (UNDER) EXPENDITURES ( 150) 3,821 1,990 5,661 ( 38,972) FUND BALANCES, BEGINNING OF , YEAR 150 953 13.486 14,589 53,561 FUND BALANCES, END OF YEAR $ 0 1 4.774 $ 15.476 L, 20. 250 $ 14.589 f i l l I 1 l l 1 1

EXHIBIT B-3 FEDERAL REVENUE SRARING FUND

                                                          ~

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR Tile YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE 1987  ! BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES l Intergovernmental Revenue: Federal Revenue $ 0 $ 0 $ 0 $ 1,293 i , EXPENDITURES i General Government: Financial and Administrative. l Other Services and Charges 0 150 ( 150) 1,500 l Capital Outlay 0 0 0 0 l Total General Government 0 150 ( 150) 1,500 i Transportation: Personal Services 0 0 0 3,966 Capital Outlay 0 0 0 27,843 Total Transportation 0 0 0 31,809, (TOTAL EXPENDITURES) 0 ( 150) ( 150) (33,309) l EXCESS (DEFICIENCY) 0F REVENUES OVER (UNDER) EXPENDITURES 0 ( 150) ( 150) (32,016) FUND dALANCE, BEGINNING OF YEAR 0 150 150 32,166 l FUND BALANCE, END OF YEAR $ 0 $ 0 $ 0 $ 150 l EXHIBIT B-4 l COMMUNITY DEVELOPMENT FUND ] ' STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL l FOR THE YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE TOTALS FOR SEPTEMBER 20, 1987 . CITY OF LEESBURG, FLORIDA  ! VARIANCE l FAVORABLE 1987  ! BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Intergovernmental Revenue: HUD Revenues $ 3,800 $ 3,821 $ 21 $ 3,817 Community Development Block Grant Revenue 41,200 27,679 ( 13,521) 319,844 ! TOTAL REVENUES 45,000 31,500 ( 13,500) 323,661 EXPENDITURES Economic Environment: Housing and Urban Development: Personal Services 13,800 7,877 5,923 5,458 Operating Expenditures 30,000 18,833 11,167 308,010 Capital Outlay 1,200 969 231 9,240 (TOTAL EXPENDITURES) ( 45,000) ( 27,679) 17,321 (322,708)f 1 EXCESS OF REVENUES OVER EXPENDITURES 0 3,821 3,821 953  ! FUND BALANCE, BEGINNING OF YEAR 0 953 953 0 FUND BALANCE, END OF YEAR $ 0 $ 4,774 $ 4,774 $ 953 EXHIBIT B-5 l

                                                     ~ HOUSING ASSISTANCE FUND STATTMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBEE 30, 1988                               y WITH C0KPARATIVE TOTALS FOR SEPTEMBER 30, 1987                           1 CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE         1987 BUDGET     ACTUAL    (UNFAVORABLE)     ' ACTUAL l

REVENUES i Intergovernmental Revenue: 1 HUD Contributions. $ 361,400 $ 311,325 $( 50,075) $ 226,308 , I EXPENDITURES Human Services: Welfare: Personal Services 29,900 25,345 4,555 21,903 Operating Expenses 324,500 283,990 40,510 212,314 Capital Outlay 7,000 0 7,000 0 (TOTAL EXPENDITURES) (361,400) (309,335) 52,065 (234,217) EXCESS (DEFICIENCY) 0F REVENUES OVER (UNDER) EXPENDITURES O' 1,990 1,990 ( 7,909) FUND BALANCE, BEGINNING OF YEAR 0 13,486 13,486 21,395 FUND BALANCE, END OF YEAR 0 $ 15.476 15.476 j $ $ 13.486 c

i I i l j l I 1 i DEBT SERVICE FUNDS Dabt Service Funds are used to account for the accumulation of resources for, and the psymant of, general long-term debt principal and interest. 4 1

l EXHIBIT C-1 ) l DEBT SERVICE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1988 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987 l CITY OF LEESBURG, FLORIDA '! 1987 REFUNDING NOTES AND . REVENUE MORTGAGES TOTALS BONDS PAYABLE 1988 1987 i ASSETS l Equity in Pooled Cash and Investments $ 863,280 $ 0 $ 863,280 $ 883,169 TOTAL ASSETS 863.280 0 863.280 883.169 1 LIABILITIES AND FUND BALANCES l Liabilities Accrued Interest Payable 197,400 0 197,400 231,469 Fund Balances - Reserved For Debt Service 665,880 0 665,880 651,700 TOTAL LIABILITIES AND FUND BALANCES $ 863.280 $ 0 $ 863.280 $ 883.169 l EXHIBIT C-2 DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA 1987 REFUNDING NOTES AND REVENUE MORTGAGES TOTALS 1 BONDS PAYABLE 1988 1987 REVENUES $ 0 $ 0 $ 0 $ 0i EXPENDITURES 4 Retirement of Principal 50,000 24,670 74,670 476,411 ! Interest and Issue Costs 394,805 7,948 402,753 299,726 l (TOTAL EXPENDITURES) (444,805) ( 32,618) (477,423) ( 776,137) i EXCESS (DEFICIENCY) 0F REVENUES OVER (UNDER) EXPENDITURES (444,805) ( 32,618) (477,423) ( 776,137) i OTHER FINANCING SOURCES (USES) ) Operating Transfers In 529,805 0 529,805 328,003 l (Operating Transfers Out) 0 ( 38,202) ( 38,202) 0 Proceeds of 1987 Refunding Revenue Bonds 0 0 0 2,892,192 (Payment of Refunded Debt Escrow Agent) 0 0 0 (2,251,900) TOTAL OTHER FINANCING SOURCES (USES) 529,805 ( 38,202) (491,603) 968,295 EXCESS (DEFICIENCY) 0F REVENUES AND l OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 85,000 ( 70,820) 14,180 192,158 FUND BALANCE, BEGINNING OF YEAR 580,880 70,820 651,700 459,542 FUND BALANCE, END OF YEAR $ 665.880 $ 0 1 665.880 $ 651.700 L l 1 1 1 i i 1 l l i l l CAPITAL PROJECTS FUhTS l i Capital Projects Funds are used to account for financial resources to be ' used for the j acq'aisition or construction of. major cap 1tal - facilities (other than those financed - by . j Proprietary Funds, Special Assessment Funds and Trust Funds). ' Airport Improvement Project - to account for the costs of resurfacing and lighting runways j and. taxiways. and the construction' and purchase of various navigational aids. i 'The majority of the' construction cost is being financed through Federal, State and County-Grants, and the balance by General-Fund revenues. Industrial Park Development - to account for the cost of the purchase of land and the - installation of utilities'and roads. This development area is to-be sold to commercial and industrial enterprises. Financing is provided by bond'procesds. City Hall Renovation - to account for the. costs t'o renovate the ' City . Hall- and Annex  ; Building. Financing is provided by bond proc'eeds. l w __ _ _-__ _ _ - _ . _

n CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET. .i SEPTEMBER 30, 1988 l WITH COMPARATIVE TOTALS FOR SEPTEMBER 30,1981 l CITY OF LEESBURG, FLORIDA-l 1 AIRPORT' IMPROVEMENT. J PROJECT- .! ASSETS f Equity in Pooled Cash and Investments $ '1,368 Due From Other Governments 83,431 Due From Other-Funds 0 , Contributions Receivable 9,902 I Deposits 0 TOTAL ASSETS 94.701 1 LIABILITIES AND FUND BALANCES  ; LIABILITIES l Accounts Payable 0. Contractors' Deposits .0-Due to Other Funds 0 TOTAL LIABILITIES 0-FUND BALANCES j Reserved For Constrttetion 94,701-- - TOTAL LIABILITIES AND FUND BALANCES $ 94.701 l I 1 l 1

                                                                                                             .'l

EXHIBIT D-1 INDUSTRIAL CITY-

       ? ARK        HALL      OTHER           TOTALS DEVELOPMENT   RENOVATION  PROJECTS    1988        1987 R$         38,525 $ 286,337   $900,860 $1,227,090 $2,672,396 0           0        0     83,431     277,840 0           0        0          0     290,523 0           0        0      9,902       9,902 l               0     12,710         0     12,710           0 38.525    299.047_ ,900,860  1.333.133   3.250.661

( 0 57,720 0 57,720 119,528 I O 74,211 0 74,211 33,745 0 0 0 0 411,439 0 131,931 0 131,931 564,712 1 38,525 167,116 900,860 1,201,202 2,685,949 l

   $      38.521 $ 299.047   $900,860 $1.333.133 $3.250.661 l

l CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA

   ^'

AIRPORT IMPROVEMENT PROJECT REVENUES Federal Aviation Administration Grant Reimbursement $ 64,501 Florida Department of Transportation Grant Reimbursement 224,212 Lake County Grant Reimbursement 2,403 Contributions 0 Interest Income 12,693 TOTAL REVENUES 303,809 EXPENDITURES Construction Contracts 0 Engineering and Other 77,547 Land Purchase 289,803 (TOTAL EXPENDITURES) ( 367,350)

' ' ' ~

EXCESS (DEFICIENCY) 0F REVENUES OVER (UNDER) EXPENDITURES ( 63,541) OTHER FINANCING SOURCES operating Transfers From General Fun d 3,079 I Bond Proceeds 0 TOTAL OTHER FINANCING SOURCES 3,079 EXCESS (DEFICIENCY) 0F REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES ( 60,462)

      ; FUND BALANCES, BEGINNING OF YEAR                                                          155,163 FUND BALANCES, END OF YEAR                                                         $       94.701 l

EXHIBIT D-2 INDUSTRIAL CITY PARK RALL OTHER TOTALS DEVELOPMENT RENOVATION PROJECTS 1988 1987

                                            $       64,501 $    228,061 224,212         19,186 2,403         6,324 0        1,504

$ 4,750 $ 102,036 $ 66,891 186,370 131,569 4,750 102:,036 66.891 477,486 386,644 418,593 1,360,998 62,421 1,842,012 494,893 4,908 0 92,213 174,668 260,223 0 37,204 51,051 378,058 514.993 ( 423,501) (1,398,202) ( 205,685) (2,394,738) (1,270,109) __( 418,751) (1,296,166) ( 138,794) (1,917,252) ( 883,465) 0 0 429,426 432,505 57,811 0 0 0 0 3,150,785 0 0 429,426 432,505 3.208,596 ( A18,751) (1,296,166) 290,632 (1,484,747) 2,325,131 457,276 1,463,282 610,228 2,645,949 360,818 } 38,525 $ 167.116 $ 900,860

                                            $ 1.201.202 $ 2.685.94.2

EXHIBIT D-3 CAPITAL PROJECTS FUNDS i AIRPORT IMPROVEMENT PROJECT STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE BUDGET ACTUAL (UNFAVORABLE) REVENUES Federal Aviation Administration Grant Reimbursements $ 91,900 $ 64,501 $( 27,399)i Florida Department of Transportation Grant Reimbursements 228,900 224,212 ( 4,688) Lake County Grant Reimbursements 4,750 2,403 ( 2,347) Interest Income 12,000 12,693 693 TOTAL REVENUES 337,550 303,809 ( 33,741) i EXPENDITURES Land Purchase 297,800 289,803 7,997 . Engineering and Other 113,700 77,547 36,153 l (TOTAL EXPENDITURES) ( 411,500) (367,350) 44,150 EXCESS (DEFICIENCY) 0F REVENUES OVER (UNDER) EXPENDITURES ( 73,950) ( 63,541) 10,409 OTHER FINANCING SOURCES Operating Transfers From General i Fund 4,750 3,079 ( 1,671)j EXCESS OF REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES ( 69,200) ( 60,462) 8,738 FUND BALANCE, BEGINNING OF YEAR 54,002 155,163 101,161 FUND BALANCE, END OF YEAR $( 15.198) $ 94.701 $ 109.899 I 4

EXHIBIT D-4 CAPITAL PROJECTS FUNDS INDUSTRIAL PARK DEVELOPMENT STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL l FOR THE YEAR ENDED SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA l VARIANCE

l. FAVORABLE BUDGET ACTUAL (UNFAVORABLE) l REVENUES I Interest Income $ 5,000 $ 4,750 $( 250) i EXPENDITURES Engineering and Other 0 4,908 ( 4,908) l Construction Costs 430.100 418,593 11,507 l (TOTAL EXPENDITURES) ( 430,100) (423,fj1) 6,599 EXCESS (DEFICIENCY) 0F REVENUES OVER (UNDER) EXPENDITURES ( 425,100) (418,751) 6,349 FUND BALANCE, BEGINNING OF YEAR 256,670 457,276 200.606 FUND BALANCE, END OF YEAR $( 168.430) $ 38s121 $ 2062 955 .

l l l l l EXHIBIT D-5 CAPITAL PROJECTS FUNDS CITY HALL RENOVATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BAL).NCE - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA 1 VARIANCE f FAVORABLE j BUDGET ACTUAL (UNFAVORABLE) REVENUES Interest Income $ 105,000 $ 102,036 $( 2,964) EXPENDITURES Construction Contracts 1,539,000 1,360,998 178,002 Land Purchase 0 37,204 ( 37,204) (TOTAL EXPENDITURES) (1,539,000) (1,398,202) 140,798  : EXCESS (DEFICIENCY) 0F REVENUES  ! OVER (UNDER) EXPENDITURES (1,434,000) (1,296,166) 137,834 j FUND BALANCE, BEGINNING OF YEAR 1,231,177 1,463,282 232,105 j FUND BALANCE, END OF YEAR $( 202.823) $ 167.116 $ 369.939 l l l i 1 i l j

EXHIBIT D-6 CAPITAL PROJECTS FUNDS OTHER PROJECTS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AhT ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1968 CITY OF LEESBURG, FLORIDA VARIANCE FAVORABLE BUDGET ACTUAL (UNFAVORABLE) REVENUES Interest Income $ 58,000 $ 66,891 $ 8,891 EXPENDITURES Construction Contracts 62,500 62,421 79 Engineering and Other 400 92,213 ( 91,813) Land Purchase 146,300 51,051 95,249 (TOTAL EXPENDITURES) ( 209.200) ( 205,685) 3.515 EXCESS (DEFICIENCY) 0F REVENUES OVER (UNDER) EXPENDITURES ( 151,200) ( 138,794) 12,406 OTHER FINANCING SOURCES Transfer From General Fund 416,300 429,426 13,126 EXCESS OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES 265,100 290,632 25,532 FUND BALANCE, BEGINNING OF YEAR 521,349 610,228 88,879 FUND BALANCE, END OF YEAR j 786.449 $ 900.860 $ 114.411

i

                                                                          ,           EKHIBIT D-7 CAPITAL PROJECTS FUNDS PROJECT - LENGTH SCHEDULE OF CONSTRUCTION PROJECTS BEGINNING OF PROJECTS TO SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA I

AIRPORT INDUSTRIAL CITY IMPROVEMENT PARK HALL OTHER l PROJECT RENOVATION . RENOVATION- PROJECTS INITIAL PROJECT AUTHORIZATION $ 1.284.480 $ 500.500 $ 1.737.500 $1.100.000 REVENUES AND OTHER FINANCING SOURCES Intergovernmental $ 573,655 $ .0 $ 0 $ 'O Operating Transfers In 9,678 0 51,423 429,426.. Bond and Note Proceeds 152,371 758,??6 1,816,723 1,158,025'l Interest Income 19,533 37,372 204,926 93,958-TOTAL REVENUES AND OTHER FINANCING SOURCES $ 755.237 $ 795.598 $ 2.073.072 $1.681.419 EXPENDITURES Land Purchase $ .289.803 '$ 319,820 $- 37,204 $ .566,045 Construction Costs 214,183 418,593 1,641,708 0, Engineering and Other 162,091- 18,660 227,044 188,451 (TOTAL EXPENDITURES) $( 666.077) $( 757.073) -$(1.905.956) $( 754.496) l l 1 ENTERPRISE FUNDS  ! 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 is that the costs (expenses, including depreciation) of providing goods or services to the ganaral public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of i revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes.

ENTERPRISE FUNDS COMBINING BALANCE SHEET "EPTE!!BER 30, 1988 WITH COMPARAi ? % TUTALS FOR SEPTEMBER 30, 1987 CITY 07 LEESBURG, FLORIDA ASSETS ELECTRIC GAS WATER UTILITY UTILITY UTILITY. FUND FUhT FUND CURRENT ASSETS Equity in Pooled Cash and Investments: Operating Account $ 594,02? $ 352,429 $ 277,595 Depreciation Account 1,568,816 356,062 1,217,893 , Potable Water account 0 0 125,847 l Crystal River Decommission Account 987,000 0 0 j' Future Wastewater Treatment and Disposal Plant Account 0 0 0 Receivables: Customer Accounts 4,018,108 413,896 203,044 (Allowance For Doubtful Accounts) ( 654,830) ( 40,482) ( 51,145) Accrued Interest 101,456 24,291 12,198 ' Due From Other Funds 0 0 0 Inventory, At Cost 850,221 89,797 126,498 TOTAL CURRENT ASSETS 7,464,794 1,195,993 1,911,930 , RESTRICTED ASSETS Equity in Pooled Cash and Investments: Accrued Bond Interest 601,768 73,621 176,059 Revenue Bond Debt Service 1,150,101 140,798 336,412 , Revenue Bond Reserve 1,514,250 623,886 141,647 ; Renewal and Replacement 534,289 127,197 265,918 ! Construction Account - Bond Proceeds 0 0 0 ; Customer Deposits 1,012,745 59,372 55,521 TOTAL RESTRICTED ASSETS 4,813,153 1,024,874 975,557 PROPERTY, PLAUT AND EQUIPMENT Rights to durchasa Power 79,231 0 0-Property and Equipment 29,091,432 3,519,030 7,665,596 i Nuclear Fuel 900,058 0 0 (Accumulated Depreciation and Amortization) (10,939,639) ( 1,355,406) ( 2,562,034) Construction in Progress 172,590 7,494 890 TOTAL PROPERTY, PLANT AND EQUIPMENT - Cost Less Depreciation 19,303,672 2,171,118 5,104,452 OTHER ASSETS Estimated Landfill Closure Costs (Net) 0 0 0 Long-Term Receivable 0 0 0 ! Deferred Bond Issue Costs (Net) 94,523 13,868 14,063 TOTAL OTHER ASSETS 94,523 13,868 14,063 TOTAL ASSETS $ 31.676.142 $ 4.405.853 $ 8.006.002 I

EXHIBIT E-1 TOTAL OTilER ENTERPRISE SANITARY SEWER AND COMBINED FUND WASTEWATER UTILITY SANITATION TOTALS TREATMENT FUND FUNDS SERVICES FUND 1988 1987

                 $      10,014  $     1,234,061     $     772,922                                             $ 2,006,983 $ 1,131,900 1,533,818         4,676,589                 0                                                 4,676,589        3,074,113 0           125,847                0                                                   125,847           113,847 0           987,000                0                                                  '987,000           663,000 443,917            443,917                0                                                   443,917                  0 319,742         4,954,790           118,118                                                 5,072,908        4,682,221

( 18,037) ( 764,494) 0 ( 764,494) ( 653,915) 25,368 163,313 0 163,313 151,092 0 0 0 0 457,015 7,585 1,074,101 0 1,074,101 1,073,711 l 2,322,407 12,895,124 891,040 13,786,164 10,692,984 l 124,944 976,392 0 976,392 976,350 I 238,772 1,866,083 0 1,866,083 1,433,983 { 0 2,279,783 0 2,279,783 2,279,782 265,095 l 1,192,499 0 1,192,499 645,572 0 0 0 0 596,718  ; O 1.127,638 0 1,127,638 1,110,215 628,811 7,442,395 0 7,442,395 7,042,620 l 0 79,231 0 79,231 79,231 13,909,290 54,185.348 767,991 54,973,339 51,683,336 0 900,058 0 900,058 804,418 ( 3,439,619) (18,296,698) ( 548,001) (18,844,699) (16,643,018) 122.098 303.072 0 303,072 1,238,074 ) 10,591,769 37,171,011 239,990 37,411,001 37,162,041 0 0 748,425 748,425 1,148,869 i 0 0 0 0 20,852 l 20,608 143,062 0 143,062 155,039  ; 20,608 143,062 748,425 f,91,487 1,324,760

                                                                                                                                                  )

j_l,L 563. 59 5, [ 57.651.592 $ 1.879.451 $ 59.5.1 03 1 56.222.405 (Continued)

( _. ENTERPRISE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1988 , WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA LIABILITIES AND FUND EQUITY ELECTRIC GAS WATER UTILITY UTILITY UTILITY FUND FUND FUND CURRENT LIABILITIES Accounts Payable - Purchased Energy $ 1,182,800 $ 103,891 $ 0 Accrued Expenses . 378,472 45,710 34,927: Customer Advances For Construction 98,439 0 0 Due to Other Funds 0 0 0 Current Portion - Long-Term Liabilities 0 0 0 TOTAL CURRENT LIABILITIES 1,659,711 149,601 34,927' CURRENT LIABILITIES (Payable From Restricted Assets) Customer Deposits 1,012,745 59,372 55,521 Accrued Interest on Revenue Bonds 601,768 73,621- 176,059 TOTAL CURRENT LIABILITIES (Payable From Restricted Assets) 1,614,513 132,993 231,580 LONG-TERM LIABILITIES - Estimated Landfiil C1csure Costs Payable 0 0 . 0-Refunding Revenue Bonds Payable, Series 1984 12.326,157 1,509,020 3,606,164 Accrued Interest on Capital Appreciation Revenue Bonds 199,026 . 24,336 .58,216 Unamortized Discount ( 70,217) ( 10,302) ( 10,446) TOTAL LONG-TERM LIABILITIES 12,454,966 1,523.054 3,6S3,934 TOTAL LIABILITIES 15,729,190 1,805,648 3,920,441 ( l FUND EOUITY Contributed Capital: Federal Government 17,986 6,512 77,284-Customers and Developers 1,232,400 16,335 764,247 Other Funds 0 0 0 Total Contributed Capital 1,250,386 22,847 841,531 Retained Earnings: Reserved: Revenue Bond Debt Service 1,150,101 140,798 336,412 , Revenue Bond Reserve 1,514,250 623,886 141,647' Renewal and Replacement 534,289 127,197 265,918 Unreserved: Designations:

             ' Depreciation                                       1,568,816          356,062       1,217,893 Potable Water Account                                        0               0        ~125,847 Wastewater Treatment and Disposal Plant                   .

0 0 0 Undesignated (Deficit) 9,929.,110 1,329,415' L1,156,313

     ' Total Retained Earnings                                   14,696,566       2,577,358.       3,244,050-TOTAL FUND EQUITY                                            15,946,952       2,600,205        4,085,561 TOTAL LIABILITIES AND FUND EQUITY                          $31.676.142 $ 4.405.853        ,$   8.006.002
                                                                                                   -y EXHIBIT E-1 TConcluded)

TOTAL OTIIER ENTERPRISE i SANITARY SEVER AND COMBINED FUND WASTEWATER UTILITY SANITATION TOTALS j TREATMENT FUND FUNDS SERVICES FUND 1988 1987

                                                                                                      ]

i

  $              0  $ 1,286,691      $         0         $ 1,286,691 $                1,558,366 65,624       524,733          35,858                 560,591              1,026,111       l 7,200       105,639               0                 105,639                  92,366 0             0               0                               0        474,456 0             0         430,000                 430.000                346,500 72,824    1,917,063          465,858               2,382,921              3,497,799 1

0 1,127,638 0 1,127,638 1,110,215 ( 124,944 976,392 0 976,392 976,390 1 l 124,944 2,104,030 0 2,104,030 2,086,605 l l 0 0 860,000 860,000 1,216,618 ) 2,558,658 19,999,999 0 19,999,999 19,999,999 J 41,316 322,894 0 322,894 229,154 l ( 15,307) ( 106,272) 0 ( 106,272) ( 111,332) ) 2,584,667 20,216,621 860,000 21,076,621 21,334,439 l 2,782,435 24,237,714 1,325,858 25,563,572 26,918,843 I l 8,011,471 8,113,253 0 8,113,253 8,113,254 1,064,406 3,077,388 0 3,077,388 2,664.134 14.450 14,450 440,967 455,417 455,417 9,090,327 11,205.091 440,967 11,646,058 11,232,805 238,772 1,866,083 0 1,866,083 1,433,983 4 0 2,279,783 0 2,279,783 2,279,783 I 265,095 1,192,499 0 1,192,499 645,572 1,533,818 4,676,589 0 4,676,589 3,081,464' O 125,847 0 125,847 113,847 443,917 443,917 0 443,917 0 ( 790.769) 11,624,069 112,630 11,736,699 10,516,108 l 1,690.833 22,208,787 112,630 22,321,417 18,070,757 l 10,781,160 33,413,878 553,597 33,967,475 29,303,562

  $_13.563.595      $57.651.592      $1.879dli           $ 59.531.047 $ 56.222,40.1 l

1 ENTERPRISE FUNDS COMBINING STATEMENT OF OPERATIONS AND CHANGES IN RETAINED EARNINGS (DEFICIT) FOR THE YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE TOTALE FOR SEPTEMBER 30, 1987 CITY OF LEESEURG, FLORIDA ELECTRIC GAS WATER UTILITY UTILITY UTILITY FUND FUND FUh3 OPERATING REVENUE User Charges $ 22,499,641 $ 3,900,932 $ 1,663,705 Other Operating Revenue 231,823 26,846 17,058 TOTAL OPERATING REVENUE 22,731,464 3,927,778 1,680,763 OPERATING EXPENSES Power Generation and Transmission 1,241,819 0 0 Purchased Energy 12,358,741 1,952,266 0 Supply and Pumping 0 0 96,420 Treatment 0 0 216,424 Distribution and Collection 1,027,330 106,147 91,661 Cust mer Accounts 493,036 148,216 133,046 Administration and General 1,108,997 322,214 250,084 Operating Expenses 0 0 0 Depreciation and Amortization 1,065,669 98,170 294,361 (TOTAL OPERATING EXPENSES) (17,295,592) (2,627.013) (1,081,996) OPERATING INCOME 5,435,872 1,300,765 598,767 NONOPERATING REVENUE (EXPENSE) Interest Income 570,277 110,807 179,080 i Other Nonoperating Income 144,290 2,443 17,209 Interest Expense ( 1,271,438) ( 155,569) ( 370,186) ! Other Nonoperating Expense ( 170,626) 0 0 , TOTAL NONOPERATING REVENUE (EXPENSE) ( 727,497) ( 42,319) ( 173,897) ' INCOME BEFORE OPERATING TRANSFER 4,708,375 1,258,446 424,870 OPERATING TRANSFER (Transfers out) ( 2,303,385) ( 292,001) ( 130,001) HET INCOME 2,404,990 966,445 294,869 RETAINED EARNINGS (DEFICIT), BEGINNING OF YEAR 12,291,576 1,610,913 2,949,161 RETAINED EARNINGS, END OF YEAR _$ 14.696.566 $ 2.577.358 $ 3.244.030 EXHIBIT E-2 TOTAL OTHER ENTERPRISE SANITARY SEWER AND COMBINED FUND WASTEWATER UTILITY SANITATION TOTALS TREATMENT FUND FUNDS SERVICES FUND 1988 1987

    $   1,985,054   $ 30,049,332     $ 1,369,372     $ 31,418,704 $ 28,188,420 60.284        336,011                 0          336,011         318,973 2,045,338      30,385,343        1,369,372        31,754,715      28,507,393 0      1,241,819                 0        1,241,819       1,125,528 0     14,311,007                 0       14,311,007      15,402,217 139,927         236,347                 0          236,347         204,380 459,024         675,448                 0          675,448         664,939 79,078      1,304,216                 0        1,304,216       1,119,502 138,851         913,143                 0          913,149         836,720 348,542       2,029,837                 0        2,029,837       1,811,889 0              0          837,250           837,250         768,492 365,946       1,824,146          325.060         2,149,206       1,925,409  a

( 1,531,368) (22,535,969) (1,162'310) (23,698,279) (23,859,076) 513,970 7,849,374 207,062 8,056,436 4,648,317 191,600 1,051,764 41,545 1,093,309 746,772 75,466 239,408 0 239,408 154,490 ( 263,538) ( 2,060,731) 0 ( 2,060,731) ( 1,941,579) ( 71,249) ( 241,875) 0 ( 241,875) ( 52,979) ( 67,721) ( 1,011,434) 41,545 ( 969,889) ( 1,093,296) , t 446,249 6,837,940 248,607 7,086,547 3,555,021 ( 110,500) ( 2,835,887) 0 ( 2,835,887) ( 2,589,765) 335,749 4,002,053 248,607 4,250,660 965,256 1,355,084 18,206,734 ( 135,977) 18,070,757 17,105,501 j 1.690.833 $ 22.208.787 $ 112.610 $ 22.321.417 $ 18.070.757 1 1 l

1 j ENTERPRISE FUNDS ) COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION  ! FOR THE YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987 CITY OF LEESBURG, FLOD.IDA i ELECTRIC GAS WATER UTILITY UTILITY UTILITY FUND FUND FUND SOURCE OF WORKING CAPITAL Operations: Net Income $ 2,404,990 $ 966,445 $ 294,869 i Items Not Affecting Working Capital: Depreciation and Amortization 1,399,529 98,170 294,361 Working Capital Provided From Operations 3,804,519 1,064,615 589,230 y Decrease in Restricted Assets 0 0 288,631 i Decrease in Other Assets 30,517 661 670 Net Increase in Current Liabilities Payable 0 0 0 From Restricted Assets 12,878 1,782 2,733 ' Increase in Contributed Capital 182,695 16,335 70,779 Plant Retirements 17,323 3,364 5,041 , Increase in Capital Appreciation Revenue Bond Accrued Interest and Bond Discount 61,117 7,562 17,399

                                                       ~

TOTAL SOURCE OF WORKING CAPITAL 4,109,049 1,094,319 974,483 i I'SE OF WORKING CAPITAL Increase in Restricted Assets 617,135 99,711 0 Additions to Property and Equipment 1,768,633 192,297 171,511 Additions in Nuclear Fuel 95,642 0 0 Decrease in Long-Term Liabilities 0 0 0 1 (TOTAL USE OF WORKING CAPITAL) (2,481,410) ( 292,008) ( 171,511) INCREASE IN WORKING CAPITAL (BELOW) 1.627.639 802.311 802.972 CHANGES IN WORKING CAPITAL BY COMPONENT Current Assets - Increase (Decrease): Cash and Investments 1,126,116 450,325 761,123 ) Customer Accounts (Net) 237,319 ( 72,319) 7,853 i Accrued Interest 7,532 923 2,203 l Due From Other Funds ( 457,015) 0 0 Inventory ( 24,203) 7,109 12,780 l Current Liabilities - Decrease (Increase): Accounts Payable 290,676 ( 46,160) 10,748-Accrued Expenses 455,343 3,510 3,230 Customer Advances For Construction ( 16,236) 0 2,963 l Due to Other Funds 8,107 458,923 2,072 i Current Portion - Long-Term Liabilities 0 0 0 INCREASE IN WORKING CAPITAL (ABOVE) i_1.627.61g $ 802.311 $ 802.972 i i l j l 1 _ ._ _ - . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ .__ _ _ _ _ J

EYHIBIT E-3 I TOTAL OTHER ENTERPRISE SANITARY SEWER AND COMBINED FUND WASTEWATER UTILITY SANITATION TOTALS TREATMENT FUND FUNDS SERVICES FUND 1988 1987

   $ 335,749                              $ 4,002,053              $ 248,607       $ 4,250,660 $                                     965,256 365,946                              2,158,006               325,060                  2,483,066                            2,517.288 701,695                              6,160,059               573,667                  6,733,726                            3,482,544 28,440                           3Fe,071                  0                                     317,071            158,241 981                   32,829         150,969                                        183,798             2,312 32                 17,425                0                                          17,425         87,287    !

143,444 413,253 0 413,253 649,650 0 25,728 0 25,728 43,117 ' 12,722 98,800 0 98,800 84,315 887.314 7,065,165 724,636 7,789,801 4,507,466 1 0 716,846 0 716,846 211,754 247,508 2,379,949 32,688 2,412,637 2,727,377 0 95,642 0 95,642 281,431 0 0 356,618 356,618 46,315 ( 24/,508) (3,192,437) (389.306) ( 3,581,743) ( 3,266,877) A 639.806 3.872.728 335.330 4.208.058 ,_,1.240.589 1 558,134 2,895,698 361,778 3,257,476 1,525,651 i 65,226 238,079 42,029 280,108 696,066 1,563 l 12,221 0 12,221 11,316 1 0 ( 457,015) 0 ( 457,015) 258,082 4,704 390 l 0 390 276,005  ! 7,006 262,270 9,405 271,675 ( 863,723) { 49 462,132 3,388 465,520 ( 400,954) 0 ( 13,273) 0 13,273) ( 10,180)

                                                                                                                                               ')

(  ; 3,'24

                                 .                   472,226            2,230                                        474,456     (   255,174)   1 0                        0      ( 83,500)       (                                  83,500)          3.500    l
    $.. 639 806                           QBA711                   $ 335.330       $ 4.208.058 $ 1.240.589                                       j i

l l

        - - - - - - - - - - _         ---      - - -     --                                                                                     1

l INTFRNAL SERVICE FUND The Motor Pool Service Fund has been established to account for the cost of maintaining automotive vehicles for the various departments of the City. Costs are billed at estimated actual cost, which includes depreciation on maintenance equipment. Such billings are recognized as operating revenue in the Motor Pool Service Fund and as expenses or expenditures of the various,. departments and other funds. The Motor Pool Service Fund is a proprietary fund and is maintained on the accrual basis. l l l l

I EKHIBIT F-1 l MOTOR POOL SERVICE FUND BALANCE SHEET SEPTEMBER 30, 1988 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA ASSETS 1988 1987 CURRENT ASSETS Equity in Pooled Cash and Investments $ 40,225 $ 87,079 Inventory, At Cost 13.244 13,519 TOTAL CURRENT ASSETS 53,469 100,598 PROPERTY, PLANT AND EQUIPMENT Machinery and Equipment 77,588 37,939' (Accumulated Depreciation) (29,245) (32,044) TOTAL FROPERTY, PLANT AND EQUIPMENT - Cost Less Depreciation 48,343 5,895 TOTAL ASSETS 101.812- 106.493 LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable 0 8,729 Due to Other Funds 0 388 Accrued Expenses 8,068 7,827 TOTAL LIABILITIES 8,068 16,944 FUND EQUITY Contributed Capital - General Fund 15,979 15,979 Retained Earnings 77,765 73,570 TOTAL FUND EQUITY 93.744 89,549 TOTAL LIABILITIES AND FUND EQUITY $101.812 $106.493

EXHIBIT F-2 l i

                                                                                                                                                                    )

MOTOR POOL SERVICE FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS FOR THE YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA 1988 1987 OPERATING REVENUES Charges For Services $ 236,092 $ 219,525 OPERATING EXPENSES Personal Services 103,870 89,319 l Insurance and Professional 5,089 6,782 i Repairs and Maintenance 18,767 7,262  ! Operating Supplies 9,746 12,489 Lub;icants and 011 6,644 3,799 4 Gasoline and Diesel 531 884  ; Major Vehicle Parts 63,850 46,891 ! Tires and Batteries 33,267 22,727 Depreciation 4,374 2,488 (TOTAL OPERATING EXPENSES) (246,138) (192,641) ! INCOME BEFORE TRANSFERS (10,046) 26,884 W NONOPERATING FINANCING SOURCES _ 14,241 0 ! NET INCOME 4,195 26,884

                                                                                                                                                                    )

RETAINED EARNINGS, BEGINNING OF YEAR 73,570 46,686 RETAINED EARNINGS, END OF YEAR $ 77,765 $ 73.570 , 1 i l l l 3 j

EXHIBIT F-3 ) i MOTOR POOL SERVICE FUND l STATEMENT OF CHANGES IN FINANCIAL POSITION l FOR THE YEAR ENDED SEPTEMBER 30, 1988 ) WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987 l CITY OF LEESBURG, FLORIDA j l 1 1988 -1987 J SOURCE OF WORKING CAPITAL Operations: Net Income $ 4,195 $. 26,884 j Itam Not Requiring Outlay of Working Capital: I Depreciation 4,374 , 2,488 -] Working Capital Provided By Operations 8,569 29,372 l TOTAL SOURCE OF WORKING CAPITAL 8,569 29,372 l USE OF WORKING CAPITAL Purchase of Property and Equipment ( 46,822) ( 2,497) (DECREASE) INCREASE IN WORKING CAPITAL (BELOW) ( 38.253) 26.875 l CHANGES IN WORKING CAPITAL BY COMPONENT Current Assets - Increase (Decrease): Cash ( 46,854) 20,769 , Inventory ( 275) 5,387 ' Current Liabilities - Decrease (Increase): Accounts Payable 8,729 2,407 Due to Other Funds 388 118 Accrued Expenses ( 241) ( 1,806) (DECREASE) INCREASE IN WORKING CAPITAL (AB0VE) $( 38.253) $ 26.875 i l 1 l l l l l

i 1 l I 1 l l l l 1 l l

                                                                                                                 '1 l

l l l FIDUCIARY FUND TYPES I l Fiduciary type funds are used to account for the assets of the City's employee pension funds, self-insurance funds and deferred compensation fund. Certain administrative expenses are paid by the General Fund. The primary objective of the following section is to provide financial information that is useful in assessing each plan's present and future ability to pay benefits when due. l l

i f l l FIDUCIARY FUND TYPES COMBINING BALANCE SHEET SEPTEMBER 30, 1988 1 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987  ! CITY OF LEESBURG, FLORIDA ASSETS- ] l i PENSION TRUST FUNDS MUNICIPAL MUNICIPAL GENERAL POLICE FIREMEN'S EMPLOYEES' RETIREMENT RETIREMENT PENSION )' TRUST FUND TRUST FUND FUND CURRENT ASSETS Equity in Pooled Cash and Investments $ 0 $ 0 $ 0 Cash and Investments 3,440 10,682 1,104,196 TOTAL CURRENT ASSETS 3,440 10,682 1,104,196 l INVESTMENTS AT FAIR VALUE ' Municipal Bonds 0 0 59,346 l U.S. Government Bonds 666,953 1,191,046 712,155 j Collective Trust Funds 1,104,528 1,318,030 Corporate Bonds 56.145 112,289 3,651,4350 li Common Stock 0 0 856,875 i TOTAL INVESTMENTS AT FAIR VALUE 1,827,626 2,621,365 5,279,811 l RECEIVABLES Insurance Claim 0 0 0l Accrued Interest 11,708 24,492 117,625 Due From Other Funds 0 0 40,174 TOTAL RECEIVABLES 11,708 24,492 157,799 TOTAL ASSETS 1.842.774, 2.656.539 6.541.806 LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable 0 0 0 Due to Other Funds 0 0 0 Due to Participants 0 0 0 TOTAL LIABILITIES 0 0 0 FUND EQUITY Fund Balances Reserved For Employee Benefits 1,842,774 2,656,539 6,'41,806 TOTAL LIABILITIES AND FUND EQUITY $1.842.774 }2 656.539 }6.541.806 f l EXHIBIT G-1 i i NONEXPENDABLE TRUST FUNDS GENERAL EMPLOYEES' WORKMEN'S AGENCY HEALTH COMPENSATION FUND

 ' INSURANCE            INSURANCE      DEFERRED                     TOTALS FUND __             FUND      COMPENSATION          1988                1987
$      281,700        $     482,960  $          0     $'   764,660       $    462,662 0                    0      297,912'       1,416,230          1,415,967 281,700              482,960       297,912        2,180,890          1,878,629 0                    0            0            59,346             67,512  f 0                    0            0        2,570,154          3,422,619 0                    0            0        2,422,558                    0 l 0                    0       43,296        3,863,165          3,346,795   '

~~ O O 186,345 1,043,420 1,818,878 0 0 229,841 9.958,643 8,655,804 8,373 0 0 8,373 98,707 0 0 0 153,825 163,767 0 0 0 40,174 85,302 8,373 0 0 202,372 347,776 i 2J0.07.3 482.960 527.753 12.341.905 10.882.201 0 1.561 0 1,561 2,088 0 0 0 0 9,567 0 0 527,753 527,753 471,091 0 1,561 527,753 529,314 482,746 290,073 481,399 0 11,812,591 10,399,46_3_

$      290,073        $      482.960 $    527.751     $12.341.905         $10.882.209   I l

k ________________-_D

FIDUCIARY FUND TYPES COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA OPERATING REVENUES Investment Income: Unrealized Increase in Fair Value of Investments Interest and Dividend Income Gain on Sale of Investments Total Investment Income Contributions: Employer  % l Employee State of Florida i Total Contribution Other Operating Revenue l TOTAL OPERATING REVENUES OPERATING FPENSES Investment Expense: Unrealized Deecease in Fair Value of Investments Loss on Sale of Investments Benefit Payments f Administrative Expenses  ! (TOTAL OPERATING EXPENSES) NET INCOME l FUND BALANCES, BEGINNING OF YEAR 1 ( FUND BALANCES, END OF YEAR j l l 1 \ 1 i 1 1 l

EXHIBIT G-2 i l NONEXPENDABLE TRUST FUNDS l PENSION TRUST FUNDS GENERAL l MUNICIPAL MUNICIPAL GENERAL EMPLOYEES' WORKMEN'S l POLICE _ FIREMEN'S EMPLOYEES' HEALTH COMPENSATION l RETIREMENT RETIREMENT PENSION INSURANCE INSURANCE TOTALS TRUST FUND TRUST FUND FUND FUND FUND 1988 1987 l

  $     52,731 $      30,790 $         0  $           0 $              0 $     83,521  $     54,609 102,842       206,269     466,078         24,907           23,265      823,361       804,455 6,427             0           0                               0        6,427        27,285 162,000_      237,059     466,078         24,907           23,265      913,309       886,349 j              0       49,356     583,204        406,974          281,097    1,320,631     1,190,472 l        39,497        12,270           0        160,363                0      232,130       211,715 77,482        44,249           0              0                0      121,731       111.986
                                                        ~~

116,979 125,875 583,204 567,337 281,097 1,674,492 1,514,173 8,480 0 0 0 0 8,480 0 287,459 362,934 1,049,282 592,244 304,362 2.596,281 2,400,522 0 0 53,081 0 0 53,081 188,485 1 0 3,931 159,815 0 0 163,746 18,224 20,094 61,566 j 1 116,032 500,386 23,996 722,074 657,096  : 9,704 12,006 63,596 90,725 68,221 244,252 178.500 77,503) j l ( 29.798) ( ( 392,524) ( 591.111) ( 92,217) (1,183,153) (1,042,305) j 257,661 285,431 656,758 1,133 212,145 1,413,128 1,358,217 I 1,585.113 2,371,108 5,885,048 288,940 269,254 10,399,463 9,041,246 I i $1.842.724 ,$2.656.539 $6.541.806 $ 290.073 $ 481.399 $11.812.591 ,$10.399.463 l l I 1 l l FIDUCIARY FUND TYPES j COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED SEPTEMBER 30, 1988 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987 CITY OF LEESBURG. FLORIDA SOURCE OF WORKIh; CAPITAL Working Capital Provided From Operations - Net Income USE OF WORKING CAPITAL INCREASE IN WORKING CAPITAL (BELOW) CHANGES IN WORKING CAPITAL BY COMPONENT Current Assets - Increase (Decrease): Equity in Pooled Cash and Investments Cash and Cash Investments Investments Receivables  ; Current Liabilities - Decrease (Increase) g Accounts Payable i Due to Other Funds ) INCREASE IN WORKING CAPITAL (ABOVE) i l I L

1 EXHIBIT G-3 I 1 l i j 1 NONEXPENDABLE TRUST FUNDS PENSION TRUST FUNDS GENERAL MUNICIPAL MUNICIPAL GENERAL EMPLOYEES' WORKMEN'S i POLICE FIREMEN'S EMPLOYEES' HEALTH COMPENSATION 1 l RETIREMENT RETIREMENT PENSION INSURANCE INSURANCE TOTALS TRUST FUND TRUST FUND FUND FUND , FUND 1988 1987 l l 1

  $ 257,661    $ 285,431 $ 656,758      $        1.133 $      212,145 $ 1,413,128 $ 1,358,217 l

0 0 0 0 0 0 0 257.661 285.431 656.758 ,, 1.133 212.145 1.413.128 1.358.217 j 0 0 0 90,380 211,618 301,998 90.275 ( 326,996) ( 561,365) 845,504 0 0 ( 42,857) 414,668 l 585.543 862,184 ( 158,430) 0 0 1,289,297 742,968 ( 9,366) ( 15.388) ( 30,316) ( 90,334) 0 ( 145,404) 112,394 0 0 0 1,087 527 1,614 2,088) 8,480 0 0 0 0 8,480 ,0

  $ 257.6_6,1 $ 285.431     L 656.758   $

1 11} $ 212.145 $ 1.413.128 $ 1.358.217 l l i j I

EXHIBIT G-4 ^ FIDUCIARY FUND TYPES AGENCY FUND STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FOR THE YEAR ENDED SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA .. BALANCE BALANCE OCTOBER 1, 1987 DEDUCTIONS SEPiEMBER 30, 1988 ADDITIO'JS ASSETS Cash and Investments $ 254,792 $ 43,168 $ 48' $297,912 Investments ~at Fair Value 216,299 19,102. 5,560' 229,841 TOTAL ASSETS 471.091 62.270 '5.608 527.753' LIABILITIES Due to Participants 471,091 62,270' 5,608 527,753: TOTAL LIABILITIES $ 471.091 $ 62.270 L . 5.608 $527.753-i i I i I

ACCOUNT GROUPS Account Groups are used to establish accounting control and accountability for the City's < general fixed assets and the unmatured principal of its general long-term debt. These account groups are not funds; they do not reflect available financial resources and related liabilities. I 1 l 1

EXHIBIT H-1 STATEMENT OF GENERAL FIXE 3 ASSETS BY SOURCES SEPTEMBER 30, 1988 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA 1988 1987 GENERAL FIXED ASSETS Land $ 2,209,174 $ 2,207,097 Building 5,360,185 5,284,884 Improvements Other Than Buildings 3,233,231 2,035,498 Equipment and Vehicles 3,219,042 3,029,817 Construction Work in Progress 1,883,130 842,454 TOTAL GENERAL FIXED ASSETS 15.904.762 13.399.750 INVESTMENTS IN GENERAL FIXED ASSETS General Obligation Bonds and Revenue certificates 5,669,692 3,724,576 Capitalized Bond Interest 29,331 29,331 Capital Projects Funds: Economic Development Administration Grants 430,079 L30,079 Special Improvement Fund 62,657 62,657 Hospital Constructica Fund 2,174,204 2,174,204 , Federal, State and Local Grants 2,409.600 2,123,335 ) General Fund Revenues 4,387,025 4,113,394 1 Special Revenue Fund Revenues 422,986 422,986 Utility Revenue Fund Revenues 69,607 69,607 Gifts and Other 249,581 249,581 TOTAL INVESTMENT IN GENERAL FIXED ASSETS $15,,904.762 $13.399.750 EXHIBIT H-2 STATEMENT OF GENERAL FIXED ASSETS - BY FUNCTIONS AND ACTIVITIES SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA IMPROVEMENTS EQUIPMENT OTHER THAN AND FUNCTION AND ACTIVITY TOTAL LAND BUILDINGC BUILDING VEHICLES GENERAL GOVERNKENT Legislative $ 788,524 $ 665,331 $ 0 $ 120,318 $ 2,875 Executive 176,934 0 0 0 176,934 Financial and Administrative 284,170 0 6,389 112,932 164,849 Other General Government 195,620 65,709 3,251 91,074 35,586 TOTAL CENERAL COVERNMENT 1,445,248 731,040 9,640 324,324 380,244 PUBLIC SAFETY Law Enforcement 870,883 6,462 51,766 188,1t 624,492 Fire Control 829,519 5,452 5,610 292,768 525,689 Detention and Correction 5,002 0 0 0 5,002 Protective Inspection 27,912 0 0 0 27,912 TOTAL PUBLIC SAFETY 1.,733,316 11,914 57,376 480,931 1,183,095 PHYSICAL ENVIRONMENT 437,917 0 14,462 66,908 , 356,547 TRANSPORTATION Roads and Streets 771,894 103,713 467,162 47,918 153,101 Airport 2,390,254 385,084 1,945,558 49,467 10,145 Parking Facilities 36,504 36.504 0 0 0 TCTAL TRANSPORTATION 3,198,652 525,301 2,412,720 97,385 163,246 i i ECONOMIC ENVIRONMENT 349,112 217,005 114,383 0 17,724 i I HO3PITALS AND HUMAN SERVICES 2,179,114 31,430 0 2,147,684 0 1 CULTURE AND RECREATION Community Building 425,158 0 0 418,162 6,996 Libraries 1,458,434 51,000 0 923,664 483,770 Parks and Recreation 1,876,859 564,242 337,268 442,304 533,045 Cultural Services 237,094 0 1,470 232,551 3,073 Special Recreational Facilities 651,547 77,242 283,400 226,272 64,633 Other Culture and i l Recreation 29,181 0 2,512 0 26,669 TOTAL CULTURE AND RECREATION 4.678,273 692,484 624,650 2,242,953 1,118,186 TOTAL BY FUNCTION AND ACTIVITY 14,021,632 $2.209.174 $ 3.233.231 $5.360.185 $3.219.042 CONSTRUCTION WORK IN PROGRESS 1,883,130 TOTAL CENERAL FIXLD ASSETS _$ 1,5 . 904. 762

EXHIBIT H-3 STATEMENT OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTIONS AND ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA GENERAL GENERAL FIXED ASSETS FIXED ASSETS FUNCTION AND ACTIVITY 10/1/87 ADDITIONS DEDUCTIONS 9/30/88 GENERAL GOVERNMENT Legislative $ 787,524 $ 1,000 $ 0 $ 788,524 i

' Executive                                 178,487         4,497                  6,050                                                     176,934 Financial and Administrative               247,187        39,483                  2,500                                                    284,170 Other General Government                   180,137        15,483                                     0                                      195,620      i TOTAL GENERAL GOVERNMENT                   1,393,335        60,463                  8,550                                           1,445,248               l PUBLIC SAFETY Law Enforcement                            830,907        80,822             40,846                                                        870,883 Fire Control                              808,044        21,475                                     0                                     829,519       !

Detention and Correction 5,002 0 0 5,002 l Protective Inspection 27,912 0 0 27,912 j TOTAL PUBLIC SAFETY 1,671,865 102,297 40,846 1,733,316 PHYSICAL ENVIRONMENT 432,170 30,320 24,573 437,917

                                                                                                                                                          )

TRANSPORTATION Roads and Streets 314,490 471,645 14,241 771,894 l Airport 1,804,108 586,146 0 2,390,254 j Parking Facilities 36,504 0 0 36,504  ! TOTAL TRANSPORTATION 2,155,102 1,057,791 14,241 3,198,652 I ECONOMIC ENVIRONMENT 235,287 113,825 0 349,112 HOSPITALS AND HUMAN SERVICES 2,179,114 0 0 2,179,114 CULTURE AND RECREATION Community Building 425,158 0 0 425,158 Librarica 1,348,036 116,424 6,026 1,458,434 Parks and Recreation 1,817,832 62,843 3,816 1,876,859 Cultural Services 237,094 0 0 237,094 Special Recreational Facilities 651,547 0 0 651,547 Other Culture and Recreation 10,756 18,425 0 29,181 TOTAL CULTURE AND RECREATION 4,490,423 197,692 9,842 4,678,273 CONSTRUCTION WORK IN PROGRESS 842,454 1,440,074 399,398 1,883,130 TOTAL GENERAL FIXED ASSETS $ 13.399.750 $3.002.462 $ 497.450 1_15.904.762 EXHIBIT H-4 STATEMENT OF GENERAL LONG-TERM DEBT SEPTEMBER 30, 1988 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987 CITY OF LEESBURG, FLORIDA 1988 1987 AMOUNT AVAILABLE AND TO BE PROVIDED FOR THE PAYMENT OF GENERAL LONG-TERM DEBT SERIAL AND TERM BONDS - Public Improvement Revenue Bonds and Certificates Amount Available in Debt Service Fund $ 665,880 $ 580,880 Amount To Be Provided 5,429,120 5,564.120 TOTAL SERIAL AND TERM BONDS 6.095,000 6,145,000 OTHER LONG-TERM LIABILITIES Amount Available in Debt Service Fund 0 70,820 Amount To Be Provided 507,971 457,690 TOTAL OTHER LONG-TERM LIABILITIES 507,971 528,510 TOTAL AVAILABLE AND TO BE PROVIDED 6.602.971 6.673.510 GENERAL LONG-TERM DEBT PAYABLE Refunding and Capital Improvement Revenue Bonds, Series 1987 6,095,000 6,145,000

     'ployee Compensation Absences Payable                                                                             432,156        428,026 Real Estate Notes Payable                                                                                            75,815        100,484 TOTAL GENERAL LONG-TERM DEBT PAYABLE                                                                               $6.602.971    $6.673.510 s
                                                                                                                                              \

I STATISTICAL DATA (UNAUDITED) Statistical ' data .'(unaudited) ' are presented to provide greater detailed -information than reported in the preceding financial statements. This information in many cases has been spread .throughout the report and is brought together here' for greater clarity. Statisti:al ' data .are not necessary for fair presentation in .. conformity ~ with generally accepted accounting principles. l- ' k l # 1

                                                                                                                                                               . .i i

I i i [

      --__2-__-_--__-__---__-_---_-_-____.                           .-    .. . _ _ _ . _ - - - - _ _ _ _ _ - - . _ . - _ - - _ - - - _ _ _ - _ - - .

s GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (UNAUDITED) LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA FISCAL GENERAL PUBLIC PHYSICAL , ECONOMIC 2 YEAR GOVERNMENT SAFETY ENVIRONMENT' TRANSPORTATION ENVIRONMENT 1979 $1,020,925 $1,430,900 $ 615,998 $ 380,810 $ 573,777 1980 1,030,852 1,611,337 234,792 293,335 607,894 1981 1,146,425 1,708,637 245,367 326,815 281,282 1982 1,262,196 1,967,448 254,125 474,211 47,620 1983 465,806 2,215,564 226.112 613,419 68,397 1984 517,567 2,190,947 250,424 584,567 112,726 1985 592,568 2,257,055 250,850 795,043 20,723 1986 640,588 2,491,471 336,076 709,576 56,379 4 1987 680,647 2,616,413 279,504 660,875 322 '08 l l 1988 923,257 2,793,549 321,833 731,121 27,679 ' (1) Includes General, Special Revenue and Debt Service Funds. (2) In 1979 through 1982, Ambulance Services and Refuse and Garbage are shown in

   '.        Enterprise Funds.

(3) In 1978 through 1983, Insurance, Retirement Benefits Taxes and Other Miscellaneous expenditures were distributed to the various functions. l

TABLE 1-I HUMAN CULTURE AND DEBT MISCELLANEOUS l SERVICES RECREATION SERVICE A% OTHER _., TOTAL

 $ 117.119 $    813,732 $    48,044       $    52,128                                        $ S,053,433 175,347      928,781      45,254            61,495                                            4,989,087 161,159    1,017,084      43,621           105,264                                            5,035,654 149,392    1,056,506      53,020           119,899                                            5,384,417  j i

152,282 1,021,193 794,308 699,926 6,257,007 . 135,498 1,109,239 154,719 954,773 6,010,460 166,630 1,356,032 1,915,896 305,026 7,659,823 l 222,629 1,299,759 315,702 346,090 6,418,270 258,447 1,389,890 776,137 385,334 7,369,955 l 332,269 1,383,337 477,423 924,108 7,914,576 l. l i I GENERAL REVENUES BY SOURCE (UNAUDITED) LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA . i LICENSES INTERGOVERNMENTAL CHARGES- l FISCAL AND AND SHARED FOR~ 2 YEARS TAXES- PERMITS REVENUE SERVICES 1979 $ 509,023 $ 76,778 ' $ 1',384,119 $ 440,803. l 1980 545,845 76,647 1,431,881' 122,714 1981 655,651 80,496 1,056,259 137,949 f 1982 986,279 66,228 815,269 191,688 1983 950,283 76,565 1,115,229 191,522 1984 965,947 113,216 1,239,299 119,118  ; 1985 1,052,868 127,475 1,369,018' 158,588 1986 -1,176,222 126,752 1,572,122 141,830 1987 1,309,008 127,984 1,972,808 157,710 1988 1,937,253 133,624 1,892,'615 141,168 i I (1) Includes General, Special Revenue and Debt' Service Funds. (2) In 1979 through 1985, the Ambulance Services revenues are shown in Enterprise Fund. From 1979 through 1985, the Refuse and Garbage revenues are shown in Enterprise Fund. J (3) Effective in Fiscal 1983 accounting, . billing, meter reading' and - data processing , formerly shown as General Fund expenditures with ' offsetting reimbursement revenue from the Utilities Fund are charged directly to the Utility Fund.. (4) Includes transfers from Special Revenue and Enterprise Funds. I TABLE 2 FINES AND MISCELLANEOUS 4 FORFEITURES TRANSFERS TOTAL _AND OTHER

           $ 89,939   $       479,650      $ 1,965,014  $ 4,945,326 102,552         848,678        1,951,975    5,080,292 104,341         923,902        2,528,621    5,487,219 114,252      1,196,195         2,194,639    5,564,550 105,473         841,256        3,269,444    6,549,772 117,993       1,102,971        3,201,008    6,859,552 143,904      2,318,230         2,653,755    7,823,838 156,810         378,725        3,163,990    6,716,451 159,672         408,305        2,917,288    7,052,775 158c356         603,848        3,365,692    8,232,556 l

1 i l 1 k j l 1 i 1

I PROPERTY TAX LEVIES AND COLLECTIONS (UNAUDITED) QST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA PERCENT OF DELINQUENT FISCAL TOTAL CURRENT TAX LEVY TAX 2 YEAR TAX LEVY COLLECTIONS COLLECTED COLLECTIONS s 1979 $ 493,598 $ 475,514 96.3% $ 649 1980 518,141 513,210 99.0% 1,371 1981 639,396 622,864 97.4% 2,043

        's                                                                                                                                                                                                                                                                          I 1982                                                                         984,022                                                                                                                                     957,309           97.3%               926 1983                                                                         950,141                                                                                                                                     915,181           96.3%               523 1984                                                                         970.938                                                                                                                                     935,650           96.4%             2,244 1985                                                                       1,049,791                                                                                                                       1,016,944                       99.8%             5,521 1986                                                                       1,183,069                                                                                                                       1,141,626                       96.5%             2,104 1987                                                                       1,318,426                                                                                                                       1,268,239                       96.2%             4,310 1988                                                                       1,453,242                                                                                                                       1,402,361                       96.5%             3,264 4                                                                                                                                                                                                                                                                                ,

l l l l (1) Property tax assessments and collections are performed for the City by Lake County.I This information was not availabic from Lake County. (2) Section 197.012, Florida Statutes, allows a discount for early payment of 4% in Noven:ber, 3% in December, 2% in January and 1% in February, s

TABLE 3 PERCENT OF PERCENT OF 1 TOTAL TAX OUTSTANDING DELINQUENT TOTAL TAX COLLECTIONS DELINQUENT TAXES TO COLLECTIONS TO TAX LEVY TAXES TAX LEVY

 $                 476,163        96.5%          $'     0      $    0 514,581        99.3%                 0           0 624,907        97.7%                 0           0 958,235        97.4%                 0           0 1

915,704 96.4% 0 0 937,894 96.6% 0 0 1,022,465 100.3% 0 0 1,143,730 96.7% 0 0 1,272,549 96.5% 0 0 1,405,625 96.7% 0 0 t l

i l

                                                                                                                                                                                       )1 TABLE 4) i ASSESSED VALUE OF EXEMPT AND TAXABLE PROPERTY (UNAUDITED)

LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA EXEMPT TAXABLE ASSESSED VALUATION FISCAL ASSESSED CENTRALLY ASSESSED YEAR VALUATION REAL PERSONAL ASSESSED TOTAL VALUATION 1979 $ 61,258,460 $109,289,340 $44,831,660 $ 612,665 $154,733,665 $215,992,125 1980 67,618,300 114,584,750 46,831,900 672,627 162,089,277 229,707,577-1981 99,776,130 146,367,880 53,282,610 664,594 200,315,084 300,091,214 1982 81,909,004 164,693,026 59,735,848 696,273. 225,125,147 307,034,151 1983 96,371,174 179,778,838 62,670,290 553,754 243,002,882 339,374,056 1984 107,899,539 190,860,863 69,075,019 578,684 260,514,566 368,414,105 1985 114,585,702 195,710,612 68,170,948 749,518 264,631,078 379,216,780 1986 118,760,818 224,234,145 73,561,036 432,492 298,227,673 416,988,491 1987 118,420,557 247,100,719 84,595,132 652,534 332,348,385 450,768,942 1988 121,597,952 271,482,185 94,174,313 715,486 366,332,684 487,969,936 3

                                                                                                                                                                                     .l l

NOTES (1) Chapter 193, Florida Statutes . requires that all property shall be assessed at justi i or fair market value as of January 1 of each year. All taxes are due and payable on! November 1 and become delinquent on April 1 of the subsequent year. Discounts arel allowed at the rate of 4% in the month of November, 3% in December, 2% in-January and{ 1% in February. ) 1 Chapter 193, Florida Statutes, provides that all items of inventory (in personal property) shall be assessed at 10% of. just valuation, except goods-in-process and raw materials, which shall be assessed at 1%. Furthermore, agricultural properties are assessed at agricultural value as opposed to fair market value for non-agricultural-property. (2) Estimated actual value is not available. According to a report by the State of Florida Department of Revenue, the assessed value of property in Lake County 'is approximately 95% of fair market value as of Fiscal Year 1982, (tax year 1981).

                                                                                                      -TABLE 5 J

PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS (PER $1,000 0F ASSESSED VALUE) (UNAUDITED)

                                                      -LAST TEN FISCAL YEARS..                                    ,
                                                   . CITY OF LEESBURG, FLORIDA 1

NORTHWEST WATER' WATER TAX SCHOOL AMBULANCE HOSPITAL CONSERVATION MANAGEMENT YEAR. CITY- DISTRICT COUNTY DISTRICT DISTRICT AUTHORITY- DISTRICT- TOTAL-1978 3.19 '7.916 3.400 0.490 - 0.080 0.231 15.307-1979 3.26 6.750 3.400 0.502 - 0.080 0.251 '14.243 1980 3.192 6.005 3.580 0.537 - 0.398 0.234 13.946 1981 4.371 6.060 3.318 0.439 1.000 0.090 0.316- 15.594 , i 1982 3.91 5.478 2.732 0.421 0.960 0.046 0.224' 13.771

 ~1983 3.727                      7.073    3.273     0.422           0.934       0.049        0.281      15.759-1984 3.967                      5.606    3.272     0.412           0.966       0.047        0.281      14.551 1985 3.967                      6.415   '3.492     0.226           0.706       0.040        0.318      15.164 1986 3.967                      6.608    3.400     0.190           1.000       0.300        0.319      15.784-    l 1987 3.967                      7.477    3.400      0.188          1.000-      0.350        0.517      16.899 l                                                                                                                     .

j (1) Tax year is equivalent to subsequent Fiscal Year, i.e. , tax year 1981 corresponds . co fiscal year 1982, s l 1 l

TABLE 6 RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA (UNAUDITED)

                                                                              .LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA ASSESSED.                                 RATIO 0F           NET BONDED FISCAL                                                      TAXABLE                    GROSS      BONDED DEBT TO          DEBT PER' g

YEAR POPULATION VALUE BONDED DEBT ASSESSED VALUE CAPITA-1979 13,059 $154,733,065 $ 0 $ 0 $: 0 . q 1980 13.191 162,089,277 0- 0 'O- j l 1981 13,260 200,312,084 -0 .0 O' 3 1982 13,476 225,125,147 -0 0- 'O 1983 13,538 243,002,882 0 0 0 l 1984 13,646 260,514,566 0 0 0 1985 14,063 264,631,078 0 0 '. 0 1986 14,457 298,227,673 0 0. 0 1987 14,659 332,348,385 'O O O 1988 14,743 366,332,684 0 0 0 l

                                                                                                                                           .i 1

DATA SOURCES (1) Estimates from 1970 Census, 1980 Preliminary Census and City Planning Department.. a

                                                                                                                                                                                                                                     )
                                                                                               .     .   . _ - - -_ __              __ A

i

                                                                                            -(1 I

TABLE 7 i COMPUTATION OF LEGAL BONDED DEBT MARGIN I (UNAFDITED) SEETEBSI5U 1988 CITT'GF LEE 5NJ ,, FLORIDA Tha City has no Ordinance which limits General Obligation Debt to a percentage of Assessed Property Values. 1 1 i l l 1 1 i I i i

i

                                                                                                                   )

TABLE 8 COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT i (UNAUDITED) SEPTEMBER 30, 1988 CITY OF LEESBURG, FLORIDA APPLICABLE TO THE CITY OF LEESBURG BONDS GOVERNMENT UNIT OUTSTANDING PERCENT AMOUNT NONE $ 0 12.45% $ 0 (1) The City of Leesburg did not have any general obligation debt outstanding during the fiscal year ended September 30, 1987. (2) Represents the fraction of assessed valuation of taxable property in the City of : Leesturg over the assessed valuation of taxable property in Lake County. 1 TABLE 9 RATIO 0F ANNUAL DEBT' SERVICE EXPENDITURES FOR GENERAL AND SPECIAL REVENUE BONDED DEBT TO TOTAL GENERAL EXPENDITURES (UNAUDITED) LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA RATIO 0F-TOTAL . TOTAL DEBT SERVICE FISCAL . DEBT GENERAL- 70 TOTAL.

  ' YEAR      PRINCIPAL     INTEREST       SERVICE'       EXPENDITURES   GENERAL EXPENDITURES
   .1979      $ 30,000      $ 16,044-     $ 46,044        $ 4,519,152<             1.02 1980          30,000      15,254         -45,254-        4,927,592             0.92 1981          30,000      13,621          43,621         4,930,390             0.88 1982          35,000      18,020          53,020         5,264,518             1.01 1983          35,000      10,739          45,739         5,557,081            '0.82 1984          35,000       9,304          44,304         5,055,687             0.88 1985          40,000     268,737        308,737          5,130,164             6.02 1986          86,622     229,080        315,702          5,756,478             4.92 1987        476,411      299,725        776,136          6,208,484            12.50 1988          74,670     402,753        477,423          6,513,045-            7.33
 -(1) -Includes Public Improvement Revenue Certificates, Series 1980, and Refunding and Capital Improvement Revenue Bonds, Series '1983, which are not General- Obligation Bonds.

(2) Excludes Operating Transfers Out. l COMBINED UTILITY FUNDS SCHEDULE OF REVENUE BOND COVERAGE (UNAUDITED) LAST TEN FISCAL YEAR.S CITY OF LEESBURG, FLORIDA OPERATION AND FISCAL GROSS NET MAINTENANCE YEAR REVENUES COSTS REVENUE 1979 $ 14,170,822 $ 11,736,822 $ 2,434,000 1980 18,056,392 15,516,277 2,540,115 1981 22,696,527 17,662,529 5,033,998 ; l 1982 22,770,000 18,820,674 3,949,326 1983 25,321,236 21,071.010 4,250,226 1984 25,072,853 19,833,257 5,239,596 1985 28,403,187 22,111,542 6,291,645  ! 1986 28,959,677 21,104,997 7,854,680 j 1987 28,429,160 21,218,634 7,210,526 1988 31,676,515 20,711,823 10,964,692 d 1 (1) Excludes interest expense and depreciation. 1 l i l 1 l TABLE 10 DEBT SERVICE REQUIREMENTS  ; SINKING l PRINCIPAL INTEREST FUND TOTAL COVERAGE

          $ 0 $ 709,790             $216,000 $   925,790                  2.63 0    740,573             231,806     972,379                  2.61 0    770,023             247,611   1,017,634                  4.95.             '

0 1,455,240 273,952 1,729,192 2.28 ) 0 1,386,473 295,025 1,681,498 2.52 I O 1,392,457 316,099 1,708,556 3.07 l 0 2,115,601 317,484 2,433,085 2.59 0 1,952,863 327,138 2,280,001 3.45 0 1,952,863 323,573 2,276,436 3.17 0 1,952,863 317,740 2,270,603 4.83

i I TABLE 11  ! DEMOGRAPHIC STATISTICS q (UNAUDITED) LAST TEN FISCAL YEARS j CITY OF LEESBURG, FLORIDA

                                                                                                                                                                          -{

1

                                                                                                                                                                            )

EDUCATION j LEVEL IN PER YEARS OF ] FISCAL ] y CAPITA MEDIAN FORMAL SCHOOL - UNEMPLOYMENT 2 3 4 l YEAR POPULATION INCOME AGE SCHOOLING ENROLLMENT RATE i 1978 12,927 7,154 Not Not 5,260 8.8' Available Available

                                                                                                                                                                            )

1979 13,059. 7,917 5,309 9.3 1980 13,191 8,945- 5,198 9.5 1981 13,260 9,816 5,192 15.1' 1982 13,476 10,184 5,237 13.1 1983 13,538 18,894 5,177 12.3 1984 13,646 11,820 5,260 11.7 1985 14,063 N/A 4,896 10.8 1986 14,457 N/A N/A 7.7 1987 14,659 N/A N/A 6.4

 .1988                                                               14,743                    N/A                                              N/A         N/A (1-25-89)

DATA SOURCES (1) U.S. Census Bureau, Bureau. of Business and Economic Research, and City Planning Office based on active residential electric meter count (1978-79).

(2) Data . for , Lake County was obtained from the U.S. Department of Commerce, Economic-Analysis as published in the Florida Statistical Abstract.

-(3) Annual school census by Board of Education. Figures represent elementary and. secondary, public and private schools. Students . in community colleges. are not-included. -(4) U.S. . Department of Labor - These estimated figures are based -on .the County as. a whole. No individual figures are available for the City of Leesburg.

                                                                                                                               )

PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS (UNAUDITED) LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA RESIDENTIAL CONSTRUCT 10N I COMMERCIAL CONSTRUCTION FISCAL NUMBER OF NUMBER OF YEAR- UNITS VALUE UNITS VALUE 1979 27 $ 4,702,279 163 $ 3,519,000 ' 1980 22 4,250,624 204 4,921,800 ! 1981 17 1,898,000 225 5,140,488 : l l 1982 12 1,623,000 74 1,836,600 ! 1983 17 1,482,798 220 3,554,180 1984 24 5,474,755 276 8,050,314 , 1985 25 7,187,690 230 6,145,655 1986 25 4,376,439 135 4,357,381 1987 34 11,742,049 119 4,830,948 1988 20 6,874,563 144 5,166,423 (1) Based on building permits issued by City Department of Building and Zoning Codes. ; Property values are estimated construction costs. Commercial construction includes ! all non-residential construction. (2) Data provided by Florida Bankers Association. Balances for 1982 provided byl individual banks. Balances for 1983 not available. (3) Lake County Assessor's Office.

                                                ~85-

TABLE 12 BANK ASSESSED TAXABLE PROPERTY VALUE DEPOSITS TAXABLE NON-TAXABLE $348,210,000 $154,733,065 $ 61,258,460 410,990,000 162,089,277- 67,618,300 409,163,000 200,312,084 99,776,130 460,518,000 225,125,147 81,909,004 N/A 243,002,882 96,371,174 N/A 260,514,566 107,899,539 N/A 264,631,078 114,585,702 N/A 298,227,673 118,760,818 N/A 332,348,385 118,420,557 N/A 366,332,684 121,597,952

r_____ __ _ _ _ _ _ _ _ - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ - _ _ _ _ _ _ _ _ _ _ _ _ _ _ . _ _ _ TABLE 13

1 PRINCIPALLTAXPAYERS 1
                                                               -(UNAUDITED) .                                                                              j SEPTEMBER 30, 1988 CITY OF LEESBURG- FLORIDA-                                                                                     ,

PERCENTAGE OF ASSESSED TOTAL' ASSESSED. TAXPAYERS TYPE OF BUSINESS VALUATION VALUATION United Telephone of Florida Telephone $39,288,966 8.052% Coca-Cola . Foods Division ' Citrus Processing 12,605,809 2.583% Sun Bank. N.A. Banking 4,632,763 0.949% Citizens National Bank Banking 4,075,731 0.835%

      .Horne Properties, Inc.                Shopping Center                                        3,812,210                             0.781%

Walling Enterprises Shopping Center 3,517,406' O.781% Huber Investment Co. Shopping Center 3,299,931 0.676% Leesburg Associates Shopping Center 2,666,371 0.546% Mid-Florida Freezer, Inc. Warehouse 2,635,751 0.540% Florivan, Inc. Hotel 2,508,366 0.514% Wal-Mart Stores Shopping Center 2,284,729 0.468% l Leesburg/Cula Associates Shopping Center 2,197,915 0.450% Southside Associates Shopping Center 2,121,263 0.435% Public Housing Assistance Association Housing Complex 2,052,146 0.421% 1 1 I

TABLE 14 MISCELLANEOUS STATISTICS (UNAUDITED)- SEPTEMBER 30, 1988. CITY OF LEESBURG, FLORID.i Miles of Paved Streets 77.8 Number of. Street Lights 4,628 Fire Protection: Number of Stations 2 Number of Firemen and Officers 30 Polica Protection: Number of Stations 1 Number of Policemen and Officers 35 Education (Elementary Only): Attendance Centers (Public Schools Only)y 4 Number of Classrooms 97-Number of Teachers 106 Number of Students 1,985 Municipal Water Department: Number of Consumers - Residential 5,182 Average Daily Consumption 328 Gallons Miles of Water Mains 304 Municipal Gas Department: Number of Consumers - Residential .5,870 Average Daily Consumption .91 Therms Miles of Gas Mains 184 Municipn1' Electric Department: Number of Consumers - Residential 12,610 Average Monthly Consumption 856 kwh Miles of Primary Electric Lines Within the City 160 Wastewater and Sanitary Sewers: Sanitary Sewers 91.25 Miles Storm Sewer 17.5 Miles Building Permits Issued 1,044 Recreation and Culture: Number of Parks 9 with 225 Acres Number of Libraries 1 Humber of Volumes 124,660 Total Employees for the City Overall: Full-time Employees 319 Part-time Employees 17 1' Elementary includes grades 1 through 4.

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TABLE 15 CORPORATE LIMITS AND ANNEXATIONS (UNAUDITED) LAST TEN FISCAL YEARS CITY OF LEESBURG, FLORIDA l ANNEXATION CORPORATE LIMITS YEAR ACRES ACRES SQUARE MILES 1979 27.40 6,267.07- 9.79 1980 58.70 6,294.47 9.84 1981 124.83 6,353.17 9.93 1982 6.35 6,478.00 10.12 1983 32.70 6,510.70 10.17 1984 109.98 6,620.68 10.35 1985 93.02 6,713.70 10.49 1986 288.43 7,002.13 10.94 1987 230.25 7,232.38 11.30 1988 62.00 7,294.38 11.32 SOURCE City of Leesburg; Department of Planning and Community Development

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